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SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
Effective July 1, 2024, Image Guided Therapies, previously part of the Imaging segment, was realigned to the Ultrasound segment. The Ultrasound segment was subsequently renamed Advanced Visualization Solutions. Following this realignment, the Company continues to have four reportable segments: Imaging, AVS, PCS, and PDx. Historical segment financial information presented within this report has been recast to conform to the new reportable segments structure.

The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) for the purpose of assessing performance and allocating resources. The Company’s CODM is its Chief Executive Officer. These segments have been identified based on the nature of the products sold and how the Company manages its operations. We have not aggregated any of our operating segments to form reportable segments. A description of our reportable segments has been provided in Item 1, “Business” of this Annual Report on Form 10-K.

The CODM assesses segment performance using Total revenues and an earnings metric defined as “Segment EBIT.” Segment EBIT is calculated as income before income taxes in our Consolidated and Combined Statements of Income excluding the impact of the following: Interest and other financial charges – net, Non-operating benefit (income) costs, restructuring costs, acquisition and disposition-related benefits (charges), gain (loss) on business and asset dispositions, Spin-Off and separation costs, amortization of acquisition-related intangible assets, and investment revaluation gain (loss). Segment EBIT is also used in the annual budget and periodic forecasting processes and informs the CODM in decision making regarding the allocation of resources to the segments.
Total Revenues by Segment
For the years ended December 31
202420232022
Total Imaging$8,855 $8,944 $8,395 
AVS:
Procedural Guidance2,711 2,666 2,327 
Specialized Ultrasound2,420 2,428 2,685 
Total AVS
5,131 5,094 5,012 
PCS:
Monitoring Solutions
2,194 2,283 2,092 
Life Support Solutions
931 859 824 
Total PCS3,125 3,142 2,916 
Total PDx2,508 2,306 1,958 
Other(1)
52 66 60 
Total revenues$19,672 $19,552 $18,341 
(1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services (“HFS”) which does not meet the definition of an operating segment.

No single customer accounted for more than 10% of the Company’s revenues for the years ended December 31, 2024, 2023, or 2022. Additionally, no single customer accounted for more than 10% of accounts receivable as of December 31, 2024 or 2023.

Significant Expenses by Segment
For the years ended December 31
202420232022
Imaging:
Cost of sales
$5,623 $5,901 $5,660 
Other segment items(1)
2,270 2,222 1,955 
Total Imaging$7,893 $8,123 $7,615 
AVS:
Cost of sales
$2,485 $2,485 $2,472 
Other segment items(1)
1,528 1,485 1,312 
Total AVS
$4,014 $3,970 $3,784 
PCS:
Cost of sales
$1,930 $1,890 $1,839 
Other segment items(1)
848 869 736 
Total PCS$2,778 $2,759 $2,575 
PDx:
Cost of sales
$1,236 $1,192 $1,005 
Other segment items(1)
490 497 433 
Total PDx$1,725 $1,689 $1,438 
(1) Other segment items for each segment includes selling, general, administrative, research, and development related expenses, as well as other segment income and expenses.
Segment EBIT
For the years ended December 31
202420232022
Segment EBIT
Imaging$962 $821 $780 
AVS
1,118 1,124 1,228 
PCS 347 383 341 
PDx 783 617 520 
Other(1)
2 11 (8)
3,211 2,956 2,861 
Restructuring costs(120)(54)(146)
Acquisition and disposition-related benefits (charges)
(3)15 34 
Gain (loss) on business and asset dispositions
— — 1 
Spin-Off and separation costs(251)(270)(14)
Amortization of acquisition-related intangible assets(137)(127)(121)
Investment revaluation gain (loss)(22)1 (31)
Interest and other financial charges – net(504)(542)(77)
Non-operating benefit income (costs)406 382 5 
Income before income taxes
$2,581 $2,361 $2,512 
(1) Financial information not presented within the reportable segments, shown within the Other category, primarily represents HFS which does not meet the definition of an operating segment.

The following table represents the depreciation and amortization amounts reported within the Segment EBIT metric for our reportable segments. Depreciation and amortization expense related to shared property, plant, and equipment and intangibles, exclusive of acquisition-related intangible assets, has been fully allocated to our segments and those allocations are reflected in the amounts presented in the table below. These amounts are included within Cost of sales and Other segment items disclosed in the Significant Expenses by Segment table above.

Depreciation and Amortization by Segment
For the years ended December 31
202420232022
Imaging$249 $274 $282 
AVS78 90 105 
PCS 55 69 73 
PDx 55 45 45 

The Company does not report total assets by segment as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

GEOGRAPHIC INFORMATION.

Revenues are classified according to the country in which products and services are sold.

Total Revenues by CountryFor the years ended December 31
202420232022
United States$8,617 $8,228 $7,819 
China2,135 2,560 2,325 
All other countries8,919 8,764 8,197 
Total revenues$19,672 $19,552 $18,341 

Long-lived assets represent Property, plant, and equipment – net and are classified according to the country where the asset is located.
Long-Lived Assets – Net by Country
As of
December 31, 2024December 31, 2023
United States$908 $913 
China392 391 
Norway296 286 
All other countries
955 910 
Total long-lived assets – net
$2,550 $2,500