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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 9. Income Taxes
The effective tax rates were as follows:
Three months ended June 30,Six months ended June 30,
(Percent of pre-tax income)2025202420252024
Effective tax rate 26.6 %14.4 %22.1 %18.1 %
The primary factors that increased the Company's effective tax rate for the three and six months ending June 30, 2025, when compared to 2024, were the tax effect of the change in value of 3M's retained ownership interest in Solventum and application of Pillar Two Model Rules published by the Organization for Economic Cooperation and Development (OECD). These were partially offset by the 2024 charge related to the Company's change in assertion on earnings no longer considered permanently reinvested.
Net deferred tax assets (net of valuation allowance and deferred tax liabilities) are included as components of other assets and other liabilities within the Consolidated Balance Sheet. This net balance was the following:
(Billions)
June 30, 2025December 31, 2024
Net deferred tax assets
$3.7$3.8