| 2007 |
Derivative, Name [Domain] | | Cash Flow Hedge, Foreign Currency Forward and Option Contracts [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | foreign exchange forward contracts, options and swaps |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and certain intercompand financing transactions. |
Derivative, Hedge Designation | Cash Flow Hedge |
Derivative, Description of Hedged Item | cash flows denominated in foreign currencies and certain intercompany financing transactions |
Derivative, Remaining Maturity | At December 31, 2007, the Company had various open foreign exchange forward and option contracts, the majority of which had maturities of one year or less. |
Maximum Length of Time Hedged in Cash Flow Hedge | The maximum length of time over which 3M is hedging its exposure to the variability in future cash flows for a majority of the forecasted transactions is 12 months. |
Discussion of Effect of Hedges on Results of Operations | Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | |
| Description of Reclassification of Cash Flow Hedge Gain (Loss) | The settlement or extension of these derivatives will result in reclassifications to earnings in the period during which the hedged transactions affect earnings (from other comprehensive income). |
Hedge Ineffectiveness is Immaterial Assertion | Hedge ineffectiveness was not material for the years 2007, 2006 and 2005. |
Cash Flow Hedge, Commodity Price Management [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | commodity price swaps |
Derivative, Underlying Risk | Overall Price Risk |
Derivative, Description of Objective | cash flow hedges of forecasted transactions to manage price volatility. |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | The Company manages commodity price risks through negotiated suppply contracts, price protection agreements and forward physical contracts. The Company uses commodity price swaps as cash flow hedges of forecasted transactions. |
Maximum Length of Time Hedged in Cash Flow Hedge | 3M has hedged its exposure to the variability of future cash flows for certain forecasted transactions through 2008. |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | The related mark-to-market gain or loss on qualifying hedges is included in other comprehensive income to the extent effective. |
Discussion of Effect of Hedges on Results of Operations | Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | |
| Description of Reclassification of Cash Flow Hedge Gain (Loss) | The related mark-to-market gain or loss on qualifying hedges is reclassified into cost of sales in the period during which the hedged transactions affects earnings. |
Hedge Ineffectiveness is Immaterial Assertion | No significant commodity cash flow hedges were discontinued and hedge ineffectiveness was not material during the years 2007, 2006 and 2005. |
Cash Flow Hedge, Forecasted Debt Issuance [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | floating-to-fixed interest rate swap |
Derivative, Underlying Risk | Interest Rate Risk |
Derivative, Description of Objective | pre-issuance cash flow hedge |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | a pre-issuance cash flow hedge related to the anticated July 2007 Eurobond issuance of 750 million Euros. |
Derivative, Notional Amount | 350,000,000 |
Derivative, Amount of Hedged Item | 750,000,000 |
Derivative, Inception Month and Year | June 2007 |
Derivative, Average Remaining Maturity | Upon debt issuance in July 2007, 3M terminated the floating-to-fixed swap. |
Derivative, Termination Month and Year | Upon debt issuance in July 2007 |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | The termination of the swap resulted in an immaterial gain, which is being amortized over the seven year life of the Eurobond. |
Hedge Ineffectiveness is Immaterial Assertion | The termination of the swap resulted in an immaterial gain, which is being amortized over the seven year life of the Eurobond. |
Cash Flow Hedges [Member] | Derivative [Line Items] | |
| Discussion of Effect of Hedges on Results of Operations | Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | |
| Description of Reclassification of Cash Flow Hedge Gain (Loss) | At December 31, 2007, the Company expects to reclassify to earnings over the next 12 months a majority of the cash flow hedging instruments after-tax loss of $28 million (with the impact offset by cash flows from underlying hedged items). |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (28,000,000) |
| Fair Value Hedge, Interest Rate Swap, $330 Million [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | fixed to floating interest rate swap |
Derivative, Underlying Risk | Interest Rate Risk |
