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REVENUE AND CONTRACT ACQUISITION COSTS | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
REVENUE AND CONTRACT ACQUISITION COSTS | REVENUE AND CONTRACT ACQUISITION COSTS The following table presents revenue disaggregated by types and geography (in millions):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
U.S. | 2020 |  | 2019 |  | 2020 |  | 2019
Instruments and accessories | $ | 315.6 |  |  | $ | 428.6 |  |  | $ | 760.0 |  |  | $ | 836.0 |
Systems | 139.3 |  |  | 232.6 |  |  | 338.1 |  |  | 393.3 |
Services | 80.6 |  |  | 124.1 |  |  | 219.0 |  |  | 247.6 |
Total U.S. revenue | $ | 535.5 |  |  | $ | 785.3 |  |  | $ | 1,317.1 |  |  | $ | 1,476.9 |
Outside of U.S. (“OUS”) |  |  |  |  |  |  |
Instruments and accessories | $ | 145.2 |  |  | $ | 149.9 |  |  | $ | 318.3 |  |  | $ | 294.8 |
Systems | 121.7 |  |  | 111.2 |  |  | 206.2 |  |  | 198.0 |
Services | 49.7 |  |  | 52.5 |  |  | 110.0 |  |  | 102.9 |
Total OUS revenue | $ | 316.6 |  |  | $ | 313.6 |  |  | $ | 634.5 |  |  | $ | 595.7 |
Total |  |  |  |  |  |  |
Instruments and accessories | $ | 460.8 |  |  | $ | 578.5 |  |  | $ | 1,078.3 |  |  | $ | 1,130.8 |
Systems | 261.0 |  |  | 343.8 |  |  | 544.3 |  |  | 591.3 |
Services | 130.3 |  |  | 176.6 |  |  | 329.0 |  |  | 350.5 |
Total revenue | $ | 852.1 |  |  | $ | 1,098.9 |  |  | $ | 1,951.6 |  |  | $ | 2,072.6 |
Remaining Performance Obligations The transaction price allocated to remaining performance obligations relates to amounts allocated to products and services for which revenue has not yet been recognized. A significant portion of this amount relates to performance obligations in the Company’s service contracts that will be satisfied and recognized as revenue in future periods. In addition, non-lease elements associated with the Company's lease arrangements are primarily comprised of service contracts that will be satisfied and recognized as revenue in future periods. The transaction price allocated to the remaining performance obligations and the non-lease elements associated with lease arrangements was $1,474 million as of June 30, 2020. The remaining performance obligations are expected to be satisfied over the term of the individual sales arrangements, which generally are 5 years. Service revenue associated with the lease arrangements will generally be recognized over the service period, which generally coincides with the lease term. Contract Assets and Liabilities The following information summarizes the Company’s contract assets and liabilities (in millions):
| As of |  |
| June 30, 2020 |  | December 31, 2019
Contract assets | $ | 28.9 |  |  | $ | 20.8 |
Deferred revenue | $ | 371.5 |  |  | $ | 365.2 |
The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due 30 days from date of invoice. Contract assets for the periods presented primarily represent the difference between the revenue that was recognized based on the relative standalone selling price of the related performance obligations satisfied and the contractual billing terms in the arrangements. Deferred revenue for the periods presented primarily relates to service contracts where the service fees are billed up-front, generally quarterly or annually, prior to those services having been performed. The associated deferred revenue is generally recognized over the term of the service period. The Company did not have any significant impairment losses on its contract assets for the periods presented. During the three and six months ended June 30, 2020, the Company recognized $54.6 million and $191.6 million, respectively, of revenue, net of the impact of the Customer Relief Program, that was included in the deferred revenue balance as of December 31, 2019. During the three and six months ended June 30, 2019, the Company recognized $91.5 million and $223.7 million, respectively, of revenue that was included in the deferred revenue balance as of December 31, 2018. Intuitive System Leasing The following table presents revenue from Intuitive System Leasing arrangements (in millions):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales-type lease revenue | $ | 16.8 |  |  | $ | 15.3 |  |  | $ | 71.8 |  |  | $ | 19.9 |
Operating lease revenue | $ | 42.2 |  |  | $ | 25.1 |  |  | $ | 81.3 |  |  | $ | 45.5 |
Assets Recognized from the Costs to Obtain a Contract with a Customer The Company has determined that certain sales incentives provided to the Company’s sales team are required to be capitalized when the Company expects to generate future economic benefits from the related revenue-generating contracts subsequent to the initial capital sales transaction. When determining the economic life of the contract acquisition assets recognized, the Company considers historical service renewal rates, expectations of future customer renewals of service contracts, and other factors that could impact the economic benefits that the Company expects to generate from the relationship with its customers. The costs capitalized as contract acquisition costs included in intangible and other assets, net in the Condensed Consolidated Balance Sheets were $47.9 million and $51.5 million as of June 30, 2020, and December 31, 2019, respectively. The Company did not incur any impairment losses during the periods presented.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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