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SALES | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
SALES | NOTE 12. SALES We derive revenue primarily from the sales of products and software, and services. Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Contract Assets — In certain circumstances, we record contract assets which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not only subject to the passage of time. Contract assets were $108 million as of December 31, 2023 and $82 million as of December 31, 2022. Contract assets are recorded within Prepaid expenses and other current assets in our Consolidated Balance Sheets. Contract Costs — We incur and capitalize incremental costs to obtain certain contracts, typically sales-related commissions where the amortization period is greater than one year, and costs associated with assets used by our customers in certain service arrangements. As of December 31, 2023 and 2022, we had $51 million and $42 million, respectively, in net revenue-related contract assets primarily related to certain software contracts. Revenue-related contract costs are recorded within Prepaid expenses and other current assets and Other assets in our Consolidated Balance Sheet. These assets have estimated useful lives between three and five years. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS, and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of the deferred revenue is recorded within Accrued expenses and other current liabilities and the non-current portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Balance Sheets. Our contract liabilities as of December 31 consisted of the following ($ in millions):
| 2023 |  | 2022
Deferred revenue - current | $ | 544.6 |  |  | $ | 509.6 |
Deferred revenue - noncurrent | 45.8 |  |  | 38.0 |
Total contract liabilities | $ | 590.4 |  |  | $ | 547.6 |
In the year ended December 31, 2023, we recognized $439 million of revenue related to our contract liabilities at January 1, 2023. The change in our contract liabilities from December 31, 2022 to December 31, 2023 was primarily due to the timing of billings and recognition as revenue of subscription-based software contracts, PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate remaining performance obligations attributable to each of our segments as of December 31, 2023 is as follows ($ in millions):
| 2023
Intelligent Operating Solutions | $ | 578.1 |
Precision Technologies | 61.4 |
Advanced Healthcare Solutions | 83.8 |
Total remaining performance obligations | $ | 723.3 |
The majority of remaining performance obligations are related to subscription-based software contracts, and service and support contracts, which we expect to fulfill approximately 80 percent within the next two years, approximately 90 percent within the next three years, and substantially all within four years. Disaggregation of Revenue We disaggregate revenue from contracts with customers by sales of product and services, geographic location, and end market for each of our segments, as we believe it best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregation of revenue for the year ended December 31, 2023 is presented as follows ($ in millions):
| Total |  | Intelligent Operating Solutions |  | Precision Technologies |  | Advanced Healthcare Solutions
Sales: |  |  |  |  |  |  |
Sales of products and software | $ | 5,137.7 |  |  | $ | 2,202.5 |  |  | $ | 1,904.8 |  |  | $ | 1,030.4 |
Sales of services | 927.6 |  |  | 409.7 |  |  | 228.0 |  |  | 289.9 |
Total | $ | 6,065.3 |  |  | $ | 2,612.2 |  |  | $ | 2,132.8 |  |  | $ | 1,320.3 |
Geographic: |  |  |  |  |  |  |
United States | $ | 3,288.4 |  |  | $ | 1,441.6 |  |  | $ | 1,096.3 |  |  | $ | 750.5 |
China | 694.9 |  |  | 228.6 |  |  | 361.3 |  |  | 105.0 |
All other (each country individually less than 5% of total sales) | 2,082.0 |  |  | 942.0 |  |  | 675.2 |  |  | 464.8 |
Total | $ | 6,065.3 |  |  | $ | 2,612.2 |  |  | $ | 2,132.8 |  |  | $ | 1,320.3 |
End markets: (a) |  |  |  |  |  |  |
Direct sales: |  |  |  |  |  |  |
Medical | $ | 1,431.7 |  |  | $ | 47.6 |  |  | $ | 143.6 |  |  | $ | 1,240.5 |
Industrial & Manufacturing | 1,410.1 |  |  | 931.4 |  |  | 451.5 |  |  | 27.2 |
Utilities & Power | 400.2 |  |  | 189.3 |  |  | 210.9 |  |  | — |
Government | 555.0 |  |  | 288.5 |  |  | 229.8 |  |  | 36.7 |
Communication, Electronics & Semiconductor | 398.3 |  |  | 100.4 |  |  | 294.9 |  |  | 3.0 |
Aerospace & Defense | 303.7 |  |  | 0.6 |  |  | 303.1 |  |  | — |
Oil & Gas | 281.7 |  |  | 271.6 |  |  | 10.1 |  |  | — |
Retail & Consumer | 338.6 |  |  | 258.2 |  |  | 80.4 |  |  | — |
Other | 689.0 |  |  | 384.7 |  |  | 304.3 |  |  | — |
Total direct sales | 5,808.3 |  |  | 2,472.3 |  |  | 2,028.6 |  |  | 1,307.4 |
Distributors | 257.0 |  |  | 139.9 |  |  | 104.2 |  |  | 12.9 |
Total | $ | 6,065.3 |  |  | $ | 2,612.2 |  |  | $ | 2,132.8 |  |  | $ | 1,320.3 |
(a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.
