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REVENUES (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Summary of Contract Assets and Liabilities | The following table summarizes our contract assets:
as of December 31 (in millions) | 2023 | 2022
Contract manufacturing services | $ | 5 |  | $ | 10 |
Software sales | 44 |  | 43 |
Bundled equipment and consumable medical products contracts | 117 |  | 121 |
Contract assets | $ | 166 |  | $ | 174 |
The following table summarizes contract liability activity for the years ended December 31, 2023 and 2022. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
year ended December 31 (in millions) | 2023 | 2022
Balance at beginning of period | $ | 194 |  | $ | 196 |
New revenue deferrals | 623 |  | 665 |
Revenue recognized upon satisfaction of performance obligations | (625) |  | (661) |
Currency translation | 2 |  | (6) |
Balance at end of period | $ | 194 |  | $ | 194 |
The following table summarizes the classification of contract assets and contract liabilities as reported in the consolidated balance sheet:
as of December 31 (in millions) | 2023 | 2022
Prepaid expenses and other current assets | $ | 53 |  | $ | 52 |
Other non-current assets | 113 |  | 122 |
Contract assets | $ | 166 |  | $ | 174 |
Accrued expenses and other current liabilities | $ | 148 |  | $ | 154 |
Other non-current liabilities | 46 |  | 40 |
Contract liabilities | $ | 194 |  | $ | 194 |

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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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