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REVENUES (Tables)
 12 Months Ended
Dec. 31, 2024
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)20242023
Contract manufacturing services$2 $4 
Software sales44 45 
Bundled equipment and consumable medical products contracts87 116 
Contract assets$133 $165 
The following table summarizes contract liability activity for the years ended December 31, 2024 and 2023. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
year ended December 31 (in millions)20242023
Balance at beginning of period$169 $173 
New revenue deferrals554 478 
Revenue recognized upon satisfaction of performance obligations(555)(484)
Currency translation3 2 
Balance at end of period$171 $169 
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)20242023
Prepaid expenses and other current assets$51 $53 
Other non-current assets82 112 
Contract assets$133 $165 
Accrued expenses and other current liabilities$131 $128 
Other non-current liabilities40 41 
Contract liabilities$171 $169