Supplemental Equity and Comprehensive Income (Loss) Information

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Supplemental Equity and Comprehensive Income (Loss) Information

NOTE 8. Supplemental Equity and Comprehensive Income (Loss) Information

Common stock ($.01 par value per share) of 3 billion shares is authorized, with 944,033,056 shares issued as of December 31, 2023, 2022 and 2021. Preferred stock, without par value, of 10 million shares is authorized but unissued.

Cash dividends declared and paid totaled $1.50, $1.49, and $1.48 per share for each quarter in 2023, 2022 and 2021, respectively, which resulted in total year declared and paid dividends of $6.00, $5.96, and $5.92 per share, respectively.

The table below presents the changes in accumulated other comprehensive income (loss) attributable to 3M (AOCI), including the reclassifications out of AOCI by component

(Millions)	Cumulative Translation Adjustment		Defined Benefit Pension and Postretirement Plans Adjustment		Cash Flow Hedging Instruments, Unrealized Gain (Loss)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020, net of tax:	$	(1,450)	$	(6,098)	$	(173)	$	(7,721)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(428)		1,223		108		903
Amounts reclassified out	—		658		47		705
Total other comprehensive income (loss), before tax	(428)		1,881		155		1,608
Tax effect (1)	(65)		(536)		(36)		(637)
Total other comprehensive income (loss), net of tax	(493)		1,345		119		971
Balance at December 31, 2021, net of tax:	(1,943)		(4,753)		(54)		(6,750)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(850)		866		159		175
Amounts reclassified out	—		458		(98)		360
Total other comprehensive income (loss), before tax	(850)		1,324		61		535
Tax effect (1)	(35)		(409)		(14)		(458)
Total other comprehensive income (loss), net of tax	(885)		915		47		77
Balance at December 31, 2022, net of tax:	$	(2,828)	$	(3,838)	$	(7)	$	(6,673)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	277		(763)		81		(405)
Amounts reclassified out	54		252		(143)		163
Total other comprehensive income (loss), before tax	331		(511)		(62)		(242)
Tax effect (1)	(9)		131		15		137
Total other comprehensive income (loss), net of tax	322		(380)		(47)		(105)
Balance at December 31, 2023, net of tax:	$	(2,506)	$	(4,218)	$	(54)	$	(6,778)

(1) Includes tax expense (benefit) reclassified out of AOCI related to the following:

(millions)	2023	2022		2021
Defined benefit pension and postretirement plans adjustment	(60)	$	(108)	$	(160)
Cash flow hedging instruments, unrealized gain/loss	33	23		(11)

Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation do include impacts from items such as net investment hedge transactions. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income.

Additional details on the amounts reclassified from accumulated other comprehensive income (loss) into consolidated income (loss) include:

•Cumulative translation adjustment: amounts were reclassified into selling, general and administrative expense. In 2023, this was associated with the Russia exit (see Note 17) and other country exits as part of streamlining 3M’s geographic footprint (see Note 5).

•Defined benefit pension and postretirement plan adjustments: amounts were reclassified into other (expense) income, net (see Note 14).

•Cash flow hedging instruments, unrealized gain (loss): foreign currency forward/option contacts amounts were reclassified into cost of sales; interest rate contract amounts were reclassified into interest expense (see Note 16).

The tax effects, if applicable, associated with these reclassifications were reflected in provision for income taxes.