v3.25.4
Long-Term Debt and Short-Term Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt and Short-Term Borrowings
Note 12. Long-Term Debt and Short-Term Borrowings
The following debt tables reflect effective interest rates, which include the impact of interest rate swaps, as of December 31, 2025. All debt outlined in the table below is unsecured. Carrying value includes the impact of debt issuance costs and fair value hedging activity. Long-term debt and short-term borrowings as of December 31 consisted of the following:
Long-Term Debt:
Principal amountWeighted-average interest rateFinal maturity dateCarrying value
(Millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
USD denominated fixed-rate debt$10,500 $10,400 3.76 %3.33 %
2026-2050
$10,355 $10,317 
USD denominated floating-rate debt200 1,014 3.77 6.94 
2027-2044
199 915 
EUR denominated fixed-rate debt€1,751 €1,751 1.73 1.60 
2026-2031
2,048 1,812 
Total long-term debt12,602 13,044 
Less: current portion of long-term debt1,670 1,919 
Long-term debt (excluding current portion)$10,932 $11,125 
During 2025, 3M terminated swaps that had converted $800 million principal portion of fixed rate notes to floating-rate debt for a portion of their terms. For December 31, 2024, as those swaps were in place, 3M reflected the carrying value of the $800 million portion as USD denominated floating-rate date in the table above.
Short-Term Borrowings and Current Portion of Long-Term Debt:
Effective interest rateCarrying value
(Millions)December 31, 2025December 31, 2024
Current portion of long-term debt2.16 %$1,670 $1,919 
Cash Interest Payments: Cash interest payments below include amounts related to both debt and finance lease obligations. They exclude cash paid for early debt extinguishment and imputed interest for amounts due under the PWS Settlement, New Jersey Settlement, and CAE Settlement (discussed in Note 17).
(Millions)202520242023
Cash interest payments$467 $505$520
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 items such as unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2025. The maturities of long-term debt for the periods subsequent to December 31, 2025 are as follows (in millions):
20262027202820292030
After 2030
Total
$1,670 $863 $863 $1,793 $1,728 $5,685 $12,602 
Credit Facilities: 3M has a $4.25 billion five-year revolving credit facility with a floating interest rate, set to expire in May 2028. The revolving credit agreement includes a provision under which 3M may request an increase of up to $1.0 billion (at lender’s discretion), bringing the total facility up to $5.25 billion. The credit facility was undrawn at December 31, 2025. Under the $4.25 billion credit facility, the Company is required to maintain its EBITDA to Interest Ratio as of the end of each fiscal quarter at not less than 3.0 to 1. This is calculated (based on amounts defined in the amended agreement) as the ratio of consolidated total EBITDA for the four consecutive quarters then ended to total interest expense on all funded debt for the same period. At December 31, 2025, 3M was in compliance with this requirement. Debt covenants do not restrict the payment of dividends.
Other Credit Facilities: The Company also had $0.6 billion in stand-alone letters of credit, bank guarantees, and other similar instruments, all with a floating interest rate, issued and outstanding at December 31, 2025. These instruments are utilized in connection with normal business activities.
Solventum Related Debt: In the first quarter of 2024, Solventum, prior to the Separation discussed in Note 2, issued a total of $8.4 billion in aggregate principal amount of senior unsecured debt and term loans. Obligations under these notes and loans became, as transferred obligations, the sole responsibility of Solventum after the Separation.
Fixed-to-Floating Interest Rate Swaps: In 2021, 3M entered into interest rate swaps with an aggregate notional amount of $800 million that converted $500 million and $300 million of 3M’s $1 billion and $650 million principal amount of fixed rate notes due in 2049 and 2050, respectively, into floating rate debt, based on a SOFR index (as subsequently amended) for the portion of their terms through mid-2028. During 2025, 3M terminated these fixed-to-floating interest rate swaps. At the time of termination, a cumulative basis adjustment of $47 million related to the terminated swaps existed on the carrying value of these notes and will be amortized as interest expense over their remaining term.
Long-Term Debt Issuances: In 2025, 3M issued $1.1 billion aggregate principal amount of fixed rate unsecured notes. These were comprised of $550 million of 5-year notes due 2030 with a coupon rate of 4.80% and $550 million of 10-year notes due 2035 with a coupon rate of 5.15%.
Long-Term Debt Maturities and Extinguishments: In 2025, 3M repaid $1.8 billion aggregate principal amount of primarily fixed-rate notes that matured. In 2024, 3M repaid $1.1 billion aggregate principal amount of fixed-rate notes that matured. In 2023, 3M repaid $1.2 billion and €600 million aggregate principal amount of fixed-rate notes that matured.