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REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | See the following disaggregated revenue table and related discussions by reportable business segment for details:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Aerospace Technologies |  |  |  |  |  |  |
Commercial Aviation Original Equipment | $ | 617 |  |  | $ | 563 |  |  | $ | 1,959 |  |  | $ | 1,711 |
Commercial Aviation Aftermarket | 1,758 |  |  | 1,634 |  |  | 5,215 |  |  | 4,590 |
Defense and Space | 1,537 |  |  | 1,302 |  |  | 4,298 |  |  | 3,650 |
Net Aerospace Technologies sales | 3,912 |  |  | 3,499 |  |  | 11,472 |  |  | 9,951 |
Industrial Automation |  |  |  |  |  |  |
Sensing and Safety Technologies | 452 |  |  | 498 |  |  | 1,368 |  |  | 1,509 |
Productivity Solutions and Services | 289 |  |  | 304 |  |  | 909 |  |  | 994 |
Process Solutions | 1,522 |  |  | 1,493 |  |  | 4,527 |  |  | 4,460 |
Warehouse and Workflow Solutions | 238 |  |  | 335 |  |  | 681 |  |  | 1,197 |
Net Industrial Automation sales | 2,501 |  |  | 2,630 |  |  | 7,485 |  |  | 8,160 |
Building Automation |  |  |  |  |  |  |
Products | 1,059 |  |  | 894 |  |  | 2,780 |  |  | 2,720 |
Building Solutions | 686 |  |  | 636 |  |  | 1,962 |  |  | 1,807 |
Net Building Automation sales | 1,745 |  |  | 1,530 |  |  | 4,742 |  |  | 4,527 |
Energy and Sustainability Solutions |  |  |  |  |  |  |
UOP | 654 |  |  | 668 |  |  | 1,830 |  |  | 1,856 |
Advanced Materials | 909 |  |  | 883 |  |  | 2,862 |  |  | 2,723 |
Net Energy and Sustainability Solutions sales | 1,563 |  |  | 1,551 |  |  | 4,692 |  |  | 4,579 |
Corporate and All Other | 7 |  |  | 2 |  |  | 19 |  |  | 5 |
Net sales | $ | 9,728 |  |  | $ | 9,212 |  |  | $ | 28,410 |  |  | $ | 27,222 |
The disaggregation of the Company's revenue based off timing of recognition is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Products, transferred point in time | 56 | % |  | 57 | % |  | 57 | % |  | 58 | %
Products, transferred over time | 12 |  |  | 11 |  |  | 11 |  |  | 12 |
Net product sales | 68 |  |  | 68 |  |  | 68 |  |  | 70 |
Services, transferred point in time | 3 |  |  | 12 |  |  | 4 |  |  | 10 |
Services, transferred over time | 29 |  |  | 20 |  |  | 28 |  |  | 20 |
Net service sales | 32 |  |  | 32 |  |  | 32 |  |  | 30 |
Net sales | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Contract with Customer Asset and Liability | The following table summarizes the Company's contract assets and liabilities balances:
| 2024 |  | 2023
Contract assets—January 1 | $ | 2,013 |  |  | $ | 2,294 |
Contract assets—September 30 1 | 2,263 |  |  | 2,418 |
Change in contract assets—increase (decrease) | $ | 250 |  |  | $ | 124 |
Contract liabilities—January 1 | $ | (4,326) |  |  | $ | (4,583) |
Contract liabilities—September 30 2 | (3,928) |  |  | (4,081) |
Change in contract liabilities—decrease (increase) | $ | 398 |  |  | $ | 502 |
Net change | $ | 648 |  |  | $ | 626 |
1 |  | As of September 30, 2024, contract assets excludes $4 million that are included in Assets held for sale in the Consolidated Balance Sheet. Refer to Note 3.
2 |  | As of September 30, 2024, contract liabilities excludes $18 million that are included in Liabilities held for sale in the Consolidated Balance Sheet. Refer to Note 3.
Revenue Remaining Performance Obligation Expected Timing of Satisfaction | The following table outlines the Company's remaining performance obligations disaggregated by reportable business segment:
| September 30, 2024 |  |
Aerospace Technologies | $ | 15,109 |  |  |
Industrial Automation | 5,677 |  |  |
Building Automation | 8,536 |  |  |
Energy and Sustainability Solutions | 4,988 |  |  |
Corporate and All Other 1 | 27 |  |  |
Total performance obligations | $ | 34,337 |  |  |
1 |  | The remaining performance obligations within Corporate and All Other relate to the Quantinuum business.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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