XML 37 R20.htm IDEA: XBRL DOCUMENT v3.23.1
Revenue
 3 Months Ended
Mar. 31, 2023
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. Our business structure is organized into five operating segments. The following tables disaggregate our revenue from contracts with customers by component and geographic region (in millions). We allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.

Three Months Ended March 31,
20232022
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$351 $226 $577 $312 $220 $531 
Urology326 143 469 286 127 413 
Neuromodulation172 62 234 161 49 209 
MedSurg850 430 1,280 758 395 1,153 
   Interventional Cardiology Therapies183 408 591 186 358 544 
   Watchman265 25 291 203 23 226 
   Cardiac Rhythm Management345 203 548 325 195 519 
    Electrophysiology85 91 177 50 68 118 
Cardiology879 727 1,606 764 644 1,407 
Peripheral Interventions275 229 503 256 210 465 
Cardiovascular1,154 956 2,110 1,019 853 1,873 
Total Net Sales$2,003 $1,386 $3,389 $1,778 $1,248 $3,026 

Refer to Note K- Segment Reporting for information on our reportable segments.

Three Months Ended March 31,
Geographic Regions20232022
U.S.$2,003 $1,778 
Europe, Middle East and Africa712 624 
Asia-Pacific548 517 
Latin America and Canada126 107 
Total Net Sales$3,389 $3,026 
Emerging Markets(1)
$529 $440 
(1)Periodically, we assess our list of Emerging Markets countries, and effective January 1, 2023, modified our list to include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. We have revised prior year amounts to conform to the current year's presentation.

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 $521 million as of March 31, 2023 and $509 million as of December 31, 2022. 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 $42 million in the first quarter that was included in the above contract liability balance as of December 31, 2022. 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 ConsiderationFor 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.