Sunoco 2010 Annual Report Download - page 91
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6. Inventories
Inventories (excluding those attributable to the Toledo refinery which are included in assets held for sale at
December 31, 2010) consisted of the following components (in millions of dollars):
December 31
2010 2009
Crude oil ........................................................ $ 98 $277
Petroleum and chemical products .................................... 126 164
Coal and coke .................................................... 83 87
Materials, supplies and other ........................................ 97 107
$404 $635
The current replacement cost of all inventories valued at LIFO, including inventories classified as assets
held for sale, exceeded their carrying value by $3,119 and $2,725 million at December 31, 2010 and 2009,
respectively. During 2010 and 2009, Sunoco reduced certain inventory quantities which were valued at lower
LIFO costs prevailing in prior years. The effect of these reductions was to increase 2010 and 2009 results of
operations by $112 and $86 million after tax, respectively. The 2010 amount includes $6 million after tax
attributable to discontinued polypropylene chemicals operations prior to its divestment. The 2009 amount
includes $25 million after tax attributable to discontinued Tulsa refining operations.
7. Investments and Long-Term Receivables
Investments and long-term receivables consisted of the following components (in millions of dollars):
December 31
2010 2009
Investments in affiliated companies:
Pipeline joint ventures (Notes 2 and 3) ............................ $ 76 $ 91*
Brazilian cokemaking operations ................................. 41 41
Other ....................................................... 24 23
141 155
Accounts and notes receivable ...................................... 19 24
$160 $179
*Includes equity interests in Mid-Valley and WTG which, at December 31, 2010, are reflected as consolidated subsidiaries of
Sunoco as a result of additional ownership interests acquired in 2010 (Note 2).
Dividends received from affiliated companies which are accounted for by the equity method amounted to
$16, $20 and $23 million in 2010, 2009 and 2008, respectively. Retained earnings at December 31, 2010 include
$30 million of undistributed earnings attributable to these companies.
Sunoco is the operator of a cokemaking plant in Vitória, Brazil and has a total equity interest of $41 million
in the project company that owns the Vitória facility consisting largely of preferred shares. Sunoco is the sole
subscriber of preferred shares. The project company is a variable interest entity for which Sunoco is not the
primary beneficiary.
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