3M (MMM) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, January 25, 2022. I would now like to turn the call over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.

女士們，先生們，謝謝你們的支持。歡迎參加 3M 第四季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2022 年 1 月 25 日星期二錄製。我現在想將電話轉給 3M 投資者關係高級副總裁 Bruce Jermeland。

Thank you, and good morning, everyone, and welcome to our fourth quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; and Monish Patolawala, our Chief Financial and Transformation Officer. Mike and Monish will make some formal comments, and then we'll take your questions. Please note that today's earnings release and slide presentation accompanying this call are posted on our Investor Relations website at 3m.com under the heading Quarterly Earnings.

謝謝大家，大家早上好，歡迎參加我們的第四季度財報電話會議。今天和我在一起的是 3M 的董事長兼首席執行官 Mike Roman；和我們的首席財務和轉型官 Monish Patolawala。 Mike 和 Monish 將發表一些正式的評論，然後我們會回答您的問題。請注意，本次電話會議隨附的今天的收益發布和幻燈片演示已發佈在我們的投資者關係網站 3m.com 的“季度收益”標題下。

Please turn to Slide 2. Before we begin, I would like to announce our next 2 investor events. On the morning of February 14, we will be having a virtual investor meeting where we will be providing a near-term strategic update, along with our 2022 guidance. Also, please mark your calendars for our first quarter earnings conference call, which will take place on Tuesday, April 26.

請轉到幻燈片 2。在我們開始之前，我想宣布我們接下來的 2 場投資者活動。 2 月 14 日上午，我們將舉行一次虛擬投資者會議，屆時我們將提供近期戰略更新以及 2022 年指導。另外，請在日曆上標記我們將於 4 月 26 日星期二舉行的第一季度收益電話會議。

Please take a moment to read the forward-looking statement on Slide 3. During today's conference call, we will be making certain predictive statements that reflect our current views about 3M's future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

請花點時間閱讀幻燈片 3 上的前瞻性聲明。在今天的電話會議上，我們將做出某些預測性聲明，以反映我們目前對 3M 未來業績和財務業績的看法。這些陳述基於對受風險和不確定性影響的未來事件的某些假設和預期。我們最近的 10-K 表格的第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note, throughout today's presentation, we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.

請注意，在今天的演講中，我們將提及某些非公認會計準則財務指標。非公認會計原則措施的對賬可在今天新聞稿的附件中找到。

Before I hand the call over to Mike, I would like to take a moment and highlight a couple of presentation changes we are making in 2022 to simplify our financial reporting and increase understanding of our performance. These changes are a result of discussions we have had with many of you over the last few years, along with recent benchmarking work that we have done.

在我將電話轉給邁克之前，我想花點時間強調一下我們在 2022 年所做的幾項演示更改，以簡化我們的財務報告並增加對我們業績的了解。這些變化是我們在過去幾年中與你們中的許多人進行討論的結果，以及我們最近所做的基準測試工作。

First, we recognize that dual credit reporting has presented some challenges. For example, having a clear understanding of the impact of disposable respirator performance over the past 2 years on our segment results, particularly Safety and Industrial and Health Care. Therefore, we have decided to eliminate dual credit reporting and will no longer report dual credit within our business segments starting in Q1 2022. We will provide a Form 8-K ahead of our February 14 meeting with updated history for the past 3 years reflecting this change.

首先，我們認識到雙重信用報告帶來了一些挑戰。例如，清楚了解過去 2 年一次性呼吸器性能對我們部門業績的影響，尤其是安全、工業和醫療保健。因此，我們決定取消雙重信用報告，並且從 2022 年第一季度開始將不再報告我們業務部門內的雙重信用。我們將在 2 月 14 日的會議之前提供一份 8-K 表格，其中包含過去 3 年的更新歷史記錄，以反映這一點改變。

And second, we will be providing organic sales change components in aggregate as opposed to reporting separate volume and price components. With this change, we will also be updating the descriptor to organic sales versus organic local currency sales. Please note, this change will be reflected in our 2021 Form 10-K filing. We remain committed to providing strong transparency of reporting our financial performance. And of course, we are always here to address your questions.

其次，我們將匯總提供有機銷售變化組件，而不是單獨報告數量和價格組件。隨著這一變化，我們還將將描述符更新為有機銷售與有機本地貨幣銷售。請注意，此更改將反映在我們的 2021 年 10-K 表格文件中。我們仍然致力於為報告我們的財務業績提供高度的透明度。當然，我們總是在這裡解決您的問題。

With that, please turn to Slide 4, and I'll now hand the call off to Mike. Mike?

有了這個，請轉到幻燈片 4，我現在將呼叫交給邁克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us.

謝謝你，布魯斯。大家早上好，感謝您加入我們。

3M delivered a solid performance in the fourth quarter, closing out a strong year as we focused on serving customers in a dynamic external environment. Our revenue in the quarter finished better than we expected across all businesses, including an increase in respirator demand due to the impact from the Omicron variant. Organic growth company-wide was 1% on top of 6% in last year's Q4, with earnings of $2.31 per share driven by a good December strong execution and a lower-than-anticipated tax rate.

3M 在第四季度取得了穩健的業績，結束了強勁的一年，因為我們專注於在動態的外部環境中為客戶提供服務。我們在本季度的收入在所有業務中都好於我們的預期，包括由於 Omicron 變體的影響而導致的呼吸器需求增加。公司範圍內的有機增長在去年第四季度的 6% 基礎上增長了 1%，每股收益為 2.31 美元，這得益於 12 月份的強勁執行力和低於預期的稅率。

I am pleased with how we effectively managed production operations to meet customer demand despite ongoing logistics and raw material challenges that are impacting many companies. While focusing on customers, we also saw good benefits from our actions to drive productivity, improve yields and control costs, which helped offset the margin impact of supply chain disruptions, inflation and COVID-19. In addition, our selling price actions continued to gain traction with a year-on-year increase of 2.6% in Q4 versus 1.4% in Q3. We expect this to be a tailwind for the full year in 2022. Overall, demand remains strong across our market-leading businesses, and we are continuing to prioritize growth investments in large attractive markets.

我很高興我們如何有效地管理生產運營以滿足客戶需求，儘管物流和原材料挑戰正在影響許多公司。在關注客戶的同時，我們還從我們推動生產力、提高產量和控製成本的行動中看到了良好的收益，這有助於抵消供應鏈中斷、通貨膨脹和 COVID-19 對利潤率的影響。此外，我們的售價行動繼續受到關注，第四季度同比增長 2.6%，而第三季度為 1.4%。我們預計這將成為 2022 年全年的順風。總體而言，我們市場領先業務的需求仍然強勁，我們將繼續優先考慮在具有吸引力的大型市場進行增長投資。

We also took actions to strengthen our portfolio and advance our commitment to sustainability. I will highlight examples of our progress later in the call.

我們還採取行動加強我們的產品組合併推進我們對可持續發展的承諾。我將在稍後的電話會議中重點介紹我們的進展示例。

In summary, we delivered a good finish to the year and are well positioned to drive growth in 2022. As Bruce noted, we will provide full year guidance along with strategic updates from our business leaders at our February 14 meeting. Monish will now take you through the details of the quarter. Monish?

總而言之，我們在今年取得了良好的成績，並為推動 2022 年的增長做好了充分準備。正如布魯斯所說，我們將在 2 月 14 日的會議上提供全年指導以及業務領導者的戰略更新。 Monish 現在將帶您了解本季度的詳細信息。莫尼什？

Thanks, Mike, and I wish you all a very good morning.

謝謝，邁克，祝大家早上好。

Please turn to Slide 5. Looking back on the fourth quarter, the 3M team continued to manage through a challenging environment. As Mike noted, revenues for December were better than previously expected across all the businesses, including disposable respirators as the Omicron variant increased near-term demand. Though manufacturing, raw materials and logistic challenges persisted throughout the quarter, the 3M team executed well by driving operating rigor and managing costs while continuing to invest in the business.

請轉到幻燈片 5。回顧第四季度，3M 團隊繼續在充滿挑戰的環境中進行管理。正如邁克所指出的，由於 Omicron 變體增加了近期需求，12 月份所有業務的收入都好於先前的預期，包括一次性呼吸器。儘管整個季度都存在製造、原材料和物流方面的挑戰，但 3M 團隊通過提高運營嚴謹性和管理成本，同時繼續投資於業務，表現出色。

Turning to the fourth quarter financial results. Sales were $8.6 billion, up 0.3% year-on-year or an increase of 1.3% on an organic local currency basis against our toughest quarterly comparison last year. Operating income was $1.6 billion with operating margins of 18.8% and earnings per share of $2.31.

轉向第四季度的財務業績。銷售額為 86 億美元，同比增長 0.3%，或以有機當地貨幣計算增長 1.3%，與我們去年最艱難的季度比較相比。營業收入為 16 億美元，營業利潤率為 18.8%，每股收益為 2.31 美元。

On this slide, you can see the components that impacted our operating margins and earnings per share performance as compared to Q4 last year. The biggest impact to fourth quarter results was the ongoing effects from the well-known global supply chain, raw materials and logistics challenges, which persisted throughout the fourth quarter. Our enterprise operations teams continue to work tirelessly through ever-evolving changes in customer demand while navigating these challenges to keep our factories running, serve our customers and protect the health and safety of our employees.

在這張幻燈片上，您可以看到與去年第四季度相比影響我們的營業利潤率和每股收益表現的因素。對第四季度業績的最大影響是眾所周知的全球供應鏈、原材料和物流挑戰的持續影響，這種影響在整個第四季度都持續存在。我們的企業運營團隊繼續不懈地應對不斷變化的客戶需求變化，同時應對這些挑戰，以保持我們的工廠運轉、為客戶服務並保護我們員工的健康和安全。

We continue to experience significant productivity headwinds in our factories due to shorter production runs and more frequent production changeovers throughout the quarter as we focused on serving our customers. As forecasted at the start of last year, we also had higher year-on-year compensation and benefits costs. These impacts were partially offset through strong spending discipline along with benefits from restructuring and lower legal-related expenses versus last year's Q4.

