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Progress Collections and Deferred Income | 6 Months Ended
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Jun. 30, 2018
Revenue Recognition and Deferred Revenue [Abstract] |
Progress Collections and Deferred Income | PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following:
| June 30, 2018 | December 31, 2017
Progress collections | $ | 1,466 |  | $ | 1,456 |
Deferred income | 164 |  | 319 |
Progress collections and deferred income (contract liabilities) (1) | $ | 1,630 |  | $ | 1,775 |
(1) | Progress collections and deferred income (contract liabilities) were $2,038 million at January 1, 2017.
Revenue recognized during the three months ended June 30, 2018 and 2017 that was included in the contract liabilities at the beginning of the period was $404 million and $506 million, respectively, and $1,006 million and $1,035 million, respectively, during the six months ended June 30, 2018 and 2017.

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 430 -URI http://asc.fasb.org/topic&trid=2122452 + Details
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- References No definition available. + Details
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