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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | 9 Months Ended
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Sep. 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:
| September 30, 2023 | December 31, 2022
Progress collections | $ | 5,046 |  | $ | 3,713 |
Deferred income | 141 |  | 109 |
Progress collections and deferred income (contract liabilities) | $ | 5,187 |  | $ | 3,822 |
Revenue recognized during the three months ended September 30, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $881 million and $467 million, respectively, and $2,349 million and $1,720 million during the nine months ended September 30, 2023 and 2022, respectively. REVENUE RELATED TO CONTRACTS WITH CUSTOMERS DISAGGREGATED REVENUE We disaggregate our revenue from contracts with customers by product line for both our OFSE and IET segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In addition, management views revenue from contracts with customers for OFSE by geography. The series of tables below present our revenue disaggregated by these categories.
| Three Months Ended September 30, | Nine Months Ended September 30,
Total Revenue | 2023 | 2022 | 2023 | 2022
Well Construction | $ | 1,128 |  | $ | 991 |  | $ | 3,265 |  | $ | 2,810 |
Completions, Intervention & Measurements | 1,085 |  | 920 |  | 3,084 |  | 2,587 |
Production Solutions | 967 |  | 931 |  | 2,863 |  | 2,622 |
Subsea & Surface Pressure Systems | 770 |  | 561 |  | 2,192 |  | 1,631 |
Oilfield Services & Equipment | 3,951 |  | 3,403 |  | 11,405 |  | 9,650 |
Gas Technology Equipment | 1,254 |  | 610 |  | 3,080 |  | 1,709 |
Gas Technology Services | 637 |  | 629 |  | 1,886 |  | 1,752 |
Total Gas Technology | 1,892 |  | 1,239 |  | 4,967 |  | 3,461 |
Condition Monitoring | 157 |  | 131 |  | 451 |  | 390 |
Inspection | 322 |  | 259 |  | 894 |  | 728 |
Pumps, Valves & Gears | 232 |  | 199 |  | 650 |  | 614 |
PSI & Controls (1) | 88 |  | 138 |  | 305 |  | 409 |
Total Industrial Technology | 799 |  | 728 |  | 2,300 |  | 2,140 |
Industrial & Energy Technology | 2,691 |  | 1,967 |  | 7,267 |  | 5,601 |
Total | $ | 6,641 |  | $ | 5,369 |  | $ | 18,671 |  | $ | 15,251 |
(1)The Nexus Controls business was sold to General Electric on April 1, 2023.
| Three Months Ended September 30, | Nine Months Ended September 30,
Oilfield Services & Equipment Geographic Revenue | 2023 | 2022 | 2023 | 2022
North America | $ | 1,064 |  | $ | 986 |  | $ | 3,097 |  | $ | 2,734 |
Latin America | 695 |  | 549 |  | 2,053 |  | 1,498 |
Europe/CIS/Sub-Saharan Africa | 695 |  | 586 |  | 1,948 |  | 1,906 |
Middle East/Asia | 1,497 |  | 1,282 |  | 4,306 |  | 3,512 |
Oilfield Services & Equipment | $ | 3,951 |  | $ | 3,403 |  | $ | 11,405 |  | $ | 9,650 |
REMAINING PERFORMANCE OBLIGATIONS As of September 30, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $32.4 billion. As of September 30, 2023, we expect to recognize revenue of approximately 62%, 75% and 91% 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. OTHER EVENTS In the third quarter of 2023, we announced a realignment of our IET product lines. Effective October 1, 2023, IET began operating through five product lines - Gas Technology Equipment, which will now include the Pumps business; Gas Technology Services; Industrial Solutions, which brings together the Condition Monitoring and PSI businesses, along with IET Digital initiatives; Industrial Products, which brings together the Inspection business merging with the Valves and Gears businesses; and a newly formed product line, Climate Technology Solutions (“CTS”), which will combine our CCUS, hydrogen, clean power and emissions abatement capabilities that previously was reported in each of the individual IET product lines into one business focused on serving the energy transition. This revised view of our IET product lines will be included in our disclosures starting in the fourth quarter of 2023.

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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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