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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 September 30, 2023
Common Stock, $0.01 par value per share
552,317,038 shares
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3M COMPANY
Form 10-Q for the Quarterly Period Ended September 30, 2023
TABLE OF CONTENTS
PAGE
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3M COMPANY
FORM 10-Q
For the Quarterly Period Ended September 30, 2023
PART I. Financial Information
Item 1. Financial Statements
3M Company and Subsidiaries
Consolidated Statement of Income (Loss)
(Unaudited)
Three months ended
September 30,
Nine months ended
September 30,
(Millions, except per share amounts)2023202220232022
Net sales$8,312 $8,619 $24,668 $26,150 
Operating expenses
Cost of sales4,580 4,728 13,799 14,647 
Selling, general and administrative expenses5,992 1,998 19,901 6,903 
Research, development and related expenses 430 461 1,375 1,417 
Gain on business divestitures(36)(2,724)(36)(2,724)
Total operating expenses 10,966 4,463 35,039 20,243 
Operating income (loss)(2,654)4,156 (10,371)5,907 
Other expense (income), net200 24 317 112 
Income (loss) before income taxes (2,854)4,132 (10,688)5,795 
Provision (benefit) for income taxes (781)271 (2,755)550 
Income (loss) of consolidated group(2,073)3,861 (7,933)5,245 
Income (loss) from unconsolidated subsidiaries, net of taxes2 2 7 3 
Net income (loss) including noncontrolling interest (2,071)3,863 (7,926)5,248 
Less: Net income (loss) attributable to noncontrolling interest 4 4 14 12 
Net income (loss) attributable to 3M $(2,075)$3,859 $(7,940)$5,236 
Weighted average 3M common shares outstanding — basic 554.3 568.8 553.7 570.7 
Earnings (loss) per share attributable to 3M common shareholders — basic$(3.74)$6.79 $(14.34)$9.18 
Weighted average 3M common shares outstanding — diluted554.3 570.0 553.7 572.6 
Earnings (loss) per share attributable to 3M common shareholders — diluted $(3.74)$6.77 $(14.34)$9.15 
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
September 30,
Nine months ended
September 30,
(Millions)2023202220232022
Net income (loss) including noncontrolling interest $(2,071)$3,863 $(7,926)$5,248 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(365)(821)(224)(1,697)
Defined benefit pension and postretirement plans adjustment50 86 151 258 
Cash flow hedging instruments21 110 20 197 
Total other comprehensive income (loss), net of tax(294)(625)(53)(1,242)
Comprehensive income (loss) including noncontrolling interest(2,365)3,238 (7,979)4,006 
Comprehensive (income) loss attributable to noncontrolling interest(3)(2)(14)(5)
Comprehensive income (loss) attributable to 3M$(2,368)$3,236 $(7,993)$4,001 
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)September 30, 2023December 31, 2022
Assets
Current assets
Cash and cash equivalents$5,140 $3,655 
Marketable securities — current 73 238 
Accounts receivable — net of allowances of $155 and $174
4,852 4,532 
Inventories
Finished goods 2,405 2,497 
Work in process 1,491 1,606 
Raw materials and supplies 1,169 1,269 
Total inventories 5,065 5,372 
Prepaids578 435 
Other current assets 490 456 
Total current assets 16,198 14,688 
Property, plant and equipment 26,189 25,998 
Less: Accumulated depreciation (17,185)(16,820)
Property, plant and equipment — net 9,004 9,178 
Operating lease right of use assets782 829 
Goodwill 12,721 12,790 
Intangible assets — net 4,324 4,699 
Other assets 6,592 4,271 
Total assets $49,621 $46,455 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt $3,137 $1,938 
Accounts payable 3,104 3,183 
Accrued payroll 905 692 
Accrued income taxes 220 259 
Operating lease liabilities — current234 261 
Other current liabilities 7,866 3,190 
Total current liabilities 15,466 9,523 
Long-term debt 12,876 14,001 
Pension and postretirement benefits 1,846 1,966 
Operating lease liabilities550 580 
Other liabilities 14,152 5,615 
Total liabilities 44,890 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 - September 30, 2023: 552,317,038
Shares outstanding - December 31, 2022: 549,245,105
Additional paid-in capital 6,903 6,691 
Retained earnings 37,375 47,950 
Treasury stock, at cost:(32,889)(33,255)
Shares at September 30, 2023: 391,716,018
Shares at December 31, 2022: 394,787,951
Accumulated other comprehensive income (loss) (6,726)(6,673)
Total 3M Company shareholders’ equity 4,672 14,722 
Noncontrolling interest59 48 
Total equity 4,731 14,770 
Total liabilities and equity $49,621 $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)
Nine months ended
September 30,
(Millions)20232022
Cash Flows from Operating Activities
Net income (loss) including noncontrolling interest $(7,926)$5,248 
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization 1,450 1,371 
Company pension and postretirement contributions (85)(102)
Company pension and postretirement expense 113 124 
Stock-based compensation expense 222 226 
Gain on business divestitures(36)(2,724)
Deferred income taxes (3,468)(495)
Changes in assets and liabilities
Accounts receivable (371)(467)
Inventories 236 (1,018)
Accounts payable 118 175 
Accrued income taxes (current and long-term) (369)(11)
Other — net 14,810 1,342 
Net cash provided by (used in) operating activities 4,694 3,669 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) (1,257)(1,243)
Proceeds from sale of PP&E and other assets 114 65 
