3M Reports Third-Quarter 2020 Results Operating Cash Flow .
3M Reports Third-Quarter 2020 ResultsThird-Quarter Highlights:– Sales of 8.4 billion, up 4.5 percent year-on-year– Organic local-currency sales growth of 0.9 percent year-on-year– Both GAAP and adjusted EPS of 2.43– Operating cash flow of 2.5 billion, up 23 percent year-on-year; adjusted free cash flow of 2.2 billion,up 13 percent year-on-year– Strengthened capital structure: reduced total debt by 1.2 billion, down 6 percent, and net debt by 1.3 billion, or 8 percent, since June 30, 2020– Company will continue to provide monthly sales updates through year-end 2020ST. PAUL, Minn. – October 27, 2020 3M (NYSE: MMM) today reported third-quarter 2020 results.“Our third-quarter performance demonstrated once again the strength of the 3M model as we executed well,served customers and continued to fight the pandemic,” said Mike Roman, 3M chairman and chief executiveofficer. “Though economic uncertainty and challenges due to the COVID-19 pandemic remain, we returned topositive organic sales growth with sequential improvement across businesses and geographies. We postedanother quarter of robust cash flow, aggressively managed costs and further strengthened our balance sheet.“We continue to take actions to transform 3M and position us to deliver strong results as our end marketsrecover,” Roman continued. “We will invest where demand is strong, aggressively manage our cost structure,and create new innovations that address customer needs and global market trends.”Third-Quarter ResultsThe COVID-19 pandemic continues to evolve and affect 3M’s businesses in a number of ways. The companysaw sequential improvements across businesses, end markets and geographies. During the third quarter, endmarket demand remained strong in personal safety, home improvement, general cleaning, semiconductor, datacenter and biopharma filtration. At the same time, several other end markets, while improving, continued toexperience year-on-year declines primarily driven by COVID-19-related headwinds, including healthcare andoral care elective procedures, auto OEM, general industrial, consumer electronics, hospitality, office supplies,healthcare IT, and traffic safety.Third-quarter sales grew 4.5 percent year-on-year to 8.4 billion. Organic local-currency sales grew 0.9 percent,while acquisitions, net of divestitures, increased sales by 3.0 percent. Foreign currency translation increasedsales by 0.6 percent year-on-year.Total sales grew 25.5 percent year-on-year in Health Care, 6.9 percent in Safety and Industrial, and 5.6 percentin Consumer, with a decline of 7.4 percent in Transportation and Electronics. Organic local-currency salesincreased 8.1 percent year-on-year in Health Care, 6.9 percent in Safety and Industrial, and 5.5 percent inConsumer, with a decrease of 7.1 percent in Transportation and Electronics.On a geographic basis, total sales grew 7.7 percent year-on-year in the Americas, 4.4 percent in EMEA (Europe,Middle East, and Africa), with a decline of 0.6 percent in Asia Pacific. Organic local-currency sales grew 3.4percent year-on-year in the Americas, and declined 0.3 percent in EMEA and 2.6 percent in Asia Pacific.
