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

INVENTORIES

12 Months Ended

Dec. 31, 2023

NOTE 7. INVENTORIES

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


	December 31,
In millions	2023		2022
Finished products	$	2,770	$	2,917
Work-in-process and raw materials	3,156		2,926
Inventories at FIFO cost	5,926		5,843
Excess of FIFO over LIFO	(249)		(240)
Inventories	$	5,677	$	5,603