Purchases of marketable securities and investments (1,143)(840)
Proceeds from maturities and sale of marketable securities and investments1,292 868 
Proceeds from sale of businesses, net of cash sold60 13 
Cash payment from Food Safety business split-off, net of divested cash 478 
Other — net 28 1 
Net cash provided by (used in) investing activities (906)(658)
Cash Flows from Financing Activities
Change in short-term debt — net 485 340 
Repayment of debt (maturities greater than 90 days) (2,434)(1,179)
Proceeds from debt (maturities greater than 90 days) 2,011 1 
Purchases of treasury stock (31)(928)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans245 310 
Dividends paid to shareholders (2,483)(2,550)
Other — net (16)(29)
Net cash provided by (used in) financing activities (2,223)(4,035)
Effect of exchange rate changes on cash and cash equivalents (80)(136)
Net increase (decrease) in cash and cash equivalents 1,485 (1,160)
Cash and cash equivalents at beginning of year 3,655 4,564 
Cash and cash equivalents at end of period$5,140 $3,404 
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. 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 35.6 million and 36.0 million average options for the three and nine months ended September 30, 2023, respectively, and 31.7 million and 28.9 million average options for the three and nine months ended September 30, 2022, respectively. In periods of net losses, these anti-dilutive 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
September 30,
Nine months ended
September 30,
(Amounts in millions, except per share amounts)2023202220232022
Numerator:
Net income (loss) attributable to 3M $(2,075)$3,859 $(7,940)$5,236 
Denominator:
Denominator for weighted average 3M common shares outstanding basic
554.3 568.8 553.7 570.7 
Dilution associated with the Company’s stock-based compensation plans  1.2  1.9 
Denominator for weighted average 3M common shares outstanding diluted
554.3 570.0 553.7 572.6 
Earnings (loss) per share attributable to 3M common shareholders — basic$(3.74)$6.79 $(14.34)$9.18 
Earnings (loss) per share attributable to 3M common shareholders — diluted $(3.74)$6.77 $(14.34)$9.15 
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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 September 30, 2023 and December 31, 2022 were approximately $320 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 September 30, 2023 and December 31, 2022 was $501 million and $538 million, respectively. Approximately $110 million and $460 million of the December 31, 2022 balance was recognized as revenue during the three and nine months ended September 30, 2023, respectively, while approximately $100 million and $440 million of the December 31, 2021 balance was recognized as revenue during the three and nine months ended September 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 $154 million and $439 million during the three and nine months ended September 30, 2023, respectively, and $145 million and $429 million during the three and nine months ended September 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
September 30,
Nine months ended
September 30,
Net Sales (Millions)2023202220232022
Abrasives$330$339$1,005$1,014
Automotive Aftermarket316316933900
Closure and Masking Systems240266726794
Electrical Markets327331980976
Industrial Adhesives and Tapes5445981,6331,805
Personal Safety8629222,6433,021
Roofing Granules132122375359
Total Safety and Industrial Business Segment2,7512,8948,2958,869
Advanced Materials274297880909
Automotive and Aerospace5074371,4461,325
Commercial Solutions4304591,3171,361
Electronics7388132,1242,599
Transportation Safety222233645653
Total Transportation and Electronics Business Segment2,1712,2396,4126,847
Food Safety63244
Health Information Systems305312907921
Medical Solutions1,1791,1503,4633,447
Oral Care3313081,0231,006
Separation and Purification Sciences242235721757
Other Health Care16 844 8
Total Health Care Business Group2,0732,0766,1586,383
Construction and Home Improvement Markets6036561,6741,819
Home, Health and Auto Care3914181,2191,283
Stationery and Office321335907946
Total Consumer Business Group1,3151,4093,8004,048
Corporate and Unallocated2133
Total Company$8,312$8,619$24,668$26,150
Three months ended
September 30,
Nine months ended
September 30,
Net Sales (Millions)2023202220232022
Americas$4,769 $4,741 $13,846 $13,930 
Asia Pacific2,097 2,485 6,411 7,702 
Europe, Middle East and Africa1,446 1,393 4,411 4,518 
Worldwide$8,312 $8,619 $24,668 $26,150 
Americas included United States net sales to customers of $3.9 billion and $11.3 billion for the three and nine months ended September 30, 2023, respectively, and $3.9 billion and $11.4 billion for the three and nine months ended September 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 nine months ended September 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 August 2023, 3M completed the sale of assets associated with its dental local anesthetic business (part of the Health Care business) to Pierrel S.p.A. for approximately $60 million in cash. The dental local anesthetic business had annual sales of approximately $30 million. The gain on this transaction, net of a loss associated with a previous contingent indemnification obligation from a 2020 divestiture, resulted in a 2023 net pre-tax gain of $36 million.
