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Long-Term Debt and Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Short-Term Borrowings
NOTE 14. Long-Term Debt and Short-Term Borrowings
The following debt tables reflect effective interest rates, which include the impact of interest rate swaps, as of December 31, 2024. If the debt was issued on a combined basis, the debt has been separated to show the impact of the fixed versus floating effective interest rates. Carrying value includes the impact of debt issuance costs and fair value hedging activity. Long-term debt and short-term borrowings as of December 31 consisted of the following:
Long-Term Debt:
(Millions)Currency/ Fixed vs. FloatingEffective Interest RateFinal Maturity DateCarrying Value
Description / 2024 Principal Amount20242023
Medium-term note (repaid in 2024)
USD Fixed— %2024— 300 
Medium-term note (repaid in 2024)
USD Fixed— %2024— 500 
Medium-term note (repaid in 2024)
USD Floating— %2024— 300 
Registered note ($750 million)
USD Fixed2.02 %2025750 748 
Registered note ($500 million)
USD Fixed2.66 %2025500 499 
Medium-term note ($550 million)
USD Fixed3.03 %2025550 549 
Medium-term note ($650 million)
USD Fixed2.29 %2026648 647 
Medium-term note (€750 million)
EUR Fixed1.53 %2026778 821 
Floating rate note ($19 million)
USD Floating5.15 %202718 18 
Medium-term note ($850 million)
USD Fixed2.91 %2027847 846 
30-year debenture ($220 million)
USD Fixed6.38 %2028222 223 
Floating rate note ($150 million)
USD Floating7.93 %2028133 131 
Floating rate note ($150 million)
USD Floating7.88 %2028133 132 
Floating rate note ($250 million)
USD Floating7.22 %2028218 216 
Floating rate note ($150 million)
USD Floating7.16 %2028131 130 
Floating rate note ($100 million)
USD Floating7.25 %202887 86 
Medium-term note ($600 million)
USD Fixed3.65 %2028599 598 
Medium-term note ($800 million)
USD Fixed3.39 %2029798 798 
Registered note ($1,000 million)
USD Fixed2.41 %2029992 991 
Registered note ($600 million)
USD Fixed3.08 %2030597 597 
Medium-term note (€500 million)
EUR Fixed1.79 %2030515 546 
Medium-term note (€500 million)
EUR Fixed1.52 %2031518 549 
30-year bond ($555 million)
USD Fixed5.70 %2037552 552 
Floating rate note ($52 million)
USD Floating5.20 %204052 52 
Floating rate note ($95 million)
USD Floating5.20 %204194 94 
Medium-term note ($325 million)
USD Fixed4.04 %2044315 316 
Floating rate note ($49 million)
USD Floating5.25 %204449 53 
Medium-term note ($500 million)
USD Fixed3.31 %2046478 479 
Medium-term note ($500 million)
USD Fixed3.69 %2047493 493 
Medium-term note ($650 million)
USD Fixed4.09 %2048638 639 
Medium-term note ($500 million)
USD Fixed3.95 %2048506 504 
Registered note ($500 million)
USD Fixed3.36 %2049486 486 
Registered note ($350 million)
USD Fixed3.75 %2050346 346 
Other borrowingsVarious0.06 %2025-20291 1 
Total long-term debt13,044 14,240 
Less: current portion of long-term debt1,919 1,152 
Long-term debt (excluding current portion)$11,125 $13,088 
Post-Swap Borrowing (Long-Term Debt, Including Current Portion):
20242023
(Millions)Carrying ValueEffective Interest RateCarrying ValueEffective Interest Rate
Fixed-rate debt$12,128 3.07 %$13,027 3.09 %
Floating-rate debt916 6.94 %1,213 6.88 %
Total long-term debt, including current portion$13,044 $14,240 
Short-Term Borrowings and Current Portion of Long-Term Debt:
Effective Interest RateCarrying Value
(Millions)20242023
Current portion of long-term debt2.67 %$1,919 $1,152 
U.S. dollar commercial paper— %— 1,795 
Total short-term borrowings and current portion of long-term debt$1,919 $2,947 
Future Maturities of Long-term Debt: Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2024. The maturities of long-term debt for the periods subsequent to December 31, 2024 are as follows (in millions):
20252026202720282029
After 2029
Total
$1,919 $1,520 $847 $740 $1,791 $6,227 $13,044 
As a result of put provisions associated with certain debt instruments, long-term debt payments due in 2025 include floating rate notes totaling $119 million (classified as current portion of long-term debt).
Credit Facilities: 3M has a $4.25 billion five-year revolving credit facility that expires in May 2028. The revolving credit agreement includes a provision under which 3M may request an increase of up to $1.0 billion (at lender’s discretion), bringing the total facility up to $5.25 billion. The credit facility was undrawn at December 31, 2024. Under the $4.25 billion credit facility, the Company is required to maintain its EBITDA to Interest Ratio as of the end of each fiscal quarter at not less than 3.0 to 1. This is calculated (based on amounts defined in the amended agreement) as the ratio of consolidated total EBITDA for the four consecutive quarters then ended to total interest expense on all funded debt for the same period. At December 31, 2024, 3M was in compliance with this requirement. Debt covenants do not restrict the payment of dividends.
Other Credit Facilities: The Company also had $0.5 billion in stand-alone letters of credit, bank guarantees, and other similar instruments issued and outstanding at December 31, 2024. These instruments are utilized in connection with normal business activities.
Solventum Related Debt: In the first quarter of 2024, Solventum, prior to the Separation discussed in Note 2, issued a total of $8.4 billion in aggregate principal amount of senior unsecured debt and term loans. Also during the first quarter of 2024, Solventum further entered into a revolving credit facility of $2 billion which was undrawn as of March 31, 2024. These Solventum items were guaranteed by 3M until the completion of the Separation on April 1, 2024 and obligations under these notes, loans and facilities became, as transferred obligations, the sole responsibility of Solventum after the Separation.
Fixed-to-Floating Interest Rate Swaps: During 2021, 3M entered into interest rate swaps with an aggregate notional amount of $800 million. These swaps converted $500 million and $300 million of 3M’s $1 billion and $650 million principal amount of fixed rate notes due 2049 and 2050, respectively, into floating rate debt for the portion of their terms through mid-2028 with an original interest rate based on a three-month LIBOR index, which since was amended to a rate based on a SOFR index.
Long-Term Debt Maturities and Extinguishments: In 2024, 3M repaid $1.1 billion aggregate principal amount of medium-term notes that matured.
In 2023, 3M repaid $500 million aggregate principal amount of fixed-rate registered notes that matured, $650 million aggregate principal amount of fixed-rate medium-term notes that matured and 600 million euros aggregate principal amount of fixed-rate medium-term notes that matured.
In 2022, 3M repaid 500 million euros aggregate principal amount of fixed-rate medium-term notes that matured and $600 million aggregate principal amount of fixed-rate medium-term notes that matured.
Floating Rate Notes: At various times, 3M has issued floating rate notes containing put provisions, amounting to $0.2 billion in total. 3M would be required to repurchase these securities at various prices ranging from 99 percent to 100 percent of par value according to the reduction schedules for each security. Under the terms of this floating rate note due in 2044, holders have an annual put feature at 100 percent of par value from 2014 and every anniversary thereafter until final maturity. Under the terms of the floating rate notes due in 2027, 2040 and 2041, holders have put options that commence ten years from the date of issuance and each third anniversary thereafter until final maturity at prices ranging from 99 percent to 100 percent of par value. For the periods presented, 3M was required to repurchase an immaterial amount of principal on the aforementioned floating rate notes.