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Revenue
12 Months Ended
Dec. 31, 2019
Revenue  
Revenue

NOTE 2. Revenue

The Company adopted ASU No. 2014-09 and related standards (collectively, ASC 606, Revenue from Contracts with Customers), on January 1, 2018 using the modified retrospective method of adoption. Prior periods have not been restated. Due to the cumulative net impact of adopting ASC 606, the January 1, 2018 balance of retained earnings was increased by less than $2 million, primarily relating to the accelerated recognition for software installation service and training revenue. This cumulative impact reflects retrospective application of ASC 606 only to contracts that were not completed as of January 1, 2018. Further, the Company applied the practical expedient permitting the effect of all contract modifications that occurred before January 1, 2018 to be aggregated in the transition accounting. The impact of applying ASC 606 as compared with previous guidance applied to revenues and costs was not material for the year ended December 31, 2018.

Contract Balances:

Deferred revenue primarily relates to revenue that is recognized over time for one-year software license contracts. Refer to Note 7 for deferred revenue balances at December 31, 2018 and 2019. Approximately $600 million of the December 31, 2018 balance was recognized as revenue during the year ended December 31, 2019, while approximately $500 million of the December 31, 2017 balance was recognized as revenue during the year ended December 31, 2018.

Disaggregated revenue information:

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

Year ended 

December 31,

Net Sales (Millions)

2019

    

2018

    

2017

Abrasives

$

1,414

$

1,533

$

1,498

Automotive Aftermarket

1,243

1,374

1,388

Closure and Masking Systems

1,111

1,224

1,259

Communication Markets

175

387

Electrical Markets

1,200

1,243

1,196

Industrial Adhesives and Tapes

2,737

2,880

2,773

Personal Safety

3,508

3,606

2,960

Roofing Granules

366

353

372

Other Safety and Industrial

28

106

113

Total Safety and Industrial Business Segment

$

11,607

$

12,494

$

11,946

Advanced Materials

$

1,246

$

1,236

$

1,123

Automotive and Aerospace

1,943

2,109

2,047

Commercial Solutions

1,760

1,829

1,743

Electronics

3,710

3,965

3,842

Transportation Safety

949

957

1,103

Other Transportation and Electronics

(6)

10

3

Total Transportation and Electronics Business Segment

$

9,602

$

10,106

$

9,861

Drug Delivery

$

406

$

444

$

486

Food Safety

341

328

303

Health Information Systems

1,177

837

791

Medical Solutions

3,406

3,036

2,934

Oral Care

1,321

1,353

1,322

Separation and Purification Sciences

790

822

797

Other Health Care

(10)

6

2

Total Health Care Business Group

$

7,431

$

6,826

$

6,635

Consumer Health Care

$

383

$

391

$

425

Home Care

991

1,012

1,028

Home Improvement

2,305

2,233

2,118

Stationery and Office

1,373

1,396

1,386

Other Consumer

37

54

49

Total Consumer Business Group

$

5,089

$

5,086

$

5,006

Corporate and Unallocated

$

110

$

50

$

2

Elimination of Dual Credit

(1,703)

(1,797)

(1,793)

Total Company

$

32,136

$

32,765

$

31,657

Year ended December 31, 2019

Net Sales (Millions)

    

United States

Asia Pacific

    

Europe, Middle East and Africa

    

Latin America and Canada

    

Other Unallocated

    

Worldwide

Safety and Industrial

$

4,643

$

2,877

$

2,672

$

1,419

$

(4)

$

11,607

Transportation and Electronics

 

2,304

 

5,228

 

1,472

 

601

 

(3)

 

9,602

Health Care

3,597

1,490

1,743

603

(2)

7,431

Consumer

 

3,119

 

984

 

545

 

442

 

(1)

 

5,089

Corporate and Unallocated

 

100

 

 

1

 

9

 

 

110

Elimination of Dual Credit

 

(604)

 

(783)

 

(207)

 

(109)

 

 

(1,703)

Total Company

$

13,159

$

9,796

$

6,226

$

2,965

$

(10)

$

32,136

Year ended December 31, 2018

Net Sales (Millions)

    

United States

Asia Pacific

    

Europe, Middle East and Africa

    

Latin America and Canada

    

Other Unallocated

    

Worldwide

Safety and Industrial

$

4,921

$

3,099

$

3,001

$

1,476

$

(3)

$

12,494

Transportation and Electronics

 

2,406

 

5,514

 

1,578

 

610

 

(2)

 

10,106

Health Care

3,039

1,458

1,733

596

6,826

Consumer

 

3,045

 

1,021

 

574

 

447

 

(1)

 

5,086

Corporate and Unallocated

 

48

 

 

 

3

 

(1)

 

50

Elimination of Dual Credit

 

(619)

 

(838)

 

(232)

 

(108)

 

 

(1,797)

Total Company

$

12,840

$

10,254

$

6,654

$

3,024

$

(7)

$

32,765

Year ended December 31, 2017

Net Sales (Millions)

    

United States

Asia Pacific

    

Europe, Middle East and Africa

    

Latin America and Canada

    

Other Unallocated

    

Worldwide

Safety and Industrial

$

4,605

$

2,981

$

2,869

$

1,497

$

(6)

$

11,946

Transportation and Electronics

 

2,372

 

5,328

 

1,550

 

615

 

(4)

 

9,861

Health Care

3,037

1,346

1,667

587

(2)

6,635

Consumer

 

2,943

 

1,029

 

585

 

450

 

(1)

 

5,006

Corporate and Unallocated

 

6

 

(1)

 

1

 

(4)

 

 

2

Elimination of Dual Credit

 

(591)

 

(874)

 

(216)

 

(112)

 

 

(1,793)

Total Company

$

12,372

$

9,809

$

6,456

$

3,033

$

(13)

$

31,657