由於我們專注於為客戶服務，整個季度的生產週期縮短和生產轉換更頻繁，我們的工廠繼續面臨重大的生產力逆風。正如去年初預測的那樣，我們的薪酬和福利成本也比去年同期更高。與去年第四季度相比，嚴格的支出紀律以及重組帶來的好處和較低的法律相關費用部分抵消了這些影響。

We also continue to prioritize investments in growth, productivity and sustainability to drive long-term performance and capitalize on trends in large, attractive markets, including automotive, home improvement, safety, health care and electronics. All in, these impacts lowered operating margins by 2.4 percentage points and earnings per share by $0.33 year-on-year.

我們還將繼續優先考慮對增長、生產力和可持續性的投資，以推動長期業績，並利用汽車、家居裝修、安全、醫療保健和電子等具有吸引力的大型市場的趨勢。總之，這些影響使營業利潤率下降了 2.4 個百分點，每股收益同比下降了 0.33 美元。

Moving to price and raw materials. As expected, our selling price actions continue to gain traction as we went through the quarter. On a year-on-year perspective, Q4 selling prices increased 260 basis points as compared to 140 basis points in Q3 and 10 basis points in Q2. In dollar terms, higher year-on-year selling prices offset raw material and logistics cost inflation in Q4, which resulted in an increase in earnings of $0.03, however, remained a headwind of 20 basis points to operating margins.

轉向價格和原材料。正如預期的那樣，隨著我們整個季度的發展，我們的售價行為繼續受到關注。與去年同期相比，第四季度銷售價格上漲了 260 個基點，而第三季度和第二季度分別上漲了 140 個基點和 10 個基點。以美元計算，較高的同比銷售價格抵消了第四季度的原材料和物流成本通脹，導致收益增加 0.03 美元，但仍對營業利潤率造成 20 個基點的不利影響。

Next, foreign currency, net of hedging impacts, was a headwind of 10 basis points to margins and $0.04 per share year-on-year. There were 3 other nonoperating items that impacted our year-on-year earnings per share performance. First, a reduction in other expenses resulted in a $0.10 earnings benefit. This included a $0.06 benefit from nonoperating pension, which was similar to prior quarters. We also have been proactively managing our debt portfolio, including the early redemption of $1.5 billion, which helped drive a $0.04 benefit year-on-year from lower net interest expense.

其次，扣除對沖影響後，外幣對利潤率的影響為 10 個基點，每股收益為 0.04 美元。還有 3 個其他非經營性項目影響了我們的每股收益同比表現。首先，其他費用的減少帶來了 0.10 美元的收益收益。這包括 0.06 美元的非營業性養老金福利，與前幾個季度相似。我們還一直在積極管理我們的債務組合，包括提前贖回 15 億美元，這有助於從較低的淨利息支出中獲得 0.04 美元的同比收益。

Second, a lower tax rate versus last year provided a $0.12 benefit to earnings per share. Our Q4 tax rate was benefited by geographic income mix and favorable adjustments related to impacts of U.S. international tax provisions. And for the full year, our tax rate was 17.8%. And finally, average diluted shares outstanding decreased 1% versus Q4 last year, increasing per share earnings by $0.02.

其次，與去年相比，較低的稅率為每股收益帶來了 0.12 美元的收益。我們的第四季度稅率受益於地理收入組合和與美國國際稅收規定影響相關的有利調整。全年，我們的稅率為 17.8%。最後，平均攤薄後流通股與去年第四季度相比下降了 1%，每股收益增加了 0.02 美元。

Please turn to Slide 6 for a discussion of our cash flow and balance sheet. Fourth quarter adjusted free cash flow was $1.5 billion or down 30% year-on-year, with conversion of 110%. For the full year, adjusted free cash flow was $6 billion with adjusted free cash flow conversion of 101%. The decline in our Q4 year-on-year free cash flow performance was driven primarily by lower noncash legal and restructuring expenses versus Q4 last year, along with higher litigation-related payments and CapEx investments, which was partially offset by improvements in working capital velocity.

請轉到幻燈片 6 討論我們的現金流和資產負債表。第四季度調整後的自由現金流為 15 億美元，同比下降 30%，轉化率為 110%。全年調整後的自由現金流為 60 億美元，調整後的自由現金流轉換率為 101%。與去年第四季度相比，我們第四季度的自由現金流同比下降主要是由於非現金法律和重組費用較低，以及訴訟相關付款和資本支出增加，這部分被營運資金速度的改善所抵消.

Fourth quarter capital expenditures were $556 million, up $134 million year-on-year and $213 million sequentially as we continue to invest in growth, productivity and sustainability. Looking at the full year, capital expenditures totaled $1.6 billion.

第四季度資本支出為 5.56 億美元，同比增長 1.34 億美元，環比增長 2.13 億美元，因為我們繼續投資於增長、生產力和可持續性。縱觀全年，資本支出總計 16 億美元。

During the quarter, we returned $1.8 billion to shareholders through the combination of cash dividends of $848 million and share repurchases of $938 million. For the full year, we returned $5.6 billion to shareholders in the form of dividends and share repurchases.

在本季度，我們通過 8.48 億美元的現金股息和 9.38 億美元的股票回購向股東返還了 18 億美元。全年，我們以股息和股票回購的形式向股東返還了 56 億美元。

Our strong fourth quarter cash flow generation and disciplined capital allocation enabled us to continue to maintain a strong capital structure. We ended the year with $4.8 billion in cash and marketable securities on hand and reduced net debt by $1.2 billion or 8% versus year-end 2020. As a result, we exited the year with net debt-to-EBITDA of 1.4x.

我們強勁的第四季度現金流產生和嚴格的資本分配使我們能夠繼續保持強大的資本結構。到年底，我們手頭有 48 億美元的現金和有價證券，與 2020 年底相比，淨債務減少了 12 億美元或 8%。因此，我們以 1.4 倍的淨債務與 EBITDA 結束了這一年。

Our strong balance sheet and cash flow generation capability, along with disciplined capital allocation, continues to provide us the financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.

我們強大的資產負債表和現金流生成能力，以及嚴格的資本分配，繼續為我們提供財務靈活性，以投資於我們的業務、尋求戰略機會和向股東返還現金，同時保持強大的資本結構。

Please turn to Slide 7, where I will summarize the business group performance for Q4. I will start with our Safety and Industrial business, which posted an organic sales decline of 1.3% year-on-year in the fourth quarter. This result included a disposable respirator sales decline of approximately $110 million year-on-year, which negatively impacted Safety and Industrial's Q4 organic growth by nearly 4 percentage points.

請轉到幻燈片 7，我將在其中總結第四季度業務組的表現。我將從我們的安全和工業業務開始，該業務在第四季度的有機銷售額同比下降了 1.3%。這一結果包括一次性呼吸器銷售額同比下降約 1.1 億美元，這對 Safety and Industrial 的第四季度有機增長產生了近 4 個百分點的負面影響。

Our personal safety business declined mid-teens organically versus last year's 40% pandemic-driven comparison. Looking ahead, we anticipate that COVID-related disposable respirator demand will decline as we move through 2022. However, we remain prepared to respond to changes in demand as COVID-related impacts continue to evolve.

與去年大流行驅動的 40% 的比較相比，我們的人身安全業務在十幾歲時有機地下降了。展望未來，我們預計隨著我們進入 2022 年，與 COVID 相關的一次性呼吸器需求將下降。但是，隨著與 COVID 相關的影響不斷發展，我們仍準備好應對需求的變化。

Turning to the rest of Safety and Industrial. Organic growth was led by a double-digit increase in closure and masking. In addition, the abrasives business was up high single digits. Industrial adhesives and tapes and electrical markets were each up mid-single digits. Automotive aftermarket was flat, while roofing granules declined against a strong comparison from last year.

轉向安全和工業的其餘部分。有機增長是由封閉和掩蔽的兩位數增長帶動的。此外，磨料業務呈高個位數增長。工業粘合劑和膠帶以及電氣市場均上漲了中個位數。汽車售後市場持平，而屋頂顆粒與去年相比有所下降。

Safety and Industrial's fourth quarter operating income was $543 million, down 22% versus last year. Operating margin was 17.7%, down 440 basis points versus Q4 last year. Year-on-year operating margin performance was impacted by a decline in sales volumes, higher raw materials, logistics and litigation-related costs, manufacturing productivity impacts, along with last year's gain on sale of property. Partially offsetting these impacts were selling price increases, strong spending discipline, net benefits from restructuring and a smaller increase to our respirator mask reserve.

Safety and Industrial 第四季度營業收入為 5.43 億美元，比去年下降 22%。營業利潤率為 17.7%，比去年第四季度下降 440 個基點。同比營業利潤率表現受到銷量下降、原材料、物流和訴訟相關成本上升、製造生產力影響以及去年房地產銷售收益的影響。部分抵消了這些影響的是銷售價格上漲、嚴格的支出紀律、重組帶來的淨收益以及我們的呼吸面罩儲備的小幅增加。

Moving to Transportation and Electronics, which declined slightly on an organic basis due to the continued impact of the semiconductor supply chain constraints. Our auto OEM business was down mid-teens organically year-on-year compared to the 13% decline in global car and light truck builds. As we mentioned last quarter, we experienced an increase in channel inventory levels with the tier suppliers in Q3 as auto OEM production volumes decelerated from 18.5 million builds in Q2 to 16.3 million in Q3.

