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Revenue
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and nine-month periods ended September 30, 2022 and October 1, 2021 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.
Life SciencesDiagnosticsEnvironmental & Applied SolutionsTotal
For the Three-Month Period Ended September 30, 2022:
Geographical region:
North America (a)
$1,508 $1,397 $575 $3,480 
Western Europe913 388 240 1,541 
Other developed markets189 122 28 339 
High-growth markets (b)
1,166 772 365 2,303 
Total$3,776 $2,679 $1,208 $7,663 
Revenue type:
Recurring$2,700 $2,396 $729 $5,825 
Nonrecurring1,076 283 479 1,838 
Total$3,776 $2,679 $1,208 $7,663 
For the Three-Month Period Ended October 1, 2021:
Geographical region:
North America (a)
$1,291 $1,083 $512 $2,886 
Western Europe989 424 256 1,669 
Other developed markets202 126 28 356 
High-growth markets (b)
1,150 816 352 2,318 
Total$3,632 $2,449 $1,148 $7,229 
Revenue type:
Recurring$2,591 $2,150 $678 $5,419 
Nonrecurring1,041 299 470 1,810 
Total$3,632 $2,449 $1,148 $7,229 
Life SciencesDiagnosticsEnvironmental & Applied SolutionsTotal
For the Nine-Month Period Ended September 30, 2022:
Geographical region:
North America (a)
$4,604 $3,938 $1,674 $10,216 
Western Europe2,920 1,365 775 5,060 
Other developed markets610 361 92 1,063 
High-growth markets (b)
3,491 2,220 1,052 6,763 
Total$11,625 $7,884 $3,593 $23,102 
Revenue type:
Recurring$8,410 $7,067 $2,138 $17,615 
Nonrecurring3,215 817 1,455 5,487 
Total$11,625 $7,884 $3,593 $23,102 
For the Nine-Month Period Ended October 1, 2021:
Geographical region:
North America (a)
$3,903 $3,025 $1,501 $8,429 
Western Europe3,011 1,282 810 5,103 
Other developed markets636 355 87 1,078 
High-growth markets (b)
3,362 2,301 1,032 6,695 
Total$10,912 $6,963 $3,430 $21,305 
Revenue type:
Recurring$7,760 $6,074 $1,984 $15,818 
Nonrecurring3,152 889 1,446 5,487 
Total$10,912 $6,963 $3,430 $21,305 
(a) The Company defines North America as the United States and Canada.
(b) The Company defines high-growth markets as developing markets of the world experiencing extended periods of accelerated growth in gross domestic product and infrastructure which include Eastern Europe, the Middle East, Africa, Latin America and Asia (with the exception of Japan, Australia and New Zealand). The Company defines developed markets as all markets that are not high-growth markets.
The Company sells equipment to customers as well as consumables and services, some of which customers purchase on a recurring basis. Consumables sold for use with the equipment sold by the Company are typically critical to the use of the equipment and are typically used on a one-time or limited basis, requiring frequent replacement in the customer’s operating cycle. Examples of these consumables include reagents used in diagnostic tests, chromatography resins used for research and bioprocessing, filters used in filtration, separation and purification processes and cartridges for marking and coding equipment. Additionally, some of the Company’s consumables are used on a standalone basis, such as water treatment solutions. The Company separates its goods and services between those typically sold to a customer on a recurring basis and those typically sold on a nonrecurring basis. Recurring revenue includes revenue from consumables, services and operating-type leases (“OTLs”). Nonrecurring revenue includes sales from equipment and sales-type leases (“STLs”). OTLs and STLs are included in the above revenue amounts. For the three-month periods ended September 30, 2022 and October 1, 2021, lease revenue was $120 million and $125 million, respectively. For the nine-month periods ended September 30, 2022 and October 1, 2021, lease revenue was $361 million and $359 million, respectively.
Remaining performance obligations related to Topic 606, Revenue from Contracts with Customers, represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year which are fully or partially unsatisfied at the end of the period. As of September 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.6 billion. The Company expects to recognize revenue on approximately 59% of the remaining performance obligations over the next 12 months, 25% over the subsequent 12 months, and the remainder recognized thereafter.
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (“contract assets”) and deferred revenue, customer deposits and billings in excess of revenue recognized (“contract liabilities”) on the Consolidated Condensed Balance Sheets.
Most of the Company’s long-term contracts are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as other current assets in the Consolidated Condensed Balance Sheets. The balance of contract assets as of both September 30, 2022 and December 31, 2021 was $75 million.
The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities that are classified as either current or long-term in the Consolidated Condensed Balance Sheets based on the timing of when the Company expects to recognize revenue. As of both September 30, 2022 and December 31, 2021, contract liabilities were approximately $1.8 billion, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Revenue recognized during the nine-month periods ended September 30, 2022 and October 1, 2021 that was included in the contract liability balance on December 31, 2021 and December 31, 2020 was approximately $1.2 billion and $963 million, respectively. Contract assets and liabilities are reported on a net basis on the accompanying Consolidated Condensed Balance Sheets on a contract-by-contract basis at the end of each reporting period.