UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): October 24, 2013
 
3M COMPANY
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
(State or Other Jurisdiction of Incorporation)

File No. 1-3285	 	41-0417775	
(Commission File Number)	 	(IRS Employer Identification No.)	

3M Center, St. Paul, Minnesota	 	55144-1000	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
(651) 733-1110
(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
Item 2.02.  Results of Operations and Financial Condition
 
On October 24, 2013, 3M Company issued a press release reporting third-quarter 2013 results and updating its full-year performance expectations (attached hereunder as Exhibit 99 and incorporated herein by reference).
 
Item 9.01.  Financial Statements and Exhibits
 
(d) Exhibits

Exhibit Number	 	Description	
 	 	 	
99	 	Press Release, dated as of October 24, 2013, of 3M Company (furnished pursuant to Item 2.02 hereof)	

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	3M COMPANY	
 	 	
 	By:	 /s/ Gregg M. Larson	
 	 	Gregg M. Larson,	
 	 	Deputy General Counsel and Secretary	
Dated: October 24, 2013

2 

 
Exhibit 99
 
FOR IMMEDIATE RELEASE
 
3M Delivers Record Third-Quarter Results
 
Highlights:
—            Earnings per share of $1.78, a third-quarter record
—            All-time record quarterly sales of $7.9 billion
—            Organic local-currency sales growth of 5.8 percent
—            Operating income margins of 22.0 percent
—            Returned $2.0 billion to shareholders via dividends and gross share repurchases
 
ST. PAUL, Minn. — October 24, 2013 - 3M (NYSE: MMM) today reported third-quarter earnings of $1.78 per share, an increase of 7.9 percent versus the third quarter of 2012. Sales grew 5.6 percent year-on-year to $7.9 billion. Organic local-currency sales grew 5.8 percent, acquisitions added 1.5 percent to sales and currency impacts reduced sales by 1.7 percent year-on-year.
 
Operating income was $1.7 billion and operating income margins for the quarter were 22.0 percent. Third-quarter net income was $1.2 billion and free cash flow was $0.7 billion.
 
The company paid $431 million in cash dividends to shareholders and repurchased $1.54 billion of its own shares during the quarter.
 
Organic local-currency sales growth was 8.1 percent in Safety and Graphics, 6.8 percent in Health Care, 6.2 percent in Industrial, 4.2 percent in Consumer and 3.8 in Electronics and Energy. On a geographic basis, organic local-currency sales grew 10.5 percent in Latin America/Canada, 6.8 percent in Asia Pacific, 4.5 percent in the U.S. and 4.3 percent in EMEA (Europe, Middle East and Africa).
 
“The 3M team delivered another strong performance in the third quarter,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “All business groups generated positive organic sales growth and operating margins above 20 percent. At the same time, we further strengthened the company through increased investments in innovation, commercialization and manufacturing. Finally, we returned $2 billion of cash to our shareholders during the quarter via dividends and gross share repurchases, or $4.8 billion through nine months of the year.”
 
3M updated its full-year performance expectations. The company anticipates 2013 earnings to be in the range of $6.65 to $6.75 per share versus a previous expectation of $6.60 to $6.85 per share. 3M expects full year organic local-currency sales growth of 3 to 4 percent versus a previous expectation of 2 to 5 percent. In addition, the company expects that free cash flow conversion will be approximately 90 percent.
 
Third-Quarter Business Group Discussion
 
Industrial
·                   Sales of $2.7 billion, up 8.6 percent in U.S. dollars. Organic local-currency sales increased 6.2 percent, acquisitions (Ceradyne) added 4.1 percent to sales and foreign currency translation reduced sales by 1.7 percent.

 
·                   On an organic local-currency basis:
·                   Sales grew in all businesses, led by aerospace, automotive, advanced materials, liquid filtration, automotive aftermarket and industrial adhesives and tapes.
·                   Sales rose in all major geographies, with double-digit growth in Latin America/Canada.
·                   Operating income was $568 million, equal to third quarter of 2012; operating margin of 21.3 percent.
 
Electronics and Energy
·                   Sales of $1.4 billion, an increase of 2.5 percent in U.S. dollars. Organic local-currency sales increased 3.8 percent and foreign currency translation reduced sales by 1.3 percent.
·                   On an organic local-currency basis:
·                   Positive sales growth in both electronics- and energy-related businesses.
·                   Sales grew in Asia Pacific, Latin America/Canada and EMEA, and declined in the U.S.
·                   Operating income was $300 million, up 3.2 percent year-on-year; operating margin of 20.7 percent.
 
Safety and Graphics
·                   Sales of 1.4 billion, up 6.7 percent in U.S. dollars. Organic local-currency sales increased 8.1 percent; acquisitions (Federal Signal Technologies) added 0.9 percent to sales and foreign currency translation reduced sales by 2.3 percent.
·                   On an organic local-currency basis:
·                   Sales grew at a double-digit rate in roofing granules and personal safety; sales declined in architectural markets.
·                   Sales rose in all major geographies, with double-digit growth in Asia Pacific and Latin America/Canada.
·                   Operating income was $315 million, an increase of 7.3 percent year-on-year; operating margin of 21.8 percent.
 
Health Care
·                   Sales of $1.3 billion, up 5.5 percent in U.S. dollars. Organic local-currency sales increased 6.8 percent and foreign currency translation reduced sales by 1.3 percent.
·                   On an organic local-currency basis:
·                   Sales grew across the portfolio led by double-digit growth in food safety and health information systems.
·                   Sales rose in all major geographies, with double-digit growth in Latin America/Canada.
·                   Operating income was $426 million, an increase of 6.7 percent; operating margin of 32.1 percent.
 
Consumer
·                   Sales of $1.2 billion, up 2.1 percent in U.S. dollars. Organic local-currency sales increased 4.2 percent, divestitures reduced sales by 0.2 percent and foreign currency translation reduced sales by 1.9 percent.
·                   On an organic local-currency basis:
·                   Sales growth was strongest in consumer health care, home care, stationery and office supplies and DIY.
·                   Sales grew in all geographic areas led by Latin America/Canada and Asia Pacific.

 
·                   Operating income was $247 million, up 0.6 percent year-on-year; operating margin of 21.5 percent .
 
3M will conduct an investor teleconference at 9:00 a.m. EDT (8:00 a.m. CDT) today. Investors can access this conference via the following:
·                   Live webcast at http://investor.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 10 minutes before the start time.
·                   Webcast replay:
 
Go to 3M’s Investor Relations website at http://investor.3M.com and click on “Quarterly Earnings.”
·                   Telephone replay:
 
Call 800-633-8284 (for both U.S. and outside the U.S.; access code is 21609533).
 
The telephone replay will be available until 10:00 a.m. CDT on October 29, 2013.
 
Forward-Looking Statements
 
This news release contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic and capital markets conditions and other factors beyond the Company’s control, including natural and other disasters affecting the operations of the Company or its customers and suppliers; (2) the Company’s credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (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 technology infrastructure; and (10) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and its subsequent quarterly reports on Form 10-Q (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Report). The information contained in this news release is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

 

3M Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Millions, except per-share amounts)
(Unaudited)

 	 	Three-months ended
September 30,	 	Nine-months ended
September 30,	 	
 	 	2013	 	2012	 	2013	 	2012	 	
 	 	 	 	 	 	 	 	 	 	
Net sales	 	$	7,916	 	$	7,497	 	$	23,302	 	$	22,517	 	
 	 	 	 	 	 	 	 	 	 	
Operating expenses	 	 	 	 	 	 	 	 	 	
Cost of sales	 	4,148	 	3,935	 	12,130	 	11,694	 	
Selling, general and administrative expenses	 	1,609	 	1,487	 	4,808	 	4,567	 	
Research, development and related expenses	 	420	 	397	 	1,277	 	1,216	 	
 	 	 	 	 	 	 	 	 	 	
Total operating expenses	 	6,177	 	5,819	 	18,215	 	17,477	 	
 	 	 	 	 	 	 	 	 	 	
Operating income	 	1,739	 	1,678	 	5,087	 	5,040	 	
 	 	 	 	 	 	 	 	 	 	
Interest expense and income	 	 	 	 	 	 	 	 	 	
Interest expense	 	33	 	44	 	113	 	127	 	
Interest income	 	(10	)	(10	)	(30	)	(29	)	
 	 	 	 	 	 	 	 	 	 	
