Inventories, net

6 Months Ended

Jun. 30, 2020

Due to changes in fuel prices, we recorded an inventory adjustment on the value of fuel inventory of $137 million for the six months ended June 30, 2020.

Fuel inventories are stated at the lower of cost or market using the last-in-first-out (“LIFO”) method. As of June 30, 2020 and December 31, 2019, the carrying value of the Partnership’s fuel inventory included lower of cost or market reserves of $372 million and $229 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and six months ended June 30, 2020 and 2019, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory.

Inventories, net, consisted of the following:



	June 30, 2020		December 31, 2019
	(in millions)
Fuel	$	276	$	412
Other	7		7
Inventories, net	$	283	$	419