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Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
NOTE L – REVENUE

We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our accompanying unaudited consolidated statements of operations. In the first quarter of 2022, we reorganized our business structure into five operating segments and on March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. Our consolidated net sales for the first six months of 2021 include Specialty Pharmaceuticals up to the date of the closing of the transaction. The following tables disaggregate our revenue from contracts with customers by component and geographic region (in millions). We have revised prior periods to conform to current year presentation:

Three Months Ended June 30,
20222021
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$338 $221 $560 $316 $235 $551 
Urology and Pelvic Health320 130 450 285 112 397 
Neuromodulation186 53 239 194 53 247 
MedSurg844 404 1,248 794 400 1,195 
   Interventional Cardiology Therapies192 382 574 206 369 574 
   Watchman225 25 250 192 24 216 
   Cardiac Rhythm Management342 199 541 314 210 524 
    Electrophysiology73 79 152 34 62 95 
Cardiology832 685 1,517 746 664 1,410 
Peripheral Interventions257 221 478 260 213 473 
Cardiovascular1,089 906 1,996 1,005 877 1,883 
Total Net Sales$1,933 $1,311 $3,244 $1,800 $1,277 $3,077 

Six Months Ended June 30,
20222021
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$650 $441 $1,091 $596 $454 $1,050 
Urology and Pelvic Health606 257 863 542 216 758 
Neuromodulation346 101 448 345 99 444 
MedSurg1,602 799 2,402 1,483 769 2,252 
Interventional Cardiology Therapies378 740 1,118 400 699 1,100 
Watchman428 48 476 341 45 386 
Cardiac Rhythm Management667 394 1,061 590 403 993 
Electrophysiology123 147 270 64 115 179 
Cardiology1,596 1,329 2,925 1,395 1,263 2,658 
Peripheral Interventions513 430 944 498 407 906 
Cardiovascular2,109 1,760 3,868 1,893 1,670 3,564 
Specialty Pharmaceuticals— — — 10 4 13 
Total Net Sales$3,711 $2,559 $6,270 $3,386 $2,443 $5,829 

Refer to Note K- Segment Reporting for information on our reportable segments.
Three Months Ended June 30,Six Months Ended June 30,
Regions2022202120222021
U.S.$1,933 $1,800 $3,711 $3,376 
Europe, Middle East and Africa660 662 1,284 1,266 
Asia-Pacific530 520 1,047 994 
Latin America and Canada120 95 228 180 
Medical Devices3,244 3,077 6,270 5,816 
U.S.— — — 10 
International— — — 4 
Specialty Pharmaceuticals— — — 13 
Total Net Sales$3,244 $3,077 $6,270 $5,829 
Emerging Markets(1)
$427 $359 $817 $676 
(1)    We define Emerging Markets as the 20 countries that we believe have strong growth potential based on their economic conditions, healthcare sectors and our global capabilities. Periodically, we assess our list of Emerging Markets countries, which currently includes the following countries: Brazil, Chile, China, Colombia, Czech Republic, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Russia, Saudi Arabia, Slovakia, South Africa, South Korea, Taiwan, Thailand, Turkey and Vietnam.

Deferred Revenue

Contract liabilities are classified within Other current liabilities and Other long-term liabilities within our accompanying unaudited consolidated balance sheets. Our deferred revenue balance was $501 million as of June 30, 2022 and $484 million as of December 31, 2021. Our contractual liabilities are primarily composed of deferred revenue related to the LATITUDE™ Patient Management System within our Cardiology business, for which revenue is recognized over the average service period based on device and patient longevity. Our contractual liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor (ICM) system, also within our Cardiology business, for which revenue is recognized over the average service period based on device longevity and usage. We recognized revenue of $35 million in the second quarter and $76 million in the first six months of 2022 that was included in the above contract liability balance as of December 31, 2021. We have elected not to disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. In addition, we have not identified material unfulfilled performance obligations for which revenue is not currently deferred.

Variable Consideration
For additional information on variable consideration, refer to Note A – Significant Accounting Policies to our audited financial statements contained in Item 8 of our most recent Annual Report on Form 10-K.