Total interest expense — net	 	23	 	34	 	83	 	98	 	
 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	1,716	 	1,644	 	5,004	 	4,942	 	
 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	 	471	 	464	 	1,399	 	1,435	 	
 	 	 	 	 	 	 	 	 	 	
Net income including noncontrolling interest	 	$	1,245	 	$	1,180	 	$	3,605	 	$	3,507	 	
 	 	 	 	 	 	 	 	 	 	
Less: Net income attributable to noncontrolling interest	 	15	 	19	 	49	 	54	 	
 	 	 	 	 	 	 	 	 	 	
Net income attributable to 3M	 	$	1,230	 	$	1,161	 	$	3,556	 	$	3,453	 	
 	 	 	 	 	 	 	 	 	 	
Weighted average 3M common shares outstanding — basic	 	679.8	 	693.0	 	686.4	 	694.7	 	
Earnings per share attributable to 3M common shareholders — basic	 	$	1.81	 	$	1.68	 	$	5.18	 	$	4.97	 	
 	 	 	 	 	 	 	 	 	 	
Weighted average 3M common shares outstanding — diluted	 	691.8	 	703.1	 	697.7	 	703.9	 	
Earnings per share attributable to 3M common shareholders — diluted	 	$	1.78	 	$	1.65	 	$	5.10	 	$	4.91	 	
 	 	 	 	 	 	 	 	 	 	
Cash dividends paid per 3M common share	 	$	0.635	 	$	0.59	 	$	1.905	 	$	1.77	 	

 
3M Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)

 	 	Sep. 30,
2013	 	Dec. 31,
2012	 	Sep. 30,
2012	 	
ASSETS	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	2,340	 	$	2,883	 	$	3,029	 	
Marketable securities — current	 	971	 	1,648	 	1,989	 	
Accounts receivable — net	 	4,594	 	4,061	 	4,409	 	
Inventories	 	3,948	 	3,837	 	3,842	 	
Other current assets	 	1,429	 	1,201	 	1,225	 	
Total current assets	 	13,282	 	13,630	 	14,494	 	
Marketable securities — non-current	 	1,547	 	1,162	 	1,400	 	
Investments	 	150	 	163	 	142	 	
Property, plant and equipment — net	 	8,448	 	8,378	 	7,939	 	
Goodwill and intangible assets — net	 	9,087	 	9,310	 	9,063	 	
Prepaid pension benefits	 	24	 	16	 	47	 	
Other assets	 	1,066	 	1,217	 	1,394	 	
Total assets	 	$	33,604	 	$	33,876	 	$	34,479	 	
 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	
Short-term borrowings and current portion of long-term debt	 	$	2,244	 	$	1,085	 	$	1,506	 	
Accounts payable	 	1,718	 	1,762	 	1,805	 	
Accrued payroll	 	688	 	701	 	684	 	
Accrued income taxes	 	373	 	371	 	301	 	
Other current liabilities	 	2,416	 	2,281	 	2,299	 	
Total current liabilities	 	7,439	 	6,200	 	6,595	 	
Long-term debt	 	3,533	 	4,916	 	4,852	 	
Pension and postretirement benefits	 	2,694	 	3,086	 	3,114	 	
Other liabilities	 	1,686	 	1,634	 	1,777	 	
Total liabilities	 	$	15,352	 	$	15,836	 	$	16,338	 	
 	 	 	 	 	 	 	 	
Total equity	 	$	18,252	 	$	18,040	 	$	18,141	 	
Shares outstanding	 	 	 	 	 	 	 	
September 30, 2013: 673,269,679 shares	 	 	 	 	 	 	 	
December 31, 2012: 687,091,650 shares	 	 	 	 	 	 	 	
September 30, 2012: 691,931,278 shares	 	 	 	 	 	 	 	
Total liabilities and equity	 	$	33,604	 	$	33,876	 	$	34,479	 	

