REVENUES (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets:

as of December 31 (in millions)	2023		2022
Contract manufacturing services	$	5	$	10
Software sales	44		43
Bundled equipment and consumable medical products contracts	117		121
Contract assets	$	166	$	174

The following table summarizes contract liability activity for the years ended December 31, 2023 and 2022. The contract liability balance represents the transaction price allocated to the remaining performance obligations.

year ended December 31 (in millions)	2023		2022
Balance at beginning of period	$	194	$	196
New revenue deferrals	623		665
Revenue recognized upon satisfaction of performance obligations	(625)		(661)
Currency translation	2		(6)
Balance at end of period	$	194	$	194

The following table summarizes the classification of contract assets and contract liabilities as reported in the consolidated balance sheet:

as of December 31 (in millions)	2023		2022
Prepaid expenses and other current assets	$	53	$	52
Other non-current assets	113		122
Contract assets	$	166	$	174
Accrued expenses and other current liabilities	$	148	$	154
Other non-current liabilities	46		40
Contract liabilities	$	194	$	194