07/26/2024 | Press release | Distributed by Public on 07/26/2024 04:36
Q2 2024
|
Q2 2023
|
|||
GAAP EPS from continuing operations (GAAP EPS) | $ | 2.17 | $ | (12.94) |
Special items: | ||||
Net costs for significant litigation | 0.44 | 14.43 | ||
(Increase) decrease in value of Solventum ownership | (2.00) | - | ||
Pension risk transfer charge | 1.09 | - | ||
Other special items, net | 0.23 | (0.10) | ||
Adjusted EPS from continuing operations (Adjusted EPS) | $ | 1.93 | $ | 1.39 |
Memo: | ||||
GAAP operating income margin | 20.3 | % | (148.9) | % |
Adjusted operating income margin | 21.6 | % | 17.2 | % |
GAAP | Adjusted (Non-GAAP) | |
Net sales (Millions) | $6,255 | $6,019 |
Sales change
|
||
Total sales | (0.5)% | 1.1% |
Components of sales change: | ||
Organic sales1
|
(0.3)% | 1.2% |
Acquisitions/divestitures | 1.2% | 1.3% |
Translation | (1.4)% | (1.4)% |
Adjusted sales excludes manufactured PFAS products. | ||
1Above adjusted organic sales increase includes a 120 basis point headwind from product portfolio initiatives and exit of certain small countries.
|
Prior 2024 forecast2
|
Current 2024 forecast2
|
|
Adjusted total sales growth | (0.25%) to +1.75% | (0.25%) to +1.75% |
Adjusted organic sales growth | flat to +2% | flat to +2% |
Adjusted EPS
|
$6.80 to $7.30 | $7.00 to $7.30 |
Three months ended June 30, |
Six months ended June 30, |
|||||||
(Millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ | 6,255 | $ | 6,283 | $ | 12,271 | $ | 12,338 |
Operating expenses | ||||||||
Cost of sales | 3,571 | 3,728 | 7,056 | 7,472 | ||||
Selling, general and administrative expenses | 1,132 | 11,615 | 2,260 | 12,763 | ||||
Research, development and related expenses | 280 | 298 | 534 | 595 | ||||
Total operating expenses | 4,983 | 15,641 | 9,850 | 20,830 | ||||
Operating income (loss) | 1,272 | (9,358) | 2,421 | (8,492) | ||||
Other expense (income), net | (138) | 72 | 82 | 128 | ||||
Income (loss) from continuing operations before income taxes | 1,410 | (9,430) | 2,339 | (8,620) | ||||
Provision (benefit) for income taxes | 203 | (2,261) | 423 | (2,116) | ||||
Income (loss) from continuing operations of consolidated group | 1,207 | (7,169) | 1,916 | (6,504) | ||||
Income (loss) from unconsolidated subsidiaries, net of taxes | 3 | 3 | 4 | 5 | ||||
Net income (loss) from continuing operations including noncontrolling interest | 1,210 | (7,166) | 1,920 | (6,499) | ||||
Less: Net income (loss) attributable to noncontrolling interest | 6 | 5 | 11 | 10 | ||||
Net income (loss) from continuing operations attributable to 3M | 1,204 | (7,171) | 1,909 | (6,509) | ||||
Net income (loss) from discontinued operations, net of taxes
|
(59) | 330 | 164 | 644 | ||||
Net income (loss) attributable to 3M | $ | 1,145 | $ | (6,841) | $ | 2,073 | $ | (5,865) |
Earnings (loss) per share attributable to 3M common shareholders: | ||||||||
Weighted average 3M common shares outstanding - basic | 553.8 | 553.9 | 554.4 | 553.3 | ||||
Earnings (loss) per share from continuing operations - basic
|
$ | 2.17 | $ | (12.94) | $ | 3.44 | $ | (11.76) |
Earnings (loss) per share from discontinued operations - basic
|
(0.10) | 0.59 | 0.30 | 1.16 | ||||
Earnings (loss) per share - basic
|
$ | 2.07 | $ | (12.35) | $ | 3.74 | $ | (10.60) |
Weighted average 3M common shares outstanding - diluted | 554.8 | 553.9 | 555.3 | 553.3 | ||||
Earnings (loss) per share from continuing operations - diluted
|
$ | 2.17 | $ | (12.94) | $ | 3.44 | $ | (11.76) |
Earnings (loss) per share from discontinued operations - diluted
|
(0.10) | 0.59 | 0.29 | 1.16 | ||||
Earnings (loss) per share - diluted | $ | 2.07 | $ | (12.35) | $ | 3.73 | $ | (10.60) |
June 30, 2024 |
December 31, 2023 |
|||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 10,083 | $ | 5,735 |
Marketable securities - current | 255 | 50 | ||
Accounts receivable - net | 3,575 | 3,601 | ||
Inventories | 4,060 | 3,944 | ||
Prepaids | 444 | 344 | ||
Other current assets | 1,098 | 326 | ||
Current assets of discontinued operations | - | 2,379 | ||
Total current assets | 19,515 | 16,379 | ||
Property, plant and equipment - net | 7,472 | 7,690 | ||
Operating lease right of use assets | 610 | 657 | ||
Goodwill and intangible assets - net | 7,584 | 7,705 | ||
Other assets | 8,196 | 6,806 | ||
Non-current assets of discontinued operations | - | 11,343 | ||
Total assets | $ | 43,377 | $ | 50,580 |
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Short-term borrowings and current portion of long-term debt | $ | 1,302 | $ | 2,947 |
Accounts payable | 2,813 | 2,776 | ||
Accrued payroll | 602 | 695 | ||
Accrued income taxes | 407 | 304 | ||
Operating lease liabilities - current | 169 | 192 | ||
Other current liabilities | 9,052 | 6,660 | ||
Current liabilities of discontinued operations | - | 1,723 | ||
