Revenue and Contract-related Balances

9 Months Ended

Oct. 02, 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				Nine Months Ended
	October 2,		September 26,		October 2,		September 26,
(In millions)	2021		2020		2021		2020
Revenues
Consumables	5,544		4,956		$	16,880	$	12,214
Instruments	1,816		1,826		5,550		4,448
Services	1,970		1,739		6,079		5,006
Consolidated revenues	$	9,330	$	8,521	$	28,509	$	21,668

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

	Three Months Ended				Nine Months Ended
	October 2,		September 26,		October 2,		September 26,
(In millions)	2021		2020		2021		2020
Revenues
North America	$	4,662	$	4,587	$	14,292	$	11,418
Europe	2,557		2,032		8,037		5,464
Asia-Pacific	1,836		1,607		5,294		4,054
Other regions	275		295		886		732
Consolidated revenues	$	9,330	$	8,521	$	28,509	$	21,668

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 October 2, 2021 was $14.49 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 76% 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:

	October 2,		December 31,
(In millions)	2021		2020
Current Contract Assets, Net	$	808	$	731
Noncurrent Contract Assets, Net	11		11
Current Contract Liabilities	1,442		1,271
Noncurrent Contract Liabilities	822		763

In the three and nine months ended October 2, 2021, the company recognized revenues of $173 million and $1.10 billion, respectively, that were included in the contract liabilities balance at December 31, 2020. In the three and nine months ended September 26, 2020, the company recognized revenues of $142 million and $773 million, respectively, that were included in the contract liabilities balance at December 31, 2019.