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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | 3 Months Ended
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Mar. 31, 2024
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 consist of the following:
| March 31, 2024 | December 31, 2023
Progress collections | $ | 5,573 |  | $ | 5,405 |
Deferred income | 138 |  | 137 |
Progress collections and deferred income (contract liabilities) | $ | 5,711 |  | $ | 5,542 |
Revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liabilities at the beginning of the period was $1,476 million and $962 million, respectivelyREVENUE 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 based on the location to where the product is shipped or the services are performed. The series of tables below present our revenue disaggregated by these categories.
| Three Months Ended March 31, |
Total Revenue | 2024 | 2023 |  |
Well Construction | $ | 1,061 |  | $ | 1,061 |  |  |
Completions, Intervention & Measurements | 1,006 |  | 909 |  |  |
Production Solutions | 945 |  | 938 |  |  |
Subsea & Surface Pressure Systems | 771 |  | 670 |  |  |
Oilfield Services & Equipment | 3,783 |  | 3,577 |  |  |
Gas Technology Equipment | 1,210 |  | 831 |  |  |
Gas Technology Services | 614 |  | 591 |  |  |
Total Gas Technology | 1,824 |  | 1,422 |  |  |
Industrial Products | 462 |  | 423 |  |  |
Industrial Solutions | 265 |  | 222 |  |  |
Controls (1) | — |  | 40 |  |  |
Total Industrial Technology | 727 |  | 685 |  |  |
Climate Technology Solutions | 83 |  | 31 |  |  |
Industrial & Energy Technology | 2,634 |  | 2,138 |  |  |
Total | $ | 6,418 |  | $ | 5,716 |  |  |
(1)The sale of our controls business was completed in April 2023.
| Three Months Ended March 31, |
Oilfield Services & Equipment Geographic Revenue | 2024 | 2023 |  |
North America | $ | 990 |  | $ | 992 |  |  |
Latin America | 637 |  | 661 |  |  |
Europe/CIS/Sub-Saharan Africa | 750 |  | 581 |  |  |
Middle East/Asia | 1,405 |  | 1,345 |  |  |
Oilfield Services & Equipment | $ | 3,783 |  | $ | 3,577 |  |  |
REMAINING PERFORMANCE OBLIGATIONS As of March 31, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $32.7 billion. As of March 31, 2024, we expect to recognize revenue of approximately 62%, 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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