Contract and Other Deferred Assets (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract assets

Contract assets are comprised of the following at December 31:

	2020		2019
Long-term product service agreements	$	660	$	603
Long-term equipment contracts (1)	1,160		1,097
Contract assets (total revenue in excess of billings)	1,820		1,700
Deferred inventory costs	138		130
Non-recurring engineering costs	43		51
Contract and other deferred assets	$	2,001	$	1,881

(1)Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements.

Contract liabilities are comprised of the following at December 31:

	2020		2019
Progress collections	$	3,352	$	2,760
Deferred income	102		110
Progress collections and deferred income (contract liabilities)	$	3,454	$	2,870