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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 1-3285
3M COMPANY
(Exact name of registrant as specified in its charter)
Delaware41-0417775
(State or other jurisdiction of incorporation)(IRS Employer Identification No.)
3M Center, St. Paul, Minnesota
55144-1000
(Address of Principal Executive Offices)(Zip Code)
(Registrant’s Telephone Number, Including Area Code) (651) 733-1110
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $.01 Per ShareMMMNew York Stock Exchange
MMMChicago Stock Exchange, Inc.
1.500% Notes due 2026MMM26New York Stock Exchange
1.750% Notes due 2030MMM30New York Stock Exchange
1.500% Notes due 2031MMM31New York Stock Exchange
Note: The common stock of the Registrant is also traded on the SIX Swiss Exchange.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at March 31, 2024
Common Stock, $0.01 par value per share
553,361,257 shares
1

3M COMPANY
Form 10-Q for the Quarterly Period Ended March 31, 2024
TABLE OF CONTENTS
PAGE
2

3M COMPANY
FORM 10-Q
For the Quarterly Period Ended March 31, 2024
PART I. Financial Information
Item 1. Financial Statements
3M Company and Subsidiaries
Consolidated Statement of Income (Loss)
(Unaudited)
Three months ended
March 31,
(Millions, except per share amounts)20242023
Net sales$8,003 $8,031 
Operating expenses
Cost of sales4,329 4,613 
Selling, general and administrative expenses1,736 1,705 
Research, development and related expenses 437 472 
Total operating expenses 6,502 6,790 
Operating income (loss)1,501 1,241 
Other expense (income), net264 52 
Income (loss) before income taxes 1,237 1,189 
Provision (benefit) for income taxes 305 210 
Income (loss) of consolidated group932 979 
Income (loss) from unconsolidated subsidiaries, net of taxes1 2 
Net income (loss) including noncontrolling interest 933 981 
Less: Net income (loss) attributable to noncontrolling interest 5 5 
Net income (loss) attributable to 3M $928 $976 
Weighted average 3M common shares outstanding — basic 555.0 552.7 
Earnings (loss) per share attributable to 3M common shareholders — basic$1.67 $1.77 
Weighted average 3M common shares outstanding — diluted555.9 553.2 
Earnings (loss) per share attributable to 3M common shareholders — diluted $1.67 $1.76 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
3

3M Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three months ended
March 31,
(Millions)20242023
Net income (loss) including noncontrolling interest $933 $981 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(208)116 
Defined benefit pension and postretirement plans adjustment135 51 
Cash flow hedging instruments26 (24)
Total other comprehensive income (loss), net of tax(47)143 
Comprehensive income (loss) including noncontrolling interest886 1,124 
Comprehensive (income) loss attributable to noncontrolling interest(6)(5)
Comprehensive income (loss) attributable to 3M$880 $1,119 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
4

3M Company and Subsidiaries
Consolidated Balance Sheet
(Unaudited)
(Dollars in millions, except per share amount)March 31, 2024December 31, 2023
Assets
Current assets
Cash and cash equivalents$10,911 $5,933 
Marketable securities — current 60 53 
Accounts receivable — net of allowances of $133 and $141
4,750 4,750 
Inventories
Finished goods 2,372 2,293 
Work in process 1,388 1,424 
Raw materials and supplies 1,137 1,105 
Total inventories 4,897 4,822 
Prepaids655 485 
Other current assets 340 336 
Total current assets 21,613 16,379 
Property, plant and equipment 26,675 26,870 
Less: Accumulated depreciation (17,603)(17,711)
Property, plant and equipment — net 9,072 9,159 
Operating lease right of use assets744 759 
Goodwill 12,809 12,927 
Intangible assets — net 4,105 4,226 
Other assets 6,900 7,130 
Total assets $55,243 $50,580 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt $820 $2,947 
Accounts payable 3,372 3,245 
Accrued payroll 607 904 
Accrued income taxes 383 365 
Operating lease liabilities — current227 225 
Other current liabilities 7,747 7,611 
Total current liabilities 13,156 15,297 
Long-term debt 20,593 13,088 
Pension and postretirement benefits 2,320 2,471 
Operating lease liabilities517 534 
Other liabilities 13,724 14,322 
Total liabilities 50,310 45,712 
Commitments and contingencies (Note 16)
Equity
3M Company shareholders’ equity:
Common stock par value, $.01 par value; 944,033,056 shares issued
9 9 
Shares outstanding - March 31, 2024: 553,361,257
Shares outstanding - December 31, 2023: 552,581,136
Additional paid-in capital 6,973 6,956 
Retained earnings 37,472 37,479 
Treasury stock, at cost:(32,762)(32,859)
Shares at March 31, 2024: 390,671,799
Shares at December 31, 2023: 391,451,920
Accumulated other comprehensive income (loss) (6,826)(6,778)
Total 3M Company shareholders’ equity 4,866 4,807 
Noncontrolling interest67 61 
Total equity 4,933 4,868 
Total liabilities and equity $55,243 $50,580 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
5

