Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents the Company’s revenues disaggregated by geographical region and revenue type ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.

	Biotechnology		Life Sciences		Diagnostics		Total
Year ended December 31, 2024:
Geographical region:
North America(a)	$	2,237	$	3,199	$	4,859	$	10,295
Western Europe	2,296		1,574		1,587		5,457
Other developed markets(b)	335		510		408		1,253
High-growth markets(c)	1,891		2,046		2,933		6,870
Total	$	6,759	$	7,329	$	9,787	$	23,875
Revenue type:
Recurring	$	5,758	$	4,889	$	8,719	$	19,366
Nonrecurring	1,001		2,440		1,068		4,509
Total	$	6,759	$	7,329	$	9,787	$	23,875
Year ended December 31, 2023:
Geographical region:
North America(a)	$	2,454	$	2,999	$	4,508	$	9,961
Western Europe	2,407		1,519		1,542		5,468
Other developed markets(b)	329		510		431		1,270
High-growth markets(c)	1,982		2,113		3,096		7,191
Total	$	7,172	$	7,141	$	9,577	$	23,890
Revenue type:
Recurring	$	5,897	$	4,360	$	8,425	$	18,682
Nonrecurring	1,275		2,781		1,152		5,208
Total	$	7,172	$	7,141	$	9,577	$	23,890
Year ended December 31, 2022:
Geographical region:
North America(a)	$	3,054	$	3,154	$	5,522	$	11,730
Western Europe	2,645		1,377		1,837		5,859
Other developed markets(b)	358		506		481		1,345
High-growth markets(c)	2,701		1,999		3,009		7,709
Total	$	8,758	$	7,036	$	10,849	$	26,643
Revenue type:
Recurring	$	6,958	$	4,220	$	9,698	$	20,876
Nonrecurring	1,800		2,816		1,151		5,767
Total	$	8,758	$	7,036	$	10,849	$	26,643

(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 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 primarily includes revenue from consumables (both used with Company equipment and used on a standalone basis), services and OTLs. Nonrecurring revenue includes sales of equipment, point in time software licenses and STLs. OTLs and STLs are included in the above revenue amounts. For the years ended December 31, 2024, 2023 and 2022, lease revenue was $402 million, $410 million and $419 million, respectively.

Remaining Performance Obligations

Remaining performance obligations 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. Remaining performance obligations include noncancelable purchase orders, the non-lease portion of minimum purchase commitments under long-term consumable supply arrangements, extended warranty and service and other long-term contracts. These remaining performance obligations do not include revenue from contracts with customers with an original term of one year or less, revenue from long-term consumable supply arrangements with no minimum purchase requirements or revenue expected from purchases made in excess of the minimum purchase requirements or revenue from equipment leased to customers. While the remaining performance obligation disclosure is similar in concept to backlog, the definition of remaining performance obligations excludes leases and contracts that provide the customer with the right to cancel or terminate for convenience with no substantial penalty, even if historical experience indicates the likelihood of cancellation or termination is remote. Additionally, the Company has elected to exclude contracts with customers with an original term of one year or less from remaining performance obligations while these contracts are included within backlog.

As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.3 billion. The Company expects to recognize revenue on approximately 47% of the remaining performance obligations over the next 12 months, 27% over the subsequent 12 months, and the remainder recognized thereafter.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed trade accounts receivable, unbilled receivables (“contract assets”) and deferred revenue, customer deposits and billings in excess of revenue recognized (“contract liabilities”) on the Consolidated Balance Sheets. In addition, the Company defers certain costs incurred to obtain a contract (“contract costs”). Contract assets, liabilities and costs are reported on the accompanying Consolidated Balance Sheets on a contract-by-contract basis. The balances of contract assets and contract costs as of December 31, 2024 and 2023 were not significant and are classified as other current assets and other long-term assets in the Consolidated Balance Sheets. The balance of contract costs are generally amortized into earnings on a straight-line basis (which is consistent with the transfer of control for the related goods or services). Amortization expense related to these costs for the years ended December 31, 2024 and 2023 was also not significant. The costs to obtain a contract where the amortization period for the related asset is one year or less are expensed as incurred and recorded within selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings.

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 Balance Sheets based on the timing of when the Company expects to recognize revenue. As of December 31, 2024 and 2023, contract liabilities were approximately $1.5 billion and $1.7 billion, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Balance Sheets. The decrease in the contract liability balance during the year ended December 31, 2024 was primarily a result of amounts recognized as revenue and the impact of foreign currency, partially offset by cash payments received in advance of satisfying performance obligations. Revenue recognized during the years ended December 31, 2024 and 2023 that was included in the opening contract liability balance each year was approximately $1.3 billion.