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Contract Assets and Liabilities (Notes) | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition [Text Block] | Contract Assets and Liabilities. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of March 31, 2020 and December 31, 2019 are as follows:
(dollars in millions) | March 31, 2020 |  | December 31, 2019
Contract assets, current | $ | 4,549 |  |  | $ | 4,184 |
Contract assets, noncurrent (included within Other assets) | 1,277 |  |  | 1,338 |
Total contract assets | 5,826 |  |  | 5,522 |
Contract liabilities, current | (6,384) |  |  | (6,180) |
Contract liabilities, noncurrent | (5,554) |  |  | (5,732) |
Total contract liabilities | (11,938) |  |  | (11,912) |
Net contract liabilities | $ | (6,112) |  |  | $ | (6,390) |
Contract assets increased $304 million during the quarter ended March 31, 2020 due to revenue recognition in excess of customer billings, primarily on Pratt & Whitney military and commercial aftermarket service agreements. Contract liabilities increased $26 million during the quarter ended March 31, 2020 due to customer billings in excess of revenue recognized at Otis of $278 million, primarily offset by a contract settlement at Pratt & Whitney. We recognized revenue of $2.2 billion during the quarter ended March 31, 2020 related to contract liabilities as of December 31, 2019. Total contract assets include an allowance for credit losses of $58 million as of March 31, 2020, of which $29 million is attributed to the estimated impact of COVID-19. Changes in the allowance were not material for the quarter ended March 31, 2020.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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