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Supplemental Equity and Comprehensive Income Information | 3 Months Ended
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Mar. 31, 2020
Supplemental Equity and Comprehensive Income Information |
Supplemental Equity and Comprehensive Income Information | NOTE 7. Supplemental Equity and Comprehensive Income Information ​ Cash dividends declared and paid totaled $1.47 and $1.44 per share for the first quarter 2020 and 2019, respectively. ​ Consolidated Changes in Equity ​ Three months ended March 31, 2020 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 3M Company Shareholders | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Common | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Stock and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Additional | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Comprehensive | ​ | Non- |
​ | ​ | ​ | ​ | ​ | Paid-in | ​ | Retained | ​ | Treasury | ​ | Income | ​ | controlling |
(Millions) |  | Total |  | Capital |  | Earnings |  | Stock |  | (Loss) |  | Interest |
Balance at December 31, 2019 |  | $ | 10,126 |  | $ | 5,916 |  | $ | 42,135 |  | $ | (29,849) |  | $ | (8,139) |  | $ | 63 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ |  | 1,294 | ​ | ​ | ​ | ​ |  | 1,292 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2 | ​
Other comprehensive income (loss), net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cumulative translation adjustment | ​ |  | (444) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (441) | ​ |  | (3) | ​
Defined benefit pension and post-retirement plans adjustment | ​ |  | 119 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 119 | ​ |  | — | ​
Cash flow hedging instruments | ​ |  | 47 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 47 | ​ |  | — | ​
Total other comprehensive income (loss), net of tax | ​ |  | (278) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared | ​ |  | (847) | ​ | ​ | ​ | ​ |  | (847) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation | ​ |  | 117 | ​ |  | 117 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reacquired stock | ​ |  | (356) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (356) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuances pursuant to stock option and benefit plans | ​ |  | 153 | ​ | ​ | ​ | ​ |  | (235) | ​ |  | 388 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at March 31, 2020 |  | $ | 10,209 |  | $ | 6,033 |  | $ | 42,345 |  | $ | (29,817) |  | $ | (8,414) |  | $ | 62 | ​
​ Three months ended March 31, 2019 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 3M Company Shareholders | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Common | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Stock and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | Additional | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Comprehensive | ​ | Non- |
​ | ​ | ​ | ​ | ​ | Paid-in | ​ | Retained | ​ | Treasury | ​ | Income | ​ | controlling |
(Millions) |  | Total |  | Capital |  | Earnings |  | Stock |  | (Loss) |  | Interest |
Balance at December 31, 2018 |  | $ | 9,848 |  | $ | 5,652 |  | $ | 40,636 |  | $ | (29,626) |  | $ | (6,866) |  | $ | 52 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impact of adoption of ASU No. 2018-02* | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 853 | ​ | ​ | ​ | ​ | ​ | (853) | ​ | ​ | ​ | ​
Impact of adoption of ASU No. 2016-02* | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ |  | 893 | ​ | ​ | ​ | ​ |  | 891 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2 | ​
Other comprehensive income (loss), net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cumulative translation adjustment | ​ |  | 77 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 77 | ​ |  | — | ​
Defined benefit pension and post-retirement plans adjustment | ​ |  | 84 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 84 | ​ |  | — | ​
Cash flow hedging instruments | ​ |  | 6 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 6 | ​ |  | — | ​
Total other comprehensive income (loss), net of tax | ​ |  | 167 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared | ​ |  | (830) | ​ | ​ | ​ | ​ |  | (830) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation | ​ |  | 112 | ​ |  | 112 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reacquired stock | ​ |  | (666) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (666) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuances pursuant to stock option and benefit plans | ​ |  | 219 | ​ | ​ | ​ | ​ |  | (405) | ​ |  | 624 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at March 31, 2019 |  | $ | 9,757 |  | $ | 5,764 |  | $ | 41,159 |  | $ | (29,668) |  | $ | (7,552) |  | $ | 54 | ​
