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REVENUE | 9 Months Ended
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Sep. 29, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE |
3. 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, prior to the Spin-Off of GRAIL on June 24, 2024, cancer detection testing services related to the GRAIL business. Revenue by Source
| Q3 2024 |  | Q3 2023
In millions | Sequencing |  | Microarray |  | Total |  | Sequencing |  | Microarray |  | Total
Consumables | $ | 741 |  |  | $ | 66 |  |  | $ | 807 |  |  | $ | 689 |  |  | $ | 71 |  |  | $ | 760 |
Instruments | 104 |  |  | 3 |  |  | 107 |  |  | 178 |  |  | 3 |  |  | 181 |
Total product revenue | 845 |  |  | 69 |  |  | 914 |  |  | 867 |  |  | 74 |  |  | 941 |
Service and other revenue | 150 |  |  | 16 |  |  | 166 |  |  | 162 |  |  | 16 |  |  | 178 |
Total revenue | $ | 995 |  |  | $ | 85 |  |  | $ | 1,080 |  |  | $ | 1,029 |  |  | $ | 90 |  |  | $ | 1,119 |
| YTD 2024 |  | YTD 2023
In millions | Sequencing |  | Microarray |  | Total |  | Sequencing |  | Microarray |  | Total
Consumables | $ | 2,160 |  |  | $ | 216 |  |  | $ | 2,376 |  |  | $ | 2,108 |  |  | $ | 219 |  |  | $ | 2,327 |
Instruments | 330 |  |  | 12 |  |  | 342 |  |  | 524 |  |  | 13 |  |  | 537 |
Total product revenue | 2,490 |  |  | 228 |  |  | 2,718 |  |  | 2,632 |  |  | 232 |  |  | 2,864 |
Service and other revenue | 499 |  |  | 51 |  |  | 550 |  |  | 456 |  |  | 62 |  |  | 518 |
Total revenue | $ | 2,989 |  |  | $ | 279 |  |  | $ | 3,268 |  |  | $ | 3,088 |  |  | $ | 294 |  |  | $ | 3,382 |
Revenue by Geographic Area
Based on region of destination (in millions) | Q3 2024 |  | Q3 2023 |  | YTD 2024 |  | YTD 2023
Americas | $ | 609 |  |  | $ | 663 |  |  | $ | 1,852 |  |  | $ | 1,920 |
Europe | 291 |  |  | 260 |  |  | 859 |  |  | 825 |
Greater China (1) | 75 |  |  | 98 |  |  | 228 |  |  | 302 |
Asia-Pacific, Middle East, and Africa (2) | 105 |  |  | 98 |  |  | 329 |  |  | 335 |
Total revenue | $ | 1,080 |  |  | $ | 1,119 |  |  | $ | 3,268 |  |  | $ | 3,382 |
_____________ (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 September 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $688 million, of which approximately 82% is expected to be converted to revenue in the next twelve months, approximately 13% 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 and $18 million as of September 29, 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 September 29, 2024 and December 31, 2023, were $293 million and $329 million, respectively, of which $235 million and $252 million, respectively, was short-term and recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q3 2024 and YTD 2024 included $48 million and $213 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 31, 2023.

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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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