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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, 2023
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission file number: 1-3285

3M COMPANY
(Exact name of registrant as specified in its charter)
Delaware41-0417775
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $.01 Per ShareMMMNew York Stock Exchange
MMMChicago Stock Exchange, Inc.
1.500% Notes due 2026MMM26New York Stock Exchange
1.750% Notes due 2030MMM30New York Stock Exchange
1.500% Notes due 2031MMM31New York Stock Exchange
Note: The common stock of the Registrant is also traded on the SIX 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 filerAccelerated filer
Non-accelerated filerSmaller 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, 2023
Common Stock, $0.01 par value per share
551,992,430 shares
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3M COMPANY
Form 10-Q for the Quarterly Period Ended June 30, 2023
TABLE OF CONTENTS
BEGINNING
PAGE
Index to Financial Statements:
Index to Management’s Discussion and Analysis:
ITEM 1.
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3M COMPANY
FORM 10-Q
For the Quarterly Period Ended June 30, 2023
PART I. Financial Information
Item 1. Financial Statements.

3M Company and Subsidiaries
Consolidated Statement of Income (Loss)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
(Millions, except per share amounts)2023202220232022
Net sales$8,325 $8,702 $16,356 $17,531 
Operating expenses
Cost of sales4,606 5,093 9,219 9,919 
Selling, general and administrative expenses12,204 3,023 13,909 4,905 
Research, development and related expenses 473 476 945 956 
Total operating expenses 17,283 8,592 24,073 15,780 
Operating income (loss)(8,958)110 (7,717)1,751 
Other expense (income), net65 50 117 88 
Income (loss) before income taxes (9,023)60 (7,834)1,663 
Provision (benefit) for income taxes (2,184)(23)(1,974)279 
Income (loss) of consolidated group(6,839)83 (5,860)1,384 
Income (loss) from unconsolidated subsidiaries, net of taxes3 (1)5 1 
Net income (loss) including noncontrolling interest (6,836)82 (5,855)1,385 
Less: Net income (loss) attributable to noncontrolling interest 5 4 10 8 
Net income (loss) attributable to 3M $(6,841)$78 $(5,865)$1,377 
Weighted average 3M common shares outstanding — basic 553.9 571.0 553.3 571.6 
Earnings (loss) per share attributable to 3M common shareholders — basic$(12.35)$0.14 $(10.60)$2.41 
Weighted average 3M common shares outstanding — diluted553.9 572.7 553.3 573.8 
Earnings (loss) per share attributable to 3M common shareholders — diluted $(12.35)$0.14 $(10.60)$2.40 
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 (Loss)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
(Millions)2023202220232022
Net income (loss) including noncontrolling interest $(6,836)$82 $(5,855)$1,385 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment25 (705)141 (876)
Defined benefit pension and postretirement plans adjustment50 85 101 172 
Cash flow hedging instruments23 88 (1)87 
Total other comprehensive income (loss), net of tax98 (532)241 (617)
Comprehensive income (loss) including noncontrolling interest(6,738)(450)(5,614)768 
Comprehensive (income) loss attributable to noncontrolling interest(6) (11)(3)
Comprehensive income (loss) attributable to 3M$(6,744)$(450)$(5,625)$765 
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)
(Dollars in millions, except per share amount)June 30, 2023December 31, 2022
Assets
Current assets
Cash and cash equivalents$4,258 $3,655 
Marketable securities — current 56 238 
Accounts receivable — net of allowances of $160 and $174
4,947 4,532 
Inventories
Finished goods 2,526 2,497 
Work in process 1,527 1,606 
Raw materials and supplies 1,227 1,269 
Total inventories 5,280 5,372 
Prepaids674 435 
Other current assets 539 456 
Total current assets 15,754 14,688 
Property, plant and equipment 26,459 25,998 
Less: Accumulated depreciation (17,248)(16,820)
Property, plant and equipment — net 9,211 9,178 
Operating lease right of use assets812 829 
Goodwill 12,869 12,790 
Intangible assets — net 4,470 4,699 
Other assets 5,764 4,271 
Total assets $48,880 $46,455 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt $3,033 $1,938 
Accounts payable 3,231 3,183 
Accrued payroll 785 692 
Accrued income taxes 172 259 
Operating lease liabilities — current244 261 
Other current liabilities 3,471 3,190 
Total current liabilities 10,936 9,523 
Long-term debt 12,954 14,001 
Pension and postretirement benefits 1,912 1,966 
Operating lease liabilities570 580 
Other liabilities 14,651 5,615 
Total liabilities 41,023 31,685 
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, 2023: 551,992,430
Shares outstanding - December 31, 2022: 549,245,105
Additional paid-in capital 6,858 6,691 
Retained earnings 40,290 47,950 
Treasury stock, at cost:(32,926)(33,255)
Shares at June 30, 2023: 392,040,626
Shares at December 31, 2022: 394,787,951
Accumulated other comprehensive income (loss) (6,433)(6,673)
Total 3M Company shareholders’ equity 7,798 14,722 
Noncontrolling interest59 48 
Total equity 7,857 14,770 
