CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

12 Months Ended

Dec. 31, 2023

Contract with Customer, Asset and Liability


December 31, 2023	Aerospace		Renewable Energy		Power		Corporate		Total
Revenues in excess of billings	$	2,377	$	—	$	5,205	$	—	$	7,582
Billings in excess of revenues	(7,902)		—		(1,810)		—		(9,712)
Long-term service agreements	$	(5,525)	$	—	$	3,395	$	—	$	(2,130)


Equipment and other service agreements	494		1,374		1,499		263		3,630
Current contract assets	$	(5,030)	$	1,374	$	4,894	$	263	$	1,500

Nonrecurring engineering costs(a)	2,444		18		1		—		2,463
Customer advances and other(b)	2,342		—		601		—		2,943
Non-current contract and other deferred assets	$	4,785	$	18	$	603	$	—	$	5,406
Total contract and other deferred assets	$	(245)	$	1,392	$	5,497	$	263	$	6,907


December 31, 2022	Aerospace		Renewable Energy		Power		Corporate		Total
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)


Equipment and other service agreements	433		1,063		1,404		245		3,144
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.


December 31, 2023	Aerospace		Renewable Energy		Power		Corporate		Total


Progress collections	$	6,198	$	6,886	$	5,898	$	124	$	19,106
Current deferred income	201		239		20		112		571
Progress collections and deferred income	$	6,399	$	7,125	$	5,918	$	236	$	19,677
Non-current deferred income	1,150		122		48		20		1,339
Total Progress collections and deferred income	$	7,549	$	7,247	$	5,965	$	256	$	21,017


December 31, 2022


Progress collections	$	5,814	$	5,195	$	4,514	$	131	$	15,655
Current deferred income	233		208		13		107		562
Progress collections and deferred income	$	6,047	$	5,404	$	4,527	$	238	$	16,216
Non-current deferred income	1,110		183		104		12		1,409
Total Progress collections and deferred income	$	7,157	$	5,586	$	4,632	$	250	$	17,625