轉向運輸和電子，由於半導體供應鏈限制的持續影響，有機基礎略有下降。與全球汽車和輕型卡車生產量下降 13% 相比，我們的汽車 OEM 業務同比有機下降了 13%。正如我們上個季度所提到的，隨著汽車 OEM 產量從第二季度的 1850 萬輛下降到第三季度的 1630 萬輛，我們在第三季度與一級供應商的渠道庫存水平有所增加。

During the fourth quarter, OEM production volumes increased to 20.2 million builds or up over 20% sequentially. This sequential increase in build activity drove a reduction of channel inventory levels with the tier suppliers during the quarter, which negatively impacted Q4 organic growth for our automotive business by approximately 10 percentage points. For the full year, our auto OEM business was up low double digits as compared to global car and light truck builds growth of 2%.

第四季度，OEM 產量增至 2020 萬輛，環比增長超過 20%。建造活動的連續增長推動了本季度與一級供應商的渠道庫存水平下降，這對我們的汽車業務第四季度的有機增長產生了大約 10 個百分點的負面影響。全年，我們的汽車 OEM 業務在全球汽車和輕型卡車製造增長 2% 的情況下實現了兩位數的低位增長。

Throughout the year, we continued our track record of success of winning with our customers and gaining penetration on new internal combustion and electric vehicle platforms. Our electronics-related business declined low single digits organically, with declines across consumer electronics, particularly smartphones and TVs. These declines were partially offset by continued strong demand for our products and solutions in semiconductor and factory automation end markets.

在這一年中，我們繼續保持與客戶共贏的成功記錄，並在新的內燃機和電動汽車平台上獲得滲透。我們與電子產品相關的業務有機地下降了低個位數，消費電子產品出現下降，尤其是智能手機和電視。這些下降被半導體和工廠自動化終端市場對我們的產品和解決方案的持續強勁需求部分抵消。

Turning to the rest of Transportation and Electronics. Commercial solutions grew low double digits, advanced material was up high single digits, while transportation safety declined high single digits. Fourth quarter operating income was $406 million, down 15% year-on-year. Operating margins were 17.6%, down 270 basis points year-on-year.

轉向運輸和電子的其餘部分。商業解決方案增長低兩位數，先進材料增長高個位數，而運輸安全下降高個位數。第四季度營業收入為 4.06 億美元，同比下降 15%。營業利潤率為 17.6%，同比下降 270 個基點。

Operating margins were impacted by higher raw materials and logistics costs, manufacturing productivity impacts along with an increase in comp and benefits costs. These year-on-year headwinds were partially offset by increases in selling price, strong spending discipline and net benefits from restructuring actions.

營業利潤率受到原材料和物流成本上升、製造生產力影響以及薪酬和福利成本增加的影響。銷售價格上漲、嚴格的支出紀律和重組行動帶來的淨收益部分抵消了這些同比不利因素。

Turning to our Health Care business, which posted a fourth quarter organic sales increase of 1.6%. This result included a nearly 4 percentage point drag from the year-on-year sales decline in disposable respirators. Our medical solutions business declined low single digits organically, which included a 6 percentage point impact from the year-on-year sales decline in disposable respirators.

談到我們的醫療保健業務，該業務第四季度有機銷售額增長了 1.6%。這一結果包括一次性呼吸器銷量同比下降近 4 個百分點的拖累。我們的醫療解決方案業務有機地下降了低個位數，其中包括一次性呼吸器銷售額同比下降 6 個百分點的影響。

Fourth quarter elective medical procedure volumes were approximately 90% of pre-COVID levels, which is similar to Q3 and last year's Q4. Sales in our oral care business grew low single digits year-on-year as patient visits continue to be near pre-COVID levels. The separation and purification business increased high single digits year-on-year with sustained demand for biopharma filtration solutions for COVID-related vaccines and therapeutics.

第四季度的選擇性醫療程序量約為 COVID 前水平的 90%，與第三季度和去年第四季度相似。由於患者訪問量繼續接近 COVID 之前的水平，我們的口腔護理業務的銷售額同比增長低個位數。隨著對 COVID 相關疫苗和療法的生物製藥過濾解決方案的持續需求，分離和純化業務同比增長高個位數。

Health Information Systems grew mid-single digits, driven by strong growth in revenue cycle management and clinician solutions. And finally, food safety increased high single digits despite continued COVID-related impacts of the global hospitality industry.

在收入周期管理和臨床醫生解決方案的強勁增長的推動下，健康信息系統增長了中個位數。最後，儘管全球酒店業持續受到與 COVID 相關的影響，食品安全仍以高個位數增長。

In December, we announced the planned separation of this business, which will be combined with Neogen. As disclosed in the December press release, we expect the transaction to close by the end of Q3 of this year.

12 月，我們宣布計劃分離該業務，將與 Neogen 合併。正如 12 月新聞稿所披露的，我們預計該交易將在今年第三季度末完成。

Health Care's fourth quarter operating income was $536 million, down 2% year-on-year. Operating margins were 23.6%, down 50 basis points. Year-on-year, operating margins were negatively impacted by raw materials and logistics costs, manufacturing productivity, compensation and benefits costs and food safety deal-related costs. These impacts were partially offset by benefits from leverage on sales growth, strong spending discipline and restructuring actions.

醫療保健公司第四季度營業收入為 5.36 億美元，同比下降 2%。營業利潤率為 23.6%，下降 50 個基點。與去年同期相比，營業利潤率受到原材料和物流成本、製造生產力、薪酬和福利成本以及食品安全交易相關成本的負面影響。這些影響被銷售增長槓桿、嚴格的支出紀律和重組行動帶來的好處部分抵消。

For the quarter and full year, Health Care's adjusted EBITDA margins were strong, coming in at nearly 31%.

本季度和全年，醫療保健的調整後 EBITDA 利潤率強勁，接近 31%。

Lastly, our Consumer business finished out the year strong with organic growth of 4.9% year-on-year on top of last year's 10% comparison. Our home improvement business continued to perform well, up low single digits on top of last year's strong double-digit comp. This business continued to deliver strong growth with our home improvement retail customers in our category-leading Filtrete, Command and Scotch Blue brands.

最後，我們的消費者業務在去年表現強勁，有機增長同比增長 4.9%，高於去年的 10%。我們的家居裝修業務繼續表現良好，在去年強勁的兩位數的基礎上增長了低個位數。該業務繼續與我們的家居裝飾零售客戶在我們領先的 Filtrete、Command 和 Scotch Blue 品牌中實現強勁增長。

Stationery and office, along with the consumer health and safety business, each grew low double digits organically in Q4 as both of these businesses continue to lap last year's COVID-related comparisons. The holiday season demand drove strong growth for our Scotch-branded products during the quarter. We also posted strong growth in Post-it-branded products despite workplace reopenings being pushed out due to the resurgence of COVID cases.

文具和辦公，以及消費者健康和安全業務，在第四季度有機地增長了兩位數，因為這兩項業務繼續與去年與 COVID 相關的比較。假日季節的需求推動了本季度我們的蘇格蘭品牌產品的強勁增長。儘管由於 COVID 病例的死灰復燃，工作場所重新開放被推遲，但我們還公佈了便利貼品牌產品的強勁增長。

And finally, our Home Care business was up low single digits versus last year's strong COVID-driven comparison. During the quarter, we took a small portfolio action to divest our flow care business in Europe, which is expected to close in Q1.

最後，與去年強勁的 COVID 驅動比較相比，我們的家庭護理業務增長了低個位數。在本季度，我們採取了一項小型投資組合行動，剝離了我們在歐洲的流動護理業務，預計該業務將於第一季度結束。

Consumer's operating income was $316 million, flat compared to last year. Operating margins were 21.4%, down 100 basis points year-on-year. Operating margins were impacted by higher raw materials, logistics and outsourced hard goods manufacturing costs, manufacturing productivity impacts, along with increased compensation and benefit costs. These impacts were partially offset by leverage on sales growth, which included good price performance, strong spending discipline and net benefits from restructuring actions.

消費者的營業收入為 3.16 億美元，與去年持平。營業利潤率為 21.4%，同比下降 100 個基點。營業利潤率受到原材料、物流和外包硬貨物製造成本、製造生產力影響以及薪酬和福利成本增加的影響。這些影響被銷售增長的槓桿作用部分抵消，其中包括良好的價格表現、嚴格的支出紀律和重組行動帶來的淨收益。

That concludes my remarks for the fourth quarter. Before I turn it back over to Mike to recap the year, I would like to make a few comments reflecting on our operating performance this past year.

我對第四季度的發言到此結束。在我把它交給邁克回顧這一年之前，我想發表一些評論，以反映我們過去一年的經營業績。

The macro environment in 2021 was defined by strong but fluid end markets, semiconductor constraints, supply chain and logistics challenges, along with ever-evolving impacts from COVID-19, particularly on the global health care industry. These dynamics were further compounded by winter storm Uri in mid-February, which led to significant disruptions to raw material supply and logistics availability, which further disrupted global supply chains. All of these factors collectively helped contribute to broad-based and accelerating inflationary pressures throughout the year.

2021 年的宏觀環境由強勁但流動的終端市場、半導體限制、供應鍊和物流挑戰以及 COVID-19 不斷演變的影響定義，特別是對全球醫療保健行業的影響。 2 月中旬的冬季風暴烏里進一步加劇了這些動態，導致原材料供應和物流供應嚴重中斷，進一步擾亂了全球供應鏈。所有這些因素共同促成了全年廣泛且加速的通脹壓力。

Against this backdrop, the 3M team kept a relentless focus on serving customers, ensured continuity of raw material supply, managed ever-changing manufacturing production plans, navigated logistic constraints and delivered strong full year organic growth of 9%, with all business segments posting high single-digit growth. We also worked hard to raise selling prices, control spending and drive improvements in operating rigor through daily management, leveraging data and data analytics while continuing to execute on our restructuring actions.

