v3.22.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of gains (losses) on derivative instruments designated as hedges
The amount of pretax gain (loss) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges is provided in the following table.
Pretax Gain (Loss) Recognized in Other Comprehensive Income on Derivative
(Millions)202220212020
Foreign currency forward/option contracts $159 $108 $(111)
Interest rate contracts — — (2)
Total $159 $108 $(113)
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:
(Millions)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 Sheet2022202120222021
Long-term debt$903$997$(98)$(4)
Schedule of gain (loss) on derivative and non-derivative instruments designated as net investment hedges
Pretax Gain (Loss) Recognized as Cumulative Translation within Other Comprehensive Income
(Millions)202220212020
Foreign currency denominated debt $162 $296 $(351)
Foreign currency forward contracts10 8 (1)
Total $172 $304 $(352)
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 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
Cost of salesOther expense (income), net
(Millions)202220212020202220212020
Information regarding cash flow and fair value hedging relationships:
Total amounts of income and expense line items presented in the consolidated statement of income in which the effects of derivatives are recorded$19,232$18,795$16,605$147$165$366
Gain or (loss) on cash flow hedging relationships:
Foreign currency forward/option contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income107(38)80———
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income— — — (9)(9)(9)
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items— — — 94 16 4 
Derivatives designated as hedging instruments— — — (94)(16)(4)
Information regarding derivatives not designated as hedging instruments:
Gain or (loss) on derivatives not designated as instruments:
Foreign currency forward/option contracts (76)5 2 45 (11)43 
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
202220212022202120222021
Derivatives designated as hedging instruments
Foreign currency forward/option contracts$2,368 $1,768 Other current assets$89 $54 Other current liabilities$27 $19 
Foreign currency forward/option contracts835 800 Other assets55 41 Other liabilities9 1 
Interest rate contracts 800 800 Other assets— — Other liabilities102 9 
Total derivatives designated as hedging instruments 144 95 138 29 
Derivatives not designated as hedging instruments
Foreign currency forward/option contracts 2,816 3,731 Other current assets73 24 Other current liabilities4 4 
Total derivatives not designated as hedging instruments 73 24 4 4 
Total derivative instruments$217 $119 $142 $33 
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)20222021202220212022202120222021
Derivatives subject to master netting agreements$217$119$40$25$—$— $177$94 
Derivatives not subject to master netting agreements———— 
Total$217$119$177$94 
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)20222021202220212022202120222021
Derivatives subject to master netting agreements$142$33$40$25$—$— $102$8 
Derivatives not subject to master netting agreements———— 
Total$142$33$102$8