In July 2026, 3M, in partnership with Bain Capital ("Bain"), completed the acquisition of Madison Fire & Rescue ("Madison") for $1.9 billion, subject to closing and other adjustments, net of cash acquired. Madison offers a portfolio of rescue technology and fire-suppression products. Under related agreements, 3M and Bain established a venture as further discussed below. The allocation of purchase consideration related to Madison is considered preliminary with provisional amounts primarily related to intangible assets, working capital, and certain tax-related and liability amounts. 3M expects to finalize the allocation of purchase price within the one-year measurement-period following the acquisition. Net sales of the Madison business included in the Company’s Safety and Industrial segment for the third quarter of 2026 were approximately $90 million and operating income was not significant. Proforma information related to the acquisition was not considered material.

The following table shows the preliminary amounts recognized for major classes of assets acquired and liabilities assumed, which are subject to adjustment as 3M obtains additional information during the measurement period.


Asset/(liability) (millions, except weighted average lives)	Madison		Finite-lived intangible asset weighted average lives (years)




Current and other assets	145
Property, plant, and equipment	115
Finite-lived intangible assets:
Customer related	716		19
Patents and technology	88		10
Definite-lived tradenames	233		23
Goodwill	982

Accounts payable and other liabilities	(91)

Deferred taxes and accrued income taxes	(278)
Net assets acquired	$	1,910

Supplemental information:
Cash paid	$	1,957
Less: cash acquired	(47)
Cash paid, net of cash acquired	$	1,910

The amount of goodwill expected to be deductible for tax purposes was not material.

Under agreements related to the acquisition of Madison, 3M and Bain established a venture into which 3M placed its self-contained breathing apparatus business ("SCBA") and Bain contributed approximately $1.3 billion of cash. The venture utilized the contribution and drew on its term loan facility (as discussed in Note 11) to purchase Madison. 3M has 50.1% of the venture's voting interest and consolidates it under the variable interest entity model. SCBA's historical activity (previously part of the Personal Safety division) together with the new activity of Madison beginning in July 2026 are reflected as the Fire Safety and Rescue division (also referred to as 3M Sentorum) within the Safety and Industrial segment.

The venture results in 3M reflecting a redeemable noncontrolling interest ("RNCI"). Bain's interest is puttable to 3M five years after venture formation (making it redeemable) and callable by 3M at fair value, subject to floors and caps based on multiples of each party's initial investment. Bain's interest also includes floor return rights in the event of sale or public offering of the venture. The RNCI is presented outside of permanent equity on 3M's consolidated balance sheet. These features also result in 3M reflecting a derivative liability for Bain's net put right, which is carried at fair value as described in Note 13. The RNCI is measured at the greater of its initial carrying amount updated for its share of earnings or losses, or estimated redemption value after considering the value of the separate derivative. Adjustments for changes in estimated redemption value of the RNCI are recognized as they occur, reflected in retained earnings, and affect net income attributable to 3M common shareholders. See Note 8 for activity and changes in carrying amount of the RNCI.

Distributions from the venture are subject to approval of both 3M and Bain. At September 30, 2026, approximately $0.9 billion of net assets on 3M's consolidated balance sheet are 3M's proportional interest in those of the venture.

In the second quarter of 2026, 3M completed the sale of its precision grinding and finishing business, formerly within the Safety and Industrial business. This business was classified as held for sale in the third quarter of 2025. 3M recorded a pre-tax charge of $159 million for the excess of its carrying value over its selling price less cost to sell in 2025 and an insignificant amount in 2026 for subsequent changes. This charge and related changes were reported within Corporate and reflected in loss on business divestitures on the consolidated statement of income. The transaction did not involve proceeds, but a balance of cash, subject to closing and other adjustments, was left in the transferring business and an amount was paid to purchaser at close. The business has annual sales of approximately $130 million and its operating income, excluding the charge reflected in Corporate, was not material.

In addition, during the second quarter of 2026, 3M approved and completed the divestiture of its Dyneon GmbH subsidiary, a manufacturer of PFAS prior to 3M's exit from PFAS manufacturing by the end of 2025 (included in Corporate — see Note 16). The transaction resulted in a $324 million pre-tax loss on business divestiture that was recorded within Corporate. The transaction did not involve proceeds, but a balance of cash was left in the transferring business and an amount was paid to purchaser at close. An accrued amount, subject to closing and other adjustments, is payable to purchaser upon finalization of those adjustments, expected later in 2026. Refer to Note 15 for discussion of indemnifications related to certain legal matters associated with this transaction.



(Millions)	December 31, 2025
Assets held for sale
Cash and cash equivalents	$	46
Inventories	27
Property, plant and equipment — net	96
Other assets	18
Valuation allowance on assets held for sale	(141)
Total assets held for sale	$	46
Liabilities held for sale
Pension and postretirement benefits	$	(23)
Other liabilities	(14)
Valuation allowance on liabilities held for sale	(18)
Total liabilities held for sale	$	(55)