3M Company and Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
Three months ended
March 31,
(Millions)20242023
Cash Flows from Operating Activities
Net income (loss) including noncontrolling interest $933 $981 
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization 430 466 
Company pension and postretirement contributions (48)(27)
Company pension and postretirement expense 54 37 
Stock-based compensation expense 29 135 
Deferred income taxes 144 (93)
Changes in assets and liabilities
Accounts receivable (76)(73)
Inventories (141)91 
Accounts payable 220 36 
Accrued income taxes (current and long-term) (21)(37)
Other — net (757)(241)
Net cash provided by (used in) operating activities 767 1,275 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) (375)(475)
Proceeds from sale of PP&E and other assets 21 3 
Purchases of marketable securities and investments (399)(364)
Proceeds from maturities and sale of marketable securities and investments388 450 
Other — net (28) 
Net cash provided by (used in) investing activities (393)(386)
Cash Flows from Financing Activities
Change in short-term debt — net (205) 
Repayment of debt (maturities greater than 90 days) (2,653)(1,150)
Proceeds from debt (maturities greater than 90 days) 8,367 1,107 
Purchases of treasury stock (21)(29)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans18 187 
Dividends paid to shareholders (835)(827)
Other — net (50)(4)
Net cash provided by (used in) financing activities 4,621 (716)
Effect of exchange rate changes on cash and cash equivalents (17)(4)
Net increase (decrease) in cash and cash equivalents 4,978 169 
Cash and cash equivalents at beginning of year 5,933 3,655 
Cash and cash equivalents at end of period$10,911 $3,824 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
6

3M Company and Subsidiaries
Notes to Consolidated Financial Statements(Unaudited)
NOTE 1. Significant Accounting Policies
Basis of Presentation: The interim consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of results for the full year. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its Annual Report on Form 10-K.
Effective in the first quarter of 2024, 3M made certain changes within its business segments. The changes are described in Note 17. While they impacted the composition and names of certain divisions within 3M's business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M’s chief operating decision maker (CODM). 3M's disclosed disaggregated revenue was also updated as a result of these changes (see Note 2). Information provided herein reflects the impact of these changes for all periods presented.
New Accounting Pronouncements: Refer to Note 1 to the Consolidated Financial Statements in 3M’s 2023 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M.
Relevant New Standards Issued Subsequent to Most Recent Annual Report
In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require a registrant to disclose information in annual reports and registration statements about climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The information would include disclosure of a registrant's greenhouse gas emissions. In addition, certain disclosures related to severe weather events and other natural conditions will be required in a registrant’s audited financial statements. Annual disclosure requirements would be effective for 3M as early as the fiscal year beginning January 1, 2025. However, in April 2024, the SEC voluntarily stayed the final rules pending certain legal challenges. The Company is evaluating the impact of these rules on its disclosures.
7

