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Contract and Other Deferred Assets | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Contract and Other Deferred Assets | CONTRACT AND OTHER DEFERRED ASSETS 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, 2022 | December 31, 2021
Long-term product service agreements | $ | 435 |  | $ | 589 |
Long-term equipment contracts (1) | 952 |  | 825 |
Contract assets (total revenue in excess of billings) | 1,387 |  | 1,414 |
Deferred inventory costs | 128 |  | 156 |
Non-recurring engineering costs | 32 |  | 28 |
Contract and other deferred assets | $ | 1,547 |  | $ | 1,598 |
(1)Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements. Revenue recognized during the three months ended June 30, 2022 and 2021 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $17 million and $9 million, respectively, and $13 million and $9 million during the six months ended June 30, 2022 and 2021, 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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