Total current liabilities | 14,345 | 15,297 | ||
Long-term debt | 11,781 | 13,088 | ||
Other liabilities | 13,263 | 16,641 | ||
Non-current liabilities of discontinued operations | - | 686 | ||
Total liabilities | 39,389 | 45,712 | ||
Total equity | 3,988 | 4,868 | ||
Shares outstanding | ||||
June 30, 2024: 549,353,621
|
||||
December 31, 2023: 552,581,136
|
||||
Total liabilities and equity | $ | 43,377 | $ | 50,580 |
Six months ended June 30, | ||||
2024 | 2023 | |||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 1,788 | $ | 2,784 |
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (644) | (852) | ||
Purchases and proceeds from sale or maturities of marketable securities and investments - net | (236) | 170 | ||
Other investing activities | 24 | 63 | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (856) | (619) | ||
Cash flows from financing activities: | ||||
Change in debt - net
|
5,509 | (44) | ||
Purchases of treasury stock | (421) | (29) | ||
Proceeds from issuances of treasury stock pursuant to stock option and benefit plans | 30 | 218 | ||
Dividends paid to shareholders | (1,221) | (1,655) | ||
Cash transferred to Solventum related to separation, net
|
(577) | - | ||
Other financing activities | (57) | (9) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 3,263 | (1,519) | ||
Effect of exchange rate changes on cash and cash equivalents | (45) | (43) | ||
Net increase (decrease) in cash and cash equivalents | 4,150 | 603 | ||
Cash and cash equivalents at beginning of year | 5,933 | 3,655 | ||
Cash and cash equivalents at end of period | $ | 10,083 | $ | 4,258 |
Three months ended June 30, 2024 | ||||||||
Sales Change Analysis By Geographic Area | Americas | Asia Pacific | Europe, Middle East and Africa | Worldwide | ||||
Organic sales | 0.7 | % | 0.6 | % | (4.6) | % | (0.3) | % |
Acquisitions | 0.5 | 0.2 | - | 0.4 | ||||
Divestitures | 1.6 | 0.1 | 0.1 | 0.8 | ||||
Translation | (0.3) | (4.0) | (0.7) | (1.4) | ||||
Total sales change | 2.5 | % | (3.1) | % | (5.2) | % | (0.5) | % |
Six months ended June 30, 2024 | ||||||||
Sales Change Analysis By Geographic Area | Americas | Asia Pacific | Europe, Middle East and Africa | Worldwide | ||||
Organic sales | (0.6) | % | 1.1 | % | (1.6) | % | (0.3) | % |
Acquisitions | 0.7 | 0.1 | - | 0.4 | ||||
Divestitures | 0.8 | - | (0.1) | 0.4 | ||||
Translation | 0.1 | (4.0) | 0.4 | (1.0) | ||||
Total sales change | 1.0 | % | (2.8) | % | (1.3) | % | (0.5) | % |
Three months ended June 30, 2024 | ||||||||||
Worldwide Sales Change By Business Segment | Organic sales | Acquisitions | Divestitures | Translation |
Total sales change |
|||||
Safety and Industrial | 1.1 | % | - | % | - | % | (1.3) | % | (0.2) | % |
Transportation and Electronics | (1.3) | 1.0 | - | (1.9) | (2.2) | |||||
Consumer | (1.4) | - | - | (1.0) | (2.4) | |||||
Six months ended June 30, 2024 | ||||||||||
Worldwide Sales Change By Business Segment | Organic sales | Acquisitions | Divestitures | Translation |
Total sales change |
|||||
Safety and Industrial | (0.2) | % | - | % | - | % | (0.7) | % | (0.9) | % |
Transportation and Electronics | 0.6 | 1.2 | - | (1.6) | 0.2 | |||||
Consumer | (2.6) | - | - | (0.7) | (3.3) |
BUSINESS SEGMENT INFORMATION |
Three months ended June 30, |
Six months ended June 30, |
||||||
NET SALES | ||||||||
(Millions) | 2024 | 2023 | 2024 | 2023 | ||||
Safety and Industrial | $ | 2,759 | $ | 2,765 | $ | 5,491 | $ | 5,544 |
Transportation and Electronics | 2,143 | 2,191 | 4,247 | 4,241 | ||||
Consumer | 1,263 | 1,293 | 2,403 | 2,485 | ||||
Corporate and Unallocated | 86 | 22 | 112 | 45 | ||||
Other | 4 | 12 | 18 | 23 | ||||
Total Company | $ | 6,255 | $ | 6,283 | $ | 12,271 | $ | 12,338 |
BUSINESS SEGMENT INFORMATION |
Three months ended June 30, |
Six months ended June 30, |
||||||
OPERATING INCOME (LOSS) | ||||||||
(Millions) | 2024 | 2023 | 2024 | 2023 | ||||
Safety and Industrial | $ | 612 | $ | 534 | $ | 1,269 | $ | 1,135 |
Transportation and Electronics | 428 | 410 | 909 | 704 | ||||
Consumer | 219 | 235 | 435 | 414 | ||||
Corporate and Unallocated | ||||||||
Corporate special items: | ||||||||
Net costs for significant litigation | (8) | (10,357) | (71) | (10,439) | ||||
Divestiture costs | (14) | (1) | (20) | (4) | ||||
Russia exit (charges) benefits | - | 18 | - | 18 | ||||
Total corporate special items | (22) | (10,340) | (91) | (10,425) | ||||
Other corporate (expense) income - net | (2) | (207) | (73) | (339) | ||||
Total Corporate and Unallocated | (24) | (10,547) | (164) | (10,764) | ||||
Other | 37 | 10 | (28) | 19 | ||||
Total Company operating income (loss) | 1,272 | (9,358) | 2,421 | (8,492) | ||||
Other expense/(income), net | (138) | 72 | 82 | 128 | ||||
Income (loss) before income taxes | $ | 1,410 | $ | (9,430) | $ | 2,339 | $ | (8,620) |