在此背景下，3M 團隊堅持不懈地專注於服務客戶，確保原材料供應的連續性，管理不斷變化的製造生產計劃，克服物流限制，實現了 9% 的強勁全年有機增長，所有業務部門均創下高增長個位數的增長。我們還努力提高售價、控制支出並通過日常管理、利用數據和數據分析來提高運營嚴謹性，同時繼續執行我們的重組行動。

These actions, combined with strong organic growth, helped to deliver full year operating margins of 20.8% or down 50 basis points year-on-year on an adjusted basis. This result included an 80 basis point headwind from raw materials and logistics inflation net of selling price actions, along with increased spending to advance our sustainability efforts and higher legal-related expenses. In addition, we continue to focus on working capital improvement, which helped contribute to another year of robust adjusted free cash flow coming in at $6 billion.

這些舉措，加上強勁的有機增長，幫助實現了 20.8% 的全年營業利潤率，或經調整後同比下降 50 個基點。這一結果包括原材料和物流通脹（扣除售價行為）帶來的 80 個基點逆風，以及為推進我們的可持續發展努力而增加的支出和更高的法律相關費用。此外，我們繼續專注於改善營運資金，這有助於又一年實現強勁的調整後自由現金流達到 60 億美元。

I want to thank the 3M employees for delivering for our customers and shareholders in a very uncertain and fluid environment. I also want to take a moment to personally thank our customers and suppliers for putting their trust and confidence in us and for maintaining strong and close partnerships that helped us navigate the challenges of the past year.

我要感謝 3M 員工在非常不確定和多變的環境中為我們的客戶和股東提供服務。我還想花一點時間親自感謝我們的客戶和供應商對我們的信任和信心，並保持強大而密切的合作夥伴關係，幫助我們應對過去一年的挑戰。

We made good progress in 2021 and are well positioned for 2022. And in the spirit of continuous improvement, there is always more we can do and will do. With that, please turn to Slide 8, and I will turn it back over to Mike for his recap of 2021.

我們在 2021 年取得了良好的進展，並為 2022 年做好了準備。本著持續改進的精神，我們總能做更多，也會做更多。有了這個，請轉到幻燈片 8，我將把它交給邁克，讓他回顧一下 2021 年。

Thank you, Monish.

謝謝你，莫尼什。

As I look back at 2021, I am proud of our team and our performance. Our results demonstrated the strength of the 3M model and our investments in growth, productivity and sustainability advanced our company. In the face of an uncertain environment, we delivered strong organic growth of 9%, with strength across all business groups, along with margins of 21%. This drove a 14% increase in adjusted earnings per share.

回顧 2021 年，我為我們的團隊和表現感到自豪。我們的結果證明了 3M 模式的實力，以及我們在增長、生產力和可持續性方面的投資推動了我們公司的發展。面對不確定的環境，我們實現了 9% 的強勁有機增長，所有業務部門均表現強勁，利潤率為 21%。這推動了調整後的每股收益增長了 14%。

These results exceeded our original guidance that we communicated in January of 2021 and recent updates to that guidance. We generated robust free cash flow of $6 billion with an adjusted conversion rate of 101%, enabling us to invest in the business, reduce net debt by $1 billion and return significant cash to shareholders. All in, 3M returned $5.6 billion to our shareholders through dividends and share repurchases, and 2021 marked our 63rd consecutive year of dividend increases.

這些結果超出了我們在 2021 年 1 月傳達的原始指南以及該指南的最新更新。我們產生了 60 億美元的強勁自由現金流，調整後的轉換率為 101%，使我們能夠投資該業務，將淨債務減少 10 億美元，並向股東返還大量現金。總而言之，3M 通過股息和股票回購向我們的股東返還了 56 億美元，2021 年是我們連續第 63 年增加股息。

We continue to help the world respond to COVID-19 with 2.3 billion respirators distributed last year for a total of 4.3 billion since the onset of the pandemic, while engaging with governments on how to prepare for future emergencies. We stepped up our commitments to ESG, including sustainability as we made progress on new goals to achieve carbon neutrality, reduce water use, improve water quality and reduce plastics.

自大流行爆發以來，我們繼續幫助世界應對 COVID-19，去年分發了 23 億個呼吸器，總計 43 億個，同時與各國政府就如何為未來的緊急情況做準備進行接觸。隨著我們在實現碳中和、減少用水、改善水質和減少塑料的新目標方面取得進展，我們加強了對 ESG 的承諾，包括可持續性。

As part of our ongoing sustainability commitments, we proactively manage PFAS and deploy capital to make our factories and communities stronger and more sustainable. As one example, we are on track to complete a new water filtration system in Cordova, Illinois by the end of 2022. In Zwijndrecht, Belgium, we installed and activated a treatment system last month to reduce PFAS discharges by up to 90%. This is part of a EUR 125 million commitment to improve water quality and support the local community.

作為我們持續的可持續發展承諾的一部分，我們積極管理 PFAS 並部署資金，以使我們的工廠和社區更強大、更可持續。例如，我們有望在 2022 年底之前在伊利諾伊州科爾多瓦市完成一個新的水過濾系統。在比利時 Zwijndrecht，我們上個月安裝並啟動了一個處理系統，以將 PFAS 排放量減少多達 90%。這是 1.25 億歐元改善水質和支持當地社區承諾的一部分。

As disclosed in our 8-K in November, we continue to work with local authorities related to a safety measure that shut down certain operations in Zwijndrecht. We are also appealing and discussing with local authorities a new change to our wastewater discharge permit that if implemented, could have a material impact and potentially interrupt production at the entire site, impacting customers and the supply of material to other 3M factories. We are actively working to address current and future potential impacts, and we'll update you as appropriate.

正如我們在 11 月的 8-K 中所披露的，我們將繼續與地方當局合作，採取安全措施，關閉 Zwijndrecht 的某些業務。我們還呼籲並與地方當局討論對我們的廢水排放許可證的新更改，如果實施，可能會產生重大影響並可能中斷整個工廠的生產，影響客戶和其他 3M 工廠的材料供應。我們正在積極努力解決當前和未來的潛在影響，並會酌情為您提供最新信息。

With respect to litigation, we reached settlements last year in certain PFAS cases and continue to vigorously defend ourselves on combat arms. As always, we encourage you to read our SEC filings for updates on these matters.

在訴訟方面，我們去年在某些 PFAS 案件中達成和解，並繼續在戰鬥武器方面大力捍衛自己。與往常一樣，我們鼓勵您閱讀我們提交給 SEC 的文件以獲取有關這些事項的最新信息。

As we advance our ESG priorities, we also continue to take actions to improve diversity, equity and inclusion. This includes multiple programs to make STEM education more available to underrepresented groups and achieve our goal to deliver 5 million learning experiences.

在推進 ESG 優先事項的同時，我們還將繼續採取行動改善多樣性、公平性和包容性。這包括多項計劃，以使代表性不足的群體更容易獲得 STEM 教育，並實現我們提供 500 萬次學習體驗的目標。

Our businesses have also made commitments. Safety and Industrial, for example, is focusing on access to skilled trades, and we are increasing transparency through an annual diversity, equity and inclusion report.

我們的企業也做出了承諾。例如，Safety and Industrial 專注於獲得技術行業的機會，我們正在通過年度多元化、公平和包容性報告來提高透明度。

At the same time, we are advancing our strategic priorities for long-term growth and value creation. We are innovating faster and differently, including new ways to collaborate with customers and partners virtually, while investing $3.6 billion in the combination of R&D and CapEx to strengthen 3M for the future. To make the most of long-term growth opportunities, we also continue to prioritize investments in large, fast-growing areas like automotive, home improvement, safety, health care and electronics.

與此同時，我們正在推進我們的戰略重點，以實現長期增長和價值創造。我們正在以更快的速度和不同的方式進行創新，包括與客戶和合作夥伴進行虛擬協作的新方式，同時投資 36 億美元用於研發和資本支出的結合，以加強 3M 的未來發展。為了充分利用長期增長機會，我們還將繼續優先投資於汽車、家居裝修、安全、醫療保健和電子等大型快速增長領域。

In 2021, for example, our automotive electrification platform grew 30% organically, and our biopharma business grew 26%. Our home improvement business grew 12% on top of 13% growth in 2020, driven by iconic brands, including our Command damage-free hanging solutions and Filtrete home filtration products. To accelerate our ability to meet increasing demand for Command and Filtrete, last week, we announced a nearly $500 million investment to expand our operations in Clinton, Tennessee, adding nearly 600 manufacturing jobs by 2025. We look forward to sharing more about how we are capitalizing on growth trends and winning in these markets at our February meeting.

例如，2021 年，我們的汽車電氣化平台有機增長 30%，我們的生物製藥業務增長 26%。我們的家居裝修業務在 2020 年增長 13% 的基礎上增長了 12%，這得益於標誌性品牌，包括我們的 Command 無損壞懸掛解決方案和 Filtrete 家庭過濾產品。為了加快滿足對 Command and Filtrete 日益增長的需求的能力，上週，我們宣布投資近 5 億美元，以擴大我們在田納西州克林頓的業務，到 2025 年增加近 600 個製造業工作崗位。我們期待更多地分享我們的現狀在我們二月份的會議上利用增長趨勢並在這些市場中獲勝。

Last year, we also continued to reposition our portfolio to maximize value across the enterprise, including an agreement to divest and combine our food safety business with Neogen, creating a global leader that is well positioned to capture long-term profitable growth.

去年，我們還繼續重新定位我們的產品組合，以最大限度地提高整個企業的價值，包括剝離我們的食品安全業務並將其與 Neogen 合併，打造一個有能力實現長期盈利增長的全球領導者。

We continue to make progress in transforming 3M, accelerating our digital capabilities and expanding our use of data and analytics to better serve customers and improve our operational agility and efficiency. This includes the ongoing deployment of our ERP system, which went live in Japan in Q4 and also moving more than 60% of our enterprise applications and global data center infrastructure to the cloud, while streamlining our business group-led operating model.

