Cash and cash equivalents include all cash on hand, demand deposits and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of June 30, 2025 or December 31, 2024.

We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.

The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:


	Six Months Ended June 30,
	2025		2024
Accounts receivable	$	332	$	(399)
Accounts receivable from related companies	(103)		(6)
Inventories	273		(92)
Other current assets	(40)		152
Other non-current assets, net	26		(20)
Accounts payable	(793)		658
Accounts payable to related companies	(3)		(18)
Accrued and other current liabilities	33		194
Other non-current liabilities	(10)		(89)
Derivative assets and liabilities, net	(12)		40
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	$	(297)	$	420


	Six Months Ended June 30,
	2025		2024
Accrued capital expenditures	$	650	$	439

Lease assets obtained in exchange for new lease liabilities	40		1
Distribution reinvestment	21		43
USAC exercise and conversion of preferred units into common units	93		301
USAC government securities transferred in connection with the legal defeasance of USAC senior notes due 2026	—		749
Legal defeasance of USAC senior notes due 2026	—		725
Sunoco LP common units (noncontrolling interest) issued in connection with acquisitions	18		2,850