Total liabilities and equity $48,880 $46,455 
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)
Six months ended
June 30,
(Millions)20232022
Cash Flows from Operating Activities
Net income (loss) including noncontrolling interest $(5,855)$1,385 
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization 915 921 
Company pension and postretirement contributions (57)(80)
Company pension and postretirement expense 75 83 
Stock-based compensation expense 176 182 
Deferred income taxes (2,547)(451)
Changes in assets and liabilities
Accounts receivable (393)(457)
Inventories 101 (837)
Accounts payable 135 401 
Accrued income taxes (current and long-term) (409)(9)
Other — net 10,643 1,000 
Net cash provided by (used in) operating activities 2,784 2,138 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) (852)(808)
Proceeds from sale of PP&E and other assets 23 56 
Purchases of marketable securities and investments (775)(518)
Proceeds from maturities and sale of marketable securities and investments945 456 
Proceeds from sale of businesses, net of cash sold3 13 
Other — net 37 (13)
Net cash provided by (used in) investing activities (619)(814)
Cash Flows from Financing Activities
Change in short-term debt — net 651 344 
Repayment of debt (maturities greater than 90 days) (1,802)(1,179)
Proceeds from debt (maturities greater than 90 days) 1,107 1 
Purchases of treasury stock (29)(773)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans218 227 
Dividends paid to shareholders (1,655)(1,700)
Other — net (9)(22)
Net cash provided by (used in) financing activities (1,519)(3,102)
Effect of exchange rate changes on cash and cash equivalents (43)(64)
Net increase (decrease) in cash and cash equivalents 603 (1,842)
Cash and cash equivalents at beginning of year 3,655 4,564 
Cash and cash equivalents at end of period$4,258 $2,722 
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.
In the second quarter of 2023, 3M re-consolidated the Aearo Technology and certain of its related entities (collectively, the "Aearo Entities") as a result of the court dismissal of their voluntary bankruptcy proceedings. 3M had previously deconsolidated these entities in the third quarter of 2022. The Aearo Entities have appealed the court’s dismissal decision. See additional information in Note 14.
Effective in the first quarter of 2023, 3M made changes in the measure of segment operating performance and segment composition used by 3M’s chief operating decision maker—impacting 3M’s disclosed measure of segment profit/loss (business segment operating income (loss)). Also effective in the first quarter of 2023, 3M's Consumer business segment re-aligned from four divisions to three divisions, see additional information in Note 15. 3M's disclosed disaggregated revenue was also updated as a result of these changes, see additional information in Note 2. Information provided herein reflects the impact of these changes for all periods presented.
Earnings (Loss) 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 a 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 (loss) per share attributable to 3M common shareholders because they would have had an anti-dilutive effect of 36.9 million and 36.5 million average options for the three and six months ended June 30, 2023, respectively, and 31.9 million and 27.5 million average options for the three and six months ended June 30, 2022, respectively. In periods of net losses, these antidilutive effects include all weighted option shares outstanding and weighted average shares is the same for the calculations of both basic and diluted loss per share. The computations for basic and diluted earnings (loss) per share follow:
Earnings (Loss) Per Share Computations
Three months ended
June 30,
Six months ended
June 30,
(Amounts in millions, except per share amounts)2023202220232022
Numerator:
Net income (loss) attributable to 3M $(6,841)$78 $(5,865)$1,377 
Denominator:
Denominator for weighted average 3M common shares outstanding basic
553.9 571.0 553.3 571.6 
Dilution associated with the Company’s stock-based compensation plans  1.7  2.2 
Denominator for weighted average 3M common shares outstanding diluted
553.9 572.7 553.3 573.8 
Earnings (loss) per share attributable to 3M common shareholders — basic$(12.35)$0.14 $(10.60)$2.41 
Earnings (loss) per share attributable to 3M common shareholders — diluted $(12.35)$0.14 $(10.60)$2.40 
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Supplier Finance Program Obligations
Under supplier finance programs, 3M agrees to pay participating banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices, generally within 90 days of the invoice date. 3M or the banks may terminate the agreements with advance notice. Separately, the banks may have arrangements with the suppliers that provide them the option to request early payment from the banks for invoices confirmed by 3M. 3M's outstanding balances of confirmed invoices in the programs as of June 30, 2023 and December 31, 2022 were approximately $290 million and $260 million, respectively. These amounts are included within accounts payable on 3M's consolidated balance sheet.
