Inventories, net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net

Inventories are summarized as follows:

	2023	2022
Raw materials	113	151
Work in process	1,633	1,308
Finished goods	388	323
	2,134	1,782

The portion of finished goods stored at customer locations under consignment amounted to $11 million as of December 31, 2023 (2022: $8 million).

The amounts recorded above are net of an allowance for obsolescence of $189 million as of December 31, 2023 (2022: $125 million).