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Inventories and Equipment on Operating Leases, Net
 12 Months Ended
Dec. 31, 2023
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,
20232022
Finished goods$528 $640 
Work-in-process47 45 
Raw materials86 112 
Total Inventories$661 $797 
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 lease 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,
 20232022
Equipment on operating leases$1,074 $1,163 
Accumulated depreciation(809)(928)
Equipment on operating leases, net$265 $235 
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,
20232022
12 months$165 $185 
24 months89 95 
36 months52 59 
48 months30 30 
60 months13 13 
Thereafter2 4 
Total$351 $386 
Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2023, 2022 and 2021 amounted to $62, $63 and $62, respectively.
Secured Borrowings and Collateral
In 2021, we sold the rights to payments under operating leases to a consolidated special purpose entity included in our Consolidated Balance Sheet as collateral for a secured loan.
Refer to Note 15 - Debt, for additional information related to this arrangement.