New Accounting Pronouncements
Refer to Note 1 to the Consolidated Financial Statements in 3M’s 2022 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M.
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 June 30, 2023 and December 31, 2022 was $521 million and $538 million, respectively. Approximately $150 million and $350 million of the December 31, 2022 balance was recognized as revenue during the three and six months ended June 30, 2023, respectively, while approximately $140 million and $340 million of the December 31, 2021 balance was recognized as revenue during the three and six months ended June 30, 2022, respectively.
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 $146 million and $285 million during the three and six months ended June 30, 2023, respectively, and $148 million and $284 million during the three and six months ended June 30, 2022, respectively.
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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
June 30,
Six months ended
June 30,
Net Sales (Millions)2023202220232022
Abrasives$334$346$675$675
Automotive Aftermarket305289617584
Closure and Masking Systems241270486528
Electrical Markets329336653645
Industrial Adhesives and Tapes5455861,0891,207
Personal Safety8789721,7812,099
Roofing Granules133125243237
Total Safety and Industrial Business Segment2,7652,9245,5445,975
Advanced Materials305307606612
Automotive and Aerospace477428939888
Commercial Solutions455448887902
Electronics7148631,3861,786
Transportation Safety240222423420
Total Transportation and Electronics Business Segment2,1912,2684,2414,608
Food Safety89181
Health Information Systems302309602609
Medical Solutions1,1611,1692,2842,297
Oral Care351350692698
Separation and Purification Sciences247262479522
Other Health Care14 28 
Total Health Care Business Group2,0752,1794,0854,307
Construction and Home Improvement Markets5425601,0711,163
Home, Health and Auto Care428428828865
Stationery and Office323342586611
Total Consumer Business Group1,2931,3302,4852,639
Corporate and Unallocated1112
Total Company$8,325$8,702$16,356$17,531
Three months ended
June 30,
Six months ended
June 30,
Net Sales (Millions)2023202220232022
Americas$4,678 $4,751 $9,077 $9,189 
Asia Pacific2,134 2,447 4,314 5,217 
Europe, Middle East and Africa1,513 1,504 2,965 3,125 
Worldwide$8,325 $8,702 $16,356 $17,531 
Americas included United States net sales to customers of $3.8 billion and $7.4 billion for the three and six months ended June 30, 2023, respectively, and $3.9 billion and $7.5 billion for the three and six months ended June 30, 2022, respectively.
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NOTE 3. Acquisitions and Divestitures
Refer to Note 3 to the Consolidated Financial Statements in 3M's 2022 Annual Report on Form 10-K for more information on relevant pre-2023 acquisitions and divestitures.
Acquisitions:
3M makes acquisitions of certain businesses from time to time that are aligned with its strategic intent with respect to, among other factors, growth markets and adjacent product lines or technologies. Goodwill resulting from business combinations is largely attributable to the existing workforce of the acquired businesses and synergies expected to arise after 3M’s acquisition of these businesses.
2023 acquisitions:
There were no acquisitions that closed during the six months ended June 30, 2023.
Divestitures:
3M may divest certain businesses from time to time based upon review of the Company’s portfolio considering, among other items, factors relative to the extent of strategic and technological alignment and optimization of capital deployment, in addition to considering if selling the businesses results in the greatest value creation for the Company and for shareholders. As discussed in Note 15 (Business Segments), gains/losses on business divestitures are reflected in Corporate and Unallocated.
2023 divestitures and previously announced divestitures:
In May 2023, 3M entered into agreements to sell the assets associated with its dental local anesthetic business (part of the Health Care business) to Pierrel S.p.A. for $70 million in cash, subject to closing and other adjustments. The dental local anesthetic business has annual sales of approximately $30 million. This transaction is expected to close in the third quarter of 2023.
In July 2022, 3M announced its intention to spin off the Health Care business as a separate public company. 3M expects to initially retain an ownership position of 19.9% in the business, which 3M intends to monetize over time. The spin-off transaction is intended to be tax-free for U.S. federal income tax purposes and is subject to customary conditions, including the filing and effectiveness of a Form 10 registration statement, receipt of a private letter ruling from the Internal Revenue Service and a tax opinion from external counsel, satisfactory completion of financing, and final approval by the Company’s Board of Directors, among other items. 3M continues to work towards closing the transaction by year-end 2023 or early 2024, subject to required conditions, as well as additional factors such as conditions in the equity and debt markets, other external conditions, and developments involving 3M or any of its businesses, which could delay the completion of the transaction relative to the anticipated timeline. Because the intended transaction is a spin-off, the Health Care business is not classified as held for sale.
