Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides information by level for material assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023.

	Fair Value at				Fair Value Measurements Using Inputs Considered as
					Level 1				Level 2				Level 3
Description (Millions)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Assets:
Available-for-sale:
Marketable securities:
Asset backed securities	$	12	$	—	$	—	$	—	$	12	$	—	$	—	$	—
Foreign corporate debt	32		—		—		—		32		—		—		—
U.S. government securities	41		—		41		—		—		—		—		—
Corporate debt securities	459		—		—		—		459		—		—		—
Commercial paper	390		—		—		—		390		—		—		—
Certificates of deposit/time deposits	98		46		—		—		98		46		—		—
U.S. treasury securities	209		—		209		—		—		—		—		—
U.S. municipal securities	24		24		—		—		—		—		24		24
Solventum common stock	2,396		—		2,396		—		—		—		—		—
Derivative instruments — assets:
Foreign currency forward/option contracts	46		84		—		—		46		84		—		—
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts	50		39		—		—		50		39		—		—
Interest rate contracts	68		88		—		—		68		88		—		—

Schedule of Fair Value, by Balance Sheet Grouping

Information with respect to the carrying amounts and estimated fair values of these financial instruments follow:

	September 30, 2024				December 31, 2023
(Millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, excluding current portion	$	11,319	$	10,449	$	13,088	$	11,859