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Revenue
 9 Months Ended
Sep. 27, 2024
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 27, 2024 and September 29, 2023 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.
BiotechnologyLife SciencesDiagnosticsTotal
For the Three-Month Period Ended September 27, 2024:
Geographical region:
North America(a)
$503 $796 $1,157 $2,456 
Western Europe587 365 368 1,320 
Other developed markets(b)
78 120 101 299 
High-growth markets(c)
485 501 737 1,723 
Total$1,653 $1,782 $2,363 $5,798 
Revenue type:
Recurring$1,422 $1,228 $2,127 $4,777 
Nonrecurring231 554 236 1,021 
Total$1,653 $1,782 $2,363 $5,798 
For the Three-Month Period Ended September 29, 2023:
Geographical region:
North America(a)
$593 $728 $1,054 $2,375 
Western Europe508 356 334 1,198 
Other developed markets(b)
78 117 105 300 
High-growth markets(c)
485 505 761 1,751 
Total$1,664 $1,706 $2,254 $5,624 
Revenue type:
Recurring$1,390 $1,062 $1,986 $4,438 
Nonrecurring274 644 268 1,186 
Total$1,664 $1,706 $2,254 $5,624 
BiotechnologyLife SciencesDiagnosticsTotal
For the Nine-Month Period Ended September 27, 2024:
Geographical region:
North America(a)
$1,624 $2,362 $3,536 $7,522 
Western Europe1,700 1,111 1,154 3,965 
Other developed markets(b)
238 361 295 894 
High-growth markets(c)
1,328 1,463 2,165 4,956 
Total$4,890 $5,297 $7,150 $17,337 
Revenue type:
Recurring$4,209 $3,628 $6,424 $14,261 
Nonrecurring681 1,669 726 3,076 
Total$4,890 $5,297 $7,150 $17,337 
For the Nine-Month Period Ended September 29, 2023:
Geographical region:
North America(a)
$1,822 $2,193 $3,160 $7,175 
Western Europe1,839 1,095 1,119 4,053 
Other developed markets(b)
229 369 322 920 
High-growth markets(c)
1,523 1,554 2,260 5,337 
Total$5,413 $5,211 $6,861 $17,485 
Revenue type:
Recurring$4,435 $3,205 $6,056 $13,696 
Nonrecurring978 2,006 805 3,789 
Total$5,413 $5,211 $6,861 $17,485 
(a) The Company defines North America as the United States and Canada.
(b) The Company defines other developed markets as all the markets of the world that are not North America, Western Europe or high-growth markets.
(c) The Company defines high-growth markets as developing markets of the world experiencing accelerated growth, over extended periods, in gross domestic product and infrastructure which include Eastern Europe, the Middle East, Africa, Latin America (including Mexico) and Asia (with the exception of Japan, Australia and New Zealand). The Company defines developed markets as all markets of the world that are not high-growth markets.
The Company’s products and services primarily consist of life sciences research, biopharmaceutical drug production and medical diagnostic products and services. The Company sells equipment to customers as well as consumables, software 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 and filters used in filtration, separation and purification processes. Additionally, some of the Company’s consumables are used on a standalone basis, such as custom nucleic acids, genomics solutions, antibodies and immunoassays. The Company separates its goods and services between those typically sold to a customer on a recurring basis and those typically sold to a customer on a nonrecurring basis. Recurring revenue includes revenue from consumables (both used with Company equipment and used on a standalone basis), services and operating-type leases (“OTLs”). Nonrecurring revenue includes sales of equipment and sales-type leases (“STLs”). OTLs and STLs are included in the above revenue amounts. For the three-month periods ended September 27, 2024 and September 29, 2023, lease revenue was $93 million and $101 million, respectively. For the nine-month periods ended September 27, 2024 and September 29, 2023, lease revenue was $287 million and $300 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 27, 2024, the aggregate amount of the
transaction price allocated to remaining performance obligations was approximately $4.4 billion. The Company expects to recognize revenue on approximately 49% of the remaining performance obligations over the next 12 months, 26% 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. 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.
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 September 27, 2024 and December 31, 2023, contract liabilities were approximately $1.6 billion and $1.7 billion, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. The decrease in the contract liability balance during the nine-month period ended September 27, 2024 was primarily a result of amounts recognized as revenue, partially offset by cash payments received in advance of satisfying performance obligations. Revenue recognized during the nine-month periods ended September 27, 2024 and September 29, 2023 that was included in the contract liability balance on December 31, 2023 and December 31, 2022, respectively, was approximately $1.1 billion in both periods.