2022 Annual Report
3M 2022 Annual Report
Dear Shareholders,
Last year marked the 120-year anniversary of 3M.
Many successful companies are founded on one big idea:
for us, it was the power of material science to change
the world. That’s our purpose as an enterprise, and it
continues to drive us today.
3M stands for quality, innovation and integrity. We
apply our science every day, around the world, to
protect industrial workers, make roadways safer and
help patients heal faster. Our science reshapes the
future of manufacturing, enhances the quality of homes,
and improves the performance of automobiles and
electronics. It helped the world through the COVID-19
pandemic, and today enables a more sustainable future:
in 2022 alone, our innovations helped customers avoid
nearly 20 million metric tons of CO2 emissions.
At the same time, we recognize our company is not
reaching its full potential. We must, and will, do more
to create value for our customers and shareholders.
That is why we are driving operational improvements
day-to-day, while accelerating 3M’s transformation
into a stronger, leaner, more focused company.
Accelerating 3M’s Transformation
In 2022, we focused on delivering for our customers
and shareholders in a challenging economic
environment, and taking actions that are foundational
to defining our path forward.
We addressed inflation through price actions, and
proactively reduced costs and structure as demand
softened throughout the year. To navigate supply chain
disruptions, we did what was necessary to serve our
customers, improve cycle times and manage inventory
­­­— which included moving product in different ways,
opening a new distribution center in the United States,
and utilizing new capabilities to better manage our flow
of goods in real time. We navigated COVID-related
lockdowns in China, reached agreement with the
Flemish government to restart operations in Zwijndrecht,
Belgium, and exited our Russian business.
Mike Roman
Chairman of the Board and Chief Executive Officer
As always, we rolled out innovations to solve customer
needs across our market-leading businesses:
• In Safety and Industrial, for example, our new robotic
paint repair system received prestigious industry honors.
• Our Consumer business launched Scotch™ Cushion
Lock,™ a sustainable alternative to plastic bubble
wrap that was recognized by Fast Company as one
of its World Changing Ideas.
• We advanced our leadership in wound care, which
includes our negative pressure wound therapies
becoming the first solution of its kind to surpass
2,000 peer-reviewed studies.
• And in Transportation and Electronics, we introduced
new thermal barrier films to improve performance
of electric car batteries —
­­­ just one element of our
$500 million automotive electrification platform,
which delivered 30% organic growth in 2022.
To accelerate our innovation pipeline, we invested
$3.6 billion in the combination of research and
development and capital expenditures. Over the past
five years, our scientists have earned an average of 3,500
patents per year.
This letter refers to non-GAAP measures such as earnings per share-diluted, adjusted for special items and net debt. Full financial data and non-GAAP
reconciliations of earnings per share-diluted, adjusted for special items (refer to the Overview section) and net debt (refer to the Financial Condition and Liquidity
section) are included in Item 7 of 3M’s 2022 Annual Report on Form 10-K.
1
We are accelerating our transformation into a
stronger, leaner, more focused company.
Organic growth companywide was 1.2%, which included
a 2.0 percentage point headwind from the decline in
disposable respirator demand and our exit of Russia. We
delivered earnings per share of $10.18 ­­­— or $10.10 on an
adjusted basis ­­­— while strengthening our balance sheet
and reducing total debt by $1.4 billion. We generated $5.6
billion in operating cash flow, enabling us to invest in our
businesses, and return $4.8 billion to shareholders through
dividends and share repurchases.
Importantly, we took actions to position 3M for
long-term success.
Creating Long-Term Shareholder Value through
Health Care Spin
We actively managed our portfolio to unlock value
for shareholders. In July we announced our plan
to spin off our Health Care business, creating two
well-capitalized, world-class companies with greater
focus, and better positioned to drive growth and
innovation. 3M will remain a global material science
leader aligned to key megatrends such as electronics,
safety, mobility and sustainability. The standalone
Health Care business will be a leading global
technology company focused on wound care, oral
care, healthcare IT, and biopharma filtration.
technology assets of LeanTec, a provider of digital
management solutions for the automotive
aftermarket segment.
With respect to legal matters, we are focused on
addressing Combat Arms and PFAS litigation by
defending ourselves in court or negotiating resolutions
as appropriate.
