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Contract and Other Deferred Assets
 12 Months Ended
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:
20222021
Long-term product service agreements$392 $589 
Long-term equipment contracts and certain other service agreements955 825 
Contract assets (total revenue in excess of billings)1,347 1,414 
Deferred inventory costs125 156 
Non-recurring engineering costs31 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.