Financial Statement Information Inventories (Policies)

9 Months Ended

Sep. 30, 2022

Inventories

Inventories consist of the following (in millions):


	September 30, 2022		December 31, 2021
Aftermarket and refurbished products	$	2,167	$	2,168
Salvage and remanufactured products	423		406
Manufactured products	45		37
Total inventories	$	2,635	$	2,611

Aftermarket and refurbished products and salvage and remanufactured products are primarily composed of finished goods. As of September 30, 2022, manufactured products inventory was composed of $26 million of raw materials, $6 million of work in process, and $13 million of finished goods. As of December 31, 2021, manufactured products inventory was composed of $27 million of raw materials, $4 million of work in process, and $5 million of finished goods.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details