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Pension and Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Reconciliation of the Beginning and Ending Balances of the Benefit Obligation and the Fair Value of Plan Assets
The following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years. 3M also has certain non-qualified unfunded pension and postretirement benefit plans, inclusive of plans related to supplement/excess benefits for employees impacted by particular relocations and other matters, that individually and in the aggregate are not significant and which are not included in the tables that follow. The obligations for these plans are included within other liabilities in the Company’s consolidated balance sheet and aggregated to less than $25 million as of December 31, 2023 and 2022.
Qualified and Non-Pension BenefitsPostretirement Benefits
United StatesInternational
(Millions)202320222023202220232022
Change in benefit obligation
Benefit obligation at beginning of year$13,505 $18,104 $5,072 $7,942 $1,797 $2,281 
Acquisitions/Transfers— — — — — — 
Service cost171 256 76 128 27 42 
Interest cost662 417 225 125 87 52 
Participant contributions— — 9 7 — — 
Foreign exchange rate changes— — 208 (567)10 1 
Plan amendments— — (1)8 — — 
Actuarial (gain) loss779 (3,777)298 (2,240)124 (458)
Benefit payments(1,504)(1,495)(258)(266)(142)(115)
Settlements, curtailments, special termination benefits and other(115)— (58)(65)(6)(6)
Benefit obligation at end of year$13,498 $13,505 $5,571 $5,072 $1,897 $1,797 
Change in plan assets
Fair value of plan assets at beginning of year12,648 16,953 5,891 8,016 1,017 1,353 
Acquisitions/Transfers— — — — — — 
Actual return on plan assets1,144 (2,875)426 (1,286)102 (218)
Company contributions60 65 82 90 9 3 
Participant contributions— — 9 7 — — 
Foreign exchange rate changes— — 241 (602)— — 
Benefit payments(1,504)(1,495)(258)(266)(142)(115)
Settlements, curtailments, special termination benefits and other— — (50)(68)(6)(6)
Fair value of plan assets at end of year$12,348 $12,648 $6,341 $5,891 $980 $1,017 
Funded status at end of year$(1,150)$(857)$770 $819 $(917)$(780)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheet as of December 31, (Millions)Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202320222023202220232022
Non-current assets$— $— $1,253 $1,225 $— $— 
Accrued benefit cost
Current liabilities(52)(52)(12)(14)(15)(11)
Non-current liabilities(1,098)(805)(471)(392)(902)(769)
Ending balance$(1,150)$(857)$770 $819 $(917)$(780)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income as of December 31, (Millions)Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202320222023202220232022
Net transition obligation (asset)$— $— $3 $4 $— $— 
Net actuarial loss (gain)4,809 4,616 316 157 423 332 
Prior service cost (credit)(17)(56)9 10 (135)(166)
Ending balance$4,792 $4,560 $328 $171 $288 $166 
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The following table summarizes the total accumulated benefit obligations, the accumulated benefit obligations and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets, and the projected benefit obligation and fair value of plan assets for defined benefit pension plans with projected benefit obligation in excess of plan assets as of December 31:
Qualified and Non-qualified Pension Plans
United StatesInternational
(Millions)2023202220232022
Accumulated benefit obligation$13,073 $12,967 $5,275 $4,814 
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$13,073 $402 $1,145 $775 
Fair value of plan assets12,348 — 761 427 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation$13,498 $13,505 $1,272 $851 
Fair value of plan assets12,348 12,648 793 442 
Schedule of Net Periodic Benefit Cost (Benefit) Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
(Millions)202320222021202320222021202320222021
Net periodic benefit cost (benefit)
Operating expense
Service cost$171 $256 $286 $76 $128 $164 $27 $42 $53 
Non-operating expense
Interest cost662 417 360 225 125 98 87 52 43 
Expected return on plan assets(974)(963)(1,055)(307)(271)(326)(77)(72)(78)
Amortization of transition asset— — — 2 2 2 — — — 
Amortization of prior service benefit(24)(24)(24)2 — (3)(31)(31)(33)
Amortization of net actuarial loss292 424 529 7 29 104 9 40 56 
