v3.25.4
Pension and Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Discontinued Operations The total employer contributions, including discontinued operations, related to these plans were as follows:
Total employer contributions (millions)202520242023
U.S. defined contribution plans$157 $172 $241 
International defined contribution plans86 87 108 
Schedule of Reconciliation of the Beginning and Ending Balances of the Benefit Obligation and the Fair Value of Plan Assets
The following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years. 3M also has certain non-qualified unfunded pension and postretirement benefit plans, inclusive of plans related to supplement/excess benefits for employees impacted by particular relocations and other matters, that individually and in the aggregate are not significant and which are not included in the tables that follow. The obligations for these plans are included within other liabilities in the Company’s consolidated balance sheet and aggregated to less than $30 million as of December 31, 2025 and 2024.
In connection with the completion of the April 1, 2024 separation of Solventum (see Note 2), approximately $2.7 billion of pension and postretirement benefit obligations and $2.4 billion of plan assets for certain pension and postretirement benefit plans, were transferred to Solventum, which is treated as a discontinued operation. These are reflected in the "Acquisitions/(Divestitures)" row in the table below. In addition, as discussed later in this Note 13, in 2024 3M transferred a portion of its U.S. pension payment obligations and related plan assets to an insurance company. Those transfers are included as settlements and applicable portion in actuarial gain in the tables below.
Qualified and non-qualified pension benefitsPostretirement benefits
United StatesInternational
(Millions)202520242025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$8,362 $13,498 $4,436 $5,571 $1,503 $1,897 
Acquisitions/(divestitures)— (1,850)(22)(615)— (243)
Service cost102 123 49 63 17 21 
Interest cost433 522 198 200 73 80 
Participant contributions— — 6 7 — — 
Foreign exchange rate changes— — 402 (284)3 (16)
Plan amendments— — 1 — (144)— 
Actuarial (gain) loss226 (721)(178)(198)19 (112)
Benefit payments(705)(823)(258)(249)(110)(118)
Settlements, curtailments, special termination benefits and other— (2,387)(19)(59)(5)(6)
Benefit obligation at end of year8,418 8,362 4,615 4,436 1,356 1,503 
Change in plan assets
Fair value of plan assets at beginning of year7,498 12,348 5,397 6,341 761 980 
Acquisitions/(divestitures)— (1,808)— (455)— (130)
Actual return on plan assets781 99 82 38 59 21 
Company contributions67 69 65 71 13 14 
Participant contributions— — 6 7 — — 
Foreign exchange rate changes— — 471 (299)— — 
Benefit payments(705)(823)(258)(249)(110)(118)
Settlements, curtailments, special termination benefits and other— (2,387)(23)(57)(5)(6)
Fair value of plan assets at end of year7,641 7,498 5,740 5,397 718 761 
Funded status at end of year$(777)$(864)$1,125 $961 $(638)$(742)
Qualified and non-qualified pension benefitsPostretirement benefits
United StatesInternational
(Millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Amounts recognized in the consolidated balance sheet
Non-current assets$— $— $1,406 $1,243 $— $— 
Accrued benefit cost
Current liabilities(40)(50)(14)(13)(11)(12)
Non-current liabilities(737)(814)(267)(269)(627)(730)
Net amount recognized$(777)$(864)$1,125 $961 $(638)$(742)
Amounts recognized in accumulated other comprehensive income
Net actuarial loss (gain)$2,645 $2,922 $384 $347 $278 $279 
Prior service cost (credit)— — 7 7 (222)(94)
Ending balance$2,645 $2,922 $391 $354 $56 $185 
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The following table summarizes the total accumulated benefit obligations, the accumulated benefit obligations and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets, and the projected benefit obligation and fair value of plan assets for defined benefit pension plans with projected benefit obligation in excess of plan assets as of December 31:
Qualified and non-qualified pension plans
United StatesInternational
(Millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Accumulated benefit obligation$8,231 $8,094 $4,486 $4,289 
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation8,231 8,094 698 655 
Fair value of plan assets7,641 7,498 433 405 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation8,418 8,362 769 695 
Fair value of plan assets7,641 7,498 467 416 
Schedule of Net Periodic Benefit Cost (Benefit) Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:
Qualified and non-qualified pension benefitsPostretirement benefits
United StatesInternational
(Millions)202520242023202520242023202520242023
Net periodic benefit cost (benefit)
Operating expense
Service cost$102 $123 $171 $49 $63 $76 $17 $21 $27 
Non-operating expense
Interest cost433 522 662 198 200 225 73 80 87 
Expected return on plan assets(569)(714)(974)(278)(322)(307)(57)(65)(77)
Amortization of transition asset— — — — 2 2 — — — 
Amortization of prior service benefit— (15)(24)1 1 2 (15)(22)(31)
Amortization of net actuarial loss277 307 292 8 11 7 16 20 9 
Settlements, curtailments, special termination benefits and other14 821 (5)2 1 3 1 1 — 
Total non-operating expense (benefit)155 921 (49)(69)(107)(68)18 14 (12)
Total net periodic benefit cost (benefit)$257 $1,044 $122 $(20)$(44)$8 $35 $35 $15 
Service cost - continuing operations$102 $116 $139 $49 $58 $60 $17 $20 $23 
Service cost - discontinued operations— 7 32 — 5 16 — 1 4 
Total service cost102 123 171 49 63 76 17 21 27 
Total non-operating expense (benefit) - continuing operations155 921 (32)(69)(107)(67)18 14 (10)
Total non-operating expense (benefit) - discontinued operations— — (17)— — (1)— — (2)
Total non-operating expense (benefit)155 921 (49)(69)(107)(68)18 14 (12)
Total net periodic benefit cost (benefit) - continuing operations257 1,037 107 (20)(49)(7)35 34 13 
Total net periodic benefit cost (benefit) - discontinued operations— 7 15 — 5 15 — 1 2 
Total net periodic benefit cost (benefit)$257 $1,044 $122 $(20)$(44)$8 $35 $35 $15 
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition asset$— $— $— $— $(2)$(2)$— $— $— 
Prior service cost (benefit)— — — 1 — (1)(144)— — 
Amortization of prior service benefit— 15 24 (1)(1)(2)15 22 31 
Net actuarial (gain) loss14 (105)495 21 85 166 17 (69)100 
Amortization of net actuarial loss(277)(307)(292)(8)(11)(7)(16)(20)(9)
Foreign currency— — — 26 (36)3 — 2 — 
Settlements, curtailments, special termination benefits and other(14)(821)5 (2)(1)— (1)(1)— 
Total recognized in other comprehensive (income) loss$(277)$(1,218)$232 $37 $34 $157 $(129)$(66)$122 
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss$(20)$(174)$354 $17 $(10)$165 $(94)$(31)$137 
Schedule of Defined Benefit Plan, Assumptions
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages:
Qualified and non-qualified pension benefitsPostretirement benefits
United StatesInternational
202520242023202520242023202520242023
Assumptions used to determine benefit obligations as of December 31:
Discount rate5.41 %5.64 %4.98 %4.82 %4.44 %3.99 %5.38 %5.68 %5.06 %
Compensation rate increase3.77 3.77 3.77 2.90 2.88 2.88 N/AN/AN/A
Assumptions used to determine net cost for years ended December 31:
Discount rate - service cost5.75 %5.35 %5.26 %3.73 %3.77 %4.06 %5.75 %5.30 %5.39 %
Discount rate - interest cost5.41 5.21 5.11 4.25 4.06 4.39 5.31 5.23 5.25 
Expected return on assets8.00 7.63 7.50 5.00 5.31 4.61 8.17 7.85 7.58 
Compensation rate increase3.77 3.77 3.37 2.88 2.89 2.86 N/AN/AN/A
Schedule of Defined Benefit Plans Disclosures
Company contributions to defined benefit pension and postretirement plans were as follows:
Total employer contributions (millions)20252024
U.S. and international defined benefit pension plans
$132 $140 
Postretirement defined benefit plans
13 14 
Schedule of Expected Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
Qualified and non-qualified pension benefitsPostretirement benefits
(Millions)United StatesInternational
2026 benefit payments$699 $284 $126 
2027 benefit payments698 290 126 
2028 benefit payments698 301 125 
2029 benefit payments692 302 124 
2030 benefit payments683 313 124 
Next five years3,216 1,587 548 
Schedule of Allocation of Plan Assets
The fair values of the assets held by the U.S. pension, international pension, and postretirement benefit plans by asset class are as follows:
Fair value measurements using inputs considered asInvestments measured at net asset value*Fair value at December 31,
Level 1Level 2Level 3
Asset class (millions)2025202420252024202520242025202420252024
U.S. pension plans
Equities$1,537 $1,318 $— $— $— $— $— $— $1,537 $1,318 
Fixed income and private credit
1,594 1,227 2,171 2,774 — — 249 336 4,014 4,337 
Private equity— — — — — 13 1,062 1,179 1,062 1,192 
Absolute return— — — 7 1 — 602 563 603 570 
Cash and cash equivalents
152 38 14 14 — — 335 276 501 328 
Total$3,283 $2,583 $2,185 $2,795 $1 $13 $2,248 $2,354 $7,717 $7,745 
Other items to reconcile to fair value of plan assets(76)(247)
Fair value of plan assets$7,641 $7,498 
International pension plans
Equities$223 $231 $118 $437 $1 $1 $2 $2 $344 $671 
Fixed income and private credit
515 150 3,390 3,248 5 2 1 1 3,911 3,401 
Private equity— — 24 21 2 1 782 736 808 758 
Absolute return— 5 43 44 532 503 108 112 683 664 
Cash and cash equivalents
80 99 53 58 — — — — 133 157 
Total$818 $485 $3,628 $3,808 $540 $507 $893 $851 $5,879 $5,651 
Other items to reconcile to fair value of plan assets(139)(254)
Fair value of plan assets$5,740 $5,397 
Postretirement benefit plans
Equities$131 $122 $— $— $— $— $— $— $131 $122 
Fixed income and private credit
201 129 185 305 — — 21 31 407 465 
Private equity— — — — — 1 91 110 91 111 
Absolute return— — — 4 — — 51 49 51 53 
Cash and cash equivalents
14 7 1 1 — — 29 26 44 34 
Total$346 $258 $186 $310 $— $1 $192 $216 $724 $785 
Other items to reconcile to fair value of plan assets(6)(24)
Fair value of plan assets$718 $761 
* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.