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96
December 31, 2012
Gross Amounts not Offset in the
Consolidated Balance Sheet that are Subject
to Master Netting Agreements
(Millions)
Gross Amount of
Derivative Assets
Presented in the
Consolidated
Balance Sheet
Gross Amount of
Eligible Offsetting
Recognized
Derivative Liabilities
Cash Collateral
Received
Net Amount of
Derivative Assets
Derivatives subject to master
netting agreements
$
67
$
25
$
―
$
42
Derivatives not subject to master
netting agreements
5
5
Total
$
72
$
47
December 31, 2012
Gross Amounts not Offset in the
Consolidated Balance Sheet that are Subject
to Master Netting Agreements
(Millions)
Gross Amount of
Derivative Liabilities
Presented in the
Consolidated
Balance Sheet
Gross Amount of
Eligible Offsetting
Recognized
Derivative Assets
Cash Collateral
Pledged
Net Amount of
Derivative Liabilities
Derivatives subject to master
netting agreements
$
106
$
25
$
―
$
81
Derivatives not subject to master
netting agreements
―
―
Total
$
106
$
81
Currency Effects
Currency Effects: 3M estimates that year-on-year currency effects, including hedging impacts, decreased net income
attributable to 3M by approximately $74 million and $103 million in 2013 and 2012, respectively. These estimates include
the effect of translating profits from local currencies into U.S. dollars; the impact of currency fluctuations on the transfer of
goods between 3M operations in the United States and abroad; and transaction gains and losses, including derivative
instruments designed to reduce foreign currency exchange rate risks and the negative impact of swapping Venezuelan
bolivars into U.S. dollars. 3M estimates that year-on-year derivative and other transaction gains and losses decreased net
income attributable to 3M by approximately $12 million in 2013 and increased net income attributable to 3M by $49 million
in 2012.