Net sales by division reflecting continuing operations (millions) | 2023 | |
Abrasives | $ | 1,327 |
Automotive Aftermarket | 1,237 | |
Electrical Markets | 1,285 | |
Industrial Adhesives and Tapes | 2,051 | |
Industrial Specialties | 1,180 | |
Personal Safety | 3,382 | |
Roofing Granules | 494 | |
Total Safety and Industrial Business Segment | 10,956 | |
Advanced Materials | 1,167 | |
Automotive and Aerospace | 1,925 | |
Commercial Branding and Transportation | 2,546 | |
Electronics | 2,863 | |
Total Transportation and Electronics Business Segment | 8,501 | |
Consumer Safety and Well-Being | 1,096 | |
Home and Auto Care | 1,260 | |
Home Improvement | 1,448 | |
Packaging and Expression | 1,222 | |
Total Consumer Business Segment | 5,026 | |
Corporate and Unallocated | 90 | |
Other | 37 | |
Total Company | $ | 24,610 |
Net sales by geographic area reflecting continuing operations (millions) | 2023 | |
Americas | $ | 13,268 |
Asia Pacific | 7,068 | |
Europe, Middle East and Africa | 4,274 | |
Worldwide | $ | 24,610 |
GAAP amounts for which a measure adjusted for special items is also provided: |
Reasons 3M believes the measure is useful:
|
•Net sales (and sales change)
|
Considered, in addition to segment operating performance, in evaluating and managing operations; useful in understanding underlying business performance, provides additional transparency to special items
|
•Operating income (loss), segment operating income (loss) and operating income (loss) margin
|
|
•Other expense (income), net
|
|
•Income (loss) from continuing operations before taxes
|
|
•Provision for income taxes and effective tax rate
|
|
•Net income (loss) from continuing operations
|
|
•Earnings (loss) per share from continuing operations
|
Additional non-GAAP measures: | |
•Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjusted free cash flow and adjusted free cash flow conversion
|
Used as indicators of strength and ability to generate cash and as indicator of capital deployment; meaningful as measures of performance |
•Adjusted EBITDA and adjusted EBITDA margin
|
Considered in evaluating and managing operations; meaningful in analyses of ongoing underlying operating trends |
•Net debt
|
Meaningful as indicator of liquidity and measure of capital structure strategy |
Three months ended June 30, 2023 | ||||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Other expense (income), net | Income (loss) from continuing operations before taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | |||||||||
Safety and Industrial | ||||||||||||||||||
GAAP amounts | $ | 534 | 19.3 | % | ||||||||||||||
Adjustments for special items: | ||||||||||||||||||
Net costs for significant litigation | 80 | |||||||||||||||||
Total special items | 80 | |||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 614 | 22.2 | % | ||||||||||||||
Transportation and Electronics | ||||||||||||||||||
GAAP amounts | $ | 2,191 | $ | 410 | 18.7 | % | ||||||||||||
Adjustments for special items: | ||||||||||||||||||
Manufactured PFAS products | (332) | (41) | ||||||||||||||||
Total special items | (332) | (41) | ||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 1,859 | $ | 369 | 19.8 | % | ||||||||||||
Total Company | ||||||||||||||||||
GAAP amounts | $ | 6,283 | $ | (9,358) | (148.9) | % | $ | 72 | $ | (9,430) | $ | (2,261) | 24.0 | % | $ | (7,171) | $ | (12.94) |
Adjustments for special items: | ||||||||||||||||||
Net costs for significant litigation5
|
- | 10,437 | (12) | 10,449 | 2,457 | 7,992 | 14.43 | |||||||||||
Manufactured PFAS products | (332) | (41) | - | (41) | (10) | (31) | (0.06) | |||||||||||
Russia exit charges (benefits) | - | (18) | - | (18) | 3 | (21) | (0.04) | |||||||||||
Divestiture costs | - | 1 | - | 1 | - | 1 | - | |||||||||||
Total special items | (332) | 10,379 | (12) | 10,391 | 2,450 | 7,941 | 14.33 | |||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 5,951 | $ | 1,021 | 17.2 | % | $ | 60 | $ | 961 | $ | 189 | 19.5 | % | $ | 770 | $ | 1.39 |
Three months ended June 30, 2024 | ||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Sales change | Operating income (loss) | Operating income (loss) margin | Other expense (income), net | Income (loss) from continuing operations before taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | Earnings per diluted share from continuing operations percent change | |||||||||||
Safety and Industrial | ||||||||||||||||||||||
GAAP amounts | $ | 612 | 22.2 | % | ||||||||||||||||||
Adjustments for special items: | ||||||||||||||||||||||
Net costs for significant litigation | 11 | |||||||||||||||||||||
Total special items | 11 | |||||||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 623 | 22.6 | % | ||||||||||||||||||
Transportation and Electronics | ||||||||||||||||||||||
GAAP amounts | $ | 2,143 | (2.2) | % | $ | 428 | 20.0 | % | ||||||||||||||
