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Revenue | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | NOTE L – REVENUE We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our accompanying unaudited consolidated statements of operations. In the first quarter of 2022, we reorganized our business structure into five operating segments and on March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. Our consolidated net sales for the first six months of 2021 include Specialty Pharmaceuticals up to the date of the closing of the transaction. The following tables disaggregate our revenue from contracts with customers by component and geographic region (in millions). We have revised prior periods to conform to current year presentation:
| Three Months Ended June 30, |  |
| 2022 |  | 2021 |  |  |  |
Businesses | U.S. |  | Int'l |  | Total |  | U.S. |  | Int'l |  | Total |  |  |  |  |  |  |  |
Endoscopy | $ | 338 |  |  | $ | 221 |  |  | $ | 560 |  |  | $ | 316 |  |  | $ | 235 |  |  | $ | 551 |  |  |  |  |  |  |  |  |
Urology and Pelvic Health | 320 |  |  | 130 |  |  | 450 |  |  | 285 |  |  | 112 |  |  | 397 |  |  |  |  |  |  |  |  |
Neuromodulation | 186 |  |  | 53 |  |  | 239 |  |  | 194 |  |  | 53 |  |  | 247 |  |  |  |  |  |  |  |  |
MedSurg | 844 |  |  | 404 |  |  | 1,248 |  |  | 794 |  |  | 400 |  |  | 1,195 |  |  |  |  |  |  |  |  |
Interventional Cardiology Therapies | 192 |  |  | 382 |  |  | 574 |  |  | 206 |  |  | 369 |  |  | 574 |  |  |  |  |  |  |  |  |
Watchman | 225 |  |  | 25 |  |  | 250 |  |  | 192 |  |  | 24 |  |  | 216 |  |  |  |  |  |  |  |  |
Cardiac Rhythm Management | 342 |  |  | 199 |  |  | 541 |  |  | 314 |  |  | 210 |  |  | 524 |  |  |  |  |  |  |  |  |
Electrophysiology | 73 |  |  | 79 |  |  | 152 |  |  | 34 |  |  | 62 |  |  | 95 |  |  |  |  |  |  |  |  |
Cardiology | 832 |  |  | 685 |  |  | 1,517 |  |  | 746 |  |  | 664 |  |  | 1,410 |  |  |  |  |  |  |  |  |
Peripheral Interventions | 257 |  |  | 221 |  |  | 478 |  |  | 260 |  |  | 213 |  |  | 473 |  |  |  |  |  |  |  |  |
Cardiovascular | 1,089 |  |  | 906 |  |  | 1,996 |  |  | 1,005 |  |  | 877 |  |  | 1,883 |  |  |  |  |  |  |  |  |
Total Net Sales | $ | 1,933 |  |  | $ | 1,311 |  |  | $ | 3,244 |  |  | $ | 1,800 |  |  | $ | 1,277 |  |  | $ | 3,077 |  |  |  |  |  |  |  |  |
| Six Months Ended June 30,
| 2022 |  | 2021
Businesses | U.S. |  | Int'l |  | Total |  | U.S. |  | Int'l |  | Total
Endoscopy | $ | 650 |  |  | $ | 441 |  |  | $ | 1,091 |  |  | $ | 596 |  |  | $ | 454 |  |  | $ | 1,050 |
Urology and Pelvic Health | 606 |  |  | 257 |  |  | 863 |  |  | 542 |  |  | 216 |  |  | 758 |
Neuromodulation | 346 |  |  | 101 |  |  | 448 |  |  | 345 |  |  | 99 |  |  | 444 |
MedSurg | 1,602 |  |  | 799 |  |  | 2,402 |  |  | 1,483 |  |  | 769 |  |  | 2,252 |
Interventional Cardiology Therapies | 378 |  |  | 740 |  |  | 1,118 |  |  | 400 |  |  | 699 |  |  | 1,100 |
Watchman | 428 |  |  | 48 |  |  | 476 |  |  | 341 |  |  | 45 |  |  | 386 |
Cardiac Rhythm Management | 667 |  |  | 394 |  |  | 1,061 |  |  | 590 |  |  | 403 |  |  | 993 |
Electrophysiology | 123 |  |  | 147 |  |  | 270 |  |  | 64 |  |  | 115 |  |  | 179 |
Cardiology | 1,596 |  |  | 1,329 |  |  | 2,925 |  |  | 1,395 |  |  | 1,263 |  |  | 2,658 |
Peripheral Interventions | 513 |  |  | 430 |  |  | 944 |  |  | 498 |  |  | 407 |  |  | 906 |
Cardiovascular | 2,109 |  |  | 1,760 |  |  | 3,868 |  |  | 1,893 |  |  | 1,670 |  |  | 3,564 |
Specialty Pharmaceuticals | — |  |  | — |  |  | — |  |  | 10 |  |  | 4 |  |  | 13 |
Total Net Sales | $ | 3,711 |  |  | $ | 2,559 |  |  | $ | 6,270 |  |  | $ | 3,386 |  |  | $ | 2,443 |  |  | $ | 5,829 |
Refer to Note K- Segment Reporting for information on our reportable segments.
| Three Months Ended June 30, |  | Six Months Ended June 30,
Regions | 2022 |  | 2021 |  | 2022 |  | 2021
U.S. | $ | 1,933 |  |  | $ | 1,800 |  |  | $ | 3,711 |  |  | $ | 3,376 |
Europe, Middle East and Africa | 660 |  |  | 662 |  |  | 1,284 |  |  | 1,266 |
Asia-Pacific | 530 |  |  | 520 |  |  | 1,047 |  |  | 994 |
Latin America and Canada | 120 |  |  | 95 |  |  | 228 |  |  | 180 |
Medical Devices | 3,244 |  |  | 3,077 |  |  | 6,270 |  |  | 5,816 |
U.S. | — |  |  | — |  |  | — |  |  | 10 |
International | — |  |  | — |  |  | — |  |  | 4 |
Specialty Pharmaceuticals | — |  |  | — |  |  | — |  |  | 13 |
Total Net Sales | $ | 3,244 |  |  | $ | 3,077 |  |  | $ | 6,270 |  |  | $ | 5,829 |
Emerging Markets(1) | $ | 427 |  |  | $ | 359 |  |  | $ | 817 |  |  | $ | 676 |
(1) We define Emerging Markets as the 20 countries that we believe have strong growth potential based on their economic conditions, healthcare sectors and our global capabilities. Periodically, we assess our list of Emerging Markets countries, which currently includes the following countries: Brazil, Chile, China, Colombia, Czech Republic, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Russia, Saudi Arabia, Slovakia, South Africa, South Korea, Taiwan, Thailand, Turkey and Vietnam. Deferred Revenue Contract liabilities are classified within Other current liabilities and Other long-term liabilities within our accompanying unaudited consolidated balance sheets. Our deferred revenue balance was $501 million as of June 30, 2022 and $484 million as of December 31, 2021. Our contractual liabilities are primarily composed of deferred revenue related to the LATITUDE™ Patient Management System within our Cardiology business, for which revenue is recognized over the average service period based on device and patient longevity. Our contractual liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor (ICM) system, also within our Cardiology business, for which revenue is recognized over the average service period based on device longevity and usage. We recognized revenue of $35 million in the second quarter and $76 million in the first six months of 2022 that was included in the above contract liability balance as of December 31, 2021. We have elected not to disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. In addition, we have not identified material unfulfilled performance obligations for which revenue is not currently deferred. Variable Consideration For additional information on variable consideration, refer to Note A – Significant Accounting Policies to our audited financial statements contained in Item 8 of our most recent Annual Report on Form 10-K.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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