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Revenue | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE | NOTE N – REVENUE We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our consolidated statements of operations. Our business structure is organized into five operating segments. The following tables disaggregate our revenue from contracts with customers by business unit and geographic region (in millions). Generally, we allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Businesses | U.S. |  | Int'l |  | Total |  | U.S. |  | Int'l |  | Total |  | U.S. |  | Int'l |  | Total
Endoscopy | $ | 1,511 |  |  | $ | 970 |  |  | $ | 2,482 |  |  | $ | 1,341 |  |  | $ | 880 |  |  | $ | 2,221 |  |  | 1,222 |  |  | $ | 919 |  |  | $ | 2,141 |
Urology | 1,369 |  |  | 595 |  |  | 1,964 |  |  | 1,257 |  |  | 516 |  |  | 1,773 |  |  | 1,120 |  |  | 463 |  |  | 1,583 |
Neuromodulation | 736 |  |  | 240 |  |  | 976 |  |  | 715 |  |  | 202 |  |  | 917 |  |  | 713 |  |  | 196 |  |  | 909 |
MedSurg | 3,617 |  |  | 1,805 |  |  | 5,422 |  |  | 3,312 |  |  | 1,599 |  |  | 4,911 |  |  | 3,055 |  |  | 1,578 |  |  | 4,633 |
Interventional Cardiology Therapies | 743 |  |  | 1,674 |  |  | 2,417 |  |  | 744 |  |  | 1,485 |  |  | 2,228 |  |  | 778 |  |  | 1,431 |  |  | 2,209 |
Watchman | 1,155 |  |  | 119 |  |  | 1,274 |  |  | 915 |  |  | 103 |  |  | 1,019 |  |  | 729 |  |  | 100 |  |  | 829 |
Cardiac Rhythm Management | 1,405 |  |  | 813 |  |  | 2,218 |  |  | 1,337 |  |  | 763 |  |  | 2,100 |  |  | 1,214 |  |  | 805 |  |  | 2,019 |
Electrophysiology | 370 |  |  | 430 |  |  | 800 |  |  | 275 |  |  | 310 |  |  | 585 |  |  | 128 |  |  | 237 |  |  | 365 |
Cardiology | 3,673 |  |  | 3,036 |  |  | 6,709 |  |  | 3,271 |  |  | 2,662 |  |  | 5,932 |  |  | 2,850 |  |  | 2,572 |  |  | 5,422 |
Peripheral Interventions | 1,135 |  |  | 975 |  |  | 2,110 |  |  | 1,048 |  |  | 850 |  |  | 1,899 |  |  | 996 |  |  | 824 |  |  | 1,820 |
Cardiovascular | 4,808 |  |  | 4,011 |  |  | 8,819 |  |  | 4,319 |  |  | 3,512 |  |  | 7,831 |  |  | 3,846 |  |  | 3,396 |  |  | 7,242 |
Other 1 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (60) |  |  | 10 |  |  | 4 |  |  | 13 |
Total Net Sales | $ | 8,425 |  |  | $ | 5,816 |  |  | $ | 14,240 |  |  | $ | 7,632 |  |  | $ | 5,111 |  |  | $ | 12,682 |  |  | $ | 6,911 |  |  | $ | 4,978 |  |  | $ | 11,888 |
(1) In 2022, amounts reflect sales reserves established for Italian government payback provisions, which are being disputed in the Italian court system. These amounts were not allocated to our reportable segments or considered by our CODM for resource allocation and decision-making purposes. In 2021, amounts relate to our Specialty Pharmaceuticals business. On March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. Prior to the divestiture, we presented the Specialty Pharmaceuticals business as a standalone operating segment alongside our reportable segments. Specialty Pharmaceuticals net sales were substantially U.S. based. Refer to Note M – Segment Reporting for information on our reportable segments.
| Year Ended December 31,
Geographic Regions | 2023 |  | 2022 |  | 2021
U.S. | $ | 8,425 |  |  | $ | 7,632 |  |  | $ | 6,901 |
Europe, Middle East and Africa | 2,856 |  |  | 2,526 |  |  | 2,518 |
Asia-Pacific | 2,400 |  |  | 2,116 |  |  | 2,070 |
Latin America and Canada | 560 |  |  | 469 |  |  | 386 |
Other 1 | — |  |  | (60) |  |  | 13 |
Total Net Sales | $ | 14,240 |  |  | $ | 12,682 |  |  | $ | 11,888 |
Emerging Markets(2) | $ | 2,310 |  |  | $ | 1,968 |  |  | $ | 1,656 |
(2) Periodically, we assess our list of Emerging Markets countries, and effective January 1, 2023, modified our list to include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. We have revised prior period amounts to conform to the current year's presentation. Deferred Revenue Contract liabilities are classified within Other current liabilities and Other long-term liabilities within our accompanying consolidated balance sheets. Our deferred revenue balance was $577 million as of December 31, 2023 and $509 million as of December 31, 2022. Our contract 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 contract liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor 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 $213 million in 2023 that was included in the above contract liability balance as of December 31, 2022. 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. We capitalize sales force commissions related to contracts with customers when the associated revenue is expected to be earned over a period that exceeds one year. Deferred commissions are primarily related to the sale of devices enabled with our LATITUDE™ Patient Management System. We have elected to expense commission costs when incurred for contracts with an expected duration of one year or less. Capitalized commission fees are amortized over the period the associated products or services are transferred. Similarly, we capitalize certain recoverable costs related to the delivery of the LATITUDE™ Remote Monitoring Service. These fulfillment costs are amortized over the average service period. Refer to Note A – Significant Accounting Policies for additional information on our accounting policies relating to revenue recognition.

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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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