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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
NOTE K – 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 March 31,
20252024
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$420 $253 $673 $395 $247 $642 
Urology469 165 633 356 157 513 
Neuromodulation204 67 271 190 66 256 
MedSurg1,093 484 1,577 941 470 1,412 
   Interventional Cardiology Therapies232 465 697 195 457 652 
   Watchman390 34 425 311 33 344 
   Cardiac Rhythm Management358 220 578 354 221 575 
    Electrophysiology511 219 730 158 143 300 
Cardiology1,491 938 2,429 1,017 854 1,872 
Peripheral Interventions376 280 656 299 274 573 
Cardiovascular1,868 1,218 3,085 1,316 1,129 2,445 
Total Net Sales$2,960 $1,702 $4,663 $2,258 $1,599 $3,856 


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

Three Months Ended March 31,
Geographic Regions20252024
U.S.$2,960 $2,258 
Europe, Middle East and Africa846 803 
Asia-Pacific701 647 
Latin America and Canada155 149 
Total Net Sales$4,663 $3,856 
Emerging Markets(1)
$690 $648 
(1) Our Emerging Markets countries 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 $641 million as of March 31, 2025 and $635 million as of December 31, 2024. 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 $68 million in the first quarter of 2025 that was included in the above contract liability balance as of December 31, 2024. 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.