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Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
Revenues by Product
“Product revenues, net” consisted of the following:
Three Months Ended March 31,
20232022
(in millions)
TRIKAFTA/KAFTRIO$2,096.7 $1,761.6 
KALYDECO125.0 139.0 
ORKAMBI122.5 132.1 
SYMDEKO/SYMKEVI30.6 64.8 
Total product revenues, net$2,374.8 $2,097.5 
Product Revenues by Geographic Location
“Product revenues, net” by geographic region, based on the location of the customer, consisted of the following:
Three Months Ended March 31,
20232022
(in millions)
United States$1,403.8 $1,368.2 
Outside of the United States
Europe807.2 632.3 
Other
163.8 97.0 
Total product revenues outside of the United States971.0 729.3 
Total product revenues, net
$2,374.8 $2,097.5 
Contract Liabilities
We had contract liabilities of $236.4 million and $159.6 million as of March 31, 2023 and December 31, 2022, respectively, related to annual contracts with government-owned and supported customers in international markets that limit the amount of annual reimbursement we can receive. Upon exceeding the annual reimbursement amount, products are provided free of charge, which is a material right. These contracts include upfront payments and fees. We defer a portion of the consideration received for shipments made up to the annual reimbursement limit as a portion of “Other current liabilities.” The deferred amount is recognized as revenue when the free products are shipped. Our product revenue contracts include performance obligations that are one year or less.
Our contract liabilities at the end of each fiscal year relate to contracts with annual reimbursement limits in international markets in which the annual period associated with the contract is not the same as our fiscal year. In these markets, we recognize revenues related to performance obligations satisfied in previous years; however, these revenues do not relate to any performance obligations that were satisfied more than 12 months prior to the beginning of the current year.