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

INVENTORIES

12 Months Ended

Dec. 31, 2022

NOTE 7. INVENTORIES

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


	December 31,
In millions	2022		2021
Finished products	$	2,917	$	2,538
Work-in-process and raw materials	2,926		2,009
Inventories at FIFO cost	5,843		4,547
Excess of FIFO over LIFO	(240)		(192)
Inventories	$	5,603	$	4,355