REVENUE

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Disaggregation of Revenue

The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines.

Primary Geographical Markets

	Three months ended March 31, 2024
(In millions)	FMS		SCS		DTS		Eliminations		Total
United States	$	1,380	$	1,151	$	563	$	(211)	$	2,883
Canada	75		71		—		(11)		135
Mexico	—		80		—		—		80
Total revenue	$	1,455	$	1,302	$	563	$	(222)	$	3,098

	Three months ended March 31, 2023
(In millions)	FMS		SCS		DTS		Eliminations		Total
United States	$	1,426	$	1,069	$	454	$	(196)	$	2,753
Canada	77		62		—		(10)		129
Mexico	—		70		—		—		70
Total revenue	$	1,503	$	1,201	$	454	$	(206)	$	2,952

Industry

Our SCS business segment included revenue from the following industries:

	Three months ended March 31,
(In millions)	2024		2023
Omnichannel retail	$	417	$	453
Automotive	406		393
Consumer packaged goods	290		227
Industrial and other	189		128
Total SCS revenue	$	1,302	$	1,201

Lease & Related Maintenance and Rental Revenue

The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. We recognized $243 million for the three months ended March 31, 2024 and 2023.

Deferred Revenue

The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:

	Three months ended March 31,
(In millions)	2024		2023
Balance as of beginning of period	$	545	$	544
Recognized as revenue during period from beginning balance	(61)		(56)
Consideration deferred during period, net	69		43
Foreign currency translation adjustment and other	—		2
Balance as of end of period	$	553	$	533

Contracted Not Recognized Revenue

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $2.9 billion as of March 31, 2024, and primarily includes deferred revenue and amounts for ChoiceLease that will be recognized as revenue in future periods as we provide maintenance services to our customers.