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Revenue | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Revenue from external customers is attributed to individual countries based on customer location. The following table presents revenue disaggregated by geography and type (in millions):
|  | Years Ended December 31,
U.S. |  | 2024 |  | 2023 |  | 2022
Instruments and accessories |  | $ | 3,626.4 |  |  | $ | 3,059.8 |  |  | $ | 2,507.2 |
Systems |  | 1,122.6 |  |  | 865.5 |  |  | 966.0 |
Services |  | 840.4 |  |  | 763.3 |  |  | 684.4 |
Total U.S. revenue |  | $ | 5,589.4 |  |  | $ | 4,688.6 |  |  | $ | 4,157.6 |
OUS |  |  |  |  |  |
Instruments and accessories |  | $ | 1,452.6 |  |  | $ | 1,216.8 |  |  | $ | 1,010.7 |
Systems |  | 843.4 |  |  | 814.2 |  |  | 714.1 |
Services |  | 466.7 |  |  | 404.5 |  |  | 339.8 |
Total OUS revenue |  | $ | 2,762.7 |  |  | $ | 2,435.5 |  |  | $ | 2,064.6 |
Total |  |  |  |  |  |
Instruments and accessories |  | $ | 5,079.0 |  |  | $ | 4,276.6 |  |  | $ | 3,517.9 |
Systems |  | 1,966.0 |  |  | 1,679.7 |  |  | 1,680.1 |
Services |  | 1,307.1 |  |  | 1,167.8 |  |  | 1,024.2 |
Total revenue |  | $ | 8,352.1 |  |  | $ | 7,124.1 |  |  | $ | 6,222.2 |
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 these performance obligations relate to service obligations in the Company’s system sale and lease arrangements that will be satisfied and recognized as revenue in future periods. The transaction price allocated to the remaining performance obligations was $2.62 billion as of December 31, 2024. The remaining performance obligations are expected to be satisfied over the term of the system sale, lease, and service arrangements. Approximately 43% of the remaining performance obligations are expected to be recognized in the next 12 months with the remainder recognized thereafter over the term of the system sale, lease, and service arrangements, which are generally up to 5 years. Contract Assets and Liabilities The following information summarizes the Company’s contract assets and liabilities (in millions):
| December 31,
| 2024 |  | 2023
Contract assets | $ | 13.9 |  |  | $ | 20.2 |
Deferred revenue | $ | 522.9 |  |  | $ | 491.7 |
The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due 30 to 60 days from the 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 year ended December 31, 2024, the Company recognized $422 million of revenue that was included in the deferred revenue balance as of December 31, 2023. During the year ended December 31, 2023, the Company recognized $396 million of revenue that was included in the deferred revenue balance as of December 31, 2022. Intuitive System Leasing The following table presents product revenue from Intuitive System Leasing arrangements (in millions):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Sales-type lease revenue |  | $ | 163.1 |  |  | $ | 78.4 |  |  | $ | 156.4 |
Operating lease revenue* |  | $ | 654.2 |  |  | $ | 500.5 |  |  | $ | 376.5 |
*Variable lease revenue related to usage-based arrangements included within operating lease revenue |  | $ | 338.4 |  |  | $ | 216.5 |  |  | $ | 133.0 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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