Both third-quarter GAAP and adjusted earnings were 2.43 per share, resulting in year-on-year declines of 10.7percent and 5.8 percent on a GAAP- and adjusted-basis, respectively. Third-quarter operating income was 1.9billion with operating margins of 22.9 percent, as referenced in the “Supplemental Financial Information NonGAAP Measures” section.The company’s operating cash flow was 2.5 billion with adjusted free cash flow of 2.2 billion contributing toadjusted free cash flow conversion of 153 percent. 3M paid 847 million in cash dividends to shareholdersduring the third quarter. The company reduced total debt by 1.2 billion, down 6 percent, and net debt by 1.3billion, or 8 percent, sequentially. See the “Supplemental Financial Information Non-GAAP Measures” sectionfor applicable information.Third-Quarter Business Group DiscussionSafety and Industrial Sales of 3.0 billion, up 6.9 percent year-on-year in U.S. dollars. Organic local-currency sales increased6.9 percent, foreign currency translation increased sales by 0.4 percent, and divestitures decreased salesby 0.4 percent. On an organic local-currency basis: Sales increased in personal safety, roofing granules, and automotive aftermarket; sales declinedin electrical markets, industrial adhesives and tapes, closure and masking systems, and abrasives. Sales grew in the Americas and EMEA; sales declined in Asia Pacific. Segment operating income was 823 million, an increase of 27.2 percent year-on-year; operatingmargins of 27.2 percent.Transportation and Electronics Sales of 2.3 billion, down 7.4 percent year-on-year in U.S. dollars. Organic local-currency salesdecreased 7.1 percent, foreign currency translation increased sales by 0.9 percent, and divestituresdecreased sales by 1.2 percent. On an organic local-currency basis: Sales increased in electronics; sales declined in transportation safety, commercial solutions,automotive and aerospace, and advanced materials. Sales declined in Asia Pacific, the Americas, and EMEA. Segment operating income was 552 million, a decline of 13.2 percent year-on-year; operating marginsof 23.9 percent.Health Care Sales of 2.2 billion, up 25.5 percent year-on-year in U.S. dollars. Organic local-currency salesincreased 8.1 percent, foreign currency translation increased sales by 1.1 percent and acquisitions, net ofdivestitures, increased sales by 16.3 percent. On an organic local-currency basis: Sales grew in medical solutions, separation and purification, and oral care; sales declined in foodsafety and health information systems. Sales increased in the Americas and EMEA; sales declined in Asia Pacific.
Segment operating income was 508 million, an increase of 10.6 percent year-on-year; operatingmargins of 23.5 percent.Consumer Sales of 1.4 billion, up 5.6 percent year-on-year in U.S. dollars. Organic local-currency sales increased5.5 percent and foreign currency translation increased sales by 0.1 percent. On an organic local-currency basis: Sales grew in home care, and home improvement; were flat in consumer health care and declinedin stationery and office supplies. Sales increased in the Americas and EMEA; sales declined in Asia Pacific. Segment operating income was 358 million, up 14.7 percent year-on-year; operating margins of 25.3percent.OutlookDue to the continued evolving and uncertain impact of the COVID-19 pandemic, 3M is not able to estimate thefull duration, magnitude and pace of recovery across its diverse end markets with reasonable accuracy.Therefore, 3M continues to believe it is prudent to not provide guidance. 3M will maintain its monthly reportingof sales information during the fourth-quarter to continue to provide transparency on its ongoing businessperformance.The company estimates total sales for October to be flat to up low-single digits year-on-year. This estimateincludes the anticipated impact of one fewer business day in October 2020 versus October 2019.3M will conduct an investor teleconference at 9:00 a.m. EDT (8:00 a.m. CDT) today. Investors can access thisconference via the following: Live webcast at http://investors.3M.com. Live telephone:Call 800-762-2596 within the U.S. or 1 212-231-2916 outside the U.S. Please join the call at least 10minutes before the start time. Webcast replay:Go to 3M’s Investor Relations website at http://investors.3M.com and click on “Quarterly Earnings.” Telephone replay:Call 800-633-8284 within the U.S. or 1 402-977-9140 outside the U.S. (for both U.S. and outside theU.S., the access code is 21930639). The telephone replay will be available until 11:30 a.m. EST (10:30a.m. CST) on November 3, 2020.Forward-Looking StatementsThis news release contains forward-looking information about 3M's financial results and estimates and businessprospects that involve substantial risks and uncertainties. You can identify these statements by the use of wordssuch as "anticipate," "estimate," "expect," "aim," "project," "intend," "plan," "believe," "will," "should,""could," "target," "forecast" and other words and terms of similar meaning in connection with any discussion offuture operating or financial performance or business plans or prospects. Among the factors that could causeactual results to differ materially are the following: (1) worldwide economic, political, regulatory, capital
markets and other external conditions and other factors beyond the Company's control, including natural andother disasters or climate change affecting the operations of the Company or its customers and suppliers; (2)risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19);(3) liabilities related to certain fluorochemicals, including lawsuits concerning various PFAS-related productsand chemistries, and claims and governmental regulatory proceedings and inquiries related to PFAS in a varietyof jurisdictions; (4) legal proceedings, including significant developments that could occur in the legal andregulatory proceedings described in the Company's Annual Report on Form 10-K for the year ended Dec. 31,2019, and any subsequent quarterly reports on Form 10-Q (the “Reports”); (5) competitive conditions andcustomer preferences; (6) foreign currency exchange rates and fluctuations in those rates; (7) the timing andmarket acceptance of new product offerings; (8) the availability and cost of purchased components, compounds,raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increaseddemand or supply interruptions (including those caused by natural and other disasters and other events); (9)unanticipated problems or delays with the phased implementation of a global enterprise resource planning(ERP) system, or security breaches and other disruptions to the Company's information technologyinfrastructure; (10) the impact of acquisitions, strategic alliances, divestitures and other unusual events resultingfrom portfolio management actions and other evolving business strategies, and possible organizationalrestructuring; (11) operational execution, including scenarios where the Company generates fewer productivityimprovements than estimated; (12) financial market risks that may affect the Company’s funding obligationsunder defined benefit pension and postretirement plans; and (13) the Company's credit ratings and its cost ofcapital. Changes in such assumptions or factors could produce significantly different results. A furtherdescription of these factors is located in the Reports under "Cautionary Note Concerning Factors That MayAffect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 andPart II, Item 1A (Quarterly Reports), as updated by applicable Current Reports on Form 8-K. The informationcontained in this news release is as of the date indicated. The Company assumes no obligation to update anyforward-looking statements contained in this news release as a result of new information or future events ordevelopments.
3M Company and SubsidiariesCONSOLIDATED STATEMENT OF INCOME(Millions, except per-share amounts)(Unaudited)Three months endedSeptember 30,20202019Net sales 8,350Operating expensesCost of salesSelling, general and administrative expensesResearch, development and related expensesGain on sale of businessesTotal operating expensesOperating incomeNine months endedSeptember 30,20202019 7,991 23,601 0891,390(114)19,1764,84910445311349Income before income taxesProvision for income taxesIncome of consolidated 08883,612Income (loss) from unconsolidated subsidiaries, net of taxesNet income including noncontrolling interest(1)1,417—1,588(1)3,998—3,612Other expense (income), netLess: Net income (loss) attributable to noncontrolling interest45311Net income attributable to 3M 1,413 1,583 3,995 3,601Weighted average 3M common shares outstanding – basicEarnings per share attributable to 3M common shareholders – basic 577.82.45 576.52.75 577.26.92 577.26.24Weighted average 3M common shares outstanding – dilutedEarnings per share attributable to 3M common shareholders – diluted 582.42.43 583.02.72 581.66.87 585.96.15