Settlements, curtailments, special termination benefits and other(5)12 24 3 10 3 — 2 3 
Total non-operating expense (benefit)(49)(134)(166)(68)(105)(122)(12)(9)(9)
Total net periodic benefit cost (benefit)$122 $122 $120 $8 $23 $42 $15 $33 $44 
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition asset$— $— $— $(2)$(2)$(2)$— $— $— 
Prior service cost (benefit)— — — (1)8 1 — — — 
Amortization of prior service benefit24 24 24 (2)— 3 31 31 33 
Net actuarial (gain) loss495 61 (614)166 (689)(434)100 (166)(104)
Amortization of net actuarial loss(292)(424)(529)(7)(29)(104)(9)(40)(56)
Foreign currency— — — 3 (82)(71)— 2 (1)
Settlements, curtailments, special termination benefits and other5 (12)(23)— (4)(1)— (2)(3)
Total recognized in other comprehensive (income) loss$232 $(351)$(1,142)$157 $(798)$(608)$122 $(175)$(131)
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss$354 $(229)$(1,022)$165 $(775)$(566)$137 $(142)$(87)
Schedule of Defined Benefit Plan, Assumptions
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202320222021202320222021202320222021
Discount rate4.98 %5.18 %2.89 %3.99 %4.39 %1.80 %5.06 %5.25 %2.88 %
Compensation rate increase3.77 %3.37 %3.21 %2.88 %2.86 %2.86 %N/AN/AN/A
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31:
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
United StatesInternational
202320222021202320222021202320222021
Discount rate - service cost5.26 %3.10 %2.81 %4.06 %1.64 %1.23 %5.39 %3.11 %3.21 %
Discount rate - interest cost5.11 %2.38 %1.92 %4.39 %1.62 %1.13 %5.25 %2.59 %2.20 %
Expected return on assets7.50 %6.00 %6.50 %4.61 %3.86 %4.36 %7.58 %5.77 %6.15 %
Compensation rate increase3.37 %3.21 %3.21 %2.86 %2.86 %2.88 %N/AN/AN/A
Schedule of Expected Benefit Payments
Future Pension and Postretirement Benefit Payments: The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
Qualified and Non-qualified Pension BenefitsPostretirement Benefits
(Millions)United StatesInternational
2024 Benefit Payments$1,104 $277 $144 
2025 Benefit Payments1,105 287 155 
2026 Benefit Payments1,096 297 158 
2027 Benefit Payments1,088 311 160 
2028 Benefit Payments1,078 320 162 
Next five years5,064 1,654 745 
Schedule of Allocation of Plan Assets
The fair values of the assets held by the U.S. pension and postretirement benefit plans by asset class are as follows:
Fair Value Measurements Using Inputs Considered asInvestments Measured at Net Asset Value*Fair Value at December 31,
Level 1Level 2Level 3
Asset Class (Millions)2023202220232022202320222023202220232022
U.S. Pension Plans
Equities$1,246 $871 $— $— $— $— $174 $271 $1,420 $1,142 
Fixed income1,153 1,354 6,428 5,803 — — 16 91 7,597 7,248 
Private equity— — — — — — 1,622 1,700 1,622 1,700 
Absolute return1 1 83 85 — — 1,314 1,794 1,398 1,880 
Cash and cash equivalents7 8 — 21 — — 741 789 748 818 
Total$2,407 $2,234 $6,511 $5,909 $— $— $3,867 $4,645 $12,785 $12,788 
Other items to reconcile to fair value of plan assets(437)(140)
Fair value of plan assets$12,348 $12,648 
Postretirement Benefit Plans
Equities$118 $168 $— $— $— $— $11 $16 $129 $184 
Fixed income92 96 503 461 — — 1 5 596 562 
Private equity— — — — — — 108 99 108 99 
Absolute return— — 5 5 — — 87 105 92 110 
Cash and cash equivalents35 21 — 1 — — 49 46 84 68 
Total$245 $285 $508 $467 $— $— $256 $271 $1,009 $1,023 
Other items to reconcile to fair value of plan assets(29)(6)
Fair value of plan assets$980 $1,017 
* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
The fair values of the assets held by the international pension plans by asset class are as follows:
Fair Value Measurements Using Inputs Considered asInvestments Measured at Net Asset Value*Fair Value at December 31,
Level 1Level 2Level 3
Asset Class (Millions)2023202220232022202320222023202220232022
Equities$226 $288 $513 $252 $1 $2 $45 $1 $785 $543 
Fixed income148 134 3,501 3,542 2 4 719 623 4,370 4,303 
Private equity— 2 58 50 2 2 361 384 421 438 
Absolute return10 8 1 1 583 439 189 259 783 707 
Cash and cash equivalents106 122 76 51 — — 1 2 183 175 
Total$490 $554 $4,149 $3,896 $588 $447 $1,315 $1,269 $6,542 $6,166 
Other items to reconcile to fair value of plan assets(201)(275)
Fair value of plan assets$6,341 $5,891 
*In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.