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CONTRACT AND OTHER DEFERRED ASSETS
 3 Months Ended
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, 2024December 31, 2023
Long-term product service agreements $402 $418 
Long-term equipment contracts and certain other service agreements1,271 1,184 
Contract assets (total revenue in excess of billings)1,673 1,602 
Deferred inventory costs128 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.