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Item 8. Financial Statements and Supplementary Data

2026-02-03 compared with 2025-02-05 · 1176 added, 1306 removed, 1466 unchanged (63% of the section changed)

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Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

PFAS-Related Legal Proceedings

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and (vi) evaluating the sufficiency of the Company’s disclosures related to PFAS-related legal proceedings.

Tax-Free Determination of the Health Care Spin-Off and Certain Internal Business Separation Transactions

As described in Note 11 to the consolidated financial statements, on April 1, 2024 the Company completed the separation of its Health Care business through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation to Company stockholders.

Management has determined that the spin-off and certain internal business separation transactions (the spin-off and certain internal business separation transactions referred to together as the “Transactions”) qualified as tax-free transactions under the applicable sections of the United States (U.S.) Internal Revenue Code.

In making this determination, management applied U.S.

federal tax law to relevant facts and circumstances and obtained a private letter ruling from the Internal Revenue Service, third party tax opinions, and other external tax advice related to the concluded tax treatment.

The applicable facts and circumstances that existed at the time of the Transactions may be reviewed as part of an audit by the Internal Revenue Service.

If the completed Transactions were later determined to fail to qualify for tax-free treatment for U.S.

federal income tax purposes, the Company could be subject to significant liabilities, and there could be material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods.

The determination of the tax consequences of these Transactions required management to make judgments about the application of tax laws and regulations.

The principal considerations for our determination that performing procedures relating to the tax-free determination of the Health Care spin-off and certain internal business separation transactions is a critical audit matter are (i) the significant judgment by management in applying relevant tax laws and regulations in determining the tax-free treatment of the Transactions;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the tax-free determination of the Transactions;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to management’s determination of the tax-free treatment of the Transactions.

These procedures also included, among others , the involvement of professionals with specialized skill and knowledge to assist in evaluating the information, including the private letter ruling from the Internal Revenue Service, third party opinions, U.S.

federal tax law, written tax advice and analyses prepared internally and by external tax advisors, certain representations from management, and other relevant evidence used by management to support management’s judgments and determination that the Transactions qualified as tax-free, as well as the application of relevant tax laws and regulations.

/s/ PricewaterhouseCoopers LLP

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Research, development and related expenses 1,169 1,085 1,154

Gain on business divestitures — ( 36 ) ( 2,724 )

Goodwill impairment expense — — 271

Loss (gain) on business divestitures

Total operating expenses 20,319 19,753 35,299

Operating income (loss)

4,629 4,822 ( 10,689 )

Other expense (income), net 416 3 582

Income (loss) from continuing operations before income taxes

4,213 4,819 ( 11,271 )

Provision (benefit) for income taxes

1,003 804 ( 2,867 )

Income (loss) from continuing operations of consolidated group

Income (loss) from unconsolidated subsidiaries, net of taxes 9 18 11

3,210 4,015 ( 8,404 )

Income from unconsolidated subsidiaries, net of taxes

Net income (loss) from continuing operations including noncontrolling interest

Net income (loss) attributable to noncontrolling interest 15 16 14

3,262 4,024 ( 8,386 )

net income attributable to noncontrolling interest

Net income (loss) from continuing operations attributable to 3M

Net income (loss) from discontinued operations, net of taxes

3,250 4,009 ( 8,402 )

Net income from discontinued operations, net of taxes

Net income (loss) attributable to 3M

$ 3,250 $ 4,173 $ ( 6,995 )

Earnings (loss) per share attributable to 3M common shareholders:

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$ 6.05 $ 7.28 $ ( 15.17 )

Earnings (loss) per share from discontinued operations — basic

0.30 2.54 3.12

Earnings per share from discontinued operations — basic

Earnings (loss) per share — basic

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$ 6.00 $ 7.26 $ ( 15.17 )

Earnings (loss) per share from discontinued operations — diluted

0.29 2.54 3.11

Earnings per share from discontinued operations — diluted

Earnings (loss) per share — diluted

$ 6.00 $ 7.55 $ ( 12.63 )

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

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Net income (loss) attributable to 3M $ 3,250 $ 4,173 $ ( 6,995 )

Net income (loss) attributable to noncontrolling interest 15 16 14

Net income attributable to noncontrolling interest 12 15 16

Net income (loss) including noncontrolling interest 3,262 4,188 ( 6,979 )

4,188 ( 6,979 ) 5,791

Other comprehensive income (loss), net of tax:

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Comprehensive income (loss) including noncontrolling interest 3,910 4,650 ( 7,084 )

Comprehensive (income) loss attributable to noncontrolling interest ( 14 ) ( 16 ) ( 6 )

Comprehensive (income) attributable to noncontrolling interest ( 9 ) ( 14 ) ( 16 )

Comprehensive income (loss) attributable to 3M $ 3,901 $ 4,636 $ ( 7,100 )

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Consolidated Balance Sheet

At December 31

(Dollars in millions, except per share amount) 2024 2023

(Dollars in millions, except per share amount) December 31, 2025 December 31, 2024

Current assets

Cash and cash equivalents $ 5,235 $ 5,600

Marketable securities — current 2,128 50

Marketable securities

Accounts receivable — net of allowances of $ 61 and $ 60

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Prepaids 391 493

Assets held for sale 46 —

Other current assets 2,823 771

Current assets of discontinued operations — 2,379

Total current assets 16,387 15,884

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Property, plant and equipment — net 7,101 7,388

Operating lease right of use assets 565 657

Goodwill 6,419 6,281

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Other assets 6,723 9,105

Non-current assets of discontinued operations — 11,343

Total assets $ 37,733 $ 39,868

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Accrued payroll 718 712

Accrued income taxes 331 304

Operating lease liabilities — current 163 192

Liabilities held for sale 55 —

Other current liabilities

Current liabilities of discontinued operations — 1,723

Total current liabilities 9,595 11,256

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Pension and postretirement benefits 1,631 1,813

Operating lease liabilities 405 464

Other liabilities 10,828 11,780

Non-current liabilities of discontinued operations — 686

Total liabilities 32,986 35,974

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3M Company shareholders’ equity:

Common stock par value, $ .01 par value;

Common stock par value, $ .01 per share;

944,033,056 shares issued

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Consolidated Statement of Changes in Equity

Years ended December 31

3M Company shareholders

(Dollars in millions, except per share amounts) Total Common Stock and Additional Paid-in Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Non-controlling Interest

(Dollars in millions, except per share amounts) Total Common stock and additional paid-in capital

Retained earnings

Treasury stock

Accumulated other comprehensive income (loss)

Non-controlling interest

Balance at December 31, 2022 $ 14,770 $ 6,700 $ 47,950 $ ( 33,255 ) $ ( 6,673 ) $ 48

Net income 5,791 5,777 14

Net income (loss)

( 6,979 ) ( 6,995 ) 16

Other comprehensive income (loss), net of tax ( 105 ) ( 105 ) —

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Dividend to noncontrolling interest ( 3 ) ( 3 )

( 29 ) ( 29 )

Split-off of Food Safety business

( 1,988 ) ( 1,988 )

Issuances pursuant to stock options and benefit plans 264 ( 165 ) 429

Balance at December 31, 2023 4,868 6,965 37,479 ( 32,859 ) ( 6,778 ) 61

Net income (loss)

4,188 4,173 15

Other comprehensive income (loss), net of tax 462 463 ( 1 )

Solventum spin-off

( 2,167 ) ( 2,751 ) 584

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Balance at December 31, 2024 3,894 7,238 36,797 ( 34,462 ) ( 5,731 ) 52

4,188 4,173 15

Net income 3,262 3,250 12

Other comprehensive income (loss), net of tax 648 651 ( 3 )

462 463 ( 1 )

Solventum spin-off ( 3 ) ( 14 ) 11

( 2,167 ) ( 2,751 ) 584

Dividends declared ($ 2.92 per share, Note 8)

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Balance at December 31, 2025 $ 4,747 $ 7,449 $ 38,258 $ ( 35,936 ) $ ( 5,069 ) $ 45

Supplemental share information 2024 2023 2022

Treasury stock

Beginning balance 391,451,920 394,787,951 372,187,578

Reacquired stock 14,954,620 290,379 10,865,635

Split-off of Food Safety business — — 15,989,536

Issuances pursuant to stock options and benefit plans ( 1,843,787 ) ( 3,626,410 ) ( 4,254,798 )

Ending balance 404,562,753 391,451,920 394,787,951

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

3M Company and Subsidiaries

Consolidated Statement of Cash Flows 1

Consolidated Statement of Cash Flows (a)

Years ended December 31,

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Net income (loss) including noncontrolling interest

Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities

$ 3,262 $ 4,188 $ ( 6,979 )

Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities

Depreciation and amortization 1,308 1,363 1,987

Long-lived and indefinite-lived asset impairment expense — — 618

Goodwill impairment expense — — 271

Company pension and postretirement contributions ( 145 ) ( 154 ) ( 152 )

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Stock-based compensation expense 225 289 274

Gain on business divestitures — ( 36 ) ( 2,724 )

Loss (gain) on business divestitures

Deferred income taxes 418 321 ( 3,855 )

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Accounts payable 21 46 138

Accrued income taxes (current and long-term) ( 272 ) ( 218 ) ( 47 )

Other — net ( 3,145 ) ( 5,424 ) 14,761

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Proceeds from sale of businesses, net of cash sold 5 — 60

Cash payment from Food Safety business split-off, net of divested cash — — 478

Other — net ( 3 ) ( 7 ) 35

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Effect of exchange rate changes on cash and cash equivalents 41 ( 44 ) ( 48 )

Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale ( 319 ) ( 333 ) 2,278

net increase (decrease) in cash classified within assets held for sale

Net increase (decrease) in cash and cash equivalents

( 365 ) ( 333 ) 2,278

Cash and cash equivalents at beginning of year 5,600 5,933 3,655

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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.

(a) 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.

3M Company and Subsidiaries

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As used herein, the term “3M” or “Company” refers to 3M Company and subsidiaries unless the context indicates otherwise.

The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States.

The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("U.S.

Preparation of the consolidated financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and notes.

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intercompany transactions and balances are eliminated.

In the second quarter of 2023, 3M re-consolidated the Aearo Technology and certain of its related entities (collectively, the "Aearo Entities") as a result of the court dismissal of their voluntary bankruptcy proceedings.

3M had previously deconsolidated these entities in the third quarter of 2022.

Local currencies generally are considered the functional currencies outside the United States, with the exception of subsidiaries operating in highly inflationary economies, which are not material to 3M.

With the exception of subsidiaries operating in highly inflationary economies, which are not material to 3M, local currencies generally are considered the functional currencies outside the United States.

Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported.

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

Information provided herein reflects the impact of these changes for all applicable periods presented.

• As discussed in Note 2, on April 1, 2024, 3M completed the previously announced 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 of the Separation, Solventum became an independent public company and 3M no longer consolidates Solventum into 3M’s financial results.

In connection with the Separation, 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.

• 3M made certain changes to the composition of segment information reviewed by 3M's chief operating decision maker (CODM) effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024 as further described in Note 22.

To the extent these changes impacted 3M's disclosed disaggregated revenue information, data in Note 3 has also been updated.

Cash and Cash Equivalents:

Cash and cash equivalents consist of cash and temporary investments with maturities of three months or less when acquired.

3M invests in marketable and equity securities.

Marketable securities include available-for-sale debt securities and are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income.

The classification of marketable securities as current or non-current is based on the availability for use in current operations.

3M accounts for its ownership interest in Solventum as an equity investment with a readily determinable fair value.

All equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes therein reflected in net income.

3M utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost less impairment plus or minus observable price changes in orderly transactions.

The balances associated with equity securities are disclosed in Note 8.

3M invests in both marketable and equity securities.

These securities are classified as current or non-current based on their availability for use in current operations.

Marketable securities, which include available-for-sale debt securities, are recorded at fair value with unrealized gains and losses recognized in accumulated other comprehensive income.

Equity securities primarily relate to 3M's ownership interest in Solventum, which 3M accounts for as an equity investment with a readily determinable fair value.

This investment was reclassified as a current equity investment (included in other current assets) in 2025.

Equity securities that do not result in consolidation or are not accounted for under the equity method are measured at fair value, with changes in fair value reflected in net income.

For equity investments without readily determinable fair values, 3M applies the measurement alternative — recording them at cost, less impairment, and adjusted for observable price changes in orderly transactions.

3M regularly reviews investment securities for impairment.

For debt securities, an impairment relating to credit losses is recorded through an allowance for credit losses.

A change in the allowance for credit losses is recorded into earnings in the period of the change.

Changes in the allowance are recognized in earnings in the period of the change.

Any impairment that has not been recorded through an allowance for credit losses is recorded through accumulated other comprehensive income as a component of shareholders’ equity.

Amounts are reclassified out of accumulated other comprehensive income and into earnings upon sale or a change in the portions of impairment related to credit losses and not related to credit losses.

Inventories are stated at the lower of cost or net realizable value (NRV), which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.

Amounts are reclassified out of accumulated other comprehensive income and into earnings upon sale or when portions of the impairment related and unrelated to credit losses change.

Inventories are stated at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.

Cost is generally determined on a first-in, first-out basis.

Property, Plant and Equipment (PPE) and Definite-Lived Intangible Assets:

Property, Plant and Equipment (PP&E) and Definite-Lived Intangible Assets:

Property, plant and equipment, including capitalized interest and internal direct engineering costs, are recorded at cost.

The Company capitalizes direct costs of services used in the development of, and external software acquired for use as, internal-use software.

These software amounts are reported as a component of machinery and equipment within PPE.

Depreciation of PPE generally is computed using the straight-line method.

Refer to Note 8 for depreciable life and additional details on PPE.

Internal-use software elements of PPE are depreciated over a period of three to seven years .

3M records capital-related government grants earned as reductions to the cost of PPE and associated unpaid liabilities and grant proceeds receivable are considered non-cash changes in such balances for purposes of preparation of statement of cash flows.

Definite lived intangible asset types include customer related, patents, other technology-based, tradenames and other intangible assets acquired from an independent party.

These assets are amortized on a on a systematic and rational basis (generally straight-line) that is representative of the asset's use.

Refer to Note 5 for amortizable life and additional details on intangible assets.

These software amounts are reported within machinery and equipment in PP&E.

Depreciation of PP&E is generally computed using the straight-line method.

Internal-use software elements of PP&E are depreciated over a period of three to seven years .

3M records capital-related government grants earned as reductions to the cost of PP&E and associated unpaid liabilities.

Major classes of PP&E, along with their original useful lives (as applicable) are as follows:

(Millions) Original lives

December 31, 2025 December 31, 2024

Land $ 202 $ 200

Buildings and leasehold improvements 10 to 40 years

Machinery and equipment 3 to 15 years

15,328 14,780

Construction in progress 663 994

Gross property, plant and equipment 23,922 23,406

Accumulated depreciation ( 16,821 ) ( 16,018 )

Property, plant and equipment - net $ 7,101 $ 7,388

Definite lived intangible asset types include customer-related, patent, other technology-based, tradename and other intangible assets acquired from independent parties.

These assets are amortized on a systematic and rational basis (generally straight-line) representative of the asset's use.

Refer to Note 5 for amortizable lives and additional details on intangible assets.

Costs related to internally developed intangible assets, such as patents, are expensed as incurred, within “Research, development and related expenses”.

Fully depreciated PPE other than capitalized internally developed software are retained in PPE and accumulated depreciation accounts until disposal.

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

Fully depreciated PP&E, other than capitalized internally developed software, is retained in PP&E and accumulated depreciation accounts until disposal.

Upon disposal, assets and related accumulated depreciation are removed from the accounts, and the net amount, less proceeds from disposal, is charged or credited to operations.

Definite-lived intangible assets are removed from their respective gross asset and accumulated amortization accounts when they are no longer in use.

PPE and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable.

The amount of the impairment loss recorded is calculated by the excess of the asset’s (asset group's) carrying value over its fair value.

Fair value is generally determined using a discounted cash flow analysis.

Conditional Asset Retirement Obligations:

A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a reasonable estimate of fair value can be made.

Over time the liabilities are accreted for the change in their present value and the initial capitalized costs are depreciated over the remaining useful lives of the related assets.

The asset retirement obligation liability was $ 195 million and $ 181 million at December 31, 2024 and 2023, respectively.

3M cannot reasonably estimate the fair value of certain conditional asset retirement obligations based on the nature of particular conditions and outcome of commercial activity.

PP&E and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable.

The amount of the impairment loss recorded equals the excess of the asset’s (or asset group's) carrying value over its fair value, which is generally determined using a discounted cash flow analysis.

Asset Retirement Obligations:

A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred, provided a reasonable estimate of fair value can be made.

Over time, the liability is accreted for the change in its present value, and the initial capitalized cost is depreciated over the remaining useful life of the related asset.

3M cannot reasonably estimate the fair value of certain conditional asset retirement obligations due to the nature of specific conditions and the uncertain outcome of related commercial activities.

The asset retirement obligation liability reflected in other current liabilities and other liabilities was as follows:

(Millions) December 31, 2025 December 31, 2024

Asset retirement obligation $ 202 $ 195

Goodwill and Indefinite-Lived Intangible Assets:

Goodwill and indefinite-lived intangible assets (namely certain tradenames), are not amortized and are assessed for impairment annually (fourth quarter and third quarter, respectively) and whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired.

Impairment testing for goodwill is performed at a reporting unit level, which at 3M, primarily corresponds to a division.

An impairment loss is recognized when the carrying value of the reporting unit’s net assets exceeds its estimated fair value.

The estimated fair value of a reporting unit is determined based on a market approach using comparable company information such as EBITDA (earnings before interest, taxes, depreciation and amortization) multiples or, in some cases, based on a discounted cash flow analysis.

An impairment loss is recognized for an indefinite-lived intangible asset when its fair value (generally determined on a discounted cash flow basis) is less than its carrying value.

Goodwill and indefinite-lived intangible assets (namely certain tradenames) are not amortized and are assessed for impairment annually — in the fourth quarter for goodwill and the third quarter for indefinite-lived intangible assets — and whenever events or circumstances indicate that the carrying amount may be impaired.

Impairment testing for goodwill is performed at the reporting-unit level, which at 3M primarily corresponds to a division.

An impairment loss is recognized when the carrying value of a reporting unit’s net assets exceeds its estimated fair value.

The estimated fair value of a reporting unit is determined using a market approach based on comparable company information, such as EBITDA (earnings before interest, taxes, depreciation, and amortization) multiples, or, in some cases, using a discounted cash-flow analysis.

An impairment loss is recognized for an indefinite-lived intangible asset when its fair value — generally determined using a discounted cash-flow model — is less than its carrying value.

Restructuring Actions:

Restructuring actions generally include significant actions involving employee-related severance charges, contract termination costs, and impairment or accelerated depreciation/amortization of assets associated with such actions.

Restructuring actions generally include significant actions involving employee-related severance charges, contract termination costs, and impairment or accelerated depreciation or amortization of assets associated with such actions.

Employee-related severance charges are largely based upon distributed employment policies and substantive severance plans.

These charges are reflected in the quarter when the actions are probable and the amounts are estimable, which typically is when management approves the associated actions.

Severance amounts for which affected employees in certain circumstances are required to render service in order to receive benefits at their termination dates were measured at the date such benefits were communicated to the applicable employees and recognized as expense over the employees’ remaining service periods.

Contract termination and other charges primarily reflect costs to terminate a contract before the end of its term (measured at fair value at the time the Company provided notice to the counterparty) or costs that will continue to be incurred under the contract for its remaining term without economic benefit to the Company.

These charges are reflected in the quarter in which the actions are probable and the amounts are estimable, which typically occurs when management approves the associated actions.

Severance amounts for which affected employees are required, in certain circumstances, to render service in order to receive benefits at their termination dates are measured as of the date such benefits were communicated to the applicable employees and recognized as expense over the employees’ remaining service periods.

Contract termination and other charges primarily reflect costs to terminate a contract before the end of its term (measured at fair value when the Company provides notice to the counterparty) or costs that will continue to be incurred under the contract for its remaining term without economic benefit to the Company.

Revenue (Sales) Recognition:

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The vast majority of 3M’s customer arrangements contain a single performance obligation to transfer manufactured goods.

Revenue is recognized when control of goods has transferred to customers.

For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods/services have been delivered as that is generally when legal title, physical possession and risks and rewards of goods/services transfer to the customer.

Revenue is recognized at the transaction price which the Company expects to be entitled.

When determining the transaction price, 3M estimates variable consideration applying the portfolio approach practical expedient.

The main sources of variable consideration for 3M are customer rebates, trade promotion funds, and cash discounts.

Revenue is recognized when control of goods transfers to customers.

For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods or services are delivered, as this generally represents when legal title, physical possession, and the risks and rewards of ownership transfer to the customer.

Revenue is recognized at the transaction price to which the Company expects to be entitled.

When determining the transaction price, 3M estimates variable consideration using the portfolio approach practical expedient.

The main sources of variable consideration for 3M are customer incentives such as rebates, trade promotion funds, and cash discounts.

These sales incentives are recorded as a reduction to revenue at the time of the initial sale using the most likely-amount estimation method.

The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes (derived from sales terms, historical experience, trend analysis, and projected market conditions in the various markets served).

The most likely-amount method is based on the single most likely outcome from a range of possible consideration outcomes, derived from sales terms, historical experience, trend analysis, and projected market conditions in the markets 3M serves.

Accrued customer incentives reflected within other current liabilities were as follows:

(Millions) December 31, 2025 December 31, 2024

Accrued customer incentives $ 624 $ 607

The most common incentive relates to amounts paid or credited to customers for achieving defined volume levels or growth objectives.

There are no material instances where variable consideration is constrained and not recorded at the initial time of sale.

Free goods are accounted for as an expense and recorded in cost of sales.

Free goods are accounted for as expenses and recorded in cost of sales.

Product returns are recorded as a reduction to revenue based on anticipated sales returns that occur in the normal course of business.

3M primarily has assurance-type warranties that do not result in separate performance obligations.

Sales, use, value-added, and other excise taxes are not recognized in revenue.

Sales, use, value-added, and other excise taxes are excluded from revenue.

The Company has elected to present revenue net of sales taxes and other similar taxes.

The Company applies the “right to invoice” practical expedient based on 3M’s right to invoice the customer at an amount that reasonably represents the value to the customer of 3M’s performance completed to date.

The Company applies the practical expedient relative to costs of obtaining a contract by expensing sales commissions when incurred because the amortization period would have been one year or less as the Company does not have material costs related to obtaining a contract with amortization periods greater than one year for any year presented.

The Company applies the "right-to-invoice" practical expedient, as the amount invoiced to customers reasonably corresponds to the value of 3M’s performance completed to date.

The Company applies the practical expedient related to costs of obtaining a contract by expensing sales commissions when incurred because the amortization period would have been one year or less as the Company does not have material costs related to obtaining a contract with amortization periods greater than one year for any year presented.

Warranties/Guarantees:

3M’s accrued product warranty liabilities, guarantees of loans with third parties, and other guarantee arrangements are not material.

Accounts Receivable and Allowances:

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The Company determines the allowances based on historical write-off experience, current expectations of future credit losses informed by industry and regional economic data, and historical cash discounts.

The Company reviews the allowances monthly.

The allowances are reviewed on a monthly basis.

The allowances for bad debts as well as the provision for credit losses, write-off activity and recoveries for the periods presented are not material.

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Advertising and Merchandising:

These costs are charged to operations in the period incurred, and totaled $ 216 million, $ 201 million and $ 272 million in 2024, 2023 and 2022, respectively.

These costs are charged to operations in the period incurred, and were as follows:

(Millions) 2025 2024 2023

Advertising and merchandising costs $ 233 $ 216 $ 201

Research, Development and Related Expenses:

These costs are charged to operations in the period incurred and are shown on a separate line of the Consolidated Statement of Income.

Research, development and related expenses totaled $ 1.1 billion, $ 1.2 billion and $ 1.2 billion in 2024, 2023 and 2022, respectively.

Research and development expenses, covering basic scientific research and the application of scientific advances in the development of new and improved products and their uses, totaled $ 0.7 billion, $ 0.7 billion and $ 0.8 billion in 2024, 2023 and 2022, respectively.

Research and development expenses cover basic scientific research and the application of scientific advances in the development of new and improved products and their uses.

Related expenses primarily include technical support;

internally developed patent costs, which include costs and fees incurred to prepare, file, secure and maintain patents;

amortization of externally acquired patents and externally acquired in-process research and development;

and gains/losses associated with certain corporate approved investments in R&D-related ventures.

costs associated with internally developed patents;

amortization of certain acquired technology;

and gains or losses associated with certain corporate approved investments in R&D-related ventures.

Environmental:

Reserves for liabilities related to anticipated environmental related remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies, the Company’s commitment to a plan of action, or approval by regulatory agencies.

Reserves for liabilities related to anticipated environmental-remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies, the Company’s commitment to a plan of action, or approval by regulatory agencies.

Environmental costs for capital projects that contribute to current or future operations generally are capitalized and depreciated over their estimated useful lives.

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All hedging instruments that qualify for hedge accounting are designated and effective as hedges, in accordance with U.S.

generally accepted accounting principles.

Instruments that do not qualify for hedge accounting are marked to market with changes recognized in current earnings.

Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.

Instruments that do not qualify for hedge accounting are adjusted to fair value with changes recognized in current earnings.

Cash flows associated with derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.

The Company does not hold or issue derivative financial instruments for trading purposes and is not a party to leveraged derivatives.

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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.

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date.

The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company.

Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances.

3M follows ASC 820, Fair Value Measurements and Disclosures , with respect to assets and liabilities that are measured at fair value on both a recurring and nonrecurring basis.

Observable inputs are inputs market participants would use in valuing the asset or liability, developed from sources independent of the Company.

Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability, based on the best information available under the circumstances.

The hierarchy is broken down into three levels:

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Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

3M determines if an arrangement is a lease upon inception by establishing if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

3M determines certain service agreements that contain the right to use an underlying asset are not leases because 3M does not control how and for what purpose the identified asset is used.

Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

3M determines if an arrangement is a lease at inception by establishing whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

3M has determined that certain service agreements that contain the right to use an underlying asset are not leases, as 3M does not control how and for what purpose the identified asset is used.

Operating lease right-of-use assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term.

The discount rate used is 3M’s incremental borrowing rate or, if available, the rate implicit in the lease.

3M determines the incremental borrowing rate for leases using a portfolio approach based primarily on the lease term and the economic environment of the applicable country or region.

3M determines the incremental borrowing rate for leases using a portfolio approach based primarily on the lease term and the economic environment of the relevant country or region.

As a lessee, the Company leases distribution centers, office space, land, and equipment.

Certain 3M lease agreements include rental payments adjusted annually based on changes in an inflation index.

Certain 3M lease agreements include rental payments that are adjusted annually based on changes in an inflation index.

3M’s leases do not contain material residual value guarantees or material restrictive covenants.

Lease expense is recognized on a straight-line basis over the lease term.

Certain leases include one or more options to renew, with terms that can extend the lease term up to five years .

Certain leases include one or more options to renew, with terms that can extend the lease term by up to five years .

3M includes options to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option.

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For the measurement and classification of its lease agreements, 3M groups lease and non-lease components into a single lease component for all underlying asset classes.

Variable lease payments primarily include payments for non-lease components, such as maintenance costs, payments for leased assets used beyond their noncancellable lease term as adjusted for contractual options to terminate or renew, additional payments related to a subsequent adjustment in an inflation index, and payments for non-components such as sales tax.

Certain 3M leases contain immaterial variable lease payments based on number of units produced.

Variable lease payments primarily include payments for non-lease components such as maintenance costs, payments for leased assets used beyond their noncancellable lease term as adjusted for contractual options to terminate or renew;

additional payments related to a subsequent adjustment in an inflation index;

and payments for non-components such as sales tax.

Certain 3M leases contain immaterial variable lease payments that are based on production volume.

Related Party Activity:

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New Accounting Pronouncements:

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No.

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

This ASU primarily requires incremental disclosures of disaggregated expense information about a Company's reportable segments.

3M adopted this ASU for the year-end December 31, 2024, and applied it retrospectively to all prior periods presented (see Note 22).

The table below provides summaries of applicable new accounting pronouncements issued, but not yet adopted by 3M.

Standards Issued and Not Yet Adopted

Standard Relevant Description Effective Date for 3M Impact and Other Matters

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

Issued in December 2023.

Requires disaggregated information about a Company's effective tax rate reconciliation as well as information on income taxes paid.

Year-end December 31, 2025

As this ASU relates to disclosures only, there will be no impact to 3M’s consolidated results of operations and financial condition.

This ASU primarily requires disaggregated annual information about a company's effective tax rate reconciliation and income taxes paid.

3M adopted this ASU prospectively beginning with 2025 and the additional disclosure is included in Note 9.

The table below provides summaries of applicable new accounting pronouncements issued, but not yet adopted by 3M.

