The IC 74374 is an octal D-type flip-flop with 3-state outputs, part of the 7400 series TTL logic family. It includes eight independent D flip-flops, each with a data input (D), clock input (CLK), and output enable (OE) control. The 3-state outputs allow for flexible data bus interfacing and buffering in digital circuits, making it suitable for data storage, transfer, and manipulation applications.