 
3M Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(Unaudited)

 	 	Nine-months ended
September 30,	 	
 	 	2013	 	2012	 	
NET CASH PROVIDED BY OPERATING ACTIVITIES	 	$	3,824	 	$	3,562	 	
 	 	 	 	 	 	
Cash flows from investing activities:	 	 	 	 	 	
Purchases of property, plant and equipment	 	(1,122	)	(977	)	
Acquisitions, net of cash acquired	 	—	 	(248	)	
Purchases and proceeds from sale or maturities of
marketable securities and investments — net	 	313	 	(938	)	
Other investing activities	 	107	 	29	 	
 	 	 	 	 	 	
NET CASH USED IN INVESTING ACTIVITIES	 	(702	)	(2,134	)	
 	 	 	 	 	 	
Cash flows from financing activities:	 	 	 	 	 	
Change in debt	 	(234	)	1,197	 	
Purchases of treasury stock	 	(3,538	)	(1,490	)	
Proceeds from issuances of treasury stock
pursuant to stock option and benefit plans	 	1,372	 	772	 	
Dividends paid to shareholders	 	(1,307	)	(1,228	)	
Other financing activities	 	64	 	35	 	
 	 	 	 	 	 	
NET CASH USED IN FINANCING ACTIVITIES	 	(3,643	)	(714	)	
 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	 	(22	)	96	 	
 	 	 	 	 	 	
Net increase (decrease) in cash and cash equivalents	 	(543	)	810	 	
Cash and cash equivalents at beginning of year	 	2,883	 	2,219	 	
 	 	 	 	 	 	
Cash and cash equivalents at end of period	 	$	2,340	 	$	3,029	 	

 

3M Company and Subsidiaries
SUPPLEMENTAL CASH FLOW AND
OTHER SUPPLEMENTAL FINANCIAL INFORMATION
(Dollars in millions)
(Unaudited)

 	 	Three-months ended	 	Nine-months ended	 	
 	 	September 30,	 	September 30,	 	
 	 	2013	 	2012	 	2013	 	2012	 	
 	 	 	 	 	 	 	 	 	 	
NON-GAAP MEASURES	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Free Cash Flow:	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	 	$	1,151	 	$	1,345	 	$	3,824	 	$	3,562	 	
Purchases of property, plant and equipment	 	(404	)	(358	)	(1,122	)	(977	)	
 	 	 	 	 	 	 	 	 	 	
Free Cash Flow (a)	 	$	747	 	$	987	 	$	2,702	 	$	2,585	 	
 
(a)               Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the strength of the company and its ability to generate cash. 

 	 	September 30,	 	
 	 	2013	 	2012	 	
OTHER NON-GAAP MEASURES:	 	 	 	 	 	
Net Working Capital Turns (b)	 	4.6	 	4.7	 	
 
(b)               The company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities. 3M’s net working capital index is defined as quarterly net sales multiplied by four, divided by ending net accounts receivable plus inventory less accounts payable. This measure is not recognized under U.S. GAAP and may not be comparable to similarly titled measures used by other companies.

 
3M Company and Subsidiaries
SALES CHANGE ANALYSIS
(Unaudited)
 
During the first quarter of 2013, 3M completed a realignment of its business segments, as discussed in the following “Business Segments” section, and realigned its geographic area reporting to include Puerto Rico in the United States, rather than in the Latin America/Canada region.  The financial information presented herein reflects, for all periods presented, the impact of these realignments.

 	 	Three-months ended September 30, 2013	 	
 	 	 	 	 	 	Europe,	 	 	 	 	 	
 	 	 	 	 	 	Middle	 	Latin	 	 	 	
Sales Change Analysis	 	United	 	Asia-	 	East and	 	America/	 	World-	 	
By Geographic Area	 	States	 	Pacific	 	Africa	 	Canada	 	Wide	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Volume – organic	 	3.7	%	7.3	%	3.4	%	4.9	%	4.8	%	
Price	 	0.8	 	(0.5	)	0.9	 	5.6	 	1.0	 	
Organic local-currency sales	 	4.5	 	6.8	 	4.3	 	10.5	 	5.8	 	
Acquisitions	 	2.7	 	0.2	 	2.2	 	0.2	 	1.5	 	
Divestitures	 	(0.1	)	—	 	—	 	—	 	—	 	
Translation	 	—	 	(5.3	)	3.1	 	(6.3	)	(1.7	)	
Total sales change	 	7.1	%	1.7	%	9.6	%	4.4	%	5.6	%	

 	 	Three-months ended September 30, 2013	 	
 	 	Organic	 	 	 	 	 	 	 	 	 	
Worldwide	 	local-	 	 	 	 	 	 	 	Total	 	
Sales Change Analysis	 	currency	 	Acqui-	 	Divest-	 	Trans-	 	sales	 	
By Business Segment	 	sales	 	sitions	 	itures	 	lation	 	change	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Industrial	 	6.2	%	4.1	%	—	%	(1.7	)%	8.6	%	
Safety and Graphics	 	8.1	%	0.9	%	—	%	(2.3	)%	6.7	%	
Electronics and Energy	 	3.8	%	—	%	—	%	(1.3	)%	2.5	%	
Health Care	 	6.8	%	—	%	—	%	(1.3	)%	5.5	%	
Consumer	 	4.2	%	—	%	(0.2	)%	(1.9	)%	2.1	%	

 

 	 	Nine-months ended September 30, 2013	 	
 	 	 	 	 	 	Europe,	 	 	 	 	 	
 	 	 	 	 	 	Middle	 	Latin	 	 	 	
Sales Change Analysis	 	United	 	Asia-	 	East and	 	America/	 	World-	 	
By Geographic Area	 	States	 	Pacific	 	Africa	 	Canada	 	Wide	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Volume – organic	 	2.1	%	4.6	%	1.0	%	3.4	%	2.7	%	
Price	 	0.5	 	(0.9	)	0.6	 	5.4	 	0.7	 	
Organic local-currency sales	 	2.6	 	3.7	 	1.6	 	8.8	 	3.4	 	
Acquisitions	 	3.0	 	0.3	 	2.2	 	0.4	 	1.7	 	
Divestitures	 	(0.1	)	—	 	—	 	—	 	—	 	
Translation	 	—	 	(4.0	)	0.8	 	(4.8	)	(1.6	)	
Total sales change	 	5.5	%	—	%	4.6	%	4.4	%	3.5	%	

 	 	Nine-months ended September 30, 2013	 	
 	 	Organic	 	 	 	 	 	 	 	 	 	
Worldwide	 	local-	 	Total	 	 	 	 	 	Total	 	
Sales Change Analysis	 	currency	 	Acqui-	 	Divest-	 	Trans-	 	sales	 	
By Business Segment	 	sales	 	sitions	 	itures	 	lation	 	change	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Industrial	 	4.2	%	4.1	%	—	%	(1.7	)%	6.6	%	
Safety and Graphics	 	4.0	%	1.7	%	—	%	(2.0	)%	3.7	%	
Electronics and Energy	 	—	%	—	%	—	%	(1.2	)%	(1.2	)%	
Health Care	 	5.5	%	0.1	%	—	%	(1.3	)%	4.3	%	
Consumer	 	3.6	%	—	%	(0.1	)%	(1.7	)%	1.8	%	

 
3M Company and Subsidiaries
BUSINESS SEGMENTS
(Dollars in millions)
(Unaudited)
 
Effective in the first quarter of 2013, 3M completed a realignment of its business groups (segments) to better serve global markets and customers. This realignment included:
 
·                        The alignment of divisions into five business groups (segments) as further described below.
·                        The combination of certain existing divisions into new divisions. These included the Traffic Safety and Security Division (reflecting the combination of the former Traffic Safety Systems Division and Security Systems Division) and the Optical Systems Division (reflecting the combination of the former Optical Systems Division and Mobile Interactive Solutions Division).
·                        The movement of certain product lines between various divisions.
 
In addition to the above, there were also adjustments for dual credit reporting to reflect the realigned structure. The new structure is comprised of five business segments: Industrial, Safety and Graphics, Electronics and Energy, Health Care, and Consumer.
 
