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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 June 30, 2019

Commission file number: 1-3285

3M COMPANY

(Exact name of registrant as specified in its charter)

Delaware

41-0417775

(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 class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, Par Value $.01 Per Share

MMM

New York Stock Exchange, Inc.

MMM

Chicago Stock Exchange, Inc.

1.500% Notes due 2026

MMM26

New York Stock Exchange, Inc.

Floating Rate Notes due 2020

New York Stock Exchange, Inc.

0.375% Notes due 2022

MMM22A

New York Stock Exchange, Inc.

0.950% Notes due 2023

MMM23

New York Stock Exchange, Inc.

1.750% Notes due 2030

MMM30

New York Stock Exchange, Inc.

1.500% Notes due 2031

MMM31

New York Stock Exchange, Inc.

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 June 30, 2019

Common Stock, $0.01 par value per share

575,279,050 shares

3M COMPANY

Form 10-Q for the Quarterly Period Ended June 30, 2019

TABLE OF CONTENTS

BEGINNING
PAGE

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements

Index to Financial Statements:

Consolidated Statement of Income

3

Consolidated Statement of Comprehensive Income

4

Consolidated Balance Sheet

5

Consolidated Statement of Cash Flows

6

Notes to Consolidated Financial Statements

Note 1. Significant Accounting Policies

7

Note 2. Revenue

11

Note 3. Acquisitions and Divestitures

13

Note 4. Goodwill and Intangible Assets

15

Note 5. Restructuring Actions and Exit Activities

16

Note 6. Supplemental Income Statement Information

18

Note 7. Supplemental Equity and Comprehensive Income Information

18

Note 8. Income Taxes

22

Note 9. Marketable Securities

23

Note 10. Long-Term Debt and Short-Term Borrowings

24

Note 11. Pension and Postretirement Benefit Plans

24

Note 12. Derivatives

25

Note 13. Fair Value Measurements

32

Note 14. Commitments and Contingencies

35

Note 15. Leases

47

Note 16. Stock-Based Compensation

51

Note 17. Business Segments

54

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis:

Overview

57

Results of Operations

65

Performance by Business Segment

69

Financial Condition and Liquidity

76

Cautionary Note Concerning Factors That May Affect Future Results

82

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

82

ITEM 4.

Controls and Procedures

83

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

84

ITEM 1A.

Risk Factors

84

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

86

ITEM 3.

Defaults Upon Senior Securities

87

ITEM 4.

Mine Safety Disclosures

87

ITEM 5.

Other Information

87

ITEM 6.

Exhibits

87

2

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended June 30, 2019

PART I. Financial Information

Item 1. Financial Statements.

3M Company and Subsidiaries

Consolidated Statement of Income

(Unaudited)

    

Three months ended 

    

Six months ended 

 

June 30,

June 30,

(Millions, except per share amounts)

    

2019

    

2018

    

2019

2018

 

Net sales

$

8,171

$

8,390

$

16,034

$

16,668

Operating expenses

Cost of sales

 

4,313

 

4,227

 

8,623

 

8,463

Selling, general and administrative expenses

 

1,686

 

1,800

 

3,634

 

4,373

Research, development and related expenses

 

470

 

468

 

947

 

954

Gain on sale of businesses

(506)

(8)

(530)

Total operating expenses

 

6,469

 

5,989

 

13,196

 

13,260

Operating income

 

1,702

 

2,401

 

2,838

 

3,408

Other expense (income), net

 

256

 

51

 

304

 

93

Income before income taxes

 

1,446

 

2,350

 

2,534

 

3,315

Provision for income taxes

 

315

 

488

 

510

 

847

Net income including noncontrolling interest

$

1,131

$

1,862

$

2,024

$

2,468

Less: Net income attributable to noncontrolling interest

 

4

 

5

 

6

 

9

Net income attributable to 3M

$

1,127

$

1,857

$

2,018

$

2,459

Weighted average 3M common shares outstanding — basic

 

577.7

 

591.4

 

577.6

 

593.8

Earnings per share attributable to 3M common shareholders — basic

$

1.95

$

3.14

$

3.49

$

4.14

Weighted average 3M common shares outstanding — diluted

 

586.1

 

604.2

 

587.3

 

608.5

Earnings per share attributable to 3M common shareholders — diluted

$

1.92

$

3.07

$

3.44

$

4.04

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 

    

Six months ended 

June 30,

June 30,

(Millions)

    

2019

    

2018

    

2019

    

2018

Net income including noncontrolling interest

$

1,131

$

1,862

$

2,024

$

2,468

Other comprehensive income (loss), net of tax:

Cumulative translation adjustment

 

123

 

(496)

 

200

 

(329)

Defined benefit pension and postretirement plans adjustment

 

196

 

114

 

280

 

230

Cash flow hedging instruments

 

(38)

 

162

 

(32)

 

101

Total other comprehensive income (loss), net of tax

 

281

 

(220)

 

448

 

2

Comprehensive income (loss) including noncontrolling interest

 

1,412

 

1,642

 

2,472

 

2,470

Comprehensive (income) loss attributable to noncontrolling interest

 

(5)

 

(1)

 

(7)

 

(4)

Comprehensive income (loss) attributable to 3M

$

1,407

$

1,641

$

2,465

$

2,466

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

4

3M Company and Subsidiaries

Consolidated Balance Sheet

(Unaudited)

    

June 30,

    

December 31,

 

(Dollars in millions, except per share amount)

    

2019

    

2018

 

Assets

Current assets

Cash and cash equivalents

$

2,849

$

2,853

Marketable securities — current

 

139

 

380

Accounts receivable — net

 

5,374

 

5,020

Inventories

Finished goods

 

1,980

 

2,120

Work in process

 

1,348

 

1,292

Raw materials and supplies

 

972

 

954

Total inventories

 

4,300

 

4,366

Prepaids

949

741

Other current assets

 

440

 

349

Total current assets

 

14,051

 

13,709

Property, plant and equipment

 

25,565

 

24,873

Less: Accumulated depreciation

 

(16,567)

 

(16,135)

Property, plant and equipment — net

 

8,998

 

8,738

Operating lease right of use assets

879

Goodwill

 

10,574

 

10,051

Intangible assets — net

 

2,964

 

2,657

Other assets

 

1,503

 

1,345

Total assets

$

38,969

$

36,500

Liabilities

Current liabilities

Short-term borrowings and current portion of long-term debt

$

892

$

1,211

Accounts payable

 

2,130

 

2,266

Accrued payroll

 

604

 

749

Accrued income taxes

 

223

 

243

Operating lease liabilities — current

247

Other current liabilities

 

3,169

 

2,775

Total current liabilities

 

7,265

 

7,244

Long-term debt

 

14,914

 

13,411

Pension and postretirement benefits

 

2,761

 

2,987

Operating lease liabilities

619

 

Other liabilities

 

3,268

 

3,010

Total liabilities

$

28,827

$

26,652

Commitments and contingencies (Note 14)

Equity

3M Company shareholders’ equity:

Common stock par value, $.01 par value; 944,033,056 shares issued

$

9

$

9

Additional paid-in capital

 

5,812

 

5,643

Retained earnings

 

41,362

 

40,636

Treasury stock, at cost: 368,754,006 shares at June 30, 2019; 367,457,888 shares at December 31, 2018

 

(29,828)

 

(29,626)

Accumulated other comprehensive income (loss)

 

(7,272)

 

(6,866)

Total 3M Company shareholders’ equity

 

10,083

 

9,796

Noncontrolling interest

 

59

 

52

Total equity

$

10,142

$

9,848

Total liabilities and equity

$

38,969

$

36,500

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)

    

Six months ended 

 

June 30,

(Millions)

    

2019

    

2018

 

Cash Flows from Operating Activities

Net income including noncontrolling interest

$

2,024

$

2,468

Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities

Depreciation and amortization

 

751

 

762

Company pension and postretirement contributions

 

(88)

 

(261)

Company pension and postretirement expense

 

176

 

204

Stock-based compensation expense

 

182

 

208

Gain on sale of businesses

(5)

(530)

Deferred income taxes

 

(74)

 

(1)

Loss on deconsolidation of Venezuelan subsidiary

 

162

 

Changes in assets and liabilities

Accounts receivable

 

(258)

 

(606)

Inventories

 

75

 

(337)

Accounts payable

 

(173)

 

(12)

Accrued income taxes (current and long-term)

 

(163)

 

234

Other — net

 

101

 

(87)

Net cash provided by (used in) operating activities

 

2,710

 

2,042

Cash Flows from Investing Activities

Purchases of property, plant and equipment (PP&E)

 

(812)

 

(669)

Proceeds from sale of PP&E and other assets

 

3

 

96

Acquisitions, net of cash acquired

 

(704)

 

13

Purchases of marketable securities and investments

 

(751)

 

(964)

Proceeds from maturities and sale of marketable securities and investments

 

1,005

 

1,636

Proceeds from sale of businesses, net of cash sold

 

6

 

806

Other — net

 

18

 

(11)

Net cash provided by (used in) investing activities

 

(1,235)

 

907

Cash Flows from Financing Activities

Change in short-term debt — net

 

(441)

 

774

Repayment of debt (maturities greater than 90 days)

 

(871)

 

(6)

Proceeds from debt (maturities greater than 90 days)

 

2,265

 

6

Purchases of treasury stock

 

(1,101)

 

(2,537)

Proceeds from issuance of treasury stock pursuant to stock option and benefit plans

 

365

 

305

Dividends paid to shareholders

 

(1,660)

 

(1,612)

Other — net

 

(34)

 

(26)

Net cash provided by (used in) financing activities

 

(1,477)

 

(3,096)

Effect of exchange rate changes on cash and cash equivalents

 

(2)

 

(105)

Net increase (decrease) in cash and cash equivalents

 

(4)

 

(252)

Cash and cash equivalents at beginning of year

 

2,853

 

3,053

Cash and cash equivalents at end of period

$

2,849

$

2,801

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 Annual Report on Form 10-K.

As described in Note 17, effective in the second quarter of 2019, the Company realigned its former five business segments into four to enable the Company to better serve global customers and markets. In addition, certain product lines were moved to better align with their respective end customers. Earlier in the first quarter of 2019, the Company changed its business segment reporting in its continuing effort to improve the alignment of businesses around markets and customers. These changes included the realignment of certain customer account activity in various countries (affecting dual credit reporting), creation of the Closure and Masking Systems and Medical Solutions divisions, and certain other actions that impacted segment reporting. Segment information presented herein reflects the impact of these changes for all periods presented.

Changes to Significant Accounting Policies

The following significant accounting policies have been added or changed since the Company’s 2018 Annual Report on Form 10-K.

Leases: As described in the “New Accounting Pronouncements” section, 3M adopted Accounting Standards Update (ASU) No. 2016-02, Leases, and other related ASUs (collectively, Accounting Standards Codification (ASC) 842) on January 1, 2019, using the modified retrospective method of adoption. This ASU replaced previous lease accounting guidance. The Company’s accounting policy with respect to leases and additional disclosure relative to ASC 842 are included in Note 15.

Income Taxes: As described in the “New Accounting Pronouncements” section, 3M adopted ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The Company’s accounting policy for income taxes has been updated to indicate the uses of the portfolio approach for releasing income tax effects from accumulated other comprehensive loss.

Foreign Currency Translation

Local currencies generally are considered the functional currencies outside the United States. 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 month-end exchange rates of each applicable month. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity.

3M has a subsidiary in Venezuela, the financial statements of which were remeasured as if its functional currency were that of its parent because Venezuela’s economic environment is considered highly inflationary. The operating income of this subsidiary was immaterial as a percent of 3M’s consolidated operating income for 2018. The Venezuelan government sets official rates of exchange and conditions precedent to purchase foreign currency at these rates with local currency. The government has also operated various expanded secondary currency exchange mechanisms that have been eliminated and replaced from time to time. Such rates and conditions have been and continue to be subject to change. During the third quarter of 2018, the Venezuelan government effected a conversion of its currency to the Sovereign Bolivar (VES), essentially equating to its previous Venezuelan Bolivar divided by 100,000. For the periods presented through May 2019, the financial statements of 3M’s Venezuelan subsidiary were remeasured utilizing the rate associated with the secondary auction mechanism, Tipo de Cambio Complementario (DICOM), or its predecessor.

7

Note 1 in 3M’s 2018 Annual Report on Form 10-K provides additional information the Company considers in determining the exchange rate used relative to its Venezuelan subsidiary as well as factors which could lead to its deconsolidation. As described therein, a need to deconsolidate the Company’s Venezuelan subsidiary’s operations results from a lack of exchangeability of VES-denominated cash coupled with an acute degradation in the ability to make key operational decisions due to government regulations in Venezuela. 3M continued to review changes in these underlying factors such as the ability to access various exchange mechanisms; the impact of government regulations on the Company’s ability to manage its Venezuelan subsidiary’s capital structure, purchasing, product pricing, and labor relations; and the current political and economic situation within Venezuela. In light of circumstances, including the country’s unstable environment and heightened unrest leading to sustained lack of demand, and expectation that these circumstances will continue for the foreseeable future, during May 2019, 3M concluded it no longer met the criteria of control in order to continue consolidating its Venezuelan operations. As a result, as of May 31, 2019, the Company began reflecting its interest in the Venezuelan subsidiary as an equity investment that does not have a readily determinable fair value. This resulted in a pre-tax charge of $162 million within other expense (income) in the second quarter of 2019. The charge primarily relates to $144 million of foreign currency translation losses associated with foreign currency movements before Venezuela was accounted for as a highly inflationary economy and pension elements previously included in accumulated other comprehensive loss along with write-down of intercompany receivable and investment balances associated with this subsidiary. Beginning May 31, 2019, 3M’s consolidated balance sheets and statements of operations no longer include the Venezuelan entity’s operations other than an immaterial equity investment and associated loss or income thereon largely only to the extent, if any, that 3M provides support or materials and receives funding or dividends.

3M has subsidiaries in Argentina, the operating income of which was less than one half of one percent of 3M’s consolidated operating income for 2018. Based on various indices, Argentina’s cumulative three-year inflation rate exceeded 100 percent in the second quarter of 2018, thus being considered highly inflationary. As a result, beginning in the third quarter of 2018, the financial statements of the Argentine subsidiaries were remeasured as if their functional currency were that of their parent. As of June 30, 2019, the Company had a balance of net monetary assets denominated in Argentine pesos (ARS) of approximately 200 million ARS and the exchange rate was approximately 43 ARS per U.S. dollar.

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 (6.7 million average options for the three months ended June 30, 2019; 6.0 million average options for the six months ended June 30, 2019; 3.5 million average options for the three months ended June 30, 2018; 2.7 million average options for the six months ended June 30, 2018). The computations for basic and diluted earnings per share follow:

Earnings Per Share Computations