XML 31 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE
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 business unit and geographic region (in millions). Generally, we allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.

Three Months Ended June 30,
20242023
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$415 $261 $676 $384 $246 $631 
Urology363 162 525 340 146 485 
Neuromodulation214 68 282 183 61 244 
MedSurg992 491 1,483 907 453 1,360 
   Interventional Cardiology Therapies201 464 665 189 440 629 
   Watchman342 36 379 286 30 317 
   Cardiac Rhythm Management352 224 576 356 209 566 
    Electrophysiology271 157 428 85 108 193 
Cardiology1,166 881 2,047 917 787 1,704 
Peripheral Interventions308 281 590 285 250 535 
Cardiovascular1,474 1,163 2,637 1,202 1,037 2,239 
Total Net Sales$2,466 $1,654 $4,120 $2,110 $1,490 $3,599 

Six Months Ended June 30,
20242023
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$810 $508 $1,318 $735 $472 $1,207 
Urology719 319 1,038 666 289 954 
Neuromodulation405 134 539 356 123 478 
MedSurg1,933 961 2,895 1,757 883 2,640 
   Interventional Cardiology Therapies396 921 1,316 372 848 1,220 
   Watchman653 70 723 552 55 607 
   Cardiac Rhythm Management706 446 1,151 702 412 1,114 
    Electrophysiology429 300 729 170 199 370 
Cardiology2,183 1,736 3,919 1,796 1,514 3,310 
Peripheral Interventions608 555 1,163 560 478 1,039 
Cardiovascular2,791 2,291 5,082 2,356 1,993 4,349 
Total Net Sales$4,724 $3,252 $7,977 $4,113 $2,876 $6,988 

Refer to Note K - Segment Reporting for information on our reportable segments.
Three Months Ended June 30,Six Months Ended June 30,
Geographic Regions2024202320242023
U.S.$2,466 $2,110 $4,724 $4,113 
Europe, Middle East and Africa822 723 1,625 1,435 
Asia-Pacific670 626 1,317 1,174 
Latin America and Canada162 140 311 267 
Total Net Sales$4,120 $3,599 $7,977 $6,988 
Emerging Markets(1)
$680 $592 $1,328 $1,121 
(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.

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 $599 million as of June 30, 2024 and $577 million as of December 31, 2023. Our contract 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 contract liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor 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 $59 million in the second quarter and $120 million in the first six months of 2024 that was included in the above contract liability balance as of December 31, 2023. 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. Financial Statements and Supplementary Data of our most recent Annual Report on Form 10-K.