Industrial : This business segment, previously referred to as Industrial and Transportation, is largely unchanged, except for the transfer of the Renewable Energy Division to the Electronics and Energy business segment.
 
Safety and Graphics : This business segment includes Architectural Markets, Building and Commercial Services, Commercial Graphics, Industrial Mineral Products, Personal Safety, and Traffic Safety and Security. This new business segment also reflects the movement of certain product lines between various divisions.
 
Electronics and Energy : This business segment includes Communication Markets, Electrical Markets, Electronics Markets Materials, Electronic Solutions, Infrastructure Protection, Optical Systems, Renewable Energy, and 3M Touch Systems. This new business segment also reflects the movement of certain product lines between various divisions.
 
Health Care : This business segment is largely unchanged, except for the movement of certain product lines between various divisions.
 
Consumer : This business segment, previously referred to as Consumer and Office, is largely unchanged, except for the movement of certain product lines between various divisions.
 
The financial information presented herein reflects, for all periods presented, the impact of this realignment. Refer to 3M’s Current Report on Form 8-K furnished on March 1, 2013 and 3M’s Current Report on Form 8-K filed on May 16, 2013 for additional information concerning the business segment and geographic area realignments effective in the first quarter of 2013.

 

BUSINESS SEGMENT INFORMATION	 	Three-months ended	 	Nine-months ended	 	
NET SALES	 	September 30,	 	September 30,	 	
(Millions)	 	2013	 	2012	 	2013	 	2012	 	
 	 	 	 	 	 	 	 	 	 	
Industrial	 	$	2,674	 	$	2,462	 	$	8,012	 	$	7,519	 	
Safety and Graphics	 	1,448	 	1,357	 	4,318	 	4,165	 	
Electronics and Energy	 	1,449	 	1,414	 	4,066	 	4,118	 	
Health Care	 	1,328	 	1,259	 	3,975	 	3,811	 	
Consumer	 	1,153	 	1,129	 	3,332	 	3,272	 	
Corporate and Unallocated	 	2	 	1	 	6	 	4	 	
Elimination of Dual Credit	 	(138	)	(125	)	(407	)	(372	)	
 	 	 	 	 	 	 	 	 	 	
Total Company	 	$	7,916	 	$	7,497	 	$	23,302	 	$	22,517	 	

 	 	 	 	 	 	 	 	 	 	
BUSINESS SEGMENT INFORMATION	 	Three-months ended	 	Nine-months ended	 	
OPERATING INCOME	 	September 30,	 	September 30,	 	
(Millions)	 	2013	 	2012	 	2013	 	2012	 	
 	 	 	 	 	 	 	 	 	 	
Industrial	 	$	568	 	$	568	 	$	1,743	 	$	1,751	 	
Safety and Graphics	 	315	 	295	 	983	 	997	 	
Electronics and Energy	 	300	 	291	 	733	 	807	 	
Health Care	 	426	 	399	 	1,247	 	1,212	 	
Consumer	 	247	 	246	 	719	 	710	 	
Corporate and Unallocated	 	(87	)	(93	)	(249	)	(355	)	
Elimination of Dual Credit	 	(30	)	(28	)	(89	)	(82	)	
 	 	 	 	 	 	 	 	 	 	
Total Company	 	$	1,739	 	$	1,678	 	$	5,087	 	$	5,040	 	

 
About 3M
3M captures the spark of new ideas and transforms them into thousands of ingenious products.  Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better.  3M is the innovation company that never stops inventing.  With $30 billion in sales, 3M employs 88,000 people worldwide and has operations in more than 70 countries.

Investor Contacts:	 	Matt Ginter	 	Media Contact:	 	Jacqueline Berry	
 	 	3M	 	 	 	3M	
 	 	(651) 733-8206	 	 	 	(651) 733-3611	
 	 	 	 	 	 	 	
 	 	Bruce Jermeland	 	 	 	 	
 	 	3M	 	 	 	 	
 	 	(651) 733-1807	 	 	 	 	
 
From:
3M Public Relations and Corporate Communications
3M Center, Building 225-1S-15
St. Paul, MN 55144-1000