Standards issued and not yet adopted

Standard Relevant description

Effective date for 3M

Impact and other matters

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

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Requires new disclosures providing further detail of a company's income statement expense line items.

Year-end December 31, 2027

As this ASU relates to disclosures only, there will be no impact to 3M’s consolidated results of operations and financial condition.

Year-end December 31, 2027 As this ASU relates to disclosures only, there will be no impact to 3M’s consolidated results of operations and financial condition.

2025-05, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets

Issued in July 2025.

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.

January 1, 2026 3M does not expect this ASU to have a material impact on consolidated results of operations and financial condition.

2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software

Issued in September 2025.

Removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs in an agile environment.

January 1, 2028 3M is currently evaluating this ASU's impact on consolidated results of operations and financial condition.

2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements

Issued in November 2025.

Improves alignment of hedge accounting with risk management activities and provides guidance regarding five specific hedge accounting issues.

January 1, 2027 3M does not expect this ASU to have a material impact on consolidated results of operations and financial condition.

2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by

Business Entities

Issued in December 2025.

Provides recognition, measurement, and presentation guidance, as well as additional disclosure requirements, for government grants.

January 1, 2029 3M is currently evaluating this ASU's impact on consolidated results of operations and financial condition.

2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements

Issued in December 2025.

Clarifies the applicability of interim reporting guidance, the types of interim reporting, and the required form and content of interim financial statements.

January 1, 2028 As this ASU relates to disclosures only, there will be no impact to 3M’s consolidated results of operations and financial condition.

Discontinued Operations

On April 1, 2024, 3M completed the previously announced 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.

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.

The spin-off transaction was intended to be tax-free for U.S.

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To reflect the completion of the spin, 3M recorded a decrease in shareholders equity for the net book value of applicable assets and liabilities included in the Separation, net of the book value of 3M's retained ownership.

As a result of the Separation, Solventum became an independent public company and 3M no longer consolidates Solventum into 3M’s financial results.

As a result, Solventum became an independent public company, 3M no longer consolidated Solventum into 3M’s financial results and the historical net income of Solventum and applicable assets and liabilities included in the Separation were reported in 3M's consolidated financial statements as discontinued operations.

Following the Separation, as 3M no longer controls or has the ability to exert significant influence over Solventum, 3M measures, at fair value on a recurring basis, its retained ownership interest in Solventum common stock (see additional information in Note 7).

3M intends to divest its ownership in Solventum within five years from its April 2024 spin-off.

The Company entered into various agreements to effect the Separation and provide for the relationship between 3M and Solventum, including, among others, a separation and distribution agreement;

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In addition, the companies had certain amounts due between them as of the Separation date.

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 Note 22 relative to "Corporate and Unallocated" (recorded as net sales and associated costs) and "Other" (recorded as a direct offset to associated costs within selling, general and administrative expenses), respectively.

Solventum transition agreement income for 2024 included in "Other" was approximately $ 50 million (approximately $ 0.6 billion gross fees, net of assigned costs).

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 20.

Supply agreements are reflected as net sales and associated costs while transition agreement income is recorded as a direct offset to associated costs within selling, general and administrative expenses.

Solventum transition agreement income for 2025 was approximately $ 150 million (approximately $ 0.7 billion gross fees, net of assigned costs).

Solventum transition agreement income for 2024 was approximately $ 50 million, (approximately $ 0.6 billion gross fees, net of assigned costs).

Transition services or purchases from Solventum are not material to 3M.

Amounts due from Solventum and amounts due to Solventum under the agreements described above were approximately $ 0.4 billion and $ 0.2 billion, respectively, as of December 31, 2024.

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

Net Income (Loss) from Discontinued Operations, Net of Taxes (millions)

2024 2023 2022

Amounts due from Solventum and amounts due to Solventum under the agreements referenced above were approximately $ 0.4 billion and $ 0.1 billion, respectively, as of December 31, 2025.

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 due from December 31, 2024.

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

Net income from discontinued operations, net of taxes (millions)

$ 1,987 $ 8,071

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Other operating expenses

837 3,016 2,519

Other expense (income), net

44 ( 22 ) ( 18 )

Income (loss) from discontinued operations before income taxes

262 1,583 2,188

Income from discontinued operations before income taxes

Provision for income taxes 98 176

Net income (loss) from discontinued operations, net of taxes

Net income from discontinued operations, net of taxes

$ 164 $ 1,407

Major classes of assets and liabilities of discontinued operations include the following:

Assets and Liabilities of Discontinued Operations (millions)

December 31, 2023

Cash and cash equivalents $ 198

Marketable securities — current 3

Accounts receivable — net 1,149

Inventories 878

Other current assets 151

Current assets of discontinued operations 2,379

Property, plant and equipment — net 1,469

Operating lease right of use assets 102

Goodwill 6,545

Intangible assets — net 2,903

Other assets 324

Non-current assets of discontinued operations $ 11,343

Accounts payable $ 469

Accrued payroll 209

Accrued income taxes 61

Operating lease liabilities — current 33

Other current liabilities 951

Current liabilities of discontinued operations 1,723

Pension and postretirement benefits 315

Operating lease liabilities 70

Other liabilities 301

Non-current liabilities of discontinued operations $ 686

Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all periods presented.

Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all applicable periods presented.

Selected financial information related to cash flows from discontinued operations is below.

Selected cash flow information from discontinued operations (millions)

2024 2023 2022

Depreciation and amortization $ 139 $ 554

Purchases of property, plant and equipment (PP&E) 77 227 272

Purchases of PP&E

Disaggregated Revenue Information:

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Total Safety and Industrial Business segment

11,384 10,961 10,956

Advanced Materials 858 969 1,167

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Total Transportation and Electronics Business segment

8,272 8,380 8,501

Consumer Safety and Well-Being 1,108 1,080 1,096

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4,920 4,931 5,026

Corporate and Unallocated 271 90 82

Other 32 37 281

Corporate and Other

Total Company

$ 24,948 $ 24,575 $ 24,610

Net sales by geographic area (millions)

2025 2024 2023

Americas $ 13,579 $ 13,405 $ 13,268

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Worldwide $ 24,948 $ 24,575 $ 24,610

Americas included United States net sales to customers of $ 10.8 billion, $ 10.6 billion and $ 10.7 billion in 2024, 2023 and 2022, respectively.

Asia Pacific included China/Hong Kong net sales to customers of $ 2.8 billion, $ 2.6 billion and $ 3.2 billion in 2024, 2023 and 2022, respectively.

Net sales by particular country (millions)

2025 2024 2023

United States

$ 10,936 $ 10,788 $ 10,607

China/Hong Kong

2,951 2,824 2,625

2025 Divestitures and Previously Announced 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.

In 2025, 3M recorded a pre-tax charge of $ 159 million for the initial excess of its carrying value over its selling price less cost to sell and subsequent changes therein.

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, excluding 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) December 31, 2025

Assets held for sale

Cash and cash equivalents $ 46

Inventories 27

Property, plant and equipment — net 96

Other assets 18

Valuation allowance on assets held for sale ( 141 )

Total assets held for sale $ 46

Liabilities held for sale

Pension and postretirement benefits $ ( 23 )

Other liabilities ( 14 )

Valuation allowance on liabilities held for sale ( 18 )

Total liabilities held for sale $ ( 55 )

2024 Divestitures:

See Note 2 for additional detail, including information regarding reporting the historical net income of Solventum and applicable assets and liabilities included in the Separation in 3M's consolidated financial statements as discontinued operations.

2023 Divestitures:

In August 2023, 3M completed the sale of assets associated with its dental local anesthetic business (formerly part of the "Other" category of Corporate and Unallocated and Other) to Pierrel S.p.A.

for approximately $ 60 million in cash.

The dental local anesthetic business had annual sales of approximately $ 30 million.

The gain on this transaction, net of a loss associated with a previous contingent indemnification obligation from a 2020 divestiture, resulted in a 2023 net pre-tax gain of $ 36 million.

The dental local anesthetic business was part of the former Health Care business segment.

Because this anesthetic business was divested prior to the separation of Solventum, its operations are not reflected as discontinued operations and instead are reflected herein as part of "Other" for all applicable periods presented as discussed in Note 22.

See Note 2 for additional detail, including information regarding reporting the historical net income of Solventum included in the Separation in 3M's consolidated financial statements as discontinued operations.

2023 Divestitures:

In March 2022, 3M completed the sale of its floor products business in Western Europe, formerly part of the Consumer business, for immaterial proceeds that approximated the business's book value.

In September 2022, 3M completed the split-off and combination of its Food Safety Division business (formerly part of the "Other" category of Corporate and Unallocated and Other) with Neogen Corporation in a transaction that involved a Reverse Morris Trust structure intended to make the split-off tax-efficient to 3 M and 3M's shareholders for U.S.

federal income tax purposes.

As a result of the transaction, 3M reflected a pre-tax gain of $ 2.7 billion based on aggregate consideration of $ 2.8 billion.

Under the terms of the underlying agreements, aggregate consideration included 3M shares exchanged and $ 1.0 billion ($ 828 million after closing and other adjustments) funded from debt that became obligations of Neogen.

The cash and non-cash consideration components are further described below.

• $ 2 billion representing the value of 16 million 3M common shares accepted by 3M that reduced shares outstanding through a fully-subscribed exchange offer.

The exchange ultimately resulted in subscribed 3M shareholders owning 50.1 % of the common shares of Neogen.

• $ 828 million in cash and non-cash components funded from debt that became obligations of Neogen.

◦ $ 478 million, net of divested cash, as a cash payment to 3M funded from Food Safety business borrowings coincident with the transaction that became obligations of Neogen.

This amount is reflected in the investing section on the consolidated statement of cash flows.

The amount was subject to closing and other adjustments and included cash paid to 3M for direct sales of certain net assets of the Food Safety business to Neogen.

◦ $ 350 million as part of a non-cash debt-for-debt exchange that reduced then-outstanding 3M commercial paper indebtedness and became new term-debt obligations of Neogen.

3M determined that the split-off involving the Reverse Morris Trust structure and certain internal business separation transactions qualify as tax-free for U.S.

federal income tax purposes.

In making these determinations, 3M applied U.S.

federal tax law to relevant facts and circumstances and obtained a favorable private letter ruling from the Internal Revenue Service, third party tax opinions, and other external tax advice related to the concluded tax treatment.

The applicable facts and circumstances that existed at the time of the Reverse Morris Trust split-off transactions may be reviewed as part of an audit by the Internal Revenue Service.

If the completed transactions were later determined to fail to qualify for tax-free treatment for U.S.

The Food Safety Division was part of the former Health Care business segment.

Because the Food Safety Division was divested prior to the separation of Solventum, its operations are not reflected as discontinued operations and instead are reflected herein as part of "Other" for all applicable periods presented as discussed in Note 22.

Neogen and 3M entered into certain limited-term agreements related to post-divestiture transition supply, manufacturing and services and into certain longer-term commercial supply and distributor arrangements.

In 2023, 3M completed the sale of its dental local anesthetic business, formerly part of Corporate and Other, for approximately $ 60 million in cash.

The transaction, net of a loss associated with a contingent indemnification obligation from an earlier divestiture, resulted in a net pre-tax gain of $ 36 million.

Goodwill and Intangible Assets

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

(Millions) Safety and Industrial Transportation and Electronics Consumer Corporate and Unallocated and Other

Total Company

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

Balance as of December 31, 2023

Divestiture activity — — — ( 4 ) ( 4 )

Translation and other 33 11 5 — 49

$ 4,542 $ 1,512 $ 270 $ 58 $ 6,382

Translation and other (a)

( 73 ) ( 16 ) ( 12 ) — ( 101 )

Balance as of December 31, 2024

Translation and other ( 73 ) ( 16 ) ( 12 ) — ( 101 )

4,469 1,496 258 58 6,281

Translation and other (a)

102 29 7 — 138

Balance as of December 31, 2025

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

$ 4,571 $ 1,525 $ 265 $ 58 $ 6,419

(a) The amounts in the “Translation and other” primarily relate to changes in foreign currency exchange rates.

As of December 31, 2025, the Company's accumulated goodwill impairment loss is $ 0.3 billion.

The Company completed its annual goodwill impairment test in the fourth quarter of 2024 for all reporting units and determined that no impairment existed.

As discussed in Note 18, in December 2022, as a result of 3M's commitment to a plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a goodwill impairment charge of $ 0.3 billion related to the Advanced Materials reporting unit (within the Transportation and Electronics business) resulting in no remaining goodwill for that reporting unit.

The Company completed its annual goodwill impairment test for all reporting units in the fourth quarter of 2025 and determined that no impairment existed.

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) 2024 2023

Customer related (original lives largely 11 to 19 years)

The carrying amount and accumulated amortization of the Company's acquired finite-lived intangible assets, along with their original useful lives, and the balances of non-amortizable intangible assets, are presented below:

Estimated weighted average useful life

December 31, 2025 December 31, 2024

(Millions) Gross carrying amount

Accumulated amortization

Net carrying amount

Gross carrying amount Accumulated amortization Net carrying amount

Finite-lived intangible assets

Customer related

14 years $ 1,239 $ ( 925 ) $ 1,319 $ ( 935 )

Patents and technology

9 years 573 ( 544 ) 578 ( 535 )

Definite-lived tradenames

16 years 482 ( 318 ) 487 ( 300 )

7 years 47 ( 30 ) 47 ( 30 )

$ 2,341 $ ( 1,817 ) $ 524 $ 2,431 $ ( 1,800 ) $ 631

Patents (original lives largely 9 to 13 years)

Other technology-based (original lives largely 6 to 20 years)

Definite-lived tradenames (original lives largely 6 to 20 years)

Other (original lives largely 10 years)

Total gross carrying amount

Accumulated amortization — customer related ( 935 ) ( 883 )

Accumulated amortization — patents ( 207 ) ( 224 )

Accumulated amortization — other technology-based ( 328 ) ( 317 )

Accumulated amortization — definite-lived tradenames ( 300 ) ( 276 )

Accumulated amortization — other ( 30 ) ( 31 )

Total accumulated amortization ( 1,800 ) ( 1,731 )

Total finite-lived intangible assets — net 631 743

Indefinite lived intangible assets (primarily tradenames)

Total intangible assets — net $ 1,210 $ 1,323

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.

As discussed in Note 18, i n December 2022, as a result of 3M's commitment to a plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a charge in the fourth quarter of 2022 related to impairment of long-lived assets and an immaterial charge related to impairment of indefinite-lived assets.

Indefinite lived intangible assets (b)

Total intangible assets

$ 1,103 $ 1,210

(b) Indefinite lived intangible assets primarily consists of certain tradenames acquired by 3M that are not amortized because they have existed for over 60 years, maintain leading-market share positions, are continuously renewed, and are associated with products expected to generate cash flows for 3M for an indefinite period.

Amortization expense follows:

Year ended December 31,

(Millions) 2025 2024 2023

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Amortization expense $ 99 $ 84 $ 59 $ 57 $ 57 $ 168

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

Restructuring Actions

Transformation Costs:

3M began a transformation program in 2025 intended as a structural redesign of longer-term manufacturing, distribution, and business process services and locations.

Management approved and committed to undertake related initial restructuring actions.

Associated pre-tax restructuring charges in 2025 were $ 51 million, reflected in Corporate and Other (see Note 20) and primarily impacting selling, general and administrative expenses and cost of sales.

Employee-related charges were $ 35 million and asset-related and other charges were $ 16 million.

The balance of accrued restructuring liability as of December 31, 2025 was $ 25 million.

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 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 aggregate initiative, beginning in the first quarter of 2023 and continuing through 2025, is expected (as updated to exclude discontinued operations) to impact approximately 8,000 positions worldwide with an expected pre-tax charge of $ 700 million to $ 800 million over that period.

During 2023, management approved and committed to undertake associated actions resulting in a 2023 pre-tax charge of $ 415 million.

During 2024, management approved and committed to undertake additional actions under this initiative impacting approximately 1,100 positions and other actions resulting in a pre-tax charge of $ 187 million.

Since its beginning in 2023 through committed 2024 actions, this initiative has impacted approximately 6,800 positions worldwide.

Remaining activities related to the restructuring actions approved and committed through 2024 under this initiative are expected to be completed in 2025.

3M expects to commit to further actions under this initiative.

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

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.

Beginning in the first quarter of 2023 and ending largely in the second quarter of 2025, management approved and committed to undertake associated actions that impacted approximately seven thousand positions worldwide (as updated to exclude discontinued operations) resulting in pre-tax charges as indicated in the table below.

Remaining activities related to approved and committed actions were largely completed in 2025.

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

(Millions) 2025 2024 2023

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Total operating income impact $ 21 $ 187 $ 415

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

(Millions) Employee Related Asset-Related and Other Total Employee Related Asset-Related and Other Total

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

2025 2024 2023

(Millions) Employee related Employee related Asset-related and other Total Employee related Asset-related and other Total

Safety and Industrial $ 10 $ 72 $ 15 $ 87 $ 89 $ — $ 89

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Consumer 4 22 13 35 26 — 26

Corporate and unallocated 6 14 20 171 67 238

Corporate and Other — 6 14 20 171 67 238

Total operating expense $ 21 $ 136 $ 51 $ 187 $ 348 $ 67 $ 415

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

(Millions) Employee-Related Asset-Related and Other Total

Expense incurred in 2023

$ 348 $ 67 $ 415

Non-cash changes

— ( 67 ) ( 67 )

( 10 ) — ( 10 )

Cash payments

( 239 ) — ( 239 )

Accrued restructuring action balance as of December 31, 2023 99 — 99

Incremental expense (benefit) incurred in 2024

Non-cash changes — ( 51 ) ( 51 )

Cash payments ( 161 ) — ( 161 )

Accrued restructuring action balance as of December 31, 2024

$ 80 $ — $ 80

2023 to 2025 PFAS Exit Actions:

As further discussed in Note 19, 3M announced in 2022 that it will exit all PFAS manufacturing by the end of 2025.

In 2023, 3M management approved and committed to undertake certain related workforce actions resulting in a pre-tax charge of $ 64 million primarily impacting cost of sales.

During 2024, management approved and committed to undertake additional related workforce actions impacting approximately 650 positions resulting in a pre-tax charge of $ 66 million primarily impacting cost of sales.

These charges are reflected within the Transportation and Electronics business segment.

Related cash payments and adjustments to the accrued liability in 2023 were not material.

This initiative, beginning in 2023 through committed 2024 actions, has impacted approximately 1,200 positions worldwide.

The remaining period of activities related to these approved and committed actions aligns with 3M's PFAS exit timeframe.

(Millions) Employee-Related

Accrued restructuring action balance as of December 31, 2023

Expense incurred in 2024

Accrued restructuring action balance (millions) Employee-related Employee-related Asset-related and other Total

Balance at beginning of year $ 80 $ 99 $ — $ 99

Incremental expense incurred 21 136 51 187

Non-cash changes — — ( 51 ) ( 51 )

Adjustments ( 14 ) 6 — 6

Cash payments ( 77 ) ( 161 ) — ( 161 )

Accrued restructuring action balance as of December 31, 2024

2020 through 2022 Operational/Marketing Capability Restructuring Actions:

In 2020, 3M announced it would undertake certain actions to further enhance its operations and marketing capabilities to take advantage of certain global market trends while de-prioritizing investments in slower-growth end markets.

The initiative began in 2020 and ended with actions in 2022.

In 2022, management approved and committed to undertake the remaining actions under this initiative resulting in a pre-tax charge of $ 16 million.

The accrued restructuring action balance was $ 72 million at December 31, 2021 and was completed in 2022.

2022 Divestiture-Related Restructuring Actions:

During 2022, following the Food Safety Division split-off transaction and combination with Neogen (see Note 4), management approved and committed to undertake certain restructuring actions addressing corporate functional costs across 3M in relation to the magnitude of amounts previously allocated to the divested business.

The accrued restructuring action balance was $ 10 million at December 31, 2022 and was completed in 2023.

These actions affected approximately 850 positions worldwide and resulted in a 2022 pre-tax charge of $ 41 million primarily impacting selling, general and administrative expenses within Corporate and Unallocated.

Supplemental Income (Loss) Statement Information

Balance at end of year $ 10 $ 80 $ — $ 80

2023 to 2025 PFAS Exit Restructuring Actions:

3M announced in 2022 that it would exit all PFAS manufacturing by the end of 2025 and began related workforce actions in 2023.

During 2025, 2024 and 2023, 3M management approved and committed to undertake employee-related actions resulting in pre-tax charges of $ 9 million, $ 66 million, and $ 64 million, respectively, and made related payments resulting in accrued restructuring balances of $ 65 million and $ 86 million as of December 31, 2025 and 2024, respectively.

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.

Supplemental Income Statement Information

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

(Millions) 2025 2024 2023

Interest expense $ 1,191 $ 941 $ 462

Interest expense (a)

$ 946 $ 1,191 $ 941

Interest income ( 232 ) ( 452 ) ( 250 )

Pension and postretirement net periodic benefit cost (benefit) 828 ( 109 ) ( 232 )

Solventum ownership - change in value

Pension and postretirement net periodic benefit cost (benefit) (b)

104 828 ( 109 )

Solventum ownership - change in value (c)

( 402 ) ( 1,564 ) —

Total $ 416 $ 3 $ 582

Interest expense includes $ 472 million, $ 565 million and $ 462 million in 2024, 2023 and 2022, respectively, related to outstanding debt.

Beginning in 2023, interest expense also includes imputed interest associated with the obligations resulting from the PWS Settlement and the CAE Settlement (discussed in Note 19).

Pension and postretirement net periodic benefit income described in the table above include all components of defined benefit plan net periodic benefit cost (benefit) except service cost, which is reported in various operating expense lines.

The non-service cost component above for the 2024 was impacted by a $ 0.8 billion pension settlement charge.

(a) Interest expense includes $ 448 million, $ 472 million and $ 565 million in 2025, 2024, 2023, respectively, related to outstanding debt.

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).

(b) 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).

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.

(c) 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).

At December 31, 2024, the balance of net unrealized gain on this investment is $ 1.6 billion.

Supplemental Balance Sheet Information

Additional supplemental balance sheet information is provided in the table that follows.

(Millions) 2024 2023

Other current assets

Derivative assets-current $ 64 $ 73

Insurance related (receivables, prepaid expenses and other) 78 109

Other 686 144

Total other current assets $ 828 $ 326

Property, plant and equipment - at cost

Land $ 200 $ 215

Buildings and leasehold improvements (original lives 10 to 40 years)

Machinery and equipment (original lives 3 to 15 years)

14,780 14,716

Construction in progress 994 1,532

Gross property, plant and equipment 23,406 23,494

Accumulated depreciation ( 16,018 ) ( 15,804 )

Property, plant and equipment - net $ 7,388 $ 7,690

Deferred income taxes $ 4,146 $ 4,779

Prepaid pension and post retirement 1,243 1,239

Insurance related receivables and other 31 33

Cash surrender value of life insurance policies 257 270

Equity method investments 75 73

Equity and other investments 2,430 137

Other 358 275

Total other assets $ 8,540 $ 6,806

Other current liabilities

Accrued rebates $ 607 $ 593

Deferred revenue 15 23

Derivative liabilities 19 34

Employee benefits and withholdings 181 232

Contingent liability claims and other 3,518 4,786

Property, sales-related and other taxes 184 154

Pension and postretirement benefits 75 71

Other 872 767

Total other current liabilities $ 5,471 $ 6,660

Other liabilities

Long term income taxes payable $ 605 $ 832

Employee benefits 322 322

Contingent liability claims and other 9,648 12,135

Finance lease obligations 47 60

Deferred income taxes 354 315

Other 399 357

Total other liabilities $ 11,375 $ 14,021

As of December 31, 2024, contingent liability claims and other (within other current liabilities) includes $ 2.0 billion and $ 1.3 billion, respectively, and contingent liability claims and other (within other liabilities) includes $ 6.6 billion and $ 2.4 billion, respectively of amounts for other environmental liabilities (which includes the PWS Settlement) and for Combat Arms Earplugs (which includes the CAE Settlement).

Refer to Note 19 for additional information.

As of December 31, 2023, contingent liability claims and other (within other current liabilities) includes $ 3.0 billion and $ 1.5 billion, respectively, and contingent liability claims and other (within other liabilities) includes $ 8.0 billion and $ 3.5 billion, respectively of amounts for other environmental liabilities and for Combat Arms Earplugs, as similarly described above.

Refer to Note 19 for additional information.

Supplemental Equity and Comprehensive Income (Loss) Information

Common stock ($ .01 par value per share) of 3 billion shares is authorized, with 944,033,056 shares issued as of December 31, 2024, 2023 and 2022.

As of December 31, 2025 and 2024 the balance of unrealized gain on this investment was $ 1.5 billion and $ 1.6 billion, respectively.

Supplemental Equity and Comprehensive Income Information

Common stock ($ .01 par value per share) of 3 billion shares is authorized.

Preferred stock, without par value, of 10 million shares is authorized but unissued.

Cash dividends declared and paid totaled $ 1.51 per share for the first quarter of 2024 and $ 0.70 per share for each of the second, third, and fourth quarters of 2024.

Cash dividends declared and paid totaled $ 1.50 and $ 1.49 per share for each quarter in 2023 and 2022, respectively.

Full year declared and paid dividends total $ 3.61 , $ 6.00 , and $ 5.96 per share for 2024, 2023 and 2022, respectively.

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 year ended December 31, 2024 and 2023:

(Millions) Cumulative Translation Adjustment Defined Benefit Pension and Postretirement Plans Adjustment Cash Flow Hedging Instruments, Unrealized Gain (Loss) Total Accumulated Other Comprehensive Income (Loss)

Supplemental share information is provided below.

Treasury stock summary (shares)

2025 2024 2023

Balance at beginning of year

404,562,753 391,451,920 394,787,951

Reacquired stock 21,856,544 14,954,620 290,379

Issuances pursuant to stock options and benefit plans ( 12,665,372 ) ( 1,843,787 ) ( 3,626,410 )

Balance at end of year

413,753,925 404,562,753 391,451,920

The table below presents the changes in accumulated other comprehensive income (loss) attributable to 3M (AOCI), including the reclassifications out of AOCI by component:

(Millions) Cumulative translation adjustment

Defined benefit pension and postretirement plans adjustment

Cash flow hedging instruments, unrealized gain (loss) (a)

Total accumulated other comprehensive income (loss)

Balance at December 31, 2022, net of tax:

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Total other comprehensive income (loss), before tax 331 ( 511 ) ( 62 ) ( 242 )

Tax effect (b)

( 9 ) 131 15 137

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Total other comprehensive income (loss), before tax ( 525 ) 1,250 50 775

Tax effect (b)

14 ( 315 ) ( 11 ) ( 312 )

Total other comprehensive income (loss), net of tax ( 511 ) 935 39 463

Solventum spin-off 64 520 — 584

Balance at December 31, 2024, net of tax:

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Total other comprehensive income (loss), before tax 347 392 ( 105 ) 634

Tax effect (b)

86 ( 91 ) 22 17

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$ ( 2,520 ) $ ( 2,451 ) $ ( 98 ) $ ( 5,069 )

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

(a) Based on exchange rates as of December 31, 2025, 3M expects to reclassify an immaterial amount of after-tax net unrealized loss over the next 12 months (with the impact offset by earnings/losses from underlying hedged items) of the total after-tax net unrealized balance.

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

(Millions) 2025 2024 2023

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Defined benefit pension and postretirement plans adjustment ( 71 ) ( 268 ) ( 60 )

Cash flow hedging instruments, unrealized gain/loss 18 33 23

Cash flow hedging instruments

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.

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

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 2023 and 2024, this was associated with country exits as part of streamlining 3M’s geographic footprint (see Note 6).

In 2023, this was also associated with the Russia exit (see Note 18).

These were associated with certain country exits in 2024 and 2023.

• Defined benefit pension and postretirement plan adjustments:

amounts were reclassified into other (expense) income, net (see Note 13).

• Cash flow hedging instruments, unrealized gain (loss):

foreign currency forward/option contacts amounts were reclassified into cost of sales;

interest rate contract amounts were reclassified into interest expense (see Note 17).

• 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.

Supplemental Cash Flow Information

The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

(Millions) 2024 2023 2022

Cash income tax payments, net of refunds $ 852 $ 1,384 $ 1,320

Cash interest payments 505 520 440

Cash interest payments include interest paid on debt and finance lease balances.

Cash interest payments exclude cash paid for early debt extinguishment and imputed interest for amounts due under the PWS Settlement and CAE Settlement (discussed in Note 19).

Individual amounts in the Consolidated Statement of Cash Flows exclude the impacts of acquisitions, divestitures and exchange rate impacts, which are presented separately.

Income (loss) from continuing operations before income taxes consisted of the following:

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(Millions) 2025 2024 2023

Currently payable

Federal $ ( 11 ) $ ( 75 ) $ 302

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Total $ 1,003 $ 804 $ ( 2,867 )

Components of deferred tax assets and (liabilities) are comprised of the following:

Cash income tax payments, net of refunds, consisted of the following:

(Millions) 2025 2024 2023

Federal $ 211

International 561

Other international 339

Total $ 800 $ 852 $ 1,384

The 2017 Tax Cuts and Jobs Act (TCJA) involved a transition tax that is payable over eight years beginning in 2018.

As of December 31, 2024, 3M reflected $ 211 million payable within one year associated with the transition tax.

The Company made the final payment in 2025.

A reconciliation of the U.S.

federal statutory income tax rate to 3M's worldwide effective income tax rate is provided below:

(Millions) Amount Percent

federal statutory tax rate $ 885 21.0 %

State and local income taxes, net of federal income tax effect (a)

Foreign tax effects 212 5.0

Effect of cross-border tax laws

Global intangible low-taxed income (net of foreign tax credits) 100 2.4

Other ( 71 ) ( 1.7 )

Tax credits ( 44 ) ( 1.0 )

Changes in valuation allowances ( 87 ) ( 2.1 )

Nontaxable or nondeductible items 32 0.8

Changes in unrecognized tax benefits ( 50 ) ( 1.2 )

Effective worldwide tax rate $ 1,003 23.8 %

(a) State taxes in California, Florida, Iowa, Massachusetts, New York, Virginia and Wisconsin made up the majority (greater than 50 percent) of this category.

2024 2023 (b)

Statutory U.S.

tax rate 21.0 % 21.0 %

State income taxes - net of federal benefit 0.6 3.2

International income taxes - net (c)

Global intangible low taxed income (GILTI) 0.6 ( 0.3 )

Foreign derived intangible income (FDII) ( 0.3 ) 0.6

research and development credit ( 0.7 ) 0.4

Reserves for tax contingencies 0.6 ( 0.4 )

Employee share-based payments 0.4 —

Change in valuation allowance on Solventum ownership ( 7.7 ) —

All other - net 0.1 0.3

Effective worldwide tax rate 16.7 % 25.4 %

(b) A positive rate reconciliation percent for the year ended 2023 is a tax benefit on a pretax loss.

(c) International income taxes include tax expense associated with international earnings no longer considered permanently reinvested.

The primary factors that impacted the 2025 effective tax rate when compared to 2024 were the tax impact of 3M's retained ownership interest in Solventum and net costs of significant litigation.

The primary factors that impacted the 2024 rate when compared to 2023 were the effective tax rate benefit on the change in value of 3M's retained ownership interest in Solventum offset by the effective tax rate on the PWS Settlement and the CAE Settlement (as discussed in Note 17), including 3M’s related decision in the fourth quarter of 2024 to defer certain deductions and accelerate income for tax purposes.

As described in Note 2, the Company completed the spin-off of its Health Care business through a pro rata distribution of 80.1 % of the outstanding shares of Solventum Corporation to 3M stockholders.

The Company determined that the spin-off, and certain related internal separation transactions qualified as tax-free transactions under U.S.

federal tax law, supported by an Internal Revenue Service (IRS) private letter ruling, third party tax opinions, and other external tax advice.

These determinations involve judgment and may be subject to IRS review.

If the transactions were ultimately determined not to qualify as tax-free, the Company could incur significant tax liabilities and related impacts.

The Company recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement.

The total amount of net unrecognized tax benefits (UTB), if recognized, would affect the effective tax rate by $ 652 million as of December 31, 2025.

The ending net UTB results from adjusting the gross balance for deferred items, interest and penalties, and deductible taxes.

The net UTB is included as components of Other Assets and Other Liabilities within the Consolidated Balance Sheet.

A reconciliation of the beginning and ending amount of gross UTB is as follows:

(Millions) 2025 2024 2023

Gross UTB balance at beginning of period $ 574 $ 590 $ 632

Additions based on tax positions related to the current year 46 13 11

Additions for tax positions of prior years 64 57 63

Reductions for tax positions of prior years ( 87 ) ( 16 ) ( 42 )

Settlements ( 45 ) ( 17 ) ( 33 )

Reductions due to lapse of applicable statute of limitations ( 49 ) ( 36 ) ( 42 )

Foreign currency translation 13 ( 17 ) 1

Gross UTB balance at end of period

$ 516 $ 574 $ 590

Gross interest and penalties (benefits) recognized in the consolidated statement of income (loss) (d)

$ 6 $ 25 $ 83

Gross accrued interest and penalties in the consolidated balance sheet at end of period

$ 195 $ 207 $ 183

(d) The Company recognizes interest and penalties accrued related to UTB in tax expense.

The amount of interest and penalties recognized may be an expense or benefit due to new or remeasured UTB accruals.

As a result of certain employment commitments and capital investments made by 3M, income from certain foreign operations in the following countries is subject to reduced tax rates or, in some cases, is exempt from tax for years through the following:

Singapore (2025), Switzerland (2026), China (2028) and Brazil (2034).

The continuing income tax benefits attributable to the tax status of these subsidiaries are as follows:

(Millions, except per share) 2025 2024 2023

Income tax benefits attributable to reduced tax rates or exemptions in foreign locations

$ 58 $ 87 $ 100

Per diluted share impact of reduced tax rates or exemptions in foreign locations $ 0.11 $ 0.16 $ 0.18

Components of deferred tax assets and (liabilities) are comprised of the following:

(Millions) December 31, 2025 December 31, 2024

Deferred tax assets:

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Stock-based compensation 222 267

Advanced payments 14 76

Net operating/capital loss/tax credit carryforwards 275 130

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Gross deferred tax assets 5,255 5,455

Valuation allowance ( 1,061 ) ( 689 )

Valuation allowance (e)

( 1,052 ) ( 1,061 )

Total deferred tax assets $ 4,203 $ 4,394

Deferred tax liabilities:

Accelerated depreciation ( 263 ) ( 422 )

Depreciation $ ( 403 ) $ ( 263 )

Right-of-use asset ( 136 ) ( 151 )

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Total deferred tax liabilities $ ( 795 ) $ ( 602 )

Net deferred tax assets $ 3,792 $ 4,464

As displayed in the table above, as of December 31, 2024, the Company has provided $ 1,061 million of valuation allowance against certain of these deferred tax assets, including the difference in basis of the retained ownership interest in Solventum, based on management’s determination that it is more-likely-than-not that the tax benefits related to these assets will not be realized.

The net deferred tax assets are included as components of Other Assets and Other Liabilities within the Consolidated Balance Sheet.

See Note 8 “Supplemental Balance Sheet Information” for further details.

As of December 31, 2024, the Company had tax effected operating losses, capital losses, and tax credit carryovers for federal (approximately $ 153 million), state (approximately $ 68 million), and international (approximately $ 52 million), with all amounts before limitation impacts and valuation allowances.

Federal tax attribute carryovers will expire after 5 years to 20 years, the state after 5 years to an indefinite carryover period, and the international after 1 year to an indefinite carryover period.

A reconciliation of the U.S.

federal statutory income tax rate to 3M's worldwide effective income tax rate is provided below:

A positive rate reconciliation percent for the year ended 2023 is a tax benefit on a pretax loss.

2024 2023 2022

Statutory U.S.

tax rate 21.0 % 21.0 % 21.0 %

Food Safety divestiture — — ( 12.8 )

State income taxes - net of federal benefit 0.6 3.2 ( 0.5 )

International income taxes - net 3

Net deferred tax assets (f)

$ 3,408 $ 3,792

Global Intangible Low Taxed Income (GILTI) 0.6 ( 0.3 ) 0.9

Foreign Derived Intangible Income (FDII) ( 0.3 ) 0.6 ( 2.2 )

research and development credit ( 0.7 ) 0.4 ( 0.9 )

Reserves for tax contingencies 0.6 ( 0.4 ) ( 0.1 )

Employee share-based payments 0.4 — ( 0.3 )

Change in valuation allowance on Solventum ownership ( 7.7 ) — —

All other - net 0.1 0.3 ( 0.4 )

Effective worldwide tax rate 16.7 % 25.4 % 4.5 %

3 International income taxes includes tax expense associated with international earnings no longer considered permanently reinvested.

The effective tax rates for 2024, 2023, and 2022 were 16.7 percent on pre-tax income, 25.4 percent on pre-tax loss and 4.5 percent on pre-tax income, respectively.

The primary factors that impacted 2024 were the effective tax rate benefit on the change in value of 3M's retained ownership interest in Solventum offset by the effective tax rate on the PWS Settlement and the CAE Settlement (as discussed in Note 19), including 3M’s related decision in the fourth quarter of 2024 to defer certain deductions and accelerate income for tax purposes.

The primary factors that impacted the 2023 rate were the charges related to the PWS Settlement and the CAE Settlement (as discussed in Note 19).

As described in Note 2, the Company completed the spin-off of its Health Care business through a pro rata distribution of 80.1 % of the outstanding shares of Solventum Corporation to 3M stockholders.

The Company determined that the spin-off, and certain internal business separation transactions, qualified as tax-free transactions under the applicable sections of the United States Internal Revenue Code.

In making this determination, management applied U.S.

The applicable facts and circumstances that existed at the time of the transactions may be reviewed as part of an audit by the Internal Revenue Service.

If the completed transactions were later determined to fail to qualify for tax-free treatment for U.S.

The determination of the tax consequences of these transactions required management to make judgments about the application of tax laws and regulations.

The 2017 Tax Cuts and Jobs Act (TCJA) involved a transition tax that is payable over eight years beginning in 2018.

As of December 31, 2024, 3M reflected $ 211 million payable within one year associated with the transition tax and had no long term income taxes payable associated with the transition tax.

As of December 31, 2023, 3M reflected $ 189 million and $ 218 million within one year associated with the transition tax and in long term income taxes payable, respectively.

(e) The company has provided a valuation allowance against certain of these deferred tax assets, including the difference in basis of the retained ownership interest in Solventum, based on management’s determination that it is more-likely-than-not that the tax benefits related to these assets will not be realized.

(f) As of December 31, 2025 and December 31, 2024 , these amounts include $ 3,826 million and $ 4,146 million , respectively, of deferred tax assets reported in Other Assets on 3M’s consolidated balance sheet, and $ 418 million and $ 354 million , respectively, of deferred tax liabilities reported in Other Liabilities on 3M’s consolidated balance sheet .

As of December 31, 2025, the Company's tax effected operating losses, capital losses, and tax credit carryovers before limitation impacts and valuation allowances were approximately:

Jurisdiction (in millions) Carryover period

Federal $ 290 4 years to 20 years

State 120 5 years to indefinite

International 75 7 years to indefinite

The IRS completed its field examination of the Company’s U.S.

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As of December 31, 2025, no taxing authority proposed significant adjustments to the Company’s tax positions for which the Company is not adequately reserved.

It is reasonably possible that the amount of unrecognized tax benefits could significantly change within the next 12 months.

The Company has ongoing federal, state and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities and not fully sustained.

These uncertain tax positions are reviewed on an ongoing basis and adjusted in light of facts and circumstances including progression of tax audits, developments in case law and closing statutes of limitation.

At this time, the Company is not able to estimate the range by which these potential events could impact 3M’s unrecognized tax benefits within the next 12 months.

The Company recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (UTB) is as follows:

(Millions) 2024 2023 2022

Gross UTB Balance at January 1 $ 590 $ 632 $ 770

Additions based on tax positions related to the current year 13 11 114

Additions for tax positions of prior years 57 63 36

Reductions for tax positions of prior years ( 16 ) ( 42 ) ( 132 )

Settlements ( 17 ) ( 33 ) ( 118 )

Reductions due to lapse of applicable statute of limitations ( 36 ) ( 42 ) ( 32 )

Foreign currency translation ( 17 ) 1 ( 6 )

Gross UTB Balance at December 31 $ 574 $ 590 $ 632

The total amount of net UTB, if recognized, would affect the effective tax rate by $ 686 million as of December 31, 2024.

The ending net UTB results from adjusting the gross balance for deferred items, interest and penalties, and deductible taxes.

The net UTB is included as components of Other Assets, Accrued Income Taxes, and Other Liabilities within the Consolidated Balance Sheet.

The Company recognizes interest and penalties accrued related to UTB in tax expense.

The Company recognized in the consolidated statement of income on a gross basis approximately $ 25 million of expense, $ 83 million of expense, and $ 2 million of benefit in 2024, 2023, and 2022, respectively.

The amount of interest and penalties recognized may be an expense or benefit due to new or remeasured UTB accruals.

At December 31, 2024, and December 31, 2023, accrued interest and penalties in the consolidated balance sheet on a gross basis were $ 207 million and $ 183 million, respectively.

China (2025), Switzerland (2026), Brazil (2029) and Singapore (2032).

The continuing income tax benefits attributable to the tax status of these subsidiaries are estimated to be $ 87 million ( 16 cents per diluted share) in 2024, $ 100 million ( 18 cents per diluted share) in 2023, and $ 142 million ( 25 cents per diluted share) in 2022.

In connection with the completion of the separation of Solventum in April 2024, 3M re-evaluated its global cash needs and certain unrepatriated earnings were no longer considered permanently reinvested, which resulted in a charge of approximately $ 100 million in the second quarter of 2024.

Thereafter, 3M provides for income taxes associated with foreign earnings in certain subsidiaries that are not considered permanently reinvested.

As of December 31, 2024, the Company has not provided deferred taxes on approximately $ 1.2 billion of undistributed earnings from non-U.S.

As of December 31, 2025, the Company has not provided deferred taxes on undistributed earnings from non-U.S.

subsidiaries which are indefinitely reinvested in operations.

Because of the multiple avenues by which to repatriate the earnings to minimize tax cost, and because a large portion of these earnings are not liquid, it is not practical to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely.

In 2021, the Organization for Economic Cooperation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%.

The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax.

Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.

Pillar Two did not have a significant impact on 3M's 2024 results.

Earnings (Loss) Per Share

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 under these stock-based compensation plans during the years 2024, 2023 and 2022 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 ( 30.8 million average shares for 2024, 36.1 million average shares for 2023, and 30.3 million average shares for 2022).

In periods of net losses, these anti-dilutive effects include all weighted average awards outstanding and weighted average shares outstanding is the same for the calculations of both basic and diluted loss per share.

The computations for basic and diluted earnings per share follow:

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Net income (loss) from continuing operations attributable to 3M

Net income (loss) from discontinued operations, net of taxes

$ 3,250 $ 4,009 $ ( 8,402 )

Net income from discontinued operations, net of taxes

Net income (loss) attributable to 3M

Denominator for weighted average 3M common shares outstanding – basic

$ 3,250 $ 4,173 $ ( 6,995 )

Weighted average 3M common shares outstanding – basic

537.4 550.8 553.9

Dilution associated with stock-based compensation plans 3.9 1.6 —

Denominator for weighted average 3M common shares outstanding – diluted

Weighted average 3M common shares outstanding – diluted

541.3 552.4 553.9

2 unchanged sentences

$ 6.05 $ 7.28 $ ( 15.17 )

Earnings (loss) per share from discontinued operations — basic

0.30 2.54 3.12

Earnings per share from discontinued operations — basic

Earnings (loss) per share — basic

2 unchanged sentences

$ 6.00 $ 7.26 $ ( 15.17 )

Earnings (loss) per share from discontinued operations — diluted

0.29 2.54 3.11

Earnings per share from discontinued operations — diluted

Earnings (loss) per share — diluted

$ 6.00 $ 7.55 $ ( 12.63 )

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.

2025 2024 2023

Weighted average number of antidilutive shares

12.7 30.8 36.1

Marketable Securities

2 unchanged sentences

(Millions) December 31, 2025 December 31, 2024

Asset backed securities

Foreign corporate debt

government securities

Corporate debt securities 819 —

Corporate debt

Commercial paper 191 658

Certificates of deposit/time deposits 185 46

treasury securities 269 —

government and treasury securities

Asset backed securities and certificates of/time deposits

municipal securities 4 4

3 unchanged sentences

Total marketable securities $ 710 $ 2,144

At December 31, 2024 and December 31, 2023, gross unrealized, gross realized, and net realized gains and/or losses (pre-tax) were not material.

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

The balances at December 31, 2025 for marketable securities by contractual maturity are shown below.

2 unchanged sentences

Due after one year through five years 111

Due after five years through ten years —

Total marketable securities $ 710

1 unchanged sentence

The following debt tables reflect effective interest rates, which include the impact of interest rate swaps, as of December 31, 2025.

If the debt was issued on a combined basis, the debt has been separated to show the impact of the fixed versus floating effective interest rates.

All debt outlined in the table below is unsecured.

Carrying value includes the impact of debt issuance costs and fair value hedging activity.

1 unchanged sentence

Long-Term Debt:

(Millions) Currency/ Fixed vs.

Floating Effective Interest Rate Final Maturity Date Carrying Value

Description / 2024 Principal Amount 2024 2023

Medium-term note (repaid in 2024)

USD Fixed — % 2024 — 300

Medium-term note (repaid in 2024)

USD Fixed — % 2024 — 500

Medium-term note (repaid in 2024)

USD Floating — % 2024 — 300

Registered note ($ 750 million)

USD Fixed 2.02 % 2025 750 748

Registered note ($ 500 million)

USD Fixed 2.66 % 2025 500 499

Medium-term note ($ 550 million)

USD Fixed 3.03 % 2025 550 549

Medium-term note ($ 650 million)

USD Fixed 2.29 % 2026 648 647

Medium-term note (€ 750 million)

EUR Fixed 1.53 % 2026 778 821

Floating rate note ($ 19 million)

USD Floating 5.15 % 2027 18 18

Medium-term note ($ 850 million)

USD Fixed 2.91 % 2027 847 846

30-year debenture ($ 220 million)

USD Fixed 6.38 % 2028 222 223

Floating rate note ($ 150 million)

USD Floating 7.93 % 2028 133 131

Floating rate note ($ 150 million)

USD Floating 7.88 % 2028 133 132

Floating rate note ($ 250 million)

USD Floating 7.22 % 2028 218 216

Floating rate note ($ 150 million)

USD Floating 7.16 % 2028 131 130

Floating rate note ($ 100 million)

USD Floating 7.25 % 2028 87 86

Medium-term note ($ 600 million)

USD Fixed 3.65 % 2028 599 598

Medium-term note ($ 800 million)

USD Fixed 3.39 % 2029 798 798

Registered note ($ 1,000 million)

USD Fixed 2.41 % 2029 992 991

Registered note ($ 600 million)

USD Fixed 3.08 % 2030 597 597

Medium-term note (€ 500 million)

EUR Fixed 1.79 % 2030 515 546

Medium-term note (€ 500 million)

EUR Fixed 1.52 % 2031 518 549

30-year bond ($ 555 million)

USD Fixed 5.70 % 2037 552 552

Floating rate note ($ 52 million)

USD Floating 5.20 % 2040 52 52

Floating rate note ($ 95 million)

USD Floating 5.20 % 2041 94 94

Medium-term note ($ 325 million)

USD Fixed 4.04 % 2044 315 316

Floating rate note ($ 49 million)

USD Floating 5.25 % 2044 49 53

Medium-term note ($ 500 million)

USD Fixed 3.31 % 2046 478 479

Medium-term note ($ 500 million)

USD Fixed 3.69 % 2047 493 493

Medium-term note ($ 650 million)

USD Fixed 4.09 % 2048 638 639

Medium-term note ($ 500 million)

USD Fixed 3.95 % 2048 506 504

Registered note ($ 500 million)

USD Fixed 3.36 % 2049 486 486

Registered note ($ 350 million)

USD Fixed 3.75 % 2050 346 346

Other borrowings Various 0.06 % 2025-2029 1 1

Principal amount Weighted-average interest rate Final maturity date Carrying value

(Millions) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

USD denominated fixed-rate debt $ 10,500 $ 10,400 3.76 % 3.33 % 2026-2050

$ 10,355 $ 10,317

USD denominated floating-rate debt 200 1,014 3.77 6.94 2027-2044

EUR denominated fixed-rate debt € 1,751 € 1,751 1.73 1.60 2026-2031

Total long-term debt 12,602 13,044

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Long-term debt (excluding current portion) $ 10,932 $ 11,125

Post-Swap Borrowing (Long-Term Debt, Including Current Portion):

(Millions) Carrying Value Effective Interest Rate Carrying Value Effective Interest Rate

Fixed-rate debt $ 12,128 3.07 % $ 13,027 3.09 %

Floating-rate debt 916 6.94 % 1,213 6.88 %

Total long-term debt, including current portion $ 13,044 $ 14,240

During 2025, 3M terminated swaps that had converted $ 800 million principal portion of fixed rate notes to floating-rate debt for a portion of their terms.

For December 31, 2024, as those swaps were in place, 3M reflected the carrying value of the $ 800 million portion as USD denominated floating-rate date in the table above.

Short-Term Borrowings and Current Portion of Long-Term Debt:

Effective interest rate Carrying value

(Millions) 2024 2023

(Millions) December 31, 2025 December 31, 2024

Current portion of long-term debt 2.16 % $ 1,670 $ 1,919

dollar commercial paper — % — 1,795

Total short-term borrowings and current portion of long-term debt $ 1,919 $ 2,947

Cash Interest Payments:

Cash interest payments below include amounts related to both debt and finance lease obligations.

They exclude cash paid for early debt extinguishment and imputed interest for amounts due under the PWS Settlement, New Jersey Settlement, and CAE Settlement (discussed in Note 17).

(Millions) 2025 2024 2023

Cash interest payments $ 467 $ 505 $ 520

Future Maturities of Long-term Debt:

Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2024.

Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of items such as unamortized debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2025.

The maturities of long-term debt for the periods subsequent to December 31, 2025 are as follows (in millions):

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$ 1,670 $ 863 $ 863 $ 1,793 $ 1,728 $ 5,685 $ 12,602

As a result of put provisions associated with certain debt instruments, long-term debt payments due in 2025 include floating rate notes totaling $ 119 million (classified as current portion of long-term debt).

Credit Facilities:

3M has a $ 4.25 billion five-year revolving credit facility that expires in May 2028.

3M has a $ 4.25 billion five-year revolving credit facility with a floating interest rate, set to expire in May 2028.

The revolving credit agreement includes a provision under which 3M may request an increase of up to $ 1.0 billion (at lender’s discretion), bringing the total facility up to $ 5.25 billion.

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Other Credit Facilities:

The Company also had $ 0.5 billion in stand-alone letters of credit, bank guarantees, and other similar instruments issued and outstanding at December 31, 2024.

The Company also had $ 0.6 billion in stand-alone letters of credit, bank guarantees, and other similar instruments, all with a floating interest rate, issued and outstanding at December 31, 2025.

These instruments are utilized in connection with normal business activities.

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In the first quarter of 2024, Solventum, prior to the Separation discussed in Note 2, issued a total of $ 8.4 billion in aggregate principal amount of senior unsecured debt and term loans.

Also during the first quarter of 2024, Solventum further entered into a revolving credit facility of $ 2 billion which was undrawn as of March 31, 2024.

These Solventum items were guaranteed by 3M until the completion of the Separation on April 1, 2024 and obligations under these notes, loans and facilities became, as transferred obligations, the sole responsibility of Solventum after the Separation.

Obligations under these notes and loans became, as transferred obligations, the sole responsibility of Solventum after the Separation.

Fixed-to-Floating Interest Rate Swaps:

During 2021, 3M entered into interest rate swaps with an aggregate notional amount of $ 800 million.

These swaps converted $ 500 million and $ 300 million of 3M’s $ 1 billion and $ 650 million principal amount of fixed rate notes due 2049 and 2050, respectively, into floating rate debt for the portion of their terms through mid-2028 with an original interest rate based on a three-month LIBOR index, which since was amended to a rate based on a SOFR index.

In 2021, 3M entered into interest rate swaps with an aggregate notional amount of $ 800 million that converted $ 500 million and $ 300 million of 3M’s $ 1 billion and $ 650 million principal amount of fixed rate notes due in 2049 and 2050, respectively, into floating rate debt, based on a SOFR index (as subsequently amended) for the portion of their terms through mid-2028.

During 2025, 3M terminated these fixed-to-floating interest rate swaps.

At the time of termination, a cumulative basis adjustment of $ 47 million related to the terminated swaps existed on the carrying value of these notes and will be amortized as interest expense over their remaining term.

Long-Term Debt Issuances:

In 2025, 3M issued $ 1.1 billion aggregate principal amount of fixed rate unsecured notes.

These were comprised of $ 550 million of 5-year notes due 2030 with a coupon rate of 4.80 % and $ 550 million of 10-year notes due 2035 with a coupon rate of 5.15 %.

Long-Term Debt Maturities and Extinguishments:

In 2024, 3M repaid $ 1.1 billion aggregate principal amount of medium-term notes that matured.

In 2023, 3M repaid $ 500 million aggregate principal amount of fixed-rate registered notes that matured, $ 650 million aggregate principal amount of fixed-rate medium-term notes that matured and 600 million euros aggregate principal amount of fixed-rate medium-term notes that matured.

In 2022, 3M repaid 500 million euros aggregate principal amount of fixed-rate medium-term notes that matured and $ 600 million aggregate principal amount of fixed-rate medium-term notes that matured.

Floating Rate Notes:

At various times, 3M has issued floating rate notes containing put provisions, amounting to $ 0.2 billion in total.

3M would be required to repurchase these securities at various prices ranging from 99 percent to 100 percent of par value according to the reduction schedules for each security.

Under the terms of this floating rate note due in 2044, holders have an annual put feature at 100 percent of par value from 2014 and every anniversary thereafter until final maturity.

Under the terms of the floating rate notes due in 2027, 2040 and 2041, holders have put options that commence ten years from the date of issuance and each third anniversary thereafter until final maturity at prices ranging from 99 percent to 100 percent of par value.

For the periods presented, 3M was required to repurchase an immaterial amount of principal on the aforementioned floating rate notes.

In 2025, 3M repaid $ 1.8 billion aggregate principal amount of primarily fixed-rate notes that matured.

In 2024, 3M repaid $ 1.1 billion aggregate principal amount of fixed-rate notes that matured.

In 2023, 3M repaid $ 1.2 billion and € 600 million aggregate principal amount of fixed-rate notes that matured.

Pension and Postretirement Benefit Plans

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The Company also sponsors employee savings plans under Section 401(k) of the Internal Revenue Code.

These plans are offered to substantially all regular U.S.

These plans are offered to substantially all U.S.

For eligible employees hired prior to January 1, 2009, employee 401(k) contributions of up to 5 % of eligible compensation are matched in cash at rates of 45 % or 60 %, depending on the plan in which the employee participates.

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All contributions are invested in a number of investment funds pursuant to employees’ elections.

Employer contributions to the U.S.

defined contribution plans, including discontinued operations, were $ 172 million, $ 241 million and $ 241 million for 2024, 2023 and 2022, respectively.

3M subsidiaries in various international countries also participate in defined contribution plans.

Employer contributions to the international defined contribution plans, including discontinued operations were $ 87 million, $ 108 million and $ 108 million for 2024, 2023 and 2022, respectively.

The total employer contributions, including discontinued operations, related to these plans were as follows:

Total employer contributions (millions) 2025 2024 2023

defined contribution plans $ 157 $ 172 $ 241

International defined contribution plans 86 87 108

The following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years.

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In connection with the completion of the April 1, 2024 separation of Solventum (see Note 2), approximately $ 2.7 billion of pension and postretirement benefit obligations and $ 2.4 billion of plan assets for certain pension and postretirement benefit plans, were transferred to Solventum, which is treated as a discontinued operation.

These are reflected in the "Transfers to Solventum" row in the table below.

These are reflected in the "Acquisitions/(Divestitures)" row in the table below.

In addition, as discussed later in this Note 13, in 2024 3M transferred a portion of its U.S.

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Those transfers are included as settlements and applicable portion in actuarial gain in the tables below.

Qualified and Non-Pension Benefits Postretirement Benefits

Qualified and non-qualified pension benefits Postretirement benefits

United States International

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Benefit obligation at beginning of year $ 8,362 $ 13,498 $ 4,436 $ 5,571 $ 1,503 $ 1,897

Transfers to Solventum ( 1,850 ) — ( 615 ) — ( 243 ) —

Acquisitions/(divestitures) — ( 1,850 ) ( 22 ) ( 615 ) — ( 243 )

Service cost 102 123 49 63 17 21

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Benefit obligation at end of year 8,418 8,362 4,615 4,436 1,356 1,503

discontinued operations — ( 1,893 ) — ( 620 ) — ( 250 )

Benefit obligation - continuing operations $ 8,362 $ 11,605 $ 4,436 $ 4,951 $ 1,503 $ 1,647

Change in plan assets

Fair value of plan assets at beginning of year 7,498 12,348 5,397 6,341 761 980

Transfers to Solventum ( 1,808 ) — ( 455 ) — ( 130 ) —

Acquisitions/(divestitures) — ( 1,808 ) — ( 455 ) — ( 130 )

Actual return on plan assets 781 99 82 38 59 21

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Fair value of plan assets at end of year 7,641 7,498 5,740 5,397 718 761

discontinued operations — ( 1,837 ) — ( 484 ) — ( 133 )

Fair value of plan assets - continuing operations 7,498 10,511 5,397 5,857 761 847

Funded status at end of year - continuing operations $ ( 864 ) $ ( 1,094 ) $ 961 $ 906 $ ( 742 ) $ ( 800 )

Amounts recognized in the Consolidated Balance Sheet as of December 31, (Millions) Qualified and Non-qualified Pension Benefits Postretirement Benefits

Funded status at end of year $ ( 777 ) $ ( 864 ) $ 1,125 $ 961 $ ( 638 ) $ ( 742 )

Qualified and non-qualified pension benefits Postretirement benefits

United States International

2024 2023 2024 2023 2024 2023

Continuing operations:

(Millions) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

Amounts recognized in the consolidated balance sheet

Non-current assets $ — $ — $ 1,406 $ 1,243 $ — $ —

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Non-current liabilities ( 737 ) ( 814 ) ( 267 ) ( 269 ) ( 627 ) ( 730 )

Ending balance - continuing operations $ ( 864 ) $ ( 1,094 ) $ 961 $ 906 $ ( 742 ) $ ( 800 )

Ending balance - discontinued operations $ — $ ( 56 ) $ — $ ( 136 ) $ — $ ( 117 )

Amounts recognized in accumulated other comprehensive income as of December 31, (Millions) Qualified and Non-qualified Pension Benefits Postretirement Benefits

United States International

2024 2023 2024 2023 2024 2023

Net transition obligation (asset) $ — $ — $ — $ 3 $ — $ —

Net amount recognized $ ( 777 ) $ ( 864 ) $ 1,125 $ 961 $ ( 638 ) $ ( 742 )

Amounts recognized in accumulated other comprehensive income

Net actuarial loss (gain) $ 2,645 $ 2,922 $ 384 $ 347 $ 278 $ 279

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United States International

(Millions) 2024 2023 2024 2023

(Millions) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

Accumulated benefit obligation $ 8,231 $ 8,094 $ 4,486 $ 4,289

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Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss $ ( 20 ) $ ( 174 ) $ 354 $ 17 $ ( 10 ) $ 165 $ ( 94 ) $ ( 31 ) $ 137

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31:

Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages:

Qualified and non-qualified pension benefits Postretirement benefits

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2025 2024 2023 2025 2024 2023 2025 2024 2023

Assumptions used to determine benefit obligations as of December 31:

Discount rate 5.41 % 5.64 % 4.98 % 4.82 % 4.44 % 3.99 % 5.38 % 5.68 % 5.06 %

Compensation rate increase 3.77 3.77 3.77 2.90 2.88 2.88 N/A N/A N/A

Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31 :

Qualified and Non-qualified Pension Benefits Postretirement Benefits

United States International

2024 2023 2022 2024 2023 2022 2024 2023 2022

Assumptions used to determine net cost for years ended December 31:

Discount rate - service cost 5.75 % 5.35 % 5.26 % 3.73 % 3.77 % 4.06 % 5.75 % 5.30 % 5.39 %

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The Company provides a savings account-based postretirement health care benefit to eligible retirees in the U.S.

The contributions provided by the Company to the health savings accounts increase 3 percent per year for employees who retired prior to January 1, 2016 and increase 1.5 % for employees who retire on or after January 1, 2016.

The contributions provided by the Company to the health savings accounts previously increased 3 % per year for employees who retired prior to January 1, 2016 and increase 1.5 % for employees who retire on or after January 1, 2016.

Therefore, the Company no longer has material exposure to health care cost inflation.

In 2025, 3M modified this plan.

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).

The Company determines the discount rate and related assumption used to measure plan liabilities as of the applicable measurement date for the pension and postretirement benefit plans.

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The Company sets its rate to reflect the yield of a portfolio of high quality, fixed-income debt instruments that would produce cash flows sufficient in timing and amount to settle projected future benefits.

Using this methodology, the Company determined a discount rate of 5.64 % for the U.S.

pension plans and 5.68 % for the postretirement benefit plans as of December 31, 2024, which is an increase of 66 percentage points and an increase 0.62 percentage points, respectively, from the rates used as of December 31, 2023.

An increase in the discount rate decreases the Projected Benefit Obligation (PBO).

The increase in the discount rates during 2024 resulted in an approximate $ 0.7 billion decrease in benefit obligation for the U.S.

pension and postretirement plans in relation to those plans' December 31, 2023 remeasurement.

As discussed further below, during 2024 certain events required remeasurements of particular plans.

Using this methodology, the Company determined discount rates for the U.S.

pension plans and postretirement benefit plans as of December 31, 2025 as displayed in the table above.

The primary reasons for the actuarial (gain)/loss impacting the benefit obligations of the plans for the periods presented were changes in discount rate.

A decrease in the discount rate increases the Projected Benefit Obligation (PBO) while an increase in the rate decreases the PBO.

As discussed further above, during 2025 certain events required remeasurement of a U.S.

postretirement health care benefit plan.

The Company measures service cost and interest cost separately using the spot yield curve approach applied to each corresponding obligation.

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The expected return assumption is based on the strategic asset allocation of the plan, long term capital market return expectations and expected performance from active investment management.

The 2024 expected long-term rate of return is based on an initial asset allocation assumption of 11 % global equities, 13 % private equities, 63 % fixed-income securities, and 13 % absolute return investments independent of traditional performance benchmarks, along with positive returns from active investment management.

The actual net rate of return on plan assets in 2024, 2023 and 2022 was 2.3 %, 10.4 % and - 17.4 %, respectively.

The average annual actual return on the plan assets over the past 10 and 25 years has been 4.6 % and 6.3 %, respectively.

The 2025 expected long-term rate of return is based on an initial asset allocation assumption of 18 % global equities, 15 % private equities, 58 % fixed-income and private credit investments, and 9 % absolute return investments independent of traditional performance benchmarks, along with positive returns from active investment management.

Return on assets assumptions for international pension and other post-retirement benefit plans are calculated on a plan-by-plan basis using plan asset allocations and expected long-term rate of return assumptions.

The Society of Actuaries did not release an update to the Scale MP-2021 in 2024 or 2025.

For the December 31, 2023 annual valuation, the Company updated the plans' mortality assumption to use the Pri-2012 Mortality Table with White Collar Adjustment.

The December 31, 2023 update resulted in an approximate $ 450 million increase to the U.S.

pension PBO and U.S.

accumulated postretirement benefit obligations.

In 2024, primarily in the second quarter, 3M recorded a non-cash pension settlement charge of approximately $ 808 million reflected in other expense (income), net as a result of transferring approximately $ 2.5 billion of its U.S.

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pension plans and 5.19 % for the U.S.

postretirement benefit plans as of March 31, 2024, which are increases of 0.24 percentage points and 0.25 percentage points, respectively, from the rates used as of December 31, 2023.

postretirement benefit plans as of March 31, 2024, which were increases from the rates used as of December 31, 2023 in the table above.

This remeasurement did not impact consolidated income for the three months ended March 31, 2024, but impacted net periodic benefit cost for the remainder of 2024.

As of March 31, 2024, there were several small international pension plans remeasured for purposes of transferring Solventum employees to new pension plans, the impact of which was not material.

During 2024, the Company contributed $ 140 million to its U.S.

and international pension plans and $ 14 million to its postretirement plans.

During 2023, the Company contributed $ 142 million to its U.S.

and international pension plans and $ 10 million to its postretirement plans.

Company contributions to defined benefit pension and postretirement plans were as follows:

Total employer contributions (millions) 2025 2024

and international defined benefit pension plans

Postretirement defined benefit plans

In 2026, the Company expects to contribute an amount in the range of $ 100 million to $ 150 million of cash to its U.S.

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pension plan.

International Pension Plans Assets :

Outside the U.S., pension plan assets are typically managed by decentralized fiduciary committees.

The disclosure below of asset categories is presented in aggregate for over 25 defined benefit plans in 18 countries;

however, there is significant variation in asset allocation policy from country to country.

Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country.

The Company provides standard funding and investment guidance to all international plans with more focused guidance to the larger plans.

Each plan has its own strategic asset allocation.

The asset allocations are reviewed periodically and rebalanced when necessary.

The fair values of the assets held by the U.S.

pension and postretirement benefit plans by asset class are as follows:

pension, international pension, and postretirement benefit plans by asset class are as follows:

Fair value measurements using inputs considered as Investments measured at net asset value* Fair value at December 31,

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Equities $ 1,537 $ 1,318 $ — $ — $ — $ — $ — $ — $ 1,537 $ 1,318

Fixed income 1,227 1,153 2,774 6,428 — — — 16 4,001 7,597

Fixed income and private credit

1,594 1,227 2,171 2,774 — — 249 336 4,014 4,337

Private equity — — — — — 13 1,062 1,179 1,062 1,192

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Cash and cash equivalents

152 38 14 14 — — 335 276 501 328

Total $ 3,283 $ 2,583 $ 2,185 $ 2,795 $ 1 $ 13 $ 2,248 $ 2,354 $ 7,717 $ 7,745

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Fair value of plan assets $ 7,641 $ 7,498

Postretirement Benefit Plans

International pension plans

Equities $ 223 $ 231 $ 118 $ 437 $ 1 $ 1 $ 2 $ 2 $ 344 $ 671

Fixed income 129 92 305 503 — — — 1 434 596

Fixed income and private credit

515 150 3,390 3,248 5 2 1 1 3,911 3,401

Private equity — — 24 21 2 1 782 736 808 758

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Cash and cash equivalents

80 99 53 58 — — — — 133 157

Total $ 818 $ 485 $ 3,628 $ 3,808 $ 540 $ 507 $ 893 $ 851 $ 5,879 $ 5,651

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Fair value of plan assets $ 5,740 $ 5,397

* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.

Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are traded.

Fixed income includes U.S.

government and government agencies, corporate bonds and notes, asset backed securities, collateralized mortgage obligations, private placements and derivative investments.

government and government agency bonds and notes are valued at the closing price reported in the active market in which the individual security is traded.

Corporate bonds and notes, asset backed securities and collateralized mortgage obligations are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.

Private placements are valued by the custodian using recognized pricing services and sources.

Derivative instruments such as credit default swaps, interest rate swaps are valued by the custodian using closing market swap curves and market derived inputs.

Futures are valued at the closing price reported in active market in which the derivative is traded.

The private equity portfolio primarily consists of partnership interests valued at NAV as described above.

Absolute return consists primarily of partnership interests in hedge funds, hedge fund of funds or other private fund vehicles.

The hedge funds are valued at NAV as described above.

The private fund vehicles consist primarily of corporate debt instruments that are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risk ratings.

Other items to reconcile to fair value of plan assets include, interest receivables, amounts due for securities sold, amounts payable for securities purchased and interest payable.

The level 3 activity attributable to U.S.

pension and postretirement plans assets was insignificant for the periods ended December 31, 2024 and 2023.

International Pension Plans Assets :

Outside the U.S., pension plan assets are typically managed by decentralized fiduciary committees.

The disclosure below of asset categories is presented in aggregate for over 26 defined benefit plans in 18 countries;

however, there is significant variation in asset allocation policy from country to country.

Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country.

The Company provides standard funding and investment guidance to all international plans with more focused guidance to the larger plans.

Each plan has its own strategic asset allocation.

The asset allocations are reviewed periodically and rebalanced when necessary.

The fair values of the assets held by the international pension plans by asset class are as follows:

Fair Value Measurements Using Inputs Considered as Investments Measured at Net Asset Value* Fair Value at December 31,

Level 1 Level 2 Level 3

Asset Class (Millions) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Postretirement benefit plans

Equities $ 131 $ 122 $ — $ — $ — $ — $ — $ — $ 131 $ 122

Fixed income 150 148 3,248 3,501 2 2 1 719 3,401 4,370

Fixed income and private credit

201 129 185 305 — — 21 31 407 465

Private equity — — — — — 1 91 110 91 111

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Cash and cash equivalents

14 7 1 1 — — 29 26 44 34

Total $ 346 $ 258 $ 186 $ 310 $ — $ 1 $ 192 $ 216 $ 724 $ 785

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Fair value of plan assets $ 718 $ 761

*In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

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Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are traded.

Fixed Income investments include domestic and foreign government, and corporate debt securities.

The debt securities are valued at the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.

Fixed income and private credit include U.S.

government and government agencies securities, as well as certain domestic and foreign government securities from an international pension plan perspective;

corporate bonds, debt securities and notes;

private credit partnerships;

asset backed securities;

collateralized mortgage obligations;

private placements;

derivative investments;

and obligations under repurchase arrangements.

government and government agency and domestic and foreign government securities are valued at the closing price reported if traded on an active market in which the individual security is traded.

Corporate bonds, debt securities and notes;

asset backed securities;

government securities not traded on an active market;

and collateralized mortgage obligations are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.

Private placements are valued by the custodian using recognized pricing services and sources.

Private credit partnership investments are valued at NAV as described above.

Derivative instruments such as credit default swaps, interest rate swaps are valued by the custodian using closing market swap curves and market derived inputs.

Futures are valued at the closing price reported in active market in which the derivative is traded.

Repurchase obligations of $ 597 million and $ 51 million are net within level 2 investments in U.S.

pension plans and Postretirement benefit plans, respectively, as of December 31, 2025.

There were no repurchase obligations as of December 31, 2024.

Private equity funds consist of partnership interests in a variety of funds which are valued at NAV as described above.

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REITS are valued at NAV with published prices provided by the custodians.

Absolute return consists primarily of private partnership interests in hedge funds, insurance contracts and derivative instruments.

Partnerships and hedge funds are valued at NAV as described above.

Absolute return consists primarily of hedge funds, hedge fund of funds or other fund vehicles;

insurance contracts and derivative instruments.

Hedge funds are valued at NAV as described above.

The other fund vehicles consist primarily of instruments that are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risk ratings.

Insurance consists of insurance contracts, which are valued using cash surrender values which is the amount the plan would receive if the contract was cashed out at year end.

Derivative instruments consist of various swaps and bond futures that are used to help manage risks and are valued by the custodian using closing market swap curves and market derived input.

Other items to reconcile to fair value of plan assets include the net of interest receivables, amounts due for securities sold, amounts payable for securities purchased and interest payable.

At December 31, 2024 the net payable includes a payable of $ 88 million to the Canadian Solventum pension.

The balances of and changes in the fair values of the international pension plans’ level 3 assets consist primarily of insurance contracts under the absolute return asset class.

In 2024 the aggregate of net purchases and net unrealized gains and losses decreased this balance by $ 43 million and the change in currency exchange rates decreased this balance by $ 37 million for a net decrease of $ 80 million.

In 2023 the aggregate net purchases and net unrealized gains increased this balance by $ 138 million and the change in currency exchange rates increased the balance by $ 6 million for a net increase to this balance of $ 144 million.

Cash and cash equivalents primarily consist of collective short-term investment funds valued at NAV as described above, and cash.

Other items to reconcile to fair value of plan assets include, interest receivables, amounts due for securities sold, amounts payable for securities purchased, and interest payable.

As of December 31, 2024 the net payable for international pension plans included a payable of $ 88 million to the Canadian Solventum pension.

The level 3 activity attributable to U.S.

pension, international pension and postretirement plan assets was insignificant for the periods ended December 31, 2025 and 2024.

Supplier Finance Program Obligations

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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 December 31, 2024 and 2023 were approximately $ 0.3 billion and $ 0.3 billion, respectively.

3M's outstanding balances of confirmed invoices in the programs as of December 31, 2025 and 2024 were each approximately $ 0.3 billion.

These amounts are included within accounts payable on 3M's consolidated balance sheet.

The activity in 2024 included approximately $ 1.5 billion of invoices confirmed and $ 1.5 billion of invoices paid and other adjustments.

The Company uses interest rate swaps and foreign exchange forward and option contracts to manage risks generally associated with interest rate and foreign exchange rate fluctuations.

Activity in each of 2025 and 2024 included approximately $ 1.5 billion of invoices confirmed and $ 1.5 billion of invoices paid and other adjustments.

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.

The information that follows explains the various types of derivatives and financial instruments used by 3M, how and why 3M uses such instruments, how such instruments are accounted for, and how such instruments impact 3M’s financial position and performance.

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• Derivatives and/or hedging instruments associated with the Company’s long-term debt are also described in Note 12.

Refer to the section below titled Location on Statement of Income (Loss) 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 (loss) 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:

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These transactions are designated as cash flow hedges.

The settlement or extension of these derivatives will result in reclassifications (from accumulated other comprehensive income) to earnings in the period during which the hedged transactions affect earnings.

3M may de-designate these cash flow hedge relationships in advance of the occurrence of the forecasted transaction.

The Company may de-designate a cash flow hedge if the forecasted transaction is no longer probable, if 3M determines that the hedge is no longer expected to be highly effective in offsetting changes in the cash flows of the forecasted transaction, or in certain other circumstances.

The portion of gains or losses on the derivative instrument previously included in accumulated other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction occurs or becomes probable of not occurring.

Changes in the value of derivative instruments after de-designation are recorded in earnings and are included in the Derivatives Not Designated as Hedging Instruments section below.

The settlement of these derivatives will result in reclassifications (from accumulated other comprehensive income) to earnings in the period during which the hedged transactions affect earnings.

The maximum length of time over which 3M hedges its exposure to the variability in future cash flows of the forecasted transactions is 36 months.

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The Company may use forward starting interest rate contracts and treasury rate lock contracts to hedge exposure to variability in cash flows from interest payments on forecasted debt issuances.

The amortization of gains and losses on forward starting interest rate swaps is included in the tables below as part of the gain/(loss) reclassified from accumulated other comprehensive income into income.

As of December 31, 2024, the Company had a balance of $ 15 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 $ 80 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 December 31, 2024, of the total after-tax net unrealized balance as of December 31, 2024, 3M expects to reclassify approximately $ 44 million after-tax net unrealized gain 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 Derivative

The amortization of gains and losses on forward starting interest rate swaps is included in the table further below as part of the amounts reclassified from accumulated other comprehensive income into income.

The amount of pre-tax gain (loss) recognized in other comprehensive income (loss) related to derivative instruments designated as cash flow hedges is follows:

Pretax gain (loss) recognized in other comprehensive income (loss) on derivatives

(Millions) 2025 2024 2023

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The mark-to-market of these fair value hedges is recorded as gains or losses in interest expense and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest expense.

During 2021, 3M entered into interest rate swaps with an aggregate notional amount of $ 800 million.

These swaps converted $ 500 million and $ 300 million of 3M’s $ 1.0 billion and $ 650 million principal amount of fixed rate notes due 2049 and 2050, respectively, into floating rate debt for the portion of their terms through mid-2028 with an original interest rate based on a three-month LIBOR index, which since was amended to a rate based on a SOFR index.

As further discussed in Note 12, during 2025, 3M terminated fixed-to-floating interest rate swaps that were entered into in 2021, returning $ 800 million of notes due in 2049 and 2050 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:

Location on the Consolidated Balance Sheet (Millions)

Carrying Value of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities

December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023

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

December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

Long-term debt $ 959 $ 924 $ — $ ( 81 ) $ ( 44 ) $ 2

Net Investment Hedges:

The Company may use non-derivative (foreign currency denominated debt) and derivative (foreign exchange forward/option contracts) instruments to hedge portions of the Company’s investment in foreign subsidiaries and manage foreign exchange risk.

The Company may use derivative and non-derivative (foreign currency denominated debt) instruments to hedge portions of the Company’s investment in foreign subsidiaries and manage foreign exchange risk.

For instruments that are designated and qualify as hedges of net investments in foreign operations and that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded in cumulative translation within other comprehensive income.

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To the extent foreign currency denominated debt is not designated in or is de-designated from a net investment hedge relationship, changes in value of that portion of foreign currency denominated debt due to exchange rate changes are recorded in earnings through their maturity date.

3M’s use of foreign exchange forward/option contracts designated in hedges of the Company’s net investment in foreign subsidiaries can vary by time period depending on when foreign currency denominated debt balances designated in such relationships are de-designated, matured, or are newly issued and designated.

Additionally, variation can occur in connection with the extent of the Company’s desired foreign exchange risk coverage.

In the fourth quarter of 2024, 3M expanded its net investment hedge activity by entering into foreign exchange forward/option contracts with a gross notional value at inception of $ 4.2 billion and tenor of five years designated in hedges of portions of its net investment in international subsidiaries.

At December 31, 2024, 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 designated in net investment hedges included in the totals within the "Location, Fair Value, and Gross Notional Amounts of Derivative Instruments" table further below.

The amount of gain (loss) excluded from effectiveness testing recognized in income relative to instruments designated in net investment hedge relationships is not material.

During 2025, 3M entered into foreign currency forward contracts, collared foreign currency forward contracts and cross-currency swaps with a gross notional value at inception of $ 3.7 billion designated in hedges of portions of its net investment in international subsidiaries.

The gross notional amount of foreign exchange forward/option contracts and cross-currency swaps designated in net investment hedges is included in the totals within the "Location, Fair Value, and Gross Notional Amounts of Derivative Instruments" table further below.

In addition, at December 31, 2025, 3M had a principal amount of long-term debt instruments designated in net investment hedges totaling € 1.8 billion.

The amount of gain (loss) excluded from effectiveness testing and recognized in income for instruments designated in net investment hedge relationships was not significant in each of 2025, 2024, and 2023.

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.

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Foreign currency denominated debt $ ( 233 ) $ 108 $ ( 86 )

Foreign currency forward/option contracts

( 1 ) ( 5 ) 10

Foreign currency forward/option contracts and cross-currency swaps ( 144 ) ( 1 ) ( 5 )

Total $ ( 377 ) $ 107 $ ( 91 )

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.

Derivatives not designated as hedging instruments include de-designated foreign currency forward and option contracts that formerly were designated in cash flow hedging relationships.

3M may de-designate a cash flow hedge before the forecasted transaction occurs if the forecasted transaction is no longer probable, if the hedge is no longer expected to be highly effective in offsetting changes in the cash flows of the forecasted transaction, or in certain other circumstances.

In addition, 3M enters into foreign currency contracts that are not designated in hedging relationships to offset changes in the value of various non-functional currency denominated items including certain intercompany financing balances.

These derivative instruments are not designated in hedging relationships;

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The Company does not hold or issue derivative financial instruments for trading purposes.

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

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

Cost of sales Other expense (income), net

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Foreign currency forward/option contracts:

Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income *

Amount of (gain) or loss reclassified from accumulated other comprehensive income (loss) into income (a)

( 36 ) ( 87 ) ( 152 ) — — —

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(Gain) or loss on fair value hedging relationships:

Interest rate contracts:

Interest rate swaps:

Hedged items — — — 81 6 15

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Information regarding derivatives not designated as hedging instruments:

(Gain) or loss on derivatives not designated as instruments:

(Gain) or loss on derivatives not designated as hedging instruments:

Foreign currency forward/option contracts ( 46 ) 9 9 ( 94 ) 22 ( 21 )

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

(a) 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:

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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

Gross notional Amount

Assets Liabilities

(Millions) Location Fair value amount

Location Fair value amount

2025 2024 2025 2024 2025 2024

Derivatives designated as hedging instruments

Foreign currency forward/option contracts $ 1,382 $ 2,109 Other current assets $ 61 $ 68 Other current liabilities $ 6 $ 27

Foreign currency forward/option contracts 4,746 342 Other assets 78 11 Other liabilities 65 5

Foreign currency forward/option contracts and cross-currency swaps

$ 1,842 $ 1,382 Other current assets $ 23 $ 61 Other current liabilities $ 35 $ 6

Foreign currency forward/option contracts and cross-currency swaps 8,194 4,746 Other assets 161 78 Other liabilities 289 65

Interest rate contracts — 800 Other assets — — Other liabilities — 81

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Foreign currency forward/option contracts 2,188 2,217 Other current assets 8 3 Other current liabilities 6 13

Total derivatives not designated as hedging instruments 3 5 13 7

Total derivative instruments $ 192 $ 142 $ 330 $ 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 interest rate swaps, currency swaps, and forward and option contracts.

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.

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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.

3M determined that the impact of the amount of eligible offsetting derivative assets and liabilities was not material if it had elected 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.

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.

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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

2025 2024 2025 2024 2025 2024

Derivatives subject to master netting agreements 192 142 175 64 17 78

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

2025 2024 2025 2024 2025 2024

Derivatives subject to master netting agreements 330 165 175 64 155 101

Currency Effects:

3M estimates that year-on-year foreign currency transaction effects, including hedging impacts, decreased pre-tax income from continuing operations by approximately $ 34 million in 2024, decreased pre-tax loss from continuing operations by approximately $ 40 million in 2023, and increased pre-tax income from continuing operations by approximately $ 97 million in 2022.

3M estimates that year-on-year foreign currency transaction effects, impacted pre-tax income (loss) from continuing operations approximately as follows.

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

(Millions) 2025 2024 2023

Year-on-year change in pre-tax income (loss) from foreign currency transactions

$ ( 59 ) $ ( 34 ) $ 40

Fair Value Measurements

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3M classifies U.S.

treasury securities as level 1, while all other marketable securities (excluding certain U.S.

government and treasury securities as level 1, while all other marketable securities (excluding certain U.S.

municipal securities) are classified as level 2.

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3M classifies this investment as Level 1.

It is included within other assets on the Company’s consolidated balance sheet.

• Derivative instruments :

The Company’s derivative assets and liabilities within the scope of ASC 815, Derivatives and Hedging , are required to be recorded at fair value.

The Company’s derivatives that are recorded at fair value include foreign currency forward and option contracts, interest rate swaps, and net investment hedges where the hedging instrument is recorded at fair value.

The Company’s derivatives that are recorded at fair value include foreign currency forward and option contracts, cross-currency swaps, and interest rate swaps.

Net investment hedges that use foreign currency denominated debt to hedge 3M’s net investment are not impacted by the fair value measurement standard under ASC 820, as the debt used as the hedging instrument is marked to a value with respect to changes in spot foreign currency exchange rates and not with respect to other factors that may impact fair value.

3M has determined that foreign currency forward and option contracts and interest rate swaps will be considered level 2 measurements.

3M has determined that foreign currency forward and option contracts, cross-currency swaps, and interest rate swaps will be considered level 2 measurements.

3M uses inputs other than quoted prices that are observable for the asset.

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Level 1 Level 2 Level 3

2024 2023 2024 2023 2024 2023 2024 2023

Available-for-sale:

Marketable securities:

Asset backed securities

(Millions) 2025 2024 2025 2024 2025 2024 2025 2024

Available-for-sale marketable securities:

Corporate debt

$ 302 $ 850 $ — $ — $ 302 $ 850 $ — $ —

Foreign corporate debt

Commercial paper 191 658 — — 191 658 — —

government and treasury securities

53 407 53 407 — — — —

government securities

Asset backed securities and certificates of/time deposits

148 209 — — 148 209 — —

Corporate debt securities 819 — — — 819 — — —

Commercial paper 658 — — — 658 — — —

Certificates of deposit/time deposits 185 46 — — 185 46 — —

treasury securities 269 — 269 — — — — —

municipal securities 16 20 — — — — 16 20

Solventum common stock 2,270 — 2,270 — — — — —

Solventum common stock (a)

2,026 2,270 2,026 2,270 — — — —

Derivative instruments — assets:

Foreign currency forward/option contracts 142 84 — — 142 84 — —

Foreign currency forward/option contracts and cross-currency swaps 192 142 — — 192 142 — —

Derivative instruments — liabilities:

Foreign currency forward/option contracts 84 39 — — 84 39 — —

Foreign currency forward/option contracts and cross-currency swaps 330 84 — — 330 84 — —

Interest rate contracts — 81 — — — 81 — —

(a) Solventum common stock is reflected within other current assets and other assets on 3M's Consolidated Balance Sheet as of December 31, 2025 and 2024, respectively.

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

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For 3M, such measurements of fair value relate primarily to indefinite-lived and long-lived asset impairments, goodwill impairments, and adjustment in carrying value of equity securities for which the measurement alternative of cost less impairment plus or minus observable price changes is used.

There were no material impairments of assets or adjustments to equity securities using the measurement alternative for the periods presented.

In 2022, management committed to a plan to exit and dispose of net assets in Russia through an intended sale of related subsidiaries.

As a result, 3M recorded a pre-tax charge of $ 101 million, primarily within selling, general and administrative expense related to recording this held-for-sale disposal group at the lower of its fair value less cost to sell or carrying amount.

In determining the carrying amount, the balance of cumulative translation adjustment within accumulated other comprehensive loss that would be eliminated upon sale was included and contributed to the impairment charge.

As of December 31, 2022 the amounts of major assets and liabilities of this held-for-sale disposal group primarily included approximately $ 50 million within other current liabilities that largely represented a reserve against the balance of cumulative translation adjustment.

In 2023, 3M closed on the sale of these subsidiaries, resulting in an immaterial gain after reversing this reserve while reclassifying the balance of cumulative translation adjustment into earnings.

Additionally, in 2022, 3M committed to a plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing by the end of 2025.

As a result, 3M recorded a pre-tax charge of $ 0.8 billion in 2022, related to impairment of long-lived and indefinite-lived assets ($ 0.5 billion — primarily associated with property, plant, and equipment) and impairment of goodwill ($ 0.3 billion).

These charges were reflected within selling, general and administrative expense and goodwill impairment expense, respectively.

The plan affects each of the Electronics Materials Solutions Division and Advanced Materials Division asset groupings/reporting units (both part of the Transportation and Electronics business) with impairment resulting for the Advanced Materials Division.

Underlying fair values were determined primarily using discounted cash flow models based on assumptions of projected sales, EBITDA margins, capital expenditures, discount rates and other applicable items.

Significant unobservable inputs used to estimate the fair values of the asset groupings included discount rates, which were 11 % to 12 %.

For the periods presented, other than the below, 3M had no material measurements at fair value on a nonrecurring basis of applicable assets or liabilities.

In 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, accounts payable, borrowings, and derivative contracts.

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.

Available-for-sale marketable securities, Solventum common stock and derivative instruments are recorded at fair values as indicated in the preceding disclosures, in addition to certain investments.

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.

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December 31, 2025 December 31, 2024

(Millions) Carrying Value Fair Value Carrying Value Fair Value

(Millions) Carrying value Fair value

Carrying value

Long-term debt, excluding current portion $ 10,932 $ 9,889 $ 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 the designation of certain fixed rate Eurobond securities issued by the Company as hedging instruments of the Company’s net investment in its European subsidiaries.

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.

Commitments and Contingencies

Warranties/Guarantees :

3M’s accrued product warranty liabilities, recorded on the Consolidated Balance Sheet as part of current and long-term liabilities, are estimated at approximately $ 49 million at December 31, 2024, and $ 52 million at December 31, 2023.

Further information on product warranties is not disclosed, as the Company considers the balance immaterial to its consolidated results of operations and financial condition.

3M guarantees of loans with third parties and other guarantee arrangements are not material.

Legal Proceedings:

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environmental, health and safety;

the FCPA and other anti-bribery and anti-corruption laws;

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;

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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.

The outcomes of legal proceedings and regulatory matters are often difficult to predict, and they could have a material adverse effect on the Company, its consolidated financial position, results of operations, and cash flows.

Process for Disclosure and Recording of Liabilities Related to Legal Proceedings:

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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.

In general, and except as noted below and as set forth in the separation and distribution agreement, certain liabilities related to Solventum or the assets that are transferred to Solventum in connection with the spin-off will be retained by or transferred to Solventum.

For example, potential liabilities associated with the matters previously described in prior filings under the Bair Hugger and Federal False Claims Act / Qui Tam Litigation sections of this Note 19 have been assumed by Solventum pursuant to the separation and distribution agreement, and Solventum will indemnify and defend the Company in these actions.

The separation and distribution agreement governs the allocation of liabilities related to PFAS (as defined below) between the Company and Solventum, which liabilities will not be subject to the general allocation principles otherwise set forth in the separation and distribution agreement.

The Company will retain all PFAS-related liabilities resulting from the business, operations, and activities of (x) the Company’s business (as defined in the separation and distribution agreement) and (y) Solventum’s business (as defined in the separation and distribution agreement) prior to April 1, 2024.

Solventum will retain liability for all PFAS-related liabilities resulting from the business, operations, and activities of its business at or after April 1, 2024, other than liabilities from product claims alleging harm from the presence of PFAS in certain products of Solventum’s business sold at or after April 1, 2024, and prior to January 1, 2026 (subject to exceptions described in further detail below).

The Company will retain liabilities related to site-based PFAS contamination at any real property owned, leased or operated by the Company and liabilities for site-based PFAS contamination arising from third-party claims at sites allocated to the Solventum group in the separation to the extent such liabilities relate to PFAS contamination existing at or prior to April 1, 2024.

Solventum assumes PFAS liabilities from the Solventum sites to the extent resulting from an action taken by any member of the Solventum group following April 1, 2024, or from any failure by Solventum following April 1, 2024, to use commercially reasonable efforts that are consistent with then-current industry standards to avoid contamination.

The Company will also retain PFAS liabilities for product claims (x) arising from the Company’s products, (y) arising from Solventum’s products sold prior to April 1, 2024, and (z) arising from certain products sold by Solventum at or after April 1, 2024, and prior to January 1, 2026 (subject to the exceptions described below).

Clause (z) in the immediately preceding sentence will not extend to PFAS liabilities for product claims resulting from (i) new products introduced by Solventum following April 1, 2024, that contain or are enabled by PFAS that is not supplied by the Company, (ii) products that are modified by Solventum after April 1, 2024, to add, contain or become enabled by PFAS that is not supplied by the Company, or with respect to which any modification made after April 1, 2024, in the formulation or production of the product that changes the amount or type of PFAS contained in the product or the amount or type of PFAS enabling the product, in each case from and after the date of such modification, (iii) PFAS that is added to a Solventum product after it is sold by Solventum and (iv) PFAS that has accumulated in or on a Solventum product as a result of the use of the product (whether or not the product is being used as directed), including through filtration, purification or similar application.

Solventum will be responsible for the maintenance of certain PFAS containment measures at its properties after the effective time of the distribution.

In addition, and consistent with the allocation described above, the Company will retain specifically identified PFAS-related liabilities, including those resulting from specified PFAS-related litigation matters and liabilities under the Company’s settlement agreement with public water systems in the United States, as described below.

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 December 31, 2024, the Company is a named defendant, with multiple co-defendants, in numerous lawsuits in various courts that purport to represent approximately 3,500 individual claimants, compared to approximately 4,042 individual claimants with actions pending December 31, 2023.

As of December 31, 2025, the Company is a named defendant, with multiple co-defendants, in numerous lawsuits in various courts that purport to represent approximately 3,700 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.

2 unchanged sentences

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 (including the lawsuits described below) and, in the last twelve months, 3M has successfully defended two respirator product liability trials.

In February 2024, a jury in Kentucky delivered a defense verdict in favor of 3M, concluding that 3M’s 8710 and 8210 respirators that the plaintiff claimed to have used were not defective.

In April 2024, another jury in Kentucky returned a defense verdict in 3M's favor and concluded that 3M's 8710 respirator that the plaintiff claimed to have used was not defective.

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.

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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 worker’s 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 by 1998 in the United States.

On Thursday, January 9, 2025, an initial bench trial began on certain issues in the action.

The issues presented during the bench trial included the statute of limitations, the period available for penalties under the West Virginia Consumer Protection Act, and the State’s claims that the 8710 respirators did not perform as advertised.

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.

An initial bench trial began in January 2025 and remains ongoing with periodic trial days.

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.

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.

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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 and Insurance Recovery

On December 22, 2025, the State of West Virginia, through its Attorney General, filed a complaint in the Circuit Court of Kanawha County, West Virginia against the Company alleging violations of the West Virginia's Consumer Credit and Protection Act in connection with 3M's 8210 respirators.

On December 23, 2025, 3M removed the case to federal court.

The case is in its initial stages.

Respirator Mask/Asbestos Liabilities

The Company regularly conducts a comprehensive legal review of its respirator mask/asbestos liabilities.

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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 2024 for respirator mask/asbestos liabilities by $ 36 million.

In 2024, the Company made payments for legal defense costs and settlements of $ 87 million related to the respirator mask/asbestos litigation.

As of December 31, 2024, the Company had an accrual for respirator mask/asbestos liabilities (excluding Aearo accruals) of $ 523 million.

As of December 31, 2025 and December 31, 2024, the Company's accruals for respirator mask/asbestos liabilities and defense costs (excluding Aearo) were $ 473 million and $ 523 million, respectively.

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.

As of December 31, 2024, the Company had an immaterial receivable for insurance recoveries related to the respirator mask/asbestos litigation.

In addition, the Company continues to seek coverage under the policies of certain insolvent and other insurers.

Once those claims for coverage are resolved, the Company will have collected substantially all of its remaining insurance coverage for respirator mask/asbestos claims.

Respirator Mask/Asbestos Litigation — Aearo Technologies:

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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 .

As of December 31, 2024, the Company, through its Aearo subsidiary, had accruals of $ 51 million for product liabilities and defense costs related to current and future Aearo-related asbestos, silica-related and coal mine dust claims.

As of December 31, 2025, t he Company, through its Aearo subsidiary, had recorded accruals of $ 59 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”).

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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 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.

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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 and Insurance Recovery ” that follows for information on the amount of the accrual for such liabilities.

Please refer to the section entitled “ Environmental Liabilities ” that follows for information on the amount of the accrual for such liabilities.

Environmental Matters

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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.

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 fluorelastomers, 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.

3M announced in December 2022 it will take two actions with respect to PFAS:

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.

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.

3M is also 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 and certain seals and gaskets, all widely used in commerce across a variety of industries, and in some cases required by regulatory or industry standards, may or are expected to, depending on applications, continue beyond 2025.

In other cases, sales of products manufactured before the end of 2025, regulatory approval, or customer re-certification or re-qualification of substitutes or replacements to eliminate the use of PFAS manufactured by third parties may not be completed, or, depending on circumstances, are not expected to 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.

3M completed its exit of PFAS manufacturing at the end of 2025.

3M will continue to take actions to address PFAS manufactured prior to the exit.

For example, the Company's water treatment assets at facilities that manufactured PFAS will continue to treat PFAS from historical manufacturing activities and remediate residual PFAS in waste streams from the Company's operations.

3M also will continue to work through the disposition of its assets and its interests in manufacturing facilities, which may include dismantling, cleaning and repurposing, and other dispositions of facilities or equipment.

3M remains in ongoing discussions with customers, government authorities, and other stakeholders and interested parties about customer agreements and the Company's interests in assets and facilities, which may be owned or leased from other parties that have interests and rights related to those facilities.

As also noted, 3M has been working to discontinue the use of PFAS across its product portfolio and has made substantial progress in eliminating such use in the Company's products.

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 adopting and incorporating third-party products into its product portfolio that do not contain PFAS.

Examples of PFAS-containing third-party products include 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.

In certain cases, sales and use of products manufactured before the end of 2025, and 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, were not completed by the end of 2025 and transitional efforts are ongoing.

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 of 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 and legislative activities concerning PFAS continue to accelerate 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.

Global regulations also appear to be increasingly focused on a broader group of PFAS, including PFAS compounds manufactured by 3M prior to its 2025 exit from PFAS manufacturing, third-party supplied materials containing PFAS used in current 3M products, or compounds found in wastewater and other environmental media associated with 3M's legacy 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.

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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.

In the European Union, where 3M has PFAS manufacturing facilities in Germany and Belgium, 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.

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 manufacturing, use, placing on the market and import of certain perfluorocarboxylic acids (C9-C14 PFCAs), which are PFAS substances, also went into effect.

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.

With respect to the applicability of the amendment of the EU POPs Regulation to include PFOA, which has been applicable since 2021, Dyneon, a 3M subsidiary that operates the Gendorf facility in Germany, proactively consulted with the relevant German competent authority regarding improvements necessary to meet applicable limits for a recycling process for a critical emulsifier for which small amounts of PFOA are present after recycling as an unintended contaminant.

In consultation with German regulatory authorities, to achieve the applicable limits for the use of the emulsifier until the exit of PFAS manufacturing, Dyneon has started to use a method containing a mix of recycled and virgin emulsifier.

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 prior to the previously-announced exit of PFAS manufacturing by the end of 2025, future compliance costs, possible litigation and/or enforcement actions.

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.

This amendment entered into force in October 2025.

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.

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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 in their countries.

January 2023 was the deadline for Member States to implement the Directive.

A majority of Member States have implemented the EU Directive.

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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 Ge ndorf

Dyneon and the predecessor operators of the Gendorf facility have commissioned a voluntary feasibility study by an independent soil consultant.

Government interactions related to PFAS manufacturing in Gendorf

Dyneon and the predecessor operators of the Gendorf, Germany 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 recently 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.

An expert body advising the competent authority 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 authority has indicated that it is 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.

Dyneon also continues to engage with the authorities about potential remedial actions, which may be required in the future to address soil and groundwater.

In July and August 2025, Dyneon was served with orders requiring it to plan a hydraulic barrier to capture a PFOA plume in groundwater originating from the Dyneon site and assess measures to remediate the impact of PFOA in and around the site.

In August and September 2025 Dyneon filed appeals of the orders, suspending the enforceability of the orders pending a decision on Dyneon's appeals.

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 manufactured various PFAS containing products.

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 involved 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.

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.

In September 2024, the Flemish Government approved 3M Belgium's latest application for a water discharge permit required for continued pump and treat operations at the Zwijndrecht facility following the exit of PFAS manufacturing.

In October 2024, an appeal was filed against the permit by a local non-profit organization, and a hearing on the appeal was held in January 2025.

The appeal suspends the approval of the permit until the competent authority decides on the merits of the appeal, which has not yet occurred.

3M Belgium is evaluating the potential impact of this action and potential next steps.

3M Belgium cannot at this time predict the outcome of any appeal of the permit 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 additional actions will be required to reduce legacy sources of PFAS or that the wastewater treatment system will be unable to meet future discharge limits.

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 judicially appealed by a Belgian non-profit organization.

3M Belgium cannot predict the outcome of such judicial appeal and is therefore unable to assess whether the current Zwijndrecht wastewater treatment system, or currently conceived additional treatment technology, will be able to meet the ultimately determined permit limits with respect to ongoing non-PFAS 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.

Dust emissions:

As previously disclosed, in October 2022, the Environmental Inspectorate imposed a safety measure on 3M Belgium regarding certain health and safety issues noted during inspections of the Zwijndrecht facility in March 2022, alleging certain related deficiencies, some dating back to 2010.

In July 2023, the Environmental Inspectorate issued an infraction report stating the actions taken by 3M Belgium to address the October 2022 safety measure were insufficient to reduce dust formation from the facility.

3M Belgium implemented additional control measures to address potential dust formation.

Soil remediation and environmental law compliance:

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In connection with these actions, the Company recorded a pre-tax charge of approximately $ 500 million in the first half of 2022.

Soil remediation .

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 that have been approved by OVAM, the competent authority, and implementation activities are underway.

3M Belgium has also submitted additional required remedial action plans, which are now being evaluated by OVAM.

3M Belgium anticipates submitting an additional remedial action plan regarding wastewater in 2025.

3M Belgium representatives continue to have discussions with the relevant authorities regarding further soil remedial actions in connection with the Flemish Soil Decree.

3M Belgium has submitted all previously required DSIs.

In the fourth quarter of 2025, OVAM required that 3M Belgium submit an additional DSI relating to ultra-short chain PFAS by June 2026.

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.

On March 31, 2023, the Site Decision was fully approved by the Flemish Cabinet and the Site Decision was published in April 2023.

While the full impact of the Site Decision remains to be determined, it appears to establish conditional obligations within 5 kilometers of Zwijndrecht and may create a presently undetermined amount of additional financial and remedial obligations for 3M Belgium.

In June 2023, 3M Belgium submitted a petition for annulment of the Site Decision to the Belgian Council of State.

Various parties purporting to have an interest in the proceeding, including the government of the Netherlands, intervened and submitted arguments supporting the Site Decision.

All submissions related to the petition have been filed and the matter is pending a decision by the Council of State.

In July 2023, the Flemish government approved another executive action establishing a temporary action framework that sets soil and groundwater values for evaluation of remediation of PFAS.

While the full impact of the temporary action framework remains to be determined, its use of the values in the EU Drinking Water Directive for remediation of groundwater, regardless of whether the groundwater would be used for drinking water, may create a presently undetermined amount of additional financial and remedial obligations for 3M Belgium.

In December 2023, 3M Belgium submitted a petition for annulment of the temporary action framework to the Belgian Council of State.

The Council of State scheduled a hearing in February 2025 on the petition.

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.

In January 2026, 3M learned that one or more NGOs have appealed the withdrawal.

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.

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Pending or potential litigation and investigations outside the United States

As of December 31, 2024, a total of seventeen actions against 3M Belgium are pending in Belgian civil courts.

As of December 31, 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.

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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" alleging primarily nuisance claims.

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.

A hearing in the case is scheduled to take place in February 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.

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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 are engaged in mediation regarding the dispute.

The parties previously engaged in mediation regarding the dispute that did not resolve the claims at that time.

In November 2025 the parties resolved a claim with respect to which Lantis had reserved its rights.

The litigation will proceed with regard to other claims, according to a briefing schedule set by the court, with all pre-hearing submissions to be completed by November 2026.

Investigations .

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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 the Dutch government may also represent.

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.

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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.

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 Aqueous Film Forming Foam ("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.

In August 2024, a putative class action was filed against 3M Canada, 3M Company, and other defendants in the Manitoba Court of King’s Bench on behalf of Indian bands in Canada.

The lawsuit seeks 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 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 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.

Canadian Environmental Protection Act (CEPA) PFAS Section 71 Reporting .

Canada’s Minister of the Environment announced in July 2024 a mandatory survey on the manufacture, import, and use of 312 PFAS due on January 29, 2025.

The Canadian government approved 3M's request to extend its reporting deadline to May 8, 2025.

In October 2024, 3M Australia received notice that the New South Wales Environmental Protection Agency has made a preliminary determination that 3M Australia is responsible for investigating and cleaning up PFAS contamination at a site that 3M Australia formerly leased.

3M Australia submitted a response to the preliminary determination in January 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.

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.

In December 2023, a putative class action was filed in the British Columbia Supreme Court on behalf of Canadians alleging personal injuries from exposure to AFFF.

In June 2024, the province of British Columbia, Canada, filed a putative class action in the British Columbia Supreme Court purportedly on behalf of all provincial and territorial governments in Canada, including all municipalities and other local governments responsible for drinking water systems, alleging contamination of drinking water and other natural resources by PFAS-containing products, including AFFF.

In July 2024, a putative class action was filed in the Quebec Superior Court on behalf of public water suppliers and private well owners in Quebec alleging contamination of drinking water by PFAS-containing products, including AFFF.

In August 2024 and August 2025, putative class actions were filed in the Manitoba Court of King’s Bench and British Columbia Supreme Court on behalf of Indian bands in Canada alleging contamination of drinking water and other natural resources by PFAS-containing products, including AFFF.

In August and September 2024, putative class actions were filed in the Ontario Superior Court and British Columbia Supreme Court on behalf of all private well owners in Canada alleging contamination of drinking water by PFAS-containing products, including AFFF.

In August 2025, plaintiffs filed a motion to discontinue the Ontario action.

In September 2024, a putative nationwide consumer class action was filed in the British Columbia Supreme Court on behalf of all persons who purchased carpeting treated with PFAS-containing products before January 1, 2020.

In September 2024, the Canadian Department of Transport filed a third-party contribution and indemnification action 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.

In November 2025, the Canadian Department of Transport filed a third-party contribution and indemnification action in connection with a pending putative class action filed in Newfoundland Supreme Court in May 2025, alleging property contamination from AFFF as a result of firefighting training at St.

John's International Airport.

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.

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 is working with the regulatory authority to address the Clean Up Notice.

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.

In November 2025, the Court extended the service period to June 8, 2026.

Regulation in the United States

Federal Activity

In the United States, the EPA's “PFAS Strategic Roadmap:

EPA's Commitments to Action 2021-2024” presented the EPA’s regulatory approach to PFAS, including investing in research to increase the understanding of PFAS, pursuing a comprehensive approach to proactively control PFAS exposures to humans and the environment, and broadening and accelerating the scope of clean-up of PFAS in the environment.

As set forth below, the EPA engaged in rulemaking pursuant to consistent with the approach set forth in the Roadmap.

However, on January 20, 2025, the new Administration issued an Executive Order entitled “Regulatory Freeze Pending Review.” Among other things, the Executive Order directs agencies to:

(1) temporarily postpone proposing or issuing new final or proposed rules;

(2) withdraw any rules sent to but not yet published in the Federal Register;

and (3) consider postponing for 60 days the effective date of any rules published in the Federal Register or that have been issued but not taken effect, for the purpose of conducting further review.

The ultimate impact, if any, of this and other executive actions on proposed rules not yet finalized, and on new rulemaking, remains unclear.

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 reporting period 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 will have five years to meet the limits.

Multiple petitions challenging the rule have been filed in federal court.

Various federal agencies in the United States also have been researching and publishing information about the potential health effects of PFAS.

For example, EPA has issued final human health toxicity assessments for certain PFAS, including PFOA, PFOS, PFBS, PFHxS, and HFPO-DA.

Those assessments identify the levels at which the EPA has determined exposures over various periods of time are unlikely to lead to adverse health effects.

In May 2022, EPA added five PFAS substances – HFPO-DA, PFOS, PFOA PFNA, and PFHxS - to its list of Regional Screening and Removal Management Levels.

EPA had previously added PFBS to both lists in 2014.

In May 2024, EPA substantially lowered the Regional Screening Levels for PFOA and PFOS.

Regional Screening Levels are used to identify contaminated media that may require further investigation, while Regional Removal Management Levels are used by EPA to support certain actions under CERCLA.

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 federal court.

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 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 might have.

EPA published an Advanced Notice of Proposed Rulemaking considering CERCLA hazardous substance designations for additional PFAS, including PFBS, PFHxS, PFNA, HFPO-DA, PFBA, PFHxA, PFDA and their precursor compounds, as well as the precursor compounds of PFOS and PFOA, for public comment in April 2023.

The Company submitted comments to the proposal in August 2023.

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.

Briefing has concluded and oral argument was held in January 2026.

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”).

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The Company submitted comments on both proposed rules.

In October 2024, EPA finalized Aquatic Life Criteria for PFOA and PFOS.

These criteria may be used by states in developing water quality standards and setting wastewater discharge permit limits under the Clean Water Act.

In December 2024, EPA published draft National Recommended Ambient Water Quality Criteria for the Protection of Human Health for PFOA, PFOS, and PFBS.

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 December 2022, EPA issued guidance to states for incorporating PFAS requirements into the Clean Water Act National Pollution Discharge Elimination System ("NPDES") permit program, including recommendations that states require PFAS monitoring and incorporate limits for PFAS in industrial discharges.

In June 2024, EPA submitted to OMB for review its proposed rule under the Clean Water Act setting Effluent Limitations Guidelines and Standards for PFAS Manufacturers Under the Organic Chemicals, Plastics and Synthetic Fibers Point Source Category.

In January 2025, EPA withdrew the proposed rule from OMB review.

EPA has also taken several actions to increase reporting and restrictions regarding PFAS under the Toxic Substances Control Act ("TSCA") and the Toxics Release Inventory ("TRI"), which is a part of the Emergency Planning and Community Right-to-Know Act.

EPA has added at least 196 PFAS compounds to the list of substances that must be included in TRI reports.

In October 2023, EPA finalized a rule that requires TRI reporting of de minimis uses of those TRI-listed PFAS.

In October 2024, EPA proposed adding 16 additional individual PFAS and 15 categories of PFAS (representing more than 100 individual substances) to the TRI.

The proposed rule would set a reporting threshold of 100 pounds for each of the 15 categories, and some of the already-listed PFAS would be reclassified to fall within the 15 categories.

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:

The rule requires manufacturers and importers to report certain data to EPA regarding each covered PFAS, 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.

In September 2024, EPA extended the reporting deadline for most companies, including 3M, from May 8, 2025, to January 11, 2026.

In March 2024, EPA issued a TSCA test order requiring two manufacturers, including 3M, to conduct certain health and safety testing on NMeFOSE, a PFAS substance.

3M has not manufactured or processed NMeFOSE for over 20 years and, in January 2025, EPA confirmed that 3M is not subject to the test order.

In November 2025, EPA published a proposed rule modifying the scope of the reporting rule.

The proposed rule incorporates several new exemptions from the reporting requirement and would tie the submission period to the effective date of the finalized revisions to the 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.

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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.

Public comments on the EPA’s draft are due in March 2025.

The Company submitted comments in August 2025.

If finalized, that risk assessment could inform future regulations on PFAS in wastewater and biosolids.

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States with finalized drinking water standards for certain PFAS include Vermont, New Jersey, New York, New Hampshire, Michigan, Massachusetts, Pennsylvania, and Wisconsin.

Several other states, including Idaho and North Carolina, have started processes to adopt EPA’s federal drinking water standards for PFAS into state rules.

In 2021 and 2022, California finalized its listing of PFOS (and its salts and transformation and degradation precursors) and PFOA as carcinogens and reproductive toxicants, and PFNA as a reproductive toxicant under its Proposition 65 law.

California has also proposed listing PFDA, PFHxS, and PFUnDA as reproductive toxicants under Proposition 65.

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 on the merits and invalidated EGLE’s rule based on its failure to properly consider relevant costs.

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.

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In August 2023, the Michigan Court of Appeals upheld the lower court’s decision that EGLE’s rule was invalid.

EGLE has appealed this ruling to the Michigan Supreme Court.

Oral argument was held in November 2024, and the parties submitted supplemental briefing in December 2024.

Some states have also been evaluating or have taken actions relating to PFOA, PFOS and other PFAS compounds in products.

In 2021, the State of Maine passed its Act To Stop Perfluoroalkyl and Polyfluoroalkyl Substances Pollution, which banned intentionally added PFAS in products effective January 1, 2030, and required broad reporting of products containing intentionally added PFAS effective January 1, 2023.

In December 2022, 3M submitted to the Maine Department of Environmental Protection ("DEP") a list of products containing intentionally added PFAS that were sold in the U.S.

in 2020-2022 in response to the law.

3M submitted an updated copy of that list to the Maine DEP in May 2023.

The Maine legislature has since enacted legislation retroactive to January 1, 2023, that includes changes to the product bans and notification requirements in the original legislation, including by narrowing the products for which notification is required and extending the compliance date.

In May 2023, Minnesota enacted a law that includes broad PFAS prohibitions and reporting obligations.

The statute bans the sale of products in 11 categories containing intentionally added PFAS beginning January 1, 2025.

The law further requires that manufacturers of any products containing intentionally added PFAS that are sold, offered for sale, or distributed in Minnesota must submit notifications to the Minnesota Pollution Control Agency ("MPCA") by January 1, 2026.

The statute also includes a general prohibition on sales of PFAS-containing products starting January 1, 2032, unless the MPCA has determined through a rulemaking that the use of PFAS in the product is unavoidable.

In September 2023, the MPCA initiated a rulemaking process to implement the law's reporting obligations.

The MPCA has also initiated a separate rulemaking concerning currently unavoidable uses of PFAS under the law.

Certain states, including Colorado, California, Connecticut, Hawaii, 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.

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 is currently significant uncertainty about the potential costs to industry and communities associated with remediation and control technologies that may be required.

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.

In October 2025, EGLE again filed an application for leave to appeal with the Michigan Supreme Court.

3M filed its response in December 2025.

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.

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 alleged PFAS contamination of properties and water supplies by 3M’s Decatur, Alabama manufacturing facility.

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.

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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, which opted out of an earlier class settlement, filed a lawsuit against 3M and several co-defendants alleging that discharge from operations in Decatur, Alabama has contaminated the Tennessee River, from which the County draws its drinking water.

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.

Plaintiff’s motion to remand the case to state court remains pending.

In February 2023, the City of Muscle Shoals, Alabama filed a lawsuit against 3M and several co-defendants alleging that discharge from operations in Decatur, Alabama has contaminated the Tennessee River, from which the City draws its drinking water.

The JPML issued a conditional transfer order of this case to the AFFF MDL in December 2024.

Plaintiff’s motion to remand the case to state court remains pending.

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 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.

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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 AFFF MDL or outside of the AFFF MDL.

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.

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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, 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.

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

In March 2019, the New Jersey Attorney General filed two actions against 3M, E.I.

DuPont De Nemours and Co.

(“DuPont”), and Chemours Co.

("Chemours") on behalf of the New Jersey Department of Environmental Protection ("NJDEP"), the NJDEP’s commissioner, and the New Jersey Spill Compensation Fund regarding alleged discharges at two DuPont facilities in Pennsville, New Jersey (Salem County) and Parlin, New Jersey (Middlesex County).

3M is included as a defendant in both cases because it allegedly supplied PFOA to DuPont for use at the facilities at issue and because 3M allegedly sent PFAS-containing waste to one of the facilities for disposal.

Both cases expressly seek to have the defendants pay all costs necessary to investigate, remediate, assess, and restore the facilities at issue and the allegedly affected natural resources of New Jersey.

DuPont removed these cases to federal court.

In June 2020, the court consolidated the two actions, along with two others brought by the NJDEP relating to the DuPont facilities, for case management and pretrial purposes.

3M and the NJDEP continue mediation.

The court has set a revised trial commencement date in May 2025 in the Salem County case, while the Middlesex County case remains on administrative termination.

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.

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.

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.

The Court held a hearing on approval of the settlement on January 7, 2026.

The Court will determine if further proceedings are necessary following the submission of certain additional information to the Court by the State.

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 in state court pending a ruling by the federal court of appeals on 3M’s appeal of the order remanding the case to state court.

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 state court pending a ruling by the federal court of appeals on 3M's appeal of the order remanding the case to state court.

The federal court scheduled a hearing on 3M's appeal in February 2025.

The state court has set an August 31, 2025 trial-ready date for the matter.

In May 2019, the New Hampshire Attorney General filed a lawsuit in state court, which 3M removed to federal court.

Following the federal court's remand of the case to state court, 3M filed an appeal, which the federal court of appeals denied in March 2025.

The state court has set a Spring 2029 trial ready date.

In June 2019, the Vermont Attorney General filed a lawsuit in state court, which 3M removed to federal court.

In December 2025, the federal court held a hearing on the State's motion to remand the case to state court.

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.

The state court held a hearing in December 2024 on a motion to dismiss filed by 3M.

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 state court pending a ruling by the federal court of appeals on 3M's appeal of the order remanding the case to state court.

The state court dismissed the state's strict liability and trespass claims but denied the remainder of 3M's motion to dismiss in December 2024.

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.

Oral argument was heard in October 2024.

The state court has stayed the case pending the outcome of that appeal.

In August 2024, a federal court of appeals 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.

In July 2025, the state court entered a Case Management Order, setting the case for trial in September 2026.

In October 2025, 3M re-removed the case to federal court.

In November 2025, the federal court remanded the case back to state court.

3M appealed that decision to the federal court of appeals.

In the interim, the case is proceeding in state court.

In March 2023, the Maine Attorney General filed a lawsuit in state court, which 3M removed to federal court.

Following the federal court's remand of the case to state court, 3M filed an appeal, which the federal court of appeals granted in November 2025.

In December 2025, the JPML clerk conditionally transferred the case to the AFFF MDL, which the State has opposed.

In May 2023, the Maryland Attorney General filed a lawsuit in state court, which 3M removed to federal court.

Following the federal court's remand of the case to state court, 3M filed an appeal, which the federal court of appeals granted in March 2025.

The State filed a petition for review by the U.S.

Supreme Court in October 2025.

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.

Oral argument was heard in October 2024.

In the meantime, the case has been proceeding in state court.

3M filed a motion to dismiss, which was denied in July 2024.

Discovery is proceeding.

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.

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 products.

In January 2025, 3M filed a special appearance to contest personal jurisdiction and removed the case to federal court.

In August 2023, the South Carolina Attorney General filed a lawsuit in state court, which 3M removed to the AFFF MDL.

Following the MDL court's remand of the case to state court, 3M filed an appeal, which the federal court of appeals granted in March 2025.

The State filed a petition for review by the U.S.

Supreme Court in October 2025.

In January 2024, the Connecticut Attorney General filed a lawsuit in state court, which 3M removed to federal court.

Following the federal court's remand of the case to state court, 3M filed an appeal.

The federal court of appeals held a hearing on 3M's appeal in November 2025.

In December 2024, the Texas Attorney General filed a consumer-production lawsuit in state court, which 3M removed to federal court.

Following the federal court's remand of the case to state court, 3M filed an application for leave to appeal, which the federal court of appeals denied in October 2025.

In January 2026, 3M filed a motion to dismiss for lack of personal jurisdiction.

In August 2025, the Oklahoma Attorney General filed a lawsuit in state court, which 3M removed to federal court.

In December 2025, the JPML transferred the case to the AFFF MDL.

In addition, the Company is in discussions with several state attorneys general and agencies, responding to information and other requests, including entering into tolling agreements, relating to PFAS matters and exploring potential resolution of some of the matters raised.

Aqueous Film Forming Foam (AFFF) Environmental Litigation

3M manufactured and marketed AFFF containing certain PFAS for use in firefighting from approximately 1963 to 2002.

As of December 31, 2024, more than 6,000 lawsuits alleging injuries or damages from PFAS contamination or exposure allegedly caused by AFFF use are pending against 3M (along with other defendants) in various state and federal courts.

As further described below, a vast majority of these pending cases are in a federal MDL court in South Carolina.

Additional AFFF cases continue to be filed in or transferred to the MDL.

Aqueous Film Forming Foam (AFFF) Litigation

As of January 2026, according to data compiled by the Judicial Panel on Multidistrict Litigation ("JPML"), there were approximately 15,200 cases related in whole or in part, to PFAS contamination or exposure allegedly caused by AFFF pending in a consolidated multi-district litigation ("MDL") in federal court in South Carolina.

These cases are in addition to cases that have been filed in state and other federal courts which also allege such injuries or damages (along with purported unfiled personal injury claims).

Many of the personal injury cases both inside and outside the MDL have included and continue to include multiple plaintiffs and, therefore, the number of plaintiffs who have asserted such claims is substantially higher than the number of cases noted above.

With respect to cases filed outside the MDL, 3M continues, where possible, to seek the transfer of those matters into the MDL and the vast majority of the pending cases are being litigated in the MDL.

Claims in the MDL are asserted by individuals, public water systems, putative class members, state and territorial sovereigns, and other entities.

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District Court for the District of South Carolina to be managed in an MDL proceeding to centralize pre-trial proceedings.

Over the past five years, the parties in the MDL have conducted and are continuing to conduct ongoing master discovery and discovery regarding specific groups of cases, including public water supplier, personal injury, and attorneys general cases, among other types of cases.

Over the past seven years , the parties in the MDL have conducted and are continuing to conduct ongoing master discovery and discovery regarding specific groups of cases, including public water suppliers, personal injury, and attorneys general cases, among other types of cases.

In September 2022, the court issued an order denying defendants' MDL-wide summary judgment motions on the government contractor defense, which defense can be presented to a jury at future trials.

On June 22, 2023, 3M entered into a class-action settlement to resolve a wide range of drinking water claims by public water systems in the United States (the “PWS Settlement”), which was approved by the court in March 2024 and took effect in May 2024.

Eligible class members are United States public water systems as defined in the PWS Settlement.

In June 2023, 3M entered into a class-action settlement to resolve a wide range of drinking water claims by public water suppliers ("PWS") in the United States (the “PWS Settlement”), which was approved by the court in March 2024 and took effect in May 2024.

Eligible class members are United States public water suppliers as defined in the PWS Settlement.

The PWS Settlement provides that 3M does not admit any liability or wrongdoing and does not waive any defenses.

In the MDL, following the PWS Settlement, a number of cases filed by PWS are still pending.

Most of the PWS that have filed claims against 3M are participating in the PWS Settlement, and the parties are in the process of implementing the dismissal of released claims in accordance with the court's final approval order.

Of the PWS that did not participate in the PWS settlement, some are in the MDL and some are proceeding outside the MDL.

Following the PWS Settlement, a number of cases filed by PWS are still pending, including cases brought by water suppliers that did not qualify as eligible claimants and water suppliers that did not participate in the PWS settlement, which includes cases pending in both the MDL and various state courts.

3M will pay $ 10.5 billion to $ 12.5 billion in total to resolve the claims released by the PWS Settlement.

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The PWS Settlement, as amended to include payments to certain other water providers, calls for 3M to make payments from 2024 through 2036.

The actual amounts that 3M will pay will be determined in part by which class members that do not have a positive test result for the presence of PFAS in their drinking water (as defined by the PWS Settlement) as of the date of the PWS Settlement and those that receive such a test result by the end of 2025.

The actual amounts that 3M will pay will be determined in part by the results of PFAS testing received by certain class members by the end of 2025.

Those class members who seek compensation on the basis of such test results must submit those results to the Claims Administrator by no later than July 1, 2026.

In December 2023, the parties selected an initial set of 25 plaintiffs for potential personal injury bellwether cases.

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In January 2025, the Court issued an order setting the first bellwether personal injury trial to begin on October 20, 2025.

In May 2025, the Court decided that the trial would involve one or more of three kidney cancer plaintiffs.

On June 20, 2025, the Court conducted a "Science Day" regarding liver and thyroid cancers.

At the Court's direction, the parties continue to negotiate processes for bellwethers of certain other personal injury claims.

In November 2024, the Court issued an order directing the parties to work together to develop a process to select 15 sites allegedly contaminated with PFAS for the purpose of conducting focused product identification discovery.

The parties will confer and report to the Court at the conclusion of the process as to proposed next steps.

The Court continues to encourage the parties to settle matters and 3M is participating in Court-ordered settlement discussions facilitated by a Court-appointed mediator.

In August 2025, the Court entered an order vacating the schedule for the first bellwether trial that had been scheduled to begin in October 2025.

Also in August 2025, the Court entered orders relating to the filing of personal injury cases in the MDL and requesting the transfer of certain types of cases, including cases involving firefighter turnout gear, to the MDL.

Following those orders, thousands of additional plaintiffs filed claims in the AFFF MDL.

The number of cases in the MDL has remained relatively stable since November 2025 according to the MDL panel's case counts.

The orders require, among other obligations, that plaintiffs provide certain information regarding their claims, and the parties are reviewing the information submitted for compliance with the Court's orders.

In December 2025, the JPML declined to transfer several turnout gear cases to the MDL.

In November 2024, the Court issued an order directing the parties to work together to develop a process to select sites allegedly contaminated with PFAS from AFFF use for the purpose of conducting focused product identification discovery.

In April 2025 the Court entered a case management order proposed by the parties identifying 12 sites on which the parties then conducted product-identification discovery.

The parties are engaged in discussions regarding next steps.

Other AFFF Cases

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The Company is aware of other AFFF suits outside the AFFF MDL in which the Company has been named as a defendant.

3M anticipates seeking to have most of these cases be removed to federal court and transferred to the AFFF MDL;

however, several cases are expected to remain pending in state courts, including a case in Illinois state court brought by an oil refinery worker alleging harm caused by PFAS and other chemicals.

Separately, the Company is aware of pre-suit claims or demands by other parties related to the use and disposal of AFFF, one of which purports to represent a large group of firefighters.

3M anticipates seeking to have most of these cases removed to federal court and transferred to the AFFF MDL;

however, several cases are expected to remain pending in state courts, including two cases in Illinois state alleging harm caused by exposure to PFAS from AFFF as well as other chemicals, the first of which is set for trial in September 2026.

Other PFAS-related Product and Environmental Litigation

Numerous other PFAS-related suits naming 3M as a defendant have been filed outside the MDL in courts across the country in which 3M has been named a defendant.

The Company anticipates seeking to have most of the cases that relate to AFFF be removed to federal court and transferred to the MDL.

However, some of these cases are likely to remain in state or federal courts outside of the MDL.

3M manufactured and sold various products containing PFOA and PFOS, including Scotchgard, for several decades.

Starting in 2017, 3M has been served with individual and putative class action complaints in various state and federal courts alleging, among other things, that 3M’s customers’ improper disposal of PFOA and PFOS resulted in the contamination of groundwater, surface water, or biosolids that were then land-applied.

The plaintiffs in these cases generally allege that 3M failed to warn its customers about the hazards of improper disposal of the product.

Numerous other PFAS-related suits naming 3M as a defendant have been filed outside the MDL in courts across the country.

The Company anticipates seeking to have most of the cases that relate to AFFF removed to federal court and transferred to the MDL.

However, some of the cases initially filed outside the MDL are likely to remain in state or federal courts outside the MDL.

Since 2017, 3M has been served with individual and putative class action complaints in various state and federal courts alleging, among other things, that 3M’s customers’ improper disposal of certain forms of PFAS resulted in the contamination of groundwater, surface water, or biosolids that were then land-applied.

The plaintiffs in these cases generally allege that 3M failed to warn its customers or the plaintiffs themselves about the hazards of improper disposal of the product.

They also generally allege that contaminated groundwater has caused various injuries, including personal injury, loss of use and enjoyment of their properties, diminished property values, investigation costs, and remediation costs.

Several companies have been sued along with 3M, including, but not limited to, DuPont, Chemours, and various carpet, paper and textile manufacturers.

The cases brought on behalf of drinking water providers described below will be covered by the PWS Settlement if the water providers did not opt out of the PWS Settlement.

In Alabama, 3M, together with multiple co-defendants, is defending several state court cases brought by municipal water utilities.

The plaintiffs in one of these cases (Shelby/Talladega Counties) are water utilities alleging that carpet manufacturers in Georgia improperly discharged PFAS into the surface water and groundwater, contaminating drinking water supplies of cities located downstream along the Coosa River in Alabama.

The case has a trial date in February 2026.

In the second action, 3M is defending a putative class action by the Utilities Board of Tuskegee on behalf of all drinking water utilities within Alabama whose finished drinking water has contained a detectable concentration level of PFOA, PFOS, GenX, or PFBS that exceed the June 2022 health advisory levels issued by the EPA.

A trial date in the case has been set in June 2026.

In the third case, the city of Albertville, Alabama filed suit for alleged contamination of the Tennessee River (upstream of 3M’s Decatur facility) by a carpet manufacturer located upriver in Alabama.

Defendants filed a joint motion to dismiss in May 2024, which is still pending.

In the fourth case, the city of Mobile alleges that 3M and other defendants are responsible for PFAS contamination of the city’s water supply resulting from PFAS released by a local landfill.

In October 2024, the Court granted 3M’s and several other defendants’ motions to dismiss and in November 2024, 3M’s co-defendants filed a motion asking the Court to certify the dismissal order as a final judgment.

In the fifth case, the Town of Pine Hill, Alabama filed suit alleging that PFAS discharges from paper mills currently owned by International Paper have contaminated its water supply.

3M removed the case to federal court, and moved to transfer the case to the AFFF MDL.

Plaintiff has filed a motion to remand the case to state court and an opposition to transfer.

In the sixth case, the City of Irondale, Alabama filed suit alleging PFAS contamination of its water supply due to industrial discharges from several users of PFAS in different industries, including alleged customers of 3M.

3M removed the case to federal court and moved to transfer the case to the AFFF MDL.

Plaintiff has filed a motion to remand the case to state court and an opposition to transfer.

As described immediately below, some of these cases have been brought by drinking water providers that opted out of the PWS Settlement.

In Alabama, 3M, together with multiple co-defendants, are defending several court cases brought by municipal water utilities.

The plaintiffs in four of these cases (Shelby/Talladega Counties, Five Star Water Supply District, City of Clanton WWSB, and Coosa Valley Water Supply District) are water utilities alleging that the discharge of PFAS chemicals has contaminated drinking water supplies of cities located downstream along the Coosa River in Alabama.

3M removed these cases to federal court.

Plaintiffs moved to remand all of these cases to state court, but those motions have been denied without prejudice and all of the cases have been stayed pending the federal appeals court's ruling in the Town of Pine Hill appeal (discussed below).

3M has filed a tag-along notice with the JPML seeking to transfer three of these cases (Shelby/Talladega Counties, City of Clanton WWSB, and Coosa Valley Water Supply District) to the AFFF MDL, and the JPML clerk entered a conditional transfer order with respect to all three cases in December 2025, which plaintiffs opposed.

The City of Albertville, Alabama filed suit in Alabama state court for alleged contamination of the Tennessee River (upstream of 3M’s Decatur facility) by a carpet manufacturer in Alabama.

Defendants filed a joint motion to dismiss in May 2024.

The Court dismissed plaintiff’s private nuisance and trespass claims, but allowed remaining claims to proceed.

3M and the other supplier defendants filed their answers in October 2025.

The Court has not yet entered a scheduling order, but fact discovery is in its initial stages and is ongoing.

The City of Mobile, Alabama filed suit in Alabama state court alleging that 3M and other defendants are responsible for PFAS contamination of the city’s water supply resulting from PFAS released by a local landfill.

In October 2024, the Court granted 3M’s and several other defendants’ motions to dismiss.

Claims against one local defendant remain pending, which prevents the motion to dismiss ruling from becoming final.

The Town of Pine Hill, Alabama filed suit in Alabama state court alleging that PFAS discharges from paper mills currently owned by International Paper have contaminated its water supply.

3M removed the case to federal district court.

In March 2025, the federal district court granted plaintiff’s motion to remand the case to state court.

3M filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit, and the federal district court granted 3M’s motion to stay the remand order.

Briefing in the Eleventh Circuit was completed in August 2025.

In June 2025, the state court ruled that it could proceed with discovery notwithstanding the federal district court’s stay of the remand order.

In July 2025, defendants filed a Petition for Writ of Mandamus in the Alabama Supreme Court challenging that state court ruling.

Both the Eleventh Circuit appeal and the Writ of Mandamus before the Alabama Supreme Court have been fully briefed and remain pending.

The City of Irondale, Alabama filed suit alleging PFAS contamination of its water supply due to industrial discharges from several users of PFAS in different industries, including alleged customers of 3M.

3M removed the case to federal court and in August 2025, the plaintiffs’ motion to remand was denied.

In September 2025, and the case was stayed pending the Eleventh Circuit’s decision in Pine Hill .

3M filed a tag-along notice with the JPML seeking to transfer this case to the AFFF MDL, and the JPML clerk entered a conditional transfer order in December 2025, which plaintiff opposed.

In May 2025, the City of Opelika, Alabama sued 3M and numerous other defendants alleging that releases by users of PFAS in carpet, textile, and paper manufacturing operations upstream of its drinking water intake have contaminated its water supply.

3M removed the case to federal court and has moved to transfer the case to the AFFF MDL.

Plaintiff filed a motion to remand, and in September 2025, the case was stayed pending the Eleventh Circuit’s decision in Pine Hill .

The case was transferred to the AFFF MDL in October 2025.

In May 2025 the City of Foley, Alabama sued 3M and others alleging that releases by users of PFAS in local manufacturing operations contaminated groundwater used for drinking water supplies.

3M filed a Motion to Dismiss in July 2025.

The court held a hearing in September 2025 on the motion to dismiss, but plaintiff has since amended its complaint.

3M moved to strike plaintiff’s amended complaint in December 2025.

3M is also defending a mass action filed in Alabama in June 2024 by hundreds of individual customers of the Water Works and Sewer Board for the City of Gadsden, Alabama, alleging emotional distress and property damage related to PFAS contamination of their drinking water.

3M removed the case to federal court.

In Georgia, 3M, together with co-defendants, is also defending a putative class action in federal court, in which plaintiffs seek relief on behalf of a class of individual ratepayers in Summerville, Georgia who allege their water supply was contaminated by PFAS discharged from a textile mill.

In May 2021, the City of Summerville filed a motion to intervene in the lawsuit, which was granted in March 2022.

The case is in discovery and no trial date has been set.

Another case originally filed in Georgia state court was brought by individuals asserting PFAS contamination by the Georgia carpet manufacturers and seeking economic damages and injunctive relief on behalf of a putative class of Rome and Floyd County water subscribers.

3M removed the case to federal court, where the case was proceeding through discovery.

In December 2025, 3M filed a motion for judgment on the pleadings based on the expiration of the applicable statute of limitations prior to the filing of the complaint.

The Court stayed discovery pending a ruling on 3M’s motion and briefing on the motion is ongoing.

In Georgia, 3M, together with other defendants, is defending a putative class action in federal court, in which plaintiffs seek relief on behalf of a class of individual ratepayers in Summerville, Georgia who allege their water supply was contaminated by PFAS discharged from a textile mill.

The City of Summerville intervened in the case and also brought claims against 3M and other defendants.

Discovery is finished and briefing on dispositive motions concluded in July 2025.

Trial is expected in 2026.

Another case currently pending in federal court in Georgia was brought by individuals asserting PFAS contamination by 3M and other defendants, seeks economic damages and injunctive relief on behalf of a putative class of Rome and Floyd County water subscribers.

Class certification has been fully briefed, and the plaintiff's injunctive relief claims were recently dismissed.

Plaintiff's claims for economic damages related to alleged increases in their water rates due to the presence of PFAS remain pending.

Discovery was reopened in a limited fashion due to plaintiffs’ request to investigate whether recent increases in water utility rates by the City of Rome was attributable to PFAS.

Defendants filed a consolidated motion for summary judgment in December 2025.

No trial date has been set.

In February 2024, two landowners in Gordon County, Georgia sued 3M and other defendants for alleged contamination of their properties from wastewater treatment sludge allegedly containing PFAS from nearby carpet manufacturing operations.

One of 3M’s co-defendant’s, the City of Calhoun, Georgia, has filed a cross claim against 3M and other defendants alleging that biosolids from its wastewater treatment plant were contaminated with PFAS that has migrated into its water supply.

In June 2024, a related lawsuit was filed on behalf of other property owners receiving biosolids from the same municipal water treatment plant.

Motions to dismiss have been denied, and these claims are in active discovery.

In July 2024, the City of Lyerly sued 3M and other defendants, alleging that discharges from local carpet mills contaminated the City's water supply.

3M has moved to dismiss those claims and oral argument on that motion took place on January 16, 2025.

One of 3M’s co-defendants, the City of Calhoun, Georgia, filed a cross claim against 3M and other defendants alleging that biosolids from its wastewater treatment plant were contaminated with PFAS that has migrated into its water supply.

In June 2024, a related lawsuit was filed on behalf of other property owners who allege that their properties are contaminated with PFAS due to runoff from the properties of the Gordon County landowners from the initial lawsuit.

Motions to dismiss were denied, and discovery closed in December 2025.

In January 2025, a private plaintiff filed a lawsuit against 3M and other defendants in Gordon County, Georgia alleging similar property contamination due to PFAS.

All of these cases remain pending.

Some of these cases are set for trial in December 2026 or January 2027.

In July 2024, the City of Lyerly, Georgia sued 3M and other defendants, alleging that discharges from local carpet mills contaminated the City's water supply.

3M's motion to dismiss was denied in March 2025 and discovery is underway.

In November 2024, Mohawk Industries, a carpet manufacturer, filed a lawsuit in Whitfield County, Georgia against 3M, DuPont, and Daikin alleging various counts of tort and contract liability, including fraud, related to sales of fluorochemicals.

In December 2024, Dalton Utilities, located in Dalton, Georgia, filed a suit against 3M, DuPont, Dakin, and several carpet manufacturers seeking clean-up costs under CERCLA for alleged PFAS contamination related to the Dalton Land Application System, which is a field that has received carpet mill effluent pursuant to a Georgia Environmental Protection Division permit since the late 1980s.

In December 2024, Murray County, Georgia filed suit against 3M, DuPont, Daikin, and several carpet manufacturers seeking clean-up costs for alleged PFAS contamination related to the Murray County landfill and other locations throughout the County.

In Delaware, 3M is defending one putative class action brought by individuals alleging PFAS contamination of their water supply resulting from the operations of local metal plating facilities.

Plaintiffs allege that 3M supplied PFAS to the metal plating facilities.

DuPont, Chemours, and the metal platers have also been named as defendants.

This case was removed to federal court, and in September 2022, the court dismissed all but plaintiffs’ negligence claim.

In November 2022, plaintiffs filed a third amended complaint seeking to replead certain previously dismissed claims and, in August 2023, the court once again dismissed all but plaintiffs' negligence claim.

Plaintiffs filed a motion for class certification in August 2024, and 3M filed a motion for summary judgment in December 2024.

Both motions are now being briefed by the parties.

In New Jersey,3M, together with several co-defendants, is also defending numerous cases in New Jersey federal court brought by individuals with private drinking water wells near certain DuPont and Solvay facilities that were allegedly supplied with PFAS by 3M.

3M has agreed to settle for an immaterial amount with the plaintiffs in certain cases that sought property damages, subject in certain cases to court approval.

Motions to dismiss the case were denied.

Discovery in the case is proceeding.

Trial is currently set for March 2027.

In December 2024, Dalton Utilities, located in Dalton, Georgia, filed a suit against 3M and other defendants seeking clean-up costs under CERCLA and common law theories for alleged PFAS contamination related to the Dalton Land Application System, which is a nearly 10,000 acre field that has received carpet mill effluent pursuant to a Georgia Environmental Protection Division permit since the late 1980s.

Briefing on motions to dismiss is complete, and a hearing was held in October, 2025.

The parties are awaiting a ruling on those motions.

In December 2024, Murray County, Georgia filed suit against 3M and other defendants seeking clean-up costs for alleged PFAS contamination related to the Murray County landfill and other locations throughout the County.

3M filed a motion to dismiss, which was denied.

Discovery in the case is proceeding.

In January 2025, Catoosa County, Georgia and Gordon County, Georgia filed substantively identical complaints alleging similar PFAS impacts as Murray County related to county-owned landfills.

3M filed motions to dismiss, which were denied.

Discovery in the cases is proceeding.

In October 2025, Walker County, Georgia filed a substantively identical complaint alleging similar PFAS impacts as Murray, Catoosa, and Gordon Counties related to the Walker County landfill.

3M’s response to the complaint is due in January 2026.

In July 2025, property owners in Gordon County and Murray County, Georgia, filed eight separate lawsuits against PFAS chemical manufacturers and carpet manufacturers alleging that the discharge of PFAS from various carpet manufacturer facilities contaminated their properties.

Motions to dismiss these cases are currently pending.

In October 2025, property owners in Floyd County and Whitfield County, Georgia filed three separate lawsuits against PFAS chemical manufacturers and carpet manufacturers that are substantively identical to those filed by property owners in Gordon County and Murray County.

3M’s response to these complaints is due in January 2026.

In February 2025, the City of Savannah, Georgia sued 3M and multiple other defendants, including carpet makers, alleging PFAS discharges upstream of its surface water drinking intake have contaminated its water supply.

3M removed the case to federal court, where plaintiff has filed a motion to remand.

3M filed a motion to transfer the case to the MDL, which was granted in June 2025.

There are no current responsive pleading deadlines.

In April 2025, the City of Chatsworth, Georgia sued 3M and multiple other defendants, including carpet makers, alleging PFAS discharges have contaminated its water supply.

3M filed a motion to dismiss, which remains pending.

In April 2025, a private landowner and an environmental organization (Coosa River Basin Initiative) sued 3M and others, including carpet makers and Dalton Utilities, for property damages and injunctive relief related to the Dalton Utilities Land Application System.

Dalton Utilities filed a motion to stay the case in favor of its pending action in the same district court, and briefing on that issue is ongoing.

All other deadlines are stayed until the stay is decided.

In September 2025, Plaintiffs filed a motion to consolidate this case with the putative class of Rome and Floyd County ratepayer class action discussed above, which is pending before the same judge.

The motion remains pending.

In April 2025, private landowners in Chattooga County, Georgia sued 3M and multiple other defendants, including a textile mill, alleging that PFAS discharges to the Town of Trion, Georgia wastewater treatment plant made its way to sludge that was deposited on plaintiffs’ properties via land application for years.

In August 2025, the case was voluntarily dismissed.

In September 2025, it was re-filed in Gwinnett County, Georgia.

3M has filed a motion to dismiss and briefing is underway.

In June 2025, private landowners in northwest Georgia filed three cases against 3M and other defendants alleging PFAS from nearby carpet making facilities has contaminated soil, water, and indoor dust at their properties.

3M has filed motions to dismiss and briefing on the motions is underway.

In June 2025, Walker County, Georgia and the City of Chickamauga, Georgia sued 3M and multiple other defendants, including carpet makers, alleging that the carpet manufacturers discharged PFAS into the public sewer system, which caused it to enter plaintiffs’ drinking water.

3M has filed a motion to dismiss, which remains pending.

In September 2025, Dougherty County and Chattooga County Georgia filed a case against 3M in the Middle District of Georgia on behalf of a putative class of all governmental entities in Georgia who own or operate municipal landfills impacted by PFAS.

3M filed a motion to dismiss and briefing is underway.

In November 2025, the City of Fresno, California filed a case against 3M and multiple other defendants alleging that various industrial PFAS discharges contaminated the City's drinking water.

3M removed the case to federal court in December 2025.

In January 2026, the clerk of the JPML issued a conditional order to transfer the case to the AFFF MDL, which the City has moved to vacate.

In Delaware, 3M, together with several co-defendants, has been defending one putative class action brought by individuals alleging PFAS contamination of their water supply resulting from the operations of local metal plating facilities.

In August 2023, the court dismissed all but plaintiffs' negligence claim.

In March 2025, the court granted 3M's motion for summary judgment as to the remaining claim.

In New Jersey, 3M, together with several co-defendants, is also defending numerous cases in federal court brought by individuals with private drinking water wells near certain DuPont and Solvay facilities that were allegedly supplied with PFAS by 3M.

3M settled for an immaterial amount with the plaintiffs in certain cases that sought property damages, and for those cases requiring court approval, such approval was granted in May 2025, and all such cases have been dismissed as to 3M.

Plaintiffs in the remaining individual cases allege personal injuries to themselves or to their adult children.

3M and Middlesex Water Company are defending a putative class action filed in New Jersey federal court in November 2021 by individuals who received drinking water from Middlesex Water Company that was allegedly contaminated with PFOA.

In addition, 3M and several other defendants were named in a complaint filed in New Jersey state court in May 2025 by individuals who resided near Solvay’s facility and who allege personal injuries to themselves or to their children from PFAS exposure.

3M removed the case to federal court in August 2025.

3M's motion to transfer the case to the AFFF MDL was denied in December 2025.

3M and Middlesex Water Company were defendants in a putative class action filed in New Jersey federal court in November 2021 by individuals who received drinking water from Middlesex Water Company that was allegedly contaminated with PFOA.

In May 2022, Middlesex Water Company filed a third-party complaint against the Company in New Jersey state court in a putative class action brought by customers of the water company, seeking contribution and indemnity from the Company.

In November 2023, Middlesex Water Company dismissed its third-party complaint against the Company in connection with the settlement of Middlesex Water Company's separate action against 3M.

The parties to the New Jersey federal and state court class actions have agreed to settle these cases for an immaterial amount, subject to court approval.

The parties to the New Jersey federal and state court class actions agreed to settle these cases for an immaterial amount, which settlement was approved by the state court in October 2025.

The New Jersey state and federal court class actions have each been dismissed.

In March 2023, a personal injury lawsuit was filed against 3M and Middlesex Water Company by another Middlesex Water Company customer.

In May 2023, 3M filed a motion to dismiss certain of the claims in that lawsuit and plaintiff subsequently amended his complaint to withdraw certain claims against 3M.

The case is now proceeding in discovery.

In South Carolina, a putative class action lawsuit was filed in South Carolina state court against 3M, DuPont and DuPont related entities in March 2022.

The lawsuit alleges property damage and personal injuries from contamination from PFAS compounds used and disposed of at the textile plant known as the Galey & Lord plant from 1966 until 2016.

The complaint seeks remedies including damages, punitive damages, and medical monitoring.

Trial in that case is set for May 2026.

In South Carolina, a putative class action lawsuit was filed in South Carolina state court against 3M and other defendants in March 2022.

The lawsuit alleges property damage from contamination from PFAS compounds used and disposed of at a defunct textile plant in Society Hill, South Carolina.

The operative complaint seeks both property and punitive damages.

The case has been removed to federal court.

Plaintiff filed a second amended complaint in November 2022, and 3M and DuPont filed a joint motion to dismiss, which was largely denied in September 2023.

In August of 2024, a companion personal injury case was filed in South Carolina.

In August 2024, a companion personal injury case was filed in South Carolina state court.

3M removed this case to federal court.

In Massachusetts, a putative class action lawsuit was filed in August 2022 in state court against 3M and several other defendants alleging PFAS contamination from waste generated by local paper manufacturing facilities that was subsequently incorporated into biosolids.

The lawsuit alleges property damage and also seeks medical monitoring on behalf of plaintiffs within the Town of Westminster.

Discovery is proceeding in the putative property damage class action.

Motions to dismiss filed by 3M and other defendants are pending in the personal injury case.

In January 2025, eight water systems that opted out of the PWS Settlement filed complaints in South Carolina state court against 3M and other defendants, alleging PFAS contamination from a variety of industrial sources.

3M removed all eight cases into the AFFF MDL in federal court in February 2025.

In April 2025, plaintiffs filed motions to remand all eight cases to state court, which have now been fully briefed.

The lawsuit alleges property damage and seeks medical monitoring on behalf of plaintiffs within the Town of Westminster.

This case was removed to federal court, where it was consolidated with a previously filed federal case involving similar allegations and claims against 3M’s co-defendants.

3M filed a motion to dismiss the second amended complaint in March 2023, which was granted in part and denied in part in December 2023.

In February and March 2024, 3M and the remaining defendants answered the complaint and filed cross claims against one another.

The case is now proceeding in discovery.

In April 2025, the class action was consolidated with another class action brought by the same plaintiffs against different defendants.

With the exception of certain limited discovery, class certification proceedings in the original action are stayed until April 2026 to allow the cases to proceed to a single class certification hearing, which is expected in the third quarter of 2026.

No trial date has been set.

In October 2024, one of the former plaintiffs in the putative class action filed a separate suit in Massachusetts state court against 3M and other defendants alleging PFAS-related personal injury as well as property damage to a private well.

3M filed a motion to dismiss that case in June 2025, which remains pending.

In March 2025, another resident of Westminster, Massachusetts filed an additional suit against 3M and other defendants alleging PFAS-related personal injury.

3M filed a motion to dismiss in September 2025, which remains pending.

In Maine, a group of landowners filed a second amended complaint in October 2022 in federal district court, adding 3M and several other alleged chemical suppliers as defendants in a case previously filed against several paper mills, alleging PFAS contamination from waste generated by the paper mills that was then incorporated into biosolids.

The lawsuit seeks to recover for alleged property damage.

In March 2023, plaintiffs filed a third amended complaint limiting the scope of their claims to allegations pertaining to one paper mill and three defendants that allegedly supplied PFAS-containing products to that mill, including 3M.

In October 2023, the court denied 3M's motion to dismiss the case.

Plaintiffs filed a fourth amended complaint in September 2024, which removed all personal injury and medical monitoring claims, dismissed nine plaintiffs, and added property damage claims for 106 new plaintiffs, resulting in a total of 112 plaintiffs, asserting only property damage claims.

The case is now proceeding in discovery.

As of the fourth amended complaint, the case involves 98 plaintiffs asserting property damage claims against the owner of one paper mill and three alleged chemical suppliers, including 3M.

Discovery closed as to the six original plaintiffs in December of 2025.

The parties must now confer and file a proposed scheduling order governing the remainder of the case.

No trial date has been set.

In Wisconsin, in August 2023, 3M and other defendants were named as defendants in a putative class action brought in federal court by several residents of Oneida County alleging property damage resulting from PFAS contamination they attribute to waste generated from the operations of a paper mill in Rhinelander, Wisconsin that was then incorporated into biosolids.

In December 2023, the JPML denied 3M’s request to transfer the case to the AFFF MDL.

3M has filed a motion to dismiss, which remains pending.

The court has set a trial date in September 2026.

3M’s motion to dismiss was granted in part and denied in part in June 2025.

The case is in class certification expert discovery.

A class certification hearing is expected in the fourth quarter of 2026.

The court has set a trial date in June 2027.

In December 2024, 3M was named as a defendant in a putative class action brought in federal court by several private well owners near 3M's Wausau Greystone quarry seeking to recover for property damages and medical monitoring related to alleged PFAS contamination.

The case also includes (non-class) personal injury claims on behalf of select plaintiffs.

3M filed a motion to dismiss this case in February 2025, which remains pending.

In October 2025, the Court formally adopted a case schedule setting a July 24, 2026, deadline for plaintiffs to move for class certification and set a trial date for November 2027.

In Illinois, 3M has been sued in three separate actions by individual plaintiffs alleging personal injury and/or property damage claims relating to alleged PFAS contamination from 3M’s Cordova facility.

The earliest of these suits, filed in November 2023, has been removed to federal court and is currently stayed.

The remaining two cases were filed in September 2024 and 3M has removed these cases to federal court.

In Missouri, in April 2024, 3M and certain DuPont-related entities were added as defendants to a pending putative class action brought by individuals alleging PFAS contamination of their properties and drinking water from metal plating operations in southeastern Missouri.

3M removed all three cases to federal court, where two were transferred to the AFFF MDL.

The remaining case was remanded to state court in May 2025.

In Missouri, in April 2024, 3M was added as a defendant to a pending putative class action brought by individuals alleging PFAS contamination of their properties and drinking water from metal plating operations in southeastern Missouri.

In October 2024, the court denied 3M's motion to dismiss.

The court has set a trial date in May 2027.

In May 2024, 3M was named as a defendant in a putative class action brought by individuals claiming exposure to PFAS from drinking water in Canton, Missouri.

This case was transferred to the AFFF MDL.

In September 2025, 3M was named a defendant in a personal injury suit filed in Missouri state court alleging plaintiff’s injuries were caused by exposure to chemicals in firefighting protective gear.

3M removed the case to federal court and in September 2025 moved to transfer the case to the AFFF MDL.

The JPML denied 3M's motion to transfer in December 2025.

Plaintiff has filed a motion for remand that remains pending.

In Connecticut, in June 2024, 3M and numerous other defendants were sued in a putative class action brought by individual firefighters and several firefighter unions, alleging exposure to PFAS from certain turnout gear worn by the class members.

3M filed a motion to transfer the case to the AFFF MDL, which was denied.

3M filed a motion to dismiss in December 2024.

Plaintiffs filed a second amended complaint in April 2025.

3M filed its motion to dismiss the amended complaint in June 2025, and that motion is still pending.

In October 2018, 3M and other defendants, including DuPont and Chemours, were named in a putative class action in the U.S.

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3M was served with the suit in July 2024 and subsequently filed a motion to transfer the case to the AFFF MDL, which was denied in October 2024.

In October 2024, 3M filed a motion to dismiss the lawsuit, which motion is pending.

In October 2024, 3M filed a motion to dismiss the lawsuit, which remains pending.

In Virginia, in August 2024, 3M was named as a defendant in a case alleging that plaintiff’s decedent, a civilian firefighter, died from cancer allegedly caused by exposure to PFAS from turnout gear.

A co-defendant removed the case to federal court, where plaintiff has moved to remand the case to state court.

3M has filed a motion for transfer to the AFFF MDL.

A co-defendant removed the case to federal court, and plaintiffs’ motion to remand has been fully briefed since December 2024.

In April 2025, 3M was named as a defendant in a similar case in Virginia, which was removed to federal court by another defendant.

In August 2025, 3M filed motions to transfer both cases to the AFFF MDL.

Plaintiffs’ motions to remand remain pending in both matters.

In September 2025, 3M removed three additional firefighter turnout gear cases to Virginia federal court and moved to transfer all of these cases to the AFFF MDL.

Plaintiffs in these cases have moved to remand which remain pending.

In December 2025, the JPML declined to transfer the three Virginia turnout gear cases that were before it at that hearing.

In Minnesota, in August 2024, 3M, DuPont, and Chemours were named in a putative nationwide class action brought on behalf of all persons who purchased carpeting treated with PFAS-containing products before January 1, 2020.

The lawsuit alleges claims under RICO and state consumer protection, product liability, and nuisance laws.

3M filed a motion to dismiss in November 2024.

In September 2025, the federal district court granted 3M's motion to dismiss all claims, which plaintiffs did not appeal.

In Minnesota, in May 2025, 3M, DuPont, and Chemours were named in a putative nationwide class action in federal court brought on behalf of all municipalities and governmental entities who purchased fire fighter personal protective equipment from the named defendants alleging injuries from exposure to PFAS in the protective equipment.

3M filed a motion to dismiss, but plaintiffs have indicated they will file an amended complaint by February 10, 2026.

In Pennsylvania, in March 2025, 3M, DuPont, and the designers, manufacturers, and distributors of AstroTurf were named in a complaint filed in the Philadelphia Court of Common Pleas by former Philadelphia Phillies players alleging personal injury claims allegedly resulting from exposure to PFAS and ethylene oxide in AstroTurf at Veterans Stadium.

Plaintiffs’ alleged exposures date back to the 1970s.

In September 2025, 3M removed the case to federal court.

In October 2025, plaintiffs moved to remand the case to state court.

That motion remains pending.

In Montana, in April 2025, 3M, DuPont, and Chemours were named in a putative nationwide class action in Montana District Court, brought on behalf of all entities who bought turnout gear from the named defendants alleging injuries from exposure to PFAS in the turnout gear.

The lawsuit alleges claims under RICO and state conspiracy, product liability, consumer protection, and deceptive trade practices laws.

On September 23, 2025, the court denied Defendants’ motion to transfer the case to the District of Delaware.

3M filed a motion to dismiss in October 2025.

The court denied the motion in January 2026.

In New York, in May 2025, the owner of a tree nursery located in Hoosick Falls filed suit against 3M, Saint-Gobain Performance Plastics Corp., Honeywell International Inc., and DuPont seeking to recover for property damage allegedly resulting from PFOA contamination that plaintiff attributes to a nearby fabric coating facility.

3M filed a motion to dismiss the amended complaint in October 2025.

In Michigan, 3M previously settled claims brought by Wolverine World Wide (Wolverine) related to Wolverine’s alleged use of 3M Scotchgard in its shoe manufacturing operations.

3M continues to incur liabilities for immaterial amounts pursuant to the settlement agreement.

In December 2025, the owners of two landfills sued Wolverine and 3M in federal court in Michigan, alleging that both are liable for the remediation of PFAS contamination at and around the landfills under CERCLA and Michigan's Natural Resources and Environmental Protection Act.

3M's response to that complaint is due in February 2026.

Other PFAS-related Matters

At its Greystone, Wisconsin facility where the Company conducts mining operations, the tap water available for consumption on the grounds was recently sampled and tested, and the level of certain PFAS exceeded the state's maximum contaminant level.

Wisconsin Department of Natural Resources ("DNR") in October 2023 instructed the plant to notify potential drinking water users on the grounds of the plant and indicated that a notice of violation would be issued to the plant.

The Company made the required notifications on October 24, 2023.

On January 9, 2024, the Company received a Notice of Violation and Enforcement Conference from the Wisconsin DNR.

Following discussions, the Company entered into a consent order with the Wisconsin DNR in June 2024 regarding the installation of a treatment system for the supply well by March 2026 as the appropriate corrective actions.

The Company is in the process of designing the treatment system for installation on the well.

In August 2024, the Company received a request for information from EPA under CERCLA seeking information and documents, including regarding the use and disposal of PFAS at its Greystone facility and its downtown Wausau facility.

3M submitted its initial response to the request in December 2024 and continues to cooperate with EPA.

Cordova, Illinois

The Company is authorized to discharge wastewater from its Cordova plant pursuant to an NPDES permit issued by the Illinois Environmental Protection Agency (“IEPA”).

As previously reported, in November 2019, the Company disclosed to the EPA, and, in January 2020, disclosed to the IEPA, that the Company's NPDES permit for the Cordova facility did not include all PFAS that had been identified in its water discharge.

An application to add to the plant's permit the additional PFAS was submitted to IEPA, and the Company has now brought on-line and continues to optimize a wastewater treatment specifically designed to treat PFAS.

The Company continues to work with the EPA and IEPA.

IEPA has not acted on the pending application.

In November 2022, the Company entered into an Administrative Consent Order under the Safe Drinking Water Act ("SDWA") that requires the Company to continue to sample and survey private and public drinking water wells within the vicinity of the Cordova facility, provide treatment of private water wells within a three-mile radius of the Cordova facility, and to provide alternate treatment/supply for the Camanche, Iowa public drinking water system.

The Company continues to work with EPA and the City of Camanche as it implements the SDWA Administrative Consent Order.

In April 2022, the Company received a TSCA information request from EPA seeking information related to the operation of specific PFAS-related processes at the Cordova facility.

The Company has completed its production of documents and information and is cooperating with this inquiry.

In May 2022, the Company received a notice of potential violation and opportunity to confer and a notice of intent to file a complaint from EPA alleging violations of RCRA related to the use of tanks associated with certain chemical processes at the Cordova facility.

While not admitting to the alleged violations, the Company elected to resolve the matter by entering into a Consent Agreement and Final Order with EPA in September 2024.

As part of the settlement, the Company agreed to pay an immaterial penalty.

In July 2023, 3M received from the EPA a draft for discussion of a consent order under RCRA.

That order would require 3M to conduct an investigation to determine the nature and extent of PFAS contamination at and around its Cordova facility, among other items.

In January 2025, the Company reached an agreement with the EPA on the terms of the consent order.

In March 2024, the Company received an information request from EPA seeking information related to the implementation of the Cordova facility’s Clean Air Act section 122(r) risk management program.

In May 2024, EPA conducted an on-site inspection at the Cordova facility as part of its 112(r) risk management program investigation.

The Company has completed its production of information and documents responsive to the information request.

Decatur, Alabama

In Alabama, as previously disclosed, the Company entered into a voluntary remedial action agreement with the Alabama Department of Environmental Management (ADEM) to remediate the presence of PFAS in the soil and groundwater at the Company’s manufacturing facility in Decatur, Alabama.

With ADEM’s agreement, 3M substantially completed installation of a multilayer cap on the former sludge incorporation areas.

As previously disclosed, the Company operates under a 2009 consent order issued under the federal TSCA (the “2009 TSCA consent order”) for the manufacture and use of two perfluorinated materials (FBSA and FBSEE) at the Decatur site that prohibits release of these materials into “the waters of the United States.” In March 2019, the Company halted the manufacture, processing, and use of these materials at the site upon learning that these materials may have been released from certain specified processes at the Decatur site into the Tennessee River.

Grand Jury Matter.

The Company previously operated under a 2009 consent order issued under the federal TSCA (the “2009 TSCA consent order”) for the manufacture and use of two perfluorinated materials (FBSA and FBSEE) at the Decatur site that prohibits release of these materials into “the waters of the United States.” In March 2019, the Company halted the manufacture, processing, and use of these materials at the site upon learning that these materials may have been released from certain specified processes at the Decatur site into the Tennessee River.

In April 2019, the Company voluntarily disclosed the releases to the U.S.

EPA and ADEM.

EPA and the Alabama Department of Environmental Management (ADEM).

During June and July 2019, the Company took steps to fully control the aforementioned processes by capturing all wastewater produced by the processes and treating all air emissions.

These processes are no longer in use.

As previously reported, in December 2019, the Company received a grand jury subpoena from the U.S.

Attorney’s Office for the Northern District of Alabama for documents related to, among other matters:

(1) the Company’s compliance with the 2009 TSCA Consent Order;

and (2) unpermitted discharges to the Tennessee River from its Decatur facility.

The Company continues to cooperate with the U.S.

Attorney’s Office, the U.S.

Department of Justice, and the EPA with respect to these issues.

In parallel, the Company continues to engage with the EPA, ADEM, the Minnesota Pollution Control Agency (MPCA) and the Illinois Environmental Protection Agency (IEPA) related to potential civil claims arising out of the discharges at issue in the above-described grand jury investigation, as well as with respect to certain discharges of PFAS from the Cottage Grove and Cordova facilities, which are described below.

Other Regulatory .

The Company is authorized to discharge wastewater from its Decatur plant pursuant to an NPDES permit issued by ADEM.

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An application to add the additional PFAS to its NPDES permit was submitted to ADEM and the Company installed additional wastewater treatment controls to address PFAS.

The wastewater controls are currently being upgraded and optimized.

ADEM has not acted on the request to modify the NPDES permit.

As previously reported, in December 2019, the Company received a grand jury subpoena from the U.S.

Attorney’s Office for the Northern District of Alabama for documents related to, among other matters, the Company’s compliance with the 2009 TSCA consent order and unpermitted discharges to the Tennessee River from its Decatur facility.

The Company continues to cooperate with the U.S.

Attorney’s Office, the U.S.

Department of Justice and the EPA with respect to this issue.

The wastewater controls are now on-line and in operation as 3M works to optimize wastewater control operations.

ADEM and 3M are in discussions about 3M's application for a modified NPDES permit.

3M and ADEM agreed to the terms of an interim consent order in July 2020 to cover all PFAS-related wastewater discharges and air emissions from the Company’s Decatur facility.

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Obligations related to ongoing future site operations under the Consent Order or any further investigations may involve additional operating costs and capital expenditures over multiple years.

Cordova, Illinois

The Company is authorized to discharge wastewater from its Cordova plant pursuant to an NPDES permit issued by the Illinois Environmental Protection Agency (“IEPA”).

As noted above, 3M continues to engage with EPA and IEPA on potential civil claims related to these discharges.

An application to add the additional PFAS to the plant's permit was submitted to IEPA, and the Company has now brought on-line and continues to optimize a wastewater treatment specifically designed to treat PFAS.

IEPA and 3M are in discussions about 3M's application for a modified NPDES permit.

The Company continues to work with EPA and the City of Camanche as it implements the SDWA Administrative Consent Order.

In January 2025, the Company reached an agreement with the EPA on the terms of a consent order under RCRA, that requires the Company to delineate PFAS in soil and groundwater at the Cordova plant and a surrounding area that extends up to 1/2 mile from the plant site.

The order also requires collecting a specified number of soil and groundwater samples at up to 80 locations in the area extending 5 miles from the plant.

The Company continues to work with EPA as it implements the RCRA consent order.

Cottage Grove, Minnesota

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As previously reported, the Company discovered it had not fully characterized its PFAS discharge in its NPDES permit for the Cottage Grove facility and, in March 2020, disclosed this matter to the EPA and MPCA.

The Company submitted an application to add the additional PFAS to its NPDES permit.

As noted above, 3M continues to engage with EPA and MPCA on potential civil claims related to these discharges.

The Company is currently installing a new wastewater treatment system to address PFAS.

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and (iii) sharing information with the MPCA about certain perfluorinated compounds.

The Company also continues to implement the previously disclosed 2008 remedial decision adopted by MPCA for the Woodbury and Oakdale sites and the 2009 remedial decision adopted by MPCA for the Cottage Grove site.

In January 2024, the MDH issued updated, more stringent, HBVs for PFOA and PFOS.

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3M continues to evaluate any potential impact of these developments on its obligations under the SACO.

In August 2009, the MPCA issued a decision adopting remedial options for the Company’s Cottage Grove manufacturing facility.

In the spring and summer of 2010, 3M began implementing the approved remedial options at the Cottage Grove and Woodbury sites, and in late 2010, 3M commenced the approved remedial option at the Oakdale site.

The Company continues to implement those remediation activities.

In January 2021, MPCA issue a Notice of Violation that included measures requiring the Company to address the presence of PFAS in wastewater and to undertake certain facility improvements related to its wastewater discharge system.

The Company continues to work with MPCA to implement the measures in the Notice of Violation.

In January 2021, MPCA issued a Notice of Violation that included measures requiring the Company to address the presence of PFAS in wastewater and to undertake certain facility improvements related to its wastewater discharge system.

The Company continues to work with MPCA to address the Notice of Violation.

In June 2022, MPCA directed that the Company address the presence of PFAS in its stormwater discharge from the Cottage Grove facility.

The Company worked with MPCA to develop a plan to address its stormwater, which is embodied in an order issued by MPCA in December 2022, which the Company is working to implement.

In July 2024, MPCA published for public comment a draft Clean Water Act permit for the Cottage Grove facility that contains significantly revised effluent limits for certain PFAS in compounds in water discharged from the facility, some of which are below current limits of quantification for those compounds.

3M engaged with the MPCA on the draft permit through the public comment period and submitted comments to the permit in August 2024.

In response to comments submitted by 3M and other interested parties, in December 2024, MPCA issued a revised draft Clean Water Act permit for the Cottage Grove facility.

3M is engaging with the MPCA on the revised draft permit.

The outcome of the Clean Water Act permit issuance process for the Cottage Grove facility could have a significant adverse impact on the facility's operations and the Company's businesses that receive products and other materials from the Cottage Grove facility, some of which may not be available or in similar quantities from other 3M facilities.

In May 2025, MPCA issued a final NPDES permit for the Cottage Grove plant, with an effective date of June 1, 2025.

The permit includes ultra-low effluent limits for certain PFAS, some of which are below current limits of quantification for those compounds.

The permit also includes low, but measurable "compliance limits" for those same compounds that are deemed to demonstrate compliance with the permit.

In June 2025, 3M filed a notice of appeal challenging several elements of the permit, and in November 2025 filed its opening brief in the matter.

The Company cannot predict the outcome of the appeal.

It is possible that the outcome of the appeal or future permit amendments will result in discharge limits that will require additional capital or operational expenditures in order to meet discharge limits.

If the Company is unable to meet discharge limits, such development could have a significant adverse impact on 3M's normal operations and the Company's businesses that receive products and other materials from the Cottage Grove 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.

Minnesota 2018 Natural Resources Defense Settlement

As previously disclosed, in February 2018, the Company recorded a pre-tax charge of $ 897 million, inclusive of legal fees and other related obligations, in the first quarter of 2018 with respect to the settlement of a matter brought by the State of Minnesota involving the presence of PFAS in the groundwater, surface water, fish or other aquatic life, and sediments in the state.

The settlement created a fund to enhance drinking water quality in the East Metropolitan Area of Minneapolis-St.

The projects approved by MPCA drawing on the fund must be reasonable and necessary.

If the fund is depleted, additional funding could be sought from 3M.

MPCA and 3M disagree that certain projects MPCA has approved are reasonable and necessary and otherwise satisfy the conditions created by the 2018 settlement.

MPCA and 3M also disagree over whether certain projected long-term operations and maintenance and other expenses that will not be paid for many years should be factored into determining when the fund is depleted.

3M initiated the mediation process in February of 2025 under the settlement to address these disagreements.

That process remains ongoing.

Hutchinson, Minnesota

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The Company is working with MPCA regarding the allegations in the Notice of Violation.

Fairmont, Minnesota

MPCA issued a Notice of Violation (NOV) dated July 22, 2025, to the Company for alleged violations related to stormwater and fire water discharges containing PFAS constituents at the 3M Fairmont MN facility.

The major corrective actions required in the NOV include completion of a stormwater action plan to improve collection and treatment of stormwater and a soil and groundwater investigation at the site.

The Company has provided a response to the NOV contesting the validity of the alleged violations and a plan for addressing the requested corrective actions and is working with the MPCA regarding the alleged violations.

The Company continues to work with relevant federal and state agencies (including EPA, the U.S.

Department of Justice, state environmental agencies and state attorneys general) as it responds to information, inspection, and other requests from the agencies.

The Company is in negotiations with EPA, the U.S.

As noted above, the Company is in negotiations with EPA, the U.S.

Department of Justice, and the Alabama, Illinois, and Minnesota state environmental agencies to address claims arising under the CWA and the TSCA related to the Company’s plants in those states.

The Company cannot predict at this time the outcomes of resolving these compliance matters, what actions may be taken by the regulatory agencies or the potential consequences to the Company.

Wausau, Wisconsin

3M has provided the EPA with information responsive to that request and, in October 2025, EPA informed 3M it has not identified any immediate need for 3M to take additional action with respect to EPA's request.

In March 2025, the Wisconsin Department of Natural Resources (WDNR) issued a letter to 3M stating that it has determined there has been a release of hazardous substances from the Greystone facility based on PFAS detected in groundwater and ordering 3M to submit a work plan for investigation.

A site investigation work plan, which describes the initial scope of sampling to take place at the facility, was submitted to the WDNR in June 2025.

The WDNR has approved the work plan.

The soil and groundwater sampling is in process.

Cynthiana, Kentucky

In May 2025, 3M’s Cynthiana facility received a subpoena and a letter from the Kentucky Energy and Environment Cabinet.

The subpoena seeks information regarding PFAS and alleged hazardous substances used or released at the site.

The letter directs 3M to develop a site characterization plan to investigate suspected PFAS releases at the site.

3M is engaged with the regulatory authority on these issues.

Hartford City, Indiana

In July 2025, the Indiana Department of Environmental Management (IDEM) issued notices of liability requiring 3M to investigate and remediate hazardous substances, including PFAS, at 3M’s Hartford City facility and nearby off-site properties.

IDEM also issued related information requests.

3M is engaged in discussions with IDEM about the notices and information requests.

Other Environmental Matters

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Whether, and to what extent, the Company may be required to contribute to the costs at issue in the case remains to be determined.

Separately, the Cottage Grove facility received an Alleged Violation Letter from the MPCA in November 2023 following an inspection, alleging violations relating to materials shipped in 2023 to a hazardous waste disposal facility.

The Cottage Grove facility had self-reported this information to the MPCA in September 2023.

In December 2023, the Company provided a written response to the MPCA detailing what the Company believes to be the completion of all of the corrective actions identified in the Alleged Violation Letter (also including waste spills and container management).

In February 2024, the MPCA issued an administrative penalty order to the Company providing for a penalty that was not material to the Company, which the Company paid.

In January 2024, the Company received an information request from U.S.

EPA regarding an October 2023 reported release of 1,2-propylenimine at the Cottage Grove facility.

The Company responded to the information request.

In January 2025, the EPA issued a Notice of Violation (NOV) to the Cottage Grove facility based on a 2021 EPA RCRA inspection.

The NOV was received by the facility in February 2025.

In the NOV, the EPA asserts that during the inspection, it observed improper management of hazardous waste related to containers and tanks and improper recordkeeping.

Several issues identified by EPA were corrected at the time of the inspection and the Company responded to the NOV in March 2025.

In July 2024, the Company received a Violation Notice from the IEPA alleging regulatory violations related to certain air emissions of volatile organic material at the Cordova facility.

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For environmental matters and litigation described above, unless otherwise described below, no liability has been recorded as the Company believes liability in those matters is not probable and reasonably estimable and the Company is not able to estimate a possible loss or range of possible loss at this time.

The Company’s environmental liabilities and insurance recovery are described below.

Environmental Liabilities and Insurance Recoveries

The Company’s environmental liabilities are described below.

Environmental Liabilities

The Company periodically examines whether the contingent liabilities related to the environmental matters and litigation described above are probable and reasonably estimable based on experience and ongoing developments in those matters, including discussions regarding negotiated resolutions.

During 2024, primarily as a result of interest accretion on the PWS Settlement, the Company increased its accrual for PFAS-related other environmental liabilities by $ 0.7 billion and made related payments of $ 3.1 billion.

As of December 31, 2024, the Company had recorded liabilities of $ 8.6 billion for “other environmental liabilities.” These amounts are reflected in the consolidated balance sheet within other current liabilities ($ 2.0 billion) and other liabilities ($ 6.6 billion).

During 2025, primarily as a result of the New Jersey Settlement, interest accretion on the PWS Settlement, and updates to site remediation obligations, the Company increased its accrual for PFAS-related other environmental litigation and made related payments.

As of December 31, 2025 and December 31, 2024, the Company had recorded “other environmental liabilities” of $ 7.7 billion ($ 0.7 billion within other current liabilities and $ 7.0 billion within other liabilities on 3M’s consolidated balance sheet) and $ 8.6 billion ($ 2.0 billion within other current liabilities and $ 6.6 billion within other liabilities on 3M’s consolidated balance sheet), respectively.

The accruals represent the Company’s estimate of the probable loss in connection with the environmental matters and PFAS-related matters and litigation described above.

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However, for locations at which remediation activity is largely ongoing, the Company cannot estimate a possible loss or range of possible loss in excess of the associated established accruals for the reasons described above.

The Company has both pre-1986 general and product liability occurrence coverage and post-1985 occurrence reported product liability and other environmental coverage for environmental matters and litigation.

Various factors could affect the timing and amount of insurance recoveries, including (i) delays in or avoidance of payment by insurers;

(ii) the extent to which insurers may become insolvent in the future, (iii) the outcome of negotiations with insurers;

and (iv) the scope of the insurers’ purported defenses and exclusions to avoid coverage.

During 2024, the Company recorded $ 27 million in insurance recovery benefits related to the environmental matters and litigation and the Company's efforts to cover a portion of the environmental liabilities continues.

Other Regulatory Matters

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Product Liability Litigation

Combat Arms Earplugs Litigation and Insurance Recoveries

Combat Arms Earplugs Litigation

Aearo Technologies sold Dual-Ended Combat Arms – Version 2 Earplugs starting in about 1999.

3M acquired Aearo Technologies in 2008 and sold these earplugs from 2008 through 2015, when the product was discontinued.

3M and Aearo Technologies believe the Combat Arms Earplugs were effective and safe when used properly, but nevertheless, as discussed below, prior to the CAE Settlement (as defined below), Aearo Technologies and certain of its related entities (collectively, the "Aearo Entities") and 3M faced litigation from a significant number of claimants.

3M and Aearo Technologies believe the Combat Arms Earplugs (CAE) were effective and safe when used properly, but nevertheless, as discussed below, prior to the CAE Settlement (as defined below), Aearo Technologies and certain of its related entities (collectively, the "Aearo Entities") and 3M faced litigation from a significant number of claimants.

In August 2023, 3M and the Aearo Entities entered into a settlement arrangement (as amended, the “CAE Settlement”) which is structured to promote participation by claimants and is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the Combat Arms Earplugs sold or manufactured by the Aearo Entities and/or 3M, as well as potential future claims.

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The actual amount, payment terms and dates are subject to satisfaction of certain collective participation thresholds claimants must meet and provision to 3M of a full release of claims involving the Combat Arms Earplugs.

The CAE Settlement was originally structured to include $ 5.0 billion in cash consideration and $ 1.0 billion in 3M common stock.

The Company in its sole discretion could have elected to settle the equity portion in cash.

In January 2024, 3M and the Aearo Entities amended the settlement to include, among other things, an irrevocable election by 3M to pay cash for the $ 1 billion in payments that could have been paid either in cash or in stock.

The CAE Settlement provides that 3M does not admit any liability or wrongdoing.

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The charge reflected the $ 5.3 billion pre-tax present value (discounted at an estimated 5.6 % interest rate at time consummation) of contributions under the CAE Settlement net of 3M’s then-existing accrual of $ 1.1 billion related to this matter.

Implementation of the CAE Settlement terms began in September 2023, when 3M paid $ 10 million to fund administrative expenses connected to the settlement and paid $ 147 million in exchange for releases from certain bellwether plaintiffs that obtained a verdict against 3M and the Aearo defendants.

3M paid $ 250 million in December 2023 related to the receipt of expedited releases, and made a payment of an additional $ 253 million on January 31, 2024 based on 100% participation level of "wave" case claimants.

On March 26, 2024, the Company announced that, as of the final registration date for the CAE settlement agreement, more than 99 % of claimants were either participating in the settlement or have been dismissed with prejudice.

With a 98 % participation threshold having been met, the Company made the payments noted below pursuant to the payment schedule set forth in the amended settlement agreement.

The current claimant participation level under the settlement agreement (including claims dismissed with prejudice) exceeds 99 %;

however, existing or new litigation may continue in the United States and internationally relating to the products that are the subject of the settlement.

For example, the Company is aware of a writ of summons that was filed in Australia on behalf of purported users of the Company's earplug products.

In addition, Aearo and the Company are actively engaged in insurance recovery activities to offset a portion of the settlement payments.

Formal recovery processes are underway through a lawsuit filed in Delaware, as well as arbitration proceedings.

The Company’s aggregate liabilities are unlikely to be fully covered by applicable insurance, and, to the extent covered, will exceed the applicable limits of such insurance.

During 2024, the Company reflected $ 322 million of benefits from insurance recoveries related to the Combat Arms Earplugs litigation.

Through December 31, 2024, the Company has recorded $ 322 million in total insurance recovery benefits related to the Combat Arms Earplugs litigation.

Pursuant to the CAE Settlement, these insurance recoveries are provided to the Qualified Settlement Fund as part of the consideration for the settlement.

During 2024, the Company increased its existing accrual for Combat Arms Earplugs by approximately $ 0.2 billion for interest accretion on the CAE Settlement and made the related payments noted above of approximately $ 1.5 billion.

As of December 31, 2024, the Company had an accrued liability of $ 3.7 billion related to Combat Arms Earplugs.

This amount is reflected within contingent liability claims and other ($ 1.3 billion within other current liabilities and $ 2.4 billion within other liabilities) on 3M’s consolidated balance sheet.

With a 98 % participation threshold having been met, the Company began making payments pursuant to the payment schedule set forth in the amended settlement agreement.

On September 19, 2025, the court overseeing the CAE Multidistrict Litigation issued an order announcing that all cases in the MDL had been resolved through dismissals or through the Settlement Agreement, and that no cases remain pending in the MDL.

However, existing or new litigation may continue or be filed in the United States or internationally relating to the products that are the subject of the settlement.

For example, the Company is aware of a writ of summons filed in Australia and has received a Letter Before Action in the United Kingdom, both on behalf of purported users of the Company's earplug products.

During 2025, t he Company increased its existing accrual for CAE primarily for interest accretion on the CAE settlement and made related payments.

As of December 31, 2025 and December 31, 2024, and the Company had an accrued CAE liability of $ 2.4 billion ($ 1.4 billion within other current liabilities and $ 1.0 billion within other liabilities on 3M’s consolidated balance sheet) and $ 3.7 billion ($ 1.3 billion within other current liabilities and $ 2.4 billion within other liabilities on 3M’s consolidated balance sheet), respectively.

The accruals represent the Company’s estimate of the probable loss in connection with the CAE Settlement.

The Company also made an aggregate of $ 723 million in payments (scheduled payments plus insurance recoveries) in January 2025 pursuant to the amended settlement agreement.

The Company is not able to estimate a possible loss or range of possible loss in excess of the established accruals at this time.

Insurance Recoveries

The Company is actively engaged in insurance recovery activities to offset a portion of its liabilities, including those described above.

For respirator mask/asbestos, CAE, and PFAS-related litigation and liabilities, recovery processes are underway through lawsuits filed in U.S.

courts, arbitration proceedings, mediations, and negotiations with insurers.

During 2025 and 2024, the Company recorded $ 392 million and $ 349 million, respectively, in insurance recovery benefits related to respirator mask/asbestos, CAE, and PFAS-related matters.

Insurance recoveries related to CAE litigation are provided to the Qualified Settlement Fund as part of the consideration for the settlement.

Various factors could affect the timing and amount of insurance recoveries, including (i) delays in or avoidance of payment by insurers;

(ii) the extent to which insurers may become insolvent in the future, (iii) the outcome of negotiations with insurers;

and (iv) the scope of the insurers’ purported defenses and exclusions to avoid coverage.

The Company’s aggregate liabilities are unlikely to be fully covered by applicable insurance, and, to the extent covered, will exceed the applicable limits of such insurance.

3M's lease arrangements include both operating and finance leases.

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Supplemental balance sheet, lease term and discount rate information related to operating leases is as follows:

(Millions unless noted) Location on face of Balance Sheet 2024 2023

Right of use assets Operating lease right of use assets $ 565 $ 657

Current liability Operating lease liabilities - current 163 192

Noncurrent liability Operating lease liabilities 405 464

(Millions unless noted)

Location on face of balance sheet

December 31, 2025 December 31, 2024

Right of use assets

Current liability Other current liabilities

Noncurrent liability Other liabilities

Weighted average remaining lease term (in years)

Weighted average discount rate

The consolidated statements of cash flows include the results of continuing and discontinued operations.

As previously noted, the consolidated statements of cash flows include the results of continuing and discontinued operations.

Supplemental cash flow information related to operating lease is as follows:

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Stock-Based Compensation

At the May 2021 Annual Meeting, the shareholders approved the Amended and Restated 3M Company 2016 Long-Term Incentive Plan (LTIP), which included an increase of 26,633,508 in the number of shares available for issuance.

At the May 2021 Annual Meeting, the shareholders approved the Amended and Restated 3M Company 2016 Long-Term Incentive Plan (LTIP), which included an increase of 27 million in the number of shares available for issuance.

Awards may be issued in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock awards, and performance units and performance shares.

As of December 31, 2024, the remaining shares available for grant under the LTIP Program are 21 million and there were approximately 7,100 participants with outstanding options, restricted stock, or restricted stock units.

As of December 31, 2025, the remaining shares available for grant under the LTIP are 21 million and there were approximately 6,400 participants with outstanding options, restricted stock, or restricted stock units.

The Company’s annual stock option and restricted stock unit grant is typically made in February to provide a strong and immediate link between the performance of individuals during the preceding year and the size of their annual stock compensation grants.

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In connection with the Solventum separation on April 1, 2024 (see Note 2), all outstanding stock-based compensation awards associated with Solventum employees converted into Solventum awards, became Solventum’s responsibility and were cancelled from 3M plans.

The conversion into Solventum awards was made with the intent to preserve the intrinsic value of each award immediately before and after the Separation.

In addition, for awards associated with remaining 3M employees, the number of shares underlying unvested stock awards was adjusted along with the exercise price and the number of shares underlying outstanding stock options.

These adjustments were made with the intent to preserve the intrinsic value of each award immediately before and after the Separation and were determined using a ratio calculated using the 3M share price based on the market closing price before and the average of the closing price from the first three days of trading after the Separation.

The terms of the outstanding awards remain the same and if unvested, continue to vest over the original vesting periods.

The adjustments to shares underlying unvested stock awards and outstanding stock options did not result in a material stock-based compensation cost.

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The following table summarizes stock option activity:

(Options in thousands) Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (months) Aggregate Intrinsic Value (millions)

(Options in thousands) Number of options

Weighted average exercise price

Weighted average remaining contractual life (months)

Aggregate intrinsic value (millions)

Under option —

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Expired ( 91 ) 167.20

Solventum exits ( 2,558 ) 169.45

Share conversion 3,942 151.08

Granted 723 148.87

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The following table summarizes additional information relative to stock options exercised during the respective years:

(in millions) 2024 2023 2022

2025 2024 2023

Cash received from options exercised $ 1,514 $ 26 $ 147

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The following table summarizes restricted stock unit activity:

(Units in thousands) Number of Units Weighted Average Grant Date Fair Value

(Units in thousands) Number of units

Weighted average grant date fair value

Nonvested balance —

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Vested ( 1,193 ) 127.28

Solventum exits ( 815 ) 122.38

Share conversion 328 115.54

Granted 517 149.12

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Weighted average restricted stock unit shares outstanding are included in the computation of diluted earnings per share.

As of December 31, 2024, there was $ 251 million of compensation expense that has yet to be recognized related to non-vested restricted stock and restricted stock units.

As of December 31, 2025, there was $ 139 million of compensation expense that has yet to be recognized related to non-vested restricted stock units.

This expense is expected to be recognized over the remaining weighted-average vesting period of 17 months.

The following table summarizes additional information relative to restricted stock units for the respective years:

(in millions, except per-unit amounts) 2024 2023 2022

(Millions, except per-unit amounts)

2025 2024 2023

Weighted-average grant-date fair value of restricted stock units (per unit) that were granted $ 149.12 $ 98.01 $ 114.71

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Instead of restricted stock units, the Company makes annual grants of performance shares to members of its executive management.

The 2024 performance criteria for these performance shares (organic sales growth, free cash flow growth, and earnings per share growth) were selected because the Company believes that they are important drivers of long-term stockholder value.

The number of shares of 3M common stock that could actually be distributed at the end of the three-year performance period may be anywhere from 0 % to 200 % of each performance share granted, depending on the performance of the Company during such performance period.

The 2025 performance criteria for these performance shares (free cash flow and earnings per share) were selected because the Company believes that they are important drivers of long-term stockholder value.

The 2025 plan also includes a multiplier based on 3M total shareholder return versus an index.

When granted, these performance shares are awarded at 100 % of the estimated number of shares at the end of the three-year performance period and are reflected under “granted” in the table below.

Non-substantive vesting requires that expense for the performance shares be recognized over one or three years depending on when each individual became a 3M executive.

Non-substantive vesting requires that expense for the performance shares be recognized over one or three years depending on if the employee is retirement eligible.

The performance share grants accrue dividends;

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The following table summarizes performance share activity:

(Shares in thousands) Number of Shares Weighted Average Grant Date Fair Value

(Shares in thousands) Number of shares

Weighted average grant date fair value

Undistributed balance —

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Vested ( 99 ) 127.42

Solventum Exits ( 3 ) 144.75

Share conversion 51 113.35

Granted 325 169.38

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The following table summarizes additional information relative to performance shares for the respective years:

(in millions, except per-share amounts) 2024 2023 2022

(Millions, except per-share amounts)

2025 2024 2023

Weighted average grant date fair value per performance share that were granted $ 169.38 $ 97.82 $ 110.21

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There are no GESPP shares under option at the beginning or end of each year because options are granted on the first business day and exercised on the last business day of the same month.

The weighted-average fair value per option granted during 2024, 2023 and 2022 was $ 16.76 , $ 15.77 and $ 21.20 , respectively.

The fair value of GESPP options was based on the 15 % purchase price discount.

The Company recognized compensation expense for GESPP options of $ 12 million, $ 21 million, and $ 31 million in 2024, 2023 and 2022, respectively.

The following table summarizes additional information relative to GESPP for the respective years:

(Millions, except per-share amounts)

2025 2024 2023

Weighted average fair value per option granted (a)

$ 22.44 $ 16.76 $ 15.77

GESPP options compensation expense

(a) The fair value of GESPP options was based on the 15 % purchase price discount.

Business Segments and Geographic Information

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Therefore, management does not represent that these segments, if operated independently, would report the operating income information shown.

3M discloses business segment operating income (loss) as its measure of segment profit/loss, reconciled to both total 3M operating income (loss) and income before taxes.

Business segment operating income (loss) excludes certain expenses and income that are not allocated to business segments (as described below in “Corporate and Unallocated and Other”).

3M discloses business segment operating income as its measure of segment profit, reconciled to both total 3M operating income and income before taxes.

Business segment operating income excludes certain expenses and income that are not allocated to business segments (as described below in “Corporate and Other”).

Business segment disclosures consider information used by/provided to 3M's chief operating decision maker (CODM).

For 3M, the CODM is the chief executive officer.

The CODM uses business segment operating income (loss) to allocate resources to segments in the planning and forecasting process along with periodic ongoing reviews of results and overall market activity.

3M made certain changes to the composition of segment information reviewed by 3M's CODM effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024.

Accordingly, information provided herein reflects the impact of these changes for all applicable periods presented.

Effective in the second quarter of 2024, this change included the following:

Elimination of former Health Care business segment

• The former Health Care business segment was eliminated in the second quarter of 2024 in connection with the separation of Solventum and reflection of its historical net income and applicable assets and liabilities included in the Separation as discontinued operations within 3M's financial statements.

Addition of ‘Other’ and update to ‘Corporate and Unallocated’

• 3M added the “Other” category of information as a result of the Separation.

It principally reflects:

◦ Transition arrangement agreements (e.g.

fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Separation, as well as other applicable divestitures.

◦ Operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with those previous divestitures.

• Activity included in 3M’s existing “Corporate and Unallocated” was updated primarily to additionally reflect:

◦ Removal of costs related to separating and divesting Solventum that were eligible to be part of discontinued operations.

◦ Commercial activity with Solventum post-Separation and certain operations of the former Health Care business segment retained by 3M.

◦ Costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations other than those beginning in the first quarter of 2024 included in “Other” associated with transition arrangement activity for which 3M began to charge fees in April 2024.

In addition, effective in the first quarter of 2024, 3M made certain changes within its business segments as described below.

While they impacted the composition of certain divisions within business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M’s CODM.

Creation of Industrial Specialties division (within Safety and Industrial business segment) and Commercial Branding and Transportation division (within Transportation and Electronics business segment)

• 3M created the Industrial Specialties division within the Safety and Industrial business segment, which consists of the former Closure and Masking Systems division along with certain products formerly within the Industrial Adhesive and Tapes division and the Personal Safety division.

Further, 3M created the Commercial Branding and Transportation division within the Transportation and Electronics business segment, which consists of the former Commercial Solutions division and the Transportation Safety division.

Re-alignment of divisions within Consumer business segment

• Within the Consumer business segment, the business re-aligned to the following four divisions:

Consumer Safety and Well-Being, Home and Auto Care, Home Improvement, and Packaging and Expression.

The CODM uses business segment operating income to allocate resources to segments in the planning and forecasting process along with periodic ongoing reviews of results and overall market activity.

Business Segment Products

Business Segment Representative revenue-generating activities, products or services

Business segment

Representative revenue-generating activities, products or services

Safety and Industrial • Industrial abrasives and finishing for metalworking applications

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Transportation and Electronics • Advanced ceramic solutions

• Attachment/bonding, films, sound and temperature management for transportation vehicles

• Attachment/bonding, films, sound and temperature management for vehicles

• Premium large format graphic films for advertising and fleet signage

1 unchanged sentence

• Light management films and electronics assembly solutions

• Aerospace, industrial/commercial solutions

• Chip packaging and interconnection solutions

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Net sales (millions) 2025 2024 2023

2024 2023 2022

Safety and Industrial $ 11,384 $ 10,961 $ 10,956

2 unchanged sentences

Total reportable business segment net sales 24,576 24,272 24,483

Corporate and Unallocated 271 90 82

Corporate and Other 372 303 127

Total Company

Significant Segment Expenses and Operating Performance (Millions)

$ 24,948 $ 24,575 $ 24,610

Significant segment expenses and operating performance (millions) 2025 2024 2023

Safety and Industrial

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Research, development and related expenses 518 485 472

Safety and Industrial operating income (loss) 2,491 2,324 1,135

Safety and Industrial operating income 2,836 2,491 2,324

Transportation and Electronics

Cost of sales 5,270 5,106 5,524

Selling, general, administrative and goodwill impairment expenses

1,236 1,207 2,042

Selling, general, administrative expenses 1,080 1,236 1,207

Research, development and related expenses 486 460 458

Transportation and Electronics operating income (loss) 1,578 1,312 973

Transportation and Electronics operating income 1,436 1,578 1,312

Cost of sales 2,941 2,912 3,064

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Research, development and related expenses 128 132 125

Consumer operating income (loss) 932 904 978

Total reportable business segment operating income (loss) 5,001 4,540 3,086

Corporate and Unallocated

Consumer operating income 996 932 904

Total reportable business segment operating income 5,268 5,001 4,540

Corporate and Other

Corporate-level (expense) income 75 ( 114 ) ( 485 )

Corporate special items:

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Divestiture costs — ( 20 ) ( 13 )

Gain on business divestitures — 36 2,724

Divestiture-related restructuring actions — — ( 41 )

Gain (loss) on business divestitures

Russia exit (charges) benefits — — 18

Total corporate special items ( 65 ) ( 14,744 ) 1,697

Other corporate (expense) income - net

Transformation costs ( 69 ) — —

Total Corporate and Other

( 639 ) ( 179 ) ( 15,229 )

Total Corporate and Unallocated ( 173 ) ( 15,284 ) 1,213

Total Company operating income (loss) 4,822 ( 10,689 ) 4,369

Total Company operating income

4,629 4,822 ( 10,689 )

Other expense/(income), net 416 3 582

Income (loss) from continuing operations before income taxes

Income from continuing operations before income taxes $ 4,213 $ 4,819 $ ( 11,271 )

Depreciation and amortization (millions)

2025 2024 2023

Assets Depreciation & Amortization Capital Expenditures

(Millions) 2024 2023 2024 2023 2022 2024 2023 2022

Safety and Industrial $ 569 $ 556 $ 530

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Consumer 155 157 160

Corporate and Unallocated and Other

Corporate and Other 12 53 206

Total continuing operations $ 1,308 $ 1,224 $ 1,433

Capital expenditures (millions)

2025 2024 2023

Safety and Industrial $ 347 $ 373 $ 285

Transportation and Electronics 300 468 723

Consumer 61 80 105

Corporate and Other 202 183 275

Total continuing operations $ 910 $ 1,104 $ 1,388

Assets subject to attribution to business segments largely include accounts receivable;

property, plant and equipment;

intangible assets;

and certain limited other assets.

All other items are reflected in Corporate and Unallocated and Other.

Accounts receivable and inventory are attributed based on underlying sales or activity.

Property, plant and equipment are attributed to a particular business segment based on that item’s primary user while certain items such as corporate-shared headquarters/administrative centers, laboratories, distribution centers and enterprise software systems are reflected in Corporate and Unallocated and Other.

Intangible assets and goodwill are largely directly associated with a particular reporting unit and attributed on that basis.

Business segment depreciation reflected above is based on the underlying usage of assets (while the particular asset itself may be entirely reflected within a different business segment’s asset balance as its primary user).

This depreciation also includes allocated depreciation associated with a number of the assets reflected in Corporate and Unallocated and Other as described above.

Corporate and Unallocated and Other:

Outside of 3M's reportable operating segments, 3M has Corporate and Unallocated and Other which are not reportable business segments as they do not meet the segment reporting criteria.

Because Corporate and Unallocated and Other includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.

• Corporate and Unallocated operating income (loss) includes “corporate special items” and “other corporate expense-net”.

◦ Corporate special items include net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters.

In addition, during the voluntary chapter 11 bankruptcy period (which began in July 2022 and ended in June 2023), costs associated with the Aearo portion of respirator mask/asbestos matters were also included in corporate special items.

Prior to the bankruptcy, costs associated with Combat Arms Earplugs matters were not included in the Corporate net costs for significant litigation special item, instead being reflected in the Safety and Industrial business segment.

Corporate special items for the periods presented also include divestiture costs, gain on business divestitures, divestiture-related restructuring actions and Russia exit charges/benefits.

Divestiture costs include costs that were not eligible to be part of discontinued operations related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture.

◦ Other corporate expense-net includes certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that 3M may choose not to allocate directly to its business segments.

Other corporate expense-net also includes costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations, commercial activity with Solventum post-Separation, and certain operations of the former Health Care business segment retained by 3M.

• Other principally reflects activity associated with:

◦ Transition arrangement agreements (e.g.

fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Separation, as well as other applicable divestitures.

Assets (millions)

December 31, 2025 December 31, 2024 December 31, 2023

Business segment assets:

Safety and Industrial $ 1,636 $ 1,509 $ 1,592

Transportation and Electronics 1,093 1,269 1,459

Consumer 694 719 699

Total business segment assets 3,423 3,497 3,750

All other current assets 12,964 12,387

Total non-current assets 21,346 23,984

Total assets $ 37,733 $ 39,868

Beginning in 2025, "business segment assets" represent inventories, based on the extent of business segment information regularly provided to 3M's CODM.

This impact is reflected in the table above for all periods presented.

Business segment depreciation reflected above is based on the underlying usage of assets and allocated depreciation.

Corporate and Other:

Outside of 3M's reportable segments, 3M has Corporate and Other which is not a reportable business segment as it does not meet the segment reporting criteria.

Because Corporate and Other includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.

Corporate and Other operating income (loss) includes:

• Corporate-level (expense) income includes:

◦ certain enterprise and governance activities resulting in unallocated corporate costs and other activity or costs that 3M may choose not to allocate directly to its business segments,

◦ commercial activity with Solventum following its April 1, 2024 Separation and certain operations of the former Health Care business segment retained by 3M,

◦ transition arrangement agreements (e.g., fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Solventum Separation,

◦ operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with previous divestitures, and

◦ costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations.

• Corporate special items include, for the periods presented:

◦ net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters,

◦ gain (loss) on business divestitures (see Note 4),

◦ divestiture costs (related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture) that were not eligible to be part of discontinued operations, and

◦ transformation program restructuring (see Note 6) and related charges.

Geographic Information:

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Refer to Note 3 for geographic net sales.

Property, Plant and Equipment - net

(Millions) 2024 2023

Net PP&E by geographic area (millions)

December 31, 2025 December 31, 2024

Americas $ 5,123 $ 5,284

1 unchanged sentence

Europe, Middle East and Africa 968 1,051

Total continuing operations $ 7,388 $ 7,690

United States net property, plant and equipment (PPE) was $ 5.0 billion and $ 5.0 billion at December 31, 2024 and 2023, respectively.

China/Hong Kong net PPE was $ 0.4 billion and $ 0.4 billion at December 31, 2024 and 2023, respectively.

Quarterly Data (Unaudited)

As discussed in Note 2, as a result of the April 2024 separation of Solventum, the historical net income of Solventum is reported in 3M's consolidated financial statements as discontinued operations.

The below provides unaudited summarized quarterly financial information on this basis to allow for a meaningful comparison of continuing operations.

(Millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Full Year

Net sales $ 6,016 $ 6,255 $ 6,294 $ 6,010 $ 24,575

Cost of sales 3,485 3,571 3,647 3,744 14,447

Net income (loss) from continuing operations including noncontrolling interest 710 1,210 1,376 728 4,024

Net income (loss) from continuing operations attributable to 3M 705 1,204 1,372 728 4,009

Net income (loss) from discontinued operations, net of taxes 223 ( 59 ) — — 164

Net income (loss) attributable to 3M 928 1,145 1,372 728 4,173

Earnings (loss) per share attributable to 3M common shareholders:

Earnings (loss) per share from continuing operations — basic $ 1.27 $ 2.17 $ 2.49 $ 1.34 $ 7.28

Earnings (loss) per share from continuing operations — diluted 1.27 2.17 2.48 1.33 7.26

Earnings (loss) per share from discontinued operations — basic 0.40 ( 0.10 ) — — 0.30

Earnings (loss) per share from discontinued operations — diluted 0.40 ( 0.10 ) — — 0.29

Earnings (loss) per share — basic 1.67 2.07 2.49 1.34 7.58

Earnings (loss) per share — diluted 1.67 2.07 2.48 1.33 7.55

(Millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Full Year

Net sales $ 6,055 $ 6,283 $ 6,270 $ 6,002 $ 24,610

Cost of sales 3,744 3,728 3,716 3,795 14,983

Net income (loss) from continuing operations including noncontrolling interest 667 ( 7,166 ) ( 2,523 ) 636 ( 8,386 )

Net income (loss) from continuing operations attributable to 3M 662 ( 7,171 ) ( 2,527 ) 634 ( 8,402 )

Net income (loss) from discontinued operations, net of taxes 314 330 452 311 1,407

Net income (loss) attributable to 3M 976 ( 6,841 ) ( 2,075 ) 945 ( 6,995 )

Earnings (loss) per share attributable to 3M common shareholders:

Earnings (loss) per share from continuing operations — basic $ 1.20 $ ( 12.94 ) $ ( 4.56 ) $ 1.14 $ ( 15.17 )

Earnings (loss) per share from continuing operations — diluted 1.20 ( 12.94 ) ( 4.56 ) 1.14 ( 15.17 )

Earnings (loss) per share from discontinued operations — basic 0.57 0.59 0.82 0.56 2.54

Earnings (loss) per share from discontinued operations — diluted 0.56 0.59 0.82 0.56 2.54

Earnings (loss) per share — basic 1.77 ( 12.35 ) ( 3.74 ) 1.70 ( 12.63 )

Earnings (loss) per share — diluted 1.76 ( 12.35 ) ( 3.74 ) 1.70 ( 12.63 )

Gross profit is calculated as net sales minus cost of sales.

Total Company

$ 7,101 $ 7,388

Net PP&E by particular country (millions)

December 31, 2025 December 31, 2024

United States

$ 4,769 $ 4,966

China/Hong Kong

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data