NOTE 2. Revenue
Contract Balances: Deferred revenue primarily relates to revenue that is recognized over time for one-year software license contracts. Deferred revenue (current portion) as of March 31, 2024 and December 31, 2023 was $565 million and $572 million, respectively. Approximately $210 million of the December 31, 2023 balance and $200 million of the December 31, 2022 balance was recognized as revenue during the three months ended March 31, 2024 and 2023, respectively.
Operating Lease Revenue: Net sales includes rental revenue from durable medical devices as part of operating lease arrangements (reported within the Medical Surgical Division), which was $139 million and $139 million during the three months ended March 31, 2024 and 2023, respectively.
Disaggregated Revenue Information: The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods:
Three months ended
March 31,
Net Sales by Division (millions)20242023
Abrasives$328$341
Automotive Aftermarket306312
Electrical Markets311324
Industrial Adhesives and Tapes518516
Industrial Specialties Division
284308
Personal Safety857868
Roofing Granules128110
Total Safety and Industrial Business Segment2,7322,779
Advanced Materials263301
Automotive and Aerospace506462
Commercial Branding and Transportation
610615
Electronics725672
Total Transportation and Electronics Business Segment2,1042,050
Health Information Systems300300
Medical Surgical (MedSurg)
1,1231,123
Dental Solutions
335341
Purification and Filtration
245232
Other Health Care14 14
Total Health Care Business Group2,0172,010
Consumer Safety and Well-Being266270
Home and Auto Care305318
Home Improvement330341
Packaging and Expression239263
Total Consumer Business Group1,1401,192
Corporate and Unallocated10
Total Company$8,003$8,031
Three months ended
March 31,
Net Sales by Geographic Area (millions)20242023
Americas$4,375 $4,399 
Asia Pacific2,106 2,180 
Europe, Middle East and Africa1,522 1,452 
Worldwide$8,003 $8,031 
Americas included United States net sales to customers of $3.6 billion and $3.6 billion for the three months ended March 31, 2024 and 2023, respectively.
8

NOTE 3. Divestitures
Refer to Note 3 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K for more information on relevant pre-2024 divestitures.
Previously Announced Divestitures: On April 1, 2024, 3M completed the previously announced separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. This spin-off transaction was intended to be tax-free for U.S. federal income tax purposes. On the April 1, 2024 distribution date, each 3M stockholder of record received one share of Solventum common stock for every four shares of 3M common stock held. As a result of the Separation, Solventum became an independent public company whose common stock is listed under the symbol “SOLV” on the New York Stock Exchange and 3M will no longer consolidate Solventum into 3M’s financial results. 3M expects, after completion of accounting for the transaction, to retain approximately $7.7 billion of the proceeds from Solventum's debt and term loan issuances (see Note 11), while the obligations for repayment of those underlying borrowings remained with Solventum after the Separation. In connection with the Separation, the historical net income of Solventum and applicable assets and liabilities included in the Separation will be reported in 3M's consolidated financial statements as discontinued operations beginning in the second quarter of 2024. 3M will prospectively measure, at fair value on a recurring basis, its retained equity ownership interest of approximately 19.9% in Solventum common stock, with related earnings impact from changes in value being recognized in continuing operations. 3M expects to monetize its stake in Solventum over time. The Company entered into various agreements to effect the Separation and provide for the relationship between 3M and Solventum, including, among others, a separation and distribution agreement, a tax matters agreement, and a transition services agreement, as well as certain commercial agreements.
With respect to the business above, operating income information of the Health Care business segment, is included in Note 17.
NOTE 4. Goodwill and Intangible Assets
Goodwill: The change in the carrying amount of goodwill by business segment was as follows:
(Millions)Safety and IndustrialTransportation and ElectronicsHealth CareConsumerTotal Company
Balance as of December 31, 2023$4,542$1,512$6,603$270$12,927
Translation and other(33)(7)(71)(7)(118)
Balance as of March 31, 2024$4,509$1,505$6,532$263$12,809
The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.
As of March 31, 2024, the Company's accumulated goodwill impairment loss is $0.3 billion.
Acquired Intangible Assets: The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets follow:
(Millions)March 31, 2024December 31, 2023
Customer related $4,061 $4,073 
Patents419 420 
Other technology-based
2,075 2,077 
Definite-lived tradenames
1,165 1,166 
Other75 78 
Total gross carrying amount
7,795 7,814 
Accumulated amortization — customer related(2,009)(1,966)
Accumulated amortization — patents(418)(419)
Accumulated amortization — other technology-based(1,222)(1,178)
Accumulated amortization — definite-lived tradenames(591)(575)
Accumulated amortization — other(56)(57)
Total accumulated amortization(4,296)(4,195)
Total finite-lived intangible assets — net3,499 3,619 
Indefinite lived intangible assets (primarily tradenames)
606 607 
Total intangible assets — net$4,105 $4,226 
Certain tradenames acquired by 3M are not amortized because they have been in existence for over 60 years, have a history of leading-market share positions, have been and are intended to be continuously renewed, and the associated products of which are expected to generate cash flows for 3M for an indefinite period of time.
9

