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Inventories (Notes)

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:

			March 31, 2023						December 31, 2022
Natural gas, NGLs and refined products			$	1,419					$	1,802
Crude oil			184						246
Spare parts and other			444						413
Total inventories			$	2,047					$	2,461

Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2023 and December 31, 2022, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $87 million and $116 million, respectively. For the three months ended March 31, 2023 and 2022, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended March 31, 2023 and 2022, the Partnership’s cost of products sold included favorable inventory adjustments of $29 million and $120 million, respectively, related to Sunoco LP’s LIFO inventory.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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- References

No definition available.

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