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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, 2024
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, 2024
Common Stock, $0.01 par value per share
549,353,621 shares
1

Table of Contents
3M COMPANY
Form 10-Q for the Quarterly Period Ended June 30, 2024
TABLE OF CONTENTS
PAGE
2

Table of Contents
3M COMPANY
FORM 10-Q
For the Quarterly Period Ended June 30, 2024
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)2024202320242023
Net sales$6,255 $6,283 $12,271 $12,338 
Operating expenses
Cost of sales3,571 3,728 7,056 7,472 
Selling, general and administrative expenses1,132 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 taxes1,410 (9,430)2,339 (8,620)
Provision (benefit) for income taxes 203 (2,261)423 (2,116)
Income (loss) from continuing operations of consolidated group1,207 (7,169)1,916 (6,504)
Income (loss) from unconsolidated subsidiaries, net of taxes3 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 3M1,204 (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 — basic553.8 553.9 554.4 553.3 
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 — diluted554.8 553.9 555.3 553.3 
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)
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
3

Table of Contents
3M Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
(Millions)2024202320242023
Net income (loss) attributable to 3M $1,145 $(6,841)$2,073 $(5,865)
Net income (loss) attributable to noncontrolling interest6 5 11 10 
Net income (loss) including noncontrolling interest
1,151 (6,836)2,084 (5,855)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment(145)25 (353)141 
Defined benefit pension and postretirement plans adjustment826 50 961 101 
Cash flow hedging instruments(7)23 19 (1)
Total other comprehensive income (loss), net of tax674 98 627 241 
Comprehensive income (loss) including noncontrolling interest1,825 (6,738)2,711 (5,614)
Comprehensive (income) loss attributable to noncontrolling interest(5)(6)(11)(11)
Comprehensive income (loss) attributable to 3M$1,820 $(6,744)$2,700 $(5,625)
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, 2024December 31, 2023
Assets
Current assets
Cash and cash equivalents$10,083 $5,735 
Marketable securities — current 255 50 
Accounts receivable — net of allowances of $64 and $62
3,575 3,601 
Inventories
Finished goods 1,956 1,842 
Work in process 1,193 1,242 
Raw materials and supplies 911 860 
Total inventories 4,060 3,944 
Prepaids444 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 23,278 23,494 
Less: Accumulated depreciation (15,806)(15,804)
Property, plant and equipment — net 7,472 7,690 
Operating lease right of use assets610 657 
Goodwill 6,318 6,382 
Intangible assets — net 1,266 1,323 
Other assets 8,196 6,806 
Non-current assets of discontinued operations 11,343 
Total assets $43,377 $50,580 
Liabilities
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 — current169 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 
Pension and postretirement benefits 1,717 2,156 
Operating lease liabilities443 464 
Other liabilities 11,103 14,021 
Non-current liabilities of discontinued operations 686 
Total liabilities 39,389 45,712 
Commitments and contingencies (Note 17)
Equity
3M Company shareholders’ equity:
Common stock par value, $.01 par value; 944,033,056 shares issued
9 9 
Shares outstanding - June 30, 2024: 549,353,621, December 31, 2023: 552,581,136
Additional paid-in capital 7,146 6,956 
Retained earnings 35,475 37,479 
Treasury stock, at cost:(33,147)(32,859)
Shares at June 30, 2024: 394,679,435, December 31, 2023: 391,451,920
Accumulated other comprehensive income (loss) (5,567)(6,778)
Total 3M Company shareholders’ equity 3,916 4,807 
Noncontrolling interest72 61 
Total equity 3,988 4,868 
Total liabilities and equity $43,377 $50,580 
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 Flows1
(Unaudited)
Six months ended
June 30,
(Millions)20242023
Cash Flows from Operating Activities
Net income (loss) including noncontrolling interest$2,084 $(5,855)
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization 731 915 
Company pension and postretirement contributions (86)(57)
Company pension and postretirement expense 898 75 
Stock-based compensation expense 200 176 
Deferred income taxes 115 (2,547)
Changes in assets and liabilities
Accounts receivable (219)(393)
Inventories (270)101 
Accounts payable 166 135 
Accrued income taxes (current and long-term) (172)(409)
Other — net (1,659)10,643 
Net cash provided by (used in) operating activities 1,788 2,784 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) (644)(852)
Proceeds from sale of PP&E and other assets 53 23 
Purchases of marketable securities and investments (943)(775)
Proceeds from maturities and sale of marketable securities and investments707 945 
Other — net (29)40 
Net cash provided by (used in) investing activities (856)(619)
Cash Flows from Financing Activities
Change in short-term debt — net (205)651 
Repayment of debt (maturities greater than 90 days) (2,653)(1,802)
Proceeds from debt (maturities greater than 90 days) 8,367 1,107 
Purchases of treasury stock (421)(29)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans30 218 
Dividends paid to shareholders (1,221)(1,655)
Cash transferred to Solventum related to separation, net
(577) 
Other — net (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 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
1 The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.
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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.