*See Note 1 in 3M’s 2019 Annual Report on Form 10-K. ​ Changes in Accumulated Other Comprehensive Income (Loss) Attributable to 3M by Component ​ Three months ended March 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Total |
​ | ​ | ​ | ​ | ​ | Defined Benefit | ​ | Cash Flow | ​ | Accumulated |
​ | ​ | ​ | ​ | ​ | Pension and | ​ | Hedging | ​ | Other |
​ | ​ | Cumulative | ​ | Postretirement | ​ | Instruments, | ​ | Comprehensive |
​ | ​ | Translation | ​ | Plans | ​ | Unrealized | ​ | Income |
(Millions) | ​ | Adjustment | ​ | Adjustment | ​ | Gain (Loss) | ​ | (Loss) |
Balance at December 31, 2019, net of tax: | ​ | $ | (1,899) | ​ | $ | (6,209) | ​ | $ | (31) | ​ | $ | (8,139) | ​
Other comprehensive income (loss), before tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts before reclassifications | ​ |  | (439) | ​ |  | — | ​ |  | 77 | ​ |  | (362) | ​
Amounts reclassified out | ​ |  | — | ​ |  | 164 | ​ |  | (16) | ​ |  | 148 | ​
Total other comprehensive income (loss), before tax | ​ |  | (439) | ​ |  | 164 | ​ |  | 61 | ​ |  | (214) | ​
Tax effect | ​ |  | (2) | ​ |  | (45) | ​ |  | (14) | ​ |  | (61) | ​
Total other comprehensive income (loss), net of tax | ​ |  | (441) | ​ |  | 119 | ​ |  | 47 | ​ |  | (275) | ​
Balance at March 31, 2020, net of tax: | ​ | $ | (2,340) | ​ | $ | (6,090) | ​ | $ | 16 | ​ | $ | (8,414) | ​
​ Three months ended March 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Total |
​ | ​ | ​ | ​ | ​ | Defined Benefit | ​ | Cash Flow | ​ | Accumulated |
​ | ​ | ​ | ​ | ​ | Pension and | ​ | Hedging | ​ | Other |
​ | ​ | Cumulative | ​ | Postretirement | ​ | Instruments, | ​ | Comprehensive |
​ | ​ | Translation | ​ | Plans | ​ | Unrealized | ​ | Income |
(Millions) | ​ | Adjustment | ​ | Adjustment | ​ | Gain (Loss) | ​ | (Loss) |
Balance at December 31, 2018, net of tax: | ​ | $ | (2,098) | ​ | $ | (4,832) | ​ | $ | 64 | ​ | $ | (6,866) | ​
Impact of adoption of ASU No. 2018-02* | ​ | ​ | (13) | ​ | ​ | (817) | ​ | ​ | (23) | ​ | ​ | (853) | ​
Other comprehensive income (loss), before tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts before reclassifications | ​ |  | 103 | ​ |  | — | ​ |  | 13 | ​ |  | 116 | ​
Amounts reclassified out | ​ |  | — | ​ |  | 104 | ​ |  | (7) | ​ |  | 97 | ​
Total other comprehensive income (loss), before tax | ​ |  | 103 | ​ |  | 104 | ​ |  | 6 | ​ |  | 213 | ​
Tax effect | ​ |  | (26) | ​ |  | (20) | ​ |  | — | ​ |  | (46) | ​
Total other comprehensive income (loss), net of tax | ​ |  | 77 | ​ |  | 84 | ​ |  | 6 | ​ |  | 167 | ​
Balance at March 31, 2019, net of tax: | ​ | $ | (2,034) | ​ | $ | (5,565) | ​ | $ | 47 | ​ | $ | (7,552) | ​
*See Note 1 in 3M’s 2019 Annual Report on Form 10-K. ​ Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation does include impacts from items such as net investment hedge transactions. Reclassification adjustments are made to avoid double counting in comprehensive income items that are subsequently recorded as part of net income. ​ Reclassifications out of Accumulated Other Comprehensive Income Attributable to 3M ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount Reclassified from | ​ | ​ |
Details about Accumulated Other | ​ | Accumulated Other Comprehensive Income | ​ | ​ | ​
Comprehensive Income Components | ​ | Three months ended March 31, | ​ | Location on Income |
(Millions) | ​ | 2020 |  | 2019 | ​ | Statement |
Defined benefit pension and postretirement plans adjustments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gains (losses) associated with defined benefit pension and postretirement plans amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Transition asset | ​ | $ | (1) | ​ | $ | — |  | See Note 11 | ​
Prior service benefit | ​ | ​ | 15 | ​ | ​ | 16 |  | See Note 11 | ​
Net actuarial loss | ​ | ​ | (177) | ​ | ​ | (120) | ​ | See Note 11 | ​
Curtailments/Settlements | ​ |  | (1) | ​ |  | — |  | See Note 11 | ​
Total before tax | ​ |  | (164) | ​ |  | (104) | ​ | ​ | ​
Tax effect | ​ |  | 45 | ​ |  | 20 |  | Provision for income taxes | ​
Net of tax | ​ | $ | (119) | ​ | $ | (84) | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging instruments gains (losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward/option contracts | ​ | $ | 18 | ​ | $ | 7 |  | Cost of sales | ​
Interest rate contracts | ​ |  | (2) | ​ |  | — |  | Interest expense | ​
Total before tax | ​ |  | 16 | ​ |  | 7 | ​ | ​ | ​
Tax effect | ​ |  | (4) | ​ |  | (1) |  | Provision for income taxes | ​
Net of tax | ​ | $ | 12 | ​ | $ | 6 | ​ | ​ | ​
Total reclassifications for the period, net of tax | ​ | $ | (107) | ​ | $ | (78) | ​ | ​ | ​
​

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