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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Summary of Contract with Customer, Asset and Liability | The following table reconciles the changes in the Company’s contract assets and liabilities as follows:
|  | Contract Assets
In millions |  | 2023 |  | 2022
Balance at beginning of year |  | $ | 706 |  |  | $ | 545 |
Recognized in current year |  | 692 |  |  | 730 |
Reclassified to accounts receivable |  | (723) |  |  | (581) |
Acquisitions/adjustments |  | (2) |  |  | 28 |
Foreign currency impact |  | 5 |  |  | (16) |
Balance at end of year |  | $ | 678 |  |  | $ | 706 |
|  | Contract Liabilities
In millions |  | 2023 |  | 2022
Balance at beginning of year |  | $ | 956 |  |  | $ | 824 |
Recognized in current year |  | 1,380 |  |  | 1,067 |
Amounts in beginning balance reclassified to revenue |  | (665) |  |  | (410) |
Current year amounts reclassified to revenue |  | (593) |  |  | (528) |
Acquisitions |  | 1 |  |  | 13 |
Foreign currency impact |  | 3 |  |  | (10) |
Balance at end of year |  | $ | 1,082 |  |  | $ | 956 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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