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Revenue | 3 Months Ended
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Apr. 03, 2022
Revenue from Contract with Customer [Abstract] |
Revenue |
2. REVENUE
Our revenue is generated primarily from the sale of products and services. Product revenue primarily consists of sales of instruments and consumables used in genetic analysis. Service and other revenue primarily consists of revenue generated from genotyping and sequencing services, instrument service contracts, development and licensing agreements, and cancer detection testing services related to the GRAIL business. Revenue by Source
| Q1 2022 |  | Q1 2021
In millions | Sequencing |  | Microarray |  | Total |  | Sequencing |  | Microarray |  | Total
Consumables | $ | 778 |  |  | $ | 75 |  |  | $ | 853 |  |  | $ | 695 |  |  | $ | 79 |  |  | $ | 774 |
Instruments | 211 |  |  | 6 |  |  | 217 |  |  | 176 |  |  | 3 |  |  | 179 |
Total product revenue | 989 |  |  | 81 |  |  | 1,070 |  |  | 871 |  |  | 82 |  |  | 953 |
Service and other revenue | 120 |  |  | 33 |  |  | 153 |  |  | 108 |  |  | 32 |  |  | 140 |
Total revenue | $ | 1,109 |  |  | $ | 114 |  |  | $ | 1,223 |  |  | $ | 979 |  |  | $ | 114 |  |  | $ | 1,093 |
Revenue by Geographic Area
Based on region of destination (in millions) | Q1 2022 |  | Q1 2021 |  |  |  |
Americas | $ | 648 |  |  | $ | 562 |  |  |  |  |
Europe, Middle East, and Africa | 316 |  |  | 305 |  |  |  |  |
Greater China(1) | 127 |  |  | 127 |  |  |  |  |
Asia-Pacific | 132 |  |  | 99 |  |  |  |  |
Total revenue | $ | 1,223 |  |  | $ | 1,093 |  |  |  |  |
_____________ (1)Region includes revenue from China, Taiwan, and Hong Kong. Performance Obligations We regularly enter into contracts with multiple performance obligations. Most performance obligations are generally satisfied within a short time frame, approximately three to six months, after the contract execution date. As of April 3, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,276 million, of which approximately 91% is expected to be converted to revenue in the next twelve months, approximately 6% in the following twelve months, and the remainder thereafter. Contract Assets and Liabilities Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, were $16 million as of April 3, 2022 and January 2, 2022, which were recorded in prepaid expenses and other current assets. Contract liabilities, which consist of deferred revenue and customer deposits, as of April 3, 2022 and January 2, 2022 were $293 million and $297 million, respectively, of which the short-term portions of $232 million and $234 million, respectively, were recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q1 2022 included $106 million of previously deferred revenue that was included in contract liabilities as of January 2, 2022.

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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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