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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 1-3285

3M COMPANY

(Exact name of registrant as specified in its charter)


Delaware						41-0417775
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

3M Center, St. Paul, Minnesota						55144-1000
(Address of Principal Executive Offices)						(Zip Code)

(Registrant’s Telephone Number, Including Area Code) (651) 733-1110

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $.01 Per Share

MMM

New York Stock Exchange

MMM

NYSE Texas, Inc.

1.500% Notes due 2026

MMM26

New York Stock Exchange

1.750% Notes due 2030

MMM30

New York Stock Exchange

1.500% Notes due 2031

MMM31

New York Stock Exchange

Note: The common stock of the Registrant is also traded on the SIX Swiss Exchange.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at September 30, 2025
Common Stock, $0.01 par value per share						531,225,048 shares

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3M COMPANY

Form 10-Q for the Quarterly Period Ended September 30, 2025


TABLE OF CONTENTS			PAGE
PART I. Financial Information			3
Item 1. Financial Statements			3
Consolidated Statement of Income			3
Consolidated Statement of Comprehensive Income			4
Consolidated Balance Sheet			5
Consolidated Statement of Cash Flows			6
Notes to Consolidated Financial Statements			7
Note 1. Significant Accounting Policies			7
Note 2. Discontinued Operations			7
Note 3. Revenue			8
Note 4. Divestitures			9
Note 5. Goodwill and Intangible Assets			9
Note 6. Restructuring Actions			11
Note 7. Supplemental Income Statement Information			12
Note 8. Supplemental Equity and Comprehensive Income Information			13
Note 9. Income Taxes			15
Note 10. Earnings Per Share			15
Note 11. Marketable Securities			16
Note 12. Long-Term Debt and Short-Term Borrowings			16
Note 13. Pension and Postretirement Benefit Plans			17
Note 14. Supplier Finance Program Obligations			18
Note 15. Derivatives			18
Note 16. Fair Value Measurements			21
Note 17. Commitments and Contingencies			23
Note 18. Stock-Based Compensation			46
Note 19. Business Segments			46
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			49
Overview			49
Results of Operations			50
Performance by Business Segment			53
Financial Condition and Liquidity			59
Item 3. Quantitative and Qualitative Disclosures About Market Risk			63
Item 4. Controls and Procedures			63
PART II. Other Information			64
Item 1. Legal Proceedings			64
Item 1A. Risk Factors			64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			72
Item 3. Defaults Upon Senior Securities			72
Item 4. Mine Safety Disclosures			72
Item 5. Other Information			72
Item 6. Exhibits			73

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3M COMPANY

FORM 10-Q

For the Quarterly Period Ended September 30, 2025

PART I. Financial Information

Item 1. Financial Statements

3M Company and Subsidiaries

Consolidated Statement of Income

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(Millions, except per share amounts)	2025		2024		2025		2024
Net sales	$	6,517	$	6,294	$	18,815	$	18,565

Operating expenses
Cost of sales	3,792		3,647		10,916		10,703
Selling, general and administrative expenses	820		1,062		3,032		3,322
Research, development and related expenses	297		269		870		803
Loss on business divestitures	161		—		164		—
Total operating expenses	5,070		4,978		14,982		14,828
Operating income	1,447		1,316		3,833		3,737

Other expense (income), net	300		(405)		378		(323)

Income from continuing operations before income taxes	1,147		1,721		3,455		4,060
Provision for income taxes	308		348		818		771
Income from continuing operations of consolidated group	839		1,373		2,637		3,289

Income from unconsolidated subsidiaries, net of taxes	2		3		51		7
Net income from continuing operations including noncontrolling interest	841		1,376		2,688		3,296

Less: net income attributable to noncontrolling interest	7		4		15		15
Net income from continuing operations attributable to 3M	834		1,372		2,673		3,281

Net income from discontinued operations, net of taxes	—		—		—		164
Net income attributable to 3M	$	834	$	1,372	$	2,673	$	3,445

Earnings per share attributable to 3M common shareholders:
Weighted average 3M common shares outstanding — basic	534.1		550.6		538.4		553.1
Earnings per share from continuing operations — basic	$	1.56	$	2.49	$	4.97	$	5.93
Earnings per share from discontinued operations — basic	—		—		—		0.30
Earnings per share — basic	$	1.56	$	2.49	$	4.97	$	6.23

Weighted average 3M common shares outstanding — diluted	538.1		552.7		542.1		554.5
Earnings per share from continuing operations — diluted	$	1.55	$	2.48	$	4.93	$	5.92
Earnings per share from discontinued operations — diluted	—		—		—		0.29
Earnings per share — diluted	$	1.55	$	2.48	$	4.93	$	6.21

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

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3M Company and Subsidiaries

Consolidated Statement of Comprehensive Income

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Net income attributable to 3M	$	834	$	1,372	$	2,673	$	3,445
Net income attributable to noncontrolling interest	7		4		15		15
Net income including noncontrolling interest	841		1,376		2,688		3,460
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment	(71)		368		439		15
Defined benefit pension and postretirement plans adjustment	139		48		246		1,009
Cash flow hedging instruments	21		(74)		(91)		(55)
Total other comprehensive income (loss), net of tax	89		342		594		969
Comprehensive income including noncontrolling interest	930		1,718		3,282		4,429
Comprehensive (income) attributable to noncontrolling interest	(3)		(3)		(11)		(14)
Comprehensive income attributable to 3M	$	927	$	1,715	$	3,271	$	4,415

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

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3M Company and Subsidiaries

Consolidated Balance Sheet

(Unaudited)


(Dollars in millions, except per share amount)	September 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	4,671	$	5,600
Marketable securities — current	517		2,128
Accounts receivable — net of allowances of $54 and $60	3,777		3,194
Inventories
Finished goods	1,926		1,849
Work in process	1,146		1,051
Raw materials and supplies	821		798
Total inventories	3,893		3,698
Prepaids	514		493
Assets held for sale	44		—
Other current assets	2,673		771
Total current assets	16,089		15,884
Property, plant and equipment	23,931		23,406
Less: accumulated depreciation	(16,684)		(16,018)
Property, plant and equipment — net	7,247		7,388
Operating lease right of use assets	537		565
Goodwill	6,416		6,281
Intangible assets — net	1,127		1,210
Other assets	6,195		8,540
Total assets	$	37,611	$	39,868
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt	$	749	$	1,919
Accounts payable	2,735		2,660
Accrued payroll	668		712
Accrued income taxes	324		331
Operating lease liabilities — current	174		163
Liabilities held for sale	54		—
Other current liabilities	4,029		5,471
Total current liabilities	8,733		11,256
Long-term debt	11,854		11,125
Pension and postretirement benefits	1,649		1,813
Operating lease liabilities	379		405
Other liabilities	10,321		11,375
Total liabilities	32,936		35,974
Commitments and contingencies (Note 17)
Equity
3M Company shareholders’ equity:
Common stock par value, $.01 par value; 944,033,056 shares issued	9		9
Shares outstanding - September 30, 2025: 531,225,048, December 31, 2024: 539,470,303
Additional paid-in capital	7,397		7,229
Retained earnings	38,103		36,797
Treasury stock, at cost:	(35,759)		(34,462)
Shares at September 30, 2025: 412,808,008, December 31, 2024: 404,562,753
Accumulated other comprehensive income (loss)	(5,122)		(5,731)
Total 3M Company shareholders’ equity	4,628		3,842
Noncontrolling interest	47		52
Total equity	4,675		3,894
Total liabilities and equity	$	37,611	$	39,868

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

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3M Company and Subsidiaries

Consolidated Statement of Cash Flows1

(Unaudited)


	Nine months ended September 30,
(Millions)	2025		2024
Cash flows from operating activities
Net income including noncontrolling interest	$	2,688	$	3,460
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization	878		1,041


Company pension and postretirement contributions	(99)		(116)
Company pension and postretirement expense	198		953
Stock-based compensation expense	182		242
Loss on business divestitures	164		—
Deferred income taxes	298		293
Changes in assets and liabilities
Accounts receivable	(451)		(87)
Inventories	(92)		(172)
Accounts payable	67		8
Accrued income taxes (current and long-term)	(125)		(152)
Other — net	(2,985)		(5,469)
Net cash provided by (used in) operating activities	723		1

Cash flows from investing activities
Purchases of property, plant and equipment (PP&E)	(662)		(890)
Proceeds from sale of PP&E and other assets	69		55

Purchases of marketable securities and investments	(839)		(2,220)
Proceeds from maturities and sale of marketable securities and investments	3,185		1,022
Proceeds from sale of businesses, net of cash sold	5		—

Other — net	(3)		(27)
Net cash provided by (used in) investing activities	1,755		(2,060)

Cash flows from financing activities
Change in short-term debt — net	—		(205)
Repayment of debt (maturities greater than 90 days)	(1,804)		(2,653)
Proceeds from debt (maturities greater than 90 days)	1,099		8,367
Purchases of treasury stock	(2,699)		(1,096)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans	1,219		68
Dividends paid to shareholders	(1,175)		(1,604)
Cash transferred to Solventum related to separation, net	—		(616)
Other — net	(39)		(83)
Net cash provided by (used in) financing activities	(3,399)		2,178

Effect of exchange rate changes on cash and cash equivalents	36		(2)

Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	(885)		117
Less: net increase (decrease) in cash classified within assets held for sale	44		—
Net increase (decrease) in cash and cash equivalents	(929)		117
Cash and cash equivalents at beginning of year	5,600		5,933
Cash and cash equivalents at end of period	$	4,671	$	6,050

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

1 The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.

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3M Company and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Significant Accounting Policies

Basis of Presentation: The interim consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of results for the full year. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its 2024 Annual Report on Form 10-K.

Certain amounts in prior periods’ consolidated financial statements have been reclassified to conform to current period presentation.

Investments: As discussed in Note 1 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K, 3M invests in marketable and equity securities. Equity securities mainly consist of 3M’s ownership interest in Solventum, which was classified as a current equity investment (part of other current assets) in the third quarter of 2025. Classification as current or non-current is based on availability for use in current operations.

New Accounting Pronouncements: Refer to Note 1 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M.

Relevant New Standards Issued Subsequent to Most Recent Annual Report

In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets The ASU provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. For 3M, this standard is effective January 1, 2026. 3M does not expect this ASU to have a material impact on consolidated results of operations and financial condition.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. For 3M, this standard is effective January 1, 2028. 3M is currently evaluating this ASU's impact on consolidated results of operations and financial condition.

Note 2. Discontinued Operations

On April 1, 2024, 3M completed the separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. As a result, Solventum became an independent public company, 3M no longer consolidates Solventum into 3M’s financial results and the historical net income of Solventum and applicable assets and liabilities included in the Separation are reported in 3M's consolidated financial statements as discontinued operations. Refer to Note 2 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K for more information regarding the Separation and the various agreements (supply, transition and other agreements) that provide for the relationship between 3M and Solventum.

3M continuing involvement with Solventum in the form of net sales under supply agreements and income from transition agreements is reflected in amounts disclosed in "Corporate and Other" in Note 19, recorded as net sales and associated costs and recorded as a direct offset to associated costs within selling, general and administrative expenses, respectively. Solventum transition agreement income for the three and nine and months ended September 30, 2025 was approximately $30 million and $120 million, respectively (approximately $0.2 billion and $0.6 billion gross fees, net of assigned costs, respectively). Solventum transition agreement income for the three and nine months ended September 30, 2024 was approximately $5 million and $40 million, respectively, (approximately $0.2 billion and $0.4 billion gross fees, net of assigned costs, respectively). Transition services or purchases from Solventum are not material to 3M. Amounts due from Solventum and amounts due to Solventum under the agreements referenced above were approximately $0.4 billion and $0.2 billion, respectively, as of September 30, 2025 and as of December 31, 2024.

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Information regarding net income from discontinued operations, net of taxes includes the following:



Net income from discontinued operations, net of taxes (millions)	Nine months ended September 30, 2024
Net sales	$	1,987
Cost of sales	844
Other operating expenses	837
Other expense (income), net	44
Income from discontinued operations before income taxes	262
Provision for income taxes	98
Net income from discontinued operations, net of taxes	$	164

Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all periods presented. Selected financial information related to cash flows from discontinued operations is below.



Selected cash flow information from discontinued operations (millions)	Nine months ended September 30, 2024
Depreciation and amortization	$	139
Purchases of PP&E	77

Note 3. Revenue

Disaggregated Revenue Information: The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods:


	Three months ended September 30,				Nine months ended September 30,
Net sales (millions)	2025		2024		2025		2024
Abrasives	$	344	$	323	$	999	$	975
Automotive Aftermarket	293		313		874		923
Electrical Markets	373		328		1,047		952
Industrial Adhesives and Tapes	587		542		1,698		1,591
Industrial Specialties Division	297		292		879		873
Personal Safety	895		828		2,627		2,542
Roofing Granules	128		141		395		402
Total Safety and Industrial Business segment	2,917		2,767		8,519		8,258

Advanced Materials	226		244		671		751
Automotive and Aerospace	484		469		1,433		1,456
Commercial Branding and Transportation	691		659		1,996		1,941
Electronics	790		767		2,211		2,238
Total Transportation and Electronics Business segment	2,191		2,139		6,311		6,386

Consumer Safety and Well-Being	294		285		848		831
Home and Auto Care	304		291		909		898
Home Improvement	417		416		1,117		1,115
Packaging and Expression	297		307		832		858
Total Consumer Business segment	1,312		1,299		3,706		3,702

Corporate and Other	97		89		279		219


Total company	$	6,517	$	6,294	$	18,815	$	18,565


	Three months ended September 30,				Nine months ended September 30,
Net sales by geographic area (millions)	2025		2024		2025		2024
Americas	$	3,582	$	3,484	$	10,271	$	10,114
Asia Pacific	1,834		1,783		5,338		5,272


Europe, Middle East and Africa	1,101		1,027		3,206		3,179

Worldwide	$	6,517	$	6,294	$	18,815	$	18,565


	Three months ended September 30,				Nine months ended September 30,
Net sales by particular country (billions)	2025		2024		2025		2024
United States	$	2.9	$	2.8	$	8.3	$	8.1
China/Hong Kong	0.8		0.7		2.3		2.1

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Note 4. Divestitures

Refer to Note 4 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K for more information on relevant pre-2025 divestitures.

In June 2025, 3M completed the sale of its fused silica business, formerly part of the Transportation and Electronics business, for immaterial proceeds slightly below the business's book value.

In September 2025, 3M agreed to sell its precision grinding and finishing business, within the Safety and Industrial business. The transaction is expected to close in the first half of 2026, subject to customary closing conditions. In the third quarter of 2025, this business was classified as held for sale and 3M recorded a pre-tax charge of $161 million for the excess of its carrying value over its selling price less cost to sell. Selling price does not involve proceeds, but a balance of cash, subject to closing and other adjustments, is to be left in the transferring business. This charge was reported within Corporate and Other and reflected in loss on business divestitures on the consolidated statement of income. The business has annual sales of approximately $130 million and its operating income, which does not include the charge reflected in Corporate and Other, was not material.

The below summarizes the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheet:



(millions)	September 30, 2025
Assets held for sale
Cash and cash equivalents	$	44
Inventories	28
Property, plant and equipment — net	96
Other assets	23
Valuation allowance on assets held for sale	(147)
Total assets held for sale	$	44
Liabilities held for sale





Pension and postretirement benefits	(23)
Other liabilities	(17)
Valuation allowance on liabilities held for sale	(14)
Total liabilities held for sale	$	(54)

Note 5. Goodwill and Intangible Assets

Goodwill: The change in the carrying amount of goodwill by business segment was as follows:


(Millions)	Safety and Industrial		Transportation and Electronics		Consumer		Corporate and Other		Total company





Balance as of December 31, 2024	4,469		1,496		258		58		6,281



Translation and other	94		30		11		—		135
Balance as of September 30, 2025	$	4,563	$	1,526	$	269	$	58	$	6,416

The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.

As of September 30, 2025, the Company's accumulated goodwill impairment loss is $0.3 billion.

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Acquired Intangible Assets: The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets follow:



(Millions)	September 30, 2025		December 31, 2024
Customer related	$	1,237	$	1,319
Patents	203		207
Other technology-based	373		371
Definite-lived tradenames	482		487
Other	47		47
Total gross carrying amount	2,342		2,431

Accumulated amortization — customer related	(908)		(935)
Accumulated amortization — patents	(203)		(207)
Accumulated amortization — other technology-based	(341)		(328)
Accumulated amortization — definite-lived tradenames	(312)		(300)
Accumulated amortization — other	(30)		(30)
Total accumulated amortization	(1,794)		(1,800)

Total finite-lived intangible assets — net	548		631

Indefinite lived intangible assets (primarily tradenames)	579		579
Total intangible assets — net	$	1,127	$	1,210

Certain tradenames acquired by 3M are not amortized because they have been in existence for over 60 years, have a history of leading-market share positions, have been and are intended to be continuously renewed, and the associated products of which are expected to generate cash flows for 3M for an indefinite period of time.

Amortization expense follows:



	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Amortization expense	$	26	$	26	$	78	$	80

Expected amortization expense for acquired amortizable intangible assets recorded as of September 30, 2025 follows:


(Millions)	Remainder of 2025		2026		2027		2028		2029		2030		After 2030
Amortization expense	$	25	$	99	$	84	$	59	$	57	$	57	$	167

3M expenses the costs incurred to renew or extend the term of intangible assets.

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Note 6. Restructuring Actions

Transformation Costs: In the third quarter of 2025, management approved and committed to undertake initial restructuring actions associated with 3M's transformation program, intended as a structural redesign of longer-term manufacturing, distribution, and business process services and locations. Associated pre-tax restructuring charges in the third quarter of 2025, primarily asset-related charges, were $12 million, reflected in Corporate and Other and primarily included in cost of sales. Additional actions are expected and are subject to management's future approval and commitment.

2023 to 2025 Structural Reorganization Actions: In 2023, 3M announced it would undertake structural reorganization actions to reduce the size of the corporate center of the Company, simplify the supply chain, streamline 3M’s geographic footprint, reduce layers of management, further align business go-to-market models to customers, and reduce manufacturing roles to align with production volumes. This initiative, beginning in the first quarter of 2023 and ending largely in the second quarter of 2025, impacted approximately seven thousand positions worldwide (as updated to exclude discontinued operations). During 2024, management approved and committed to undertake additional actions under this initiative impacting approximately one thousand positions and other actions resulting in a pre-tax charge of $187 million, the relevant portion of which relating to the third quarter and first nine months are indicated in the table below. In the first nine months of 2025, management approved and committed to undertake additional actions resulting in a pre-tax charge as indicated in the table below. Remaining activities related to approved and committed actions are expected to be largely completed in 2025.

The related restructuring charges for periods presented were recorded in the income statement as follows:


	Three months ended September 30,			Nine months ended September 30,
(Millions)		2024		2025		2024
Cost of sales		$	19	$	1	$	23
Selling, general and administrative expenses		18		20		141
Research, development and related expenses		3		—		14
Total operating income impact		$	40	$	21	$	178

The business segment operating income impact of these restructuring charges is summarized as follows:


		Three months ended September 30,
	2024
(Millions)		Employee related		Asset-related and other		Total
Safety and Industrial		$	15	$	3	$	18
Transportation and Electronics		8		1		9
Consumer		4		9		13

Total operating expense		$	27	$	13	$	40











	Nine months ended September 30,
	2025		2024
(Millions)	Employee Related		Employee Related		Asset-Related and Other		Total
Safety and Industrial	$	10	$	54	$	28	$	82
Transportation and Electronics	7		24		19		43
Consumer	4		13		20		33
Corporate and Other	—		6		14		20
Total operating expense	$	21	$	97	$	81	$	178

Restructuring actions, including cash and non-cash impacts, follow:


(Millions)	Employee-related









Accrued restructuring action balance as of December 31, 2024	$	80
Incremental expense incurred in the first quarter of 2025	13
Incremental expense incurred in the second quarter of 2025	8



Adjustments	(12)
Cash payments	(65)
Accrued restructuring action balance as of September 30, 2025	$	24

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2023 to 2025 PFAS Exit Restructuring Actions: 3M announced in 2022 that it will exit all PFAS manufacturing by the end of 2025 and began related workforce actions in 2023. In the first nine months of 2024, management approved and committed to undertake actions resulting in an immaterial pre-tax charge. During the first nine months of 2025, such actions resulted in a pre-tax charge as indicated in the table below. These charges were reflected within the Transportation and Electronics business segment and primarily impacted cost of sales and selling, general and administrative expenses. This initiative, beginning in 2023 through committed 2025 actions, impacted approximately 1,200 positions worldwide.


(Millions)	Employee-related





Accrued restructuring action balance as of December 31, 2024	$	86
Incremental expense incurred in the first quarter of 2025	5
Incremental expense incurred in the second quarter of 2025	4




Adjustments	(8)
Cash payments	(35)
Accrued restructuring action balance as of September 30, 2025	$	52

Note 7. Supplemental Income Statement Information

Other expense (income), net consists of the following:


	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Interest expense2	$	232	$	276	$	724	$	939
Interest income	(46)		(107)		(175)		(360)
Pension and postretirement net periodic benefit cost (benefit)3	20		7		71		792
Solventum ownership - change in value4	94		(581)		(242)		(1,694)
Total	$	300	$	(405)	$	378	$	(323)

2 Interest expense related to outstanding debt is as follows below. Interest expense in the table above also includes imputed interest associated with the obligations resulting from the PWS Settlement, New Jersey Settlement, and CAE Settlement (all discussed in Note 17).


	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Interest expense related to outstanding debt	$	114	$	114	$	340	$	371

3 Pension and postretirement net periodic benefit income described in the table above includes all components of defined benefit plan net periodic benefit cost (benefit) except service cost, which is reported in various operating expense lines. Refer to Note 13 for additional details on the components of pension and postretirement net periodic benefit cost (benefit).

4 Solventum ownership - change in value relates to the change in value of 3M's retained ownership interest in common stock of Solventum Corporation, an independent public company. Solventum separated from 3M in April 2024 (discussed in Note 2). As of September 30, 2025, the balance of unrealized gain on this investment was $1.3 billion.

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Note 8. Supplemental Equity and Comprehensive Income Information

Cash dividends declared and paid totaled $0.73 per share for each of the first, second, and third quarters of 2025 and $1.51 for the first quarter of 2024 and $0.70 per share for the second and third quarters of 2024, respectively, or $2.19 and $2.91 per share for the first nine months of 2025 and 2024, respectively.

The table below presents the consolidated changes in equity for three and nine months ended September 30, 2025 and 2024:


			3M Company Shareholders								Non-controlling interest
(Millions)	Total		Common stock and additional paid-in capital		Retained earnings		Treasury stock		Accumulated other comprehensive income (loss)
Balance at June 30, 2025	$	4,351	$	7,354	$	37,693	$	(35,542)	$	(5,215)	$	61
Net income	841				834						7
Other comprehensive income (loss), net of tax	89								93		(4)

Dividends declared	(389)				(389)

Stock-based compensation	52		52
Reacquired stock	(473)						(473)
Dividend to noncontrolling interest	(17)										(17)
Issuances pursuant to stock option and benefit plans	221				(35)		256
Balance at September 30, 2025	$	4,675	$	7,406	$	38,103	$	(35,759)	$	(5,122)	$	47

Balance at June 30, 2024	$	3,988	$	7,155	$	35,475	$	(33,147)	$	(5,567)	$	72
Net income	1,376				1,372						4
Other comprehensive income (loss), net of tax	342								343		(1)
Solventum spin-off	4				4				—
Dividends declared	(383)				(383)
Stock-based compensation	36		36
Reacquired stock	(684)						(684)
Dividend to non controlling interest	(23)										(23)

Issuances pursuant to stock option and benefit plans	38				(9)		47
Balance at September 30, 2024	$	4,694	$	7,191	$	36,459	$	(33,784)	$	(5,224)	$	52

Balance at December 31, 2024	$	3,894	$	7,238	$	36,797	$	(34,462)	$	(5,731)	$	52
Net income	2,688				2,673						15
Other comprehensive income (loss), net of tax	594								598		(4)
Solventum spin-off	(3)				(14)				11
Dividends declared	(1,175)				(1,175)
Purchase of non-controlling interest	1										1
Stock-based compensation	168		168
Reacquired stock	(2,694)						(2,694)
Dividend to noncontrolling interest	(17)										(17)
Issuances pursuant to stock option and benefit plans	1,219				(178)		1,397
Balance at September 30, 2025	$	4,675	$	7,406	$	38,103	$	(35,759)	$	(5,122)	$	47

Balance at December 31, 2023	$	4,868	$	6,965	$	37,479	$	(32,859)	$	(6,778)	$	61
Net income	3,460				3,445						15
Other comprehensive income (loss), net of tax	969								970		(1)
Solventum spin-off	(2,165)				(2,749)				584
Dividends declared	(1,604)				(1,604)
Stock-based compensation	226		226
Reacquired stock	(1,105)						(1,105)
Dividend to noncontrolling interest	(23)										(23)

Issuances pursuant to stock option and benefit plans	68				(112)		180
Balance at September 30, 2024	$	4,694	$	7,191	$	36,459	$	(33,784)	$	(5,224)	$	52

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The table below presents the changes in accumulated other comprehensive income (loss) attributable to 3M (AOCI), including the reclassifications out of AOCI by component for the three and nine months ended September 30, 2025 and 2024:


(Millions)	Cumulative translation adjustment		Defined benefit pension and postretirement plans adjustment		Cash flow hedging instruments, unrealized gain (loss)		Total accumulated other comprehensive income (loss)
Balance at June 30, 2025, net of tax:	$	(2,443)	$	(2,645)	$	(127)	$	(5,215)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(64)		111		23		70
Amounts reclassified out	—		71		4		75
Total other comprehensive income (loss), before tax	(64)		182		27		145
Tax effect5	(3)		(43)		(6)		(52)
Total other comprehensive income (loss), net of tax	(67)		139		21		93

Balance at September 30, 2025, net of tax:	$	(2,510)	$	(2,506)	$	(106)	$	(5,122)

Balance at June 30, 2024, net of tax:	$	(2,795)	$	(2,737)	$	(35)	$	(5,567)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	331		—		(70)		261
Amounts reclassified out	—		63		(21)		42
Total other comprehensive income (loss), before tax	331		63		(91)		303
Tax effect5	38		(15)		17		40
Total other comprehensive income (loss), net of tax	369		48		(74)		343

Balance at September 30, 2024, net of tax:	$	(2,426)	$	(2,689)	$	(109)	$	(5,224)

Balance at December 31, 2024, net of tax:	$	(2,953)	$	(2,763)	$	(15)	$	(5,731)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	372		104		(82)		394
Amounts reclassified out	—		218		(33)		185
Total other comprehensive income (loss), before tax	372		322		(115)		579
Tax effect5	71		(76)		24		19
Total other comprehensive income (loss), net of tax	443		246		(91)		598
Solventum spin-off	—		11		—		11
Balance at September 30, 2025, net of tax:	$	(2,510)	$	(2,506)	$	(106)	$	(5,122)

Balance at December 31, 2023, net of tax:	$	(2,506)	$	(4,218)	$	(54)	$	(6,778)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(70)		285		14		229
Amounts reclassified out	68		1,035		(78)		1,025
Total other comprehensive income (loss), before tax	(2)		1,320		(64)		1,254
Tax effect5	18		(311)		9		(284)
Total other comprehensive income (loss), net of tax	16		1,009		(55)		970
Solventum spin-off	64		520		—		584
Balance at September 30, 2024, net of tax:	$	(2,426)	$	(2,689)	$	(109)	$	(5,224)

5 Includes tax expense (benefit) reclassified out of AOCI related to the following:


	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Cumulative translation adjustment	$	—	$	—	$	—	$	—
Defined benefit pension and postretirement plans adjustment	(17)		(14)		(52)		(243)
Cash flow hedging instruments, realized gain/loss	(1)		5		8		18

Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation do include impacts from items such as net investment hedge transactions. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income.

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Additional details on the amounts reclassified from accumulated other comprehensive income (loss) into consolidated income include:

•Cumulative translation adjustment: amounts were reclassified into selling, general and administrative expense. In 2024, this was associated with country exits as part of streamlining 3M’s geographic footprint (see Note 6).

•Defined benefit pension and postretirement plan adjustments: amounts were reclassified into other (expense) income, net (see Note 13).

•Cash flow hedging instruments, realized gain (loss): amounts from foreign currency forward/option contacts were reclassified into cost of sales, while amounts from interest rate contracts were reclassified into interest expense (see Note 15).

•The tax effects, if applicable, associated with these reclassifications were reflected in provision for income taxes.

Note 9. Income Taxes

The effective tax rates were as follows:


	Three months ended September 30,				Nine months ended September 30,
(Percent of pre-tax income)	2025		2024		2025		2024
Effective tax rate	26.8	%	20.3	%	23.7	%	19.0	%

The primary factors that increased the Company's effective tax rate for the three months ended September 30, 2025, when compared to 2024, were the tax impacts of: 3M's retained ownership interest in Solventum, Pillar Two Model Rules, and the loss on business divestiture, partially offset by net costs of significant litigation. The primary factors that increased the Company's effective tax rate for the nine months ended September 30, 2025, when compared to 2024, were the tax impact of: 3M's retained ownership interest in Solventum and Pillar Two Model Rules, partially offset by net costs of significant litigation.

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 the following:


(Billions)	September 30, 2025		December 31, 2024
Net deferred tax assets	$	3.6	$	3.8

Note 10. Earnings Per Share

The computations for basic and diluted earnings per share follow:


	Three months ended September 30,				Nine months ended September 30,
(Amounts in millions, except per share amounts)	2025		2024		2025		2024
Numerator:
Net income from continuing operations attributable to 3M	$	834	$	1,372	$	2,673	$	3,281
Net income from discontinued operations, net of taxes	—		—		—		164
Net income attributable to 3M	$	834	$	1,372	$	2,673	$	3,445

Denominator:
Weighted average 3M common shares outstanding – basic	534.1		550.6		538.4		553.1
Dilution associated with stock-based compensation plans	4.0		2.1		3.7		1.4
Weighted average 3M common shares outstanding – diluted	538.1		552.7		542.1		554.5

Earnings per share attributable to 3M common shareholders:
Earnings per share from continuing operations — basic	$	1.56	$	2.49	$	4.97	$	5.93
Earnings per share from discontinued operations — basic	—		—		—		0.30
Earnings per share — basic	$	1.56	$	2.49	$	4.97	$	6.23

Earnings per share from continuing operations — diluted	$	1.55	$	2.48	$	4.93	$	5.92
Earnings per share from discontinued operations — diluted	—		—		—		0.29
Earnings per share — diluted	$	1.55	$	2.48	$	4.93	$	6.21

The difference in the weighted average 3M shares outstanding for calculating basic and diluted earnings per share attributable to 3M common shareholders is the result of the dilution associated with the Company’s stock-based compensation plans. Certain awards outstanding below under these stock-based compensation plans were not included in the computation of diluted earnings per share attributable to 3M common shareholders because they would have had an anti-dilutive effect.


	Three months ended September 30,		Nine months ended September 30,
(Millions)	2025	2024	2025	2024
Average number of antidilutive shares	11.5	31.1	14.7	32.3

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Note 11. Marketable Securities

The Company invests in certificates of deposit/time deposits, commercial paper, and other securities. The following is a summary of amounts recorded on the Consolidated Balance Sheet for marketable securities (current and non-current).


(Millions)	September 30, 2025		December 31, 2024
Asset backed securities	$	49	$	24
Foreign corporate debt	7		31
U.S. government securities	89		138
Corporate debt securities	210		819
Commercial paper	83		658
Certificates of deposit/time deposits	63		185
U.S. treasury securities	12		269
U.S. municipal securities	4		4
Current marketable securities	517		2,128



U.S. municipal securities	16		16
Non-current marketable securities	16		16

Total marketable securities	$	533	$	2,144

At September 30, 2025 and December 31, 2024, gross unrealized, gross realized, and net realized gains and/or losses (pre-tax) were not material.

The balances at September 30, 2025 for marketable securities by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


(Millions)
Due in one year or less	$	402
Due after one year through five years	131

Total marketable securities	$	533

Note 12. Long-Term Debt and Short-Term Borrowings

2024 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 14 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, information regarding similar debt-related activity for 2024 includes activity associated with Solventum through its April 2024 Separation.

The Company had no commercial paper outstanding at September 30, 2025 and December 31, 2024.

In the third quarter and first nine months of 2025, 3M repaid $0.6 billion and $1.8 billion respectively, in aggregate principal amount of primarily fixed-rate unsecured notes that matured.

In the first quarter of 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%.

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 the third quarter of 2025, 3M terminated half of these fixed-to-floating interest rate swaps, returning $400 million of notes due in 2049 to fixed-rate debt. At the time of termination, a cumulative basis adjustment of $25 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.

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 September 30, 2025. The maturities of long-term debt for the periods subsequent to September 30, 2025 are as follows (in millions):


Remainder of 2025		2026		2027		2028		2029		2030		After 2030		Total
$	101	$	1,620	$	862	$	797	$	1,793	$	1,726	$	5,704	$	12,603

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Note 13. Pension and Postretirement Benefit Plans

The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales; selling, general and administrative expenses; and research, development and related expenses. The other components of net periodic benefit cost are reflected in other expense (income), net. Effective April 1, 2024, approximately $2.7 billion of 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. Components of net periodic benefit cost and other supplemental information for the three and nine months ended September 30, 2025 and 2024 follow:


	Qualified and non-qualified pension benefits								Postretirement benefits
	United States				International
	Three months ended September 30,
Net periodic benefit cost (benefit) (millions)	2025		2024		2025		2024		2025		2024
Operating expense
Service cost	$	26	$	28	$	12	$	15	$	5	$	5
Non-operating expense
Interest cost	108		110		46		50		18		20
Expected return on plan assets	(142)		(140)		(67)		(81)		(14)		(15)
Amortization of transition asset	—		—		—		—		—		—
Amortization of prior service benefit	—		(3)		—		—		(4)		(6)
Amortization of net actuarial loss	69		64		2		3		4		5
Settlements, curtailments, special termination benefits and other	—		—		—		—		—		—

Total non-operating expense (benefit)	35		31		(19)		(28)		4		4
Total net periodic benefit cost (benefit)	$	61	$	59	$	(7)	$	(13)	$	9	$	9











	Nine months ended September 30,
	2025		2024		2025		2024		2025		2024
Operating expense
Service cost	$	77	$	94	$	36	$	50	$	14	$	17
Non-operating expense
Interest cost	325		411		138		153		56		63
Expected return on plan assets	(426)		(573)		(198)		(248)		(42)		(49)
Amortization of transition asset	—		—		—		2		—		—
Amortization of prior service benefit	—		(11)		1		1		(8)		(18)
Amortization of net actuarial loss	207		242		6		9		12		15
Settlements, curtailments, special termination benefits and other	—		795		—		—		—		—
Total non-operating expense (benefit)	106		864		(53)		(83)		18		11
Total net periodic benefit cost (benefit)	183		958		(17)		(33)		32		28

Service cost - continuing operations	$	77	$	87	$	36	$	45	$	14	$	16
Service cost - discontinued operations	—		7		—		5		—		1
Total service cost	77		94		36		50		14		17
Non-operating expense (benefit) - continuing operations	106		864		(53)		(83)		18		11
Non-operating expense (benefit) - discontinued operations	—		—		—		—		—		—
Total non-operating expense (benefit)	106		864		(53)		(83)		18		11
Total net periodic benefit cost (benefit) - continuing operations	183		951		(17)		(38)		32		27
Total net periodic benefit cost (benefit) - discontinued operations	—		7		—		5		—		1
Total net periodic benefit cost (benefit)	$	183	$	958	$	(17)	$	(33)	$	32	$	28

For the nine months ended September 30, 2025, contributions totaling $89 million were made to the Company’s U.S. and international pension plans and $10 million to its postretirement plans. Future contributions will depend on market conditions, interest rates, and other factors. 3M’s annual measurement date for pension and postretirement assets and liabilities is December 31 each year, which is also the date used for the related annual measurement assumptions.

In the third quarter of 2025, 3M modified the postretirement health care plan in the U.S. that provides a savings account-based benefit to eligible retirees who were employed prior to January 1, 2016. Beginning in 2026, contributions provided by 3M to the health savings accounts will no longer be increased each year by a notional rate. The modification required remeasurement of the plan in the third quarter of 2025, resulting in a decrease of approximately $110 million in the non-current liability for pension and postretirement benefits (and corresponding decrease in accumulated comprehensive loss, before deferred taxes).

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As of March 31, 2024, 3M transferred eligible U.S. Solventum employees and retirees to new U.S. defined benefit pension and postretirement plans with the same benefits of their current plans. The transfer required remeasurement of the plans prior to the calculation of this split. There were also several small international pension plans remeasured for purposes of transferring Solventum employees to new pension plans. Additionally in 2024, primarily in the second quarter, 3M recorded a non-cash pension settlement charge of approximately $0.8 billion reflected in other expense (income), net as a result of transferring approximately $2.5 billion of its U.S. pension payment obligations and related plan assets to an insurance company. The pension risk transfer required remeasurement of the plan prior to the calculation of the settlement charge. Refer to Note 15 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K for additional information regarding these remeasurements.

Note 14. Supplier Finance Program Obligations

Under supplier finance programs, 3M agrees to pay participating banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices, generally within 90 days of the invoice date. 3M or the banks may terminate the agreements with advance notice. Separately, the banks may have arrangements with the suppliers that provide them the option to request early payment from the banks for invoices confirmed by 3M. 3M's outstanding balances of confirmed invoices in the programs as of September 30, 2025 and December 31, 2024 were approximately $0.3 billion. These amounts are included within accounts payable on 3M's consolidated balance sheet.

Note 15. Derivatives

The Company uses interest rate swaps, cross-currency swaps, and forward and option contracts to manage risks generally associated with foreign exchange rate and interest rate fluctuations. Note 17 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K explains the types of derivatives and financial instruments used by 3M, how and why 3M uses such instruments, and how such instruments are accounted for. It also contains information regarding previously initiated contracts or instruments.

Additional information with respect to derivatives is included elsewhere as follows:

•Impact on other comprehensive income of non-derivative hedging and derivative instruments is included in Note 8.

•Fair value of derivative instruments is included in Note 16.

•Derivatives and/or hedging instruments associated with the Company’s long-term debt are described in Note 14 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K.

Refer to the section below titled Location on Statement of Income and Impact of Cash Flow and Fair Value Derivative Instruments and Derivatives Not Designated as Hedging Instruments for details on the location within the consolidated statements of income for amounts of gains and losses related to derivative instruments designated as cash flow or fair value hedges (along with similar information relative to the hedged items) and derivatives not designated as hedging instruments. Additional information relative to cash flow hedges, fair value hedges, net investment hedges and derivatives not designated as hedging instruments is included below as applicable.

Cash Flow Hedges: As of September 30, 2025, the Company had a balance of $106 million associated with the after-tax net unrealized loss associated with cash flow hedging instruments recorded in accumulated other comprehensive income (loss). This includes a remaining balance of $75 million (after-tax loss) related to forward starting interest rate swap and treasury rate lock contracts terminated in 2019 concurrent with associated debt issuances, which is being amortized over the respective lives of the underlying notes. Based on exchange rates as of September 30, 2025, of the total after-tax net unrealized balance as of September 30, 2025, 3M expects to reclassify approximately $22 million after-tax net unrealized loss over the next 12 months (with the impact offset by earnings/losses from underlying hedged items).

The amount of pretax gain (loss) recognized in other comprehensive income (loss) related to derivative instruments designated as cash flow hedges is provided in the following table.


	Pretax gain (loss) recognized in other comprehensive income (loss) on derivatives
	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Foreign currency forward/option contracts	$	23	$	(70)	$	(82)	$	14

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Fair Value Hedges:

As further discussed in Note 12, during the third quarter of 2025, 3M terminated half of the fixed-to-floating interest rate swaps that were entered into in 2021, returning $400 million of notes due in 2049 to fixed-rate debt.

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:


	Carrying value of the hedged (and formerly hedged) liabilities				Cumulative amount of fair value hedging adjustment included in carrying value of hedged liabilities for
Location on the consolidated balance sheet (millions)					Active hedges				Discontinued hedges
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Long-term debt	$	956	$	924	$	(24)	$	(81)	$	(23)	$	2

Net Investment Hedges: At September 30, 2025, 3M has a principal amount of long-term debt instruments designated in net investment hedges totaling 1.8 billion euros, in addition to the gross notional amount of foreign exchange forward/option contracts and cross-currency swaps designated in net investment hedges included in the totals within the "Location, Fair Value, and Gross Notional Amounts of Derivative Instruments" table further below.

During 2025, 3M expanded its net investment hedge activity primarily by entering into cross-currency swaps with a gross notional value at inception of $1.1 billion ($550 million with tenor to 2030 and $550 million with tenor to 2035) designated in hedges of portions of its net investment in international subsidiaries.

The amount of gain (loss) excluded from effectiveness testing recognized in income relative to instruments designated in net investment hedge relationships is not material. The amount of pre-tax gain (loss) recognized in other comprehensive income (loss) related to derivative and non-derivative instruments designated as net investment hedges are as follows.


	Pretax gain (loss) recognized as cumulative translation within other comprehensive income (loss)
	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Foreign currency denominated debt	$	—	$	(77)	$	(229)	$	(21)
Foreign currency forward/option contracts and cross-currency swaps	8		(6)		(149)		(1)
Total	$	8	$	(83)	$	(378)	$	(22)

Derivatives Not Designated as Hedging Instruments: Derivatives not designated as hedging instruments include de-designated foreign currency forward and option contracts that formerly were designated in cash flow hedging relationships (as referenced in the Cash Flow Hedges section above). In addition, 3M enters into foreign currency contracts that are not designated in hedging relationships to offset, in part, the impacts of changes in value of various non-functional currency denominated items including certain intercompany financing balances. These derivative instruments are not designated in hedging relationships; therefore, fair value gains and losses on these contracts are recorded in earnings. The Company does not hold or issue derivative financial instruments for trading purposes.

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Location on Statement of Income and Impact of Cash Flow and Fair Value Derivative Instruments and Derivatives Not Designated as Hedging Instruments:


	Location and amount of gain (loss) recognized in income
	Three months ended September 30,								Nine months ended September 30,
	Cost of sales				Other expense (income), net				Cost of sales				Other expense (income), net
(Millions)	2025		2024		2025		2024		2025		2024		2025		2024
Total consolidated financial statement line item amount	$	3,792	$	3,647	$	300	$	(405)	$	10,916	$	10,703	$	378	$	(323)
Pre-tax amounts recognized in income related to derivative instruments
Information regarding cash flow and fair value hedging relationships:
(Gain) or loss on cash flow hedging relationships:
Foreign currency forward/option contracts:
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income*	2		(23)		—		—		(39)		(84)		—		—
Interest rate contracts:
Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income	—		—		2		2		—		—		6		6
(Gain) or loss on fair value hedging relationships:
Interest rate contracts:
Hedged items	—		—		32		29		—		—		57		20
Derivatives designated as hedging instruments	—		—		(32)		(29)		—		—		(57)		(20)

Information regarding derivatives not designated as hedging instruments:
(Gain) or loss on derivatives not designated as hedging instruments:
Foreign currency forward/option contracts	2		—		6		(13)		(47)		7		(93)		(7)

*For periods prior to the April 1, 2024 separation of Solventum, these include certain insignificant amounts attributable to discontinued operations.

Location, Fair Value, and Gross Notional Amounts of Derivative Instruments: The following tables summarize the fair value of 3M’s derivative instruments, excluding non-derivative 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 and foreign currency forward/option contracts, which are presented using the foreign exchange rate at inception.


	Gross notional Amount				Assets					Liabilities
(Millions)					Location	Fair value amount				Location	Fair value amount

	September 30, 2025		December 31, 2024			September 30, 2025		December 31, 2024			September 30, 2025		December 31, 2024
Derivatives designated as hedging instruments
Foreign currency forward/option contracts	$	1,858	$	1,382	Other current assets	$	19	$	61	Other current liabilities	$	32	$	6
Foreign currency forward/option contracts and cross-currency swaps	6,206		4,746		Other assets	123		78		Other liabilities	267		65
Interest rate contracts	400		800		Other assets	—		—		Other liabilities	23		81
Total derivatives designated as hedging instruments						142		139			322		152

Derivatives not designated as hedging instruments
Foreign currency forward/option contracts	2,416		2,217		Other current assets	3		3		Other current liabilities	16		13
Foreign currency forward/option contracts	1		—		Other assets	—		—		Other liabilities	—		—
Total derivatives not designated as hedging instruments						3		3			16		13

Total derivative instruments						$	145	$	142		$	338	$	165

Credit Risk and Offsetting of Assets and Liabilities of Derivative Instruments: The Company is exposed to credit loss in the event of nonperformance by counterparties in derivative contracts. However, the Company’s risk is limited to the fair value of the instruments. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties. 3M enters into master netting arrangements with counterparties when possible to mitigate credit risk in derivative transactions. A master netting arrangement may allow each counterparty to net settle amounts owed between a 3M entity and the counterparty as a result of multiple, separate derivative transactions. The Company does not anticipate nonperformance by any of these counterparties.

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3M has elected to present the fair value of derivative assets and liabilities within the Company’s consolidated balance sheet on a gross basis even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. However, the following tables provide information as if the Company had to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria in the event of default or termination as stipulated by the terms of netting arrangements with each of the counterparties. For each counterparty, if netted, the Company would offset the asset and liability balances of all derivatives at the end of the reporting period based on the 3M entity that is a party to the transactions. Derivatives not subject to master netting agreements are not eligible for net presentation. For the periods presented, 3M has not received cash collateral from derivative counterparties.

Offsetting of Financial Assets under Master Netting Agreements with Derivative Counterparties

(Millions)

Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet

Gross Amount of Eligible Offsetting Recognized Derivative Liabilities

Net Amount of Derivative Assets

September 30,
2025

December 31,
2024

September 30,
2025

December 31,
2024

September 30,
2025

December 31,
2024

Derivatives subject to master netting agreements

145

142

139

Offsetting of Financial Liabilities under Master Netting Agreements with Derivative Counterparties

(Millions)

Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet

Gross Amount of Eligible Offsetting Recognized Derivative Assets

Net Amount of Derivative Liabilities

September 30,
2025

December 31,
2024

September 30,
2025

December 31,
2024

September 30,
2025

December 31,
2024

Derivatives subject to master netting agreements

338

165

139

199

101

Currency Effects: 3M estimates that year-on-year foreign currency transaction effects, including hedging impacts, approximately impacted pre-tax income as follows:


	Three months ended September 30,				Nine months ended September 30,
(Millions)	2025		2024		2025		2024
Year-on-year foreign currency transaction effects on pre-tax income	$	(30)	$	(21)	$	(55)	$	(40)

These estimates include transaction gains and losses, including derivative instruments designed to reduce foreign currency exchange rate risks.

Note 16. Fair Value Measurements

3M follows ASC 820, Fair Value Measurements and Disclosures, with respect to assets and liabilities that are measured at fair value on a recurring basis and nonrecurring basis. Refer to Note 18 to the Consolidated Financial Statements in 3M's 2024 Annual Report on Form 10-K for a qualitative discussion of the assets and liabilities that are measured at fair value on a recurring and nonrecurring basis, a description of the valuation methodologies used by 3M, and categorization within the valuation framework of ASC 820.

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The following table provides information by level for material assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024.


	Fair value at				Fair value measurements using inputs considered as
					Level 1				Level 2				Level 3
(Millions)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Description
Assets:
Available-for-sale marketable securities:

Asset backed securities	$	49	$	24	$	—	$	—	$	49	$	24	$	—	$	—
Foreign corporate debt	7		31		—		—		7		31		—		—
U.S. government securities	89		138		89		138		—		—		—		—
Corporate debt securities	210		819		—		—		210		819		—		—
Commercial paper	83		658		—		—		83		658		—		—
Certificates of deposit/time deposits	63		185		—		—		63		185		—		—
U.S. treasury securities	12		269		12		269		—		—		—		—
U.S. municipal securities	20		20		—		—		—		—		20		20
Solventum common stock	1,867		2,270		1,867		2,270		—		—		—		—
Derivative instruments — assets:
Foreign currency forward/option contracts and cross-currency swaps	145		142		—		—		145		142		—		—


Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts and cross-currency swaps	315		84		—		—		315		84		—		—
Interest rate contracts	23		81		—		—		23		81		—		—

The Company had no material activity with level 3 assets and liabilities during the periods presented.

In addition, the plan assets of 3M’s pension and postretirement benefit plans are measured at fair value on a recurring basis (at least annually).

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis: Other than the below, 3M had no material measurements at fair value on a nonrecurring basis of applicable assets or liabilities for the third quarter and first nine months of 2025 and 2024.

In the third quarter of 2025, 3M's precision grinding and finishing business was classified as held for sale and written down to its fair value less costs to sell. Fair value was determined based upon terms of the underlying agreement entered into to sell the business. The disposal group continues to be similarly valued until the close of the transaction. See Note 4 for additional information on the disposal group.

Fair Value of Financial Instruments: The Company’s financial instruments include cash and cash equivalents, marketable securities, accounts receivable, certain investments, notes receivable, accounts payable, borrowings, and derivative contracts. The fair values of cash equivalents, accounts receivable, accounts payable, and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. The fair value of long-term notes receivable approximates the carrying value. Available-for-sale marketable securities and Solventum common stock are recorded at fair values as indicated in the preceding disclosures, in addition to certain investments and derivative instruments. To estimate fair values (classified as level 2) for its long-term debt, the Company utilized third-party quotes, which are derived all or in part from model prices, external sources, market prices, or the third-party’s internal records. Information with respect to the carrying amounts and estimated fair values of these financial instruments follow:


	September 30, 2025				December 31, 2024
(Millions)	Carrying value		Fair value		Carrying value		Fair value
Long-term debt, excluding current portion	$	11,854	$	10,844	$	11,125	$	9,856

The fair values reflected in the sections above consider the terms of the related debt absent the impacts of derivative/hedging activity. The carrying amount of long-term debt referenced above is impacted by certain fixed-to-floating interest rate swaps that are designated as fair value hedges and by foreign exchange rates on non-U.S. dollar denominated debt.

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Note 17. Commitments and Contingencies

Legal Proceedings: The Company and some of its subsidiaries are involved in numerous claims and lawsuits and regulatory proceedings worldwide. These claims, lawsuits and proceedings relate to matters including, but not limited to, commercial; products liability (involving products that the Company now or formerly manufactured and sold); securities and corporate governance; antitrust and competition; intellectual property; environmental, health and safety; tax; employment and employee benefits; the Foreign Corrupt Practices Act (FCPA) and other anti-bribery and anti-corruption laws; international import and export requirements and trade sanctions compliance; laws and regulations that apply to industries served by the Company, including the False Claims Act, anti-kickback laws, and the Sunshine Act; and other matters. Unless otherwise stated, the Company is vigorously defending all such litigation and proceedings. From time to time, the Company also receives subpoenas, investigative demands or requests for information from various government agencies in the United States and foreign countries. The Company generally responds in a cooperative, thorough and timely manner. These responses sometimes require time and effort and can result in considerable costs being incurred by the Company. Such requests can also lead to the assertion of claims or the commencement of administrative, civil, or criminal legal proceedings against the Company and others, as well as to settlements. The Company also from time to time becomes aware of certain writs of summons, pre-suit claims, demands or other preliminary or informal assertions of claims or potential future claims that may proceed in the United States or in foreign countries. In response, the Company or its subsidiaries may engage in respect of such matters where it believes it would be appropriate to work towards a negotiated resolution of such matters. The outcomes of legal proceedings and regulatory matters are often difficult to predict. Any determination that the Company’s operations or activities are not, or were not, in compliance with applicable laws or regulations could result in the imposition of fines, civil or criminal penalties, and equitable remedies, including disgorgement, suspension or debarment, or injunctive relief.

Process for Disclosure and Recording of Liabilities Related to Legal Proceedings: Many lawsuits and claims involve highly complex issues relating to causation, scientific evidence, and alleged actual damages, all of which are subject to substantial uncertainties. Assessments of lawsuits and claims can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. The categories of legal proceedings in which the Company is involved may include multiple lawsuits and claims, may be spread across multiple jurisdictions and courts which may handle the lawsuits and claims differently, may involve numerous and different types of plaintiffs, raising claims and legal theories based on specific allegations that may not apply to other matters, and may seek substantial compensatory and, in some cases, punitive, damages. These and other factors contribute to the complexity of these lawsuits and claims and make it difficult for the Company to predict outcomes and make reasonable estimates of any resulting losses. The Company's ability to predict outcomes and make reasonable estimates of potential losses is further influenced by the fact that a resolution of one or more matters within a category of legal proceedings may impact the resolution of other matters in that category in terms of timing, amount of liability, or both.

When making determinations about recording liabilities related to legal proceedings, the Company complies with the requirements of ASC 450, Contingencies, and related guidance, and records liabilities in those instances where it can reasonably estimate the amount of the loss and when the loss is probable. Where the reasonable estimate of the probable loss is a range, the Company records as an accrual in its financial statements the most likely estimate of the loss, or the low end of the range if there is no one best estimate. The Company either discloses the amount of a possible loss or range of loss in excess of established accruals if estimable, or states that such an estimate cannot be made. The Company discloses significant legal proceedings even where liability is not probable or the amount of the liability is not estimable, or both, if the Company believes there is at least a reasonable possibility that a loss may be incurred. Based on experience and developments, the Company reexamines its estimates of probable liabilities and associated expenses and receivables each period, and whether a loss previously determined to not be reasonably estimable and/or not probable is now able to be reasonably estimated or has become probable. Where appropriate, the Company makes additions to or adjustments of its reasonably estimated losses and/or accruals. As a result, the current accruals and/or estimates of loss and the estimates of the potential impact on the Company’s consolidated financial position, results of operations and cash flows for the legal proceedings, and claims pending against the Company will likely change over time.

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Because litigation is subject to inherent uncertainties, and unfavorable rulings or developments could occur, the Company may ultimately incur charges substantially in excess of presently recorded liabilities, including with respect to matters for which no accruals are currently recorded, because losses are not currently probable and reasonably estimable. Many of the matters described herein are at varying stages, seek an indeterminate amount of damages, or seek damages in amounts that the Company believes are not indicative of the ultimate losses that may be incurred. It is not uncommon for claims to be resolved over many years. As a matter progresses, the Company may receive information, through plaintiff demands, through discovery, in the form of reports of purported experts, or in the context of settlement or mediation discussions, that purport to quantify an amount of alleged damages, but with which the Company may not agree. Such information may or may not lead the Company to determine that it is able to make a reasonable estimate as to a probable loss or range of loss in connection with a matter. However, even when a loss or range of loss is not probable and reasonably estimable, developments in, or the ultimate resolution of, a matter could be material to the Company and could have a material adverse effect on the Company, its consolidated financial position, results of operations, and cash flows. In addition, future adverse rulings or developments, or settlements in, one or more matters could result in future changes to determinations of probable and reasonably estimable losses in other matters.

Process for Disclosure and Recording of Insurance Receivables Related to Legal Proceedings: The Company estimates insurance receivables based on an analysis of the terms of its numerous policies, including their exclusions, pertinent case law interpreting comparable policies, its experience with similar claims, and assessment of the nature of the claim and remaining coverage, and records an amount it has concluded is recognizable and expects to receive in light of the loss recovery and/or gain contingency models under ASC 450, ASC 610-30, and related guidance. For those insured legal proceedings where the Company has recorded an accrued liability in its financial statements, the Company also records receivables for the amount of insurance that it concludes as recognizable from the Company’s insurance program. For those insured matters where the Company has not recorded an accrued liability because the liability is not probable or the amount of the liability is not estimable, or both, but where the Company has incurred an expense in defending itself, the Company records receivables for the amount of insurance that it concludes as recognizable for the expense incurred.

Impact of Solventum Spin-Off: On April 1, 2024, the Company completed the planned spin-off of its Health Care business as an independent company known as Solventum. Concurrent with the spin-off, the Company and Solventum entered into various agreements, including transition agreements and a separation and distribution agreement that, among other things, identified the assets to be transferred, the liabilities to be assumed, indemnification and defense obligations, and the contracts to be transferred to Solventum and 3M as part of the spin-off.

The following sections first describe the significant legal proceedings in which the Company is involved and then describe the liabilities and associated insurance recoveries the Company has recorded relating to its significant legal proceedings.

Respirator Mask/Asbestos Litigation: As of September 30, 2025, the Company is a named defendant, with multiple co-defendants, in numerous lawsuits in various courts that purport to represent approximately 3,600 individual claimants, compared to approximately 3,500 individual claimants with actions pending as of December 31, 2024.

The vast majority of the lawsuits and claims resolved by and currently pending against the Company allege use of some of the Company’s mask and respirator products and seek damages from the Company and other defendants for alleged personal injury from workplace exposures to asbestos, silica, coal mine dust or other occupational dusts found in products manufactured by other defendants or generally in the workplace. A minority of the lawsuits and claims resolved by and currently pending against the Company generally allege personal injury from occupational exposure to asbestos from products previously manufactured by the Company, which are often unspecified, as well as products manufactured by other defendants, or occasionally at Company premises.

The Company’s current volume of new and pending matters is substantially lower than it experienced at the peak of filings in 2003. The number of claims alleging more serious injuries, including mesothelioma, other malignancies, and black lung disease, is expected to represent a greater percentage of total claims than in the past. Over the past twenty plus years, the Company has prevailed in nineteen of the twenty cases tried to a jury.

The Company has demonstrated in these past trial proceedings that its respiratory protection products are effective as claimed when used in the intended manner and in the intended circumstances. Consequently, the Company believes that claimants are unable to establish that their medical conditions, even if significant, are attributable to the Company’s respiratory protection products. Nonetheless, the Company’s litigation experience indicates that claims of persons alleging more serious injuries, including mesothelioma, other malignancies, and black lung disease, are costlier to litigate and resolve than the claims of unimpaired persons, and it therefore believes the average cost of resolving pending and future claims on a per-claim basis will continue to be higher than it experienced in prior periods when the vast majority of claims were asserted by medically unimpaired claimants.

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As previously reported, the State of West Virginia, through its Attorney General, filed a complaint in 2003 against the Company and two other manufacturers of respiratory protection products in the Circuit Court of Lincoln County, West Virginia, and amended its complaint in 2005. The amended complaint seeks substantial, but unspecified, compensatory damages primarily for reimbursement of the costs allegedly incurred by the State for workers' compensation and healthcare benefits provided to all workers with occupational pneumoconiosis and unspecified punitive damages. In October 2019, the court granted the State’s motion to sever its unfair trade practices claim, which seeks civil penalties of up to $5,000 per violation under the state's Consumer Credit Protection Act relating to statements that the State contends were misleading about 3M’s 8710 respirators, which were last sold by the Company in 1998 in the United States.

An initial bench trial began in January 2025 on certain issues in the action. The issues presented during the bench trial include the statute of limitations, the period available for any penalties under the West Virginia Consumer Protection Act, and the State’s claims that the 8710 respirators did not perform as advertised. The bench trial is expected to resume in November 2025.

Following resolution by the court of the issues presented during the initial bench trial, the amount, if any, of any civil penalties upon a finding of liability against the Company would be determined through subsequent trial proceedings at an unspecified future date. An expert witness retained by the State has estimated that 3M sold over five million respirators into the state during the relevant time period, and the State alleges that each respirator sold constitutes a separate violation under the Act. 3M disputes the expert's estimates and the State's position regarding what constitutes a separate violation of the Act. 3M has asserted various additional defenses, including that the Company's marketing did not violate the Act at any time, and that the State's claims are barred under the applicable statute of limitations. No liability has been recorded for any portion of this matter because the Company believes that liability is not probable and reasonably estimable at this time. In addition, the Company is not able to estimate a possible loss or range of loss due to open factual and legal questions.

Respirator Mask/Asbestos Liabilities

The Company regularly conducts a comprehensive legal review of its respirator mask/asbestos liabilities. The Company reviews recent and historical claims data, including without limitation, (i) the number of pending claims filed against the Company, (ii) the nature and mix of those claims (i.e., the proportion of claims asserting usage of the Company’s mask or respirator products and alleging exposure to each of asbestos, silica, coal or other occupational dusts, and claims pleading use of asbestos-containing products allegedly manufactured by the Company), (iii) the costs to defend and resolve pending claims, and (iv) trends in filing rates and in costs to defend and resolve claims (collectively, the “Claims Data”). As part of its comprehensive legal review, the Company regularly provides the Claims Data to a third party with expertise in determining the impact of Claims Data on future filing trends and costs. The third party assists the Company in estimating the costs to defend and resolve pending and future claims. The Company uses this analysis to develop its estimate of probable liability.

Developments may occur that could affect the Company’s estimate of its liabilities. These developments include, but are not limited to, significant changes in (i) the key assumptions underlying the Company’s accrual, including the number of future claims, the nature and mix of those claims, and the average cost of defending and resolving claims and in maintaining trial readiness (ii) trial and appellate outcomes, (iii) the law and procedure applicable to these claims, and (iv) the financial viability of other co-defendants and insurers.

As a result of its review of its respirator mask/asbestos liabilities, of pending and expected lawsuits and of the cost of resolving claims of persons who claim more serious injuries, including mesothelioma, other malignancies, and black lung disease, the Company increased its accruals in the first nine months of 2025 for respirator mask/asbestos liabilities by $28 million, and made payments for legal defense costs and settlements of $80 million related to the respirator mask/asbestos litigation. As of September 30, 2025, the Company had an accrual for respirator mask/asbestos liabilities (excluding Aearo accruals) of $471 million. This accrual represents the Company’s estimate of probable loss and reflects an estimation period for future claims that may be filed against the Company approaching the year 2050. The Company cannot estimate the amount or upper end of the range of amounts by which the liability may exceed the accrual the Company has established because of (i) the inherent difficulty in projecting the number of claims that have not yet been asserted or the time period in which future claims may be asserted, (ii) the fact that complaints nearly always assert claims against multiple defendants where the damages alleged are typically not attributed to individual defendants so that a defendant’s share of liability may turn on the law of joint and several liability, which can vary by state, (iii) the multiple factors described above that the Company considers in estimating its liabilities, and (iv) the several possible developments described above that may occur that could affect the Company’s estimate of liabilities.

Respirator Mask/Asbestos Litigation — Aearo Technologies: On April 1, 2008, a subsidiary of the Company acquired the stock of Aearo Holding Corp., the parent of Aearo Technologies (“Aearo”). Aearo manufactured and sold various products, including personal protection equipment, such as eye, ear, head, face, fall and certain respiratory protection products. Aearo and/or other companies that previously owned and operated Aearo’s respirator business (American Optical Corporation, Warner-Lambert LLC, AO Corp. and Cabot Corporation (“Cabot”)) are named defendants, with multiple co-defendants, including the Company, in numerous lawsuits in various courts in which plaintiffs allege use of mask and respirator products and seek damages from Aearo and other defendants for alleged personal injury from workplace exposures to asbestos, silica-related, coal mine dust, or other occupational dusts found in products manufactured by other defendants or generally in the workplace.

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As of September 30, 2025, the Company, through its Aearo subsidiary, had accruals of $53 million for product liabilities and defense costs related to current and future Aearo-related asbestos, silica-related and coal mine dust claims. Responsibility for legal costs, as well as for settlements and judgments, is shared in an informal arrangement among Aearo, Cabot, American Optical Corporation and a subsidiary of Warner Lambert and their respective insurers (the “Payor Group”). Liability is allocated among the parties based on the number of years each company sold respiratory products under the “AO Safety” brand and/or owned the AO Safety Division of American Optical Corporation and the alleged years of exposure of the individual plaintiff. Aearo’s share of the contingent liability is further limited by an agreement entered into between Aearo and Cabot on July 11, 1995. This agreement provides that, so long as Aearo pays to Cabot a quarterly fee of $100,000, Cabot will retain responsibility and liability for, and indemnify Aearo against, any product liability claims involving exposure to asbestos, silica, or silica products for respirators sold prior to July 11, 1995. Because of the difficulty in determining how long a particular respirator remains in the stream of commerce after being sold, Aearo and Cabot have applied the agreement to claims arising out of the alleged use of respirators involving exposure to asbestos, silica or silica products prior to January 1, 1997. With these arrangements in place, Aearo’s potential liability is limited to exposures alleged to have arisen from the use of respirators involving exposure to asbestos, silica, or silica products on or after January 1, 1997. To date, Aearo has elected to pay the quarterly fee. Aearo could potentially be exposed to additional claims for some part of the pre-July 11, 1995, period covered by its agreement with Cabot if Aearo elects to discontinue its participation in this arrangement, or if Cabot is no longer able to meet its obligations in these matters.

Developments may occur that could affect the estimate of Aearo’s liabilities. These developments include, but are not limited to: (i) significant changes in the number of future claims, (ii) significant changes in the average cost of resolving claims, (iii) significant changes in the legal costs of defending these claims, (iv) significant changes in the mix and nature of claims received, (v) trial and appellate outcomes, (vi) significant changes in the law and procedure applicable to these claims, (vii) significant changes in the liability allocation among the co-defendants, (viii) the financial viability of members of the Payor Group including exhaustion of available insurance coverage limits, and/or (ix) a determination that the interpretation of the contractual obligations on which Aearo has estimated its share of liability is inaccurate. The Company cannot determine the impact of these potential developments on its current estimate of Aearo’s share of liability for these existing and future claims. If any of the developments described above were to occur, the actual amount of these liabilities for existing and future claims could be significantly larger than the amount accrued. Because of the inherent difficulty in projecting the number of claims that have not yet been asserted, the complexity of allocating responsibility for future claims among the Payor Group, and the several possible developments that may occur that could affect the estimate of Aearo’s liabilities, the Company cannot estimate the amount or range of amounts by which Aearo’s liability may exceed the accrual the Company has established.

Environmental Matters and Litigation: The Company’s operations are subject to environmental laws and regulations including those pertaining to air emissions, wastewater discharges, toxic or hazardous substances, and the handling and disposal of solid and hazardous wastes, which are enforceable by national, state, and local authorities around the world, and many for which private parties in the United States and abroad may have related rights of action. These laws and regulations can form the basis of, under certain circumstances, claims for the investigation and remediation of contamination, for capital investment in pollution control equipment, for restoration of and/or compensation for damages to natural resources, and for personal injury and property damages. The Company has incurred, and will continue to incur, costs and capital expenditures in complying with these laws and regulations, defending personal injury, natural resource and property damage claims, and modifying its business operations in light of its environmental responsibilities. In its effort to satisfy its environmental responsibilities and comply with environmental laws and regulations, the Company has established, and periodically updates, policies relating to environmental standards of performance for its operations worldwide.

Under certain environmental laws, including the United States Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA") and similar state laws, the Company may be jointly and severally liable, sometimes with other potentially responsible parties, for the costs of investigation and remediation of environmental contamination at current or former facilities and at off-site locations where hazardous substances have been released or disposed of. The Company has identified numerous locations, many of which are in the United States, at which it may have some liability for remediation of contamination under applicable environmental laws. Please refer to the section entitled “Environmental Liabilities” that follows for information on the amount of the accrual for such liabilities.

Environmental Matters

As previously reported, the Company has been voluntarily cooperating with ongoing reviews by local, state, federal (primarily the U.S. Environmental Protection Agency ("EPA")), and international agencies of possible environmental and health effects of various perfluorinated compounds, including perfluorooctanoate ("PFOA"), perfluorooctane sulfonate ("PFOS"), perfluorohexane sulfonic acid ("PFHxS"), perfluorobutane sulfonate ("PFBS"), hexafluoropropylene oxide dimer acid ("HFPO-DA") and other per- and polyfluoroalkyl substances (collectively, "PFAS").

As a result of a phase-out decision in May 2000, the Company no longer manufactures certain PFAS compounds including PFOA, PFOS, PFHxS, and their precursor compounds. The Company ceased manufacturing and using the vast majority of those compounds within approximately two years of the phase-out announcement and ceased all manufacturing and the last significant use of those compounds by the end of 2008.

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3M announced in December 2022 it would take two further actions with respect to PFAS: exiting all PFAS manufacturing by the end of 2025, and working to discontinue the use of PFAS across its product portfolio by the end of 2025. 3M is progressing toward the exit of all PFAS manufacturing by the end of 2025. Until that time, the Company continues to manufacture a variety of shorter-chain-length PFAS compounds. These compounds are used as input materials to a variety of products, including engineered fluorinated fluids, fluoropolymers and fluoroelastomers, as well as surfactants, additives, and coatings. Through its ongoing life cycle management and its raw material composition identification processes associated with the Company’s policies covering the use of all persistent and bio-accumulative materials, the Company continues to review, control or eliminate the presence of certain PFAS in purchased materials, as intended substances in products, or as byproducts in some of 3M’s current manufacturing processes, products, and waste streams.

As noted, 3M is progressing toward the exit of all PFAS manufacturing by the end of 2025. The Company continues to discuss its PFAS manufacturing exit, and related issues involving the disposition of manufacturing assets, with customers, government authorities, and other stakeholders, and the Company remains focused on completing the exit in a timely and orderly fashion.

As also noted, 3M is working to discontinue the use of PFAS across its product portfolio by the end of 2025 and has made progress in eliminating the use of PFAS across its product portfolio in a variety of applications. With respect to PFAS-containing products not manufactured by 3M in the Company's supply chains, the Company continues to evaluate the availability and feasibility of third-party products that do not contain PFAS. Depending on the availability and feasibility of such third-party products not containing PFAS, the Company continues to evaluate circumstances in which the use of PFAS-containing products manufactured by third parties and used in certain applications in 3M’s product portfolios, such as lithium ion batteries, printed circuit boards, certain seals and gaskets, and other products widely used in commerce across a variety of industries, and in some cases required by regulatory or industry standards, may, are expected to or, in some cases, will, depending on applications, continue beyond 2025. In other cases, sales of products manufactured before the end of 2025, sales of products through customer transitions to new products, regulatory approvals, or customer re-certifications or re-qualifications of substitutes or replacements to eliminate the use of PFAS may not or are not expected to be completed, or, depending on circumstances, will not be completed, by the end of 2025. With respect to PFAS-containing products manufactured by third parties, the Company intends to continue to evaluate beyond the end of 2025 the adoption of third-party products that do not contain PFAS to the extent such products are available and such adoption is feasible.

PFAS Regulatory and Legislative Activity

Regulatory and legislative activities concerning PFAS are accelerating in the United States, Europe and elsewhere, and before certain international bodies. These activities include gathering exposure and use information, risk assessment activities, and increasingly stringent restrictions on various uses of PFAS in products and on PFAS in manufacturing emissions and environmental media, in some cases moving towards presently non-detectable limits for certain PFAS compounds. Regulatory limits for PFAS in emissions and in environmental media such as soil and water (including drinking water) are being set at increasingly low levels. Global regulations also appear to be increasingly focused on a broader group of PFAS, including PFAS compounds manufactured by 3M, used in current 3M products or generated as byproducts or degradation products from certain 3M production processes. Finally, in certain jurisdictions, legislation is being considered that, if enacted, might authorize the recovery from individuals or entities costs alleged to have been imposed on the jurisdiction's healthcare system, as well as related costs. If such activity continues, including as regulations become final and enforceable, 3M may incur material costs to comply with new regulatory requirements or as a result of regulation-related litigation or regulatory enforcement actions. Such regulatory changes may also have an impact on 3M’s reputation and may also increase its costs and potential litigation exposure to the extent legal defenses rely on regulatory thresholds, or changes in regulation influence public perception. Given divergent and rapidly evolving regulatory drinking water and other environmental standards, there is currently significant uncertainty about the potential costs to industry and communities associated with remediation and control technologies that may be required.

Europe

In the European Union, recent regulatory activities have included various proposed and enacted restrictions of PFAS or certain PFAS compounds, including, among others, under the EU’s Registration, Evaluation, Authorization and Restriction of Chemicals ("REACH"), the EU’s Persistent Organic Pollutants ("POPs") Regulation, the EU's Food Contaminants Regulation and the EU's Water Drinking Directive. PFOA, PFOS and PFHxS (and their related compounds) are listed under several Annexes of the POPs Regulation, resulting in a ban in manufacture, placing on the market and use as well as some waste management requirements of these substances in EU Member States.

These substances have also been listed in the Stockholm Convention, which has been ratified by more than 180 countries and aims for global elimination of certain listed substances (with narrow exceptions). In February 2023, an EU-wide restriction on the manufacture, use, placing on the market and import of certain perfluoro carboxylic acids (C9-C14 PFCAs), which are PFAS substances, also went into effect. A proposal for the global restriction on production and use of long-chain PFCAs was adopted by the parties to the Stockholm Convention in May 2025, and will enter into force in most countries globally in late 2026. In September 2024, the EU adopted a restriction on certain uses of perfluorohexanoic acid (“PFHxA”) and PFHxA-related substances, including in consumer goods and some uses of firefighting foams and concentrates.

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In February 2023, the European Chemicals Agency published a proposal to restrict the manufacture, placing on the market, and use of PFAS under REACH, subject to certain proposed exceptions. Depending on the timing, scope, and obligations contained in any final restriction, PFAS manufacturers and manufacturers of PFAS-containing products including 3M could incur additional costs and potential exposures, including costs of having to discontinue or modify products, future compliance costs, possible litigation and/or enforcement actions. In addition, in April 2025, EU member states adopted a REACH amendment to restrict the manufacturing, use and placing on the market of all PFAS substances in Aqueous Film Forming Foam ("AFFF"). There is a general 5-year transition plan, with shorter and longer transitional periods for certain uses.

Effective January 2023, the EU Food Contaminants Regulation targeting four PFAS (PFOS, PFOA, perfluorononanoic acid ("PFNA"), and PFHxS) in foodstuff (eggs and animal derived meat) prohibits the sale in all member states of foods containing levels of these chemicals exceeding certain regulatory thresholds. This change may impact 3M, but any such impact is unknown at this time.

The EU regulates PFAS in drinking water via a Drinking Water Directive, which includes a limit of 0.1 micrograms per liter (µg/l) (or 0.1 parts per billion (ppb)) for a sum of 20 PFAS in drinking water. January 2023 was the deadline for Member States to implement the Directive. A majority of Member States have implemented the EU Directive. Some Member States, including Germany, adopted more restrictive limits for certain PFAS substances. These new standards may have an impact on remedial obligations and liabilities, though such impact is unknown at this time.

Government interactions related to PFAS manufacturing in Gendorf

Dyneon and the predecessor operators of the Gendorf facility commissioned a voluntary feasibility study by an independent soil consultant. The study discusses the feasibility of various options to treat PFOA in soil and groundwater as well as associated costs and the environmental impact of such treatment or disposal. The study has been shared with the competent authority. An expert body advising the competent authorities in the county provided feedback on the feasibility study and identified several additional recommended steps, including certain immediate measures and additional soil and groundwater investigations, and the competent authorities have indicated that they are likely to adopt at least some of the recommended steps. As a result of this process, Dyneon has agreed to sponsor environmental studies related to the potential establishment of a landfill to dispose of PFOA-impacted soil, and a local authority has indicated that Dyneon should contribute to the financing of that landfill.

On July 21, 2025, Dyneon was served with an order requiring it to plan a hydraulic barrier to capture a PFOA plume in groundwater originating from the Dyneon site. On August 6, 2025, Dyneon was served with an order requiring it to: (1) assess measures to remediate the impact of PFOA in an area determined by a detailed soil investigation conducted in 2018; (2) delineate the area of PFOA impact beyond the area identified in the 2018 investigation using a more sensitive metric for soil contamination; and (3) submit an investigation concept for the assessment of the soil-food crop exposure pathway. A company that formerly operated PFAS-related manufacturing at the current Dyneon site received an identical order. On August 18, 2025, Dyneon filed an appeal of the July 21 order. On September 10, 2025, Dyneon filed an appeal of the August 6 order. The appeals suspend the enforceability of the orders pending a decision at the first level of judicial review. Dyneon continues to engage with the competent authorities about potential remedial actions related to the Gendorf facility that may be required in the future.

PFAS manufacturing in Zwijndrecht:

3M Belgium, a subsidiary of the Company, owns and operates a facility in Zwijndrecht, Antwerp, Belgium that formerly manufactured various PFAS containing products. All PFAS manufacturing was completed and discontinued at the Zwijndrecht facility in 2024 as part of the Company’s previously-announced global exit of all PFAS manufacturing by the end of 2025.

3M Belgium has been working with the Public Flemish Waste Agency ("OVAM") for several years to investigate and remediate PFAS contamination at and near the Zwijndrecht facility. In connection with a ring road construction project (the Oosterweel Project) in Antwerp that involves extensive soil work, an investigative committee with judicial investigatory powers was formed in June 2021 by the Flemish Parliament to investigate PFAS found in the soil and groundwater near the Zwijndrecht facility. At various points, the Flemish Parliament, the Minister of the Environment, and regulatory authorities initiated investigations and demands for information related to the release of PFAS from the Zwijndrecht facility. 3M Belgium has cooperated with the authorities with respect to the investigations and information requests and is working with the authorities on an ongoing basis.

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In August 2024, the province of Antwerp approved 3M Belgium's latest application for modifying its water discharge permit related to certain PFAS parameters. Following an appeal against the permit by a local non-profit organization, in March 2025, the Flemish Government confirmed the permit. The Flemish Government's confirmation was appealed by a Belgian non-profit organization. 3M Belgium cannot predict the outcome of such appeal and is therefore unable to assess whether the current Zwijndrecht wastewater treatment system, or currently conceived additional treatment technology, ultimately will be determined to meet permit limits imposed with respect to manufacturing at the Zwijndrecht facility. It is possible that the outcome of the appeal or future permit amendments will alter discharge limits and will require additional actions to reduce legacy sources of PFAS or that the wastewater treatment system there will be unable to meet future discharge limits. If 3M Belgium is unable to meet the eventual discharge limits, such development could have a significant adverse impact on 3M Belgium's normal operations and the Company's businesses that receive products and other materials from the Zwijndrecht facility, some of which may not be available or in similar quantities from other 3M facilities, which could in turn impact these businesses' ability to fulfill supply obligations to their customers.

Soil remediation and environmental law compliance:

Flemish government actions and Remediation Agreement. As previously disclosed, following the issuance of a notice of default from the Flemish Region alleging violations of environmental laws and seeking PFAS-related action and compensation, in July 2022, 3M Belgium and the Flemish Government announced an agreement (the “Remediation Agreement”) in connection with the Zwijndrecht facility. Pursuant to the Remediation Agreement, 3M Belgium, among other things, committed an aggregate of €571 million, including enhancements to site discharge control technologies, support for qualifying local commercial farmers impacted by restrictions on sale of agricultural products, ongoing off-site descriptive soil investigation, amounts to address certain identified priority remedial actions (which may include supporting additional actions as required under the Flemish Soil Decree), funds to be used by the Flemish Government in its sole discretion in connection with PFAS emissions from the Zwijndrecht facility, and support for the Oosterweel Project in cash and support services. The agreement contains certain provisions ending litigation and providing certain releases of liability for 3M Belgium, while recognizing that the Flemish Government retains its authority to act in the future to protect its citizenry, as specified in the agreement. In connection with these actions, the Company recorded a pre-tax charge of approximately $500 million in the first half of 2022.

Soil/groundwater remediation. Consistent with Flemish environmental law, descriptive soil investigations (“DSIs”) have been carried out to assess areas of potential PFAS contamination that may require remediation. An accredited third-party soil remediation expert has conducted these DSIs. 3M Belgium has submitted all currently required DSIs.

Further, as previously disclosed, the accredited third-party soil remediation expert has prepared multiple remedial action plans (RAPs) that have been approved by OVAM, the competent authority, and implementation activities are underway. 3M Belgium has also submitted additional required RAPs, which OVAM deemed to be not in conformity with the Flemish Soil Decree and will require additional analysis. OVAM provided extensions of time for 3M Belgium to revise and re-submit each RAP it found to be non-conforming. 3M Belgium representatives continue to have discussions with the relevant authorities regarding further soil remedial actions and related groundwater actions in connection with the Flemish Soil Decree.

Changes to Flemish Soil Decree. In December 2022, the Flemish Cabinet took steps to implement an executive action (the “Site Decision”) designed to expand 3M Belgium’s remedial obligations around the Zwijndrecht site. 3M Belgium filed a legal challenge seeking to annul the Site Decision. In March 2025, the Council of State affirmed 3M Belgium's petition and annulled the Site Decision in its entirety.

In July 2023, the Flemish government approved another executive action establishing a temporary action framework setting soil and groundwater values for evaluation of remediation of PFAS. In December 2023, 3M Belgium filed a legal challenge seeking to annul the temporary action framework.

Following the Flemish Government’s June 2025 announcement of the intent to withdraw the temporary action framework, in September 2025, the Flemish Government formally adopted and then published the withdrawal triggering a 60 day period in which an appeal could be filed. 3M Belgium is unable to predict the ultimate outcome of this regulatory review process and any changes to existing standards could impose additional financial and remedial obligations on 3M Belgium depending on the standards ultimately adopted.

In May 2024, the Flemish government adopted legislation expanding the authority of OVAM to require financial security for remediation work and giving it the ability to impose a percentage of the cost of remediating river sediment on various parties while requiring financial assurance for such work. OVAM has not yet required such financial security from 3M Belgium or imposed such costs on 3M Belgium. These actions potentially could create presently undetermined additional financial obligations for 3M Belgium.

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Pending or potential litigation and investigations outside the United States

Litigation.

Belgium. As of September 30, 2025, a total of eighteen actions against 3M Belgium are pending in Belgian civil courts. 3M Belgium has also received pre-litigation notices from individuals and entities in Belgium indicating potential claims. The pending cases include claims by individuals, municipalities, and other entities for alleged soil and wastewater or rainwater contamination with PFAS, nuisance, tort liability, personal injury and for an environmental injunction.

While most of the actions are in early stages, one of the actions resulted in an award of provisional damages of 500 euros to each of four family members who live near the Zwijndrecht site. Approximately 1,400 individuals have petitioned to intervene in a second "follow-on action" primarily alleging nuisance claims. The Belgian court has not yet determined that the interventions will be permitted. At an introductory hearing in the case, the court established a briefing schedule with all submissions to be completed by January 2026.

In December 2023, 3M Belgium, 3M Company, and several additional 3M entities were named in a lawsuit identifying approximately 1,400 individuals as plaintiffs, which suit is separate from the above-referenced "follow-on action." The suit involves claims for defective products, liability for unlawful acts, and alleges liability of 3M entities as directors and/or shareholders of 3M Belgium, among other claims. At an introductory hearing in November 2024, the case was stayed with no new deadlines established.

In June 2024, Lantis, an entity involved in the Oosterweel project, filed a lawsuit against 3M Belgium seeking damages related to soil storage costs and other alleged claims. The parties have been engaged in mediation regarding the dispute as the litigation proceeds.

Investigations. As previously disclosed, the Company is aware that criminal complaints have been filed against 3M Belgium with an Antwerp investigatory judge alleging 3M Belgium unlawfully abandoned waste in violation of its environmental care obligations, among other allegations. Certain additional parties reportedly joined the complaints. 3M Belgium has not been served with any such complaints. 3M Belgium has been cooperating with the investigation.

The Netherlands. In May 2023, the government of the Netherlands sent 3M Belgium a notice of liability stating that it holds 3M Belgium liable for damages related to alleged PFAS contamination in the Netherlands. The notice purports to identify claims by the Dutch government and references potential damages to other parties. 3M Belgium has met with representatives of the Dutch government to discuss the notice as well as with parties whose interests the Dutch government may also represent.

Certain private groups in the Netherlands have indicated that they may bring legal claims on behalf of one or more parties for purported damages allegedly caused by PFAS. In December 2024, a lawsuit was filed in a Dutch court by the Dutch Fishermen's Association acting on behalf of an individual fisherman, naming 3M Belgium and 3M Company as defendants. The lawsuit generally alleges that PFAS from 3M Belgium’s Zwijndrecht facility impacted certain aspects of the Dutch fishing industry and seeks damages arising from that alleged contamination.

Germany. In July 2025, Dyneon received pre-litigation notices from two cities in Germany, as well as a private citizen, requesting payment for alleged costs incurred/expected from handling PFAS impacted soil during construction works.

Canada. In December 2023, a putative class action was filed against 3M Canada, 3M Company, and other defendants in the British Columbia Supreme Court on behalf of Canadian individuals alleging personal injuries from exposure to AFFF imported into Canada for firefighting and other applications. The lawsuit seeks compensatory damages, punitive damages, disgorgement of profits, and the recovery of health care costs incurred by provincial and territorial governments.

In June 2024, the province of British Columbia, Canada, filed a putative class action in the British Columbia Supreme Court against 3M Canada, 3M Company, and other defendants. The lawsuit purports to be brought on behalf of all provincial and territorial governments in Canada, including all municipalities and other local governments responsible for drinking water systems. The province alleges that the defendants manufactured, marketed, distributed and sold PFAS-containing products, including AFFF, knowing that they would contaminate the environment and threaten human health. The lawsuit asserts claims for public nuisance, private nuisance, negligent design, failure to warn, conspiracy, and breaches of the Competition Act. The lawsuit seeks compensatory damages for the costs incurred in: (1) the investigation, remediation, treatment, assessment, and restoration of lands, waters, sediments, and other natural resources contaminated by PFAS; and (2) the investigation, testing, monitoring, treatment, and remediation of PFAS contamination of drinking water, wastewater, storm water discharges, and biosolids. It also seeks punitive damages and disgorgement of profits.

In July 2024, a putative class action was filed against 3M Canada, 3M Company, and other defendants in the Quebec Superior Court on behalf of public water suppliers and private well owners in Quebec located near sites where defendants allegedly manufactured, used, transported, processed, distributed or sold PFAS. The lawsuit seeks compensatory damages for the testing and treatment of drinking water as well as punitive damages.

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In August 2024 and August 2025, putative class actions were filed against 3M Canada, 3M Company, and other defendants in the Manitoba Court of King’s Bench and British Columbia Supreme Court on behalf of Indian bands in Canada. The lawsuits seek compensatory and punitive damages and abatement costs for the alleged PFAS contamination of Indian Reserve lands, waters, and other natural resources as well as drinking water.

In August and September 2024, putative class actions were filed against 3M Canada, 3M Company, and other defendants in the Ontario Superior Court and British Columbia Supreme Court on behalf of all private well owners in Canada whose well water contains PFAS. The lawsuits seek compensatory damages for the investigation, sampling, testing, assessment, treatment, remediation, and monitoring of well water as well as punitive damages. In July 2025, plaintiffs filed a motion to discontinue the Ontario action.

In September 2024, a putative nationwide consumer class action was filed against 3M Canada, 3M Company, and other defendants in the British Columbia Supreme Court on behalf of all persons who purchased carpeting treated with PFAS-containing products before January 1, 2020. The lawsuit seeks compensatory and punitive damages, disgorgement of profits, and the replacement of PFAS treated carpeting with non-PFAS treated carpeting.

In September 2024, the Canadian Minister of Transport filed, and in December 2024 amended, a third-party contribution and indemnification action against 3M Canada, 3M Company, and other defendants in connection with a pending putative class action filed in British Columbia Supreme Court in April 2024 alleging property contamination from AFFF as a result of firefighting training at the Abbotsford International Airport outside Vancouver.

In July 2025, the Canadian Department of National Defence filed a third-party contribution and indemnification action against 3M Canada, 3M Company, and other defendants in connection with a pending individual action filed in the Ontario Superior Court alleging property contamination from AFFF as a result of firefighting training at the Canadian Forces Detachment Mountain View.

In March 2025, Environment and Climate Change Canada (ECCC) and Health Canada announced plans to add PFAS as toxic substances under the Canadian Environmental Protection Act (CEPA) and to enact a phased ban of certain PFAS in products. Depending on the timing, scope, and obligations contained in any final ban, PFAS manufacturers and manufacturers of products containing PFAS could incur additional costs and potential exposures, including costs of having to discontinue or modify products.

Australia. In May 2025, the New South Wales Environmental Protection Agency issued a Clean Up Notice requiring 3M Australia to investigate and clean up PFAS contamination at a site that 3M Australia formerly leased. 3M submitted a work plan for a site investigation in July 2025.

The Company is aware of a writ of summons that was filed in Australia on behalf of individuals with connections to property that has been allegedly impacted by 3M PFAS products, however, the Company has not been served with any such summons.

Regulation in the United States

Federal Activity

In the United States, in April 2025, the EPA announced “Major EPA Actions to Combat PFAS Contamination,” including the designation of an agency lead for PFAS, the creation of effluent limitations guidelines (ELGs) for certain PFAS, and initiatives to engage with Congress and industry to establish a clear liability framework that includes “polluter pays” and “passive receiver” protection principles. 3M is evaluating the potential impact of this announcement.

The Company has previously discussed the evolving regulatory environment in the United States with respect to PFAS in past filings. Updates relevant to this quarter are below.

With respect to drinking water, in April 2024, EPA announced final drinking water standards for five individual PFAS – PFOA (4 ppt), PFOS (4 ppt), PFHxS (10 ppt), PFNA (10 ppt), and HFPO-DA (10 ppt). EPA also set a drinking water standard for a combination of two or more of PFHxS, PFNA, HFPO-DA and PFBS in drinking water, which is based on a “hazard index” approach. Public drinking water suppliers in the United States have five years to meet the limits. Multiple petitions challenging the rule have been filed in the U.S. Court of Appeals for the District of Columbia Circuit. In May 2025, EPA announced that it would maintain the 4 ppt standards for PFOA and PFOS but rescind and reconsider the standards for PFHxS, PFNA, HFPO-DA and the hazard index standard for a combination of PFAS. In September 2025, EPA filed a motion asking the Court to vacate the standards for PFHxS, PFNA, HFPO-DA, and the hazard index standard and confirming that it intends to defend the standards for PFOA and PFOS.

In April 2024, EPA released its final rule listing PFOA and PFOS, and their salts and structural isomers, as CERCLA hazardous substances. Multiple industry groups have filed challenges to the rule in the U.S. Court of Appeals for the District of Columbia Circuit. In February 2025, EPA sought and was granted an abeyance of the proceedings to allow the new administration time to review the case. In September 2025, EPA confirmed it intends to defend the rule.

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As a result of the CERCLA designation of PFOA and PFOS, and to the extent EPA finalizes additional proposals related to PFAS, 3M may be required to undertake additional investigative and/or remediation activities, including where 3M conducts operations or where 3M has disposed of waste. 3M may also face additional litigation from other entities that have liability under CERCLA for claims seeking contribution for clean-up costs other entities may incur.

In February 2024, EPA proposed two rules under the Resource Conservation and Recovery Act (“RCRA”). One of the proposed rules would list nine PFAS (PFOA, PFOS, PFBS, Gen-X, PFHxA, PFHxS, PFNA, PFDA, and PFBA) and their salts and structural isomers as "hazardous constituents" under RCRA. The other proposed rule would expand the definition of hazardous waste subject to corrective action under RCRA. The Company submitted comments on both proposed rules.

In December 2024, as amended in January 2025, EPA published draft National Recommended Ambient Water Quality Criteria for the Protection of Human Health for PFOA, PFOS, and PFBS. These criteria, once finalized, may be used by states and tribes to establish water quality standards.

In October 2023, EPA published a final rule imposing reporting and recordkeeping requirements under TSCA for manufacturers or importers, including 3M, of certain PFAS in any year since January 2011. The rule requires manufacturers to report certain data to EPA regarding each PFAS produced, including the following: chemical identity, total volumes, uses, byproducts, information about environmental and health effects, number of individuals exposed during manufacture, and the manner or method of disposal. This is a one-time reporting requirement covering in-scope activities over a 12-year look-back period from 2011-2022. EPA has delayed the submission period for this reporting rule twice and reports for most companies (including 3M) are now due October 13, 2026. In August 2025, EPA sent a draft proposal to modify the rule to the Office of Management and Budget for review. EPA’s description of the proposal indicates it includes certain exemptions and other modifications to the scope of the original rule.

In August 2024, three states (New Jersey, New Mexico, and North Carolina) petitioned EPA to list PFOA, PFOS, PFNA, and HFPO-DA as hazardous air pollutants under Clean Air Act and to establish emission standards from source categories. EPA has 18 months to respond to the petition.

In December 2024, EPA proposed updates to its general industrial stormwater permit applicable to various industries, including chemical manufacturing. The updates include provisions that, if finalized, would require dischargers in those sectors and in jurisdictions where EPA is the permitting authority to monitor for certain PFAS in their stormwater discharges and report the results. Public comments on the proposed permit were due in May 2025.

In January 2025, EPA released a draft risk assessment for PFOA and PFOS in biosolids. The Company submitted comments in August 2025. If finalized, that risk assessment could inform future regulations on PFAS in wastewater and biosolids.

State Activity

Several state legislatures and state agencies have been evaluating or have taken various regulatory actions related to PFAS in the environment, including proposing or finalizing cleanup standards for PFAS in soil and water, groundwater standards, surface water standards, and/or drinking water standards for PFOS, PFOA, and other PFAS. 3M has submitted various responsive comments to various of these proposals. Examples of state actions related to PFAS are discussed below.

States with finalized drinking water standards for certain PFAS include Vermont, New Jersey, New York, New Hampshire, Michigan, Massachusetts, Pennsylvania, and Wisconsin. Several states, including California, Connecticut, Maine, New York, Ohio, Pennsylvania, and Vermont have started processes to adopt EPA’s federal drinking water standards for PFAS into state rules. Delaware, Idaho, Rhode Island, and North Carolina previously began those processes.

In April 2021, 3M filed a lawsuit against the Michigan Department of Environment, Great Lakes, and Energy ("EGLE") to invalidate the drinking water standards EGLE promulgated under an accelerated timeline. In November 2022, the court granted 3M’s motion for summary judgment and invalidated EGLE’s rule based on its failure to properly consider relevant costs. The court stayed the effect of its decision pending appeal. EGLE appealed the decision in December 2022. In August 2023, the Michigan Court of Appeals upheld the lower court’s decision that EGLE’s rule was invalid. EGLE appealed that ruling to the Michigan Supreme Court. In March 2025, the Michigan Supreme Court vacated the decision of the Court of Appeals and remanded the case for resolution of certain questions not previously addressed. In September 2025, the Court of Appeals again affirmed the lower court's decision.

Multiple states have also been evaluating or have taken actions relating to PFOA, PFOS and other PFAS compounds in products. As discussed in previous disclosures, Maine, Minnesota and New Mexico have enacted laws that include broad PFAS prohibition and reporting obligations. In addition, multiple other states, including Colorado, California, Connecticut, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Oregon, Rhode Island, Vermont, and Washington, have enacted restrictions on PFAS in certain categories of products, including textiles, children’s products, cosmetics, fire fighter personal protective equipment and food packaging products. In September 2025, the New Mexico Environment Department announced it intends to require labeling for all products containing intentionally added PFAS beginning January 1, 2027. 3M continues to evaluate the potential impact of these laws on its operations and products.

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The Company cannot predict what additional regulatory or legislative actions in the United States, Europe and elsewhere arising from the foregoing or other proceedings and activities, if any, may be taken regarding such compounds or the consequences of any such actions to the Company, including to its manufacturing operations and its products. Given divergent and rapidly evolving regulatory standards, there currently is significant uncertainty about the potential costs to industry and communities associated with remediation and control technologies that may be required.

Litigation Related to Historical PFAS Manufacturing Operations in Alabama

As previously reported, 3M has resolved numerous claims relating to PFAS contamination of properties and water supplies allegedly caused by 3M’s Decatur, Alabama manufacturing facility. 3M continues to make payments pursuant to these resolutions. 3M will continue to address PFAS at certain other closed municipal sites at which the Company historically disposed waste and continue environmental characterization in the area. This work will complement an Interim Consent Order that 3M entered into with the Alabama Department of Environmental Management (“ADEM") in 2020 and includes sampling of environmental media, such as ground water, regarding the potential presence of PFAS at the 3M Decatur facility and legacy disposal sites, as well as supporting the execution of appropriate remedial actions.

In August 2022, Colbert County, Alabama, filed a lawsuit against 3M and several co-defendants alleging that discharge from operations in Decatur had contaminated the Tennessee River, from which the County draws its drinking water. The U.S. Judicial Panel on Multidistrict Litigation (“JPML”) issued a conditional transfer order of this case to the AFFF federal Multi-District Litigation ("MDL") in December 2024. The City of Muscle Shoals, Alabama filed a substantially similar lawsuit in February 2023. 3M removed both cases to federal court in August 2024, and the JPML transferred the cases to the AFFF MDL in December 2024. In April 2025, Colbert County and the City of Muscle Shoals filed a joint motion to remand the two cases to state court. 3M has responded to that motion, which remains pending.

Since December 2023, a number of personal injury actions have been filed against 3M and other defendants, alleging exposure to PFAS from defendants' operations in Decatur. 3M has removed these cases to federal court, where they were transferred to the AFFF MDL. Plaintiffs have filed motions to remand most of these cases back to state court.

State Attorneys General Litigation Related to PFAS

As previously reported, several state attorneys general have filed lawsuits against 3M and other defendants related to alleged PFAS contamination. A number of these lawsuits are now pending in the federal MDL in South Carolina regarding AFFF, described further below, and there are also multiple state attorneys general lawsuits that are proceeding outside the AFFF MDL. Several state attorneys general have also filed multiple lawsuits against 3M and other defendants. In general, preliminary judicial proceedings evaluate whether these lawsuits should proceed in state or federal court and inside the AFFF MDL or outside of the AFFF MDL. Cases at times are moved to the AFFF MDL or remanded to another venue, such as state court.

The lawsuits generally seek on a state-wide basis: injunctive relief, investigative and remedial work, compensatory damages, natural resource damages, consumer protection civil penalties, attorneys’ fees, and, where available, punitive damages related to the states’ response to PFAS contamination. Currently in the AFFF MDL, state attorneys general lawsuits have been brought against 3M on behalf of the people of the states of Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Washington, and Wisconsin, as well as on behalf of the people of the District of Columbia and the territories of Guam, Puerto Rico, and the Northern Mariana Islands.

New Jersey. In March 2019, the New Jersey Attorney General filed two actions against 3M on behalf of New Jersey and certain of its departments regarding alleged PFAS discharges at two facilities: the Chambers Works facility in Salem County (“Chambers Works”) and the Parlin facility in Middlesex County. Although 3M has never owned or operated either facility, New Jersey alleged that 3M supplied PFAS to the facilities, which was then discharged into the environment. In May 2025, 3M agreed to a proposed Judicial Consent Order with the State (the “New Jersey Settlement”). The New Jersey Settlement is subject to public notice and comment and court approval. If the court approves the Settlement, New Jersey and its departments would agree to dismiss with prejudice the two actions described above and the State’s case against 3M pending in the AFFF MDL. In addition, the New Jersey Settlement resolved broader statewide PFAS claims that the State and its departments have, or may in the future have, against 3M, as more fully described in the proposed Judicial Consent Order. The New Jersey Settlement is not an admission of liability.

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If the court approves the New Jersey Settlement and all conditions are met, 3M will pay the State up to $450 million. 3M recorded a pre-tax charge of $281 million in the second quarter of 2025 related to the New Jersey Settlement. The charge reflected the present value of the $400 million amount 3M expects to pay, discounted at an estimated 5.0% blended interest rate at time of proposed settlement. The New Jersey Settlement includes payments with a present value of $207 million for Chambers Works and other elements of the settlement beginning in 2026 over 8 years and payments with a present value of $74 million for existing and future PFAS-related claims by the State of New Jersey starting in 2030 and running through 2050. The actual amount that 3M will pay will be determined in part by how much 3M is ultimately obligated to pay under the PWS Settlement, as discussed elsewhere in this Note 17. 3M may also receive certain credits towards its payment obligations under the New Jersey Settlement based on other contingencies.

Additional state attorneys general lawsuits that are proceeding outside the AFFF MDL are described below.

New Hampshire. In May 2019, the New Hampshire Attorney General filed two lawsuits alleging contamination of the state’s drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. The other lawsuit is proceeding with discovery in state court following a March 2025 ruling by the federal court of appeals denying 3M’s appeal of the order remanding the case to state court. The state court has set a Spring 2029 trial ready date for the matter.

Vermont. In June 2019, the Vermont Attorney General filed two lawsuits alleging contamination of the state’s drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. The other lawsuit is proceeding in federal court, following 3M's July 2025 second removal of the case and an August 2025 ruling by a federal court of appeals granting 3M's appeal of an order remanding a first removal petition filed by 3M. A hearing on the State's renewed motion to remand is scheduled for December 3, 2025 and thus the state court trial will not proceed in accordance with the trial-readiness date of November 7, 2025.

Illinois. In March 2022, the Illinois Attorney General filed a lawsuit in Illinois state court against 3M alleging contamination of the state's natural resources by PFAS compounds disposed of by, or discharged, or emitted from 3M's Cordova plant. The complaint requests monetary damages, injunctive relief, civil penalties, a testing program, and a public outreach and information sharing program. In August 2024, the Seventh Circuit affirmed the order remanding the case to state court. In April 2025, the state court granted in part and denied in part a motion to dismiss filed by 3M. The remaining claims in the case are proceeding with discovery. The case currently is set for trial in September 2026.

Maine. In March 2023, the Maine Attorney General filed two lawsuits alleging contamination of the state's drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. The other lawsuit is proceeding in federal court, following 3M's September 2025 second removal of the case. The federal court of appeals held a hearing on 3M's appeal of the order remanding 3M's first removal on October 6, 2025. The case is proceeding with discovery on the claims remaining after the state court dismissed the state's strict liability and trespass claims in December 2024.

Maryland. In May 2023, the Maryland Attorney General filed two lawsuits alleging contamination of the state's drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. In July 2023, 3M removed the other case to federal court. The State filed a motion to remand, which was granted in February 2024. 3M filed a notice of appeal from the remand order in March 2024. This appeal was consolidated with 3M’s appeal of a remand order in the South Carolina Attorney General case, as described below. In March 2025, the federal court of appeals vacated the remand orders and returned the cases to the district courts for further proceedings. In May 2025, the federal court of appeals denied the state's petition for rehearing en banc. The State has indicated that it will file a petition for review by the U.S. Supreme Court.

South Carolina. In August and October 2023, the South Carolina Attorney General filed two lawsuits alleging contamination of the state's drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. In November 2023, 3M removed the other case directly to the AFFF MDL in federal court. The State filed a motion to remand, which was granted in February 2024. 3M filed a notice of appeal from the remand order in March 2024. This appeal was consolidated with 3M’s appeal of a remand order in the Maryland Attorney General case, as described above. In March 2025, the federal court of appeals vacated the remand order and returned the cases to the district courts for further proceedings. In May 2025, the federal court of appeals denied the state's petition for rehearing en banc. The State has indicated that it will file a petition for review by the U.S. Supreme Court.

Connecticut. In January 2024, the Connecticut Attorney General filed two lawsuits alleging contamination of the state's drinking water supplies and other natural resources from PFAS-containing products. One lawsuit was transferred to the AFFF MDL. Following 3M's removal of the other lawsuit to federal court, the federal court remanded that other lawsuit to state court. 3M filed a notice of appeal from the remand order in December 2024 and a motion to dismiss in January 2025. The federal court of appeals set a hearing on 3M's appeal of the remand order for November 20, 2025.

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Texas. In May 2023, the Texas Attorney General filed a lawsuit alleging contamination of the state’s drinking water supplies and other natural resources from PFAS-containing products. That lawsuit was transferred to the AFFF MDL. In December 2024, the Texas Attorney General filed a second complaint against 3M, DuPont and Chemours in Texas state court alleging violations of the Texas Deceptive Trade Practices-Consumer Protection Act in connection with the advertising, marketing, and sale of PFAS-containing consumer produc

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