Operating income and held-for-sale amounts:
With respect to the businesses above, operating income information of the Health Care business is included in Note 15. Further, with the respect to these businesses, there were no assets and liabilities associated with disposal groups classified as held for sale as of December 31, 2022 and there were immaterial amounts of assets and liabilities associated with disposal groups classified as held-for-sale as of June 30, 2023. Information related to other held for sale disposal groups is included in Note 13.
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NOTE 4. Goodwill and Intangible Assets
Goodwill
There was no goodwill recorded from acquisitions during the first six months of 2023. The amounts in the “Translation and other” row in the following table primarily relate to changes in foreign currency exchange rates.
The goodwill balance by business segment follows:
(Millions)Safety and IndustrialTransportation and ElectronicsHealth CareConsumerTotal Company
Balance as of December 31, 2022$4,509$1,501$6,515$265$12,790
Translation and other12 9 56 2 79 
Balance as of June 30, 2023$4,521$1,510$6,571$267$12,869
Accounting standards require that goodwill be tested for impairment annually and between annual tests in certain circumstances such as when events or conditions indicate that goodwill assigned to a reporting unit may be impaired. At 3M, reporting units correspond to a division. As described in Note 15, effective in the first quarter of 2023, 3M changed its measure of segment operating performance and the composition of reportable segments and realigned divisions within the Consumer business segment. For any changes that resulted in reporting unit changes, the Company applied the relative fair value method to determine the impact on goodwill of the associated reporting units. The impacts of these changes on reported amounts were immaterial and resulted in no impairment. As of June 30, 2023, the Company's accumulated goodwill impairment loss is $0.3 billion.
Acquired Intangible Assets
The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets follow:
(Millions)June 30,
2023
December 31,
2022
Customer related intangible assets$4,084 $4,062 
Patents429 426 
Other technology-based intangible assets2,089 2,081 
Definite-lived tradenames1,167 1,166 
Other amortizable intangible assets82 84 
Total gross carrying amount 7,851 7,819 
Accumulated amortization — customer related(1,872)(1,747)
Accumulated amortization — patents (426)(421)
Accumulated amortization — other technology-based(1,098)(1,000)
Accumulated amortization — definite-lived tradenames(543)(509)
Accumulated amortization — other (59)(60)
Total accumulated amortization (3,998)(3,737)
Total finite-lived intangible assets — net 3,853 4,082 
Non-amortizable intangible assets (primarily tradenames)617 617 
Total intangible assets — net$4,470 $4,699 
Certain tradenames acquired by 3M are not amortized because they have been in existence for over 60 years, have a history of leading-market share positions, have been and are intended to be continuously renewed, and the associated products of which are expected to generate cash flows for 3M for an indefinite period of time.
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Amortization expense follows:
Three months ended
June 30,
Twelve months ended
December 31,
(Millions)2023202220232022
Amortization expense $121 $129 $243 $260 
Expected amortization expense for acquired amortizable intangible assets recorded as of June 30, 2023 follows:
(Millions)
Remainder of 2023
20242025202620272028
After 2028
Amortization expense$236 $453 $423 $418 $398 $379 $1,546 
The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, accelerated amortization of intangible assets and other events. 3M expenses the costs incurred to renew or extend the term of intangible assets.
NOTE 5. Restructuring Actions
2023 to 2025 Structural Reorganization Actions
In the first quarter of 2023, 3M announced it would undertake structural reorganization actions to reduce the size of the corporate center of the Company, simplify supply chain, streamline 3M’s geographic footprint, reduce layers of management, further align business go-to-market models to customers, and reduce manufacturing roles to align with production volumes. During the first six months of 2023, management approved and committed to undertake associated actions impacting approximately 5,100 positions resulting in a pre-tax charge of $52 million and $212 million in the first and second quarters of 2023, respectively. Remaining activities related to the restructuring actions approved and committed under this initiative are expected to be largely completed through the end of 2023. 3M expects to commit to further actions under this initiative. This aggregate initiative beginning in the first quarter of 2023 and continuing through 2025 is expected to impact approximately 8,500 positions worldwide with an expected pre-tax charge of $700 million to $900 million over that period.
