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Derivatives (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine months ended September 30, |  |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | (70) |  |  | $ | 66 |  |  | $ | 14 |  |  | $ | 144 |  |  |  |  |  |  |
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
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Long-term debt |  | $ | 937 |  | $ | 918 |  | $ | (65) |  | $ | (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 September 30, |  | Nine months ended September 30, |  |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
Foreign currency denominated debt |  | $ | (77) |  |  | $ | 60 |  |  | $ | (21) |  |  | $ | (5) |  |  |  |  |  |  |
Foreign currency forward contracts |  | (6) |  |  | 5 |  |  | (1) |  |  | 2 |  |  |  |  |  |  |
Total |  | $ | (83) |  |  | $ | 65 |  |  | $ | (22) |  |  | $ | (3) |  |  |  |  |  |  |
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 September 30, |  | Nine months ended September 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 |  | $ | 3,647 |  |  | $ | 3,716 |  |  | $ | (405) |  |  | $ | 206 |  |  | $ | 10,703 |  |  | $ | 11,188 |  |  | $ | (323) |  |  | $ | 334 |  |  |  |  |  |  |  |  |  |  |  |  |
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* |  | (23) |  |  | (40) |  |  | — |  |  | — |  |  | (84) |  |  | (125) |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | — |  |  | — |  |  | 29 |  |  | (21) |  |  | — |  |  | — |  |  | 20 |  |  | (18) |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | (29) |  |  | 21 |  |  | — |  |  | — |  |  | (20) |  |  | 18 |  |  |  |  |  |  |  |  |  |  |  |  |
Information regarding derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on derivatives not designated as instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | — |  |  | 1 |  |  | (13) |  |  | 2 |  |  | 7 |  | 6 |  |  | (7) |  |  | (11) |  |  |  |  |  |  |  |  |  |  |  |  |
*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
| September 30, 2024 |  | December 31, 2023 |  |  | September 30, 2024 |  | December 31, 2023 |  |  | September 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 1,668 |  |  | $ | 2,109 |  |  | Other current assets |  | $ | 34 |  |  | $ | 68 |  |  | Other current liabilities |  | $ | 29 |  |  | $ | 27 |
Foreign currency forward/option contracts |  | 840 |  |  | 342 |  |  | Other assets |  | 7 |  |  | 11 |  |  | Other liabilities |  | 19 |  |  | 5 |
Interest rate contracts |  | 800 |  |  | 800 |  |  | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 68 |  |  | 88 |
Total derivatives designated as hedging instruments |  |  |  |  |  |  |  | 41 |  |  | 79 |  |  |  |  | 116 |  |  | 120 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 1,164 |  |  | 1,023 |  |  | Other current assets |  | 5 |  |  | 5 |  |  | Other current liabilities |  | 2 |  |  | 7 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  |  | 5 |  |  | 5 |  |  |  |  | 2 |  |  | 7 |
Total derivative instruments |  |  |  |  |  | $ | 46 |  |  | $ | 84 |  |  |  |  | $ | 118 |  |  | $ | 127 |

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