Cummins Inc. Annual report pursuant to Section 13 and 15(d)

INVENTORIES

12 Months Ended

Dec. 31, 2021

NOTE 6. INVENTORIES

Inventories are stated at the lower of cost or net realizable value. Inventories included the following:


	December 31,
In millions	2021		2020
Finished products	$	2,538	$	2,216
Work-in-process and raw materials	2,009		1,346
Inventories at FIFO cost	4,547		3,562
Excess of FIFO over LIFO	(192)		(137)
Total inventories	$	4,355	$	3,425