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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 September 30, 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.

0.375% Notes due 2022

MMM22A

New York Stock Exchange, Inc.

0.950% Notes due 2023

MMM23

New York Stock Exchange, Inc.

1.500% Notes due 2026

MMM26

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 September 30, 2020

Common Stock, $0.01 par value per share

576,821,878 shares

Table of Contents

3M COMPANY

Form 10-Q for the Quarterly Period Ended September 30, 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

13

Note 4. Goodwill and Intangible Assets

14

Note 5. Restructuring Actions

16

Note 6. Supplemental Income Statement Information

18

Note 7. Supplemental Equity and Comprehensive Income Information

19

Note 8. Income Taxes

23

Note 9. Marketable Securities and Held-to-Maturity Debt Securities

24

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

24

Note 11. Pension and Postretirement Benefit Plans

25

Note 12. Derivatives

27

Note 13. Fair Value Measurements

34

Note 14. Commitments and Contingencies

36

Note 15. Stock-Based Compensation

52

Note 16. Business Segments

55

ITEM 2.

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

Index to Management’s Discussion and Analysis:

Overview

58

Results of Operations

67

Performance by Business Segment

71

Financial Condition and Liquidity

77

Cautionary Note Concerning Factors That May Affect Future Results

83

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

83

ITEM 4.

Controls and Procedures

84

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

85

ITEM 1A.

Risk Factors

85

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

89

ITEM 3.

Defaults Upon Senior Securities

90

ITEM 4.

Mine Safety Disclosures

90

ITEM 5.

Other Information

90

ITEM 6.

Exhibits

90

2

Table of Contents

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended September 30, 2020

PART I. Financial Information

Item 1. Financial Statements.

3M Company and Subsidiaries

Consolidated Statement of Income

(Unaudited)

    

Three months ended 

    

Nine months ended 

 

September 30,

September 30,

(Millions, except per share amounts)

    

2020

    

2019

    

2020

2019

 

Net sales

$

8,350

$

7,991

$

23,601

$

24,025

Operating expenses

Cost of sales

 

4,303

 

4,188

 

12,217

 

12,811

Selling, general and administrative expenses

 

1,677

 

1,455

 

5,039

 

5,089

Research, development and related expenses

 

461

 

443

 

1,422

 

1,390

Gain on sale of businesses

(106)

(389)

(114)

Total operating expenses

 

6,441

 

5,980

 

18,289

 

19,176

Operating income

 

1,909

 

2,011

 

5,312

 

4,849

Other expense (income), net

 

104

 

45

 

311

 

349

Income before income taxes

 

1,805

 

1,966

 

5,001

 

4,500

Provision for income taxes

 

387

 

378

 

1,002

 

888

Income of consolidated group

1,418

1,588

3,999

3,612

Income (loss) from unconsolidated subsidiaries, net of taxes

(1)

(1)

Net income including noncontrolling interest

1,417

1,588

3,998

3,612

Less: Net income (loss) attributable to noncontrolling interest

 

4

 

5

 

3

 

11

Net income attributable to 3M

$

1,413

$

1,583

$

3,995

$

3,601

Weighted average 3M common shares outstanding — basic

 

577.8

 

576.5

 

577.2

 

577.2

Earnings per share attributable to 3M common shareholders — basic

$

2.45

$

2.75

$

6.92

$

6.24

Weighted average 3M common shares outstanding — diluted

 

582.4

 

583.0

 

581.6

 

585.9

Earnings per share attributable to 3M common shareholders — diluted

$

2.43

$

2.72

$

6.87

$

6.15

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

3

Table of Contents

3M Company and Subsidiaries

Consolidated Statement of Comprehensive Income

(Unaudited)

    

Three months ended 

    

Nine months ended 

 

September 30,

September 30,

(Millions)

    

2020

    

2019

    

2020

    

2019

 

Net income including noncontrolling interest

$

1,417

$

1,588

$

3,998

$

3,612

Other comprehensive income (loss), net of tax:

Cumulative translation adjustment

 

271

 

(202)

 

(67)

 

(2)

Defined benefit pension and postretirement plans adjustment

 

127

 

76

 

304

 

356

Cash flow hedging instruments

 

(71)

 

8

 

(60)

 

(24)

Total other comprehensive income (loss), net of tax

 

327

 

(118)

 

177

 

330

Comprehensive income (loss) including noncontrolling interest

 

1,744

 

1,470

 

4,175

 

3,942

Comprehensive (income) loss attributable to noncontrolling interest

 

(5)

 

(3)

 

(1)

 

(10)

Comprehensive income (loss) attributable to 3M

$

1,739

$

1,467

$

4,174

$

3,932

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

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Table of Contents

3M Company and Subsidiaries

Consolidated Balance Sheet

(Unaudited)

    

September 30,

    

December 31,

 

(Dollars in millions, except per share amount)

    

2020

    

2019

 

Assets

Current assets

Cash and cash equivalents

$

4,121

$

2,353

Marketable securities — current

 

440

 

98

Accounts receivable — net of allowances of $228 and $161

 

4,623

 

4,791

Inventories

Finished goods

 

1,859

 

2,003

Work in process

 

1,224

 

1,194

Raw materials and supplies

 

901

 

937

Total inventories

 

3,984

 

4,134

Prepaids

516

704

Other current assets

 

426

 

891

Total current assets

 

14,110

 

12,971

Property, plant and equipment

 

26,452

 

26,124

Less: Accumulated depreciation

 

(17,236)

 

(16,791)

Property, plant and equipment — net

 

9,216

 

9,333

Operating lease right of use assets

844

858

Goodwill

 

13,535

 

13,444

Intangible assets — net

 

5,926

 

6,379

Other assets

 

1,759

 

1,674

Total assets

$

45,390

$

44,659

Liabilities

Current liabilities

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

$

1,169

$

2,795

Accounts payable

 

2,208

 

2,228

Accrued payroll

 

721

 

702

Accrued income taxes

 

220

 

194

Operating lease liabilities — current

252

247

Other current liabilities

 

2,840

 

3,056

Total current liabilities

 

7,410

 

9,222

Long-term debt

 

18,429

 

17,518

Pension and postretirement benefits

 

3,679

 

3,911

Operating lease liabilities

605

 

607

Other liabilities

 

3,324

 

3,275

Total liabilities

$

33,447

$

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 - September 30, 2020: 576,821,878

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

Additional paid-in capital

 

6,116

 

5,907

Retained earnings

 

43,285

 

42,135

Treasury stock, at cost:

 

(29,570)

 

(29,849)

Shares at September 30, 2020: 367,211,178

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

Accumulated other comprehensive income (loss)

 

(7,960)

 

(8,139)

Total 3M Company shareholders’ equity

 

11,880

 

10,063

Noncontrolling interest

 

63

 

63

Total equity

$

11,943

$

10,126

Total liabilities and equity

$

45,390

$

44,659

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

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Table of Contents

3M Company and Subsidiaries

Consolidated Statement of Cash Flows

(Unaudited)

    

Nine months ended 

 

September 30,

(Millions)

    

2020

    

2019

 

Cash Flows from Operating Activities

Net income including noncontrolling interest

$

3,998

$

3,612

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

Depreciation and amortization

 

1,413

 

1,130

Company pension and postretirement contributions

 

(122)

 

(129)

Company pension and postretirement expense

 

295

 

242

Stock-based compensation expense

 

216

 

230

Gain on sale of businesses

(389)

(111)

Deferred income taxes

 

(57)

 

(88)

Loss on deconsolidation of Venezuelan subsidiary

 

 

162

Changes in assets and liabilities

Accounts receivable

 

113

 

(14)

Inventories

 

43

 

255

Accounts payable

 

(48)

 

(222)

Accrued income taxes (current and long-term)

 

146

 

(53)

Other — net

 

(10)

 

(282)

Net cash provided by (used in) operating activities

 

5,598

 

4,732

Cash Flows from Investing Activities

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

 

(1,079)

 

(1,161)

Proceeds from sale of PP&E and other assets

 

29

 

91

Acquisitions, net of cash acquired

 

(25)

 

(704)

Purchases of marketable securities and investments

 

(1,069)

 

(917)

Proceeds from maturities and sale of marketable securities and investments

 

1,239