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CONTRACT ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 29, 2020
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 include advance payments and billings in excess of revenue recognized. Contract assets and contract liabilities were as follows (in millions):
|  | March 29, 2020 |  | December 31, 2019
Contract assets |  | $ | 10,189 |  |  |  | $ | 9,094 |  |
Contract liabilities |  | 7,205 |  |  |  | 7,054 |  |
Contract assets increased $1.1 billion during the quarter ended March 29, 2020, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the quarter ended March 29, 2020 for which we have not yet billed our customers. There were no significant credit or impairment losses related to our contract assets during the quarters ended March 29, 2020 and March 31, 2019. Contract liabilities increased $151 million during the quarter ended March 29, 2020, primarily due to payments received in excess of revenue recognized on these performance obligations. During the quarter ended March 29, 2020, we recognized $1.6 billion of our contract liabilities that existed at December 31, 2019 as revenue. During the quarter ended March 31, 2019, we recognized $1.8 billion of our contract liabilities at December 31, 2018 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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