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PROGRESS COLLECTIONS AND DEFERRED INCOME
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
PROGRESS COLLECTIONS AND DEFERRED INCOME 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, 2024December 31, 2023
Progress collections$5,573 $5,405 
Deferred income138 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 Revenue20242023
Well Construction$1,061 $1,061 
Completions, Intervention & Measurements1,006 909 
Production Solutions945 938 
Subsea & Surface Pressure Systems771 670 
Oilfield Services & Equipment3,783 3,577 
Gas Technology Equipment
1,210 831 
Gas Technology Services
614 591 
Total Gas Technology1,824 1,422 
Industrial Products
462 423 
Industrial Solutions
265 222 
Controls (1)
— 40 
Total Industrial Technology727 685 
Climate Technology Solutions
83 31 
Industrial & Energy Technology2,634 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 Revenue20242023
North America$990 $992 
Latin America637 661 
Europe/CIS/Sub-Saharan Africa750 581 
Middle East/Asia1,405 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.