3M Company and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEET(Dollars in millions)(Unaudited)September 30,2020ASSETSCurrent assetsCash and cash equivalentsMarketable securities – currentAccounts receivable – netInventoriesPrepaidsOther current assetsTotal current assetsProperty, plant and equipment – netOperating lease right of use assetsGoodwill and intangible assets – netOther assetsTotal assetsLIABILITIES AND EQUITYCurrent liabilitiesShort-term borrowings andcurrent portion of long-term debtAccounts payableAccrued payrollAccrued income taxesOperating lease liabilities – currentOther current liabilitiesTotal current liabilitiesLong-term debtOther liabilitiesTotal liabilitiesTotal equityShares outstandingSeptember 30, 2020: 576,821,878 sharesDecember 31, 2019: 575,184,835 sharesTotal liabilities and equity December 11,75945,390 1,1692,2087212202522,8407,41018,4297,60833,447 2,7952,2287021942473,0569,22217,5187,79334,533 11,943 10,126 45,390 44,659 ,659
3M Company and SubsidiariesCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(Dollars in millions)(Unaudited)Nine months endedSeptember 30,20202019NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Cash flows from investing activities:Purchases of property, plant and equipmentAcquisitions, net of cash acquiredPurchases and proceeds from sale or maturities of marketable securities and investments – netProceeds from sale of businesses, net of cash soldOther investing activities5,598 (1,145)Cash flows from financing activities:Change in debtPurchases of treasury stockProceeds from issuances of treasury stock pursuant to stock option and benefit plansDividends paid to shareholdersOther financing 2,488)(158)NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(3,498)1,327NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIESEffect of exchange rate changes on cash and cash equivalents(11)Net increase (decrease) in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at end of period(36)1,7682,353 4,1214,8782,853 7,731
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES(Unaudited)OperatingIncome(Dollars in millions, except per share amounts)2,011OperatingIncomeMargin25.2 % ProvisionforIncomeTaxesIncomeBeforeTaxes 1,90523.8 % 1,860 35119.0 % 1,504 2.58Q3 2020 GAAPAdjustments for special items:NoneQ3 2020 adjusted amounts (non-GAAP measures)(a) 1,90922.9 % 1,805 38721.4 % 1,413 2.43(10.7)% 1,90922.9 % 1,805 38721.4 % 1,413 2.43(5.8)%OperatingIncome(Dollars in millions, except per share amounts)(106)OperatingIncomeMargin20.2 % 19.3 % (27)ProvisionforIncomeTaxesIncomeBeforeTaxes 8881,583 (79)EffectiveTax Rate19.7 % (0.14)EarningsPerDilutedShareNet IncomeAttributableto 3M3,6012.72 5,28322.0 % 5,096 1,02720.2 % 4,058 6.93First nine months 2020 GAAPAdjustments for special items:Significant litigation-related charges/benefits(Gain)/loss on sale of businessesDivestiture-related restructuring actionsFirst nine months 2020 adjusted amounts (nonGAAP measures) (a) 5,31222.5 % 5,001 1,00220.0 % 3,995 6.87 2)4,99517(389)5521.2 % 4,68456(86)9 981(39)(303)4621.0 % (389)55 4,500378First nine months 2019 GAAPAdjustments for special items:Significant litigation-related charges/benefitsLoss on deconsolidation of Venezuelansubsidiary(Gain)/loss on sale of businessesFirst nine months 2019 adjusted amounts (nonGAAP measures) (a)(a)4,849 EarningsPerDilutedShareNet IncomeAttributableto 3MQ3 2019 GAAPAdjustments for special items:(Gain)/loss on sale of businessesQ3 2019 adjusted amounts (non-GAAP ilutedsharepercentchange11.7 %(0.07)(0.52)0.08 6.36(8.2)%In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides non-GAAP measures that adjust for theimpact of special items. Special items for the periods presented include the items described in the section entitled “Description of SpecialItems”. Beginning in 2020, the Company includes gain/loss on sale of businesses and divestiture-related restructuring actions as special itemsdue to their potential distortion of underlying operating results. Information provided herein reflects the impact of this change for all periodspresented. Operating income, income before taxes, net income, earnings per share, and effective tax rate are all measures for which 3Mprovides the reported GAAP measure and a measure adjusted for special items. The adjusted measures are not in accordance with, nor arethey a substitute for, GAAP measures. The Company considers these non-GAAP measures in evaluating and managing the Company’soperations. The Company believes that discussion of results adjusted for these items is meaningful to investors as it provides a useful analysisof ongoing underlying operating trends. The determination of these items may not be comparable to similarly titled measures used by othercompanies.
