XML 28 R14.htm IDEA: XBRL DOCUMENT v3.24.2
Supplemental Equity and Comprehensive Income (Loss) Information
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Supplemental Equity and Comprehensive Income (Loss) Information
NOTE 8. Supplemental Equity and Comprehensive Income (Loss) Information
Cash dividends declared and paid totaled $1.51 and $0.70 for the first and second quarters of 2024, respectively, and $1.50 per share for each of the first and second quarters of 2023, or $2.21 and $3.00 per share for the first six months of 2024 and 2023, respectively.
The table below presents the consolidated changes in equity for three and six months ended June 30, 2024 and 2023:
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at March 31, 2024
$4,933 $6,982$37,472$(32,762)$(6,826)$67 
Net income (loss)1,151 1,145 6 
Other comprehensive income (loss), net of tax
674 675 (1)
Solventum spin-off
(2,169)(2,753)584 
Dividends declared(386)(386)
Stock-based compensation173 173 
Reacquired stock(400)(400)
Issuances pursuant to stock option and benefit plans12 (3)15 
Balance at June 30, 2024
$3,988 $7,155 $35,475 $(33,147)$(5,567)$72 
Balance at March 31, 2023
$15,351 $6,825 $47,966 $(32,963)$(6,530)$53 
Net income(6,836)(6,841)5 
Other comprehensive income (loss), net of tax98 97 1 
Dividends declared(828)(828)
Stock-based compensation42 42 
Issuances pursuant to stock option and benefit plans30 (7)37 
Balance at June 30, 2023
$7,857 $6,867 $40,290 $(32,926)$(6,433)$59 
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at December 31, 2023
$4,868 $6,965 $37,479 $(32,859)$(6,778)$61 
Net income (loss)2,084 2,073 11 
Total other comprehensive income (loss), net of tax627 627 — 
Solventum spin-off
(2,169)(2,753)584 
Dividends declared(1,221)(1,221)
Stock-based compensation190 190 
Reacquired stock(421)(421)
Issuances pursuant to stock option and benefit plans30 (103)133 
Balance at June 30, 2024
$3,988 $7,155 $35,475 $(33,147)$(5,567)$72 
Balance at December 31, 2022
$14,770 $6,700 $47,950 $(33,255)$(6,673)$48 
Net income(5,855)(5,865)10 
Total other comprehensive income (loss), net of tax241240 1 
Dividends declared(1,655)(1,655)
Stock-based compensation167 167 
Reacquired stock(29)(29)
Issuances pursuant to stock option and benefit plans218 (140)358 
Balance at June 30, 2023
$7,857 $6,867 $40,290 $(32,926)$(6,433)$59 
The table below presents the changes in accumulated other comprehensive income (loss) attributable to 3M (AOCI), including the reclassifications out of AOCI by component for three and six months ended June 30, 2024 and 2023:
(Millions)Cumulative Translation AdjustmentDefined Benefit Pension and Postretirement Plans AdjustmentCash Flow Hedging Instruments, Unrealized Gain (Loss)Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2024, net of tax:
$(2,715)$(4,083)$(28)$(6,826)
Other comprehensive income (loss), before tax:
Amounts before reclassifications(148)218 23 93 
Amounts reclassified out11 876 (30)857 
Total other comprehensive income (loss), before tax(137)1,094 (7)950 
Tax effect2
(7)(268)—(275)
Total other comprehensive income (loss), net of tax(144)826 (7)675 
Solventum spin-off64 520 — 584 
Balance at June 30, 2024, net of tax:
$(2,795)$(2,737)$(35)$(5,567)
Balance at March 31, 2023, net of tax:
$(2,712)$(3,787)$(31)$(6,530)
Other comprehensive income (loss), before tax:
Amounts before reclassifications3 — 72 75 
Amounts reclassified out39 65 (40)64 
Total other comprehensive income (loss), before tax42 65 32 139 
Tax effect2
(18)(15)(9)(42)
Total other comprehensive income (loss), net of tax24 50 23 97 
Balance at June 30, 2023, net of tax:
$(2,688)$(3,737)$(8)$(6,433)
(Millions)Cumulative Translation AdjustmentDefined Benefit Pension and Postretirement Plans AdjustmentCash Flow Hedging Instruments, Unrealized Gain (Loss)Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023, net of tax:
$(2,506)$(4,218)$(54)$(6,778)
Other comprehensive income (loss), before tax:
Amounts before reclassifications(401)285 84 (32)
Amounts reclassified out68 972 (57)983 
Total other comprehensive income (loss), before tax(333)1,257 27 951 
Tax effect2
(20)(296)(8)(324)
Total other comprehensive income (loss), net of tax(353)961 19 627 
Solventum spin-off
64 520 — 584 
Balance at June 30, 2024, net of tax:
$(2,795)$(2,737)$(35)$(5,567)
Balance at December 31, 2022, net of tax:
$(2,828)$(3,838)$(7)$(6,673)
Other comprehensive income (loss), before tax:
Amounts before reclassifications108— 78 186
Amounts reclassified out39 129 (81)87 
Total other comprehensive income (loss), before tax147129 (3)273
Tax effect2
(7)(28)2(33)
Total other comprehensive income (loss), net of tax140101 (1)240
Balance at June 30, 2023, net of tax:
$(2,688)$(3,737)$(8)$(6,433)
Includes tax expense (benefit) reclassified out of AOCI related to the following:
Three months ended June 30,Six months ended June 30,
(millions)2024202320242023
Cumulative Translation Adjustment
$— $— $— $— 
Defined benefit pension and postretirement plans adjustment(216)(15)(229)(28)
Cash flow hedging instruments, unrealized gain/loss7 8 13 18 
Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation do include impacts from items such as net investment hedge transactions. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income.
Additional details on the amounts reclassified from accumulated other comprehensive income (loss) into consolidated income (loss) include:
•Cumulative translation adjustment: amounts were reclassified into selling, general and administrative expense. In 2024, this was associated with country exits as part of streamlining 3M’s geographic footprint (see Note 6).
•Defined benefit pension and postretirement plan adjustments: amounts were reclassified into other (expense) income, net (see Note 13).
•Cash flow hedging instruments, unrealized gain (loss): foreign currency forward/option contacts amounts were reclassified into cost of sales; interest rate contract amounts were reclassified into interest expense (see Note 15).
•The tax effects, if applicable, associated with these reclassifications were reflected in provision for income taxes.