XML 47 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | NOTE 19. Leases 3M's lease arrangements include both operating and finance leases. Amounts associated with finance leases (such as right-of-use assets, liabilities, costs, cash flow information, and maturities) were not material to the consolidated financial statements. Finance lease right-of-use assets are included in property, plant, and equipment, net, and finance lease liabilities are included in other current liabilities and other liabilities on the consolidated balance sheets. The following table summarizes the components of operating lease cost:
(Millions) |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  | $ | 284 |  |  | $ | 295 |  |  | $ | 319 |
Variable lease cost |  | 122 |  |  | 135 |  |  | 127 |
Total operating lease cost |  | $ | 406 |  |  | $ | 430 |  |  | $ | 446 |
Short-term lease cost and income related to sub-lease activity is immaterial for the Company. Supplemental balance sheet, lease term and discount rate information related to operating leases is as follows:
|  |  |  | December 31,
(Millions unless noted) |  | Location on face of Balance Sheet |  | 2023 |  | 2022
Right of use assets |  | Operating lease right of use assets |  | $ | 759 |  |  | $ | 829 |
Current liability |  | Operating lease liabilities - current |  | 225 |  |  | 261 |
Noncurrent liability |  | Operating lease liabilities |  | 534 |  |  | 580 |
Weighted average remaining lease term (in years): |  | 5.4 |  | 5.5
Weighted average discount rate: |  | 2.9 | % |  | 2.2 | %
Supplemental cash flow information related to operating lease is as follows:
(Millions) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  | $ | 286 |  |  | $ | 295 |  |  | $ | 317 |
Right of use assets obtained in exchange for operating lease liabilities: |  | 285 |  |  | 261 |  |  | 342 |
Sale leased-back activity for the periods presented was not material. Maturities of operating leases as of December 31, 2023 are as follows:
(Millions) |  |  |  |
2024 |  |  |  | $ | 247 |
2025 |  |  |  | 173 |
2026 |  |  |  | 118 |
2027 |  |  |  | 81 |
2028 |  |  |  | 53 |
After 2028 |  |  |  | 146 |
Total expected lease payments |  |  |  | 818 |
Less: Amounts representing interest |  |  |  | (59) |
Present value of future minimum lease payments |  |  |  | 759 |
Less: Current obligations |  |  |  | 225 |
Long-term obligations |  |  |  | $ | 534 |
As of December 31, 2023, the Company has additional operating lease commitments that have not yet commenced of approximately $9 million. These commitments pertain to 3M’s right of use of certain buildings.
Leases | NOTE 19. Leases 3M's lease arrangements include both operating and finance leases. Amounts associated with finance leases (such as right-of-use assets, liabilities, costs, cash flow information, and maturities) were not material to the consolidated financial statements. Finance lease right-of-use assets are included in property, plant, and equipment, net, and finance lease liabilities are included in other current liabilities and other liabilities on the consolidated balance sheets. The following table summarizes the components of operating lease cost:
(Millions) |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  | $ | 284 |  |  | $ | 295 |  |  | $ | 319 |
Variable lease cost |  | 122 |  |  | 135 |  |  | 127 |
Total operating lease cost |  | $ | 406 |  |  | $ | 430 |  |  | $ | 446 |
Short-term lease cost and income related to sub-lease activity is immaterial for the Company. Supplemental balance sheet, lease term and discount rate information related to operating leases is as follows:
|  |  |  | December 31,
(Millions unless noted) |  | Location on face of Balance Sheet |  | 2023 |  | 2022
Right of use assets |  | Operating lease right of use assets |  | $ | 759 |  |  | $ | 829 |
Current liability |  | Operating lease liabilities - current |  | 225 |  |  | 261 |
Noncurrent liability |  | Operating lease liabilities |  | 534 |  |  | 580 |
Weighted average remaining lease term (in years): |  | 5.4 |  | 5.5
Weighted average discount rate: |  | 2.9 | % |  | 2.2 | %
Supplemental cash flow information related to operating lease is as follows:
(Millions) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  | $ | 286 |  |  | $ | 295 |  |  | $ | 317 |
Right of use assets obtained in exchange for operating lease liabilities: |  | 285 |  |  | 261 |  |  | 342 |
Sale leased-back activity for the periods presented was not material. Maturities of operating leases as of December 31, 2023 are as follows:
(Millions) |  |  |  |
2024 |  |  |  | $ | 247 |
2025 |  |  |  | 173 |
2026 |  |  |  | 118 |
2027 |  |  |  | 81 |
2028 |  |  |  | 53 |
After 2028 |  |  |  | 146 |
Total expected lease payments |  |  |  | 818 |
Less: Amounts representing interest |  |  |  | (59) |
Present value of future minimum lease payments |  |  |  | 759 |
Less: Current obligations |  |  |  | 225 |
Long-term obligations |  |  |  | $ | 534 |
As of December 31, 2023, the Company has additional operating lease commitments that have not yet commenced of approximately $9 million. These commitments pertain to 3M’s right of use of certain buildings.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration