v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 9. Income Taxes
The effective tax rates were as follows:
Three months ended March 31,
(Percent of pre-tax income)20262025
Effective tax rate 25.2 %19.1 %
The primary factors that increased the Company's effective tax rate for the three months ended March 31, 2026, compared to the same period in 2025, were the tax impacts of 3M's retained ownership interest in Solventum, partially offset by increased tax benefits from stock-based compensation.
Net deferred tax assets (net of valuation allowance and deferred tax liabilities) are included as components of other assets and other liabilities within the Consolidated Balance Sheet. This net balance was comprised of the following:
(Millions)
March 31, 2026December 31, 2025
Deferred tax asset (net of valuation allowance)
$3,707$3,826
Deferred tax liability
409418
Net deferred tax assets$3,298$3,408