Sunoco LP
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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Jun 30, 2024 · Filed Aug 8, 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 June 30, 2024 and December 31, 2023, the Partnership’s fuel inventory balance included lower of cost or market reserves of $132 million and $230 million, respectively. For the three and six months ended June 30, 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 June 30, 2024 and 2023, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $32 million and $57 million, respectively, which decreased net income. For the six months ended June 30, 2024, the Partnership's cost of sales included favorable inventory valuation adjustments of $98 million which increased net income; and for the six months ended June 30, 2023, the Partnership's cost of sales included unfavorable inventory adjustments of $28 million which decreased net income.
Inventories, net, consisted of the following:
| June 30,2024 | December 31,2023 | |
|---|---|---|
| Fuel | $1,025 | $876 |
| Other | 15 | 13 |
| Inventories, net | $1,040 | $889 |
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