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CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME
 3 Months Ended
Mar. 31, 2023
Contractors [Abstract]  
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME
NOTE 9. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME
Contract and other deferred assets decreased $368 million in the three months ended March 31, 2023 primarily due to a decrease in long-term service agreements, partially offset by the timing of revenue recognition ahead of billing milestones on long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $3,155 million, partially offset by revenues recognized of $2,579 million and net favorable changes in estimated profitability of $53 million at Aerospace and net unfavorable changes in estimated profitability of $12 million at Power.

March 31, 2023
AerospaceRenewable EnergyPowerCorporateTotal
Revenues in excess of billings$2,603 $— $5,317 $— $7,920 
Billings in excess of revenues(7,288)— (1,807)— (9,095)
Long-term service agreements$(4,685)$— $3,510 $— $(1,176)
Short-term and other service agreements456 129 66 277 927 
Equipment contract revenues27 1,009 1,457 — 2,493 
Current contract assets$(4,203)$1,138 $5,032 $277 $2,244 
Nonrecurring engineering costs(a)2,521 19 2 — 2,542 
Customer advances and other(b)2,389 — 700 — 3,089 
Non-current contract and other deferred assets$4,910 $19 $702 $— $5,631 
Total contract and other deferred assets$707 $1,157 $5,734 $277 $7,875 
December 31, 2022
AerospaceRenewable EnergyPowerCorporateTotal
Revenues in excess of billings$2,363 $— $5,403 $— $7,766 
Billings in excess of revenues(6,681)— (1,763)— (8,443)
Long-term service agreements$(4,318)$— $3,640 $— $(677)
Short-term and other service agreements391 108 56 245 799 
Equipment contract revenues42 955 1,348 — 2,345 
Current contract assets$(3,884)$1,063 $5,044 $245 $2,467 
Nonrecurring engineering costs(a)2,513 17 4 — 2,534 
Customer advances and other(b)2,519 — 724 — 3,243 
Non-current contract and other deferred assets$5,032 $17 $728 $— $5,776 
Total contract and other deferred assets$1,148 $1,079 $5,772 $245 $8,244 
(a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced.
(b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements.

Progress collections and deferred income increased $461 million primarily due to new collections received in excess of revenue recognition at Power and Renewable Energy, partially offset by net liquidations at Aerospace. Revenues recognized for contracts included in a liability position at the beginning of the year were $4,468 million and $3,997 million for the three months ended March 31, 2023 and 2022, respectively.

March 31, 2023
AerospaceRenewable EnergyPowerCorporateTotal
Progress collections on equipment contracts$90 $2,313 $4,349 $— $6,751 
Other progress collections5,631 3,071 451 131 9,284 
Current deferred income216 204 12 119 550 
Progress collections and deferred income$5,937 $5,588 $4,812 $249 $16,586 
Non-current deferred income1,183 206 98 12 1,500 
Total Progress collections and deferred income$7,120 $5,794 $4,910 $262 $18,086 

December 31, 2022
Progress collections on equipment contracts$74 $2,464 $3,973 $— $6,511 
Other progress collections5,740 2,731 541 131 9,143 
Current deferred income233 208 13 107 562 
Progress collections and deferred income$6,047 $5,404 $4,527 $238 $16,216 
Non-current deferred income1,110 183 104 12 1,409 
Total Progress collections and deferred income$7,157 $5,586 $4,632 $250 $17,625