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Revenue
 9 Months Ended
Oct. 02, 2022
Revenue from Contract with Customer [Abstract]  
Revenue
2. REVENUE
Our revenue is generated primarily from the sale of products and services. Product revenue primarily consists of sales of instruments and consumables used in genetic analysis. Service and other revenue primarily consists of revenue generated from genotyping and sequencing services, instrument service contracts, development and licensing agreements, and cancer detection testing services related to the GRAIL business.
Revenue by Source
Q3 2022Q3 2021
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$720 $76 $796 $723 $71 $794 
Instruments162 5 167 180 4 184 
Total product revenue882 81 963 903 75 978 
Service and other revenue133 19 152 112 18 130 
Total revenue$1,015 $100 $1,115 $1,015 $93 $1,108 
YTD 2022YTD 2021
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$2,237 $225 $2,462 $2,123 $224 $2,347 
Instruments563 14 577 544 12 556 
Total product revenue2,800 239 3,039 2,667 236 2,903 
Service and other revenue390 72 462 348 76 424 
Total revenue$3,190 $311 $3,501 $3,015 $312 $3,327 
Revenue by Geographic Area
Based on region of destination (in millions)Q3 2022Q3 2021YTD 2022YTD 2021
Americas$597 $583 $1,885 $1,733 
Europe, Middle East, and Africa290 313 914 938 
Greater China(1)
133 122 378 382 
Asia-Pacific95 90 324 274 
Total revenue$1,115 $1,108 $3,501 $3,327 
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(1)Region includes revenue from China, Taiwan, and Hong Kong.
Performance Obligations
We regularly enter into contracts with multiple performance obligations. Most performance obligations are generally satisfied within a short time frame, approximately three to six months, after the contract execution date. As of October 2, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $974 million, of which approximately 88% is expected to be converted to revenue in the next twelve months, approximately 6% in the following twelve months, and the remainder thereafter.
Contract Assets and Liabilities
Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, were $17 million and $16 million as of October 2, 2022 and January 2, 2022, respectively, and were recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of October 2, 2022 and January 2, 2022 were $288 million and $297 million, respectively, of which the short-term portions of $225 million and $234 million, respectively, were recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q3 2022 and YTD 2022 included $41 million and $206 million, respectively, of previously deferred revenue that was included in contract liabilities as of January 2, 2022.