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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gains (losses) on derivative instruments designated as hedges
The amount of pretax gain (loss) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges is provided in the following table.
Pretax Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Three months ended
March 31,
(Millions)20222021
Foreign currency forward/option contracts $6 $66 
Interest rate contracts ——
Total $6 $66 
Gain (loss) on derivative instruments designated as fair value hedges
The following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
(Millions)Carrying Value of the
Hedged Liabilities		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
Location on the Consolidated Balance SheetMarch 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021
Short-term borrowings and current portion of long-term debt$—$—$—$—
Long-term debt949997(52)(4)
Total $949$997$(52)$(4)
Gain (loss) on derivative and non-derivative instruments designated as net investment hedges The amount of pretax gain (loss) recognized in other comprehensive income 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
Three months ended
March 31,
(Millions)20222021
Foreign currency denominated debt $59 $167 
Foreign currency forward contracts2 2 
Total $61 $169 
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
The location in the consolidated statement of income and pre-tax amounts recognized in income related to derivative instruments designated in cash flow or fair value hedging relationships and for derivatives not designated as hedging instruments are as follows:
Location and Amount of Gain (Loss) Recognized in Income
Three months ended March 31,
Cost of salesOther expense (income), net
(Millions)2022202120222021
Information regarding cash flow and fair value hedging relationships:
Total amounts of income and expense line items presented in the consolidated statement of income in which the effects of derivatives are recorded$4,826$4,525$38$49
Gain or (loss) on cash flow hedging relationships:
Foreign currency forward/option contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income9 (7)——
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income——(2)(2)
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items——48 2 
Derivatives designated as hedging instruments——(48)(2)
Information regarding derivatives not designated as hedging instruments:
Gain or (loss) on derivatives not designated as instruments:
Foreign currency forward/option contracts (20)— 2522 
Location and fair value of derivative instruments
The following tables summarize the fair value of 3M’s derivative instruments, excluding nonderivative 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, which are presented using the inception date’s foreign exchange rate.
Gross Notional AmountAssetsLiabilities
 (Millions)LocationFair Value AmountLocationFair Value Amount
March 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021
Derivatives designated as hedging instruments
Foreign currency forward/option contracts1,835 1,768 Other current assets$58 $54 Other current liabilities$25 $19 
Foreign currency forward/option contracts807 800 Other assets41 41 Other liabilities3 1 
Interest rate contracts 800 800 Other assets— — Other liabilities57 9 
Total derivatives designated as hedging instruments 99 95 85 29 
Derivatives not designated as hedging instruments
Foreign currency forward/option contracts 4,465 3,731 Other current assets13 24 Other current liabilities27 4 
Total derivatives not designated as hedging instruments 13 24 27 4 
Total derivative instruments$112 $119 $112 $33 
Offsetting assets
Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
Gross Amounts not Offset in the
Consolidated Balance Sheet that are Subject to Master Netting Agreements
 Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Recognized Derivative LiabilitiesCash
Collateral Received		Net Amount of
Derivative Assets
 (Millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31,
2022		December 31, 2021
Derivatives subject to master netting agreements$112$119$40$25$—$— $72$94 
Derivatives not subject to master netting agreements———— 
Total$112$119$72$94 
Offsetting liabilities
Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
Gross Amounts not Offset in the
Consolidated Balance Sheet that are Subject to Master Netting Agreements
 Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Recognized Derivative AssetsCash
Collateral Received		Net Amount of
Derivative Liabilities
 (Millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Derivatives subject to master netting agreements$110$33$40$25$—$— $70$8 
Derivatives not subject to master netting agreements2—2— 
Total$112$33$72$8