Adjustments for special items: | ||||||||||||||||||||||
Manufactured PFAS products | (236) | (2) | ||||||||||||||||||||
Total special items | (236) | (2) | ||||||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 1,907 | 2.6 | % | $ | 426 | 22.3 | % | ||||||||||||||
Total Company | ||||||||||||||||||||||
GAAP amounts | $ | 6,255 | (0.5) | % | $ | 1,272 | 20.3 | % | $ | (138) | $ | 1,410 | $ | 203 | 14.4 | % | $ | 1,204 | $ | 2.17 | 117 | % |
Adjustments for special items: | ||||||||||||||||||||||
Net costs for significant litigation | - | 19 | (202) | 221 | (25) | 246 | 0.44 | |||||||||||||||
Manufactured PFAS products | (236) | (2) | - | (2) | (1) | (1) | - | |||||||||||||||
Divestiture costs | - | 14 | - | 14 | (113) | 127 | 0.23 | |||||||||||||||
Solventum ownership - change in value
|
- | - | 1,113 | (1,113) | - | (1,113) | (2.00) | |||||||||||||||
Pension risk transfer charge
|
- | - | (795) | 795 | 188 | 607 | 1.09 | |||||||||||||||
Total special items | (236) | 31 | 116 | (85) | 49 | (134) | (0.24) | |||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 6,019 | 1.1 | % | $ | 1,303 | 21.6 | % | $ | (22) | $ | 1,325 | $ | 252 | 19.1 | % | $ | 1,070 | $ | 1.93 | 39 | % |
Six months ended June 30, 2023 | ||||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Other expense (income), net | Income (loss) from continuing operations before taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | |||||||||
Safety and Industrial | ||||||||||||||||||
GAAP amounts | $ | 1,135 | 20.5 | % | ||||||||||||||
Adjustments for special items: | ||||||||||||||||||
Net costs for significant litigation | 41 | |||||||||||||||||
Total special items | 41 | |||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 1,176 | 21.2 | % | ||||||||||||||
Transportation and Electronics | ||||||||||||||||||
GAAP amounts | $ | 4,241 | $ | 704 | 16.6 | % | ||||||||||||
Adjustments for special items: | ||||||||||||||||||
Manufactured PFAS products | (677) | (51) | ||||||||||||||||
Total special items | (677) | (51) | ||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 3,564 | $ | 653 | 18.3 | % | ||||||||||||
Total Company | ||||||||||||||||||
GAAP amounts | $ | 12,338 | $ | (8,492) | (68.8) | % | $ | 128 | $ | (8,620) | $ | (2,116) | 24.6 | % | $ | (6,509) | $ | (11.76) |
Adjustments for special items: | ||||||||||||||||||
Net costs for significant litigation5
|
- | 10,480 | (12) | 10,492 | 2,464 | 8,028 | 14.51 | |||||||||||
Manufactured PFAS products | (677) | (51) | - | (51) | (13) | (38) | (0.07) | |||||||||||
Russia exit charges (benefits) | - | (18) | - | (18) | 3 | (21) | (0.04) | |||||||||||
Divestiture costs | - | 4 | - | 4 | - | 4 | 0.01 | |||||||||||
Total special items | (677) | 10,415 | (12) | 10,427 | 2,454 | 7,973 | 14.41 | |||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 11,661 | $ | 1,923 | 16.5 | % | $ | 116 | $ | 1,807 | $ | 338 | 18.7 | % | $ | 1,464 | $ | 2.65 |
Six months ended June 30, 2024 | ||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Sales change | Operating income (loss) | Operating income (loss) margin | Other expense (income), net | Income (loss) from continuing operations before taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | Earnings per diluted share from continuing operations percent change | |||||||||||
Safety and Industrial | ||||||||||||||||||||||
GAAP amounts | $ | 1,269 | 23.1 | % | ||||||||||||||||||
Adjustments for special items: | ||||||||||||||||||||||
Net costs for significant litigation | 18 | |||||||||||||||||||||
Total special items | 18 | |||||||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 1,287 | 23.4 | % | ||||||||||||||||||
Transportation and Electronics | ||||||||||||||||||||||
GAAP amounts | $ | 4,247 | 0.2 | % | $ | 909 | 21.4 | % | ||||||||||||||
Adjustments for special items: | ||||||||||||||||||||||
Manufactured PFAS products | (517) | (4) | ||||||||||||||||||||
Total special items | (517) | (4) | ||||||||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 3,730 | 4.7 | % | $ | 905 | 24.3 | % | ||||||||||||||
Total Company | ||||||||||||||||||||||
GAAP amounts | $ | 12,271 | (0.5) | % | $ | 2,421 | 19.7 | % | $ | 82 | $ | 2,339 | $ | 423 | 18.1 | % | $ | 1,909 | $ | 3.44 | 129 | % |
Adjustments for special items: | ||||||||||||||||||||||
Net costs for significant litigation | - | 89 | (406) | 495 | 6 | 489 | 0.88 | |||||||||||||||
Manufactured PFAS products | (517) | (4) | - | (4) | (2) | (2) | - | |||||||||||||||
Divestiture costs | - | 20 | - | 20 | (111) | 131 | 0.24 | |||||||||||||||
Solventum ownership - change in value | - | - | 1,113 | (1,113) | - | (1,113) | (2.01) | |||||||||||||||
Pension risk transfer charge
|
- | - | (795) | 795 | 188 | 607 | 1.09 | |||||||||||||||
Total special items | (517) | 105 | (88) | 193 | 81 | 112 | 0.20 | |||||||||||||||
Adjusted amounts (non-GAAP measures)4
|
$ | 11,754 | 0.8 | % | $ | 2,526 | 21.5 | % | $ | (6) | $ | 2,532 | $ | 504 | 19.9 | % | $ | 2,021 | $ | 3.64 | 38 | % |
2024 forecast
|
|
2024 adjusted earnings per share from continuing operations (non-GAAP measure)4,6
|
$7.00 to $7.30 |
2024 adjusted effective tax rate (non-GAAP measure)4,6
|
19% to 20% |
Three months ended June 30, 2024 | ||||||||||
Sales Change3
|
Organic sales | Acquisitions | Divestitures | Translation | Total sales change | |||||
Total Company | (0.3) | % | 0.4 | % | 0.8 | % | (1.4) | % | (0.5) | % |
Remove manufactured PFAS products special item impact | 1.5 | - | 0.1 | - | 1.6 | |||||
Adjusted total Company (non-GAAP measures)4
|
1.2 | % | 0.4 | % | 0.9 | % | (1.4) | % | 1.1 | % |
Transportation and Electronics | (1.3) | % | 1.0 | % | - | % | (1.9) | % | (2.2) | % |
Remove manufactured PFAS products special item impact | 4.6 | 0.1 | - | 0.1 | 4.8 | |||||
Adjusted Transportation and Electronics (non-GAAP measures)4
|
3.3 | % | 1.1 | % | - | % | (1.8) | % | 2.6 | % |
By Geographic Area | ||||||||||
Americas | 0.7 | % | 0.5 | % | 1.6 | % | (0.3) | % | 2.5 | % |
Remove manufactured PFAS products special item impact | 0.3 | - | - | 0.1 | 0.4 | |||||
Adjusted Americas (non-GAAP measures)4
|
1.0 | % | 0.5 | % | 1.6 | % | (0.2) | % | 2.9 | % |
Asia Pacific | 0.6 | % | 0.2 | % | 0.1 | % | (4.0) | % | (3.1) | % |
Remove manufactured PFAS products special item impact | 3.0 | (0.1) | 0.1 | 0.1 | 3.1 | |||||
Adjusted Asia Pacific (non-GAAP measures)4
|
3.6 | % | 0.1 | % | 0.2 | % | (3.9) | % | - | % |
Europe, Middle East & Africa | (4.6) | % | - | % | 0.1 | % | (0.7) | % | (5.2) | % |
Remove manufactured PFAS products special item impact | 2.6 | 0.1 | - | (0.1) | 2.6 | |||||
Adjusted Europe, Middle East & Africa (non-GAAP measures)4
|
(2.0) | % | 0.1 | % | 0.1 | % | (0.8) | % | (2.6) | % |
Six months ended June 30, 2024 | ||||||||||
Sales Change3
|
Organic sales | Acquisitions | Divestitures | Translation | Total sales change | |||||
Total Company | (0.3) | % | 0.4 | % | 0.4 | % | (1.0) | % | (0.5) | % |
Remove manufactured PFAS products special item impact | 1.3 | - | - | - | 1.3 | |||||
Adjusted total Company (non-GAAP measures)4
|
1.0 | % | 0.4 | % | 0.4 | % | (1.0) | % | 0.8 | % |
Transportation and Electronics | 0.6 | % | 1.2 | % | - | % | (1.6) | % | 0.2 | % |
Remove manufactured PFAS products special item impact | 4.3 | 0.2 | - | - | 4.5 | |||||
Adjusted Transportation and Electronics (non-GAAP measures)4
|
4.9 | % | 1.4 | % | - | % | (1.6) | % | 4.7 | % |
By Geographic Area | ||||||||||
Americas | (0.6) | % | 0.7 | % | 0.8 | % | 0.1 | % | 1.0 | % |
Remove manufactured PFAS products special item impact | 0.6 | - | - | - | 0.6 | |||||
Adjusted Americas (non-GAAP measures)4
|
- | % | 0.7 | % | 0.8 | % | 0.1 | % | 1.6 | % |
Asia Pacific | 1.1 | % | 0.1 | % | - | % | (4.0) | % | (2.8) | % |
Remove manufactured PFAS products special item impact | 2.6 | - | - | - | 2.6 | |||||
Adjusted Asia Pacific (non-GAAP measures)4
|
3.7 | % | 0.1 | % | - | % | (4.0) | % | (0.2) | % |
Europe, Middle East & Africa | (1.6) | % | - | % | (0.1) | % | 0.4 | % | (1.3) | % |
Remove manufactured PFAS products special item impact | 1.3 | 0.1 | (0.1) | - | 1.3 | |||||
Adjusted Europe, Middle East & Africa (non-GAAP measures)4
|
(0.3) | % | 0.1 | % | (0.2) | % | 0.4 | % | - | % |
Full-Year 2024 Forecast | ||||||||
Sales Change3
|
Organic sales | Acquisitions | Divestitures | Translation | Total sales change | |||
Total Company6
|
flat to +2% | - | % | 0.75 | % | (1) | % | (0.25%) to +1.75% |
Remove manufactured PFAS products impact6
|
- | - | - | - | - | |||
Adjusted total Company (non-GAAP measures)4,6
|
flat to +2% | - | % | 0.75 | % | (1) | % | (0.25%) to +1.75% |
Three months ended June 30, |
Six months ended June 30, |
|||||||
Major GAAP Cash Flow Categories (dollars in millions) | 2024 | 2023 | 2024 | 2023 | ||||
Net cash provided by (used in) operating activities | $ | 1,021 | $ | 1,509 | $ | 1,788 | $ | 2,784 |
Net cash provided by (used in) investing activities | (463) | (233) | (856) | (619) | ||||
Net cash provided by (used in) financing activities | (1,358) | (803) | 3,263 | (1,519) |
Three months ended June 30, |
Six months ended June 30, |
|||||||
Adjusted Free Cash Flow (non-GAAP measure) (dollars in millions) | 2024 | 2023 | 2024 | 2023 | ||||
Net cash provided by (used in) operating activities | $ | 1,021 | $ | 1,509 | $ | 1,788 | $ | 2,784 |
Adjustments for special items: | ||||||||
Net costs for significant litigation after-tax payment impacts | 122 | 101 | 473 | 159 | ||||
Divestiture costs after-tax payment impacts | 136 | 74 | 275 | 117 | ||||
Divestiture-related restructuring after-tax payment impacts | 1 | 5 | 2 | 7 | ||||
TCJA transition tax payment | 193 | 126 | 193 | 126 | ||||
Manufactured PFAS products impact after-tax payment impacts | (58) | (24) | (128) | (11) | ||||
Total adjustments for special items | 394 | 282 | 815 | 398 | ||||
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)7
|
$ | 1,415 | $ | 1,791 | $ | 2,603 | $ | 3,182 |
Purchases of property, plant and equipment (PPE) | (269) | (377) | (644) | (852) | ||||
Manufactured PFAS products impact - removing related purchases of PPE | 19 | 49 | 39 | 79 | ||||
Adjusted purchases of PPE (non-GAAP measure)7
|
$ | (250) | $ | (328) | $ | (605) | $ | (773) |
Adjusted free cash flow (non-GAAP measure)7
|
$ | 1,165 | $ | 1,463 | $ | 1,998 | $ | 2,409 |
Net income (loss) attributable to 3M | $ | 1,145 | $ | (6,841) | $ | 2,073 | $ | (5,865) |
Adjustments for special items, net of tax: | ||||||||
Net costs for significant litigation | 246 | 7,992 | 489 | 8,028 | ||||
Manufactured PFAS products impact | (1) | (31) | (2) | (38) | ||||
Russia exit charges (benefits) | - | (21) | - | (21) | ||||
Divestiture costs | 184 | 105 | 341 | 187 | ||||
Solventum ownership - change in value | (1,113) | - | (1,113) | - | ||||
Pension risk transfer charge
|
607 | - | 607 | - | ||||
Total adjustments for special items, net of tax | (77) | 8,045 | 322 | 8,156 | ||||
Net income (loss) attributable to 3M adjusted for special items
(used for adjusted free cash flow calculation)
|
$ | 1,068 | $ | 1,204 | $ | 2,395 | $ | 2,291 |
Adjusted free cash flow conversion (non-GAAP measure)7
|
109 | % | 122 | % | 83 | % | 105 | % |
Adjusted EBITDA (non-GAAP measure)8
|
Adjusted EBITDA margin (non-GAAP measure)8
|
|||||||||||
Three months ended June 30, |
Six months ended June 30, |
Three months ended June 30, |
Six months ended June 30, |
|||||||||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||
Safety and Industrial | $ | 760 | $ | 746 | $ | 1,559 | $ | 1,442 | 27.6% | 27.0% | 28.4% | 26.0% |
Transportation and Electronics | 510 | 446 | 1,072 | 807 | 26.8% | 23.9% | 28.8% | 22.6% | ||||
Consumer | 258 | 273 | 512 | 490 | 20.5% | 21.1% | 21.3% | 19.7% | ||||
Corporate and Unallocated and Other | 48 | (164) | (78) | (238) | ||||||||
Total Company | $ | 1,576 | $ | 1,301 | $ | 3,065 | $ | 2,501 | 26.2% | 21.9% | 26.1% | 21.5% |
Three months ended June 30, |
Six months ended June 30, |
|||||||
Adjusted EBITDA (non-GAAP measure) (dollars in millions) | 2024 | 2023 | 2024 | 2023 | ||||
Adjusted net sales (non-GAAP measure)4
|
$ | 6,019 | $ | 5,951 | $ | 11,754 | $ | 11,661 |
Net income (loss) from continuing operations attributable to 3M | 1,204 | (7,171) | 1,909 | (6,509) | ||||
Add/(subtract): | ||||||||
Net income/(loss) attributable to noncontrolling interest | 6 | 5 | 11 | 10 | ||||
(Income)/loss from unconsolidated subsidiaries, net of taxes | (3) | (3) | (4) | (5) | ||||
Provision for income taxes | 203 | (2,261) | 423 | (2,116) | ||||
Other expense/(income): | ||||||||
Interest (Income)/expense | 179 | 97 | 410 | 179 | ||||
Pension & OPEB non-service cost (benefit) | 796 | (25) | 785 | (51) | ||||
Solventum ownership - change in value | (1,113) | - | (1,113) | - | ||||
Depreciation and amortization (DA) expense | 302 | 311 | 592 | 638 | ||||
Adjustments for special items: | ||||||||
Net costs for significant litigation | 19 | 10,437 | 89 | 10,480 | ||||
Manufactured PFAS products impact: | ||||||||
Remove manufactured PFAS products operating (income) loss | (2) | (41) | (4) | (51) | ||||
Subtract PFAS-related amount included in DA above | (29) | (31) | (53) | (60) | ||||
Russia exit charges (benefits) | - | (18) | - | (18) | ||||
Divestiture costs | 14 | 1 | 20 | 4 | ||||
Total special items | 2 | 10,348 | 52 | 10,355 | ||||
Adjusted EBITDA (non-GAAP measure)8
|
$ | 1,576 | $ | 1,301 | $ | 3,065 | $ | 2,501 |
Adjusted EBITDA margin (non-GAAP measure)8
|
26.2 | % | 21.9 | % | 26.1 | % | 21.5 | % |
Adjusted EBITDA (non-GAAP measure) Three months ended June 30, 2024 (dollars in millions) |
Safety and Industrial | Transportation and Electronics | Consumer | Corporate and Unallocated and Other | Total Company | |||||
Adjusted net sales (non-GAAP measure)4
|
$ | 2,759 | $ | 1,907 | $ | 1,263 | $ | 90 | $ | 6,019 |
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4
|
$ | 623 | $ | 426 | $ | 219 | $ | 35 | $ | 1,303 |
Add/(subtract): | ||||||||||
Add depreciation and amortization (DA) expense | 137 | 113 | 39 | 13 | 302 | |||||
Subtract PFAS-related amount included in DA above | - | (29) | - | - | (29) | |||||
Adjusted EBITDA (non-GAAP measure)8
|
$ | 760 | $ | 510 | $ | 258 | $ | 48 | $ | 1,576 |
Adjusted EBITDA margin (non-GAAP measure)8
|
27.6 | % | 26.8 | % | 20.5 | % | 26.2 | % | ||
Three months ended June 30, 2023 (dollars in millions) | ||||||||||
Adjusted net sales (non-GAAP measure)4
|
$ | 2,765 | $ | 1,859 | $ | 1,293 | $ | 34 | $ | 5,951 |
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4
|
$ | 614 | $ | 369 | $ | 235 | $ | (197) | $ | 1,021 |
Add/(subtract): | ||||||||||
Add depreciation and amortization (DA) expense | 132 | 108 | 38 | 33 | 311 | |||||
Subtract PFAS-related amount included in DA above | - | (31) | - | - | (31) | |||||
Adjusted EBITDA (non-GAAP measure)8
|
$ | 746 | $ | 446 | $ | 273 | $ | (164) | $ | 1,301 |
Adjusted EBITDA margin (non-GAAP measure)8
|
27.0 | % | 23.9 | % | 21.1 | % | 21.9 | % |
Six months ended June 30, 2024 (dollars in millions)
|
||||||||||
Adjusted net sales (non-GAAP measure)4
|
$ | 5,491 | $ | 3,730 | $ | 2,403 | $ | 130 | $ | 11,754 |
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4
|
$ | 1,287 | $ | 905 | $ | 435 | $ | (101) | $ | 2,526 |
Add/(subtract): | ||||||||||
Add depreciation and amortization (DA) expense | 272 | 220 | 77 | 23 | 592 | |||||
Subtract PFAS-related amount included in DA above | - | (53) | - | - | (53) | |||||
Adjusted EBITDA (non-GAAP measure)8
|
$ | 1,559 | $ | 1,072 | $ | 512 | $ | (78) | $ | 3,065 |
Adjusted EBITDA margin (non-GAAP measure)8
|
28.4 | % | 28.8 | % | 21.3 | % | 26.1 | % | ||
Six months ended June 30, 2023 (dollars in millions)
|
||||||||||
Adjusted net sales (non-GAAP measure)4
|
$ | 5,544 | $ | 3,564 | $ | 2,485 | $ | 68 | $ | 11,661 |
Business segment operating income (measure of segment operating performance), adjusted for special items (non-GAAP measure)4
|
$ | 1,176 | $ | 653 | $ | 414 | $ | (320) | $ | 1,923 |
Add/(subtract): | ||||||||||
Add depreciation and amortization (DA) expense | 266 | 214 | 76 | 82 | 638 | |||||
Subtract PFAS-related amount included in DA above | - | (60) | - | - | (60) | |||||
Adjusted EBITDA (non-GAAP measure)8
|
$ | 1,442 | $ | 807 | $ | 490 | $ | (238) | $ | 2,501 |
Adjusted EBITDA margin (non-GAAP measure)8
|
26.0 | % | 22.6 | % | 19.7 | % | 21.5 | % |
Net Debt (non-GAAP measure) | June 30, 2024 | December 31, 2023 | ||
Total debt | $ | 13,083 | $ | 16,035 |
Less: Cash, cash equivalents and marketable securities | 10,372 | 5,805 | ||
Net debt (non-GAAP measure)9
|
$ | 2,711 | $ | 10,230 |
Reflecting continuing operations | ||||||||||||
(Millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per share from continuing operations - diluted | ||||||
Q1 2024 | $ | 6,016 | $ | 1,149 | 19.1 | % | 23.7 | % | $ | 705 | $ | 1.27 |
Q1 2023 | 6,055 | 866 | 14.3 | 17.9 | 662 | 1.20 | ||||||
Q2 2023 | 6,283 | (9,358) | N/M | 24.0 | (7,171) | (12.94) | ||||||
Q3 2023 | 6,270 | (3,096) | (49.4) | 23.5 | (2,527) | (4.56) | ||||||
Q4 2023 | 6,002 | 899 | 15.0 | 3.9 | 634 | 1.14 | ||||||
Full-Year 2023
|
24,610 | (10,689) | (43.4) | 25.4 | (8,402) | (15.17) | ||||||
Full-Year 2022
|
26,161 | 4,369 | 16.7 | 4.5 | 4,013 | 7.07 | ||||||
Full-Year 2021
|
27,224 | 4,929 | 18.1 | 17.1 | 3,935 | 6.72 |
Continuing operations adjusted amounts (non-GAAP measures) | ||||||||||||
(Millions, except per share amounts) | Net sales |
Operating income
|
Operating income margin
|
Effective tax rate |
Net income from continuing operations attributable to 3M
|
Earnings per share from continuing operations - diluted
|
||||||
Q1 2024 | $ | 5,735 | $ | 1,223 | 21.3 | % | 20.9 | % | $ | 951 | $ | 1.71 |
Q1 2023 | 5,710 | 902 | 15.8 | 17.7 | 694 | 1.26 | ||||||
Q2 2023 | 5,951 | 1,021 | 17.2 | 19.5 | 770 | 1.39 | ||||||
Q3 2023 | 5,978 | 1,292 | 21.6 | 24.8 | 934 | 1.68 | ||||||
Q4 2023 | 5,682 | 1,129 | 19.9 | 13.6 | 948 | 1.70 | ||||||
Full-Year 2023
|
23,321 | 4,344 | 18.6 | 19.2 | 3,346 | 6.04 | ||||||
Full-Year 2022
|
24,810 | 4,717 | 19.0 | 16.6 | 3,796 | 6.69 | ||||||
Full-Year 2021
|
25,966 | 5,257 | 20.2 | 17.5 | 4,188 | 7.15 |
Three months ended March 31, 2024 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 6,016 | $ | 1,149 | 19.1 | % | $ | 929 | $ | 220 | 23.7 | % | $ | 705 | $ | 1.27 |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 70 | 274 | 31 | 243 | 0.44 | ||||||||||
Manufactured PFAS products | (281) | (2) | (2) | (1) | (1) | - | ||||||||||
Divestiture costs | - | 6 | 6 | 2 | 4 | - | ||||||||||
Total special items | (281) | 74 | 278 | 32 | 246 | 0.44 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 5,735 | $ | 1,223 | 21.3 | % | $ | 1,207 | $ | 252 | 20.9 | % | $ | 951 | $ | 1.71 |
Three months ended March 31, 2023 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 6,055 | $ | 866 | 14.3 | % | $ | 810 | $ | 145 | 17.9 | % | $ | 662 | $ | 1.20 |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 43 | 43 | 7 | 36 | 0.07 | ||||||||||
Manufactured PFAS products | (345) | (10) | (10) | (3) | (7) | (0.01) | ||||||||||
Divestiture costs | - | 3 | 3 | - | 3 | - | ||||||||||
Total special items | (345) | 36 | 36 | 4 | 32 | 0.06 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 5,710 | $ | 902 | 15.8 | % | $ | 846 | $ | 149 | 17.7 | % | $ | 694 | $ | 1.26 |
Three months ended June 30, 2023 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 6,283 | $ | (9,358) | N/M | $ | (9,430) | $ | (2,261) | 24.0 | % | $ | (7,171) | $ | (12.94) | |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 10,437 | 10,449 | 2,457 | 7,992 | 14.43 | ||||||||||
Manufactured PFAS products | (332) | (41) | (41) | (10) | (31) | (0.06) | ||||||||||
Russia exit charges (benefits) | - | (18) | (18) | 3 | (21) | (0.04) | ||||||||||
Divestiture costs | - | 1 | 1 | - | 1 | - | ||||||||||
Total special items | (332) | 10,379 | 10,391 | 2,450 | 7,941 | 14.33 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 5,951 | $ | 1,021 | 17.2 | % | $ | 961 | $ | 189 | 19.5 | % | $ | 770 | $ | 1.39 |
Three months ended September 30, 2023 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 6,270 | $ | (3,096) | (49.4) | % | $ | (3,302) | $ | (777) | 23.5 | % | $ | (2,527) | $ | (4.56) |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 4,312 | 4,469 | 1,068 | 3,401 | 6.13 | ||||||||||
Manufactured PFAS products | (292) | 105 | 105 | 25 | 80 | 0.15 | ||||||||||
Gain on business divestiture | - | (36) | (36) | (11) | (25) | (0.05) | ||||||||||
Divestiture costs | - | 7 | 7 | 2 | 5 | 0.01 | ||||||||||
Total special items | (292) | 4,388 | 4,545 | 1,084 | 3,461 | 6.24 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 5,978 | $ | 1,292 | 21.6 | % | $ | 1,243 | $ | 307 | 24.8 | % | $ | 934 | $ | 1.68 |
Three months ended December 31, 2023 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 6,002 | $ | 899 | 15.0 | % | $ | 651 | $ | 26 | 3.9 | % | $ | 634 | $ | 1.14 |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 77 | 284 | 83 | 201 | 0.36 | ||||||||||
Manufactured PFAS products | (320) | 151 | 151 | 38 | 113 | 0.20 | ||||||||||
Divestiture costs | - | 2 | 2 | 2 | - | - | ||||||||||
Total special items | (320) | 230 | 437 | 123 | 314 | 0.56 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 5,682 | $ | 1,129 | 19.9 | % | $ | 1,088 | $ | 149 | 13.6 | % | $ | 948 | $ | 1.70 |
Year ended December 31, 2023 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 24,610 | $ | (10,689) | (43.4) | % | $ | (11,271) | $ | (2,867) | 25.4 | % | $ | (8,402) | $ | (15.17) |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 14,869 | 15,245 | 3,615 | 11,630 | 21.00 | ||||||||||
Manufactured PFAS products | (1,289) | 205 | 205 | 50 | 155 | 0.28 | ||||||||||
Gain on business divestitures | - | (36) | (36) | (11) | (25) | (0.05) | ||||||||||
Russia exit charges (benefits) | - | (18) | (18) | 3 | (21) | (0.04) | ||||||||||
Divestiture costs | - | 13 | 13 | 4 | 9 | 0.02 | ||||||||||
Total special items | (1,289) | 15,033 | 15,409 | 3,661 | 11,748 | 21.21 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 23,321 | $ | 4,344 | 18.6 | % | $ | 4,138 | $ | 794 | 19.2 | % | $ | 3,346 | $ | 6.04 |
Year ended December 31, 2022 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 26,161 | $ | 4,369 | 16.7 | % | $ | 4,204 | $ | 188 | 4.5 | % | $ | 4,013 | $ | 7.07 |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 2,291 | 2,291 | 476 | 1,815 | 3.20 | ||||||||||
Manufactured PFAS products | (1,351) | 631 | 631 | 121 | 510 | 0.90 | ||||||||||
Gain on business divestitures | - | (2,724) | (2,724) | (39) | (2,685) | (4.73) | ||||||||||
Russia exit charges (benefits) | - | 101 | 101 | (2) | 103 | 0.19 | ||||||||||
Divestiture-related restructuring actions | - | 41 | 41 | 9 | 32 | 0.05 | ||||||||||
Divestiture costs | - | 8 | 8 | - | 8 | 0.01 | ||||||||||
Total special items | (1,351) | 348 | 348 | 565 | (217) | (0.38) | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 24,810 | $ | 4,717 | 19.0 | % | $ | 4,552 | $ | 753 | 16.6 | % | $ | 3,796 | $ | 6.69 |
Year ended December 31, 2021 | ||||||||||||||||
Reflecting continuing operations | ||||||||||||||||
(Dollars in millions, except per share amounts) | Net sales | Operating income (loss) | Operating income (loss) margin | Income (loss) from continuing operations before income taxes | Provision (benefit) for income taxes | Effective tax rate | Net income (loss) from continuing operations attributable to 3M | Earnings (loss) per diluted share from continuing operations | ||||||||
Reflecting continuing operations | $ | 27,224 | $ | 4,929 | 18.1 | % | $ | 4,746 | $ | 813 | 17.1 | % | $ | 3,935 | $ | 6.72 |
Adjustments for special items: | ||||||||||||||||
Net costs for significant litigation | - | 463 | 463 | 104 | 359 | 0.61 | ||||||||||
Manufactured PFAS products | (1,258) | (135) | (135) | (29) | (106) | (0.18) | ||||||||||
Total special items | (1,258) | 328 | 328 | 75 | 253 | 0.43 | ||||||||||
Continuing operations adjusted amounts (non-GAAP measures) | $ | 25,966 | $ | 5,257 | 20.2 | % | $ | 5,074 | $ | 888 | 17.5 | % | $ | 4,188 | $ | 7.15 |