Revenue and Contract-related Balances

3 Months Ended

Apr. 03, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 3.    Revenues and Contract-related Balances

Disaggregated Revenues

Revenues by type are as follows:

	Three Months Ended
	April 3,		March 28,
(In millions)	2021		2020
Revenues
Consumables	$	5,964	$	3,379
Instruments	1,892		1,251
Services	2,050		1,600
Consolidated revenues	$	9,906	$	6,230

Revenues by geographic region based on customer location are as follows:

	Three Months Ended
	April 3,		March 28,
(In millions)	2021		2020
Revenues
North America	$	5,101	$	3,287
Europe	2,785		1,649
Asia-Pacific	1,709		1,118
Other regions	311		176
Consolidated revenues	$	9,906	$	6,230

Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of April 3, 2021 was $13.29 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 74% of which is expected to occur within the next twelve months.

Contract-related Balances

Noncurrent contract assets are included within other assets in the accompanying balance sheet. Noncurrent contract liabilities are included within other long-term liabilities in the accompanying balance sheet. Contract asset and liability balances are as follows:

	April 3,		December 31,
(In millions)	2021		2020
Current Contract Assets, Net	$	783	$	731
Noncurrent Contract Assets, Net	10		11
Current Contract Liabilities	1,396		1,271
Noncurrent Contract Liabilities	760		763

In the three months ended April 3, 2021, the company recognized revenues of $566 million that were included in the contract liabilities balance at December 31, 2020. In the three months ended March 28, 2020, the company recognized revenues of $405 million that were included in the contract liabilities balance at December 31, 2019.