XML 53 R39.htm IDEA: XBRL DOCUMENT v3.24.2

Derivatives (Tables)

6 Months Ended

Jun. 30, 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 June 30,												Six months ended June 30,
(Millions)						2024						2023						2024						2023
Foreign currency forward/option contracts						$	23					$	72					$	84					$	78

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
						June 30, 2024						December 31, 2023						June 30, 2024						December 31, 2023
Long-term debt						$	909					$	918					$	(93)					$	(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 June 30,												Six months ended June 30,
(Millions)						2024						2023						2024						2023
Foreign currency denominated debt						$	13					$	(22)					$	56					$	(65)
Foreign currency forward contracts						2						(1)						5						(3)
Total						$	15					$	(23)					$	61					$	(68)

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 June 30,																								Six months ended June 30,
						Cost of sales												Other expense (income), net												Cost of sales												Other expense (income), net
(Millions)						2024						2023						2024						2023						2024						2023						2024						2023
Total consolidated financial statement line item amount						$	3,571					$	3,728					$	(138)					$	72					$	7,056					$	7,472					$	82					$	128
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*						(32)						(42)						—						—						(61)						(85)						—						—
Interest rate contracts:
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income						—						—						2						2						—						—						4						4
(Gain) or loss on fair value hedging relationships:
Interest rate contracts:
Hedged items						—						—						2						(9)						—						—						(9)						3
Derivatives designated as hedging instruments						—						—						(2)						9						—						—						9						(3)
Information regarding derivatives not designated as hedging instruments:
(Gain) or loss on derivatives not designated as instruments:
Foreign currency forward/option contracts						2						13						4						(39)						7						5						6						(13)

*For periods prior to the April 1, 2024 separation of Solventum, these include certain insignificant amounts attributable to discontinued operations.

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
						June 30, 2024						December 31, 2023												June 30, 2024						December 31, 2023												June 30, 2024						December 31, 2023
			Derivatives designated as hedging instruments
Foreign currency forward/option contracts						$	1,821					$	2,109					Other current assets						$	74					$	68					Other current liabilities						$	5					$	27
Foreign currency forward/option contracts						725						342						Other assets						12						11						Other liabilities						5						5
Interest rate contracts						800						800						Other assets						—						—						Other liabilities						96						88
Total derivatives designated as hedging instruments																								86						79												106						120
Derivatives not designated as hedging instruments
Foreign currency forward/option contracts						659						1,023						Other current assets						—						5						Other current liabilities						1						7
Total derivatives not designated as hedging instruments																								—						5												1						7
Total derivative instruments																								$	86					$	84											$	107					$	127

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 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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