NOTE 6. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS December 31 2020 2019 Raw materials and work in process $ 7,937 $ 8,771  Finished goods 5,654  5,333  Deferred inventory costs(a) 2,299  3,111  Inventories, including deferred inventory costs $ 15,890 $ 17,215  (a) Represents cost deferral for shipped goods (such as components for wind turbine assemblies within our Renewable Energy segment) and labor and overhead costs on time and material service contracts (primarily originating in Power and Aviation) and other costs for which the criteria for revenue recognition has not yet been met. This was previously recorded in Contract and other deferred assets. (a) Included $1,475 million and $1,539 million of original cost of assets leased to GE Industrial with accumulated amortization of $(306) million and $(251) million at December 31, 2020 and 2019, respectively. Consolidated depreciation and amortization related to property, plant and equipment was $4,636 million, $4,026 million and $4,419 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization of GE Capital ELTO was $2,527 million, $2,019 million and $2,089 million for the years ended December 31, 2020, 2019 and 2018, respectively. In the third quarter of 2020, we recognized a non-cash pre-tax impairment charge of $316 million related to property, plant and equipment at our Steam business within our Power segment due to our recent announcement to exit the new build coal power market. We determined the fair value of these assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). During 2020, our GE Capital Aviation Services (GECAS) business recognized pre-tax impairments of $542 million, primarily on its fixed-wing aircraft operating lease portfolio. Pre-tax impairments were $74 million for 2019. We determined the fair values of these assets using primarily the income approach. These charges are included in costs of services sold within the Statement of Earnings (Loss) and within our Capital segment. Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2020, are as follows: Income on our operating lease portfolio, primarily from our GECAS business, was $3,342 million, $3,804 million, and $4,075 million for the years ended December 31, 2020, 2019, and 2018, respectively, and comprises fixed lease income of $2,834 million, $3,045 million and $3,243 million and variable lease income of $508 million, $759 million and $832 million, respectively. Operating Lease Liabilities.  Our consolidated operating lease liabilities, included within All other liabilities in our Statement of Financial Position, were $2,973 million and $3,162 million as of December 31, 2020 and 2019, respectively, which included GE Industrial operating lease liabilities of $3,133 million and $3,369 million, respectively. Substantially all of our operating leases have remaining lease terms of 11 years or less, some of which may include options to extend. GE 2020 FORM 10-K  74 2021 2022 2023 2024 2025 Thereafter Total $ 2,833 $ 2,451 $ 2,072 $ 1,970 $ 1,658 $ 5,316 $ 16,300  Depreciable lives Original Cost Net Carrying Value December 31 (in years) 2020 2019 2020 2019 Land and improvements 8 $ 599 $ 608  $ 589 $ 596  Buildings, structures and related equipment 8 - 40 8,210  7,824  3,828  3,875  Machinery and equipment 4 - 20 20,915  20,082  7,869  8,360  Leasehold costs and manufacturing plant under construction 1 - 10 2,028  2,165  1,350  1,539  ROU operating lease assets 2,798  3,077  GE Industrial $ 31,751 $ 30,680  $ 16,433 $ 17,447  Land and improvements, buildings, structures and related equipment 1 - 40 $ 144 $ 149  $ 23 $ 29  Equipment leased to others (ELTO)(a) Aircraft 15 - 20 34,372  35,507  20,931  21,414  Engines 15 - 20 4,957  4,113  3,540  3,283  Helicopters 15 - 20 5,750  5,474  4,724  4,709  All other 15 - 35 235  237  194  214  ROU operating lease assets 189  237  GE Capital $ 45,458 $ 45,480  $ 29,600 $ 29,886  Eliminations (1,282) (1,279) (1,372) (1,453) Property, plant and equipment - net $ 75,927 $ 74,880  $ 44,662 $ 45,879  NOTE 7. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES