INVENTORY

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

INVENTORY

INVENTORY

Inventory is carried at lower of cost or net realizable value using the first-in, first-out (FIFO) method. Cost components include raw materials, purchased components, direct labor, indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, and costs of the distribution network.

The components of inventory are as follows:

	December 31
(In millions)	2022		2021
Raw materials	$	1,275	$	1,096
Work-in-process	781		620
Finished goods	1,375		1,253
Total inventory	$	3,430	$	2,969