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CONTRACT ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 25, 2018
Revenue from Contract with Customer [Abstract] |
CONTRACT ASSETS AND LIABILITIES | CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract liabilities (formerly referred to as customer advances and amounts in excess of costs incurred) include advance payments and billings in excess of revenue recognized. Contract assets and contract liabilities were as follows (in millions):
|  | March 25, 2018 |  | December 31, 2017
Contract assets |  | $ | 9,405 |  |  |  | $ | 7,992 |  |
Contract liabilities |  | 6,550 |  |  |  | 7,028 |  |
Contract assets increased $1.4 billion during the quarter ended March 25, 2018, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the quarter ended March 25, 2018 for which we have not yet billed. There were no significant impairment losses related to our contract assets during the quarters ended March 25, 2018 and March 26, 2017. Contract liabilities decreased $478 million during the quarter ended March 25, 2018, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter ended March 25, 2018, we recognized $1.9 billion of our contract liabilities at December 31, 2017 as revenue. During the quarter ended March 26, 2017, we recognized $1.6 billion of our contract liabilities at December 31, 2016 as revenue.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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