Long-Term Debt and Short-Term Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Short-Term Borrowings

NOTE 11. Long-Term Debt and Short-Term Borrowings

2023 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 13 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K.

The Company had no commercial paper outstanding at March 31, 2024, compared to $1.8 billion commercial paper outstanding as of December 31, 2023.

In the first quarter of 2024, Solventum, prior to the Separation discussed in Note 3, issued a total of $8.4 billion in aggregate principal amount of senior unsecured debt and term loans comprised of:

•$6.9 billion in aggregate principal amount of senior unsecured debt comprised of $1 billion of 5.45% notes due 2027, $1.5 billion of 5.40% notes due 2029, $1.0 billion of 5.45% notes due 2031, $1.65 billion of 5.60% notes due 2034, $1.25 billion of 5.90% due 2054, and $0.5 billion of 6.0% notes due 2064.

•$1.5 billion in aggregate principal amount of variable rate term loans initially at 6.79%, of which $0.5 billion is due in 2025 and $1.0 billion is due in 2027.

Also during the first quarter of 2024, Solventum further entered into a revolving credit facility of $2 billion which was undrawn as of March 31, 2024. These Solventum items were guaranteed by 3M until the completion of the Separation on April 1, 2024 and obligations under these notes, loans and facilities became the sole responsibility of Solventum after the Separation.

In February 2024, 3M repaid $1.1 billion aggregate principal amount of medium-term notes that matured.

Future Maturities of Long-term Debt: Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of March 31, 2024. Note, as discussed above, obligations associated with Solventum's borrowings remained with Solventum after the April 1, 2024 Separation. The maturities of long-term debt for the periods subsequent to March 31, 2024 are as follows (in millions):

	Remainder of 2024		2025		2026		2027		2028		2029		After 2029		Total
Debt issued by 3M	$	53	$	1,868	$	1,545	$	847	$	818	$	1,790	$	6,171	$	13,092
Debt issued by Solventum	—		499		—		1,972		—		1,485		4,347		8,303