The related restructuring charges for periods presented were recorded in the income (loss) statement as follows:
(Millions)Three months ended June 30, 2023Six months ended June 30, 2023
Cost of sales$47$63 
Selling, general and administrative expenses146178 
Research, development and related expenses1923 
Total operating income impact$212 $264 
The business segment operating income (loss) impact of these restructuring charges is summarized as follows:
Three months ended June 30, 2023Six months ended June 30, 2023
(Millions)Employee RelatedAsset-Related and OtherTotalEmployee RelatedAsset-Related and OtherTotal
Safety and Industrial$44$$44$54 $ $54 
Transportation and Electronics252537  37 
Health Care101012  12 
Consumer131316  16 
Corporate and unallocated10020120125 20 145 
Total operating expense$192$20$212$244 $20 $264 
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Restructuring actions, including cash and non-cash impacts, follow:
(Millions)Employee-RelatedAsset-Related and OtherTotal
Expense incurred in the first quarter of 2023$52 $ $52 
Incremental expense incurred in the second quarter of 2023192 20 212 
Non-cash changes (20)(20)
Cash payments(56) (56)
Accrued restructuring action balance as of June 30, 2023
$188 $ $188 
2022 Restructuring Actions
Operational/Marketing Capability Restructuring:
As described in Note 5 in 3M's 2022 Annual Report on Form 10-K, in late 2020, 3M announced it would undertake certain actions beginning in the fourth quarter of 2020 to further enhance its operations and marketing capabilities to take advantage of certain global market trends while de-prioritizing investments in slower-growth end markets. In the first quarter of 2022, management approved and committed to undertake the remaining actions under this initiative resulting in a pre-tax charge of $18 million. This initiative, beginning in 2020 and ending with committed first quarter 2022 actions, impacted approximately 3,100 positions worldwide with a pre-tax charge of approximately $280 million over that period. Activities related to this restructuring were largely completed in the third quarter of 2022.
Divestiture-Related Restructuring:
As described in Note 5 in 3M's 2022 Annual Report on Form 10-K, during the third quarter of 2022, following the Food Safety Division split-off transaction and combination with Neogen completed in September 2022 (see Note 3 in 3M's 2022 Annual Report on Form 10-K) management approved and committed to undertake certain restructuring actions addressing corporate functional costs across 3M in relation to the magnitude of amounts previously allocated to the divested business.
These actions affected approximately 850 positions worldwide and resulted in a third quarter 2022 pre-tax charge of $41 million, within Corporate and Unallocated. The associated accrued restructuring balance as of December 31, 2022 was $10 million and remaining activities related to this divestiture-related restructuring were largely completed through the first half of 2023.
NOTE 6. Supplemental Income (Loss) Statement Information
Other expense (income), net consists of the following:
Three months ended
June 30,
Six months ended
June 30,
(Millions)2023202220232022
Interest expense$144 $128 $267$241
Interest income(48)(11)(88)(19)
Pension and postretirement net periodic benefit cost (benefit)(31)(67)(62)(134)
Total$65 $50 $117$88
Pension and postretirement net periodic benefit costs described in the table above include all components of defined benefit plan net periodic benefit costs except service cost, which is reported in various operating expense lines. Refer to Note 11 for additional details on the components of pension and postretirement net periodic benefit costs.
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NOTE 7. Supplemental Equity and Comprehensive Income (Loss) Information
Cash dividends declared and paid totaled $1.50 and $1.49 per share for the first and second quarters of 2023 and 2022, respectively, or $3.00 and $2.98 per share for the first six months of 2023 and 2022, respectively.
Consolidated Changes in Equity
Three months ended June 30, 2023
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at March 31, 2023
$15,351 $6,825$47,966$(32,963)$(6,530)$53 
Net income (loss)(6,836)(6,841)5 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment25 24 1 
Defined benefit pension and post-retirement plans adjustment50 50 
Cash flow hedging instruments23 23 
Total other comprehensive income (loss), net of tax98 
Dividends declared(828)(828)
Stock-based compensation42 42 
Issuances pursuant to stock option and benefit plans30 (7)37 
Balance at June 30, 2023
$7,857 $6,867 $40,290 $(32,926)$(6,433)$59 
Three months ended June 30, 2022
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at March 31, 2022
$15,004$6,568$46,056$(30,860)$(6,834)$74 
Net income82784 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(705)(701)(4)
Defined benefit pension and post-retirement plans adjustment85 85 
Cash flow hedging instruments88 88 
Total other comprehensive income (loss), net of tax(532)
Dividends declared(848)(848)
Stock-based compensation48 48 
Issuances pursuant to stock option and benefit plans62 (17)