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES – (CONTINUED)(Unaudited)Three months endedSeptember 30,20202019Major GAAP Cash Flow Categories (dollars in millions)Net cash provided by (used in) operating activitiesNet cash provided by (used in) investing activitiesNet cash provided by (used in) financing activitiesNine months endedSeptember 30,20202019 2,480(523)(2,097) 2,022902,804 5,598(321)(3,498) 4,732(1,145)1,327Net cash provided by (used in) operating activitiesPurchases of property, plant and equipmentFree cash flowAdjustments for special items:Significant litigation-related after-tax payment impactsTCJA transition tax paymentsDivestiture-related restructuring after-tax payment impactsAdjusted free cash flow (b) 2,480(368)2,112 2,022(349)1,673 5,598(1,079)4,519 4,732(1,161)3,571 743364,632 229—91,911 103362,161 260—543,885Net income attributable to 3MAdjustments for special items:Significant litigation-related charges/benefitsLoss on deconsolidation of Venezuelan subsidiary(Gain)/loss on sale of businessesDivestiture-related restructuring actionsAdjusted net income attributable to 3M (a)Adjusted free cash flow conversion (b) 1,413 1,583 3,995 3,601Adjusted Free Cash Flow (non-GAAP measure) (dollars in millions)(b) ————1,413 153 % ——(79)—1,504 127 %(39)—(303)463,699125 % 424162(129)—4,05896 %Adjusted free cash flow and adjusted free cash flow conversion are not defined under U.S. GAAP. Therefore, they should not be considered asubstitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures usedby other companies. The Company defines adjusted free cash flow as net cash provided by operating activities, adjusted for special items, lesspurchases of property, plant and equipment. Cash payments associated with special items in the determination of adjusted free cash flow arereflected net of applicable tax using the U.S. statutory corporate tax rate during the period of payment. It should not be inferred that the entireadjusted free cash flow amount is available for discretionary expenditures. The Company defines adjusted free cash flow conversion asadjusted free cash flow divided by net income attributable to 3M, adjusted for special items. Special items for the periods presented includethe items described in section entitled “Description of Special Items”. The Company believes adjusted free cash flow and adjusted free cashflow conversion are meaningful to investors as they are useful measures of performance and the Company uses these measures as anindication of the strength of the company and its ability to generate cash.
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES – (CONTINUED)(Unaudited)Adjusted EBITDA (non-GAAP measure) (c)Three months ended September 30,20202019(Dollars in millions)Safety and IndustrialTransportation and ElectronicsHealth CareConsumerCorporate and UnallocatedElimination of Dual Credit Total Company 956643644383(91)(145)2,390 Adjusted EBITDA Margin (non-GAAP measure) (c)Three months ended September 30,2020201975371651233777(111) 2,284Adjusted EBITDA (non-GAAP measure) (c)Nine months ended September 30,20202019(Dollars in millions)31.6 %27.829.827.026.6 %28.629.825.128.6 %28.6 %Adjusted EBITDA Margin (non-GAAP measure) (c)Nine months ended September 30,20202019Safety and IndustrialTransportation and ElectronicsHealth CareConsumerCorporate and UnallocatedElimination of Dual Credit 2,5421,6731,667981(71)(384) 2,2431,9821,56489240(308)29.5 %25.827.425.125.7 %27.129.623.1Total Company 6,408 6,41327.2 %26.7 %Adjusted EBITDA (non-GAAP measure) (dollars in millions)Net salesNet income attributable to 3MAdd/(subtract):Net income/(loss) attributable to noncontrolling interest(Income)/Loss from unconsolidated subsidiaries, net of taxesProvision for income taxesOther expense/(income):Interest (Income)/expensePension & OPEB non-service cost (benefit)Loss on deconsolidation of Venezuelan subsidiaryDepreciation and amortization expenseAdjustments for special items:Significant litigation-related charges/benefits(Gain)/loss on sale of businessesDivestiture-related restructuring actionsAdjusted EBITDA (c)Adjusted EBITDA margin (c)Three months endedSeptember 30,September 30,20202019 8,350 7,991Nine months endedSeptember 30,September 30,20202019 23,601 1621,130—(106)—2,284 17(389)556,408 548(114)—6,41328.6 %27.2 %———2,39028.6 % 26.7 %
