v3.23.2
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS
 6 Months Ended
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, 2023December 31, 2022
Progress collections$4,950 $3,713 
Deferred income151 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 Revenue2023202220232022
Well Construction$1,076 $936 $2,137 $1,819 
Completions, Intervention & Measurements1,090 886 1,999 1,667 
Production Solutions959 866 1,897 1,691 
Subsea & Surface Pressure Systems752 541 1,422 1,070 
Oilfield Services & Equipment3,877 3,230 7,454 6,247 
Gas Technology - Equipment999 556 1,826 1,099 
Gas Technology - Services658 542 1,249 1,123 
Total Gas Technology1,658 1,098 3,075 2,222 
Condition Monitoring154 133 294 259 
Inspection318 257 572 469 
Pumps, Valves & Gears217 194 418 415 
PSI & Controls92 135 216 270 
Total Industrial Technology780 718 1,501 1,413 
Industrial & Energy Technology2,438 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 Revenue2023202220232022
North America$1,042 $925 $2,033 $1,748 
Latin America698 509 1,358 950 
Europe/CIS/Sub-Saharan Africa672 660 1,253 1,320 
Middle East/Asia1,465 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.