XML 45 R34.htm IDEA: XBRL DOCUMENT v3.23.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gains (Loss) on Derivative Instruments Designated as Hedges
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
September 30,		Nine months ended
September 30,
(Millions)2023202220232022
Foreign currency forward/option contracts $66 $173 $144 $307 
Interest rate contracts — — ——
Total $66 $173 $144 $307 
Schedule of 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 active fair value hedges, as well as remaining amounts for discontinued fair value hedges:
Carrying Value of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
Location on the Consolidated Balance Sheet (Millions)
September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Long-term debt$886$903$(117)$(98)
Schedule of Gain (Loss) on Derivative and Non-Derivative Instruments Designated as Net Investment Hedges The amount of pretax 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
September 30,		Nine months ended
September 30,
(Millions)2023202220232022
Foreign currency denominated debt $60 $188 $(5)$380 
Foreign currency forward contracts5 11 2 22 
Total $65 $199 $(3)$402 
Schedule of 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 (loss) 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 (Loss)
Three months ended September 30,Nine months ended September 30,
Cost of salesOther expense (income), netCost of salesOther expense (income), net
(Millions)20232022202320222023202220232022
Information regarding cash flow and fair value hedging relationships:
Total amounts of income and expense line items presented in the consolidated statement of income (loss) in which the effects of derivatives are recorded$4,580 $4,728 $200 $24 $13,799 $14,647 $317 $112 
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 income40 33 — — 125 59— — 
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income— — (2)(3)— — (6)(7)
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items— — 21 36 — — 18 107 
Derivatives designated as hedging instruments— — (21)(36)— — (18)(107)
Information regarding derivatives not designated as hedging instruments:
Gain or (loss) on derivatives not designated as instruments:
Foreign currency forward/option contracts (1)(44)(2)(21)(6)(110)11 3 
Schedule of 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
September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Derivatives designated as hedging instruments
Foreign currency forward/option contracts$1,866 $2,368 Other current assets$112 $89 Other current liabilities$7 $27 
Foreign currency forward/option contracts529 835 Other assets42 55 Other liabilities2 9 
Interest rate contracts 800 800 Other assets— — Other liabilities120 102 
Total derivatives designated as hedging instruments 154 144 129 138 
Derivatives not designated as hedging instruments
Foreign currency forward/option contracts 776 2,816 Other current assets6 73 Other current liabilities10 4 
Total derivatives not designated as hedging instruments 6 73 10 4 
Total derivative instruments$160 $217 $139 $142 
Schedule of Offsetting Assets
Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties
 Gross Amount of Derivative Assets Presented in the Consolidated Balance SheetGross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 Gross Amount of Eligible Offsetting Recognized Derivative LiabilitiesCash Collateral ReceivedNet Amount of Derivative Assets
 (Millions)September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Derivatives subject to master netting agreements$160 $217 $19 $40 $— $— $141 $177 
Derivatives not subject to master netting agreements— — — — 
Total$160 $217 $141 $177 
Schedule of Offsetting Liabilities
Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties
 Gross Amount of Derivative Liabilities Presented in the Consolidated Balance SheetGross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 Gross Amount of Eligible Offsetting Recognized Derivative AssetsCash Collateral ReceivedNet Amount of Derivative Liabilities
 (Millions)September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022		September 30,
2023		December 31,
2022
Derivatives subject to master netting agreements$139 $142 $19 $40 $— $— $120 $102 
Derivatives not subject to master netting agreements— — — — 
Total$139 $142 $120 $102