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Inventories

12 Months Ended

Dec. 31, 2022

Inventories Net

Inventories, Net

7. Inventories

Inventories consists of the following:


		December 31,
		2022			2021

		(in millions)
Raw materials		$	335		$	291
Work in process			105			83
Finished goods			1,091			1,104
		$	1,531		$	1,478

During the fourth quarter of 2022, our Automotive segment had inventories with a carrying value in excess of net realizable value. As a result, our Automotive segment recorded a write-down of its inventories of $33 million, which is included in cost of goods sold in the consolidated statements of operations for the year ended December 31, 2022. In addition, our Automotive segment recorded out-of-period adjustments of $51 million related to inventory write-downs, which is included in costs of goods sold in the consolidated statements of operations for the year ended December 31, 2022.

During the fourth quarter of 2021, our Automotive segment had inventories with a carrying value in excess of net realizable value. As a result, our Automotive segment recorded a write-down of its inventories of $56 million, which is included in cost of goods sold in the consolidated statements of operations for the year ended December 31, 2021.