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Revenue
 6 Months Ended
Jun. 30, 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 June 30,
20252024
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$456 $281 $737 $415 $261 $676 
Urology499 178 676 363 162 525 
Neuromodulation228 75 303 214 68 282 
MedSurg1,183 534 1,716 992 491 1,483 
Interventional Cardiology Therapies252 479 731 201 464 665 
Watchman446 40 486 342 36 379 
Cardiac Rhythm Management355 235 590 352 224 576 
Electrophysiology587 252 840 271 157 428 
Cardiology1,640 1,007 2,647 1,166 881 2,047 
Peripheral Interventions402 296 698 308 281 590 
Cardiovascular2,042 1,303 3,345 1,474 1,163 2,637 
Total Net Sales$3,224 $1,837 $5,061 $2,466 $1,654 $4,120 

Six Months Ended June 30,
20252024
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$876 $534 $1,410 $810 $508 $1,318 
Urology967 342 1,310 719 319 1,038 
Neuromodulation432 142 574 405 134 539 
MedSurg2,275 1,018 3,293 1,933 961 2,895 
Interventional Cardiology Therapies484 944 1,428 396 921 1,316 
Watchman836 75 911 653 70 723 
Cardiac Rhythm Management713 455 1,168 706 446 1,151 
Electrophysiology1,099 472 1,570 429 300 729 
Cardiology3,131 1,945 5,077 2,183 1,736 3,919 
Peripheral Interventions778 576 1,354 608 555 1,163 
Cardiovascular3,909 2,521 6,430 2,791 2,291 5,082 
Total Net Sales$6,185 $3,539 $9,724 $4,724 $3,252 $7,977 

Refer to Note J – Segment Reporting for information on our reportable segments.
Three Months Ended June 30,Six Months Ended June 30,
Geographic Regions2025202420252024
U.S.$3,224 $2,466 $6,185 $4,724 
Europe, Middle East and Africa878 822 1,725 1,625 
Asia-Pacific790 670 1,491 1,317 
Latin America and Canada169 162 324 311 
Total Net Sales$5,061 $4,120 $9,724 $7,977 
Emerging Markets(1)
$758 $680 $1,449 $1,328 
(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 $662 million as of June 30, 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 second quarter and $136 million in the first six months 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.