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Inventories and Equipment on Operating Leases, Net
 12 Months Ended
Dec. 31, 2021
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,
20212020
Finished goods$568 $707 
Work-in-process43 43 
Raw materials85 93 
Total Inventories$696 $843 
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,
 20212020
Equipment on operating leases$1,266 $1,376 
Accumulated depreciation(1,013)(1,080)
Equipment on operating leases, net$253 $296 
Depreciable lives generally vary from four 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,
20212020
12 months$202 $215 
24 months110 129 
36 months61 74 
48 months32 32 
60 months10 12 
Thereafter2 1 
Total$417 $463 
Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2021, 2020 and 2019 amounted to $62, $66 and $107, 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 related to the COVID-19 pandemic.
Secured Borrowings and Collateral
In September 2021, we sold the rights to payments under operating leases with an equipment net book value of $9 to a consolidated SPE, which funded the purchase through a secured loan agreement with a financial institution. As of December 31, 2021 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