10-Q 1 mmm-20220331.htm 10-Q mmm-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

Commission file number: 1-3285

3M COMPANY
(Exact name of registrant as specified in its charter)
Delaware41-0417775
(State or other jurisdiction of incorporation)(IRS Employer Identification No.)
3M Center, St. Paul, Minnesota
55144-1000
(Address of Principal Executive Offices)(Zip Code)
(Registrant’s Telephone Number, Including Area Code) (651) 733-1110
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $.01 Per ShareMMMNew York Stock Exchange
MMMChicago Stock Exchange, Inc.
0.950% Notes due 2023MMM23New York Stock Exchange
1.500% Notes due 2026MMM26New York Stock Exchange
1.750% Notes due 2030MMM30New York Stock Exchange
1.500% Notes due 2031MMM31New York Stock Exchange
Note: The common stock of the Registrant is also traded on the SWX Swiss Exchange.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at March 31, 2022
Common Stock, $0.01 par value per share
569,058,849 shares

3M COMPANY
Form 10-Q for the Quarterly Period Ended March 31, 2022
TABLE OF CONTENTS
BEGINNING
PAGE
Note 1. Significant Accounting Policies
2
3M COMPANY
FORM 10-Q
For the Quarterly Period Ended March 31, 2022
PART I. Financial Information
Item 1. Financial Statements.

3M Company and Subsidiaries
Consolidated Statement of Income
(Unaudited)
Three months ended
March 31,
(Millions, except per share amounts)20222021
Net sales$8,829 $8,851 
Operating expenses
Cost of sales4,826 4,525 
Selling, general and administrative expenses1,882 1,808 
Research, development and related expenses 480 524 
Total operating expenses 7,188 6,857 
Operating income 1,641 1,994 
Other expense (income), net38 49 
Income before income taxes 1,603 1,945 
Provision for income taxes 302 319 
Income of consolidated group1,301 1,626 
Income (loss) from unconsolidated subsidiaries, net of taxes2 1 
Net income including noncontrolling interest 1,303 1,627 
Less: Net income (loss) attributable to noncontrolling interest 4 3 
Net income attributable to 3M $1,299 $1,624 
Weighted average 3M common shares outstanding — basic 572.3 580.5 
Earnings per share attributable to 3M common shareholders — basic$2.27 $2.80 
Weighted average 3M common shares outstanding — diluted575.0 586.3 
Earnings per share attributable to 3M common shareholders — diluted $2.26 $2.77 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
3
3M Company and Subsidiaries
Consolidated Statement of Comprehensive Income
(Unaudited)
Three months ended
March 31,
(Millions)20222021
Net income including noncontrolling interest$1,303 $1,627 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(171)(222)
Defined benefit pension and postretirement plans adjustment87 119 
Cash flow hedging instruments(1)58 
Total other comprehensive income (loss), net of tax(85)(45)
Comprehensive income (loss) including noncontrolling interest1,218 1,582 
Comprehensive (income) loss attributable to noncontrolling interest(3)(4)
Comprehensive income (loss) attributable to 3M$1,215 $1,578 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
4
3M Company and Subsidiaries
Consolidated Balance Sheet
(Unaudited)
(Dollars in millions, except per share amount)March 31,
2022		December 31,
2021
Assets
Current assets
Cash and cash equivalents$3,247 $4,564 
Marketable securities — current 112 201 
Accounts receivable — net of allowances of $209 and $189
4,815 4,660 
Inventories
Finished goods 2,337 2,196 
Work in process 1,669 1,577 
Raw materials and supplies 1,284 1,212 
Total inventories 5,290 4,985 
Prepaids561 654 
Other current assets 427 339 
Total current assets 14,452 15,403 
Property, plant and equipment 27,157 27,213 
Less: Accumulated depreciation (17,768)(17,784)
Property, plant and equipment — net 9,389 9,429 
Operating lease right of use assets865 858 
Goodwill 13,368 13,486 
Intangible assets — net 5,141 5,288 
Other assets 2,640 2,608 
Total assets $45,855 $47,072 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt $1,877 $1,307 
Accounts payable 3,164 2,994 
Accrued payroll 638 1,020 
Accrued income taxes 274 260 
Operating lease liabilities — current261 263 
Other current liabilities 2,938 3,191 
Total current liabilities 9,152 9,035 
Long-term debt 14,801 16,056 
