v3.24.3
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 atFair Value Measurements Using Inputs Considered as
Level 1Level 2Level 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 securities459 — — — 459 — — — 
Commercial paper390 — — — 390 — — — 
Certificates of deposit/time deposits98 46 — — 98 46 — — 
U.S. treasury securities209 — 209 — — — — — 
U.S. municipal securities24 24 — — — — 24 24 
Solventum common stock2,396 — 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 contracts68 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, 2024December 31, 2023
(Millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, excluding current portion$11,319 $10,449 $13,088 $11,859