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Pension and Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Reconciliation of the Beginning and Ending Balances of the Benefit Obligation and the Fair Value of Plan Assets
The following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years. 3M also has certain non-qualified unfunded pension and postretirement benefit plans, inclusive of plans related to supplement/excess benefits for employees impacted by particular relocations and other matters, that individually and in the aggregate are not significant and which are not included in the tables that follow. The obligations for these plans are included within other liabilities in the Company’s consolidated balance sheet and aggregated to less than $25 million as of December 31, 2024 and 2023.
In connection with the completion of the April 1, 2024 separation of Solventum (see Note 2), approximately $2.7 billion of pension and postretirement benefit obligations and $2.4 billion of plan assets for certain pension and postretirement benefit plans, were transferred to Solventum, which is treated as a discontinued operation. These are reflected in the "Transfers to Solventum" row in the table below. In addition, as discussed later in this Note 15, in 2024 3M transferred a portion of its U.S. pension payment obligations and related plan assets to an insurance company. Those transfers are included as settlements and applicable portion in actuarial gain in the tables below.
Qualified and Non-Pension BenefitsPostretirement Benefits
United StatesInternational
(Millions)202420232024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$13,498 $13,505 $5,571 $5,072 $1,897 $1,797 
Transfers to Solventum(1,850)— (615)— (243)— 
Service cost123 171 63 76 21 27 
Interest cost522 662 200 225 80 87 
Participant contributions— — 7 9 — — 
Foreign exchange rate changes— — (284)208 (16)10 
Plan amendments— — — (1)— — 
Actuarial (gain) loss(721)779 (198)298 (112)124 
Benefit payments(823)(1,504)(249)(258)(118)(142)
Settlements, curtailments, special termination benefits and other(2,387)(115)(59)(58)(6)(6)
Benefit obligation at end of year8,362 13,498 4,436 5,571 1,503 1,897 
Less: discontinued operations— (1,893)— (620)— (250)
Benefit obligation - continuing operations$8,362 $11,605 $4,436 $4,951 $1,503 $1,647 
Change in plan assets
Fair value of plan assets at beginning of year$12,348 $12,648 $6,341 $5,891 $980 $1,017 
Transfers to Solventum(1,808)— (455)— (130)— 
Actual return on plan assets99 1,144 38 426 21 102 
Company contributions69 60 71 82 14 10 
Participant contributions— — 7 9 — — 
Foreign exchange rate changes— — (299)241 — (1)
Benefit payments(823)(1,504)(249)(258)(118)(142)
Settlements, curtailments, special termination benefits and other(2,387)— (57)(50)(6)(6)
Fair value of plan assets at end of year7,498 12,348 5,397 6,341 761 980 
Less: discontinued operations— (1,837)— (484)— (133)
Fair value of plan assets - continuing operations7,498 10,511 5,397 5,857 761 847 
Funded status at end of year - continuing operations$(864)$(1,094)$961 $906 $(742)$(800)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheet as of December 31, (Millions)Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202420232024202320242023
Continuing operations:
Non-current assets$— $— $1,243 $1,239 $— $— 
Accrued benefit cost
Current liabilities(50)(49)(13)(11)(12)(11)
Non-current liabilities(814)(1,045)(269)(322)(730)(789)
Ending balance - continuing operations$(864)$(1,094)$961 $906 $(742)$(800)
Ending balance - discontinued operations$— $(56)$— $(136)$— $(117)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income as of December 31, (Millions)Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202420232024202320242023
Net transition obligation (asset)$— $— $— $3 $— $— 
Net actuarial loss (gain)2,922 4,809 347 316 279 423 
Prior service cost (credit)— (17)7 9 (94)(135)
Ending balance$2,922 $4,792 $354 $328 $185 $288 
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The following table summarizes the total accumulated benefit obligations, the accumulated benefit obligations and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets, and the projected benefit obligation and fair value of plan assets for defined benefit pension plans with projected benefit obligation in excess of plan assets as of December 31:
Qualified and Non-qualified Pension Plans
United StatesInternational
(Millions)2024202320242023
Accumulated benefit obligation$8,094 $13,073 $4,289 $5,275 
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation8,094 13,073 655 1,145 
Fair value of plan assets7,498 12,348 405 761 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation8,362 13,498 695 1,272 
Fair value of plan assets7,498 12,348 416 793 
Schedule of Net Periodic Benefit Cost (Benefit) Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
(Millions)202420232022202420232022202420232022
Net periodic benefit cost (benefit)
Operating expense
Service cost$123 $171 $256 $63 $76 $128 $21 $27 $42 