Amortization expense follows:
Three months ended
March 31,
(Millions)20242023
Amortization expense $114 $122 
Expected amortization expense for acquired amortizable intangible assets recorded as of March 31, 2024 follows:
(Millions)
Remainder of 2024
20252026202720282029
After 2029
Amortization expense$339 $422 $417 $393 $366 $329 $1,233 
3M expenses the costs incurred to renew or extend the term of intangible assets.
NOTE 5. Restructuring Actions
2023 to 2025 Structural Reorganization Actions: As described in Note 5 in 3M's 2023 Annual Report on Form 10-K, in the first quarter of 2023, 3M announced it would undertake structural reorganization actions to reduce the size of the corporate center of the Company, simplify supply chain, streamline 3M’s geographic footprint, reduce layers of management, further align business go-to-market models to customers, and reduce manufacturing roles to align with production volumes. This aggregate initiative, beginning in the first quarter of 2023 and continuing through 2025, is expected to impact approximately 8,500 positions worldwide with an expected pre-tax charge of $700 million to $900 million over that period. During 2023, management approved and committed to undertake associated actions resulting in a 2023 pre-tax charge of $437 million. In the first quarter of 2024, management approved and committed to undertake additional actions under this initiative impacting approximately 500 positions resulting in a pre-tax charge of $104 million. Since its beginning in 2023 through committed first quarter 2024 actions, this initiative has impacted approximately 6,500 positions worldwide. Remaining activities related to the restructuring actions approved and committed through March 31, 2024 under this initiative are expected to be completed in 2025. 3M expects to commit to further actions under this initiative.
The related restructuring charges for periods presented were recorded in the income (loss) statement as follows:
Three months ended
March 31,
(Millions)20242023
Cost of sales$2 $16 
Selling, general and administrative expenses92 32 
Research, development and related expenses10 4 
Total operating income impact$104 $52 
The business segment operating income (loss) impact of these restructuring charges is summarized as follows:
Three months ended March 31,
20242023
(Millions)Employee RelatedAsset-Related and OtherTotalEmployee Related
Safety and Industrial$26 $20 $46 $10 
Transportation and Electronics9 15 24 12 
Health Care7 14 21 2 
Consumer5 8 13 3 
Corporate and unallocated   25 
Total operating expense$47 $57 $104 $52 
Restructuring actions, including cash and non-cash impacts, follow:
(Millions)Employee-RelatedAsset-Related and OtherTotal
Accrued restructuring action balance as of December 31, 2023
$99 $ $99 
Incremental expense incurred in the first quarter of 2024
47 57 104 
Non-cash changes (57)(57)
Adjustments
11  11 
Cash payments(53) (53)
Accrued restructuring action balance as of March 31, 2024
$104 $ $104 
10

2023 to 2025 PFAS Exit Actions: As described in Note 5 in 3M's 2023 Annual Report on Form 10-K, 3M announced in 2022 that it will exit all PFAS manufacturing by the end of 2025. In 2023, 3M management approved and committed to undertake certain related workforce actions resulting in a pre-tax charge of $64 million primarily impacting cost of sales. In the first quarter of 2024, management approved and committed to undertake additional related workforce actions impacting approximately 20 positions resulting in a 2024 pre-tax charge of $4 million primarily impacting cost of sales. These charges are reflected within the Transportation and Electronics business segment. This initiative, beginning in 2023 through committed first quarter 2024 actions, has impacted approximately 570 positions worldwide. The remaining period of activities related to these approved and committed actions aligns with 3M's PFAS exit timeframe.
(Millions)Employee-Related
Accrued restructuring action balance as of December 31, 2023
$60 
Incremental expense incurred in the first quarter of 2024
4 
Cash payments(13)
Accrued restructuring action balance as of March 31, 2024
$51 
NOTE 6. Supplemental Income (Loss) Statement Information
Other expense (income), net consists of the following:
Three months ended
March 31,
(Millions)20242023
Interest expense$385 $123 
Interest income(110)(40)
Pension and postretirement net periodic benefit cost (benefit)(11)(31)
Total$264 $52 
Interest expense includes $181 million and $123 million during the three months ended March 31, 2024 and 2023, respectively, related to outstanding debt. Beginning in the second quarter of 2023, interest expense also includes imputed interest associated with the obligations resulting from the PWS Settlement and the CAE Settlement (discussed in Note 16). In the first quarter of 2024, 3M incurred $44 million of interest expense associated with the debt issued by Solventum prior to the Separation discussed in Note 3 and further discussed in Note 11.
Pension and postretirement net periodic benefit income described in the table above include all components of defined benefit plan net periodic benefit cost (benefit) except service cost, which is reported in various operating expense lines. Refer to Note 12 for additional details on the components of pension and postretirement net periodic benefit cost (benefit).
11

NOTE 7. Supplemental Equity and Comprehensive Income (Loss) Information
Cash dividends declared and paid totaled $1.51 and $1.50 per share for the first quarter of 2024 and 2023, respectively.
The table below presents the consolidated changes in equity for three months ended March 31, 2024 and 2023:
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at December 31, 2023
$4,868 $6,965$37,479$(32,859)$(6,778)$61 
Net income (loss)933 928 5 
Other comprehensive income (loss), net of tax
(47)(48)1 
Dividends declared(835)(835)
Stock-based compensation17 17 
Reacquired stock(21)(21)
Issuances pursuant to stock option and benefit plans18 (100)118 
Balance at March 31, 2024
$4,933 $6,982 $37,472 $(32,762)$(6,826)$67 
Balance at December 31, 2022
$14,770 $6,700 $47,950 $(33,255)$(6,673)$48 
Net income981 976 5 
Other comprehensive income (loss), net of tax143 143 — 
Dividends declared(827)(827)
Stock-based compensation125 125 
Reacquired stock(29)(29)
Issuances pursuant to stock option and benefit plans188 (133)321 
Balance at March 31, 2023
$15,351 $6,825 $47,966 $(32,963)$(6,530)$53 
The table below presents the changes in accumulated other comprehensive income (loss) attributable to 3M (AOCI), including the reclassifications out of AOCI by component for three months ended March 31, 2024 and 2023:
(Millions)Cumulative Translation AdjustmentDefined Benefit Pension and Postretirement Plans AdjustmentCash Flow Hedging Instruments, Unrealized Gain (Loss)Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023, net of tax:
$(2,506)$(4,218)$(54)$(6,778)
Other comprehensive income (loss), before tax:
Amounts before reclassifications(253)67 61 (125)
Amounts reclassified out57 96 (27)126 
Total other comprehensive income (loss), before tax(196)163 34 1 
Tax effect (1)
(13)(28)(8)(49)
Total other comprehensive income (loss), net of tax(209)135 26 (48)
Balance at March 31, 2024, net of tax:
$(2,715)$(4,083)$(28)$(6,826)
Balance at December 31, 2022, net of tax:
$(2,828)$(3,838)$(7)$(6,673)
Other comprehensive income (loss), before tax:
Amounts before reclassifications105  6 111 
Amounts reclassified out 64 (41)23 
Total other comprehensive income (loss), before tax105 64 (35)134 
Tax effect (1)
11 (13)11 9 
Total other comprehensive income (loss), net of tax116 51 (24)143 
Balance at March 31, 2023, net of tax:
$(2,712)$(3,787)$(31)$(6,530)
(1) Includes tax expense (benefit) reclassified out of AOCI related to the following:
Three months ended March 31,
(millions)20242023
Cumulative Translation Adjustment
  
