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Contract and Other Deferred Assets (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

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.

Contract liabilities are comprised of the following:

			June 30, 2022			December 31, 2021
Progress collections			$	3,173		$	3,108
Deferred income			116			124
Progress collections and deferred income (contract liabilities)			$	3,289		$	3,232

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

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- References

No definition available.

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