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Revenue
 3 Months Ended
Mar. 31, 2024
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 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,
20242023
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$395 $247 $642 $351 $226 $577 
Urology356 157 513 326 143 469 
Neuromodulation190 66 256 172 62 234 
MedSurg941 470 1,412 850 430 1,280 
   Interventional Cardiology Therapies195 457 652 183 408 591 
   Watchman311 33 344 265 25 291 
   Cardiac Rhythm Management354 221 575 345 203 548 
    Electrophysiology158 143 300 85 91 177 
Cardiology1,017 854 1,872 879 727 1,606 
Peripheral Interventions299 274 573 275 229 503 
Cardiovascular1,316 1,129 2,445 1,154 956 2,110 
Total Net Sales$2,258 $1,599 $3,856 $2,003 $1,386 $3,389 


Refer to Note K - Segment Reporting for information on our reportable segments.

Three Months Ended March 31,
Geographic Regions20242023
U.S.$2,258 $2,003 
Europe, Middle East and Africa803 712 
Asia-Pacific647 548 
Latin America and Canada149 126 
Total Net Sales$3,856 $3,389 
Emerging Markets(1)
$648 $529 
(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.

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 $593 million as of March 31, 2024 and $577 million as of December 31, 2023. 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 $62 million in the first quarter that was included in the above contract liability balance as of December 31, 2023. 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.