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CONTRACT AND OTHER DEFERRED ASSETS
 12 Months Ended
Dec. 31, 2023
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 IET segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets consist of the following at December 31:
20232022
Long-term product service agreements$418 $392 
Long-term equipment contracts and certain other service agreements1,184 955 
Contract assets (total revenue in excess of billings)1,602 1,347 
Deferred inventory costs126 125 
Other costs to fulfill or obtain a contract (1)
28 31 
Contract and other deferred assets$1,756 $1,503 
(1)     Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered.
Revenue recognized during the years ended December 31, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous years related to our long-term service agreements was $15 million and $20 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.