Sunoco LP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 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 September 30, 2024 and December 31, 2023, the Partnership’s fuel inventory balance included lower of cost or market reserves of $329 million and $230 million, respectively. For the three and nine months ended September 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 September 30, 2024, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $197 million, which decreased net income; and for the three months ended September 30, 2023, the Partnership's cost of sales included favorable inventory valuation adjustments of $141 million, which increased net income. For the nine months ended September 30, 2024, the Partnership's cost of sales included an unfavorable inventory valuation adjustments of $99 million, which decreased net income; and for the nine months ended September 30, 2023, the Partnership's cost of sales included favorable inventory valuation adjustments of $113 million, which increased net income.
Inventories, net, consisted of the following:
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Fuel | $874 | $876 |
| Other | 16 | 13 |
| Inventories, net | $890 | $889 |
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