我們繼續在轉型 3M、加速我們的數字化能力以及擴大我們對數據和分析的使用以更好地為客戶服務並提高我們的運營敏捷性和效率方面取得進展。這包括我們 ERP 系統的持續部署，該系統於第四季度在日本上線，還將我們 60% 以上的企業應用程序和全球數據中心基礎設施遷移到雲端，同時簡化了我們以業務集團為主導的運營模式。

To help our people be at their best, we also introduced new employee work models rooted in flexibility and trust, along with investments to support their health and well-being. As we enter 2022, I'm confident we will continue to grow our businesses, improve our operational performance and find new ways to apply science to improve lives, delivering for our customers, shareholders and all stakeholders who have placed their trust in us. We are building a stronger 3M, and I want to thank our 95,000 employees for their contributions, including the 50,000 people in our factories who continue to show up day in and day out to make a difference.

為了幫助我們的員工達到最佳狀態，我們還引入了植根於靈活性和信任的新員工工作模式，以及支持他們的健康和福祉的投資。隨著我們進入 2022 年，我相信我們將繼續發展我們的業務，提高我們的運營績效，並找到應用科學改善生活的新方法，為我們的客戶、股東和所有信任我們的利益相關者提供服務。我們正在打造一個更強大的 3M，我要感謝我們 95,000 名員工的貢獻，其中包括我們工廠中的 50,000 名員工，他們日復一日地繼續出現以做出改變。

That wraps up our prepared remarks, and we will now take your questions.

以上就是我們準備好的發言，我們現在將回答您的問題。

(Operator Instructions) Our first question comes from Nigel Coe with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Nigel Coe。

I wasn't expecting the first question. So as much upside to your early December guidance, Monish. You called out a number of factors, but you didn't call out N95, which given all the talk we've got from the federal government about free masks and the new guidance and I'm just curious what you're seeing from that side of the business given all the commentary we've seen?

我沒想到第一個問題。莫尼什，你 12 月初的指導也有很大的好處。你提到了許多因素，但你沒有提到 N95，鑑於我們從聯邦政府那裡得到的關於免費口罩和新指南的所有談話，我只是好奇你從中看到了什麼鑑於我們所看到的所有評論，業務方面？

Yes. So Nigel, I would say when we gave you the guidance in December, at that time, we had not seen the pickup of N95s. And one of the factors that made us deliver better than what we thought in December was the pickup of the respirator business. We came in $40 million better than what we had originally predicted. So we have seen that pickup. But I would still say it's volatile. We'll see how this plays itself out. We are pleased with the partnership that we have with the federal government right now as regards to this. We've had a lot of dialogue with them. And as things evolve, we'll keep you posted.

是的。所以奈傑爾，我會說，當我們在 12 月給你指導時，那時我們還沒有看到 N95s 的皮卡。使我們交付比我們在 12 月認為的更好的因素之一是呼吸器業務的回升。我們的收入比我們最初的預測高出 4000 萬美元。所以我們已經看到了那個皮卡。但我仍然會說它是不穩定的。我們將看到它是如何發揮作用的。我們對目前與聯邦政府在這方面的合作感到高興。我們與他們進行了很多對話。隨著事情的發展，我們會及時通知您。

Okay. And then just -- I know you're going to give guidance on Feb 14. But just curious, just given the lots of moving parts of the margin line, just wondering how we think about the takeoff point into 2022, specifically 1Q '22. Normal seasonality would have you up slightly from 4Q. Just wondering how you think about that. And have we seen the peak of the inflation curve at this point?

好的。然後只是 - 我知道你將在 2 月 14 日提供指導。但只是好奇，只是考慮到邊界線的許多移動部分，只是想知道我們如何看待 2022 年的起飛點，特別是 22 年第一季度.正常的季節性會讓你比第四季度略有上升。只是想知道你是怎麼想的。我們是否在此時看到了通脹曲線的峰值？

Have we seen the peak, I'm sorry, of what?

我們看到高峰了嗎，對不起，是什麼？

Of inflation.

通貨膨脹。

Of inflation curve.

通貨膨脹曲線。

Yes. So I'll start with that first comment, Nigel. And that's an item that we constantly keep watching and debating. As you know, we've tried to fine-tune our analysis as much as we can on inflation. So what we saw exiting December was the pace of inflation slowed down versus the prior months. It's still inflationary, but we saw the pace slow down. And I think that's a positive. But again, it will depend on how winter plays itself out, it depends on logistics, et cetera, and whether the ports get uncongested.

是的。所以我將從第一個評論開始，奈傑爾。這是我們不斷關注和爭論的一個項目。如您所知，我們已嘗試盡可能多地微調我們對通貨膨脹的分析。因此，我們在 12 月看到的是通脹速度較前幾個月放緩。它仍然是通貨膨脹，但我們看到速度放緩。我認為這是積極的。但同樣，這將取決於冬季如何度過，取決於物流等，以及港口是否暢通無阻。

Just on data points and your other points on margin, et cetera, things to keep in mind as you get into 1Q '22. First of all, from an inflation perspective, you're going to find not just us, but most companies have the highest -- the toughest comp because if you remember, in the first quarter of last -- of '21, there wasn't as much inflation. We started seeing it in March and then it accelerated in April onwards. So I would factor that one in first.

僅在數據點和您在保證金上的其他點等方面，在您進入 22 年第一季度時要記住的事情。首先，從通貨膨脹的角度來看，您不僅會發現我們，而且大多數公司都擁有最高的——最艱難的競爭，因為如果你記得，在去年第一季度——'21，有' t 一樣多的通貨膨脹。我們在 3 月開始看到它，然後在 4 月開始加速。所以我會首先考慮這個因素。

The second, I would say, is COVID uncertainty. You brought up the respirator demand, but there are other impacts also depending on what happens with COVID, labor shortages that we are seeing from our customers. We are seeing it in our own factories. Our vendors, I'm sure, are facing it, too. So that's something we'll have to watch.

第二個，我想說，是 COVID 的不確定性。您提出了對呼吸器的需求，但還有其他影響也取決於 COVID 發生的情況，我們從客戶那裡看到的勞動力短缺。我們在自己的工廠中看到了它。我敢肯定，我們的供應商也面臨著這個問題。所以這是我們必須注意的事情。

The third one is we are going to continue to invest in growth, productivity and sustainability. So I would say that's an area as we continue to see it, we're going to keep investing, especially in the areas Mike has already talked about. I would say we continue to see a strong market. We saw it in the fourth quarter. We are seeing it right now. And I think 2022 will continue to remain a strong market.

第三個是我們將繼續投資於增長、生產力和可持續性。所以我想說這是一個我們繼續看到的領域，我們將繼續投資，特別是在邁克已經談到的領域。我想說我們繼續看到強勁的市場。我們在第四季度看到了它。我們現在看到了。我認為 2022 年將繼續保持強勁的市場。

The team has done a marvelous job in driving price. Price has gone up from 0.1% to 1.4% to 2.6%. Mike had talked about that also in his opening remarks that we see that to be a tailwind. Team has done a good job on executing on restructuring so there's approximately $70 million of carryover of restructuring benefits for the year. Auto and electric growth, right now, sequentially from a build rate is showing flat for the year of 2022. It's a 9% increase. I think the chip shortage and where that ends up will have an impact on the auto business.

該團隊在推動價格方面做得非常出色。價格從 0.1% 上漲到 1.4% 到 2.6%。邁克在他的開場白中也談到了這一點，我們認為這是順風。團隊在執行重組方面做得很好，因此今年大約有 7000 萬美元的重組收益結轉。目前，汽車和電動汽車的增長從建造率開始在 2022 年持平。增長了 9%。我認為芯片短缺以及最終的結果將對汽車業務產生影響。

Health care elective procedures came in at 90%. There are predictions that says they should be at 100% by Q4 2022. From our end, we are going to continue driving operating rigor. We're going to continue to drive margin expansion, as we have said before. We'll also have to watch litigation costs and see where that goes with all the cases that are on.

醫療保健選擇性程序佔 90%。有預測稱，到 2022 年第四季度，它們應該達到 100%。從我們的角度來看，我們將繼續提高運營的嚴謹性。正如我們之前所說，我們將繼續推動利潤率擴張。我們還必須關注訴訟費用，看看所有案件的進展情況。

And then Mike mentioned about Zwijndrecht, and we're working with the authorities in Belgium for our factory, and we'll have to see the impact and when we can start up production in some of those areas that are currently shut down. So all that put together, I would say, again, we are well positioned, and I know it's a long answer to your question, Nigel, but I just wanted to give you a full framework. We are well positioned for 2022. We closed Q4 pretty well, and we hope to continue that momentum into 2022.

然後 Mike 提到了 Zwijndrecht，我們正在與比利時當局合作建設我們的工廠，我們必須看到影響以及何時可以在目前關閉的一些地區開始生產。綜上所述，我要再說一次，我們處於有利位置，我知道這是對你的問題的一個很長的回答，奈傑爾，但我只是想給你一個完整的框架。我們為 2022 年做好了準備。我們在第四季度的收官非常好，我們希望將這種勢頭延續到 2022 年。

Our next question comes from Jeff Sprague with Vertical Research Partners.

我們的下一個問題來自垂直研究合作夥伴的 Jeff Sprague。

A couple here from me. First, just -- I was wondering if you could level set us actually now on the actual size of the respirator business. I think we were $600 million pre-COVID. I feel like we're in the $1.5 billion to $2 billion range. But could you put a finer point on where we stand at the end of 2021?

