| Year ended December 31, | ||||||||||||||||||||||||||||||||||||||
| (Millions) | 2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
| Cash Flows from Financing Activities | Repayment of debt | $ | (300) | $ | — | — | Net transfers to 3M | (8,251) | (1,553) | (1,456) | Proceeds from long-term debt, net of issuance costs | 8,303 | — | Other — net | 8 | 1 | (4) | Net cash provided by (used in) financing activities | $ | (240) | $ | (1,552) | (1,460) | |||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions, except share information) | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets | Current assets | Cash and cash equivalents | $ | 762 | $ | 194 | Accounts receivable — net of allowances of $86 and $82 | 1,044 | 1,313 | Due from related parties | 185 | — | Inventories | Finished goods | 539 | 453 | Work in process | 190 | 171 | Raw materials and supplies | 236 | 233 | Total inventories | 965 | 857 | Other current assets | 293 | 155 | Total current assets | 3,249 | 2,519 | Property, plant and equipment — net | 1,622 | 1,457 | Goodwill | 6,377 | 6,535 | Intangible assets — net | 2,544 | 2,902 | Other assets | 665 | 530 | Total assets | $ | 14,457 | $ | 13,943 | Liabilities | Current liabilities | Short-term borrowings and current portion of long-term debt | $ | 200 | $ | — | Accounts payable | 618 | 477 | Due to related parties | 272 | — | Unearned revenue | 572 | 574 | Other current liabilities | 1,041 | 677 | Total current liabilities | 2,703 | 1,728 | Long-term debt | 7,810 | — | Pension and postretirement benefits | 350 | 166 | Deferred income taxes | 225 | 231 | Other liabilities | 410 | 152 | Total liabilities | $ | 11,498 | $ | 2,277 | Commitments and contingencies (Note 11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Common stock, par value $0.01 per share, 750,000,000 shares authorized | $ | 2 | $ | — | Shares issued and outstanding - December 31, 2024: 172,785,606 | Shares issued and outstanding - December 31, 2023: 0 | Additional paid-in-capital | 3,771 | — | Retained earnings | 242 | — | Net parent investment | — | 12,003 | Accumulated other comprehensive income (loss) | (1,056) | (337) | Total equity | 2,959 | 11,666 | Total liabilities and equity | $ | 14,457 | $ | 13,943 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions) | 2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flows from Operating Activities | Net income | $ | 479 | $ | 1,346 | $ | 1,343 | Adjustments to reconcile net income to net cash provided by operating activities | Depreciation and amortization | 555 | 561 | 578 | Pension and postretirement benefit expense | 34 | 41 | 64 | Stock-based compensation expense | 112 | 39 | 37 | Gain on business divestitures | — | (56) | — | Deferred income taxes | (155) | (142) | (141) | Changes in assets and liabilities | Accounts receivable | 43 | (129) | (32) | Due from related parties | 233 | — | — | Inventories | (132) | 23 | (82) | Accounts payable | 266 | 105 | 25 | Due to related parties | (565) | — | — | All other operating activities | 315 | 127 | (113) | Net cash provided by operating activities | 1,185 | 1,915 | 1,679 | Cash Flows from Investing Activities | Purchases of property, plant and equipment | (380) | (290) | (251) | Proceeds from sale of business | — | 60 | — | Other — net | — | — | (2) | Net cash used in investing activities | (380) | (230) | (253) | Cash Flows from Financing Activities | Repayment of debt | (300) | — | — | Net transfers to 3M | (8,251) | (1,553) | (1,456) | Proceeds from long-term debt, net of issuance costs | 8,303 | — | — | Other — net | 8 | 1 | (4) | Net cash used in financing activities | (240) | (1,552) | (1,460) | Effect of exchange rate changes on cash and cash equivalents | 3 | — | 4 | Net increase (decrease) in cash and cash equivalents | 568 | 133 | (30) | Cash and cash equivalents at beginning of year | 194 | 61 | 91 | Cash and cash equivalents at end of year | $ | 762 | $ | 194 | $ | 61 | Supplemental Cash Flow Information | Cash paid for: | Income taxes | $ | 244 | $ | — | $ | — | Interest | 287 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions) | Currency/ Fixed vs. Floating | Effective Interest Rate | Final Maturity Date | Carrying Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eighteen month senior term loan credit facility | USD Floating | 6.13 | % | 2025 | $ | 200 | Three year senior term loan credit facility | USD Floating | 6.13 | 2027 | 979 | $1 billion 5.45 percent three year senior notes | USD Fixed | 5.40 | 2027 | 995 | $1.5 billion 5.40 percent five year senior notes | USD Fixed | 5.39 | 2029 | 1,487 | $1 billion 5.45 percent seven year senior notes | USD Fixed | 5.45 | 2031 | 990 | $1.65 billion 5.60 percent ten year senior notes | USD Fixed | 5.63 | 2034 | 1,636 | $1.25 billion 5.90 percent thirty year senior notes | USD Fixed | 6.05 | 2054 | 1,231 | $500 million 6.00 percent forty year senior notes | USD Fixed | 6.17 | 2064 | 492 | Other borrowings | — | Total long-term debt | 8,010 | Less: current portion of long-term debt | 200 | Long-term debt (excluding current portion) | $ | 7,810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | After 2029 | Total | ||||||||||||||||||||||||||||
| $ | 200 | $ | — | $ | 1,980 | $ | — | $ | 1,500 | $ | 4,400 | $ | 8,080 | |||||||||||||||||||||