Pension and postretirement benefits 2,792 2,870 
Operating lease liabilities608 591 
Other liabilities 3,498 3,403 
Total liabilities 30,851 31,955 
Commitments and contingencies (Note 14)
Equity
3M Company shareholders’ equity:
Common stock par value, $.01 par value; 944,033,056 shares issued
9 9 
Shares outstanding - March 31, 2022: 569,058,849
Shares outstanding - December 31, 2021: 571,845,478
Additional paid-in capital 6,559 6,429 
Retained earnings 46,056 45,821 
Treasury stock, at cost:(30,860)(30,463)
Shares at March 31, 2022: 374,974,207
Shares at December 31, 2021: 372,187,578
Accumulated other comprehensive income (loss) (6,834)(6,750)
Total 3M Company shareholders’ equity 14,930 15,046 
Noncontrolling interest74 71 
Total equity 15,004 15,117 
Total liabilities and equity $45,855 $47,072 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
5
3M Company and Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
Three months ended
March 31,
(Millions)20222021
Cash Flows from Operating Activities
Net income including noncontrolling interest $1,303 $1,627 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization 459 460 
Company pension and postretirement contributions (42)(47)
Company pension and postretirement expense 43 47 
Stock-based compensation expense 135 131 
Gain on sale of businesses— — 
Deferred income taxes (49)16 
Changes in assets and liabilities
Accounts receivable (189)(205)
Inventories (319)(304)
Accounts payable 261 155 
Accrued income taxes (current and long-term) 179 42 
Other — net (770)(234)
Net cash provided by (used in) operating activities 1,011 1,688 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) (424)(310)
Proceeds from sale of PP&E and other assets 56 32 
Acquisitions, net of cash acquired — — 
Purchases of marketable securities and investments (125)(428)
Proceeds from maturities and sale of marketable securities and investments217 318 
Proceeds from sale of businesses, net of cash sold13 — 
Other — net — 19 
Net cash provided by (used in) investing activities (263)(369)
Cash Flows from Financing Activities
Change in short-term debt — net (5)6 
Repayment of debt (maturities greater than 90 days) (579)(450)
Proceeds from debt (maturities greater than 90 days) — — 
Purchases of treasury stock (773)(231)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans164 293 
Dividends paid to shareholders (852)(858)
Other — net (9)(11)
Net cash provided by (used in) financing activities (2,054)(1,251)
Effect of exchange rate changes on cash and cash equivalents (11)(66)
Net increase (decrease) in cash and cash equivalents (1,317)2 
Cash and cash equivalents at beginning of year 4,564 4,634 
Cash and cash equivalents at end of period$3,247 $4,636 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
6
3M Company and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1. Significant Accounting Policies
Basis of Presentation
The interim consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of results for the full year. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its most recent Annual Report on Form 10-K.
Effective in the first quarter of 2022, 3M made changes in the measure of segment operating performance used by 3M’s chief operating decision maker—impacting 3M’s disclosed measure of segment profit/loss (business segment operating income). See additional information in Note 16. 3M's disclosed disaggregated revenue was also updated as a result of the changes in segment reporting. See additional information in Note 2. Information provided herein reflects the impact of these changes for all periods presented.
Consolidation and foreign currency translation
Local currencies generally are considered the functional currencies outside the United States with the exception of 3M’s subsidiaries in Argentina, the economy of which is considered highly inflationary and, accordingly, the financial statements of these subsidiaries are remeasured as if their functional currency is that of their parent. Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported. Income and expense items are translated at average monthly currency exchange rates in effect during the period. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity.

