REVENUES (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset

The following table summarizes our contract assets:

(in millions)	June 30, 2024		December 31, 2023
Contract manufacturing services	$	6	$	5
Software sales	45		44
Bundled equipment and consumable medical products contracts	102		117
Contract assets	$	153	$	166

The following table summarizes contract liability activity for the six months ended June 30, 2024 and 2023. The contract liability balance represents the transaction price allocated to the remaining performance obligations.

	Six Months Ended June 30,
(in millions)	2024		2023
Balance at beginning of period	$	194	$	194
New revenue deferrals	254		271
Revenue recognized upon satisfaction of performance obligations	(266)		(267)
Currency translation	1		1
Balance at end of period	$	183	$	199

For the six months ended June 30, 2024 and 2023, $80 million and $64 million of revenue was recognized that was included in contract liabilities as of December 31, 2023 and 2022, respectively.

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

(in millions)	June 30, 2024		December 31, 2023
Prepaid expenses and other current assets	$	53	$	53
Other non-current assets	100		113
Contract assets	$	153	$	166
Accrued expenses and other current liabilities	$	142	$	148
Other non-current liabilities	41		46
Contract liabilities	$	183	$	194

Sales-type Lease, Lease Income

The components of lease revenue for the three and six months ended June 30, 2024 and 2023 were:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Sales-type lease revenue	$	3	$	3	$	6	$	7
Operating lease revenue	105		132		249		256
Variable lease revenue	14		14		30		29
Total lease revenue	$	122	$	149	$	285	$	292

Operating Lease, Lease Income

The components of lease revenue for the three and six months ended June 30, 2024 and 2023 were:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Sales-type lease revenue	$	3	$	3	$	6	$	7
Operating lease revenue	105		132		249		256
Variable lease revenue	14		14		30		29
Total lease revenue	$	122	$	149	$	285	$	292