VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

NOTE 18 - VARIABLE INTEREST ENTITIES

SunCoke Middletown

We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements and have committed to purchase all the expected production from the facility through 2032. We consolidate SunCoke Middletown as a VIE because we are the primary beneficiary despite having no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $52 million and $41 million for the years ended December 31, 2021 and 2020, respectively, which was included in our consolidated Income (loss) from continuing operations before income taxes.

The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not obligations of the Company. The creditors of SunCoke Middletown do not have recourse to the assets or general credit of the Company to satisfy liabilities of the VIE. The Statements of Consolidated Financial Position includes the following amounts for SunCoke Middletown:

	(In Millions)
	December 31,
	2021		2020
Cash and cash equivalents	$	—	$	5
Inventories	20		21
Property, plant and equipment, net	300		308
Accounts payable	(12)		(15)
Other assets (liabilities), net	(12)		(10)
Noncontrolling interests	(296)		(309)