3M has subsidiaries in Turkey. Based on underlying indices, Turkey’s cumulative three-year inflation rate exceeded 100 percent in the first quarter of 2022, thus being considered highly inflationary. As a result, the financial statements of the Turkish subsidiaries will be remeasured as if their functional currency were that of their parent, starting in the second quarter of 2022. The operating income and balances of underlying net monetary assets denominated in Turkish lira are not material to 3M.
7
Earnings 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 a result of the dilution associated with the Company’s stock-based compensation plans. Certain options outstanding 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 of 23.1 million average options for the three months ended March 31, 2022 and 8.7 million average options for the three months ended March 31, 2021. The computations for basic and diluted earnings per share follow:
Earnings Per Share Computations
Three months ended
March 31,
(Amounts in millions, except per share amounts)20222021
Numerator:
Net income attributable to 3M $1,299 $1,624 
Denominator:
Denominator for weighted average 3M common shares outstanding – basic
572.3 580.5 
Dilution associated with the Company’s stock-based compensation plans 2.7 5.8 
Denominator for weighted average 3M common shares outstanding – diluted
575.0 586.3 
Earnings per share attributable to 3M common shareholders – basic
$2.27 $2.80 
Earnings per share attributable to 3M common shareholders – diluted
$2.26 $2.77 
New Accounting Pronouncements
Refer to Note 1 to the Consolidated Financial Statements in 3M’s 2021 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M.
NOTE 2. Revenue
Contract Balances:
Deferred revenue primarily relates to revenue that is recognized over time for one-year software license contracts. Deferred revenue (current portion) as of March 31, 2022 and December 31, 2021 was $549 million and $529 million, respectively. Approximately $200 million of the December 31, 2021 balance was recognized as revenue during the three months ended March 31, 2022, while approximately $180 million of the December 31, 2020 balance was recognized as revenue during the three months ended March 31, 2021.
Operating Lease Revenue:
Net sales includes rental revenue from durable medical devices as part of operating lease arrangements (reported within the Medical Solutions Division), which was $136 million during the three months ended March 31, 2022 and $140 million during the three months ended March 31, 2021.
8
Disaggregated revenue information:
The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods:
Three months ended
March 31,
Net Sales (Millions)20222021
Abrasives$329$323
Automotive Aftermarket295294
Closure and Masking Systems258243
Electrical Markets309301
Industrial Adhesives and Tapes621598
Personal Safety1,1271,229
Roofing Granules112108
Other Safety and Industrial—3
Total Safety and Industrial Business Segment3,0513,099
Advanced Materials305315
Automotive and Aerospace460488
Commercial Solutions454427
Electronics923951
Transportation Safety198215
Total Transportation and Electronics Business Segment2,3402,396
Food Safety9287
Health Information Systems300289
Medical Solutions1,1281,093
Oral Care354360
Separation and Purification Sciences250240
Total Health Care Business Group2,1242,069
Consumer Health and Safety161144
Home Care274272
Home Improvement609604
Stationery and Office269268
Other Consumer—1
Total Consumer Business Group1,3131,289
Corporate and Unallocated1(2)
Total Company$8,829$8,851
Three months ended
March 31,
Net Sales (Millions)20222021
Americas$4,438 $4,328 
Asia Pacific2,770 2,769 
Europe, Middle East and Africa1,621 1,755 
Other Unallocated— (1)
Worldwide$8,829 $8,851 
Americas included United States net sales to customers of $3.6 billion for the three months ended March 31, 2022 and $3.6 billion for the three months ended March 31, 2021.
9
NOTE 3. Acquisitions and Divestitures
Refer to Note 3 to the Consolidated Financial Statements in 3M’s 2021 Annual Report on Form 10-K for more information on relevant pre-2022 acquisitions and divestitures.
Acquisitions:
3M makes acquisitions of certain businesses from time to time that are aligned with its strategic intent with respect to, among other factors, growth markets and adjacent product lines or technologies. Goodwill resulting from business combinations is largely attributable to the existing workforce of the acquired businesses and synergies expected to arise after 3M’s acquisition of these businesses.
2022 acquisitions:
There were no acquisitions that closed during the three months ended March 31, 2022.