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES – (CONTINUED)(Unaudited)Adjusted EBITDA (non-GAAP measure)Three months ended September 30, 2020 (dollars in millions)Net salesBusiness segment operating income (measure of segmentoperating performance)Add/(subtract):Depreciation and amortizationAdjustments for special items:NoneAdjusted EBITDA (non-GAAP measure) (c)Safety andIndustrial Adjusted EBITDA margin (non-GAAP measure) (c)Adjusted EBITDA (non-GAAP measure)Three months ended September 30, 2019 (dollars in millions)Net salesBusiness segment operating income (measure of segmentoperating performance)Add/(subtract):Depreciation and amortizationAdjustments for special items:(Gain)/loss on sale of businessesAdjusted EBITDA (non-GAAP measure) (c)Net salesBusiness segment operating income (measure of segmentoperating performance)Add/(subtract):Depreciation and amortizationAdjustments for special items:Significant litigation-related charges/benefits(Gain)/loss on sale of businessesDivestiture-related restructuring actionsAdjusted EBITDA (non-GAAP measure) (c)Adjusted EBITDA margin (non-GAAP measure) (c)Health Care 1,417 —358(187)1339113625969562,829 643 27.8 %64429.8 %TransportationandElectronicsHealth Care 2,500 1,721383 (91)Consumer 1,342CorporateandUnallocated 2845931366106795324117 8,627716 28.6 %512Health Care 6,489 29.8 %TransportationandElectronics6,088 (565)TotalCompany (145)3371,909481 (145) (106)77Eliminationof DualCredit 3,9112,390 (429)TotalCompany (111)7,9912,011379 (111) 25.1 %Consumer8,35028.6 %637753Eliminationof DualCredit27.0 %647Safety andIndustrial 50826.6 % 2,160552Safety andIndustrial 2,314ConsumerCorporateandUnallocated82331.6 %Adjusted EBITDA margin (non-GAAP measure) (c)Adjusted EBITDA (non-GAAP measure)Nine months ended September 30, 2020 (dollars in 8428.6 %CorporateandUnallocated (1)Eliminationof DualCredit (1,513)TotalCompany )55(71)17(389)556,4082,54229.5 % 1,67325.8 % 1,66727.4 % 25.1 % (384)23,601 (384)5,312 27.2 %
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES – (CONTINUED)(Unaudited)Adjusted EBITDA (non-GAAP measure)Nine months ended September 30, 2019 (dollars in millions)Net salesBusiness segment operating income (measure of segmentoperating performance)Add/(subtract):Depreciation and amortizationAdjustments for special items:Significant litigation-related charges/benefits(Gain)/loss on sale of businessesAdjusted EBITDA (non-GAAP measure) (c)Safety andIndustrial Adjusted EBITDA margin (non-GAAP measure) (c)(c)Health Care 7,3055,290Consumer 3,862CorporateandUnallocated 98Eliminationof DualCredit TotalCompany(1,259) 14)40548(114)6,4132,24325.7 % 1,98227.1 % 1,56429.6 % (308)24,025 (308)23.1 %4,849 26.7 %Adjusted EBITDA and adjusted EBITDA margin are not defined under U.S. GAAP. Therefore, adjusted EBITDA and adjusted EBITDAmargin should not be considered a substitute for other measures prepared in accordance with U.S. GAAP and may not be comparable tosimilarly titled measures used by other companies. The Company defines adjusted EBITDA as net income attributable to 3M, adjusted for netincome/(loss) attributable to noncontrolling interest, (income)/loss from unconsolidated subsidiaries, provision for income taxes, otherexpense/(income), depreciation and amortization expense, and special items. For business segments, the Company defines adjusted EBITDAas business segment operating income (3M’s measure of segment operating performance) adjusted for depreciation and amortization expense.The Company defines adjusted EBITDA margin as adjusted EBITDA divided by net sales. Special items for the periods presented include theitems described in the section entitled “Description of Special Items”. The Company considers these non-GAAP measures in evaluating andmanaging the Company’s operations. The Company believes adjusted EBITDA and adjusted EBITDA margin are meaningful to investors asthey provide useful analyses of ongoing underlying operating trends.Net Debt (non-GAAP measure)Total debtLess: Cash, cash equivalents and marketable securitiesNet debt (d)(d)8,729TransportationandElectronicsSeptember 30,2020 19,5984,59515,003December 31,2019 20,3132,49417,819Net debt is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. TheCompany defines net debt as total debt less the total of cash, cash equivalents and current and long-term marketable securities. 3M believesnet debt is meaningful to investors as 3M considers net debt and its components to be an important indicator of liquidity and a guidingmeasure of capital structure strategy.