Defined benefit pension and postretirement plans adjustment(13)(13)
Cash flow hedging instruments, unrealized gain/loss6 10 
12

Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation do include impacts from items such as net investment hedge transactions. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income.
Additional details on the amounts reclassified from accumulated other comprehensive income (loss) into consolidated income (loss) include:
Cumulative translation adjustment: amounts were reclassified into selling, general and administrative expense. In 2024, this was associated with country exits as part of streamlining 3M’s geographic footprint (see Note 5).
Defined benefit pension and postretirement plan adjustments: amounts were reclassified into other (expense) income, net (see Note 12).
Cash flow hedging instruments, unrealized gain (loss): foreign currency forward/option contacts amounts were reclassified into cost of sales; interest rate contract amounts were reclassified into interest expense (see Note 14).
The tax effects, if applicable, associated with these reclassifications were reflected in provision for income taxes.
NOTE 8. Income Taxes
The effective tax rate for the first quarter of 2024 was 24.7 percent, an increase from 17.7 percent in the prior year. The primary factors that increased the Company's effective tax rate for first quarter 2024 were nonrecurring deferred tax benefits in 2023 as compared to 2024's decreased tax benefits related to significant litigation and stock-based compensation, as well as tax costs of entity structuring associated with the separation of Solventum.
The total amounts of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of March 31, 2024 and December 31, 2023 are $883 million and $884 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.
As of March 31, 2024 and December 31, 2023, the Company had valuation allowances of $703 million and $706 million on its deferred tax assets, respectively.
In 2021, the Organization for Economic Cooperation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on 3M's first quarter 2024 results. While 3M is monitoring developments and evaluating the potential impact on future periods, 3M does not expect Pillar Two to have a significant impact on its 2024 financial results.
NOTE 9. Earnings (Loss) Per Share
The difference in the weighted average 3M shares outstanding for calculating basic and diluted earnings per share attributable to 3M common shareholders is the result of the dilution associated with the Company’s stock-based compensation plans. Certain awards outstanding under these stock-based compensation plans were not included in the computation of diluted earnings per share attributable to 3M common shareholders because they would have had an anti-dilutive effect of 32.8 million and 35.6 million average options for the three months ended March 31, 2024 and 2023, respectively. The computations for basic and diluted earnings per share follow:
Three months ended
March 31,
(Amounts in millions, except per share amounts)20242023
Numerator:
Net income (loss) attributable to 3M $928 $976 
Denominator:
Denominator for weighted average 3M common shares outstanding basic
555.0 552.7 
Dilution associated with stock-based compensation plans
0.9 0.5 
Denominator for weighted average 3M common shares outstanding diluted
555.9 553.2 
Earnings (loss) per share attributable to 3M common shareholders basic
$1.67 $1.77 
Earnings (loss) per share attributable to 3M common shareholders diluted
$1.67 $1.76 
13

