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

3 Months Ended

Mar. 31, 2024

Contract with Customer, Asset and Liability


March 31, 2024	Aerospace		Renewable Energy		Power		Corporate		Total
Revenues in excess of billings	$	2,112	$	—	$	5,176	$	—	$	7,288
Billings in excess of revenues	(7,965)		—		(1,794)		—		(9,759)
Long-term service agreements	$	(5,853)	$	—	$	3,382	$	—	$	(2,471)


Equipment and other service agreements	603		1,628		1,506		281		4,018
Current contract assets	$	(5,250)	$	1,628	$	4,888	$	281	$	1,547

Nonrecurring engineering costs(a)	2,444		23		1		—		2,469
Customer advances and other(b)	2,353		—		609		—		2,963
Non-current contract and other deferred assets	$	4,798	$	23	$	611	$	—	$	5,431
Total contract and other deferred assets	$	(452)	$	1,651	$	5,499	$	281	$	6,978


December 31, 2023
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

(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.


March 31, 2024	Aerospace		Renewable Energy		Power		Corporate		Total


Progress collections	$	6,401	$	7,554	$	6,091	$	134	$	20,180
Current deferred income	179		221		11		127		539
Progress collections and current deferred income	$	6,580	$	7,775	$	6,103	$	261	$	20,718
Non-current deferred income	1,084		149		46		19		1,297
Total Progress collections and deferred income	$	7,664	$	7,924	$	6,148	$	279	$	22,016


December 31, 2023


Progress collections	$	6,198	$	6,886	$	5,898	$	124	$	19,106
Current deferred income	201		239		20		112		571
Progress collections and current 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