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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

12 Months Ended

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

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- References

No definition available.

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