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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six months ended June 30, |  |
(Millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | (91) |  |  | $ | 23 |  |  | $ | (105) |  |  | $ | 84 |  |  |  |  |  |  |
Schedule of Gain (loss) on Derivative Instruments Designated as 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:
|  | Carrying value of the hedged (and formerly hedged) liabilities |  | Cumulative amount of fair value hedging adjustment included in carrying value of the hedged (and formerly hedged) liabilities
Location on the consolidated balance sheet (millions) |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  |  |  |
Long-term debt |  | $ | 949 |  | $ | 924 |  | $ | (54) |  | $ | (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 June 30, |  | Six months ended June 30, |  |
(Millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Foreign currency denominated debt |  | $ | (157) |  |  | $ | 13 |  |  | $ | (229) |  |  | $ | 56 |  |  |  |  |  |  |
Foreign currency forward/option contracts and cross-currency swaps |  | (114) |  |  | 2 |  |  | (157) |  |  | 5 |  |  |  |  |  |  |
Total |  | $ | (271) |  |  | $ | 15 |  |  | $ | (386) |  |  | $ | 61 |  |  |  |  |  |  |
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
|  | Three months ended June 30, |  | Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |
|  | Cost of sales |  | Other expense (income), net |  | Cost of sales |  | Other expense (income), net |  |  |  |
(Millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
Total consolidated financial statement line item amount |  | $ | 3,646 |  |  | $ | 3,571 |  |  | $ | 217 |  |  | $ | (138) |  |  | $ | 7,124 |  |  | $ | 7,056 |  |  | $ | 78 |  |  | $ | 82 |  |  |  |  |  |  |  |  |  |  |  |  |
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* |  | (16) |  |  | (32) |  |  | — |  |  | — |  |  | (41) |  |  | (61) |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | — |  |  | — |  |  | 11 |  |  | 2 |  |  | — |  |  | — |  |  | 25 |  |  | (9) |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | (11) |  |  | (2) |  |  | — |  |  | — |  |  | (25) |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |
Information regarding derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
(Gain) or loss on derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | (33) |  |  | 2 |  |  | (71) |  |  | 4 |  |  | (49) |  | 7 |  |  | (99) |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |
*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
| June 30, 2025 |  | December 31, 2024 |  |  | June 30, 2025 |  | December 31, 2024 |  |  | June 30, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | $ | 1,565 |  |  | $ | 1,382 |  |  | Other current assets |  | $ | 11 |  |  | $ | 61 |  |  | Other current liabilities |  | $ | 43 |  |  | $ | 6 |
Foreign currency forward/option contracts and cross-currency swaps |  | 6,446 |  |  | 4,746 |  |  | Other assets |  | 111 |  |  | 78 |  |  | Other liabilities |  | 281 |  |  | 65 |
Interest rate contracts |  | 800 |  |  | 800 |  |  | Other assets |  | — |  |  | — |  |  | Other liabilities |  | 56 |  |  | 81 |
Total derivatives designated as hedging instruments |  |  |  | 122 |  |  | 139 |  |  |  |  | 380 |  |  | 152 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward/option contracts |  | 2,805 |  |  | 2,217 |  |  | Other current assets |  | 17 |  |  | 3 |  |  | Other current liabilities |  | 15 |  |  | 13 |
Foreign currency forward/option contracts |  | 3 |  |  | — |  |  | Other assets |  | — |  |  | — |  |  | Other liabilities |  | — |  |  | — |
Total derivatives not designated as hedging instruments |  |  |  | 17 |  |  | 3 |  |  |  |  | 15 |  |  | 13 |
Total derivative instruments |  |  |  |  |  | $ | 139 |  |  | $ | 142 |  |  |  |  | $ | 395 |  |  | $ | 165 |
Schedule of Offsetting Assets | Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
(Millions) |  | Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet |  | Gross Amount of Eligible Offsetting Recognized Derivative Liabilities |  | Net Amount of Derivative Assets
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Derivatives subject to master netting agreements |  | 139 |  | 142 |  | 134 |  | 64 |  | 5 |  | 78
Schedule of Offsetting Liabilities | Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
(Millions) |  | Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet |  | Gross Amount of Eligible Offsetting Recognized Derivative Assets |  | Net Amount of Derivative Liabilities
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Derivatives subject to master netting agreements |  | 395 |  | 165 |  | 134 |  | 64 |  | 261 |  | 101
Schedule of Effective Income Tax Rate | The effective tax rates were as follows:
|  | Three months ended June 30, |  | Six months ended June 30, |  |
(Percent of pre-tax income) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Effective tax rate |  | 26.6 | % |  | 14.4 | % |  | 22.1 | % |  | 18.1 | % |  |
3M estimates that year-on-year foreign currency transaction effects, including hedging impacts, approximately impacted pre-tax income as follows:
|  | Three months ended June 30, |  | Six months ended June 30, |
(Millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Year-on-year foreign currency transaction effects on pre-tax income |  | $ | (30) |  |  | $ | 2 |  |  | $ | (25) |  |  | $ | (19) |  |  |

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