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REVENUE
 12 Months Ended
Dec. 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
202420232022
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$2,858 $297 $3,155 $2,790 $293 $3,083 $2,919 $306 $3,225 
Instruments484 17 501 685 19 704 709 19 728 
Total product revenue3,342 314 3,656 3,475 312 3,787 3,628 325 3,953 
Service and other revenue651 65 716 637 80 717 543 88 631 
Total revenue$3,993 $379 $4,372 $4,112 $392 $4,504 $4,171 $413 $4,584 
Revenue by Geographic Area
Based on region of destination (in millions)20242023
2022(1)
Americas(2)
$2,441 $2,521 $2,479 
Europe1,185 1,140 1,089 
Greater China(3)
308 384 472 
Asia-Pacific, Middle East and Africa(4)
438 459 544 
Total revenue$4,372 $4,504 $4,584 
_____________
(1)We implemented a new global commercial structure in Q1 2023 to improve operating efficiencies and better align with local markets. We integrated Asia-Pacific and Japan with emerging markets across the Middle East, Africa, Turkey, and Commonwealth of Independent States (CIS). Beginning in Q1 2023, and going forward, we report regional results for the following regions: Americas, Europe, Greater China, and Asia-Pacific, Middle East and Africa (AMEA). Prior period amounts have been reclassified to conform to this new presentation.
(2)Americas revenue included United States revenue of $2,288 million, $2,359 million, and $2,290 million in 2024, 2023 and 2022, respectively.
(3)Region includes revenue from China, Taiwan, and Hong Kong.
(4)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 December 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $657 million, of which approximately 78% is expected to be converted to revenue in 2025, approximately 10% 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, as of December 29, 2024 and December 31, 2023, were $16 million and $18 million, respectively, all of which were short-term and recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of December 29, 2024 and December 31, 2023, were $327 million and $329 million, respectively, of which the short-term portions of $260 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 2024 included $245 million of previously deferred revenue that was included in contract liabilities as of December 31, 2023.