Revenue and Contract-related Balances

12 Months Ended

Dec. 31, 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:

(In millions)	2021		2020		2019
Revenues
Consumables	$	22,608	$	18,527	$	13,109
Instruments	7,753		6,779		6,387
Services	8,850		6,912		6,046
Consolidated revenues	$	39,211	$	32,218	$	25,542

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

(In millions)	2021		2020		2019
Revenues
North America	$	19,659	$	17,081	$	12,896
Europe	11,134		8,284		6,358
Asia-Pacific	7,218		5,822		5,524
Other regions	1,200		1,031		764
Consolidated revenues	$	39,211	$	32,218	$	25,542

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 December 31, 2021 was $28.30 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 59% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

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:

	December 31,		December 31,
(In millions)	2021		2020
Current contract assets, net	$	968	$	731
Noncurrent contract assets, net	9		11
Current contract liabilities	2,655		1,271
Noncurrent contract liabilities	1,238		763

Substantially all of the current contract liabilities balance at December 31, 2020 and 2019 was recognized in revenues during 2021 and 2020, respectively.