Last year, we also announced we will exit all PFAS
manufacturing and work to eliminate PFAS in our
products by the end of 2025. While PFAS can be
safely made and used, our decision is based on
careful consideration of the external landscape,
including regulatory trends and changing stakeholder
expectations. We have already reduced our use of
PFAS through ongoing research and development, and
will continue to innovate new solutions for customers.
We simplified and streamlined our supply chain
organization, and advanced our digital strategies to
better serve customers. This includes expanding our
use of data and analytics to better serve customers
and improve our operational agility.
In 2022, we continued to follow through on
our sustainability goals, including our $1 billion
commitment to achieve carbon neutrality, reduce
water use, improve water quality and reduce our use
In addition, last year we divested our Food Safety
business, receiving approximately $1 billion in
consideration and reducing our outstanding share
count by 16 million. We divested our floor products
business in Western Europe, while acquiring the
2
3M 2022 Annual Report
of plastics. 3M is on track to meet or exceed each of
those goals. We have reduced our carbon footprint by
more than 35% and water usage by more than 15% since
2019. In the last two years alone, we have reduced
our use of virgin fossil-based plastic by over 50 million
pounds. We are ahead of schedule in installing stateof-the-art filtration technologies in factories around the
world ­­­— we now have capabilities up and running at
all three of our largest water-using sites in the United
States, and in Zwijndrecht. Our energy management
efforts were also recently recognized by the U.S.
Department of Energy, which noted our “history of
superior contributions to achieving sustainability goals.”
To help our people be at their best, we supported
employee health, safety and well-being through new
flexible work arrangements and factory investments. We
are reimagining the future of work, combining the best
of virtual and in-person. We have introduced new office
designs that support meaningful onsite experiences, and
can flex as business demands evolve. 3M’s employee
resource networks are also expanding, with a 25%
increase in global membership over the last few years.
We continue to advance diversity, equity and inclusion
in our company and communities. We are working to
double our representation of underrepresented groups
within 3M, and double our spending with diverse
suppliers. We are implementing multiple strategies to
strengthen education, and recently partnered with the
White House and other leading companies to increase
STEM equity. Each of our business groups is executing
initiatives —
­­­ last year, for instance, we installed highperformance road materials in more than 30 school
zones around the world to increase pedestrian visibility
and help children get to class safely.
Our people remain committed to doing business the
right way, with unwavering integrity. In 2022, 3M was
recognized by Ethisphere® as one of the World’s Most
Ethical Companies® for the ninth consecutive year.
3
Driving Operational Performance in 2023
We expect macroeconomic challenges to persist in
2023. While we have taken actions to improve our
operational performance, we are not satisfied. We are
taking additional actions to reduce costs, structure and
inventory, building on those actions taken in 2022. In
January, we announced the reduction of approximately
2,500 global manufacturing roles to align with adjusted
production volumes. As we prepare for the Health Care
spin-off, we are also taking a more comprehensive look
at all of our operations to drive improvement. We will
take additional actions throughout 2023 to improve
supply chain performance, drive simplification, and bring
Our people remain committed to doing business
the right way, with unwavering integrity.
us even closer to our customers. As global supply chains
continue to improve, we will also focus on reducing
working capital, which is our most significant opportunity
to strengthen cash flow.
3M succeeds in difficult times because we remain
close to customers and continue to invest in innovation.
Automotive electrification, industrial automation,
biopharma processing, and home improvement are just
a few examples of large, fast-growing markets where
we are investing, and where 3M innovation can make
a difference. Investments in growth, productivity and
sustainability will remain a priority in 2023.
As always, underpinning all of our work will be the
strengths of 3M: our people, industry-leading innovation,
advanced manufacturing, global capabilities, and iconic
brands. These strengths form a strong foundation,
built up over 120 years. We will continue to add to
that foundation and transform for the future. I am
confident we will exit 2023 a stronger, leaner, and more
focused 3M —
­­­ better positioned to deliver value for all
stakeholders who have placed their trust in us, including
you, our shareholders.