我這裡有一對。首先，我想知道你現在是否可以讓我們真正了解呼吸器業務的實際規模。我認為我們在 COVID 之前是 6 億美元。我覺得我們在 15 億到 20 億美元之間。但是，您能否更詳細地說明我們在 2021 年底所處的位置？

Yes. So Jeff, it's $1.5 billion is what we did in 2021. It was $600 million in '19, $1.4 billion in 2020 and $1.5 billion in 2021. If you look at it quarter over -- sequentially, we were down and we were also down $110 million versus Q4 of 2020. We believe that the peak was Q1 of 2021. And then depending on how it goes, but we believe in 2022, disposable respirator demand is going to be lower than what we had in 2021.

是的。所以傑夫，這是我們在 2021 年所做的 15 億美元。19 年是 6 億美元，2020 年是 14 億美元，2021 年是 15 億美元。如果你看一個季度以上的數據——按順序來看，我們下降了，我們也下降了與 2020 年第四季度相比，為 1.1 億美元。我們認為高峰是 2021 年第一季度。然後取決於情況如何，但我們相信，到 2022 年，一次性呼吸器的需求將低於 2021 年的需求。

I know you're going to reserve your guidance for next month, but you did essentially get the price cost neutrality in the quarter, right, a little negative on margins, a little positive on EPS. Is it your view that, that gets better over the course of the year? And as you think about kind of carryover price, I understand there's a ton of variables in that. But directionally, I just wonder if you could give us your preliminary thoughts on how that tracks for the year.

我知道你將保留下個月的指導，但你確實在本季度基本上實現了價格成本中性，對，利潤率有點負，每股收益有點正。您是否認為這一年會變得更好？當您考慮結轉價格時，我知道其中有很多變數。但就方向而言，我只是想知道您是否可以就今年的情況向我們提供初步想法。

Yes, Jeff, I think we are working through that. But just as Mike mentioned, pricing will continue to remain a tailwind for 2022. Inflation, I think we'll have to watch how the different factors play out back to raw material logistics. I think what you're going to see is you're going to see some of your primary feedstocks start stabilizing, which we saw in December. But you are going to see specialty feedstock starting to get more expensive.

是的，傑夫，我認為我們正在努力解決這個問題。但正如邁克所說，定價將繼續成為 2022 年的順風車。通貨膨脹，我認為我們必須觀察不同因素如何影響原材料物流。我認為您將看到您將看到您的一些主要原料開始穩定，我們在 12 月就看到了這一點。但是你會看到特種原料開始變得更加昂貴。

We are seeing inflation has gone downstream now. So you're seeing it in much more places than you had seen it before. I think what's also going to impact inflation is what happens with the labor pool and what goes on there. And then as long as the ports can start getting uncongested, I think you're going to see logistics costs come down. If commercial airline capacity comes back in, you're going to start seeing air freight start coming down. So we are watching all of that.

我們現在看到通貨膨脹已經下降。因此，您在比以前看到的更多地方看到它。我認為影響通脹的還有勞動力儲備和那裡發生的事情。然後只要港口開始變得不擁擠，我認為你會看到物流成本下降。如果商業航空公司的運力恢復，您將開始看到空運開始下降。所以我們正在關注這一切。

I would say first half in talking to people, our own analysis, et cetera, I think the first half is going to be tougher than the second half of 2022 when it comes to inflation. First half part of it is, as I mentioned, we are still seeing sequential increases, but slower. So that's good. But you're going to start facing last year's comp when it comes to inflation. And I think that's going to impact us. So I think we are well positioned and as I've told you before, the team has gone after price. We are managing a price raw equation as best we can, and we're prepared to act as the situation evolves.

我會說上半年與人們交談，我們自己的分析等等，我認為在通貨膨脹方面，上半年將比 2022 年下半年更艱難。正如我所提到的，前半部分我們仍然看到連續增長，但速度較慢。所以這很好。但是當談到通貨膨脹時，你將開始面臨去年的競爭。我認為這會影響我們。所以我認為我們的定位很好，正如我之前告訴過你的，團隊一直在追求價格。我們正在盡可能地管理價格原始方程，並且我們準備隨著情況的發展採取行動。

And then just lastly for me, if I could. Mike, I think you made a comment about the dramatically reducing PFAS discharges. Perhaps this is my bad, but I didn't know you were still discharging PFAS in places. Is this just at a single location? Or is this still an issue that you're addressing in multiple locations?

如果可以的話，最後對我來說。邁克，我認為您對 PFAS 排放量的大幅減少發表了評論。也許這是我的錯，但我不知道你還在一些地方排放 PFAS。這只是在一個位置嗎？或者這仍然是您要在多個位置解決的問題嗎？

Yes, Jeff, this was part of our -- really following through on what we committed to do and we announced back at the beginning of 2021 to make an investment in reducing the water use in our factories, improving the water quality of our largest facilities. And part of that is this discharge -- controlling discharges, reducing that as part of that investment.

是的，傑夫，這是我們的一部分——真正履行我們承諾做的事情，我們在 2021 年初宣布投資減少我們工廠的用水量，改善我們最大設施的水質.其中一部分是這種排放 - 控制排放，作為投資的一部分減少排放。

And that includes what -- PFAS is a broad category of chemistries. When we've talked about how we exited, now almost 2 decades ago, the PFOA, PFOS chemistries, which are a part of a lot of the discussions in PFAS, but there are other PFAS chemistries that are used in chemical manufacturing and generally in some of our sites. And that was the focus. I mean, we're always in compliance with the regulations that are on our plants. This is a chance to step forward and do even more and reduce further. And that was what I talked about with Zwijndrecht. This is reducing further below our requirements at the time, our additional -- improving the water quality even further.

這包括 - PFAS 是一個廣泛的化學類別。當我們談到我們是如何退出時，現在大約 20 年前，PFOA、PFOS 化學物質是 PFAS 中許多討論的一部分，但還有其他 PFAS 化學物質用於化學製造和一般用於我們的一些網站。這就是重點。我的意思是，我們始終遵守工廠的規定。這是一個向前邁進，做得更多，進一步減少的機會。這就是我與 Zwijndrecht 談論的內容。這進一步降低了我們當時的要求，我們的額外 - 進一步改善了水質。

Our next question comes from Scott Davis with Melius Research.

我們的下一個問題來自於 Melius Research 的 Scott Davis。

Just wanted to follow up on Jeff's question on price a little bit. Are prices up again in January? Meaning did you have a January 1 price increase? Or did you implement your last big price increase in 4Q?

只是想稍微跟進一下 Jeff 關於價格的問題。一月房價又漲了？意思是你有 1 月 1 日的價格上漲嗎？還是您在第四季度實施了上一次大幅提價？

So we've implemented big price increases in 4Q. But again, Scott, as we have said, a lot of these were pretty coordinated across different geographies, different markets. So to the extent we see the need that we have to do in 1Q, we'll do the same on 2022, we'll do the same.

因此，我們在第四季度實施了大幅提價。但是，斯科特，正如我們已經說過的，其中很多都是在不同的地區、不同的市場上非常協調的。因此，就我們在第一季度看到我們必須做的需要而言，我們將在 2022 年做同樣的事情，我們將做同樣的事情。

Okay. Fair enough. And then this Belgium situation, can you give us a little bit of color on how material -- I mean, you've had a couple -- couple of your disclosure -- previous disclosure said you can't measure the materiality, but you've had a couple of months now. I mean, can you supply out of other factories and meet demand? How disruptive is this? And should we -- I mean it's a fancy way of saying, should we build this into our models and some sort of a headwind in 2022? Or do you feel like you're going to have some remediation here?

好的。很公平。然後這個比利時的情況，你能給我們一點關於重要性的顏色 - 我的意思是，你有幾個 - 幾個你的披露 - 之前的披露說你無法衡量重要性，但你已經有幾個月了。我的意思是，你能從其他工廠供應並滿足需求嗎？這有多大的破壞性？我們是否應該——我的意思是說這是一種奇特的說法，我們是否應該將其構建到我們的模型中，並在 2022 年遇到某種逆風？或者你覺得你要在這裡進行一些補救？

Yes, Scott, back to the comments I made in my prepared remarks, we're in the middle of this right now. We continue to work with the local authorities. We're appealing and discussing the change in our wastewater discharge permit there. It could have a material impact and potentially interrupt production at the site. So that's something we wanted to be clear on. It's -- we're in the middle of it, and I don't really want to speculate at this point on what it will ultimately mean. This is a priority for us. We have our best people working on it, actively working the problem, and we'll update as appropriate as we go forward here as we work through it.

是的，斯科特，回到我在準備好的評論中所做的評論，我們現在正處於這中間。我們將繼續與地方當局合作。我們正在上訴並討論那裡的廢水排放許可證的變化。它可能會產生重大影響並可能中斷現場的生產。所以這是我們想要明確的。它是——我們正處於它的中間，我現在真的不想推測它最終意味著什麼。這是我們的首要任務。我們有最優秀的人員來解決這個問題，積極地解決問題，我們會在我們解決它的過程中進行適當的更新。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

So I know we'll get more details in mid-February. But I guess maybe just kind of thinking about the margin trajectory for both Safety and Industrial and for Transportation and Electronics, both of those segments have been hit pretty hard the last couple of quarters. And I'm just curious, as you kind of think through the beginning part of 2022, I mean, should we continue to expect the same type of headwinds? Or are there certain things that you would call out, perhaps the litigation costs not recurring into 2022 that could be potential tailwinds to margins in the early part of the year?

所以我知道我們會在 2 月中旬得到更多細節。但我想也許只是考慮安全和工業以及運輸和電子的利潤率軌跡，這兩個領域在過去幾個季度都受到了相當大的打擊。我只是好奇，當你在 2022 年初思考時，我的意思是，我們是否應該繼續期待同樣類型的逆風？或者您是否會提出某些事情，也許訴訟費用不會在 2022 年再次發生，這可能會在今年年初對利潤率產生不利影響？

Yes. Joe, as you said, we'll give you more guidance as we go through. But just to answer your question more specifically, I would say a couple of things, and I've said that before, too, volume has the biggest impact for us on a margin, whether it's SIBG, TEBG, health care or CBG. I think we'll have to see what 1Q volume turns out to be, what headwinds we have or tailwinds. When you think about just the trends that those 2 businesses are seeing, overall GDP and IPI is going to be positive for 2022. I think it's volatile in the first quarter and the second quarter and what that turns out. So that will determine industrial activity.

