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Supplemental Equity and Comprehensive Income (Loss) Information | 9 Months Ended
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Sep. 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 for the first quarter of 2024 and $0.70 for each of the second and third quarters of 2024, respectively, and $1.50 per share for each of the first, second and third quarters of 2023, or $2.91 and $4.50 per share for the first nine months of 2024 and 2023, respectively. The table below presents the consolidated changes in equity for three and nine months ended September 30, 2024 and 2023:
|  |  |  | 3M Company Shareholders |  |
(Millions) |  | Total |  | Common Stock and Additional Paid-in Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Non-controlling Interest
Balance at June 30, 2024 |  | $ | 3,988 |  |  | $ | 7,155 |  | $ | 35,475 |  | $ | (33,147) |  |  | $ | (5,567) |  |  | $ | 72 |
Net income (loss) |  | 1,376 |  |  |  |  | 1,372 |  |  |  |  |  |  | 4 |
Other comprehensive income (loss), net of tax |  | 342 |  |  |  |  |  |  |  |  | 343 |  |  | (1) |
Solventum spin-off |  | 4 |  |  |  |  | 4 |  |  |  |  | — |  |  |
Dividends declared |  | (383) |  |  |  |  | (383) |  |  |  |  |  |  |
Stock-based compensation |  | 36 |  |  | 36 |  |  |  |  |  |  |  |  |
Reacquired stock |  | (684) |  |  |  |  |  |  | (684) |  |  |  |  |
Dividend to noncontrolling interest |  | (23) |  |  |  |  |  |  |  |  |  |  | (23) |
Issuances pursuant to stock option and benefit plans |  | 38 |  |  |  |  | (9) |  |  | 47 |  |  |  |  |
Balance at September 30, 2024 |  | $ | 4,694 |  |  | $ | 7,191 |  |  | $ | 36,459 |  |  | $ | (33,784) |  |  | $ | (5,224) |  |  | $ | 52 |
Balance at June 30, 2023 |  | $ | 7,857 |  |  | $ | 6,867 |  |  | $ | 40,290 |  |  | $ | (32,926) |  |  | $ | (6,433) |  |  | $ | 59 |
Net income (loss) |  | (2,071) |  |  |  |  | (2,075) |  |  |  |  |  |  | 4 |
Other comprehensive income (loss), net of tax |  | (294) |  |  |  |  |  |  |  |  | (293) |  |  | (1) |
Dividends declared |  | (828) |  |  |  |  | (828) |  |  |  |  |  |  |
Stock-based compensation |  | 45 |  |  | 45 |  |  |  |  |  |  |  |  |
Reacquired stock |  | (2) |  |  |  |  |  |  | (2) |  |  |  |  |
Dividend to non controlling interest |  | (3) |  |  |  |  |  |  |  |  |  |  | (3) |
Issuances pursuant to stock option and benefit plans |  | 27 |  |  |  |  | (12) |  |  | 39 |  |  |  |  |
Balance at September 30, 2023 |  | $ | 4,731 |  |  | $ | 6,912 |  |  | $ | 37,375 |  |  | $ | (32,889) |  |  | $ | (6,726) |  |  | $ | 59 |
|  |  |  | 3M Company Shareholders |  |
(Millions) |  | Total |  | Common Stock and Additional Paid-in Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated 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) |  | 3,460 |  |  |  |  | 3,445 |  |  |  |  |  |  | 15 |
Total other comprehensive income (loss), net of tax |  | 969 |  |  |  |  |  |  |  |  | 970 |  |  | (1) |
Solventum spin-off |  | (2,165) |  |  |  |  | (2,749) |  |  |  |  | 584 |  |  |
Dividends declared |  | (1,604) |  |  |  |  | (1,604) |  |  |  |  |  |  |
Stock-based compensation |  | 226 |  |  | 226 |  |  |  |  |  |  |  |  |
Reacquired stock |  | (1,105) |  |  |  |  |  |  | (1,105) |  |  |  |  |
Dividend to noncontrolling interest |  | (23) |  |  |  |  |  |  |  |  |  |  | (23) |
Issuances pursuant to stock option and benefit plans |  | 68 |  |  |  |  | (112) |  |  | 180 |  |  |  |  |
Balance at September 30, 2024 |  | $ | 4,694 |  |  | $ | 7,191 |  |  | $ | 36,459 |  |  | $ | (33,784) |  |  | $ | (5,224) |  |  | $ | 52 |
Balance at December 31, 2022 |  | $ | 14,770 |  |  | $ | 6,700 |  |  | $ | 47,950 |  |  | $ | (33,255) |  |  | $ | (6,673) |  |  | $ | 48 |
Net income (loss) |  | (7,926) |  |  |  |  | (7,940) |  |  |  |  |  |  | 14 |
Total other comprehensive income (loss), net of tax |  | (53) |  |  |  |  |  |  |  | (53) |  |  | — |
Dividends declared |  | (2,483) |  |  |  |  | (2,483) |  |  |  |  |  |  |
Stock-based compensation |  | 212 |  |  | 212 |  |  |  |  |  |  |  |  |
Reacquired stock |  | (31) |  |  |  |  |  |  | (31) |  |  |  |  |
