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 March 31, 2026 or December 31, 2025.

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:


	Three Months Ended March 31,
	2026		2025
Accounts receivable	$	(4,360)	$	(1,111)
Accounts receivable from related companies	(47)		(44)
Inventories	578		332
Other current assets	(43)		(24)
Other non-current assets, net	95		(23)
Accounts payable	3,656		685
Accounts payable to related companies	(23)		(19)
Accrued and other current liabilities	289		131
Other non-current liabilities	13		(57)
Derivative assets and liabilities, net	58		8
Net change in operating assets and liabilities, net of effects of acquisitions	$	216	$	(122)


	Three Months Ended March 31,
	2026		2025
Accrued capital expenditures	$	1,162	$	795

Lease assets obtained in exchange for new lease liabilities	109		29
Distribution reinvestment	12		10



Sunoco LP common units (noncontrolling interest) issued in connection with acquisitions	—		5
USAC common units (noncontrolling interest) issued in connection with acquisitions	457		—