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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS
 9 Months Ended
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, 2023December 31, 2022
Progress collections$5,046 $3,713 
Deferred income141 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 Revenue2023202220232022
Well Construction$1,128 $991 $3,265 $2,810 
Completions, Intervention & Measurements1,085 920 3,084 2,587 
Production Solutions967 931 2,863 2,622 
Subsea & Surface Pressure Systems770 561 2,192 1,631 
Oilfield Services & Equipment3,951 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 Technology1,892 1,239 4,967 3,461 
Condition Monitoring157 131 451 390 
Inspection322 259 894 728 
Pumps, Valves & Gears232 199 650 614 
PSI & Controls (1)
88 138 305 409 
Total Industrial Technology799 728 2,300 2,140 
Industrial & Energy Technology2,691 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 Revenue2023202220232022
North America$1,064 $986 $3,097 $2,734 
Latin America695 549 2,053 1,498 
Europe/CIS/Sub-Saharan Africa695 586 1,948 1,906 
Middle East/Asia1,497 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.