Long-Term Debt and Short-Term Borrowings

3 Months Ended

Mar. 31, 2021

Long-Term Debt and Short-Term Borrowings

Long-Term Debt and Short-Term Borrowings

NOTE 10. Long-Term Debt and Short-Term Borrowings

In March 2021, 3M, via a make-whole call offer, redeemed $450 million principal amount of 2.75% notes due 2022. The Company recorded an early debt extinguishment pre-tax charge of approximately $11 million within interest expense. This charge reflected the differential between the carrying value and the amount paid to reacquire the notes and related expenses.

2020 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 5 in 3M’s 2020 Annual Report on Form 10-K.

The Company had no commercial paper outstanding at March 31, 2021 and December 31, 2020.

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 unaccreted debt issue costs such that total maturities equal the carrying value of long-term debt as of March 31, 2021. The maturities of long-term debt for the periods subsequent to March 31, 2021 are as follows (in millions):

Remainder of												After
2021		2022		2023		2024		2025		2026		2026		Total
$	763	$	1,256	$	1,945	$	1,100	$	1,791	$	1,516	$	9,798	$	18,169