Divestitures:
3M may divest certain businesses from time to time based upon review of the Company’s portfolio considering, among other items, factors relative to the extent of strategic and technological alignment and optimization of capital deployment, in addition to considering if selling the businesses results in the greatest value creation for the Company and for shareholders. As discussed in Note 16 (Business Segments), gains/losses on sale of businesses are reflected in Corporate and Unallocated.
2022 divestitures and previously announced 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 December 2021, 3M entered into agreements with Neogen Corporation pursuant to which 3M will separate its Food Safety Division business (part of the Health Care business) and combine it with Neogen in a transaction that is intended to be tax-efficient to 3M and its shareholders for U.S. federal income tax purposes. Under the terms of the agreements, which involve a tax-free Reverse Morris Trust, the Food Safety business will be spun-off or split-off to 3M shareholders and simultaneously merged with Neogen. Existing Neogen shareholders will continue to own approximately 49.9% of the combined company and 3M shareholders will receive approximately 50.1% of the combined company. In connection with the transaction, the Food Safety business will incur new debt and fund to 3M consideration valued at approximately $1 billion, subject to closing and other adjustments. The transaction is expected to close by the end of the third quarter of 2022, subject to approval by Neogen shareholders, receipt of required regulatory approvals and the satisfaction of other customary closing conditions. Net sales information relative to the Food Safety Division is included in Note 2. Due to factors such as the potential nature of the transaction and underlying approvals, the Food Safety business is not considered held for sale as of March 31, 2022.
Operating income and held for sale amounts:
The aggregate operating income of these businesses included in 3M's consolidated results, including the announced divestitures, for the first three months of 2021 and 2022 was approximately $30 million and $30 million respectively. The amounts of major assets and liabilities associated with disposal groups classified as held-for-sale as December 31, 2021 were not material.
10
NOTE 4. Goodwill and Intangible Assets
There was no goodwill recorded from acquisitions during the first three months of 2022. The amounts in the “Translation and other” row in the following table primarily relate to changes in foreign currency exchange rates. The goodwill balance by business segment as of December 31, 2021 and March 31, 2022, follow:
Goodwill
(Millions)Safety and IndustrialTransportation and
Electronics		Health CareConsumerTotal Company
Balance as of December 31, 2021
$4,622$1,825$6,786$253$13,486
Translation and other(17)(12)(85)(4)(118)
Balance as of March 31, 2022
$4,605$1,813$6,701$249$13,368
Accounting standards require that goodwill be tested for impairment annually and between annual tests in certain circumstances such as a change in reporting units or the testing of recoverability of a significant asset group within a reporting unit. At 3M, reporting units correspond to a division. 3M will continue to monitor its reporting units and asset groups in 2022 for any triggering events or other indicators of impairment.
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, as of March 31, 2022, and December 31, 2021, follow:
(Millions)March 31,
2022		December 31,
2021
Customer related intangible assets$4,179 $4,216 
Patents510 513 
Other technology-based intangible assets2,105 2,111 
Definite-lived tradenames1,170 1,171 
Other amortizable intangible assets94 105 
Total gross carrying amount 8,058 8,116 
Accumulated amortization — customer related(1,653)(1,616)
Accumulated amortization — patents (500)(500)
Accumulated amortization — other technology-based(886)(839)
Accumulated amortization — definite-lived tradenames(462)(447)
Accumulated amortization — other (67)(79)
Total accumulated amortization (3,568)(3,481)
Total finite-lived intangible assets — net 4,490 4,635 
Non-amortizable intangible assets (primarily tradenames)651 653 
Total intangible assets — net$5,141 $5,288 
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.
Amortization expense for the three months ended March 31, 2022 and 2021 follows:
Three months ended
March 31,
(Millions)20222021
Amortization expense $131 $133 
11
Expected amortization expense for acquired amortizable intangible assets recorded as of March 31, 2022:
(Millions)
Remainder of 2022
20232024202520262027
After
2027
Amortization expense$378 $483 $455 $425 $418 $391 $1,940 
The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, accelerated amortization of intangible assets and other events. 3M expenses the costs incurred to renew or extend the term of intangible assets.
