On June 13, 2024, 3M Company announced the purchase of a group annuity contract from Metropolitan Tower Life Insurance Company to transfer approximately $2.5 billion of its U.S. pension obligations. This transaction will affect around 23,000 U.S. retirees and beneficiaries, representing about 60% of ERIP retiree participants. The transfer, which will be effective from October 1, 2024, will not require additional funding from 3M and will not alter the monthly benefit amounts for individuals. In relation to this, 3M anticipates a non-cash pre-tax non-operating pension settlement charge estimated between $0.8 billion and $0.9 billion for the quarter ending June 30, 2024. This charge will be excluded from the company's non-GAAP results, thus not affecting its adjusted net income or adjusted free cash flow for the second quarter or full year of 2024.

On June 13, 2024, 3M Company announced the purchase of a group annuity contract from Metropolitan Tower Life Insurance Company to transfer approximately $2.5 billion of its U.S. pension obligations. This transaction will affect around 23,000 U.S. retirees and beneficiaries, representing about 60% of ERIP retiree participants. The transfer, which will be effective from October 1, 2024, will not require additional funding from 3M and will not alter the monthly benefit amounts for individuals. In relation to this, 3M anticipates a non-cash pre-tax non-operating pension settlement charge estimated between $0.8 billion and $0.9 billion for the quarter ending June 30, 2024. This charge will be excluded from the company's non-GAAP results, thus not affecting its adjusted net income or adjusted free cash flow for the second quarter or full year of 2024.