Inventories (Notes)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

All inventories are stated at the lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Inventories at December 31 were as follows (in millions):

	2020		2021
Raw materials, work-in-process, and supplies	$	4,676	$	5,785
Finished products	6,132		6,280
Total inventories	$	10,808	$	12,065

Finished products at December 31, 2021 in the table above include vehicles completed but awaiting installation of components affected by the semiconductor supply shortage, after which, they will proceed through an additional quality review process prior to being shipped to our dealers.