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Revenue Recognition
 9 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
2 Revenue Recognition
The Company’s deferred revenue liabilities in the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period.
The following is a summary of the activity of the Company’s deferred revenue and customer advances for the nine months ended September 28, 2024 and September 30, 2023 (in thousands):
 
    
September 28,
2024
     
September 30,
2023
  
Balance at the beginning of the period
    $ 323,516      $ 285,175  
Recognition of revenue included in balance at beginning of the period
      (242,302 )
 
      (222,001 ) 
Revenue deferred during the period, net of revenue recognized
      276,515        276,277  
  
 
 
     
 
 
  
Balance at the end of the period
    $ 357,729      $ 339,451  
  
 
 
     
 
 
  
The Company classified $63 million and $67 million of deferred revenue and customer advances in other long-term liabilities at September 28, 2024 and December 31, 2023, respectively.
 
 
The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands):
 
 
  
September 28, 2024
 
Deferred revenue and customer advances expected to be recognized in:
   
One year or less
    $ 294,884  
13-24
months
      38,785  
25 months and beyond
      24,060  
  
 
 
  
Total
    $ 357,729