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Pension and Postretirement Benefit Plans | 3 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Pension and Postretirement Benefit Plans | NOTE 12. Pension and Postretirement Benefit Plans The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales; selling, general and administrative expenses; and research, development and related expenses. The other components of net periodic benefit cost are reflected in other expense (income), net. Components of net periodic benefit cost and other supplemental information for the three months ended March 31, 2024 and 2023 follow:
|  | Three months ended March 31,
|  | Qualified and Non-qualified Pension Benefits |  | Postretirement Benefits
|  | United States | International |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Net periodic benefit cost (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Operating expense |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 37 |  |  | $ | 43 |  |  | $ | 21 |  |  | $ | 19 |  |  | $ | 7 |  |  | $ | 6 |
Non-operating expense |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 160 |  |  | 166 |  |  | 54 |  |  | 55 |  |  | 22 |  |  | 22 |
Expected return on plan assets |  | (237) |  |  | (244) |  |  | (87) |  |  | (75) |  |  | (19) |  |  | (19) |
Amortization of transition asset |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Amortization of prior service benefit |  | (4) |  |  | (6) |  |  | 1 |  |  | 1 |  |  | (6) |  |  | (8) |
Amortization of net actuarial loss |  | 95 |  |  | 73 |  |  | 3 |  |  | 2 |  |  | 6 |  |  | 2 |
Total non-operating expense (benefit) |  | 14 |  |  | (11) |  |  | (28) |  |  | (17) |  |  | 3 |  |  | (3) |
Total net periodic benefit cost (benefit) |  | $ | 51 |  |  | $ | 32 |  |  | $ | (7) |  |  | $ | 2 |  |  | $ | 10 |  |  | $ | 3 |
For the three months ended March 31, 2024 contributions totaling $45 million were made to the Company’s U.S. and international pension plans and $3 million to its postretirement plans. Future contributions will depend on market conditions, interest rates and other factors. 3M does not expect the previously disclosed range of $100 million to $200 million of expected 2024 cash contributions to its U.S. and international retirement plans to be materially impacted by the April 1, 2024 separation of Solventum (see Note 3). 3M’s annual measurement date for pension and postretirement assets and liabilities is December 31 each year, which is also the date used for the related annual measurement assumptions. As of March 31, 2024, 3M transferred eligible U.S. Solventum employees and retirees to new U.S. defined benefit pension and postretirement plans with the same benefits of their current plans. The transfer required remeasurement of the plans prior to the calculation of this split. The net impact of the remeasurement was a decrease of approximately $70 million in the non-current liability for pension and postretirement benefits (and corresponding decrease in accumulated comprehensive loss, before deferred taxes). Assumptions used for this remeasurement included discount rates determined using March 31, 2024 market conditions and calculated using the same methodology as disclosed in Note 14 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K. All other assumptions were consistent with the December 31, 2023 disclosures. Using this methodology, the Company determined a discount rate of 5.22% for the U.S. pension plans and 5.19% for the U.S. postretirement benefit plans as of March 31, 2024, which are increases of 0.24 percentage points and 0.25 percentage points, respectively, from the rates used as of December 31, 2023. This remeasurement did not impact consolidated income for the three months ended March 31, 2024, but will impact net periodic benefit cost for the remainder of 2024. As of March 31, 2024, there were several small international pension plans remeasured for purposes of transferring Solventum employees to new pension plans, the impact of which was not material.

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