v3.26.1
CONTRACT AND OTHER DEFERRED ASSETS
 3 Months Ended
Mar. 31, 2026
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, and provide long-term product service agreements and extended maintenance agreements and other deferred contract related costs. The Company's long-term product service agreements are provided by the 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:
March 31, 2026December 31, 2025
Long-term equipment contracts and certain other service agreements$1,242 $1,123 
Long-term product service agreements 326 330 
Contract assets (total revenue in excess of billings)1,568 1,453 
Deferred inventory costs149 141 
Other costs to fulfill or obtain a contract
30 26 
Contract and other deferred assets$1,747 $1,620 
Revenue recognized during the three months ended March 31, 2026 and 2025 from performance obligations satisfied (or partially satisfied) in previous periods related to long-term service agreements was $3 million and $4 million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability.