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CONTRACT AND OTHER DEFERRED ASSETS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
CONTRACT AND OTHER DEFERRED ASSETS CONTRACT AND OTHER DEFERRED ASSETS
Contract assets reflect revenue earned in excess of billings on long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. The Company's long-term product service agreements are provided by the Industrial & Energy Technology ("IET") segment. The Company's long-term equipment contracts are provided by both the IET and Oilfield Services & Equipment ("OFSE") segments. Contract assets consist of the following:
June 30, 2025December 31, 2024
Long-term product service agreements $350 $346 
Long-term equipment contracts and certain other service agreements1,344 1,247 
Contract assets (total revenue in excess of billings)1,694 1,593 
Deferred inventory costs133 124 
Other costs to fulfill or obtain a contract
14 13 
Contract and other deferred assets$1,841 $1,730 
Revenue recognized during the three months ended June 30, 2025 and 2024 from performance obligations satisfied (or partially satisfied) in previous periods related to long-term service agreements was $5 million and $(3) million, respectively, and $9 million and $(4) million during the six months ended June 30, 2025 and 2024, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability.