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3M Co (MMM) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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3M Co

CIK: 66740 Ticker: MMM

Exhibit 99.1
3M Reports Fourth-Quarter and Full-Year 2021 Results
Fourth-Quarter Highlights:
Sales of $8.6 billion, up 0.3 percent year-on-year; organic local-currency sales increased 1.3 percent year-on-year
Earnings per share of $2.31
Operating cash flow of $2.0 billion; adjusted free cash flow of $1.5 billion, down 30 percent year-on-year
Returned $1.8 billion to shareholders via dividends and gross share repurchases
Announced Food Safety business divestiture involving a Reverse Morris Trust transaction with NEOGEN Corporation

Full Year Highlights:
Sales of $35.4 billion, up 9.9 percent year-on-year; organic local-currency sales increased 8.8 percent year-on-year
Earnings per share of $10.12 vs. $9.36 in 2020, up 8 percent year-on-year
Adjusted earnings per share of $10.12 vs. $8.85 in 2020, up 14 percent year-on-year
Operating cash flow of $7.5 billion; adjusted free cash flow of $6.0 billion, with adjusted free cash flow conversion of 101 percent
Returned $5.6 billion to shareholders via dividends and gross share repurchases
Company to host virtual Strategic Update and 2022 Outlook meeting on Feb. 14, 2022
ST. PAUL, Minn. – Jan. 25, 2022 − 3M (NYSE: MMM) today reported fourth-quarter and full-year 2021 results.

“3M delivered a solid fourth-quarter performance – with notable strength in December – as we maintained our relentless focus on serving customers in a challenging external environment,” said 3M chairman and chief executive officer Mike Roman. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.”

“Throughout 2021 we performed well, delivering full-year sales growth of 10 percent, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19,” Roman continued. “As we continue to actively manage our portfolio and improve our operations, we will prioritize investments in fast-growing end markets to drive long-term growth, as well as advance our commitment to sustainability. As we enter 2022, I am confident we will continue to grow our business and find new ways to apply science to improve lives.”
Fourth-Quarter Results
Sales grew 0.3 percent year-on-year to $8.6 billion. Organic local-currency sales increased 1.3 percent. Foreign currency translation decreased sales by 1.0 percent year-on-year.
Total sales grew 4.1 percent in Consumer and 0.7 percent in Health Care, and decreased 1.5 percent in Transportation and Electronics, and 2.2 percent in Safety and Industrial. Organic local-currency sales grew 4.9 percent in Consumer and 1.6 percent in Health Care, and decreased 0.4 percent in Transportation and Electronics, and 1.3 percent in Safety and Industrial.
On a geographic basis, total sales grew 2.1 percent in the Americas, and decreased 0.2 percent in Asia Pacific, and 4.5 percent in EMEA (Europe, Middle East and Africa). Organic local-currency sales grew 2.2 percent in the Americas, 1.4 percent in Asia Pacific, and decreased 1.9 percent in EMEA.
Fourth-quarter earnings per share was $2.31 per share, down 4 percent year-on-year. Fourth quarter operating income was $1.6 billion with operating margins of 18.8 percent.
The company’s operating cash flow was $2.0 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 110 percent. 3M returned $1.8 billion to shareholders in the fourth quarter of 2021, including $848 million in cash dividends and $938 million of gross share repurchases. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.


The following information was filed by 3M Co (MMM) on Tuesday, January 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside 3M Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Changes In Equity (Parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Supplemental Share Information (Parenthetical)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Acquisitions Narrative (Details)
Acquisitions And Divestitures - Allocation Of Purchase Price (Details)
Acquisitions And Divestitures - Divestitures Narrative (Details)
Business Segments And Geographic Information
Business Segments And Geographic Information (Details)
Business Segments And Geographic Information (Tables)
Business Segments And Geographic Information - Business Segment Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Environmental (Details)
Commitments And Contingencies - Federal False Claims Act / Qui Tam Litigation (Details)
Commitments And Contingencies - Product Liability Litigation (Details)
Commitments And Contingencies - Respirator Mask/Asbestos Litigation??? (Details)
Commitments And Contingencies - Securities Litigation (Details)
Commitments And Contingencies - Warranties And Guarantees (Details)
Derivatives
Derivatives (Tables)
Derivatives - Bs Location (Details)
Derivatives - Cash Flow Hedges - Gain (Loss) In Oci Or Reclassified From Aoci (Details)
Derivatives - Cumulative Basis Adjustment For Fair Value Hedges (Details)
Derivatives - Currency Effects (Details)
Derivatives - Fair Value Hedges (Details)
Derivatives - Net Investment Hedges (Details)
Derivatives - Offsetting Assets (Details)
Derivatives - Offsetting Liabilities (Details)
Derivatives - Statement Of Income Location And Impact Of Cash Flow (Details)
Derivatives- Cash Flow Hedges (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Instruments (Details)
Fair Value Measurements - Nonrecurring Basis (Details)
Fair Value Measurements - Recurring Basis (Details)
Fair Value Measurements - Recurring Reconciliation (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Acquired Intangible Assets (Details)
Goodwill And Intangible Assets - Goodwill Balance By Business Segment (Details)
Goodwill And Intangible Assets - Schedules For Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Cumulative Effect, Period Of Adoption, Adjustment (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Before Taxes (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Effective Income Tax Rate (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Utb) (Details)
Income Taxes - Tax Effected Operating Loss, Capital Loss, And Tax Credit Carryovers (Details)
Income Taxes - Undistributed Earnings And Foreign Location Information (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Operating Leases Not Yet Commenced (Details)
Leases - Sale And Leased-Backed Asset And Obligation (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow And Other Information (Details)
Long-Term Debt And Short-Term Borrowings
Long-Term Debt And Short-Term Borrowings (Tables)
Long-Term Debt And Short-Term Borrowings - Credit Facilities And Other Credit Facilities (Details)
Long-Term Debt And Short-Term Borrowings - Floating Rate Notes (Details)
Long-Term Debt And Short-Term Borrowings - Future Maturities Of Long-Term Debt (Details)
Long-Term Debt And Short-Term Borrowings - Long-Term Debt (Details)
Long-Term Debt And Short-Term Borrowings - Long-Term Debt Issuances And Fixed-To-Floating Interest Rate Swaps (Details)
Long-Term Debt And Short-Term Borrowings - Long-Term Debt Maturities And Extinguishments, And In-Substance Defeasance (Details)
Long-Term Debt And Short-Term Borrowings - Post-Swap Borrowing, Long-Term Debt, Including Current Portion (Details)
Long-Term Debt And Short-Term Borrowings - Short-Term Borrowings And Current Portion Of Long-Term Debt (Details)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Contractual Maturity (Details)
Marketable Securities - Current And Non-Current (Details)
Pension And Postretirement Benefit Plans
Pension And Postretirement Benefit Plans (Tables)
Pension And Postretirement Benefit Plans - Change In Benefit Obligation And Plan Assets And Amounts Recognized In Balance Sheet And Aoci (Details)
Pension And Postretirement Benefit Plans - Components Of Net Periodic Benefit Cost And Other Information (Details)
Pension And Postretirement Benefit Plans - Future Benefit Payments (Details)
Pension And Postretirement Benefit Plans - Opening Paragraph Narrative (Details)
Pension And Postretirement Benefit Plans - Pension Asset Fair Value Level 3 (Details)
Pension And Postretirement Benefit Plans - Pension Asset Fair Values (Details)
Pension And Postretirement Benefit Plans - Plan Amount Narrative (Details)
Pension And Postretirement Benefit Plans - Special Termination Benefits (Details)
Pension And Postretirement Benefit Plans - Us Pension Weighted Averages And Expected Returns Information (Details)
Restructuring Actions
Restructuring Actions (Details)
Restructuring Actions (Tables)
Restructuring Actions - Roll Forward (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregated Revenue (Details)
Revenue - Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accounts Receivable And Allowances (Details)
Significant Accounting Policies - Advertising And Merchandising Expense (Details)
Significant Accounting Policies - Conditional Asset Retirement Obligations (Details)
Significant Accounting Policies - Consolidated Balance Sheet Adjustments (Details)
Significant Accounting Policies - Consolidated Statement Of Cash Flows (Details)
Significant Accounting Policies - Consolidated Statement Of Comprehensive Income Adjustments (Details)
Significant Accounting Policies - Consolidated Statement Of Income Adjustments (Details)
Significant Accounting Policies - Earnings Per Share (Details)
Significant Accounting Policies - Foreign Currency Translation (Details)
Significant Accounting Policies - Income Taxes (Details)
Significant Accounting Policies - Intangible Assets (Details)
Significant Accounting Policies - Internal-Use Software (Details)
Significant Accounting Policies - Leases (Details)
Significant Accounting Policies - New Accounting Pronouncements (Details)
Significant Accounting Policies - Pp&Amp;E (Details)
Significant Accounting Policies - Research And Development Expenses (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation (Details)
Stock-Based Compensation - General Employees Stock Purchase Plan (Details)
Stock-Based Compensation - Rsu, Rs, Performance Shares (Details)
Stock-Based Compensation - Stock Options (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Supplemental Equity And Comprehensive Income Information
Supplemental Equity And Comprehensive Income Information (Tables)
Supplemental Equity And Comprehensive Income Information - Aoci Rollforward (Details)
Supplemental Equity And Comprehensive Income Information - Reclass Aoci (Details)
Supplemental Equity And Comprehensive Income Information - Stock Narrative (Details)
Supplemental Income Statement Information
Supplemental Income Statement Information (Details)
Supplemental Income Statement Information (Tables)
Ticker: MMM
CIK: 66740
Form Type: 10-K Annual Report
Accession Number: 0000066740-22-000010
Submitted to the SEC: Wed Feb 09 2022 3:13:29 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Surgical And Medical Instruments And Apparatus

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