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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 9. Income Taxes The effective tax rate for the first quarter of 2025 was 19.1 percent, a decrease from 23.7 percent in the prior year. The primary factors that decreased the Company's effective tax rate for first quarter 2025 were the effective tax rate benefit on the change in value of 3M's retained ownership interest in Solventum offset by the effective tax rate on the PWS and CAE Settlements (as discussed in Note 17) and implementation of Pillar Two Model Rules published by the Organization for Economic Cooperation and Development (OECD). The total amounts of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of March 31, 2025 and December 31, 2024 are $669 million and $686 million, respectively. It is reasonably possible that the amount of unrecognized tax benefits could significantly change within the next 12 months. At this time, the Company is not able to estimate the range by which these potential events could impact 3M’s unrecognized tax benefits in the next 12 months. Net deferred tax assets are included as components of Other Assets and Other Liabilities within the Consolidated Balance Sheet. As of March 31, 2025, 3M's net non-current deferred tax asset balance was approximately $4.0 billion. This included a balance of approximately $2.6 billion as a result of the 2023 pre-tax charges related to the PWS and CAE Settlements (as discussed in Note 17). As of March 31, 2025 and December 31, 2024, the Company had valuation allowances of $1.0 billion and $1.1 billion on its deferred tax assets, respectively, with the amounts impacted by a valuation allowance related to the difference in basis of the retained ownership interest in Solventum.

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