Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 2. Revenue

Contract Balances:

Deferred revenue primarily relates to revenue that is recognized over time for one-year software license contracts. Deferred revenue (current portion) as of September 30, 2023 and December 31, 2022 was $501 million and $538 million, respectively. Approximately $110 million and $460 million of the December 31, 2022 balance was recognized as revenue during the three and nine months ended September 30, 2023, respectively, while approximately $100 million and $440 million of the December 31, 2021 balance was recognized as revenue during the three and nine months ended September 30, 2022, respectively.

Operating Lease Revenue:

Net sales includes rental revenue from durable medical devices as part of operating lease arrangements (reported within the Medical Solutions Division), which was $154 million and $439 million during the three and nine months ended September 30, 2023, respectively, and $145 million and $429 million during the three and nine months ended September 30, 2022, respectively.

Disaggregated revenue information:

The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods:

	Three months ended September 30,				Nine months ended September 30,
Net Sales (Millions)	2023		2022		2023		2022
Abrasives	$	330	$	339	$	1,005	$	1,014
Automotive Aftermarket	316		316		933		900
Closure and Masking Systems	240		266		726		794
Electrical Markets	327		331		980		976
Industrial Adhesives and Tapes	544		598		1,633		1,805
Personal Safety	862		922		2,643		3,021
Roofing Granules	132		122		375		359
Total Safety and Industrial Business Segment	2,751		2,894		8,295		8,869
Advanced Materials	274		297		880		909
Automotive and Aerospace	507		437		1,446		1,325
Commercial Solutions	430		459		1,317		1,361
Electronics	738		813		2,124		2,599
Transportation Safety	222		233		645		653
Total Transportation and Electronics Business Segment	2,171		2,239		6,412		6,847
Food Safety	—		63		—		244
Health Information Systems	305		312		907		921
Medical Solutions	1,179		1,150		3,463		3,447
Oral Care	331		308		1,023		1,006
Separation and Purification Sciences	242		235		721		757
Other Health Care	16		8		44		8
Total Health Care Business Group	2,073		2,076		6,158		6,383
Construction and Home Improvement Markets	603		656		1,674		1,819
Home, Health and Auto Care	391		418		1,219		1,283
Stationery and Office	321		335		907		946
Total Consumer Business Group	1,315		1,409		3,800		4,048
Corporate and Unallocated	2		1		3		3
Total Company	$	8,312	$	8,619	$	24,668	$	26,150

	Three months ended September 30,				Nine months ended September 30,
Net Sales (Millions)	2023		2022		2023		2022
Americas	$	4,769	$	4,741	$	13,846	$	13,930
Asia Pacific	2,097		2,485		6,411		7,702
Europe, Middle East and Africa	1,446		1,393		4,411		4,518
Worldwide	$	8,312	$	8,619	$	24,668	$	26,150

Americas included United States net sales to customers of $3.9 billion and $11.3 billion for the three and nine months ended September 30, 2023, respectively, and $3.9 billion and $11.4 billion for the three and nine months ended September 30, 2022, respectively.