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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, 2021

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.

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, 2021

Common Stock, $0.01 par value per share

579,675,002 shares

Table of Contents

3M COMPANY

Form 10-Q for the Quarterly Period Ended March 31, 2021

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

11

Note 4. Goodwill and Intangible Assets

12

Note 5. Restructuring Actions and Exit Activities

14

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

19

Note 11. Pension and Postretirement Benefit Plans

20

Note 12. Derivatives

20

Note 13. Fair Value Measurements

27

Note 14. Commitments and Contingencies

29

Note 15. Stock-Based Compensation

47

Note 16. Business Segments

49

ITEM 2.

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

Index to Management’s Discussion and Analysis:

Overview

52

Results of Operations

57

Performance by Business Segment

59

Financial Condition and Liquidity

63

Cautionary Note Concerning Factors That May Affect Future Results

69

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

70

ITEM 4.

Controls and Procedures

70

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

71

ITEM 1A.

Risk Factors

71

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

ITEM 3.

Defaults Upon Senior Securities

75

ITEM 4.

Mine Safety Disclosures

75

ITEM 5.

Other Information

75

ITEM 6.

Exhibits

76

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3M COMPANY

FORM 10-Q

For the Quarterly Period Ended March 31, 2021

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)

    

2021

    

2020

Net sales

$

8,851

$

8,075

Operating expenses

Cost of sales

 

4,525

 

4,109

Selling, general and administrative expenses

 

1,808

 

1,768

Research, development and related expenses

 

524

 

537

Gain on sale of businesses

(2)

Total operating expenses

 

6,857

 

6,412

Operating income

 

1,994

 

1,663

Other expense (income), net

 

49

 

75

Income before income taxes

 

1,945

 

1,588

Provision for income taxes

 

319

 

278

Income of consolidated group

1,626

1,310

Income (loss) from unconsolidated subsidiaries, net of taxes

1

Net income including noncontrolling interest

1,627

1,310

Less: Net income (loss) attributable to noncontrolling interest

 

3

 

2

Net income attributable to 3M

$

1,624

$

1,308

Weighted average 3M common shares outstanding — basic

 

580.5

 

576.8

Earnings per share attributable to 3M common shareholders — basic

$

2.80

$

2.27

Weighted average 3M common shares outstanding — diluted

 

586.3

 

581.5

Earnings per share attributable to 3M common shareholders — diluted

$

2.77

$

2.25

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)

    

2021

    

2020

 

Net income including noncontrolling interest

$

1,627

$

1,310

Other comprehensive income (loss), net of tax:

Cumulative translation adjustment

 

(222)

 

(444)

Defined benefit pension and postretirement plans adjustment

 

119

 

108

Cash flow hedging instruments

 

58

 

47

Total other comprehensive income (loss), net of tax

 

(45)

 

(289)

Comprehensive income (loss) including noncontrolling interest

 

1,582

 

1,021

Comprehensive (income) loss attributable to noncontrolling interest

 

(4)

 

1

Comprehensive income (loss) attributable to 3M

$

1,578

$

1,022

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)

    

2021

    

2020

 

Assets

Current assets

Cash and cash equivalents

$

4,636

$

4,634

Marketable securities — current

 

501

 

404

Accounts receivable — net of allowances of $231 and $233

 

4,817

 

4,705

Inventories

Finished goods

 

2,215

 

2,081

Work in process

 

1,249

 

1,226

Raw materials and supplies

 

994

 

932

Total inventories

 

4,458

 

4,239

Prepaids

535

675

Other current assets

 

398

 

325

Total current assets

 

15,345

 

14,982

Property, plant and equipment

 

26,705

 

26,650

Less: Accumulated depreciation

 

(17,465)

 

(17,229)

Property, plant and equipment — net

 

9,240

 

9,421

Operating lease right of use assets

871

864

Goodwill

 

13,654

 

13,802

Intangible assets — net

 

5,697

 

5,835

Other assets

 

2,373

 

2,440

Total assets

$

47,180

$

47,344

Liabilities

Current liabilities

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

$

1,368

$

806

Accounts payable

 

2,670

 

2,561

Accrued payroll

 

655

 

747

Accrued income taxes

 

277

 

300

Operating lease liabilities — current

267

256

Other current liabilities

 

3,126

 

3,278

Total current liabilities

 

8,363

 

7,948

Long-term debt

 

16,819

 

17,989

Pension and postretirement benefits

 

4,231

 

4,405

Operating lease liabilities

609

 

609

Other liabilities

 

3,330

 

3,462

Total liabilities

$

33,352

$

34,413

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, 2021: 579,675,002

Shares outstanding - December 31, 2020: 577,749,638

Additional paid-in capital

 

6,283

 

6,162

Retained earnings

 

44,255

 

43,821

Treasury stock, at cost:

 

(29,020)

 

(29,404)

Shares at March 31, 2021: 364,358,054

Shares at December 31, 2020: 366,283,418

Accumulated other comprehensive income (loss)

 

(7,767)

 

(7,721)

Total 3M Company shareholders’ equity

 

13,760

 

12,867

Noncontrolling interest

 

68

 

64

Total equity

$

13,828

$

12,931

Total liabilities and equity

$

47,180

$

47,344

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)

    

2021

    

2020

 

Cash Flows from Operating Activities

Net income including noncontrolling interest

$

1,627

$

1,310

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

Depreciation and amortization

 

460

 

440

Company pension and postretirement contributions

 

(47)

 

(39)

Company pension and postretirement expense

 

47

 

77

Stock-based compensation expense

 

131

 

120

Gain on sale of businesses

(2)

Deferred income taxes

 

16

 

29

Changes in assets and liabilities

Accounts receivable

 

(205)

 

(143)

Inventories

 

(304)

 

(207)

Accounts payable

 

155

 

12

Accrued income taxes (current and long-term)

 

42

 

68

Other — net

 

(234)

 

(452)

Net cash provided by (used in) operating activities

 

1,688

 

1,213

Cash Flows from Investing Activities

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

 

(310)

 

(332)

Proceeds from sale of PP&E and other assets

 

32

 

7

Acquisitions, net of cash acquired

 

 

(25)

Purchases of marketable securities and investments

 

(428)

 

(318)

Proceeds from maturities and sale of marketable securities and investments

 

318

 

207

Proceeds from sale of businesses, net of cash sold

 

 

86

Other — net

 

19

 

Net cash provided by (used in) investing activities

 

(369)

 

(375)

Cash Flows from Financing Activities

Change in short-term debt — net

 

6

 

462

Repayment of debt (maturities greater than 90 days)

 

(450)

 

Proceeds from debt (maturities greater than 90 days)

 

 

1,745

Purchases of treasury stock

 

(231)

 

(365)

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

 

293

 

149

Dividends paid to shareholders

 

(858)

 

(847)

Other — net

 

(11)

 

(36)

Net cash provided by (used in) financing activities

 

(1,251)

 

1,108

Effect of exchange rate changes on cash and cash equivalents

 

(66)

 

(46)

Net increase (decrease) in cash and cash equivalents

 

2

 

1,900

Cash and cash equivalents at beginning of year

 

4,634

 

2,353

Cash and cash equivalents at end of period

$

4,636

$

4,253

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.

Effective in the first quarter of 2021, 3M made the following changes. Information provided herein reflects the impact of these changes for all periods presented.

Change in accounting principle for net periodic pension and postretirement plan cost. See below for additional information.
Change in 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.
Change in alignment of certain products within 3M’s Consumer business segment—creating the Consumer Health and Safety Division. See additional information in Note 16.

Change in Accounting Principle for Determining Net Periodic Pension and Postretirement Plan Cost

In the first quarter of 2021, 3M changed the method it uses to calculate the market-related value of fixed income securities included in its pension and other postretirement plan assets. The market-related value is used to determine the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components of net periodic benefit cost. The Company previously used the calculated value approach for all plan assets, deferring over three years the impact on these amounts of asset gains or losses that differed from expected returns. 3M changed to the fair value approach for calculating market-related value for the fixed income class of plan assets, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit cost. 3M considers the use of the fair value approach preferrable to the calculated value approach as it results in a more current reflection of impacts of changes in value of these plan assets in the determination of net periodic benefit cost. Additionally, given the plans’ liability-driven investment strategy whereby the changes in value of the fixed income plan assets should offset changes in the value of the plans’ liabilities, this approach more closely aligns the expected return on plan assets expense component with the value reflected in the plans’ funded status. This change was applied retrospectively to all periods presented within 3M’s financial statements. The change did not impact consolidated operating income or net cash provided by operating activities but did impact the previously reported portion of pension and postretirement net periodic benefit cost (benefit) that was included within non-operating other expense (income) along with related consolidated income items such as net income and earnings per share. Other impacts included related changes to previously reported consolidated other comprehensive income, retained earnings, accumulated other comprehensive income (loss), and associated line items within the determination of net cash provided by operating activities. For classes of plan assets other than fixed income investments, the Company continues to use the calculated value approach to determine their market-related value.

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The adoption of this change impacted previously reported amounts included herein as indicated in the tables below.

Consolidated Statement of Income

Three months ended 

March 31, 2020

Under Prior

    

(Millions, except per share amounts)

Method

As Adjusted

Other expense (income), net

$

96

$

75

Income before income taxes

$

1,567

$

1,588

Provision for income taxes

273

278

Income of consolidated group

$

1,294

$

1,310

Net income including noncontrolling interest

$

1,294

$

1,310

Net income attributable to 3M

$

1,292

$

1,308

Earnings per share attributable to 3M common shareholders — basic

$

2.24

$

2.27

Earnings per share attributable to 3M common shareholders — diluted

$

2.22

$

2.25

Consolidated Statement of Comprehensive Income

Three months ended 

March 31, 2020

Under Prior

    

(Millions)

Method

As Adjusted

Net income including noncontrolling interest

$

1,294

$

1,310

Other comprehensive income (loss), net of tax:

Defined benefit pension and postretirement plans adjustment

$

119

$

108

Total other comprehensive income (loss), net of tax

$

(278)

$

(289)

Comprehensive income (loss) including noncontrolling interest

$

1,016

$

1,021

Comprehensive income (loss) attributable to 3M

$

1,017

$

1,022

Consolidated Balance Sheet

As of December 31, 2020

Under Prior

(Millions)

Method

As Adjusted

Retained Earnings

$

43,761

$

43,821

Accumulated other comprehensive income (loss)

$

(7,661)

$

(7,721)

Consolidated Statement of Cash Flows

Three months ended 

March 31, 2020

Under Prior

(Millions)

Method

As Adjusted

Net income including noncontrolling interest

$

1,294

$

1,310

Company pension and postretirement expense

$

98

$

77

Other — net

$

(457)

$

(452)

The cumulative adjustment as of January 1, 2020, the beginning of the earliest period presented in the consolidated financial statements included herein, was a $5 million reduction to each of retained earnings and accumulated other comprehensive loss.

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 (8.7 million and 19.2 million average

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options for the three months ended March 31, 2021 and 2020, 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)

    

2021

    

2020

 

Numerator:

Net income attributable to 3M

$

1,624

$

1,308

Denominator:

Denominator for weighted average 3M common shares outstanding basic

 

580.5

 

576.8

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

 

5.8

 

4.7

Denominator for weighted average 3M common shares outstanding diluted

 

586.3

 

581.5

Earnings per share attributable to 3M common shareholders basic

$

2.80

$

2.27

Earnings per share attributable to 3M common shareholders diluted

$

2.77

$

2.25

New Accounting Pronouncements

Refer to Note 1 in 3M’s 2020 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. 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

Adoption of this ASU did not have a material impact on 3M’s 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

Adoption of this ASU did not have a material impact on 3M’s consolidated results of operations and financial condition.

ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on

Financial Reporting and ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope

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 beginning at the end of 2021, to alternate reference rates, such as SOFR.

Effective upon ASUs’ issuances in 2020 & 2021

With the beginning of the phase out of LIBOR at the end of 2021, 3M continues to evaluate commercial contracts that may utilize LIBOR and will continue to monitor developments during the LIBOR transition period.

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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, 2021 and December 31, 2020 was $482 million and $498 million, respectively. Approximately $180 million of the December 31, 2020 balance was recognized as revenue during the three months ended March 31, 2021, while approximately $160 million of the December 31, 2019 balance was recognized as revenue during the three months ended March 31, 2020.

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 $140 million and $142 million for the three months ended March 31, 2021 and 2020, respectively.

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)

2021

    

2020

Abrasives

$

352

$

330

Automotive Aftermarket

312

284

Closure and Masking Systems

243

268

Electrical Markets

307

288

Industrial Adhesives and Tapes

768

671

Personal Safety

1,237

989

Roofing Granules

108

95

Other Safety and Industrial

2

Total Safety and Industrial Business Segment

$

3,327

$

2,927

Advanced Materials

$

316

$

288

Automotive and Aerospace

516

448

Commercial Solutions

438

430

Electronics

1,042

863

Transportation Safety

218

211

Other Transportation and Electronics

1

(1)

Total Transportation and Electronics Business Segment

$

2,531

$

2,239

Drug Delivery

$

$

105

Food Safety

88

91

Health Information Systems

289

277

Medical Solutions

1,267

1,153

Oral Care

363

277

Separation and Purification Sciences

241

202

Other Health Care

(1)

Total Health Care Business Group

$

2,248

$

2,104

Consumer Health and Safety

$

150

$

172

Home Care

279

271

Home Improvement

623

503

Stationery and Office

285