Derivative, Description of Objective | fair value hedge of underlying 30-year bond due in 2028 |
Derivative, Hedge Designation | Fair Value Hedge |
Derivative, Description of Hedged Item | 30-year bond due in 2028 |
Derivative, Notional Amount | 330,000,000 |
Derivative, Inception Month and Year | June 2006 |
Derivative, Termination Month and Year | March 2007 |
Derivative, Type of Interest Rate Paid on Swap | Variable |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | resulting gain will be recognized over the remaining life of the underlying debt |
Hedge Ineffectiveness is Immaterial Assertion | The termination of the swap did not have a material impace on 3M's consolidated results or its operations or financial condition. |
Fair Value Hedge, Interest Rate Swap, $400 Million [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | As indicated in Note 10, |
Derivative, Type of Instrument | fixed to floating interest rate swap |
Derivative, Underlying Risk | Interest Rate Risk |
Derivative, Description of Objective | fair value hedge of underlying three-year medium-term note due in 2009 |
Derivative, Hedge Designation | Fair Value Hedge |
Derivative, Description of Hedged Item | the issuance of the three-year medium-term note due in 2009 |
Derivative, Notional Amount | 400,000,000 |
Derivative, Inception Month and Year | November 2006 |
Derivative, Type of Interest Rate Paid on Swap | Variable |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | 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 on the underlying debt instrument, which is also recorded in interest expense. |
Hedge Ineffectiveness is Immaterial Assertion | These fair value hedges are 100% effective and, thus, there is no impact on earnings due to hedge ineffectiveness. |
Fair Value Hedge, Interest Rate Swap, 400 Million Euros [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | As indicated in Note 10, |
Derivative, Type of Instrument | fixed-to-floating interest rate swap |
Derivative, Underlying Risk | Interest Rate Risk |
Derivative, Description of Objective | fair value hedge of a portion of the fixed interest rate Eurobond obligation |
Derivative, Hedge Designation | Fair Value Hedge |
Derivative, Description of Hedged Item | the issuance of a seven-year Eurobond for an amount of 750 million Euros |
Derivative, Notional Amount | 400,000,000 |
Derivative, Amount of Hedged Item | 750,000,000 |
Derivative, Inception Month and Year | July 2007 |
Derivative, Type of Interest Rate Paid on Swap | Variable |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | 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 on the underlying debt instrument, which is also recorded in interest expense. |
Hedge Ineffectiveness is Immaterial Assertion | These fair value hedges are 100% effective and, thus, there is no impact on earnings due to hedge ineffectiveness. |
Fair Value Hedge, Interest Rate Swaps [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | The Company manages interest expense using a mixture of fixed and floating rate debt. To help manage borrowing costs, the Company may enter into interest rate swaps. Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agree-upon notional principal amount. |
Derivative, Type of Instrument | interest rate swaps |
Derivative, Underlying Risk | Interest Rate Risk |
Derivative, Description of Objective | to help manage borrowing costs |
Derivative, Hedge Designation | Fair Value Hedge |
Derivative, Description of Hedged Item | fair value hedges of underlying fixed rate obligations. |
Derivative, Fair Value of Derivative, Net | 36,000,000 |
| Net Investment Activity Hedge, Cross Currency Swap, $300 Million [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | This swap converts U.S. dollar-based variable interest payments to yen-based variable interest payments associated with the notional amount. |
Derivative, Type of Instrument | three-year floating-to-floating cross currency swap |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | partial hedge of the Company's net investments in its Japanese subsidiaries |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | the Company's net investments in its Japanese subsidiaries |
Derivative, Notional Amount | 300,000,000 |
Derivative, Inception Month and Year | September 2006 |
Derivative, Type of Interest Rate Paid on Swap | Variable |
Derivative, Currency Bought | Yen |
Derivative, Currency Sold | USD |
Net Investment Activity Hedge, Cross Currency Swap, $200 Million [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | This swap converts U.S. dollar-based variable interest payments to Euro-based variable interest payments associated with the notional amount. |