是的。喬，正如你所說，我們會在進行過程中為你提供更多指導。但為了更具體地回答你的問題，我想說幾件事，我之前也說過，無論是 SIBG、TEBG、醫療保健還是 CBG，數量對我們的影響最大。我認為我們必須看看第一季度的成交量是多少，我們有什麼逆風或順風。當您僅考慮這兩家企業所看到的趨勢時，2022 年的整體 GDP 和 IPI 將是積極的。我認為第一季度和第二季度會出現波動，結果如何。因此，這將決定工業活動。

On an auto build, it is flat to down sequentially, so -- and it's flat to down on a year-over-year basis, too. So that will have an impact on TEBG. That, of course, then we'll have to see smartphone shipments. So that's the macroeconomic environment. On our own, you've seen the team's done a good job of raising price. So we have seen price go up sequentially through the quarter. And so you should see that price hold or get better.

在汽車製造中，它是按順序持平到下降的，所以 - 它也是逐年持平到下降的。所以這將對TEBG產生影響。當然，那我們將不得不看到智能手機的出貨量。這就是宏觀經濟環境。就我們自己而言，您已經看到團隊在提高價格方面做得很好。因此，我們已經看到價格在本季度連續上漲。因此，您應該看到價格保持不變或變得更好。

Inflation is another area that, again, I think we'll face a very tough comp from last year. We had very little inflation in the first quarter of last year. So you are -- on a year-over-year basis, Joe, going to face that comp. And then the third piece is on litigation. As we have told you, we are actively working and defending ourselves. And to combat our cases, it's a little -- right now, I don't know where that goes, and we'll keep doing what's right to keep defending ourselves and see where those expenses land.

通貨膨脹是另一個領域，我認為我們將面臨與去年相比非常艱難的競爭。去年第一季度我們的通貨膨脹率很低。所以你是 - 每年，喬，將面對那場比賽。第三部分是關於訴訟的。正如我們告訴你的那樣，我們正在積極工作並為自己辯護。為了打擊我們的案件，這有點 - 現在，我不知道那會去哪裡，我們將繼續做正確的事情來繼續為自己辯護，看看這些費用在哪裡。

So I think this is the best I can give you at this moment, a little bit of macroeconomic, some of our stuff. And then internally, the last piece before I turn it back to you for another question, is from driving supply chain efficiency, driving our factories, improving rigor, that's just something we're going to keep doing. We have done it. We'll keep doing it. So that should help.

所以我認為這是我目前能給你的最好的，一點點宏觀經濟，我們的一些東西。然後在內部，在我轉回給你另一個問題之前的最後一部分是提高供應鏈效率，推動我們的工廠，提高嚴謹性，這只是我們將繼續做的事情。我們已經做到了。我們會繼續做的。所以這應該會有所幫助。

And then supply chain availability or the manufacturing productivity impacts that we've had in the last 2 quarters, which has impacted SIBG and TEBG a lot, we'll have to see how the material flows. Again, December turned out to be better and you saw that come through from a leverage perspective, which goes back to the comment that volumes is as the best leverage.

然後是供應鏈可用性或我們在過去兩個季度中對製造生產力的影響，這對 SIBG 和 TEBG 產生了很大影響，我們將不得不看看材料是如何流動的。再一次，12 月結果更好，你從槓桿的角度看到了這一點，這可以追溯到交易量是最佳槓桿的評論。

That's super helpful. And then just maybe my quick follow-on. Just you mentioned the combat arms and clearly PFAS being just an important part of the story here for investors. I'm just curious, just from a timeline perspective, as you think about 2022, are there certain dates that we should be thinking about or penciling in, just to be paying close attention to any type of progress or resolution on either of those 2 items?

這非常有幫助。然後也許是我的快速跟進。剛才你提到了戰鬥武器，顯然 PFAS 只是投資者故事的重要組成部分。我只是好奇，只是從時間線的角度來看，當您考慮 2022 年時，是否有某些日期我們應該考慮或考慮，只是為了密切關注這兩個方面的任何類型的進展或解決方案項目？

Yes, Joe, we try to keep you updated even in these calls on what's coming next. And we don't have any specific trials coming up in PFAS. The next one is related to the MDL, which we're expecting in 2023. There is, as you know, EPA is working on a management plan and there's a strategic road map through the President Biden's administration. So we're -- we'll be watching that and updating you as we learn more around that.

是的，喬，即使在這些電話會議中，我們也會努力讓您了解接下來會發生什麼。而且我們在 PFAS 中沒有任何具體的試驗。下一個與 MDL 有關，我們預計在 2023 年實現。如您所知，EPA 正在製定一項管理計劃，並通過拜登總統的政府制定戰略路線圖。所以我們 - 我們將關注這一點並在我們了解更多相關信息時更新您。

Related to combat arms, we'll just frame this up. We have great respect for the brave men and women of the military protectors around the world. And we have a long partnership here. We've been providing products and continue to provide products. In the matter with the combat arms, we believe our product was safe and effective in its use, and we're vigorously defending ourselves. And we've been working through these bellwether trials.

與戰鬥武器有關，我們將把它框起來。我們非常尊重世界各地軍事保護者的勇敢男女。我們在這裡有著長期的合作夥伴關係。我們一直在提供產品並將繼續提供產品。在戰鬥武器問題上，我們相信我們的產品在使用時是安全有效的，我們正在大力捍衛自己。我們一直在努力完成這些領頭羊試驗。

We've had 10 trials so far, 5 of those were in our favor. 8 actually were dismissed in addition to the 10 trials we've had, and we're in the middle of those bellwether. So there's another 6 bellwethers planned for 2022. And we'll update you as we go through that and we'll update you as appropriate.

到目前為止，我們已經進行了 10 次試驗，其中 5 次對我們有利。除了我們已經進行的 10 次試驗之外，實際上還有 8 次被解雇了，而我們正處於這些領頭羊中間。因此，計劃在 2022 年再增加 6 位領頭羊。我們會在完成時向您更新，我們會在適當的時候更新您。

Our next question comes from Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe the first question on sort of cash flow and capital deployment. So cash flow was down double digits in Q4 and the full year and understood the sort of abnormal base in 2020. But how should we think about cash flow for this year? I mean how quickly do we get sort of working capital under control? And also in terms of the sort of disbursement of cash, you paid out around 90% or 95% of free cash flow last year to shareholders. Do we expect a sort of similar-type approach in '22?

也許是關於現金流和資本配置的第一個問題。因此，第四季度和全年的現金流下降了兩位數，並且理解了 2020 年的異常基數。但是我們應該如何看待今年的現金流？我的意思是，我們能多快控制營運資金？在現金支付方面，去年你向股東支付了大約 90% 或 95% 的自由現金流。我們是否期望在 22 年出現一種類似類型的方法？

Yes. So I'll start, Julian, with just reminding you, from a capital allocation perspective, and I'll just -- for everyone's benefit, our first is always organic growth where we believe we'll get the best return. You saw us putting in $1.6 billion from a CapEx perspective in 2021. For 2022 and beyond, we are going to continue to invest in growth. You've seen us make the big announcement in Clinton. It's $0.5 billion of investment that we're going to put over the next couple of years. We also have given you our goal on sustainability where we plan to spend $1 billion, part of it CapEx, OpEx, which is front-end loaded.

是的。因此，朱利安，我首先要提醒您，從資本配置的角度來看，我將 - 為了每個人的利益，我們的首要任務始終是有機增長，我們相信我們將獲得最佳回報。您看到我們在 2021 年從資本支出的角度投入了 16 億美元。在 2022 年及以後，我們將繼續投資於增長。你已經看到我們在克林頓發表了重大聲明。我們將在未來幾年投入 5 億美元的投資。我們還為您提供了我們的可持續發展目標，我們計劃花費 10 億美元，其中一部分是資本支出、運營支出，這是前端加載的。

Third, as we had talked about on CapEx, we had mentioned during our earnings call as well as other updates throughout the quarter, our plan was to spend $1.8 billion to $2 billion. We were not able to, unfortunately, because of raw material and labor availability. So to the extent that we have good programs out there, we're going to keep doing that. So that's organic growth.

第三，正如我們在資本支出上談到的，我們在財報電話會議以及整個季度的其他更新中提到，我們的計劃是花費 18 億至 20 億美元。不幸的是，由於原材料和勞動力的可用性，我們無法做到。因此，就我們有好的項目而言，我們將繼續這樣做。這就是有機增長。

Second is, from a dividend perspective, we know it's an important piece for our shareholders. We're going to continue to do that. Mike mentioned it was the 63rd year in 2021 that we increased dividend. So we'll see where 2022 goes with that. Third is M&A and portfolio. We have an active pipeline, and we are always looking for good businesses that can help us -- that we can add value as well as the business that we acquire can add value to 3M and the shareholders.

其次，從股息的角度來看，我們知道這對我們的股東來說很重要。我們將繼續這樣做。邁克提到，2021 年是我們增加股息的第 63 年。因此，我們將看到 2022 年的發展方向。三是併購和投資組合。我們有一個活躍的管道，我們一直在尋找可以幫助我們的好企業——我們可以增加價值，我們收購的業務可以為 3M 和股東增加價值。

And then the last piece is share buyback, which we have done. And we stepped up in Q4, and we had mentioned that during our earnings call as well, I think -- sorry, and certain updates in the quarter, where we said the stock was attractive, and we stepped into it, and that's what we did in Q4.