NOTE 10. Marketable Securities
The Company invests in certificates of deposit/time deposits, commercial paper, and other securities. The following is a summary of amounts recorded on the Consolidated Balance Sheet for marketable securities (current and non-current).
(Millions)March 31, 2024December 31, 2023
Certificates of deposit/time deposits $56 $49 
U.S. municipal securities4 4 
Current marketable securities60 53 
U.S. municipal securities 20 20 
Non-current marketable securities20 20 
Total marketable securities$80 $73 
At March 31, 2024 and December 31, 2023, gross unrealized, gross realized, and net realized gains and/or losses (pre-tax) were not material.
The balances at March 31, 2024 for marketable securities by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(Millions) 
Due in one year or less $60 
Due after one year through five years 11 
Due after five years through ten years 9 
Total marketable securities $80 
NOTE 11. Long-Term Debt and Short-Term Borrowings
2023 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 13 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K.
The Company had no commercial paper outstanding at March 31, 2024, compared to $1.8 billion commercial paper outstanding as of December 31, 2023.
In the first quarter of 2024, Solventum, prior to the Separation discussed in Note 3, issued a total of $8.4 billion in aggregate principal amount of senior unsecured debt and term loans comprised of:
$6.9 billion in aggregate principal amount of senior unsecured debt comprised of $1 billion of 5.45% notes due 2027, $1.5 billion of 5.40% notes due 2029, $1.0 billion of 5.45% notes due 2031, $1.65 billion of 5.60% notes due 2034, $1.25 billion of 5.90% due 2054, and $0.5 billion of 6.0% notes due 2064.
$1.5 billion in aggregate principal amount of variable rate term loans initially at 6.79%, of which $0.5 billion is due in 2025 and $1.0 billion is due in 2027.
Also during the first quarter of 2024, Solventum further entered into a revolving credit facility of $2 billion which was undrawn as of March 31, 2024. These Solventum items were guaranteed by 3M until the completion of the Separation on April 1, 2024 and obligations under these notes, loans and facilities became the sole responsibility of Solventum after the Separation.
In February 2024, 3M repaid $1.1 billion aggregate principal amount of medium-term notes that matured.
Future Maturities of Long-term Debt: Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of March 31, 2024. Note, as discussed above, obligations associated with Solventum's borrowings remained with Solventum after the April 1, 2024 Separation. The maturities of long-term debt for the periods subsequent to March 31, 2024 are as follows (in millions):
Remainder of 2024
20252026202720282029
After 2029
Total
Debt issued by 3M$53 $1,868 $1,545 $847 $818 $1,790 $6,171 $13,092 
Debt issued by Solventum 499  1,972  1,485 4,347 8,303 
14

NOTE 12. Pension and Postretirement Benefit Plans
The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales; selling, general and administrative expenses; and research, development and related expenses. The other components of net periodic benefit cost are reflected in other expense (income), net. Components of net periodic benefit cost and other supplemental information for the three months ended March 31, 2024 and 2023 follow:
Three months ended March 31,
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
(Millions)202420232024202320242023
Net periodic benefit cost (benefit)
Operating expense
Service cost $37 $43 $21 $19 $7 $6 
Non-operating expense
Interest cost 160 166 54 55 22 22 
Expected return on plan assets (237)(244)(87)(75)(19)(19)
Amortization of transition asset  1    
Amortization of prior service benefit(4)(6)1 1 (6)(8)
Amortization of net actuarial loss 95 73 3 2 6 2 
Total non-operating expense (benefit)14 (11)(28)(17)3 (3)
Total net periodic benefit cost (benefit) $51 $32 $(7)$2 $10 $3 
For the three months ended March 31, 2024 contributions totaling $45 million were made to the Company’s U.S. and international pension plans and $3 million to its postretirement plans. Future contributions will depend on market conditions, interest rates and other factors. 3M does not expect the previously disclosed range of $100 million to $200 million of expected 2024 cash contributions to its U.S. and international retirement plans to be materially impacted by the April 1, 2024 separation of Solventum (see Note 3). 3M’s annual measurement date for pension and postretirement assets and liabilities is December 31 each year, which is also the date used for the related annual measurement assumptions.
As of March 31, 2024, 3M transferred eligible U.S. Solventum employees and retirees to new U.S. defined benefit pension and postretirement plans with the same benefits of their current plans. The transfer required remeasurement of the plans prior to the calculation of this split. The net impact of the remeasurement was a decrease of approximately $70 million in the non-current liability for pension and postretirement benefits (and corresponding decrease in accumulated comprehensive loss, before deferred taxes). Assumptions used for this remeasurement included discount rates determined using March 31, 2024 market conditions and calculated using the same methodology as disclosed in Note 14 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K. All other assumptions were consistent with the December 31, 2023 disclosures. Using this methodology, the Company determined a discount rate of 5.22% for the U.S. pension plans and 5.19% for the U.S. postretirement benefit plans as of March 31, 2024, which are increases of 0.24 percentage points and 0.25 percentage points, respectively, from the rates used as of December 31, 2023. This remeasurement did not impact consolidated income for the three months ended March 31, 2024, but will impact net periodic benefit cost for the remainder of 2024. As of March 31, 2024, there were several small international pension plans remeasured for purposes of transferring Solventum employees to new pension plans, the impact of which was not material.
NOTE 13. Supplier Finance Program Obligations
Under supplier finance programs, 3M agrees to pay participating banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices, generally within 90 days of the invoice date. 3M or the banks may terminate the agreements with advance notice. Separately, the banks may have arrangements with the suppliers that provide them the option to request early payment from the banks for invoices confirmed by 3M. 3M's outstanding balances of confirmed invoices in the programs as of March 31, 2024 and December 31, 2023 were approximately $280 million and $270 million, respectively. These amounts are included within accounts payable on 3M's consolidated balance sheet.
15