Sales (billions)
$40
$32.2
$35.4
$34.2
2020
2021
2022
$35
$30
$25
$20
$15
$10
$5
$0
Earnings per share-diluted
$12
$9.36/$9.29*
$10.12/$10.73*
$10.18/$10.10*
2020
2021
2022
$10
$8
$6
$4
$2
Mike Roman
Chairman of the Board and Chief Executive Officer
$0
Cash dividends paid per share
$6.00
$5.88
$5.92
$5.96
2020
2021
2022
$5.50
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
*Earnings per share-diluted, adjusted for special items (non-GAAP measures). See the Overview section of Item 7 of 3M’s 2022 Annual Report on Form 10-K for
further details.
4
3M 2022 Annual Report
2022 financial results
GAAP earnings
per share
Adjusted earnings
per share*
GAAP operating
income margins
Adjusted operating
income margins*
Free cash
flow conversion*
$10.18
$10.10
19.1%
20.8%
66%
+0.6% year-on-year
-5.8% year-on-year
-170 basis points
year-on-year
-140 basis points
year-on-year
Net sales
Organic sales
Impact of acquisitions, Impact of currency
net of divestitures,
on worldwide sales
on worldwide sales
$34.2B +1.2%
-3.2% year-on-year
Investment in
research and
development
year-on-year
$1.9B
Organic sales growth
business group (year-on-year)
Safety &
Industrial
Transportation &
Electronics
+1.0%
+1.2%
-0.5%
-3.9%
year-on-year
year-on-year
Investment
in capital
expenditures
$1.7B
Total sales by business group
Safety & Industrial
$11.6B
(34%)
Transportation & Electronics
$8.9B
(26%)
Consumer
$5.3B
(15%)
Health Care
Consumer
+3.2%
-0.9%
Dividends
$3.4B
100% of new products
in development contain
a Sustainability Value
Commitment
Share
Repurchases
Health Care
$8.4B
(25%)
$1.5B
*2022 operating cash flow of $5.6 billion. Full financial data and non-GAAP reconciliations of free cash flow conversion (refer to the Financial Condition and Liquidity section)
and certain amounts adjusted for special items (refer to the Overview section) are included in Item 7 of 3M’s 2022 Annual Report on Form 10-K.
5
Our businesses
Safety & Industrial
Transportation & Electronics
Accelerating safety and industry performance by
serving the industrial, electrical and safety markets.
Moving transportation and a connected world forward
by serving automotive and electronic OEM customers.
2022 performance
2022 performance
($M)
Sales
Sales growth
Organic sales growth
Operating margins
2022
$11,604
(3.2)%
1.0%
10.3%
2022 sales by business
($M)
Sales
Sales growth
Organic sales growth
Operating margins
2022
$8,902
(3.9)%
1.2%
11.4%
2022 sales by business
Electronics
38%
Personal Safety
34%
Industrial Adhesives & Tapes
20%
Automotive & Aerospace
20%
Roofing Granules
4%
Closure & Masking Systems
9%
Automotive Aftermarket
10%
Transportation Safety
9%
Abrasives
12%
Advanced Materials
13%
Electrical Markets
11%
Commercial Solutions
20%
Health Care
Consumer
Leveraging science and technology to improve the
delivery of health care and patient outcomes.
Innovating to improve homes, work and life by serving
global consumers.
2022 performance
2022 performance
($M)
Sales
Sales growth
Organic sales growth
Operating margins
2022
$8,421
(2.0)%
3.2%
21.6%
($M)
Sales
Sales growth
Organic sales growth
Operating margins
2022
$5,298
(3.9)%
(0.9)%
18.8%
2022 sales by business
2022 sales by business
Oral Care
16%
Medical Solutions
55%
Home Improvement
45%
Stationery & Office
24%
Health Information Systems
15%
Food Safety
3%
Separation & Purification Sciences
11%
Consumer Health & Safety
11%
Home Care
20%
6
3M 2022 Annual Report
Financial summary
(Dollars in millions, except per share amounts)
2022
2021
n/t
n/t
$34,229
$35,355
$32,184
6,539
7,369
7,161
Net income attributable to 3M
5,777
5,921
5,449
Per share – basic
10.21
10.23
9.43
Per share – diluted
10.18
10.12
9.36
Financial Ratios
n/t
n/t
n/t
Percent of sales
n/t
n/t
n/t
Cost of sales
56.2%
53.2 %
51.6 %
Selling, general and administrative expense, net of gain on sale
of business divestitures and goodwill impairment expense
19.3
20.4
20.3
5.4
5.6
5.8
Operating income
19.1
20.8
22.3
Net income attributable to 3M
16.9
16.7
16.9
n/t
n/t
n/t
Cash dividends paid
3,369
3,420
3,388
Purchases of treasury stock*
1,464
2,199
368
4 , 833
5,619
3,756
Stock price at year-end
119.92
177.63
174.79
Total assets
46,455
47,072
47,344
Long-term debt (excluding current portion)
14,001
16,056
17,989
Capital expenditures
1,749
1,603
1,501
Depreciation and amortization
1,831
1,915
1,911
Research, development and related expenses
1,862
1,994
1,878
92,000
95,000
95,000
Average shares outstanding – basic (in millions)
566.0
579.0
577.6
Average shares outstanding – diluted (in millions)
567.6
585.3
582.2
n/t
Operating Results
Net sales
Operating income
Research, development and related expenses
Additional Information
Capital returned to shareholders
Number of employees at year-end
*In addition – reduced outstanding shares by 16 million via exchange offer related to Food Safety
divestiture in 2022.
