Cover and table of contents

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Cover and table of contents

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, 2021

Commission file number: 1-3285

3M COMPANY

(Exact name of registrant as specified in its charter)


Delaware						41-0417775
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

3M Center, St. Paul, Minnesota						55144-1000
(Address of Principal Executive Offices)						(Zip Code)

(Registrant’s Telephone Number, Including Area Code) (651) 733-1110

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $.01 Per Share	MMM	New York Stock Exchange
	MMM	Chicago Stock Exchange, Inc.
1.500% Notes due 2026	MMM26	New York Stock Exchange
0.375% Notes due 2022	MMM22A	New York Stock Exchange
0.950% Notes due 2023	MMM23	New York Stock Exchange
1.750% Notes due 2030	MMM30	New York Stock Exchange
1.500% Notes due 2031	MMM31	New York Stock Exchange

Note: The common stock of the Registrant is also traded on the SWX Swiss Exchange.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at September 30, 2021
Common Stock, $0.01 par value per share						576,252,803 shares

Table of Contents

3M COMPANY

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


	TABLE OF CONTENTS	BEGINNING PAGE
PART I	FINANCIAL INFORMATION

ITEM 1.	Financial Statements	3
	Index to Financial Statements:
	Consolidated Statement of Income	3
	Consolidated Statement of Comprehensive Income	4
	Consolidated Balance Sheet	5
	Consolidated Statement of Cash Flows	6
	Notes to Consolidated Financial Statements	7
	Note 1. Significant Accounting Policies	7
	Note 2. Revenue	10
	Note 3. Acquisitions and Divestitures	13
	Note 4. Goodwill and Intangible Assets	13
	Note 5. Restructuring Actions	15
	Note 6. Supplemental Income Statement Information	16
	Note 7. Supplemental Equity and Comprehensive Income Information	17
	Note 8. Income Taxes	20
	Note 9. Marketable Securities	21
	Note 10. Long-Term Debt and Short-Term Borrowings	21
	Note 11. Pension and Postretirement Benefit Plans	22
	Note 12. Derivatives	23
	Note 13. Fair Value Measurements	27
	Note 14. Commitments and Contingencies	30
	Note 15. Stock-Based Compensation	48
	Note 16. Business Segments	51

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
	Index to Management’s Discussion and Analysis:
	Overview	53
	Results of Operations	62
	Performance by Business Segment	64
	Financial Condition and Liquidity	69
	Cautionary Note Concerning Factors That May Affect Future Results	74

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	75

ITEM 4.	Controls and Procedures	75

PART II	OTHER INFORMATION

ITEM 1.	Legal Proceedings	77

ITEM 1A.	Risk Factors	77

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81

ITEM 3.	Defaults Upon Senior Securities	81

ITEM 4.	Mine Safety Disclosures	82

ITEM 5.	Other Information	82

ITEM 6.	Exhibits	82

Table of Contents

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended September 30, 2021

PART I. Financial Information

Next: Item 1. Financial Statements.