Progress Collections and Deferred Income

12 Months Ended

Dec. 31, 2021

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	2021		2020		2019
U.S.	$	4,497	$	4,638	$	6,188
Non-U.S.	16,005		16,067		17,650
Total	$	20,502	$	20,705	$	23,838

REMAINING PERFORMANCE OBLIGATIONS

As of December 31, 2021 and 2020, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $23.6 billion and $23.4 billion, respectively. As of December 31, 2021, we expect to recognize revenue of approximately 53%, 68% and 89% 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:

	2021		2020
Progress collections	$	3,108	$	3,352
Deferred income	124		102
Progress collections and deferred income (contract liabilities)	$	3,232	$	3,454

Revenue recognized during the year ended December 31, 2021 and 2020 that was included in the contract liabilities at the beginning of the year was $2,398 million and $1,962 million, respectively.