v3.23.2

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following:
| June 30, 2023 | December 31, 2022
Progress collections | $ | 4,950 |  | $ | 3,713 |
Deferred income | 151 |  | 109 |
Progress collections and deferred income (contract liabilities) | $ | 5,101 |  | $ | 3,822 |
Revenue recognized during the three months ended June 30, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $507 million and $513 million, respectively, and $1,468 million and $1,253 million during the six months ended June 30, 2023 and 2022, respectively. REVENUE RELATED TO CONTRACTS WITH CUSTOMERS DISAGGREGATED REVENUE We disaggregate our OFSE and IET segment revenue from contracts with customers by product line. See "Note 13. Segment Information" for further details.
| Three Months Ended June 30, | Six Months Ended June 30,
Total Revenue | 2023 | 2022 | 2023 | 2022
Well Construction | $ | 1,076 |  | $ | 936 |  | $ | 2,137 |  | $ | 1,819 |
Completions, Intervention & Measurements | 1,090 |  | 886 |  | 1,999 |  | 1,667 |
Production Solutions | 959 |  | 866 |  | 1,897 |  | 1,691 |
Subsea & Surface Pressure Systems | 752 |  | 541 |  | 1,422 |  | 1,070 |
Oilfield Services & Equipment | 3,877 |  | 3,230 |  | 7,454 |  | 6,247 |
Gas Technology - Equipment | 999 |  | 556 |  | 1,826 |  | 1,099 |
Gas Technology - Services | 658 |  | 542 |  | 1,249 |  | 1,123 |
Total Gas Technology | 1,658 |  | 1,098 |  | 3,075 |  | 2,222 |
Condition Monitoring | 154 |  | 133 |  | 294 |  | 259 |
Inspection | 318 |  | 257 |  | 572 |  | 469 |
Pumps, Valves & Gears | 217 |  | 194 |  | 418 |  | 415 |
PSI & Controls | 92 |  | 135 |  | 216 |  | 270 |
Total Industrial Technology | 780 |  | 718 |  | 1,501 |  | 1,413 |
Industrial & Energy Technology | 2,438 |  | 1,816 |  | 4,576 |  | 3,635 |
Total | $ | 6,315 |  | $ | 5,047 |  | $ | 12,030 |  | $ | 9,882 |
In addition, management views OFSE segment revenue from contracts with customers by geographic region:
| Three Months Ended June 30, | Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue | 2023 | 2022 | 2023 | 2022
North America | $ | 1,042 |  | $ | 925 |  | $ | 2,033 |  | $ | 1,748 |
Latin America | 698 |  | 509 |  | 1,358 |  | 950 |
Europe/CIS/Sub-Saharan Africa | 672 |  | 660 |  | 1,253 |  | 1,320 |
Middle East/Asia | 1,465 |  | 1,136 |  | 2,810 |  | 2,230 |
Oilfield Services & Equipment | $ | 3,877 |  | $ | 3,230 |  | $ | 7,454 |  | $ | 6,247 |
REMAINING PERFORMANCE OBLIGATIONS As of June 30, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $31 billion. As of June 30, 2023, we expect to recognize revenue of approximately 60%, 74% and 90% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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