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CONTRACT AND OTHER DEFERRED ASSETS | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
CONTRACT AND OTHER DEFERRED ASSETS | CONTRACT AND OTHER DEFERRED ASSETS Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. Our long-term product service agreements are provided by our Industrial & Energy Technology ("IET") segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets consist of the following:
| March 31, 2024 | December 31, 2023
Long-term product service agreements | $ | 402 |  | $ | 418 |
Long-term equipment contracts and certain other service agreements | 1,271 |  | 1,184 |
Contract assets (total revenue in excess of billings) | 1,673 |  | 1,602 |
Deferred inventory costs | 128 |  | 126 |
Other costs to fulfill or obtain a contract | 22 |  | 28 |
Contract and other deferred assets | $ | 1,824 |  | $ | 1,756 |
Revenue recognized during the three months ended March 31, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $(1) million and $1 million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability resulting in an adjustment of earnings.

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