NOTE 14. Derivatives
The Company uses interest rate swaps and forward and option contracts to manage risks generally associated with foreign exchange rate and interest rate fluctuations. Note 16 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K explains the types of derivatives and financial instruments used by 3M, how and why 3M uses such instruments, and how such instruments are accounted for. It also contains information regarding previously initiated contracts or instruments.
Additional information with respect to derivatives is included elsewhere as follows:
Impact on other comprehensive income of nonderivative hedging and derivative instruments is included in Note 7.
Fair value of derivative instruments is included in Note 15.
Derivatives and/or hedging instruments associated with the Company’s long-term debt are described in Note 13 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K.
Refer to the section below titled Statement of Income (Loss) Location and Impact of Cash Flow and Fair Value Derivative Instruments and Derivatives Not Designated as Hedging Instruments for details on the location within the consolidated statements of income (loss) for amounts of gains and losses related to derivative instruments designated as cash flow or fair value hedges (along with similar information relative to the hedged items) and derivatives not designated as hedging instruments. Additional information relative to cash flow hedges, fair value hedges, net investment hedges and derivatives not designated as hedging instruments is included below as applicable.
Cash Flow Hedges: As of March 31, 2024, the Company had a balance of $28 million associated with the after-tax net unrealized loss associated with cash flow hedging instruments recorded in accumulated other comprehensive income (loss). This includes a remaining balance of $85 million (after-tax loss) related to forward starting interest rate swap and treasury rate lock contracts terminated in 2019 concurrent with associated debt issuances, which is being amortized over the respective lives of the underlying notes. Based on exchange rates as of March 31, 2024 of the total after-tax net unrealized balance as of March 31, 2024, 3M expects to reclassify approximately $44 million after-tax net unrealized gain over the next 12 months (with the impact offset by earnings/losses from underlying hedged items).
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)20242023
Foreign currency forward/option contracts $61 $6 
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 LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Long-term debt$907$918$(96)$(84)
Net Investment Hedges: At March 31, 2024, the total notional amount of foreign exchange forward contracts designated in net investment hedges was approximately 150 million euros, along with a principal amount of long-term debt instruments designated in net investment hedges totaling 1.8 billion euros. The maturity dates of these derivative and nonderivative instruments designated in net investment hedges range from 2024 to 2031.
The amount of gain (loss) excluded from effectiveness testing recognized in income relative to instruments designated in net investment hedge relationships is not material. The amount of pre-tax gain (loss) recognized in other comprehensive income (loss) related to derivative and nonderivative 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)20242023
Foreign currency denominated debt $43 $(43)
Foreign currency forward contracts3 (2)
Total $46 $(45)
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Derivatives Not Designated as Hedging Instruments: Derivatives not designated as hedging instruments include de-designated foreign currency forward and option contracts that formerly were designated in cash flow hedging relationships (as referenced in the Cash Flow Hedges section above). In addition, 3M enters into foreign currency contracts that are not designated in hedging relationships to offset, in part, the impacts of changes in value of various non-functional currency denominated items including certain intercompany financing balances. These derivative instruments are not designated in hedging relationships; therefore, fair value gains and losses on these contracts are recorded in earnings. The Company does not hold or issue derivative financial instruments for trading purposes.
Statement of Income (Loss) Location and Impact of Cash Flow and Fair Value Derivative Instruments and Derivatives Not Designated as Hedging Instruments:
Three months ended March 31,
Cost of salesOther expense (income), net
(Millions)2024202320242023
Total consolidated financial statement line item amount
$4,329 $4,613 $264 $52 
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
(29)(43)  
Interest rate contracts:
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income