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Supplemental Equity and Comprehensive Income Information (Tables) | 3 Months Ended
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Mar. 31, 2020
Supplemental Equity and Comprehensive Income Information |
Consolidated Statement of 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 | 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. ​
Reclassifications Out of Accumulated Other Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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