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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE
NOTE N – REVENUE

We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our 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.
Year Ended December 31,
202420232022
BusinessesU.S.Int'lTotalU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$1,651 $1,036 $2,687 $1,511 $970 $2,482 1,341 $880 $2,221 
Urology1,557 643 2,200 1,369 595 1,964 1,257 516 1,773 
Neuromodulation847 259 1,106 736 240 976 715 202 917 
MedSurg4,054 1,939 5,993 3,617 1,805 5,422 3,312 1,599 4,911 
Interventional Cardiology Therapies824 1,820 2,645 743 1,674 2,417 744 1,485 2,228 
Watchman1,371 145 1,516 1,155 119 1,274 915 103 1,019 
Cardiac Rhythm Management1,403 876 2,279 1,405 813 2,218 1,337 763 2,100 
Electrophysiology1,256 648 1,904 370 430 800 275 310 585 
Cardiology4,855 3,490 8,344 3,673 3,036 6,709 3,271 2,662 5,932 
Peripheral Interventions1,301 1,109 2,410 1,135 975 2,110 1,048 850 1,899 
Cardiovascular6,156 4,599 10,755 4,808 4,011 8,819 4,319 3,512 7,831 
Other(1)
— — — — — — — — (60)
Total Net Sales$10,210 $6,538 $16,747 $8,425 $5,816 $14,240 $7,632 $5,111 $12,682 
(1)    In 2022, amounts reflect sales reserves established for Italian government payback provisions, which are being disputed in the Italian court system. These amounts were not allocated to our reportable segments or considered by our CODM for resource allocation and decision-making purposes.

Refer to Note M – Segment Reporting for information on our reportable segments.

Year Ended December 31,
Geographic Regions202420232022
U.S.$10,210 $8,425 $7,632 
Europe, Middle East and Africa3,228 2,856 2,526 
Asia-Pacific2,686 2,400 2,116 
Latin America and Canada624 560 469 
Other1
— — (60)
Total Net Sales$16,747 $14,240 $12,682 
Emerging Markets(2)
$2,680 $2,310 $1,968 
(1)    In 2022, amounts reflect sales reserves established for Italian government payback provisions, which are being disputed in the Italian court system. These amounts were not allocated to our reportable segments or considered by our CODM for resource allocation and decision-making purposes.
(2) 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 consolidated balance sheets. Our deferred revenue balance was $635 million as of December 31, 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 $231 million in 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.

We capitalize sales force commissions related to contracts with customers when the associated revenue is expected to be earned over a period that exceeds one year. Deferred commissions are primarily related to the sale of devices enabled with our LATITUDE™ Patient Management System. We have elected to expense commission costs when incurred for contracts with an expected duration of one year or less. Capitalized commission fees are amortized over the period the associated products or services are transferred. Similarly, we capitalize certain recoverable costs related to the delivery of the LATITUDE™ Remote Monitoring Service. These fulfillment costs are amortized over the average service period.

Refer to Note A – Significant Accounting Policies for additional information on our accounting policies relating to revenue recognition.