REVENUE RECOGNITION DISAGGREGATION OF REVENUES
|9 Months Ended
Sep. 30, 2022
|Revenue from Contract with Customer [Abstract]
|Revenue from Contract with Customer
NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of our contracts are for a period of less than one year. We have certain long-term maintenance agreements, construction contracts and extended warranty coverage arrangements that span a period in excess of one year. The aggregate amount of the transaction price for long-term maintenance agreements and construction contracts allocated to performance obligations that were not satisfied as of September 30, 2022, was $695 million. We expect to recognize the related revenue of $125 million over the next 12 months and $570 million over periods up to 10 years. See NOTE 12, "PRODUCT WARRANTY LIABILITY," for additional disclosures on extended warranty coverage arrangements. Our other contracts generally are for a duration of less than one year, include payment terms that correspond to the timing of costs incurred when providing goods and services to our customers or represent sales-based royalties.
Deferred and Unbilled Revenue
The following is a summary of our unbilled and deferred revenue and related activity:
We recognized revenue of $123 million and $539 million for the three and nine months ended September 30, 2022, compared with $130 million and $432 million for the comparable periods in 2021, that was included in the deferred revenue balance at the beginning of each year. We did not record any impairment losses on our unbilled revenues during the three and nine months ended September 30, 2022 or October 3, 2021.
Disaggregation of Revenue
The table below presents our consolidated sales by geographic area. Net sales attributed to geographic areas were based on the location of the customer.
Engine segment external sales by market were as follows:
Distribution segment external sales by region were as follows:
Distribution segment external sales by product line were as follows:
Components segment external sales by business were as follows:
Power Systems segment external sales by product line were as follows: