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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provide information by level for material assets and liabilities that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023.
|  | Fair Value at |  | Fair Value Measurements Using Inputs Considered as
|  |  | Level 1 |  | Level 2 |  | Level 3
Description (Millions) |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset backed securities |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign corporate debt |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
U.S. government securities |  | 27 |  |  | — |  |  | 27 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt securities |  | 80 |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | — |
Commercial paper |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | — |
Certificates of deposit/time deposits |  | 91 |  |  | 46 |  |  | — |  |  | — |  |  | 91 |  |  | 46 |  |  | — |  |  | — |
U.S. treasury securities |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. municipal securities |  | 24 |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 24 |
Solventum common stock |  | 1,817 |  |  | — |  |  | 1,817 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative instruments — assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 86 |  |  | 84 |  |  | — |  |  | — |  |  | 86 |  |  | 84 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments — liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 11 |  |  | 39 |  |  | — |  |  | — |  |  | 11 |  |  | 39 |  |  | — |  |  | — |
Interest rate contracts |  | 96 |  |  | 88 |  |  | — |  |  | — |  |  | 96 |  |  | 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:
|  | June 30, 2024 |  | December 31, 2023
(Millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt, excluding current portion |  | $ | 11,781 |  |  | $ | 10,374 |  |  | $ | 13,088 |  |  | $ | 11,859 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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