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 expects to close the transaction in the first half of 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 September 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 nine 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
Divestiture activity  (4) (4)
Translation and other(17)(3)(43)(2)(65)
Balance as of September 30, 2023$4,492$1,498$6,468$263$12,721
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 September 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)September 30,
2023
December 31,
2022
Customer related intangible assets$4,046 $4,062 
Patents428 426 
Other technology-based intangible assets2,083 2,081 
Definite-lived tradenames1,165 1,166 
Other amortizable intangible assets81 84 
Total gross carrying amount 7,803 7,819 
Accumulated amortization — customer related(1,901)(1,747)
Accumulated amortization — patents (426)(421)
Accumulated amortization — other technology-based(1,140)(1,000)
Accumulated amortization — definite-lived tradenames(558)(509)
Accumulated amortization — other (59)(60)
Total accumulated amortization (4,084)(3,737)
Total finite-lived intangible assets — net 3,719 4,082 
Non-amortizable intangible assets (primarily tradenames)605 617 
Total intangible assets — net$4,324 $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
September 30,
Nine months ended
September 30,
(Millions)2023202220232022
Amortization expense $122 $124 $365 $384 
Expected amortization expense for acquired amortizable intangible assets recorded as of September 30, 2023 follows:
(Millions)
Remainder of 2023
20242025202620272028
After 2028
Amortization expense$115 $452 $422 $416 $392 $366 $1,556 
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 2023, management approved and committed to undertake associated actions impacting approximately 5,200 positions resulting in a pre-tax charge of $62 million and $326 million in the third quarter and nine months ended September 30, 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 September 30, 2023Nine months ended September 30, 2023
Cost of sales$4$67 
Selling, general and administrative expenses55233 
Research, development and related expenses326 
Total operating income impact$62 $326 
The business segment operating income (loss) impact of these restructuring charges is summarized as follows:
Three months ended September 30, 2023Nine months ended September 30, 2023
(Millions)Employee RelatedAsset-Related and OtherTotalEmployee RelatedAsset-Related and OtherTotal
Safety and Industrial$10$$10$64 $ $64 
Transportation and Electronics9946  46 
Health Care4416  16 
Consumer3319  19 
Corporate and unallocated43236129 52 181 
Total operating expense$30$32$62$274 $52 $326 
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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 
Incremental expense incurred in the third quarter of 202330 32 62 
Non-cash changes (52)(52)
Cash payments(156) (156)
Accrued restructuring action balance as of September 30, 2023
$118 $ $118 
2023 to 2025 PFAS Exit Actions
As further discussed in Note 14, 3M announced in December 2022 that it will exit all PFAS manufacturing by the end of 2025. In the third quarter of 2023, 3M management approved and committed to undertake certain related workforce actions impacting approximately 100 positions resulting in a pre-tax charge of $40 million primarily impacting cost of sales. These charges are reflected within the Transportation and Electronics business segment. There were no material cash payments during the 2023 periods presented related to these actions. The remaining period of activities related to these approved and committed actions aligns with 3M's PFAS exit timeframe.
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.
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NOTE 6. Supplemental Income (Loss) Statement Information
Other expense (income), net consists of the following:
Three months ended
September 30,
Nine months ended
September 30,
(Millions)2023202220232022
Interest expense$304 $106 $571$347
Interest income(73)(17)(161)(36)
Pension and postretirement net periodic benefit cost (benefit)(31)(65)(93)(199)
Total$200 $24 $317$112
In addition to interest primarily related to outstanding debt, interest expense includes imputed interest associated with the obligations resulting from the PFAS-related public water systems proposed settlement and the Combat Arms Earplugs settlement (discussed in Note 14).
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.
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, second and third quarters of 2023 and 2022, respectively, or $4.50 and $4.47 per share for the first nine months of 2023 and 2022, respectively.
Consolidated Changes in Equity
Three months ended September 30, 2023
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at June 30, 2023
$7,857 $6,867$40,290$(32,926)$(6,433)$59 
Net income (loss)(2,071)(2,075)4 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(365)(364)(1)
Defined benefit pension and post-retirement plans adjustment50 50 
Cash flow hedging instruments21 21 
Total other comprehensive income (loss), net of tax(294)
Dividends declared(828)(828)
Stock-based compensation45 45 
Reacquired stock(2)(2)
Dividend to noncontrolling interest
(3)(3)
Issuances pursuant to stock option and benefit plans27 (12)39 
Balance at September 30, 2023
$4,731 $6,912 $37,375 $(32,889)$(6,726)$59 
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Three months ended September 30, 2022
3M Company Shareholders
(Millions)TotalCommon Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Balance at June 30, 2022
$13,816$6,616$45,269$(30,781)$(7,362)$74 
Net income3,8633,8594 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(821)(819)(2)
Defined benefit pension and post-retirement plans adjustment86 86 
Cash flow hedging instruments110 110 
Total other comprehensive income (loss), net of tax(625)
Dividends declared(850)(850)
Stock-based compensation47 47 
Reacquired stock(191)(191)
Split-off of Food Safety business(1,988)(1,988)