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Long-Term Debt and Short-Term Borrowings
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt and Short-Term Borrowings Long-Term Debt and Short-Term Borrowings
In February 2022, 3M repaid 500 million euros aggregate principal amount of fixed-rate medium-term notes that matured. In June 2022, 3M repaid $600 million aggregate principal amount of fixed-rate medium-term notes that matured.
2021 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 5 to the Consolidated Financial Statements in 3M's Current Report on Form 8-K dated April 26, 2022 (which updated 3M’s 2021 Annual Report on Form 10-K).
The Company had $350 million and no commercial paper outstanding at June 30, 2022 and December 31, 2021, respectively.
In June 2022, 3M entered into a debt financing facility providing a commitment for term loans of $650 million related to the intended Food Safety Division split-off transaction (discussed in Note 3). The term loan commitment reduces the previous December 2021 $1 billion debt financing commitment down to $350 million of remaining potential bridge financing for the Food Safety business's payment of approximately $1 billion of consideration, subject to closing and other adjustments, to 3M under the terms of the transaction. Amounts outstanding under the term loan commitment are payable over five years following the closing date while those under the remaining $350 million bridge financing facility have a term of 364 days following the borrowing date and are required to be repaid when certain conditions are met, including upon completion of permanent financing. The June 2022 debt commitment also included a $150 million revolving credit facility intended for the Food Safety business. These commitments were undrawn at June 30, 2022. Upon the close of the split-off transaction, outstanding obligations under the commitments (including the $150 million revolving credit facility) transfer with the Food Safety business and become those of the separate newly combined company.
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 June 30, 2022. The maturities of long-term debt for the periods subsequent to June 30, 2022 are as follows (in millions):
Remainder of
2022
20232024202520262027
After
2027
Total
$124$1,874$1,100$1,793$1,426$845$8,759$15,921