v3.23.2

CONTRACT AND OTHER DEFERRED ASSETS | 6 Months Ended
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Jun. 30, 2023
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:
| June 30, 2023 | December 31, 2022
Long-term product service agreements | $ | 410 |  | $ | 392 |
Long-term equipment contracts and certain other service agreements | 1,145 |  | 955 |
Contract assets (total revenue in excess of billings) | 1,555 |  | 1,347 |
Deferred inventory costs | 180 |  | 125 |
Other costs to fulfill or obtain a contract (1) | 41 |  | 31 |
Contract and other deferred assets | $ | 1,776 |  | $ | 1,503 |
(1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered. Revenue recognized during the three months ended June 30, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $13 million and $17 million, respectively, and $14 million and $13 million during the six months ended June 30, 2023 and 2022, 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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