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REVENUES (Tables) | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Contract Asset | The following table summarizes our contract assets:
(in millions) | September 30, 2023 | December 31, 2022
Contract manufacturing services | $ | 3 |  | $ | 10 |
Software sales | 45 |  | 43 |
Bundled equipment and consumable medical products contracts | 114 |  | 121 |
Contract assets | $ | 162 |  | $ | 174 |
The following table summarizes contract liability activity for the nine months ended September 30, 2023 and 2022. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
| Nine Months Ended September 30,
(in millions) | 2023 | 2022
Balance at beginning of period | $ | 194 |  | $ | 196 |
New revenue deferrals | 491 |  | 457 |
Revenue recognized upon satisfaction of performance obligations | (493) |  | (462) |
Currency translation | 3 |  | (3) |
Balance at end of period | $ | 195 |  | $ | 188 |
For the nine months ended September 30, 2023 and 2022, $119 million and $99 million of revenue was recognized that was included in contract liabilities as of December 31, 2022 and 2021, respectively. The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets:
(in millions) | September 30, 2023 | December 31, 2022
Prepaid expenses and other current assets | $ | 50 |  | $ | 52 |
Other non-current assets | 112 |  | 122 |
Contract assets | $ | 162 |  | $ | 174 |
Accrued expenses and other current liabilities | $ | 154 |  | $ | 154 |
Other non-current liabilities | 41 |  | 40 |
Contract liabilities | $ | 195 |  | $ | 194 |
Sales-type Lease, Lease Income | The components of lease revenue for the three and nine months ended September 30, 2023 and 2022 were:
(in millions) | Three months ended September 30, 2023 | Nine Months Ended September 30, 2023
Sales-type lease revenue | $ | 2 |  | $ | 9 |
Operating lease revenue | 124 |  | 380 |
Variable lease revenue | 12 |  | 41 |
Total lease revenue | $ | 138 |  | $ | 430 |
(in millions) | Three months ended September 30, 2022 | Nine months ended September 30, 2022
Sales-type lease revenue | $ | 3 |  | $ | 11 |
Operating lease revenue | 145 |  | 380 |
Variable lease revenue | 9 |  | 41 |
Total lease revenue | $ | 157 |  | $ | 432 |
Operating Lease, Lease Income | The components of lease revenue for the three and nine months ended September 30, 2023 and 2022 were:
(in millions) | Three months ended September 30, 2023 | Nine Months Ended September 30, 2023
Sales-type lease revenue | $ | 2 |  | $ | 9 |
Operating lease revenue | 124 |  | 380 |
Variable lease revenue | 12 |  | 41 |
Total lease revenue | $ | 138 |  | $ | 430 |
(in millions) | Three months ended September 30, 2022 | Nine months ended September 30, 2022
Sales-type lease revenue | $ | 3 |  | $ | 11 |
Operating lease revenue | 145 |  | 380 |
Variable lease revenue | 9 |  | 41 |
Total lease revenue | $ | 157 |  | $ | 432 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-12 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-10 + Details
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