Disaggregation of revenue for the year ended December 31, 2022 is presented as follows ($ in millions):
| Total |  | Intelligent Operating Solutions |  | Precision Technologies |  | Advanced Healthcare Solutions
Sales: |  |  |  |  |  |  |
Sales of products and software | $ | 4,920.1 |  |  | $ | 2,097.2 |  |  | $ | 1,820.8 |  |  | $ | 1,002.1 |
Sales of services | 905.6 |  |  | 368.9 |  |  | 217.4 |  |  | 319.3 |
Total | $ | 5,825.7 |  |  | $ | 2,466.1 |  |  | $ | 2,038.2 |  |  | $ | 1,321.4 |
Geographic: |  |  |  |  |  |  |
United States | $ | 3,136.8 |  |  | $ | 1,356.0 |  |  | $ | 1,026.0 |  |  | $ | 754.8 |
China | 702.1 |  |  | 217.9 |  |  | 378.6 |  |  | 105.6 |
All other (each country individually less than 5% of total sales) | 1,986.8 |  |  | 892.2 |  |  | 633.6 |  |  | 461.0 |
Total | $ | 5,825.7 |  |  | $ | 2,466.1 |  |  | $ | 2,038.2 |  |  | $ | 1,321.4 |
End markets:(a) |  |  |  |  |  |  |
Direct sales: |  |  |  |  |  |  |
Medical | $ | 1,458.0 |  |  | $ | 46.5 |  |  | $ | 167.0 |  |  | $ | 1,244.5 |
Industrial & Manufacturing | 1,352.0 |  |  | 887.9 |  |  | 437.4 |  |  | 26.7 |
Utilities & Power | 368.9 |  |  | 183.1 |  |  | 185.8 |  |  | — |
Government | 471.0 |  |  | 241.3 |  |  | 194.8 |  |  | 34.9 |
Communication, Electronics & Semiconductor | 399.8 |  |  | 96.3 |  |  | 301.6 |  |  | 1.9 |
Aerospace & Defense | 259.7 |  |  | 0.6 |  |  | 259.1 |  |  | — |
Oil & Gas | 271.1 |  |  | 262.1 |  |  | 9.0 |  |  | — |
Retail & Consumer | 335.7 |  |  | 248.9 |  |  | 86.8 |  |  | — |
Other | 657.9 |  |  | 367.8 |  |  | 289.9 |  |  | 0.2 |
Total direct sales | 5,574.1 |  |  | 2,334.5 |  |  | 1,931.4 |  |  | 1,308.2 |
Distributors | 251.6 |  |  | 131.6 |  |  | 106.8 |  |  | 13.2 |
Total | $ | 5,825.7 |  |  | $ | 2,466.1 |  |  | $ | 2,038.2 |  |  | $ | 1,321.4 |
(a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.
Disaggregation of revenue for the year ended December 31, 2021 is presented as follows ($ in millions):
| Total |  | Intelligent Operating Solutions |  | Precision Technologies |  | Advanced Healthcare Solutions
Sales: |  |  |  |  |  |  |
Sales of products and software | $ | 4,496.1 |  |  | $ | 1,899.8 |  |  | $ | 1,630.6 |  |  | $ | 965.7 |
Sales of services | 758.6 |  |  | 269.6 |  |  | 218.3 |  |  | 270.7 |
Total | $ | 5,254.7 |  |  | $ | 2,169.4 |  |  | $ | 1,848.9 |  |  | $ | 1,236.4 |
Geographic: |  |  |  |  |  |  |
United States | $ | 2,683.0 |  |  | $ | 1,118.1 |  |  | $ | 921.2 |  |  | $ | 643.7 |
China | 650.7 |  |  | 212.3 |  |  | 321.1 |  |  | 117.3 |
All other (each country individually less than 5% of total sales) | 1,921.0 |  |  | 839.0 |  |  | 606.6 |  |  | 475.4 |
Total | $ | 5,254.7 |  |  | $ | 2,169.4 |  |  | $ | 1,848.9 |  |  | $ | 1,236.4 |
End markets:(a) |  |  |  |  |  |  |
Direct sales: |  |  |  |  |  |  |
Medical | $ | 1,332.7 |  |  | $ | 37.7 |  |  | $ | 138.4 |  |  | $ | 1,156.6 |
Industrial & Manufacturing | 1,256.9 |  |  | 816.0 |  | 416.3 |  |  | 24.6 |
Utilities & Power | 390.2 |  |  | 223.4 |  |  | 166.8 |  |  | — |
Government | 389.2 |  |  | 203.8 |  |  | 145.8 |  |  | 39.6 |
Communication, Electronics & Semiconductor | 381.4 |  |  | 118.0 |  |  | 261.5 |  |  | 1.9 |
Aerospace & Defense | 239.0 |  |  | — |  |  | 239.0 |  |  | — |
Oil & Gas | 262.2 |  |  | 252.1 |  |  | 10.1 |  |  | — |
Retail & Consumer | 217.2 |  |  | 129.0 |  |  | 88.2 |  |  | — |
Other | 506.3 |  |  | 252.3 |  |  | 253.9 |  |  | 0.1 |
Total direct sales | 4,975.1 |  |  | 2,032.3 |  |  | 1,720.0 |  |  | 1,222.8 |
Distributors | 279.6 |  |  | 137.1 |  |  | 128.9 |  |  | 13.6 |
Total | $ | 5,254.7 |  |  | $ | 2,169.4 |  |  | $ | 1,848.9 |  |  | $ | 1,236.4 |
(a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.

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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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