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Table of Contents

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, 2020

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 March 31, 2020

Common Stock, $0.01 par value per share

575,196,371 shares

Table of Contents

3M COMPANY

Form 10-Q for the Quarterly Period Ended March 31, 2020

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

10

Note 3. Acquisitions and Divestitures

12

Note 4. Goodwill and Intangible Assets

13

Note 5. Restructuring Actions and Exit Activities

15

Note 6. Supplemental Income Statement Information

15

Note 7. Supplemental Equity and Comprehensive Income Information

16

Note 8. Income Taxes

18

Note 9. Marketable Securities

19

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

20

Note 11. Pension and Postretirement Benefit Plans

21

Note 12. Derivatives

21

Note 13. Fair Value Measurements

28

Note 14. Commitments and Contingencies

30

Note 15. Stock-Based Compensation

45

Note 16. Business Segments

48

ITEM 2.

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

Index to Management’s Discussion and Analysis:

Overview

50

Results of Operations

57

Performance by Business Segment

60

Financial Condition and Liquidity

64

Cautionary Note Concerning Factors That May Affect Future Results

70

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

71

ITEM 4.

Controls and Procedures

71

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

72

ITEM 1A.

Risk Factors

72

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

ITEM 3.

Defaults Upon Senior Securities

76

ITEM 4.

Mine Safety Disclosures

76

ITEM 5.

Other Information

76

ITEM 6.

Exhibits

77

2

Table of Contents

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended March 31, 2020

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)

    

2020

    

2019

    

Net sales

$

8,075

$

7,863

Operating expenses

Cost of sales

 

4,109

 

4,310

Selling, general and administrative expenses

 

1,768

 

1,948

Research, development and related expenses

 

537

 

477

Gain on sale of businesses

(2)

(8)

Total operating expenses

 

6,412

 

6,727

Operating income

 

1,663

 

1,136

Other expense (income), net

 

96

 

48

Income before income taxes

 

1,567

 

1,088

Provision for income taxes

 

273

 

195

Net income including noncontrolling interest

$

1,294

$

893

Less: Net income attributable to noncontrolling interest

 

2

 

2

Net income attributable to 3M

$

1,292

$

891

Weighted average 3M common shares outstanding — basic

 

576.8

 

577.5

Earnings per share attributable to 3M common shareholders — basic

$

2.24

$

1.54

Weighted average 3M common shares outstanding — diluted

 

581.5

 

588.5

Earnings per share attributable to 3M common shareholders — diluted

$

2.22

$

1.51

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

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3M Company and Subsidiaries

Consolidated Statement of Comprehensive Income

(Unaudited)

    

Three months ended 

    

March 31,

(Millions)

    

2020

    

2019

    

Net income including noncontrolling interest

$

1,294

$

893

Other comprehensive income (loss), net of tax:

Cumulative translation adjustment

 

(444)

 

77

Defined benefit pension and postretirement plans adjustment

 

119

 

84

Cash flow hedging instruments

 

47

 

6

Total other comprehensive income (loss), net of tax

 

(278)

 

167

Comprehensive income (loss) including noncontrolling interest

 

1,016

 

1,060

Comprehensive (income) loss attributable to noncontrolling interest

 

1

 

(2)

Comprehensive income (loss) attributable to 3M

$

1,017

$

1,058

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

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3M Company and Subsidiaries

Consolidated Balance Sheet

(Unaudited)

    

March 31,

    

December 31,

 

(Dollars in millions, except per share amount)

    

2020

    

2019

 

Assets

Current assets

Cash and cash equivalents

$

4,253

$

2,353

Marketable securities — current

 

224

 

98

Accounts receivable — net of allowances of $172 and $161

 

4,821

 

4,791

Inventories

Finished goods

 

2,021

 

2,003

Work in process

 

1,214

 

1,194

Raw materials and supplies

 

982

 

937

Total inventories

 

4,217

 

4,134

Prepaids

604

704

Other current assets

 

971

 

891

Total current assets

 

15,090

 

12,971

Property, plant and equipment

 

26,000

 

26,124

Less: Accumulated depreciation

 

(16,835)

 

(16,791)

Property, plant and equipment — net

 

9,165

 

9,333

Operating lease right of use assets

849

858

Goodwill

 