3M Company and SubsidiariesSUPPLEMENTAL FINANCIAL INFORMATIONNON-GAAP MEASURES – (CONTINUED)(Unaudited)Description of Special Items:In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures thatincorporate adjustments for the impacts of special items. Special items incorporated in the preparation of these non-GAAP measuresfor the periods presented include the items described below:Significant litigation-related charges/benefits: In the first quarter of 2020, 3M recorded a net pre-tax charge of 17 million ( 13 million after tax) related to PFAS (certainperfluorinated compounds) matters. The charge was more than offset by a reduction in tax expense of 52 million related toresolution of tax treatment with authorities regarding the previously disclosed 2018 agreement reached with the State ofMinnesota that resolved the Natural Resources Damages (NRD) lawsuit. These items, in aggregate, resulted in a 39 millionafter tax benefit. In the third quarter and first nine months of 2020, 3M made payments of approximately 13 million and 94million, respectively, related to significant litigation-related matters. In the first quarter of 2019, 3M recorded significant litigation-related charges of 548 million ( 424 million after tax) relatedto historical PFAS manufacturing operations and coal mine dust respirator mask lawsuits. In the third quarter and first ninemonths of 2019, 3M made payments of approximately 290 million and 329 million, respectively, related to significantlitigation-related matters.Loss on deconsolidation of Venezuelan subsidiary: In the second quarter of 2019, 3M recorded a pre-tax charge of 162 million related to the deconsolidation of the Company’sVenezuelan subsidiary.Enactment/measurement period adjustments related to the Tax Cuts and Jobs Act (TCJA) In the third quarter of 2020, 3M made payments of approximately 33 million related to the transition tax expense incurred asa result of the 2017 enactment of the TCJA.Gain/loss on sale of businesses: In the first quarter of 2020, 3M recorded a pre-tax gain of 2 million ( 1 million loss after tax) related to the sale of itsadvanced ballistic-protection business and recognition of certain contingent consideration. In the second quarter of 2020, 3Mrecorded a pre-tax gain of 387 million ( 304 million after tax) related to the sale of its drug delivery business. In the first quarter of 2019, 3M recorded a gain related to the sale of certain oral care technology comprising a business inaddition to reflecting an earnout on a previous divestiture, which together resulted in a net gain of 8 million ( 7 million aftertax). In the second quarter of 2019, as a result of a “held for sale” tax benefit related to the legal entities associated with thepending divestiture of the Company’s gas and flame detection business, 3M r
The company’s operating cash flow was 2.5 billion with adjusted free cash flow of 2.2 billion contributing to adjusted free cash flow conversion of 153 percent. 3M paid 847 million in cash dividends to shareholders during the third quarter. The company reduced total debt by
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News Release Exxon Mobil Corporation 5959 Las Colinas Boulevard Irving, TX 75039 972 940 6007 Telephone 972 940 6143 Facsimile FOR IMMEDIATE RELEASE FRIDAY, OCTOBER 30, 2020 ExxonMobil Reports Results for Third Quarter 2020 Third quarter results improved by 400 million from the second quarter, primarily driven by early stages of .
