XML 53 R36.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Derivatives (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Gains (Loss) on Derivative Instruments Designated as Hedges | The amount of pretax gain (loss) recognized in other comprehensive income (loss) related to derivative instruments designated as cash flow hedges is provided in the following table.
|  | Pretax Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative
|  | Three months ended March 31, |  |  |  |
(Millions) |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 61 |  |  | $ | 6 |  |  |  |  |  |  |  |  |  |  |
Schedule of Gain (loss) on Derivative Instruments Designated as Fair Value Hedges | The following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for active fair value hedges, as well as remaining amounts for discontinued fair value hedges:
Location on the Consolidated Balance Sheet (Millions) |  | Carrying Value of the Hedged Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
| March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Long-term debt |  | $ | 907 |  | $ | 918 |  | $ | (96) |  | $ | (84)
Schedule of Gain (Loss) on Derivative and Non-Derivative Instruments Designated as Net Investment Hedges | The amount of pre-tax gain (loss) recognized in other comprehensive income (loss) related to derivative and nonderivative instruments designated as net investment hedges are as follows.
|  | Pretax Gain (Loss) Recognized as Cumulative Translation within Other Comprehensive Income (Loss)
|  | Three months ended March 31, |  |  |  |
(Millions) |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |
Foreign currency denominated debt |  | $ | 43 |  |  | $ | (43) |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | 3 |  |  | (2) |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 46 |  |  | $ | (45) |  |  |  |  |  |  |  |  |  |  |
Schedule of Location in Consolidated Statement of Income and Pre-Tax Amounts Recognized in Income Related to Derivative Instruments Designated in Cash Flow or Fair Value Hedging Relationship |
|  | Three months ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Cost of sales |  | Other expense (income), net |  |  |  |  |  |  |  |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total consolidated financial statement line item amount |  | $ | 4,329 |  |  | $ | 4,613 |  |  | $ | 264 |  |  | $ | 52 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax amounts recognized in income related to derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information regarding cash flow and fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income |  | (29) |  |  | (43) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | — |  |  | — |  |  | (11) |  |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | 11 |  |  | (12) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information regarding derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on derivatives not designated as instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 5 |  |  | (8) |  |  | 2 |  |  | 26 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Location and Fair Value of Derivative Instruments | The following tables summarize the fair value of 3M’s derivative instruments, excluding nonderivative instruments used as hedging instruments, and their location in the consolidated balance sheet. Notional amounts below are presented at period end foreign exchange rates, except for certain interest rate swaps, which are presented using the inception date’s foreign exchange rate.
|  | Gross Notional Amount |  | Assets |  | Liabilities
(Millions) |  |  | Location |  | Fair Value Amount |  | Location |  | Fair Value Amount
| March 31, 2024 |  | December 31, 2023 |  |  | March 31, 2024 |  | December 31, 2023 |  |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 2,070 |  |  | $ | 2,109 |  |  | Other current assets |  | $ | 80 |  |  | $ | 68 |  |  | Other current liabilities |  | $ | 7 |  |  | $ | 27 |
Foreign currency forward/option contracts |  | 253 |  |  | 342 |  |  | Other assets |  | 11 |  |  | 11 |  |  | Other liabilities |  | 2 |  |  | 5 |
Interest rate contracts |  | 800 |  |  | 800 |  |  | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 99 |  |  | 88 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  |  | 91 |  |  | 79 |  |  |  |  | 108 |  |  | 120 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 861 |  |  | 1,023 |  |  | Other current assets |  | 2 |  |  | 5 |  |  | Other current liabilities |  | 6 |  |  | 7 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  |  | 2 |  |  | 5 |  |  |  |  | 6 |  |  | 7 |
Total derivative instruments |  |  |  |  |  | $ | 93 |  |  | $ | 84 |  |  |  |  | $ | 114 |  |  | $ | 127 |
Schedule of Offsetting Assets | Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
|  | Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet |  | Gross Amount of Eligible Offsetting Recognized Derivative Liabilities |  |  |  | Net Amount of Derivative Assets
(Millions) |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  |  |  |  |  | March 31, 2024 |  | December 31, 2023
Derivatives subject to master netting agreements |  | $ | 93 |  |  | $ | 84 |  |  | $ | 15 |  |  | $ | 30 |  |  |  |  |  |  | $ | 78 |  |  | $ | 54 |
Schedule of Offsetting Liabilities | Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
|  | Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet |  | Gross Amount of Eligible Offsetting Recognized Derivative Assets |  |  |  | Net Amount of Derivative Liabilities
(Millions) |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  |  |  |  |  | March 31, 2024 |  | December 31, 2023
Derivatives subject to master netting agreements |  | $ | 114 |  |  | $ | 127 |  |  | $ | 15 |  |  | $ | 30 |  |  |  |  |  |  | $ | 99 |  |  | $ | 97 |

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

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration