Progress Collections and Deferred Income (Tables)

9 Months Ended

Sep. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Contract liabilities

Contract assets are comprised of the following:

	September 30, 2020		December 31, 2019
Long-term product service agreements	$	655	$	603
Long-term equipment contracts (1)	1,158		1,097
Contract assets (total revenue in excess of billings)	1,813		1,700
Deferred inventory costs	115		130
Non-recurring engineering costs	43		51
Contract and other deferred assets	$	1,971	$	1,881

⁽¹⁾Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements.

Contract liabilities are comprised of the following:

	September 30, 2020		December 31, 2019
Progress collections	$	3,503	$	2,760
Deferred income	120		110
Progress collections and deferred income (contract liabilities)	$	3,623	$	2,870