Non-operating expense
Interest cost522 662 417 200 225 125 80 87 52 
Expected return on plan assets(714)(974)(963)(322)(307)(271)(65)(77)(72)
Amortization of transition asset— — — 2 2 2 — — — 
Amortization of prior service benefit(15)(24)(24)1 2 — (22)(31)(31)
Amortization of net actuarial loss307 292 424 11 7 29 20 9 40 
Settlements, curtailments, special termination benefits and other821 (5)12 1 3 10 1 — 2 
Total non-operating expense (benefit)921 (49)(134)(107)(68)(105)14 (12)(9)
Total net periodic benefit cost (benefit)$1,044 $122 $122 $(44)$8 $23 $35 $15 $33 
Service cost - continuing operations116 139 209 58 60 107 20 23 35 
Service cost - discontinued operations7 32 47 5 16 21 1 4 7 
Total service cost$123 $171 $256 $63 $76 $128 $21 $27 $42 
Total non-operating expense (benefit) - continuing operations921 (32)(111)(107)(67)(114)14 (10)(7)
Total non-operating expense (benefit) - discontinued operations— (17)(23)— (1)9 — (2)(2)
Total non-operating expense (benefit)$921 $(49)$(134)$(107)$(68)$(105)$14 $(12)$(9)
Total net periodic benefit cost (benefit) - continuing operations1,037 107 98 (49)(7)(7)34 13 28 
Total net periodic benefit cost (benefit) - discontinued operations7 15 24 5 15 30 1 2 5 
Total net periodic benefit cost (benefit)$1,044 $122 $122 $(44)$8 $23 $35 $15 $33 
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition asset$— $— $— $(2)$(2)$(2)$— $— $— 
Prior service cost (benefit)— — — — (1)8 — — — 
Amortization of prior service benefit15 24 24 (1)(2)— 22 31 31 
Net actuarial (gain) loss(105)495 61 85 166 (689)(69)100 (166)
Amortization of net actuarial loss(307)(292)(424)(11)(7)(29)(20)(9)(40)
Foreign currency— — — (36)3 (82)2 — 2 
Settlements, curtailments, special termination benefits and other(821)5 (12)(1)— (4)(1)— (2)
Total recognized in other comprehensive (income) loss$(1,218)$232 $(351)$34 $157 $(798)$(66)$122 $(175)
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss$(174)$354 $(229)$(10)$165 $(775)$(31)$137 $(142)
Schedule of Defined Benefit Plan, Assumptions
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202420232022202420232022202420232022
Discount rate5.64 %4.98 %5.18 %4.44 %3.99 %4.39 %5.68 %5.06 %5.25 %
Compensation rate increase3.77 3.77 3.37 2.88 2.88 2.86 N/AN/AN/A
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202420232022202420232022202420232022
Discount rate - service cost5.35 %5.26 %3.10 %3.77 %4.06 %1.64 %5.30 %5.39 %3.11 %
Discount rate - interest cost5.21 5.11 2.38 4.06 4.39 1.62 5.23 5.25 2.59 
Expected return on assets7.63 7.50 6.00 5.31 4.61 3.86 7.85 7.58 5.77 
Compensation rate increase3.77 3.37 3.21 2.89 2.86 2.86 N/AN/AN/A
Schedule of Expected Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
(Millions)United StatesInternational
2025 Benefit Payments$709 $253 $132 
2026 Benefit Payments703 257 133 
2027 Benefit Payments703 266 135 
2028 Benefit Payments702 278 136 
2029 Benefit Payments695 287 138 
Next five years3,283 1,443 621 
Schedule of Allocation of Plan Assets
The fair values of the assets held by the U.S. pension and postretirement benefit plans by asset class are as follows:
Fair Value Measurements Using Inputs Considered asInvestments Measured at Net Asset Value*Fair Value at December 31,
Level 1Level 2Level 3
Asset Class (Millions)2024202320242023202420232024202320242023
U.S. Pension Plans
Equities$1,318 $1,246 $— $— $— $— $— $174 $1,318 $1,420 
Fixed income1,227 1,153 2,774 6,428 — — — 16 4,001 7,597 
Private equity— — — — 13 — 1,179 1,622 1,192 1,622 
Absolute return— 1 7 83 — — 899 1,314 906 1,398 
Cash and cash equivalents38 7 14 — — — 276 741 328 748 
Total$2,583 $2,407 $2,795 $6,511 $13 $— $2,354 $3,867 $7,745 $12,785 
Other items to reconcile to fair value of plan assets(247)(437)
Fair value of plan assets$7,498 $12,348 
Postretirement Benefit Plans
Equities$122 $118 $— $— $— $— $— $11 $122 $129 
Fixed income129 92 305 503 — — — 1 434 596 
Private equity— — — — 1 — 110 108 111 108 
Absolute return— — 4 5 — — 80 87 84 92 
Cash and cash equivalents7 35 1 — — — 26 49 34 84 
Total$258 $245 $310 $508 $1 $— $216 $256 $785 $1,009 
Other items to reconcile to fair value of plan assets(24)(29)
Fair value of plan assets$761 $980 
* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
The fair values of the assets held by the international pension plans by asset class are as follows:
Fair Value Measurements Using Inputs Considered asInvestments Measured at Net Asset Value*Fair Value at December 31,
Level 1Level 2Level 3
Asset Class (Millions)2024202320242023202420232024202320242023
Equities$231 $226 $437 $513 $1 $1 $2 $45 $671 $785 
Fixed income150 148 3,248 3,501 2 2 1 719 3,401 4,370 
Private equity— — 21 58 1 2 736 361 758 421 
Absolute return5 10 44 1 503 583 112 189 664 783 
Cash and cash equivalents99 106 58 76 — — — 1 157 183 
Total$485 $490 $3,808 $4,149 $507 $588 $851 $1,315 $5,651 $6,542 
Other items to reconcile to fair value of plan assets(254)(201)
Fair value of plan assets$5,397 $6,341 
*In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.