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Long-Term Debt and Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt and Short-Term Borrowings | NOTE 13. Long-Term Debt and Short-Term Borrowings The following debt tables reflect effective interest rates, which include the impact of interest rate swaps, as of December 31, 2023. If the debt was issued on a combined basis, the debt has been separated to show the impact of the fixed versus floating effective interest rates. Carrying value includes the impact of debt issuance costs and fair value hedging activity. Long-term debt and short-term borrowings as of December 31 consisted of the following: Long-Term Debt:
(Millions) |  | Currency/ Fixed vs. Floating |  | Effective Interest Rate |  | Final Maturity Date |  | Carrying Value
Description / 2023 Principal Amount |  |  |  |  | 2023 |  | 2022
Registered note (repaid in 2023) |  | USD Fixed |  | — | % |  | 2023 |  | $ | — |  |  | $ | 500 |
Medium-term note (repaid in 2023) |  | USD Fixed |  | — | % |  | 2023 |  | — |  |  | 650 |
Medium-term note (repaid in 2023) |  | EUR Fixed |  | — | % |  | 2023 |  | — |  |  | 639 |
Medium-term note ($300 million) |  | USD Fixed |  | 3.30 | % |  | 2024 |  | 300 |  |  | 300 |
Medium-term note ($500 million) |  | USD Fixed |  | 2.98 | % |  | 2024 |  | 500 |  |  | 501 |
Medium-term note ($300 million) |  | USD Floating |  | 5.96 | % |  | 2024 |  | 300 |  |  | 300 |
Registered note ($750 million) |  | USD Fixed |  | 2.12 | % |  | 2025 |  | 748 |  |  | 747 |
Registered note ($500 million) |  | USD Fixed |  | 2.67 | % |  | 2025 |  | 499 |  |  | 499 |
Medium-term note ($550 million) |  | USD Fixed |  | 3.04 | % |  | 2025 |  | 549 |  |  | 549 |
Medium-term note ($650 million) |  | USD Fixed |  | 2.37 | % |  | 2026 |  | 647 |  |  | 646 |
Medium-term note (€750 million) |  | EUR Fixed |  | 1.65 | % |  | 2026 |  | 821 |  |  | 792 |
Floating rate note ($19 million) |  | USD Floating |  | 5.22 | % |  | 2027 |  | 18 |  |  | 18 |
Medium-term note ($850 million) |  | USD Fixed |  | 2.95 | % |  | 2027 |  | 846 |  |  | 845 |
30-year debenture ($220 million) |  | USD Fixed |  | 6.44 | % |  | 2028 |  | 223 |  |  | 223 |
Floating rate note ($150 million) |  | USD Floating |  | 8.08 | % |  | 2028 |  | 131 |  |  | 129 |
Floating rate note ($150 million) |  | USD Floating |  | 8.03 | % |  | 2028 |  | 132 |  |  | 129 |
Floating rate note ($250 million) |  | USD Floating |  | 7.62 | % |  | 2028 |  | 216 |  |  | 211 |
Floating rate note ($150 million) |  | USD Floating |  | 7.57 | % |  | 2028 |  | 130 |  |  | 127 |
Floating rate note ($100 million) |  | USD Floating |  | 7.66 | % |  | 2028 |  | 86 |  |  | 84 |
Medium-term note ($300 million) |  | USD Fixed |  | 3.62 | % |  | 2028 |  | 598 |  |  | 598 |
Medium-term note ($800 million) |  | USD Fixed |  | 3.38 | % |  | 2029 |  | 798 |  |  | 797 |
Registered note ($1 billion) |  | USD Fixed |  | 2.50 | % |  | 2029 |  | 991 |  |  | 989 |
Registered note ($600 million) |  | USD Fixed |  | 3.09 | % |  | 2030 |  | 597 |  |  | 596 |
Medium-term note (€500 million) |  | EUR Fixed |  | 1.90 | % |  | 2030 |  | 546 |  |  | 526 |
Medium-term note (€500 million) |  | EUR Fixed |  | 1.54 | % |  | 2031 |  | 549 |  |  | 530 |
30-year bond ($555 million) |  | USD Fixed |  | 5.73 | % |  | 2037 |  | 552 |  |  | 552 |
Floating rate note ($52 million) |  | USD Floating |  | 5.31 | % |  | 2040 |  | 52 |  |  | 52 |
Floating rate note ($95 million) |  | USD Floating |  | 5.31 | % |  | 2041 |  | 94 |  |  | 96 |
Medium-term note ($325 million) |  | USD Fixed |  | 4.05 | % |  | 2044 |  | 316 |  |  | 315 |
Floating rate note ($53 million) |  | USD Floating |  | 5.31 | % |  | 2044 |  | 53 |  |  | 53 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.37 | % |  | 2046 |  | 479 |  |  | 478 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.68 | % |  | 2047 |  | 493 |  |  | 492 |
Medium-term note ($650 million) |  | USD Fixed |  | 4.07 | % |  | 2048 |  | 639 |  |  | 638 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.78 | % |  | 2048 |  | 504 |  |  | 504 |
Registered note ($500 million) |  | USD Fixed |  | 3.37 | % |  | 2049 |  | 486 |  |  | 486 |
Registered note ($350 million) |  | USD Fixed |  | 3.72 | % |  | 2050 |  | 346 |  |  | 346 |
Other borrowings |  | Various |  | 0.11 | % |  | 2024-2029 |  | 1 |  |  | 2 |
Total long-term debt |  |  |  |  |  |  |  | 14,240 |  |  | 15,939 |
Less: current portion of long-term debt |  |  |  |  |  |  |  | 1,152 |  |  | 1,938 |
Long-term debt (excluding current portion) |  |  |  |  |  |  |  | $ | 13,088 |  |  | $ | 14,001 |
Post-Swap Borrowing (Long-Term Debt, Including Current Portion):
|  | 2023 |  | 2022
(Millions) |  | Carrying Value |  | Effective Interest Rate |  | Carrying Value |  | Effective Interest Rate
Fixed-rate debt |  | $ | 13,027 |  |  | 3.09 | % |  | $ | 14,738 |  |  | 2.93 | %
Floating-rate debt |  | 1,213 |  |  | 6.88 | % |  | 1,201 |  |  | 5.70 | %
