INVENTORY

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Raw materials	$	1,515	$	1,275
Work-in-process	870		781
Finished goods	1,354		1,375
Total inventory	$	3,739	$	3,430