Progress Collections and Deferred Income (Tables)

6 Months Ended

Jun. 30, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Contract liabilities

Contract assets are comprised of the following:

	June 30, 2021		December 31, 2020
Long-term product service agreements	$	621	$	660
Long-term equipment contracts (1)	1,015		1,160
Contract assets (total revenue in excess of billings)	1,636		1,820
Deferred inventory costs	164		138
Non-recurring engineering costs	36		43
Contract and other deferred assets	$	1,836	$	2,001

(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:

	June 30, 2021		December 31, 2020
Progress collections	$	3,345	$	3,352
Deferred income	122		102
Progress collections and deferred income (contract liabilities)	$	3,467	$	3,454