Total long-term debt, including current portion |  | $ | 14,240 |  |  |  |  | $ | 15,939 |  |  |
Short-Term Borrowings and Current Portion of Long-Term Debt:
|  | Effective Interest Rate |  | Carrying Value
(Millions) |  |  | 2023 |  | 2022
Current portion of long-term debt |  | 3.94 | % |  | $ | 1,152 |  |  | $ | 1,938 |
U.S. dollar commercial paper |  | 5.65 | % |  | 1,795 |  |  | — |
Total short-term borrowings and current portion of long-term debt |  |  |  | $ | 2,947 |  |  | $ | 1,938 |
Other short-term borrowings primarily consisted of bank borrowings by international subsidiaries. Future Maturities of Long-term Debt: Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2023. The maturities of long-term debt for the periods subsequent to December 31, 2023 are as follows (in millions):
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | After 2028 |  | Total
|  | $ | 1,152 |  | $ | 1,867 |  | $ | 1,563 |  | $ | 846 |  | $ | 818 |  | $ | 7,994 |  | $ | 14,240
As a result of put provisions associated with certain debt instruments, long-term debt payments due in 2024 include floating rate notes totaling $53 million (classified as current portion of long-term debt). Credit Facilities: In May 2023, 3M entered into a $4.25 billion five-year revolving credit facility expiring in 2028; the facility was amended in July and September 2023. The revolving credit agreement includes a provision under which 3M may request an increase of up to $1.0 billion (at lender’s discretion), bringing the total facility up to $5.25 billion. The agreement replaced the amended and restated $3.0 billion, five-year revolving credit agreement and the $1.25 billion 364-day credit facility that would have expired in November 2024 and November 2023, respectively. The credit facility was undrawn at December 31, 2023. Under the $4.25 billion credit facility, the Company is required to maintain its EBITDA to Interest Ratio as of the end of each fiscal quarter at not less than 3.0 to 1. This is calculated (based on amounts defined in the amended agreement) as the ratio of consolidated total EBITDA for the four consecutive quarters then ended to total interest expense on all funded debt for the same period. At December 31, 2023, this ratio was approximately 15 to 1. Debt covenants do not restrict the payment of dividends. Other Credit Facilities: The Company also had an additional $355 million in stand-alone letters of credit and bank guarantees issued and outstanding at December 31, 2023. These instruments are utilized in connection with normal business activities. Long-Term Debt Issuances and Fixed-to-Floating Interest Rate Swaps: During 2021, 3M entered into interest rate swaps with an aggregate notional amount of $800 million. These swaps converted $500 million and $300 million of 3M’s $1 billion and $650 million principal amount of fixed rate notes due 2049 and 2050, respectively, into floating rate debt for the portion of their terms through mid-2028 with an original interest rate based on a three-month LIBOR index, which has since been amended to a rate based on a SOFR index. Long-Term Debt Maturities and Extinguishments: In 2023, 3M repaid $500 million aggregate principal amount of fixed-rate registered notes that matured, $650 million aggregate principal amount of fixed-rate medium-term notes that matured and 600 million euros aggregate principal amount of fixed-rate medium-term notes that matured. In 2022, 3M repaid 500 million euros aggregate principal amount of fixed-rate medium-term notes that matured and $600 million aggregate principal amount of fixed-rate medium-term notes that matured. In 2021, 3M repaid 600 million euros aggregate principal amount of Eurobonds that matured and redeemed $450 million principal amount of 2.75% notes due 2022 via a make-whole-call offer. Floating Rate Notes: At various times, 3M has issued floating rate notes containing put provisions. 3M would be required to repurchase these securities at various prices ranging from 99 percent to 100 percent of par value according to the reduction schedules for each security. In December 2004, 3M issued a forty-year $60 million floating rate note, with a rate based on a floating LIBOR index (noting contracts have been modified to apply a new reference rate where applicable). Under the terms of this floating rate note due in 2044, holders have an annual put feature at 100 percent of par value from 2014 and every anniversary thereafter until final maturity. Under the terms of the floating rate notes due in 2027, 2040 and 2041, holders have put options that commence ten years from the date of issuance and each third anniversary thereafter until final maturity at prices ranging from 99 percent to 100 percent of par value. For the periods presented, 3M was required to repurchase an immaterial amount of principal on the aforementioned floating rate notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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