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Inventories (Notes)
6 Months Ended
Jun. 30, 2018
Inventory, Net [Abstract]  
Inventories
INVENTORIES
Inventories consisted of the following:
 
June 30, 2018
 
December 31, 2017
Natural gas, NGLs, and refined products
$
873

 
$
1,120

Crude oil
571

 
551

Spare parts and other
358

 
351

Total inventories
$
1,802

 
$
2,022


ETP utilizes commodity derivatives to manage price volatility associated with its natural gas inventories. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations.
USAC’s inventory consists of serialized and non-serialized parts used primarily in the repair of compression units. All inventory is stated at the lower of cost or net realizable value. The cost of serialized parts inventory is determined using the specific identification cost method, while the cost of non-serialized parts inventory is determined using the weighted average cost method. Purchases of these assets are considered operating activities on the Consolidated Statements of Cash Flows.