Progress Collections and Deferred Income

12 Months Ended

Dec. 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Progress Collections and Deferred Income

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our revenue from contracts with customers by primary geographic markets.

Total Revenue	2019		2018		2017
U.S.	$	6,188	$	6,576	$	4,409
Non-U.S.	17,650		16,301		12,770
Total	$	23,838	$	22,877	$	17,179

REMAINING PERFORMANCE OBLIGATIONS

As of December 31, 2019 and 2018, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $22.9 billion and $21.0 billion, respectively. As of December 31, 2019, we expect to recognize revenue of approximately 53%, 65% and 91% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.

PROGRESS COLLECTIONS AND DEFERRED INCOME

Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following at December 31:

	2019		2018
Progress collections	$	2,760	$	1,600
Deferred income	110		165
Progress collections and deferred income (contract liabilities)	$	2,870	$	1,765

Revenue recognized during the year ended December 31, 2019 and 2018 that was included in the contract liabilities at the beginning of the year was $1,690 million and $1,392 million, respectively.