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Inventories | 9 Months Ended
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Sep. 30, 2024
Inventory, Net [Abstract] |
Inventories | INVENTORIES Inventories consisted of the following:
| September 30, 2024 |  | December 31, 2023
Natural gas, NGLs and refined products | $ | 1,779 |  |  | $ | 1,642 |
Crude oil | 65 |  |  | 258 |
Spare parts and other | 658 |  |  | 578 |
Total inventories | $ | 2,502 |  |  | $ | 2,478 |
Sunoco LP’s 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 carrying value of Sunoco LP’s fuel inventory 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 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 September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory valuation adjustments of $197 million and favorable inventory adjustments of $141 million, respectively, related to Sunoco LP’s LIFO inventory. For the nine months ended September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory adjustments of $99 million and favorable inventory adjustments of $113 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 + Details
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