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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 June 30, 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 June 30, 2021

Common Stock, $0.01 par value per share

578,638,253 shares

Table of Contents

3M COMPANY

Form 10-Q for the Quarterly Period Ended June 30, 2021

TABLE OF CONTENTS

BEGINNING
PAGE

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements

3

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

7

Note 1. Significant Accounting Policies

7

Note 2. Revenue

9

Note 3. Acquisitions and Divestitures

12

Note 4. Goodwill and Intangible Assets

12

Note 5. Restructuring Actions

14

Note 6. Supplemental Income Statement Information

16

Note 7. Supplemental Equity and Comprehensive Income Information

16

Note 8. Income Taxes

20

Note 9. Marketable Securities

20

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

21

Note 11. Pension and Postretirement Benefit Plans

21

Note 12. Derivatives

22

Note 13. Fair Value Measurements

29

Note 14. Commitments and Contingencies

31

Note 15. Stock-Based Compensation

49

Note 16. Business Segments

52

ITEM 2.

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

54

Index to Management’s Discussion and Analysis:

Overview

54

Results of Operations

63

Performance by Business Segment

65

Financial Condition and Liquidity

70

Cautionary Note Concerning Factors That May Affect Future Results

76

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

77

ITEM 4.

Controls and Procedures

77

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

78

ITEM 1A.

Risk Factors

78

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

82

ITEM 3.

Defaults Upon Senior Securities

83

ITEM 4.

Mine Safety Disclosures

83

ITEM 5.

Other Information

83

ITEM 6.

Exhibits

83

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Table of Contents

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended June 30, 2021

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)

    

2021

    

2020

    

2021

2020

 

Net sales

$

8,950

$

7,176

$

17,801

$

15,251

Operating expenses

Cost of sales

 

4,719

 

3,805

 

9,244

 

7,914

Selling, general and administrative expenses

 

1,746

 

1,594

 

3,554

 

3,362

Research, development and related expenses

 

514

 

424

 

1,038

 

961

Gain on sale of businesses

(387)

(389)

Total operating expenses

 

6,979

 

5,436

 

13,836

 

11,848

Operating income

 

1,971

 

1,740

 

3,965

 

3,403

Other expense (income), net

 

33

 

90

 

82

 

165

Income before income taxes

 

1,938

 

1,650

 

3,883

 

3,238

Provision for income taxes

 

415

 

347

 

734

 

625

Income of consolidated group

1,523

1,303

3,149

2,613

Income (loss) from unconsolidated subsidiaries, net of taxes

2

3

Net income including noncontrolling interest

1,525

1,303

3,152

2,613

Less: Net income (loss) attributable to noncontrolling interest

 

1

 

(3)

 

4

 

(1)

Net income attributable to 3M

$

1,524

$

1,306

$

3,148

$

2,614

Weighted average 3M common shares outstanding — basic

 

581.0

 

577.0

 

580.7

 

576.9

Earnings per share attributable to 3M common shareholders — basic

$

2.62

$

2.26

$

5.42

$

4.53

Weighted average 3M common shares outstanding — diluted

 

588.6

 

580.8

 

587.4

 

581.2

Earnings per share attributable to 3M common shareholders — diluted

$

2.59

$

2.25

$

5.36

$

4.50

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 Comprehensive Income

(Unaudited)

    

Three months ended 

    

Six months ended 

June 30,

June 30,

(Millions)

    

2021

    

2020

    

2021

    

2020

Net income including noncontrolling interest

$

1,525

$

1,303

$

3,152

$

2,613

Other comprehensive income (loss), net of tax:

Cumulative translation adjustment

 

170

 

106

 

(52)

 

(338)

Defined benefit pension and postretirement plans adjustment

 

121

 

47

 

240

 

155

Cash flow hedging instruments

 

(11)

 

(36)

 

47

 

11

Total other comprehensive income (loss), net of tax

 

280

 

117

 

235

 

(172)

Comprehensive income (loss) including noncontrolling interest

 

1,805

 

1,420

 

3,387

 

2,441

Comprehensive (income) loss attributable to noncontrolling interest

 

 

3

 

(4)

 

4

Comprehensive income (loss) attributable to 3M

$

1,805

$

1,423

$

3,383

$

2,445

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)

    

June 30,

    

December 31,

 

(Dollars in millions, except per share amount)

    

2021

    

2020

 

Assets

Current assets

Cash and cash equivalents

$

4,695

$

4,634

Marketable securities — current

 

805

 

404

Accounts receivable — net of allowances of $230 and $233

 

4,991

 

4,705

Inventories

Finished goods

 

2,356

 

2,081

Work in process

 

1,342

 

1,226

Raw materials and supplies

 

1,144

 

932

Total inventories

 

4,842

 

4,239

Prepaids

633

675

Other current assets

 

377

 

325

Total current assets

 

16,343

 

14,982

Property, plant and equipment

 

27,132

 

26,650

Less: Accumulated depreciation

 

(17,774)

 

(17,229)

Property, plant and equipment — net

 

9,358

 

9,421

Operating lease right of use assets

872

864

Goodwill

 

13,722

 

13,802

Intangible assets — net

 

5,572

 

5,835

Other assets

 

2,440

 

2,440

Total assets

$

48,307

$

47,344

Liabilities

Current liabilities

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

$

1,981

$

806

Accounts payable

 

2,931

 

2,561

Accrued payroll

 

832

 

747

Accrued income taxes

 

247

 

300

Operating lease liabilities — current

268

256

Other current liabilities

 

3,181

 

3,278

Total current liabilities

 

9,440

 

7,948

Long-term debt

 

16,267

 

17,989

Pension and postretirement benefits

 

4,184

 

4,405

Operating lease liabilities

603

 

609

Other liabilities

 

3,297

 

3,462

Total liabilities

$

33,791

$

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 - June 30, 2021: 578,638,253

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

Additional paid-in capital

 

6,337

 

6,162

Retained earnings

 

44,824

 

43,821

Treasury stock, at cost:

 

(29,236)

 

(29,404)

Shares at June 30, 2021: 365,394,803

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

Accumulated other comprehensive income (loss)

 

(7,486)

 

(7,721)

Total 3M Company shareholders’ equity

 

14,448

 

12,867

Noncontrolling interest

 

68

 

64

Total equity

$

14,516

$

12,931

Total liabilities and equity

$

48,307

$

47,344

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)

    

Six months ended 

June 30,

(Millions)

    

2021

    

2020

Cash Flows from Operating Activities

Net income including noncontrolling interest

$

3,152

$

2,613

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

Depreciation and amortization

 

932

 

932

Company pension and postretirement contributions

 

(85)

 

(77)

Company pension and postretirement expense

 

92

 

155

Stock-based compensation expense

 

184

 

172

Gain on sale of businesses

(389)

Deferred income taxes

 

91

 

41

Changes in assets and liabilities

Accounts receivable

 

(337)

 

241

Inventories

 

(644)

 

(198)

Accounts payable

 

411

 

(269)

Accrued income taxes (current and long-term)

 

(141)

 

273

Other — net

 

(80)

 

(376)

Net cash provided by (used in) operating activities

 

3,575

 

3,118

Cash Flows from Investing Activities

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

 

(704)

 

(711)

Proceeds from sale of PP&E and other assets

 

43

 

16

Acquisitions, net of cash acquired

 

 

(25)

Purchases of marketable securities and investments

 

(1,188)

 

(634)

Proceeds from maturities and sale of marketable securities and investments

 

786

 

976

Proceeds from sale of businesses, net of cash sold

 

 

573

Other — net

 

20

 

7

Net cash provided by (used in) investing activities

 

(1,043)

 

202

Cash Flows from Financing Activities

Change in short-term debt — net

 

4

 

(132)

Repayment of debt (maturities greater than 90 days)

 

(450)

 

(1,146)

Proceeds from debt (maturities greater than 90 days)

 

1

 

1,745

Purchases of treasury stock

 

(734)

 

(366)

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

 

480

 

236

Dividends paid to shareholders

 

(1,716)

 

(1,693)

Other — net

 

(19)

 

(45)

Net cash provided by (used in) financing activities

 

(2,434)

 

(1,401)

Effect of exchange rate changes on cash and cash equivalents

 

(37)

 

(53)

Net increase (decrease) in cash and cash equivalents

 

61

 

1,866

Cash and cash equivalents at beginning of year

 

4,634

 

2,353

Cash and cash equivalents at end of period

$

4,695

$

4,219

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

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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Table of Contents

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

Consolidated Statement of Income

Three months ended 

Six months ended 

June 30, 2020

June 30, 2020

Under Prior

    

Under Prior

(Millions, except per share amounts)

Method