7
2020
n/t
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3M 2022 Annual Report
Shareholder information
Account Information
Annual Shareholders’ Meeting
Registered 3M shareholders can access account information
and get answers to frequently asked questions in several ways:
Internet:
www.shareowneronline.com
Telephone:
(651) 450-4064 or 1-800-401-1952
E-mail:
Go to www.shareowneronline.com
and select Contact Us.
Mail:
EQ Shareowner Services
P.O. Box 64854
St. Paul, MN 55164-0854
3M’s annual meeting of shareholders will be held virtually on
Tuesday, May 9, 2023 at 8:30 a.m. (Central Daylight Time).
Shareholders of record may vote proxies via the Internet at
www.proxyvote.com, by calling 1-800-690-6903, or by mail.
If a broker holds your shares, please contact the broker to
determine your voting options.
Dividends
Quarterly dividends on 3M common stock typically are paid on
or about the 12th of March, June, September and December.
3M has paid dividends since 1916. Shareholders can reinvest
dividends and make additional cash contributions through
the Automatic Dividend Reinvestment Plan or have dividend
payments automatically deposited into checking or savings
accounts through the Electronic Dividend Deposit Service.
Stock Listings
Investor Inquiries
Securities analysts, portfolio managers and representatives of
financial institutions should contact:
3M Investor Relations
3M Center, Building 223-02-N-20
St. Paul, MN 55144-1000
Phone: (651) 737-6523
Corporate News and Reports
Corporate news releases, 3M’s Annual Report,
and Forms 10-K and 10-Q are available online at:
investors.3M.com
3M’s common stock trades on the New York and Chicago
stock exchanges, and is also traded on the SIX Swiss
Exchange. Our symbol is MMM. 3M is one of 30 companies in
the Dow Jones Industrial Average and is also a component of
the Standard & Poor’s 500 Index.
Product Information
3M Stock Performance (With Dividend Reinvestment)
Forward-Looking Statements
200.0
185.0
170.0
S&P
500
DJIA
155.0
140.0
125.0
Information about 3M products and services is available at:
Internet:
www.3M.com/product
Telephone:
1-800-3M HELPS (1-800-364-3577)
This Annual Report contains forward-looking statements
that involve risks and uncertainties that could cause results
to differ materially from those projected. Please refer to the
section titled “Cautionary Note Concerning Factors That May
Affect Future Results” in Item 1 and “Risk Factors” in Item 1A
of the Annual Report on Form 10-K for a discussion of these
risks and uncertainties.
Visit us on the Web
110.0
95.0
www.3M.com
80.0
65.0
3M
50.0
2017
2018
2019
2020
2021
2022
The graph above compares the five-year cumulative total
shareholder return for 3M common stock with that of the
Standard & Poor’s 500 Stock Index (S&P 500) and the Dow
Jones Industrial Average (DJIA). The comparison assumes that
$100 was invested in 3M stock and the two indexes on Dec.
31, 2017, and that all quarterly dividends were reinvested.
On the cover:
Improved transportation safety through enhanced infrastructure.
Corporate Headquarters
3M Center
St. Paul, MN 55144-1000
USA
(651) 733-1110
www.3M.com
Please recycle
Printed in U.S.A.
© 3M 2023. All rights reserved.