Revenue

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 was $565 million and $572 million, respectively. Approximately $210 million of the December 31, 2023 balance and $200 million of the December 31, 2022 balance was recognized as revenue during the three months ended March 31, 2024 and 2023, respectively.

Operating Lease Revenue: Net sales includes rental revenue from durable medical devices as part of operating lease arrangements (reported within the Medical Surgical Division), which was $139 million and $139 million during the three months ended March 31, 2024 and 2023, 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 March 31,
Net Sales by Division (millions)	2024		2023
Abrasives	$	328	$	341
Automotive Aftermarket	306		312
Electrical Markets	311		324
Industrial Adhesives and Tapes	518		516
Industrial Specialties Division	284		308
Personal Safety	857		868
Roofing Granules	128		110
Total Safety and Industrial Business Segment	2,732		2,779
Advanced Materials	263		301
Automotive and Aerospace	506		462
Commercial Branding and Transportation	610		615
Electronics	725		672
Total Transportation and Electronics Business Segment	2,104		2,050
Health Information Systems	300		300
Medical Surgical (MedSurg)	1,123		1,123
Dental Solutions	335		341
Purification and Filtration	245		232
Other Health Care	14		14
Total Health Care Business Group	2,017		2,010
Consumer Safety and Well-Being	266		270
Home and Auto Care	305		318
Home Improvement	330		341
Packaging and Expression	239		263
Total Consumer Business Group	1,140		1,192
Corporate and Unallocated	10		—
Total Company	$	8,003	$	8,031

	Three months ended March 31,
Net Sales by Geographic Area (millions)	2024		2023
Americas	$	4,375	$	4,399
Asia Pacific	2,106		2,180
Europe, Middle East and Africa	1,522		1,452
Worldwide	$	8,003	$	8,031

Americas included United States net sales to customers of $3.6 billion and $3.6 billion for the three months ended March 31, 2024 and 2023, respectively.