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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
(Millions)						2025						2024
Foreign currency forward/option contracts						$	(14)					$	61

Schedule of Gain (loss) on Derivative Instruments Designated as Fair Value Hedges

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
						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Long-term debt						$	938					$	924					$	(65)					$	(79)

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 non-derivative instruments designated as net investment hedges are as follows.

						Pretax gain (loss) recognized as cumulative translation within other comprehensive income (loss)
						Three months ended March 31,
(Millions)						2025						2024
Foreign currency denominated debt						$	(72)					$	43
Foreign currency forward/option contracts and cross-currency swaps						(43)						3
Total						$	(115)					$	46

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

						Location and amount of gain (loss) recognized in income (loss)
						Three months ended March 31,
						Cost of sales												Other expense (income), net
(Millions)						2025						2024						2025						2024
Total consolidated financial statement line item amount						$	3,478					$	3,485					$	(139)					$	220
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*						(25)						(29)						—						—
Interest rate contracts:
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income						—						—						2						2
(Gain) or loss on fair value hedging relationships:
Interest rate contracts:
Hedged items						—						—						14						(11)
Derivatives designated as hedging instruments						—						—						(14)						11
Information regarding derivatives not designated as hedging instruments:
(Gain) or loss on derivatives not designated as instruments:
Foreign currency forward/option contracts						(16)						5						(28)						2

*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 non-derivative 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 and foreign currency forward/option contracts, which are presented using the foreign exchange rate at inception.

						Gross notional Amount												Assets																		Liabilities
(Millions)																		Location						Fair value amount												Location						Fair value amount
						March 31, 2025						December 31, 2024												March 31, 2025						December 31, 2024												March 31, 2025						December 31, 2024
			Derivatives designated as hedging instruments
Foreign currency forward/option contracts						$	1,734					$	1,382					Other current assets						$	37					$	61					Other current liabilities						$	9					$	6
Foreign currency forward/option contracts and cross-currency swaps						6,360						4,746						Other assets						73						78						Other liabilities						105						65
Interest rate contracts						800						800						Other assets						—						—						Other liabilities						67						81
Total derivatives designated as hedging instruments																								110						139												181						152
Derivatives not designated as hedging instruments
Foreign currency forward/option contracts						2,450						2,217						Other current assets						3						3						Other current liabilities						8						13
Total derivatives not designated as hedging instruments																								3						3												8						13
Total derivative instruments																								$	113					$	142											$	189					$	165

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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