Certain amounts in prior periods’ consolidated financial statements have been reclassified to conform to current period presentation. Information provided herein reflects the impact of these changes for all applicable periods presented.
As discussed in Note 2, on April 1, 2024, 3M completed the previously announced separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. As a result of the Separation, Solventum became an independent public company and 3M no longer consolidates Solventum into 3M’s financial results. In connection with the Separation, the historical net income of Solventum and applicable assets and liabilities included in the Separation are reported in 3M's consolidated financial statements as discontinued operations.
3M made certain changes to the composition of segment information reviewed by 3M's chief operating decision maker (CODM) effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024 as further described in Note 19. To the extent these changes impacted 3M's disclosed disaggregated revenue information, data in Note 3 has also been updated.
New Accounting Pronouncements: Refer to Note 1 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M.
Relevant New Standards Issued Subsequent to Most Recent Annual Report
In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require a registrant to disclose information in annual reports and registration statements about climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The information would include disclosure of a registrant's greenhouse gas emissions. In addition, certain disclosures related to severe weather events and other natural conditions will be required in a registrant’s audited financial statements. Annual disclosure requirements would be effective for 3M as early as the fiscal year beginning January 1, 2025. However, in April 2024, the SEC voluntarily stayed the final rules pending certain legal challenges. The Company is evaluating the impact of these rules on its disclosures.
NOTE 2. Discontinued Operations
On April 1, 2024, 3M completed the previously announced separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. The spin-off transaction was intended to be tax-free for U.S. federal income tax purposes. To reflect the completion of the spin, 3M recorded a decrease in shareholders equity for the net book value of applicable assets and liabilities included in the Separation, net of the book value of 3M's retained ownership. As a result of the Separation, Solventum became an independent public company and 3M no longer consolidates Solventum into 3M’s financial results. In connection with the Separation, the historical net income of Solventum and applicable assets and liabilities included in the Separation are reported in 3M's consolidated financial statements as discontinued operations. Following the Separation, as 3M no longer controls or has the ability to exert significant influence over Solventum, 3M measures, at fair value on a recurring basis, its retained ownership interest in Solventum common stock (see additional information in Note 7). 3M expects to monetize its stake in Solventum over time.
The Company entered into various agreements to effect the Separation and provide for the relationship between 3M and Solventum, including, among others, a separation and distribution agreement; a tax matters agreement; and transition service, distribution, and contract manufacturing agreements; as well as certain commercial supply agreements. The transition service and distribution agreements have overall terms of two years following the Separation and each may be extended an additional year. The transition contract manufacturing agreement's term is three years with an ability to extend under certain circumstances. Supply agreements, by which each company may provide product to the other, have initial three-year terms, but may extend for particular products up to ten or twelve years following the Separation, under certain circumstances. In addition, the companies had certain amounts due between them as of the Separation date.
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3M continuing involvement with Solventum in the form of net sales under supply agreements and income from transition agreements is reflected in amounts disclosed in Note 19 relative to "Corporate and Unallocated" (recorded as net sales and associated costs) and "Other" (recorded as a direct offset to associated costs), respectively. Solventum transition agreement income for the three months ended June 30, 2024 included in "Other" was approximately $30 million (approximately $200 million gross fees, net of assigned costs). Transition services or purchases from Solventum are not material to 3M. Amounts due from Solventum and amounts due to Solventum under the agreements described above were approximately $0.5 billion and $0.2 billion, respectively, as of June 30, 2024.
Information regarding net income (loss) from discontinued operations, net of taxes includes the following:
Three months ended
June 30,
Six months ended
June 30,
Net Income (Loss) from Discontinued Operations, Net of Taxes (millions)
2024202320242023
Net sales
$$2,042$1,987$4,018
Cost of sales8788441,747
Other operating expenses
467648371,496
Other expense (income), net
(7)44(11)
Income (loss) from discontinued operations before income taxes
(46)407262786
Provision for income taxes
137798142
Net income (loss) from discontinued operations, net of taxes
$(59)$330$164$644
Major classes of assets and liabilities of discontinued operations include the following:
Assets and Liabilities of Discontinued Operations (millions)
December 31, 2023
Assets
Cash and cash equivalents$198 
Marketable securities — current3 
Accounts receivable — net 1,149 
Inventories878 
Other current assets151 
Current assets of discontinued operations2,379 
Property, plant and equipment — net1,469 
Operating lease right of use assets102 
Goodwill6,545 
Intangible assets — net2,903 
Other assets324 
Non-current assets of discontinued operations11,343 
Liabilities
Accounts payable469 
Accrued payroll209 
Accrued income taxes61 
Operating lease liabilities — current33 
Other current liabilities951 
Current liabilities of discontinued operations1,723 
Pension and postretirement benefits315 
Operating lease liabilities70 
Other liabilities301 
Non-current liabilities of discontinued operations686 
Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all periods presented. Selected financial information related to cash flows from discontinued operations is below.
Six months ended
June 30,
Selected Cash Flows from Discontinued Operations (millions)
20242023
Depreciation and amortization$139 $277 
Purchases of property, plant and equipment (PP&E)77 104 
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NOTE 3. Revenue
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 by Division (millions)2024202320242023
Abrasives$324$334$652$675
Automotive Aftermarket304305610617
Electrical Markets325329636653
Industrial Adhesives and Tapes5315171,0491,033
Industrial Specialties Division
285298569606
Personal Safety8578491,7141,717
Roofing Granules133133261243
Total Safety and Industrial Business Segment2,7592,7655,4915,544
Advanced Materials244305507606
Automotive and Aerospace481477987939
Commercial Branding and Transportation
6726951,2821,310
Electronics7467141,4711,386
Total Transportation and Electronics Business Segment2,1432,1914,2474,241
Consumer Safety and Well-Being280278546548
Home and Auto Care302337607655
Home Improvement369355699696
Packaging and Expression312323551586
Total Consumer Business Segment
1,2631,2932,4032,485
Corporate and Unallocated862211245
Other4121823
Total Company$6,255$6,283$12,271$12,338
Three months ended
June 30,
Six months ended
June 30,
Net Sales by Geographic Area (millions)2024202320242023
Americas$3,480 $3,396 $6,630 $6,568 
Asia Pacific1,721 1,776 3,489 3,590 
Europe, Middle East and Africa1,054 1,111 2,152 2,180 
Worldwide$6,255 $6,283 $12,271 $12,338 
Americas included United States net sales to customers of $2.8 billion and $5.3 billion for the three and six months ended June 30, 2024, respectively, and $2.8 billion and $5.3 billion for the three and six months ended June 30, 2023, respectively. Asia Pacific included China/Hong Kong net sales to customers of $0.7 billion and $1.4 billion for the three and six months ended June 30, 2024, respectively, and $0.6 billion and $1.3 billion for the three and six months ended June 30, 2023, respectively.
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NOTE 4. Divestitures
Refer to Note 3 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K for more information on relevant pre-2024 divestitures.
On April 1, 2024, 3M completed the separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. See Note 2 for additional detail, including information regarding reporting the historical net income of Solventum and applicable assets and liabilities included in the Separation in 3M's consolidated financial statements as discontinued operations.
NOTE 5. Goodwill and Intangible Assets
Goodwill: The change in the carrying amount of goodwill by business segment was as follows:
(Millions)Safety and IndustrialTransportation and ElectronicsConsumer
Corporate and Unallocated
Total Company
Balance as of December 31, 2023$4,542$1,512$270$58$6,382
Translation and other(42)(10)(12) (64)
Balance as of June 30, 2024$4,500$1,502$258$58$6,318
The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.
As of June 30, 2024, 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, 2024December 31, 2023
Customer related $1,328 $1,337 
Patents224 225 
Other technology-based
373 375 
Definite-lived tradenames
488 489 
Other46 48 
Total gross carrying amount
2,459 2,474 
Accumulated amortization — customer related(910)(883)
Accumulated amortization — patents(223)(224)
Accumulated amortization — other technology-based(322)(317)
Accumulated amortization — definite-lived tradenames(288)(276)
Accumulated amortization — other(30)(31)
Total accumulated amortization(1,773)(1,731)
Total finite-lived intangible assets — net686 743 
Indefinite lived intangible assets (primarily tradenames)
580 580 
Total intangible assets — net$1,266 $1,323 
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.
