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Revenue
 12 Months Ended
Dec. 31, 2023
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,
202320222021
BusinessesU.S.Int'lTotalU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$1,511 $970 $2,482 $1,341 $880 $2,221 1,222 $919 $2,141 
Urology1,369 595 1,964 1,257 516 1,773 1,120 463 1,583 
Neuromodulation736 240 976 715 202 917 713 196 909 
MedSurg3,617 1,805 5,422 3,312 1,599 4,911 3,055 1,578 4,633 
Interventional Cardiology Therapies743 1,674 2,417 744 1,485 2,228 778 1,431 2,209 
Watchman1,155 119 1,274 915 103 1,019 729 100 829 
Cardiac Rhythm Management1,405 813 2,218 1,337 763 2,100 1,214 805 2,019 
Electrophysiology370 430 800 275 310 585 128 237 365 
Cardiology3,673 3,036 6,709 3,271 2,662 5,932 2,850 2,572 5,422 
Peripheral Interventions1,135 975 2,110 1,048 850 1,899 996 824 1,820 
Cardiovascular4,808 4,011 8,819 4,319 3,512 7,831 3,846 3,396 7,242 
Other1
— — — — — (60)10 4 13 
Total Net Sales$8,425 $5,816 $14,240 $7,632 $5,111 $12,682 $6,911 $4,978 $11,888 
(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. In 2021, amounts relate to our Specialty Pharmaceuticals business. On March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. Prior to the divestiture, we presented the Specialty Pharmaceuticals business as a standalone operating segment alongside our reportable segments. Specialty Pharmaceuticals net sales were substantially U.S. based.

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

Year Ended December 31,
Geographic Regions202320222021
U.S.$8,425 $7,632 $6,901 
Europe, Middle East and Africa2,856 2,526 2,518 
Asia-Pacific2,400 2,116 2,070 
Latin America and Canada560 469 386 
Other1
— (60)13 
Total Net Sales$14,240 $12,682 $11,888 
Emerging Markets(2)
$2,310 $1,968 $1,656 
(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. We have revised prior period 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 consolidated balance sheets. Our deferred revenue balance was $577 million as of December 31, 2023 and $509 million as of December 31, 2022. 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 $213 million in 2023 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.

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.