Derivative, Type of Instrument | three-year floating-to-floating cross currency swap |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | partial hedge of the Company's net investments in its European subsidiaries |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | the Company's net investments in its European subsidiaries |
Derivative, Notional Amount | 200,000,000 |
Derivative, Inception Month and Year | November 2006 |
Derivative, Type of Interest Rate Paid on Swap | Variable |
Derivative, Currency Bought | Euros |
Derivative, Currency Sold | USD |
Net Investment Activity Hedge, Foreign Currency Forward Contract, $556 Million [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | This swap converts U.S. dollar-based variable interest payments to Euro-based variable interest payments associated with the notional amount. |
Derivative, Type of Instrument | foreign currency forward contract |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | hedge portions of the Company's net investment in its European subsidiaries |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | the Company's net investment in its European subsidiaries |
Derivative, Notional Amount | 556,000,000 |
Derivative, Inception Month and Year | December 2006 |
Derivative, Maturity Month and Year | December 2007 |
Net Investment Activity Hedge, Foreign Currency Forward Contract, $209 Million [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | This swap converts U.S. dollar-based variable interest payments to Euro-based variable interest payments associated with the notional amount. |
Derivative, Type of Instrument | foreign currency forward contract |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | hedge portionf of the Company'snet investment in its Japanese subsidiaries |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | the Company'snet investment in its Japanese subsidiaries |
Derivative, Notional Amount | 209,000,000 |
Derivative, Inception Month and Year | December 2006 |
Derivative, Maturity Month and Year | December 2007 |
Net Investment Activity Hedge, Eurobond Securities, 750 Million Euros [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | as discussed in note 10 |
Derivative, Type of Instrument | Seven-year fixed rate Eurobond securities |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | hedging of the Company's net investments in its European subsidiaries |
Derivative, Hedge Designation | Net Investment Hedge |
Derivative, Description of Hedged Item | the Company's net investment in it European subsidiaries |
Derivative, Notional Amount | 750,000,000 |
Derivative, Inception Month and Year | July 2007 |
Net Investment Activity Hedge, Eurobond Securities, 275 Million Euros [Member] | Derivative [Line Items] | |
| Derivative, Description of Terms | as discussed in note 10 |
Derivative, Type of Instrument | Seven-year fixed rate Eurobond securities |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | relative to the Company's net investment in its European subsidiaries |
Derivative, Hedge Designation | Net Investment Hedge |
Derivative, Description of Hedged Item | the Company's net investment in it European subsidiaries |
Derivative, Notional Amount | 275,000,000 |
Derivative, Inception Month and Year | December 2007 |
Net Investment Activity Hedge, Foreign Currency Forward Contract, $200 Million [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | foreign currency forward contracts |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | relative to the Company'snet investment in its Japanese subsidiaries |
Derivative, Hedge Designation | No Hedge Designation |
Derivative, Description of Hedged Item | the Company's net investment in its Chinese subsidiaries |
Derivative, Notional Amount | 200,000,000 |
Derivative, Inception Month and Year | November and December 2007 |
Derivative, Maturity Month and Year | December 2008 |
Net Investment Activity Hedges [Member] | Derivative [Line Items] | |
| Derivative, Type of Instrument | cross currency swaps, forwards and foreign currency denominated debt |
Derivative, Underlying Risk | Foreign Exchange Rate Risk |
Derivative, Description of Objective | hedge portions of the Company's net investment in its foreign operations |
Derivative, Description of Hedged Item | the Company's net investment in its foreign operations |
Description of Hedge Accounting Method | Description of Location of Gain (Loss) on Hedge in Financial Statements | For hedges that meet the effectiveness requirements, the net gain or losses attributable to changes in spot exchange rates are recorded in cumulative translation within other comprehensive income. The remainder of the change in value of such investments is recorded in earnings. |
Translation Adjustment for Net Investment Hedge, Net of Tax | (28,000,000) |