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CONTRACT ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2024
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):
June 30,
2024		December 31,
2023
Contract assets $13,907 $13,183 
Contract liabilities9,181 9,190 
Contract assets increased $724 million during the six months ended June 30, 2024, due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended June 30, 2024 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 and six months ended June 30, 2024 and June 25, 2023.
Contract liabilities decreased $9 million during the six months ended June 30, 2024, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter and six months ended June 30, 2024, we recognized $1.7 billion and $4.1 billion of our contract liabilities at December 31, 2023 as revenue. During the quarter and six months ended June 25, 2023, we recognized $1.1 billion and $3.3 billion of our contract liabilities at December 31, 2022 as revenue.