Sunoco LP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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Mar 31, 2024 · Filed May 9, 2024
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5. Inventories, net
- Inventories, net
Fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2024 and December 31, 2023, the Partnership’s fuel inventory balance included lower of cost or market reserves of $100 million and $230 million, respectively. For the three months ended March 31, 2024 and 2023, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended March 31, 2024 and 2023, the Partnership's cost of sales included favorable inventory valuation adjustments of $130 million and $29 million, respectively, which increased net income.
Inventories, net, consisted of the following:
| March 31,2024 | December 31,2023 | |
|---|---|---|
| Fuel | $941 | $876 |
| Other | 12 | 13 |
| Inventories, net | $953 | $889 |
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