v3.25.1
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Contractors [Abstract]  
Schedule of Contract Assets, Liabilities and Other Deferred Assets and Income
CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOMEMarch 31, 2025December 31, 2024
Long-term service agreements
$2,309 $2,374 
Equipment and other service agreements630 609 
Current contract assets
$2,940 $2,982 
Nonrecurring engineering costs(a)
$2,443 $2,438 
Customer advances and other(b)
2,392 2,393 
Contract and other deferred assets4,835 4,831 
Total contract and other deferred assets$7,775 $7,814 
Long-term service agreement liabilities
$9,266 $8,994 
Current deferred income357 359 
Contract liabilities and current deferred income$9,624 $9,353 
Non-current deferred income1,054 1,013 
Total contract liabilities and deferred income$10,677 $10,366 
Contract assets (liabilities) and other deferred assets (income)$(2,902)$(2,552)
(a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our Defense & Propulsion Technologies segment, which are amortized ratably over each unit produced. We assess the recoverability of these costs and if we determine the costs are no longer probable of recovery, the asset is impaired.
(b) Includes amounts due from customers within our Commercial Engines & Services segment for the sales of engines, spare parts and services, which we collect through fixed or usage-based billings from the sale of spare parts and servicing of equipment under long-term service agreements.