13,312

 

13,444

Intangible assets — net

 

6,191

 

6,379

Other assets

 

1,605

 

1,674

Total assets

$

46,212

$

44,659

Liabilities

Current liabilities

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

$

3,248

$

2,795

Accounts payable

 

2,207

 

2,228

Accrued payroll

 

523

 

702

Accrued income taxes

 

136

 

194

Operating lease liabilities — current

244

247

Other current liabilities

 

2,776

 

3,056

Total current liabilities

 

9,134

 

9,222

Long-term debt

 

19,247

 

17,518

Pension and postretirement benefits

 

3,794

 

3,911

Operating lease liabilities

603

 

607

Other liabilities

 

3,225

 

3,275

Total liabilities

$

36,003

$

34,533

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, 2020: 575,196,371

Shares outstanding - December 31, 2019: 575,184,835

Additional paid-in capital

 

6,024

 

5,907

Retained earnings

 

42,345

 

42,135

Treasury stock, at cost:

 

(29,817)

 

(29,849)

Shares at March 31, 2020: 368,836,685

Shares at December 31, 2019: 368,848,221

Accumulated other comprehensive income (loss)

 

(8,414)

 

(8,139)

Total 3M Company shareholders’ equity

 

10,147

 

10,063

Noncontrolling interest

 

62

 

63

Total equity

$

10,209

$

10,126

Total liabilities and equity

$

46,212

$

44,659

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

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3M Company and Subsidiaries

Consolidated Statement of Cash Flows

(Unaudited)

    

Three months ended 

 

March 31,

(Millions)

    

2020

    

2019

 

Cash Flows from Operating Activities

Net income including noncontrolling interest

$

1,294

$

893

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

Depreciation and amortization

 

440

 

375

Company pension and postretirement contributions

 

(39)

 

(47)

Company pension and postretirement expense

 

98

 

70

Stock-based compensation expense

 

120

 

130

Gain on sale of businesses

(2)

(5)

Deferred income taxes

 

29

 

(56)

Changes in assets and liabilities

Accounts receivable

 

(143)

 

(78)

Inventories

 

(207)

 

(178)

Accounts payable

 

12

 

(3)

Accrued income taxes (current and long-term)

 

68

 

Other — net

 

(457)

 

(53)

Net cash provided by (used in) operating activities

 

1,213

 

1,048

Cash Flows from Investing Activities

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

 

(332)

 

(391)

Proceeds from sale of PP&E and other assets

 

7

 

1

Acquisitions, net of cash acquired

 

(25)

 

(704)

Purchases of marketable securities and investments

 

(318)

 

(511)

Proceeds from maturities and sale of marketable securities and investments

 

207

 

369

Proceeds from sale of businesses, net of cash sold

 

86

 

6

Other — net

 

 

5

Net cash provided by (used in) investing activities

 

(375)

 

(1,225)

Cash Flows from Financing Activities

Change in short-term debt — net

 

462

 

(428)

Repayment of debt (maturities greater than 90 days)

 

 

(246)

Proceeds from debt (maturities greater than 90 days)

 

1,745

 

2,265

Purchases of treasury stock

 

(365)

 

(701)

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

 

149

 

215

Dividends paid to shareholders

 

(847)

 

(830)

Other — net

 

(36)

 

(17)

Net cash provided by (used in) financing activities

 

1,108

 

258

Effect of exchange rate changes on cash and cash equivalents

 

(46)

 

4

Net increase (decrease) in cash and cash equivalents

 

1,900

 

85

Cash and cash equivalents at beginning of year

 

2,353

 

2,853

Cash and cash equivalents at end of period

$

4,253

$

2,938

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

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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 16, effective in the first quarter of 2020, the Company changed its business segment reporting in its continuing effort to improve the alignment of businesses around markets and customers. Additionally, the Company consolidated the way it presents geographic area net sales by providing an aggregate Americas geographic region (combining former United States and Latin America and Canada areas). Information provided 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 as applicable since the Company’s 2019 Annual Report on Form 10-K as a result of adoption of new accounting pronouncements as described in the “New Accounting Pronouncements” section.

