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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
2. REVENUE
Our revenue is generated from the sale of products and services. Product revenue consists of sales of instruments and consumables used in genetic analysis. Service and other revenue 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 2024Q1 2023
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$691 $71 $762 $686 $78 $764 
Instruments110 4 114 152 6 158 
Total product revenue801 75 876 838 84 922 
Service and other revenue178 22 200 138 27 165 
Total revenue$979 $97 $1,076 $976 $111 $1,087 
Revenue by Geographic Area
Based on region of destination (in millions)Q1 2024
Q1 2023
Americas$603 $616 
Europe279 261 
Greater China(1)
78 91 
Asia-Pacific, Middle East, and Africa(2)
116 119 
Total revenue$1,076 $1,087 
_____________
(1)Region includes revenue from China, Taiwan, and Hong Kong.
(2)Region includes revenue from Russia and Turkey.
Performance Obligations
We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions as we launch new products. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within a short time frame, approximately three to six months, after the contract execution date. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $796 million, of which approximately 87% is expected to be converted to revenue in the next twelve months, approximately 9% 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 $15 million and $18 million as of March 31, 2024 and December 31, 2023, respectively, and were recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of March 31, 2024 and December 31, 2023 were $324 million and $329 million, respectively, of which the short-term portions of $248 million and $252 million, respectively, were recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q1 2024 included $95 million of previously deferred revenue that was included in contract liabilities as of December 31, 2023.