Dividend to noncontrolling interest |  | (3) |  |  |  |  |  |  |  |  |  | (3)
Issuances pursuant to stock option and benefit plans |  | 245 |  |  |  |  | (152) |  |  | 397 |  |  |  |  |
Balance at September 30, 2023 |  | $ | 4,731 |  |  | $ | 6,912 |  |  | $ | 37,375 |  |  | $ | (32,889) |  |  | $ | (6,726) |  |  | $ | 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 nine months ended September 30, 2024 and 2023:
(Millions) |  | Cumulative Translation Adjustment |  | Defined Benefit Pension and Postretirement Plans Adjustment |  | Cash Flow Hedging Instruments, Unrealized Gain (Loss) |  | Total Accumulated Other Comprehensive Income (Loss)
Balance at June 30, 2024, net of tax: |  | $ | (2,795) |  |  | $ | (2,737) |  |  | $ | (35) |  |  | $ | (5,567) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |
Amounts before reclassifications |  | 331 |  |  | — |  |  | (70) |  |  | 261 |
Amounts reclassified out |  | — |  |  | 63 |  |  | (21) |  | 42 |
Total other comprehensive income (loss), before tax |  | 331 |  |  | 63 |  |  | (91) |  |  | 303 |
Tax effect 2 |  | 38 |  |  | (15) |  |  | 17 |  |  | 40 |
Total other comprehensive income (loss), net of tax |  | 369 |  |  | 48 |  |  | (74) |  |  | 343 |
Balance at September 30, 2024, net of tax: |  | $ | (2,426) |  |  | $ | (2,689) |  |  | $ | (109) |  |  | $ | (5,224) |
Balance at June 30, 2023, net of tax: |  | $ | (2,688) |  |  | $ | (3,737) |  |  | $ | (8) |  |  | $ | (6,433) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |
Amounts before reclassifications |  | (340) |  |  | — |  |  | 66 |  |  | (274) |
Amounts reclassified out |  | — |  |  | 65 |  |  | (38) |  |  | 27 |
Total other comprehensive income (loss), before tax |  | (340) |  |  | 65 |  |  | 28 |  |  | (247) |
Tax effect 2 |  | (24) |  |  | (15) |  |  | (7) |  |  | (46) |
Total other comprehensive income (loss), net of tax |  | (364) |  |  | 50 |  |  | 21 |  |  | (293) |
Balance at September 30, 2023, net of tax: |  | $ | (3,052) |  |  | $ | (3,687) |  |  | $ | 13 |  |  | $ | (6,726) |
(Millions) |  | Cumulative Translation Adjustment |  | Defined Benefit Pension and Postretirement Plans Adjustment |  | Cash 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 |  | (70) |  |  | 285 |  |  | 14 |  |  | 229 |
Amounts reclassified out |  | 68 |  |  | 1,035 |  |  | (78) |  | 1,025 |
Total other comprehensive income (loss), before tax |  | (2) |  |  | 1,320 |  |  | (64) |  |  | 1,254 |
Tax effect 2 |  | 18 |  | (311) |  |  | 9 |  |  | (284) |
Total other comprehensive income (loss), net of tax |  | 16 |  |  | 1,009 |  |  | (55) |  |  | 970 |
Solventum spin-off |  | 64 |  |  | 520 |  |  | — |  |  | 584 |
Balance at September 30, 2024, net of tax: |  | $ | (2,426) |  |  | $ | (2,689) |  |  | $ | (109) |  |  | $ | (5,224) |
Balance at December 31, 2022, net of tax: |  | $ | (2,828) |  |  | $ | (3,838) |  |  | $ | (7) |  | $ | (6,673) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |
Amounts before reclassifications |  | (232) |  | — |  |  | 144 |  |  | (88)
Amounts reclassified out |  | 39 |  |  | 194 |  |  | (119) |  |  | 114 |
Total other comprehensive income (loss), before tax |  | (193) |  | 194 |  |  | 25 |  |  | 26
Tax effect 2 |  | (31) |  | (43) |  |  | (5) |  | (79) |
Total other comprehensive income (loss), net of tax |  | (224) |  | 151 |  |  | 20 |  |  | (53)
Balance at September 30, 2023, net of tax: |  | $ | (3,052) |  |  | $ | (3,687) |  |  | $ | 13 |  |  | $ | (6,726) |
Includes tax expense (benefit) reclassified out of AOCI related to the following:
|  |  | Three months ended September 30, |  | Nine months ended September 30, |  |  |
| (millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
| Cumulative Translation Adjustment |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |
| Defined benefit pension and postretirement plans adjustment |  | (14) |  |  | (15) |  |  | (243) |  |  | (43) |  |  |  |
| Cash flow hedging instruments, unrealized gain/loss |  | 5 |  |  | 9 |  |  | 18 |  |  | 27 |  |  |  |
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.

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