Accounts receivable and allowances: Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains allowances for bad debts, cash discounts, and various other items. The allowances for bad debts and cash discounts are based on the best estimate of the amount of expected credit losses in existing accounts receivable and anticipated cash discounts. The Company determines the allowances based on historical write-off experience by industry and regional economic data, current expectations of future credit losses, and historical cash discounts. The Company reviews the allowances monthly. The allowances for bad debts as well as the provision for credit losses, write-off activity and recoveries for the periods presented are not material. The Company does not have any significant off-balance-sheet credit exposure related to its customers. The Company has long-term receivables that typically aggregate to less than $100 million, do not have significant credit risk, and the origination dates of which are typically not older than five years. These long-term receivables are subject to an allowance methodology similar to other receivables.

Marketable securities: Marketable securities include available-for-sale debt securities and are recorded at fair value. Cost of securities sold use the first in, first out (FIFO) method. The classification of marketable securities as current or non-current is based on the availability for use in current operations. 3M reviews impairments associated with its marketable securities in accordance with the measurement guidance provided by ASC 320, Investments-Debt Securities and ASC 326-30, Available-for-Sale Debt Securities, when determining whether a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment relating to credit losses is recorded through an allowance for credit losses. The allowance is limited by the amount that the fair value is less than the amortized cost basis. A change in the allowance for credit losses is recorded into earnings in the period of the change. Any impairment that has not been recorded through an allowance for credit losses is recorded through accumulated other comprehensive income as a component of shareholders’ equity. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes in the credit quality of the underlying loan obligors, credit ratings actions, as well as other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. Amounts are reclassified out of accumulated other comprehensive income and into earnings upon sale or a change in the portions of impairment related to credit losses and not related to credit losses.

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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 was considered highly inflationary beginning in 2018, 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 had a consolidating 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 the periods presented. 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.

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 the 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 (19.2 million and 5.2 million average options for the three months ended March 31, 2020 and 2019, respectively). 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)

    

2020

    

2019

    

Numerator:

Net income attributable to 3M

$

1,292

$

891

Denominator:

Denominator for weighted average 3M common shares outstanding basic

 

576.8

 

577.5

Dilution associated with the Company’s stock-based compensation plans

 

4.7

 

11.0

Denominator for weighted average 3M common shares outstanding diluted

 

581.5

 

588.5

Earnings per share attributable to 3M common shareholders basic

$

2.24

$

1.54

Earnings per share attributable to 3M common shareholders diluted

$

2.22

$

1.51

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New Accounting Pronouncements

See the Company’s 2019 Annual Report on Form 10-K for a more detailed discussion of the standards in the tables that follow, except for those pronouncements issued subsequent to the most recent Form 10-K filing date for which separate, more detailed discussion is provided below as applicable.

Standards Adopted During the Current Fiscal Year

Standard

Relevant Description

Effective Date for 3M

Impact and Other Matters

ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (in conjunction with ASU Nos. 2018-19, 2019-04, 2019-05, 2019-11, and 2020-03)

Introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities.

Amends the current other-than-temporary impairment model for available-for-sale debt securities. For such securities with unrealized losses, entities will still consider if a portion of any impairment is related only to credit losses and therefore recognized as a reduction in income.

January 1, 2020

Adopted using the modified retrospective approach. Adoption of this ASU did not have a material impact due to the nature and extent of 3M’s financial instruments in scope for this ASU (primarily accounts receivable) and the historical, current and expected credit quality of its customers as of the date of adoption.

See Note 1 Significant Accounting Policies for updated applicable accounting policies.

ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement

Eliminates, amends, and adds disclosure requirements for fair value measurements, primarily related to Level 3 fair value measurements.

January 1, 2020

This ASU relates to disclosure only. The nature and extent of 3M’s financial instruments in scope for this ASU (primarily Level 3 fair value measurements) are immaterial to 3M’s consolidated results of operations and financial condition.

ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e. hosting arrangement) with the guidance on capitalizing costs in ASC 350-40, Internal-Use Software

January 1, 2020

Adopted on a prospective basis. Relevant capitalizable costs are included in prepaid expenses or other non-current asset, as applicable, prospectively beginning in 2020.

Standards Issued and Not Yet Adopted

Standard

Relevant Description

Effective Date for 3M

Impact and Other Matters

ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740)

Eliminates certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the tax basis of goodwill.

January 1, 2021

3M previously disclosed it does not expect this ASU to have a material impact on its consolidated results of operations and financial condition.

ASU No. 2020-01, Clarifying the Interactions between Topic 321, Investments—Equity Securities, Topic 323, Investments—Equity Method and Joint Ventures, and Topic 815, Derivatives and Hedging

Clarifies when accounting for certain equity securities, a Company should consider observable transactions before applying or upon discontinuing the equity method of accounting for the purposes of applying the measurement alternative.

Indicates when determining the accounting for certain derivatives, a Company should not consider if the underlying securities would be accounted for under the equity method or fair value option.

January 1, 2021

3M previously disclosed it does not expect this ASU to have a material impact on its consolidated results of operations and financial condition, but will apply such guidance, where applicable, to future circumstances.

Relevant New Standards Issued Subsequent to Most Recent Annual Report

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as LIBOR which is being phased out in 2021, to alternate reference rates, such as SOFR. The standard was effective upon issuance and allowed application to

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contract changes as early as January 1, 2020. The provisions have impact as contract modifications and other changes occur while LIBOR is phased out. The Company is in the process of evaluating the optional relief guidance provided within this ASU and is also reviewing its debt securities, bank facilities, derivative instruments and commercial contracts that utilize LIBOR as the reference rate. 3M will continue its assessment and monitor regulatory developments during the LIBOR transition period.

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, 2020 and December 31, 2019 was $422 million and $430 million, respectively. Approximately $160 million of the December 31, 2019 balance was recognized as revenue during the three months ended March 31, 2020, while approximately $370 million of the December 31, 2018 balance was recognized as revenue during the three months ended March 31, 2019.

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)

2020

    

2019

Abrasives

$

330

$

363

Automotive Aftermarket

284

306

Closure and Masking Systems

268

278

Electrical Markets

291

311

Industrial Adhesives and Tapes

674

683

Personal Safety

990

924

Roofing Granules

95

92

Other Safety and Industrial

3

6

Total Safety and Industrial Business Segment

$

2,935

$

2,963

Advanced Materials

$

288

$

311

Automotive and Aerospace

447

508

Commercial Solutions

429

462

Electronics

863

861

Transportation Safety

211

216

Other Transportation and Electronics

(3)

Total Transportation and Electronics Business Segment

$

2,238

$

2,355

Drug Delivery

$

105

$

83

Food Safety

91

83

Health Information Systems

277

260

Medical Solutions

1,153

773

Oral Care

277

341

Separation and Purification Sciences

202

203

Other Health Care

(2)

(5)

Total Health Care Business Group

$

2,103

$

1,738

Consumer Health Care

$

99

$

97

Home Care

270

257

Home Improvement

576

528

Stationery and Office

273

295

Other Consumer

38

23

Total Consumer Business Group

$

1,256

$

1,200

Corporate and Unallocated

$

1

$

22

Elimination of Dual Credit

(458)

(415)

Total Company

$

8,075

$

7,863

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Three months ended March 31, 2020

Net Sales (Millions)

    

Americas

Asia Pacific

    

Europe, Middle East and Africa

    

Other Unallocated

    

Worldwide

Safety and Industrial

$

1,519

$

719

$

698

$

(1)

$

2,935

Transportation and Electronics

 

675

 

1,201

 

362

 

 

2,238

Health Care

1,281

356

467

(1)

2,103

Consumer

 

874

 

250

 

132

 

 

1,256

Corporate and Unallocated

 

1

 

 

 

 

1

Elimination of Dual Credit

 

(208)

 

(181)

 

(69)

 

 

(458)

Total Company

$

4,142

$

2,345

$

1,590

$

(2)

$

8,075

Three months ended March 31, 2019

Net Sales (Millions)

    

Americas

Asia Pacific

    

Europe, Middle East and Africa

    

Other Unallocated

    

Worldwide

Safety and Industrial

$

1,486

$

759

$

719

$

(1)

$

2,963

Transportation and Electronics

 

713

 

1,257

 

386

 

(1)

 

2,355

Health Care

922

378

438

1,738

Consumer

 

803

 

257

 

141

 

(1)

 

1,200

Corporate and Unallocated

 

21