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Contract and Other Deferred Assets | 6 Months Ended
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Jun. 30, 2018
Deferred Revenue Disclosure [Abstract] |
Contract and Other Deferred Assets | CONTRACT AND OTHER DEFERRED ASSETS A majority of our long-term product service agreements relate to our Turbomachinery & Process Solutions segment. Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements and other deferred contract related costs. Contract assets are comprised of the following:
| June 30, 2018 | December 31, 2017
Long-term product service agreements | $ | 593 |  | $ | 589 |
Long-term equipment contract revenue (1) | 1,059 |  | 1,095 |
Contract assets (total revenue in excess of billings) (2) | 1,652 |  | 1,684 |
Deferred inventory costs (3) | 245 |  | 360 |
Non-recurring engineering costs | 14 |  | — |
Contract and other deferred assets | $ | 1,911 |  | $ | 2,044 |
(1) | Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment.
(2) | Contract assets (total revenue in excess of billings) were $1,233 million as of January 1, 2017.
(3) | Deferred inventory costs were $276 million as of January 1, 2017, which represents cost deferral for shipped goods and other costs where the criteria for revenue recognition has not yet been met.
Revenue recognized during the three months ended June 30, 2018 and 2017 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $12 million and $10 million, respectively, and $22 million and $40 million during the six months ended June 30, 2018 and 2017, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract’s total estimated profitability resulting in an adjustment of earnings.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 + Details
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