Pension and Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

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 and six months ended June 30, 2022 and 2021 follow:

Benefit Plan Information

	Three months ended June 30,
	Qualified and Non-qualified Pension Benefits								Postretirement Benefits
	United States				International
(Millions)	2022		2021		2022		2021		2022		2021
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	64	$	72	$	33	$	42	$	10	$	11
Non-operating expense
Interest cost	104		90		32		25		13		11
Expected return on plan assets	(241)		(264)		(70)		(82)		(17)		(20)
Amortization of transition asset	—		—		1		1		—		—
Amortization of prior service benefit	(6)		(6)		—		(1)		(9)		(8)
Amortization of net actuarial loss	106		132		9		27		10		14
Settlements, curtailments, special termination benefits and other	—		—		—		—		1		1
Total non-operating expense (benefit)	(37)		(48)		(28)		(30)		(2)		(2)
Total net periodic benefit cost (benefit)	$	27	$	24	$	5	$	12	$	8	$	9

	Six months ended June 30,
	Qualified and Non-qualified Pension Benefits								Postretirement Benefits
	United States				International
(Millions)	2022		2021		2022		2021		2022		2021
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	128	$	144	$	68	$	84	$	21	$	23
Non-operating expense
Interest cost	208		180		64		50		26		22
Expected return on plan assets	(482)		(528)		(142)		(163)		(35)		(39)
Amortization of transition asset	—		—		1		1		—		—
Amortization of prior service benefit	(12)		(12)		—		(2)		(16)		(16)
Amortization of net actuarial loss	212		264		20		54		20		28
Settlements, curtailments, special termination benefits and other	—		—		—		—		2		2
Total non-operating expense (benefit)	(74)		(96)		(57)		(60)		(3)		(3)
Total net periodic benefit cost (benefit)	$	54	$	48	$	11	$	24	$	18	$	20

For the six months ended June 30, 2022 contributions totaling $78 million were made to the Company’s U.S. and international pension plans and $2 million to its postretirement plans. For total year 2022, the Company expects to contribute in the range of $100 million to $200 million of cash to its global defined benefit pension and postretirement plans. The Company does not have a required minimum cash pension contribution obligation for its U.S. plans in 2022. Future contributions will depend on market conditions, interest rates and other factors. 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.