v3.22.4

Contract and Other Deferred Assets | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Contract and Other Deferred Assets | CONTRACT AND OTHER DEFERRED ASSETS Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. Our long-term product service agreements are provided by our IET segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets are comprised of the following at December 31:
| 2022 | 2021
Long-term product service agreements | $ | 392 |  | $ | 589 |
Long-term equipment contracts and certain other service agreements | 955 |  | 825 |
Contract assets (total revenue in excess of billings) | 1,347 |  | 1,414 |
Deferred inventory costs | 125 |  | 156 |
Non-recurring engineering costs | 31 |  | 28 |
Contract and other deferred assets | $ | 1,503 |  | $ | 1,598 |
Revenue recognized during the years ended December 31, 2022 and 2021 from performance obligations satisfied (or partially satisfied) in previous years related to our long-term service agreements was $20 million and $14 million, 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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