Amortization expense follows:
Three months ended
June 30,
Six months ended
June 30,
(Millions)2024202320242023
Amortization expense $27 $29 $54 $59 
Expected amortization expense for acquired amortizable intangible assets recorded as of June 30, 2024 follows:
(Millions)
Remainder of 2024
20252026202720282029
After 2029
Amortization expense$52 $105 $104 $85 $59 $57 $224 
3M expenses the costs incurred to renew or extend the term of intangible assets.
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NOTE 6. Restructuring Actions
2023 to 2025 Structural Reorganization Actions: As described in Note 5 in 3M's 2023 Annual Report on Form 10-K, 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. This aggregate initiative, beginning in the first quarter of 2023 and continuing through 2025, is expected (as updated to exclude discontinued operations) to impact approximately 8,000 positions worldwide with an expected pre-tax charge of $700 million to $800 million over that period. During 2023, management approved and committed to undertake associated actions resulting in a 2023 pre-tax charge of $415 million. During 2024, management approved and committed to undertake additional actions under this initiative impacting approximately 700 positions resulting in a pre-tax charge of $35 million and $138 million in the second quarter and six months ended June 30, 2024, respectively. Since its beginning in 2023 through committed second quarter 2024 actions, this initiative has impacted approximately 6,400 positions worldwide. Remaining activities related to the restructuring actions approved and committed through June 30, 2024 under this initiative are expected to be completed in 2025. 3M expects to commit to further actions under this initiative.
The related restructuring charges for periods presented were recorded in the income (loss) statement as follows:
Three months ended
June 30,
Six months ended
June 30,
(Millions)2024202320242023
Cost of sales$2 $44 $4 $59 
Selling, general and administrative expenses32 140 123 171 
Research, development and related expenses1 18 11 22 
Total operating income impact$35 $202 $138 $252 
The business segment operating income (loss) impact of these restructuring charges is summarized as follows:
Three months ended June 30,
20242023
(Millions)Employee RelatedAsset-Related and OtherTotalEmployee RelatedAsset-Related and OtherTotal
Safety and Industrial$13 $5 $18 $44 $ $44 
Transportation and Electronics7 4 11 25  25 
Consumer4 2 6 13  13 
Corporate and unallocated   100 20 120 
Total operating expense$24 $11 $35 $182 $20 $202 
Six months ended June 30,
20242023
(Millions)Employee RelatedAsset-Related and OtherTotalEmployee RelatedAsset-Related and OtherTotal
Safety and Industrial$39 $25 $64 $54 $ $54 
Transportation and Electronics16 18 34 37  37 
Consumer9 11 20 16  16 
Corporate and unallocated6 14 20 125 20 145 
Total operating expense$70 $68 $138 $232 $20 $252 
Restructuring actions, including cash and non-cash impacts, follow:
(Millions)Employee-RelatedAsset-Related and OtherTotal
Accrued restructuring action balance as of December 31, 2023
$99 $ $99 
Incremental expense incurred in the first quarter of 2024
46 57 103 
Incremental expense incurred in the second quarter of 202424 11 35 
Non-cash changes (68)(68)
Adjustments
12  12 
Cash payments(92) (92)
Accrued restructuring action balance as of June 30, 2024
$89 $ $89 
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2023 to 2025 PFAS Exit Actions: As described in Note 5 in 3M's 2023 Annual Report on Form 10-K, 3M announced in 2022 that it will exit all PFAS manufacturing by the end of 2025. In 2023, 3M management approved and committed to undertake certain related workforce actions resulting in a pre-tax charge of $64 million primarily impacting cost of sales. During 2024, management approved and committed to undertake additional related workforce actions impacting approximately 60 positions resulting in a pre-tax charge of $8 million and $12 million primarily impacting cost of sales in the second quarter and six months ended June 30, 2024, respectively. These charges are reflected within the Transportation and Electronics business segment. This initiative, beginning in 2023 through committed second quarter 2024 actions, has impacted approximately 610 positions worldwide. The remaining period of activities related to these approved and committed actions aligns with 3M's PFAS exit timeframe.
(Millions)Employee-Related
Accrued restructuring action balance as of December 31, 2023
$60 
Incremental expense incurred in the first quarter of 2024
4 
Incremental expense incurred in the second quarter of 2024
8 
Adjustments
(4)
Cash payments(17)
Accrued restructuring action balance as of June 30, 2024
$51 
NOTE 7. Supplemental Income (Loss) Statement Information
Other expense (income), net consists of the following:
Three months ended
June 30,
Six months ended
June 30,
(Millions)2024202320242023