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Inventories and Equipment on Operating Leases, Net
 12 Months Ended
Dec. 31, 2020
Inventories and Equipment on Operating Leases, Net [Abstract]  
Inventories and Equipment on Operating Leases, Net Inventories and Equipment on Operating Leases, Net
The following is a summary of Inventories by major category:
December 31,
20202019
Finished goods$707 $576 
Work-in-process43 47 
Raw materials93 71 
Total Inventories$843 $694 
The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating leases and similar arrangements consists of our equipment rented to customers and depreciated to estimated salvage value at the end of the lease term.
Equipment on operating leases and the related accumulated depreciation were as follows:
December 31,
 20202019
Equipment on operating leases$1,376 $1,443 
Accumulated depreciation(1,080)(1,079)
Equipment on operating leases, net$296 $364 
Depreciable lives generally vary from three to five years consistent with our planned and historical usage of the equipment subject to operating leases. Estimated minimum future revenues associated with Equipment on operating leases are as follows:
December 31,
20202019
12 months$215 $226 
24 months129 139 
36 months74 84 
48 months32 39 
60 months12 12 
Thereafter1 2 
Total$463 $502 
Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2020, 2019 and 2018 amounted to $66, $107 and $120, respectively. The decrease in contingent rentals for the year ended December 31, 2020 is primarily the result of lower equipment usage during 2020 as a result of business closures from the COVID-19 pandemic. The amount disclosed for the year ended December 31, 2018 was accounted for under ASC 840, Leases, which was superseded by ASC 842, Leases, adopted on January 1, 2019. Differences upon adoption were not material. Refer to Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, Recent Accounting Pronouncements for additional information.
Secured Borrowings and Collateral
In July 2020, we sold the rights to payments under operating leases with an equipment net book value of $10 to a consolidated SPE, which funded the purchase through a secured loan agreement with a financial institution. As of December 31, 2020 the SPE holds $8 of Equipment on operating leases, net, which are included in our Consolidated Balance Sheet as collateral for the secured loan agreement.
Refer to Note 16 - Debt, for additional information related to this arrangement including the related secured loan agreement.