NOTE 5. Restructuring Actions
2022 and 2021 Restructuring Actions:
Operational/Marketing Capability Restructuring:
As described in Note 5 to the Consolidated Financial Statements in 3M’s 2021 Annual Report on Form 10-K, in late 2020, 3M announced it would undertake certain actions beginning in the fourth quarter of 2020 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. In 2021, management approved and committed to undertake additional actions under this initiative resulting in a 2021 pre-tax charge of $124 million. In the first quarter of 2022, management approved and committed to undertake the remaining actions under this initiative resulting in a pre-tax charge of $18 million. This initiative, begun in 2020 and ending with committed first quarter 2022 actions, impacted approximately 3,100 positions worldwide with a pre-tax charge of approximately $280 million over that period. The related restructuring charges for periods presented were recorded in the income statement as follows:
Three months ended
March 31,
(Millions)20222021
Cost of sales$—$1
Selling, general and administrative expenses129
Research, development and related expenses64
Total operating income impact$18$14
The business segment operating income impact of these restructuring charges is summarized as follows:
Three months ended
March 31,
Employee-Related
(Millions)20222021
Safety and Industrial$2$2
Transportation and Electronics43
Health Care21
Consumer21
Corporate and Unallocated87
Total Operating Expense$18$14
Restructuring actions, including cash and non-cash impacts, follow:
(Millions)Employee-Related
Accrued restructuring action balance as of December 31, 2021$87 
Incremental expense incurred in the first quarter of 202218 
Cash payments(53)
Adjustments(8)
Accrued restructuring action balances as of March 31, 2022
$44 
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NOTE 6. Supplemental Income Statement Information
Other expense (income), net consists of the following:
Three months ended
March 31,
(Millions)20222021
Interest expense$113$132
Interest income(8)(4)
Pension and postretirement net periodic benefit cost (benefit)(67)(79)
Total$38$49
Interest expense includes an early debt extinguishment pre-tax charge of approximately $11 million in the first quarter of 2021.
Pension and postretirement net periodic benefit costs described in the table above include all components of defined benefit plan net periodic benefit costs except service cost, which is reported in various operating expense lines. Refer to Note 11 for additional details on the components of pension and postretirement net periodic benefit costs.
NOTE 7. Supplemental Equity and Comprehensive Income Information
Cash dividends declared and paid totaled $1.49 and $1.48 per share for the first quarter of 2022 and 2021, respectively.
Consolidated Changes in Equity
Three months ended March 31, 2022
3M Company Shareholders
(Millions)TotalCommon
Stock and
Additional
Paid-in Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)		Non-
controlling
Interest
Balance at December 31, 2021
$15,117$6,438$45,821$(30,463)$(6,750)$71
Net income1,3031,2994
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(171)(170)(1)
Defined benefit pension and post-retirement plans adjustment8787
Cash flow hedging instruments(1)(1)
Total other comprehensive income (loss), net of tax(85)
Dividends declared(852)(852)
Stock-based compensation130130
Reacquired stock(773)(773)
Issuances pursuant to stock option and benefit plans164(212)376
Balance at March 31, 2022
$15,004$6,568$46,056$(30,860)$(6,834)$74
13
Three months ended March 31, 2021
3M Company Shareholders
(Millions)TotalCommon
Stock and
Additional
Paid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)		Non-
controlling
Interest
Balance at December 31, 2020
$12,931$6,171$43,821$(29,404)$(7,721)$64
Net income1,6271,6243
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(222)(223)1
Defined benefit pension and post-retirement plans adjustment119119 
Cash flow hedging instruments58 58 
Total other comprehensive income (loss), net of tax(45)
Dividends declared(858)(858)
Stock-based compensation121121 
Reacquired stock(243)(243)
Issuances pursuant to stock option and benefit plans295(332)627 
Balance at March 31, 2021
$13,828$6,292$44,255$(29,020)$(7,767)$