Pension and Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Plans

NOTE 11. 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 nine months ended September 30, 2023 and 2022 follow:

Benefit Plan Information

	Three months ended September 30,
	Qualified and Non-qualified Pension Benefits								Postretirement Benefits
	United States				International
(Millions)	2023		2022		2023		2022		2023		2022
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	42	$	64	$	21	$	32	$	6	$	10
Non-operating expense
Interest cost	166		105		56		32		21		13
Expected return on plan assets	(243)		(241)		(76)		(69)		(20)		(17)
Amortization of transition asset	—		—		1		—		—		—
Amortization of prior service benefit	(6)		(6)		—		—		(7)		(8)
Amortization of net actuarial loss	73		106		2		10		2		10
Total non-operating expense (benefit)	(10)		(36)		(17)		(27)		(4)		(2)
Total net periodic benefit cost (benefit)	$	32	$	28	$	4	$	5	$	2	$	8

	Nine months ended September 30,
	Qualified and Non-qualified Pension Benefits								Postretirement Benefits
	United States				International
(Millions)	2023		2022		2023		2022		2023		2022
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	128	$	192	$	60	$	100	$	18	$	31
Non-operating expense
Interest cost	497		313		165		96		66		39
Expected return on plan assets	(731)		(723)		(226)		(211)		(58)		(52)
Amortization of transition asset	—		—		2		1		—		—
Amortization of prior service benefit	(18)		(18)		1		—		(23)		(24)
Amortization of net actuarial loss	220		318		6		30		6		30
Settlements, curtailments, special termination benefits and other	—		—		—		—		—		2
Total non-operating expense (benefit)	(32)		(110)		(52)		(84)		(9)		(5)
Total net periodic benefit cost (benefit)	$	96	$	82	$	8	$	16	$	9	$	26

For the nine months ended September 30, 2023 contributions totaling $78 million were made to the Company’s U.S. and international pension plans and $7 million to its postretirement plans. 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.