XML 31 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
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 component and geographic region (in millions). We allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.

Three Months Ended June 30,
20232022
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$384 $246 $631 $338 $221 $560 
Urology340 146 485 320 130 450 
Neuromodulation183 61 244 186 53 239 
MedSurg907 453 1,360 844 404 1,248 
   Interventional Cardiology Therapies189 440 629 192 382 574 
   Watchman286 30 317 225 25 250 
   Cardiac Rhythm Management356 209 566 342 199 541 
    Electrophysiology85 108 193 73 79 152 
Cardiology917 787 1,704 832 685 1,517 
Peripheral Interventions285 250 535 257 221 478 
Cardiovascular1,202 1,037 2,239 1,089 906 1,996 
Total Net Sales$2,110 $1,490 $3,599 $1,933 $1,311 $3,244 


Six Months Ended June 30,
20232022
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$735 $472 $1,207 $650 $441 $1,091 
Urology666 289 954 606 257 863 
Neuromodulation356 123 478 346 101 448 
MedSurg1,757 883 2,640 1,602 799 2,402 
Interventional Cardiology Therapies372 848 1,220 378 740 1,118 
Watchman552 55 607 428 48 476 
Cardiac Rhythm Management702 412 1,114 667 394 1,061 
Electrophysiology170 199 370 123 147 270 
Cardiology1,796 1,514 3,310 1,596 1,329 2,925 
Peripheral Interventions560 478 1,039 513 430 944 
Cardiovascular2,356 1,993 4,349 2,109 1,760 3,868 
Total Net Sales$4,113 $2,876 $6,988 $3,711 $2,559 $6,270 

Refer to Note K- Segment Reporting for information on our reportable segments.
Three Months Ended June 30,Six Months Ended June 30,
Geographic Regions2023202220232022
U.S.$2,110 $1,933 $4,113 $3,711 
Europe, Middle East and Africa723 660 1,435 1,284 
Asia-Pacific626 530 1,174 1,047 
Latin America and Canada140 120 267 228 
Total Net Sales$3,599 $3,244 $6,988 $6,270 
Emerging Markets(1)
$592 $498 $1,121 $938 
(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. We have revised prior year amounts to conform to the current year's presentation.

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 $537 million as of June 30, 2023 and $509 million as of December 31, 2022. Our contractual 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 contractual 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 $35 million in the second quarter that was included in the above contract liability balance as of December 31, 2022. 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.