3M 2014 Annual Report Download - page 103

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97
December 31, 2013
Gross Amounts not Offset in the
C
onsolidated 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
$
83
$
51
$
―
$
32
Derivatives not subject to master
netting agreements
1
1
Total
$
84
$
33
December 31, 2013
Gross Amounts not Offset in the
Co
nsolidated 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
$
110
$
51
$
―
$
59
Derivatives not subject to master
netting agreements
―
―
Total
$
110
$
59
Currency Effects
3M estimates that year-on-year currency effects, including hedging impacts, decreased net income attributable to 3M by
approximately $97 million and $74 million in 2014 and 2013, 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 increased net income attributable to 3M
by approximately $8 million in 2014 and decreased net income attributable to 3M by $12 million in 2013.