最後一部分是股票回購，我們已經完成了。我們在第四季度加緊行動，我們在財報電話會議上也提到過，我認為 - 抱歉，本季度的某些更新，我們說股票很有吸引力，我們介入了，這就是我們在第四季度做了。

Talking specifically about working capital. Working capital continues to remain a big priority for us, doing data and data analytics. And if you actually see and do the math, Julian, and you do cash conversion cycle in Q4 of 2020 versus Q4 of 2021, you're actually going to see that the velocity of working capital went up. The revenue was higher in total for 2021. So therefore, you do see the drag on working capital.

具體談談營運資金。在進行數據和數據分析方面，營運資金仍然是我們的重中之重。如果你真的看到並做數學，朱利安，你在 2020 年第四季度與 2021 年第四季度進行現金轉換週期，你實際上會看到營運資金的速度上升。 2021 年的總收入較高。因此，您確實看到了營運資金的拖累。

And at the same time, if you further split working capital up inventory is where with all the supply chain challenges, that's an area that the team has done a nice job of managing the inventory, but that's where you have much more opportunity as supply stabilizes. So that's an area I would say we're going to continue driving cash. There's a lot of opportunity to keep giving strong cash. We generated $6 billion. And then from a net debt-to-EBITDA basis, we are down to 1.4 versus when I started 18 months ago, we were at close to 2.3, 2.4. So the team has done a really nice job of driving cash and working capital is a big piece of it.

同時，如果您進一步將營運資金分配到庫存中，這是所有供應鏈挑戰的地方，這是團隊在管理庫存方面做得很好的領域，但隨著供應穩定，您有更多機會.所以這是一個我會說我們將繼續推動現金的領域。有很多機會繼續提供強勁的現金。我們創造了 60 億美元。然後從淨債務與 EBITDA 的基礎上看，我們降至 1.4，而我 18 個月前開始時，我們接近 2.3、2.4。因此，團隊在推動現金方面做得非常好，而營運資金是其中很大一部分。

That's helpful. And then maybe just as a follow-up, it feels a long time ago, but I suppose it was fairly recent, the food safety divestment as sort of broad perspective on the portfolio. The fact that it was one of the 12 priority growth platforms at the company and is still being divested, does that tell us, at least on the outside, one could interpret that as meaning that there's a much broader sort of remit around potential divestments at 3M, if you're even willing to sell a priority growth business? Is that a sort of reasonable interpretation?

這很有幫助。然後可能只是作為後續行動，感覺是很久以前的事了，但我想這是最近的事，食品安全撤資是對投資組合的一種廣泛看法。它是公司 12 個優先增長平台之一併且仍在被剝離的事實，這是否告訴我們，至少在外部，人們可以將其解釋為意味著圍繞潛在剝離的範圍更廣3M，您是否願意出售優先增長業務？這是一種合理的解釋嗎？

Yes. Julian, I would say, first, it reinforces what we've been talking about. Our portfolio strategy is actively continuously evaluating our portfolio. We do that to make decisions on where we invest organically, more attractive markets that can leverage 3M's capabilities, fundamental strengths. We look at acquisitions that can complement what we do organically and when integrated into 3M, give us attractive markets that can add value in greater than some of the parts of the 2 businesses.

是的。朱利安，我想說，首先，它強化了我們一直在談論的內容。我們的投資組合戰略正在積極地持續評估我們的投資組合。我們這樣做是為了決定我們在哪裡進行有機投資，更有吸引力的市場可以利用 3M 的能力和基本優勢。我們著眼於可以補充我們的有機業務的收購，並且當整合到 3M 時，可以為我們提供有吸引力的市場，這些市場可以為這兩項業務的某些部分增加更多價值。

We also are looking how to maximize value all the time. And that is everything from managing our businesses differently to up to and including divestitures. And we've done a number of those over time where we saw better owners or greater value to be really achieved through the divestiture. And sometimes that's strengthening the business so they can deliver greater value to customers. It's always focused on how can we deliver greater value creation through the business, including returns to our shareholders.

我們也一直在尋找如何最大化價值。這就是從以不同方式管理我們的業務到資產剝離（包括資產剝離）的一切。隨著時間的推移，我們已經做了一些這樣的事情，我們看到更好的所有者或通過資產剝離真正實現的更大價值。有時這會加強業務，因此他們可以為客戶提供更大的價值。它始終關注我們如何通過業務創造更大的價值，包括回報我們的股東。

And so when you look at food safety, while it was an organic priority for us because it had strong growth opportunities and can leverage some of the capabilities of 3M, we also saw a path to greater value, a combination with Neogen, where you can strengthen the 2 businesses by putting them together and really create greater value for customers and for shareholders. So it's very consistent with what -- how we look at our portfolio management, and I think it's an outcome of a continuous process. And we're going to continue to actively manage our portfolio.

因此，當您查看食品安全時，雖然它是我們的有機優先事項，因為它具有強大的增長機會並且可以利用 3M 的一些能力，但我們也看到了一條通往更大價值的道路，與 Neogen 的結合，您可以將這兩項業務整合在一起，真正為客戶和股東創造更大的價值。所以它與我們如何看待我們的投資組合管理非常一致，我認為這是一個持續過程的結果。我們將繼續積極管理我們的投資組合。

Our next question comes from Brett Linzey with Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Brett Linzey。

I wanted to come back to the margin bridge. You guys called out the manufacturing inefficiencies that occurred in Q4 related to the shorter production runs, more production changeovers, et cetera. Are you able to isolate and size in dollars or margins? How large of a headwind that was in Q4 on a full year basis in '21?

我想回到邊緣橋。你們指出了第四季度發生的製造效率低下，這些問題與較短的生產運行、更多的生產轉換等有關。您是否能夠以美元或利潤來隔離和調整大小？ 21 年第四季度全年的逆風有多大？

Yes. Brett, it's really hard to do it that way because it has a compounding effect. So unfortunately, it's hard to isolate the number. In total, when we put the manufacturing productivity together, including the spend, you can see it's $0.33 negative in total, which included 3 things. One is lower volume, which has an impact first on just generally the plans. Second is the material productivity. The third is the wage inflation and the prior headwinds that we had talked about when it comes to variable compensation, and then we continue to invest in growth, productivity and sustainability.

是的。布雷特，這樣做真的很難，因為它具有復合效應。所以不幸的是，很難隔離這個數字。總的來說，當我們將製造生產力（包括支出）放在一起時，您可以看到總共是 0.33 美元的負數，其中包括 3 件事。一是成交量較低，這首先對總體計劃產生影響。二是物質生產力。第三是工資膨脹和我們之前談到的可變薪酬方面的不利因素，然後我們繼續投資於增長、生產力和可持續性。

Yes. It makes sense and understandably inflation, logistics pressures continue, but I'm just trying to get a sense, do those resolve early in Q1 as some of the demand pulse gets better here?

是的。通貨膨脹，物流壓力持續存在是有道理且可以理解的，但我只是想了解一下，隨著這裡的一些需求脈動變得更好，這些問題是否會在第一季度初期得到解決？

Yes. So I think we are watching it, Brett. I think our view is we're going to see a volatile environment in the first half. Things should get better in the second half. But I would not expect a big snap back on stability of supply in 1Q of 2022.

是的。所以我認為我們正在關注它，布雷特。我認為我們的觀點是，我們將在上半年看到一個動蕩的環境。下半場情況應該會好轉。但我預計 2022 年第一季度供應穩定性不會出現大幅回升。

Right. Right. Okay. And just wanted to come back to the comment on prioritizing investments for this year. I think last year, R&D as a percent of sales was at the lower end of what it's been historically. Does the R&D number need to move higher in '22? Or can you keep it at the same level and just allocate those dollars more effectively?

對。對。好的。只是想回到關於今年優先投資的評論。我認為去年，研發佔銷售額的百分比處於歷史低端。 22 年的研發數量是否需要提高？還是您可以將其保持在同一水平並更有效地分配這些資金？

Brett, it's really something we focus on, prioritizing our investments. We talk about prioritizing in growth, productivity and sustainability as we've come through the pandemic, as we came through 2021 accelerating those investments where we saw the best opportunity. That's R&D, that's CapEx, that's commercial investments. Very big focus on R&D, as you would expect. It's where we drive our innovation with that investment in R&D.

布雷特，這確實是我們關注的重點，優先考慮我們的投資。我們談論在度過大流行病時優先考慮增長、生產力和可持續性，因為我們已經度過了 2021 年，在我們看到了最佳機會的地方加速了那些投資。那是研發，那是資本支出，那是商業投資。正如您所期望的那樣，非常注重研發。這是我們通過研發投資推動創新的地方。

And so the overall percent of sales that you see at an enterprise level, it wouldn't surprise you that there are parts of our portfolio that are much higher than that and others that are lower than average. And we're prioritizing that in some of the areas that I talked about in my prepared remarks. We see attractive investments. So we actually are increasing R&D in some areas and managing it overall pretty well in line with where we've come from. But there's a lot going on underneath that. It's really that prioritization where we are targeting, stepping up our investments in those most attractive areas. And it's true for CapEx as well.

因此，您在企業層面看到的總銷售額百分比，我們產品組合中的某些部分遠高於該值，而其他部分低於平均水平，這不會讓您感到驚訝。我們正在優先考慮我在準備好的發言中談到的一些領域。我們看到有吸引力的投資。因此，我們實際上正在增加某些領域的研發，並根據我們的來源進行總體管理。但在這之下有很多事情發生。這確實是我們瞄準的優先事項，加大對那些最具吸引力的領域的投資。資本支出也是如此。

Got it. Makes sense.

知道了。說得通。

Our next question comes from Deane Dray with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Deane Dray。

Just a couple clarifications. Going back to the opening Q&A and Nigel's question on December coming in better, you did clarify that masks were better by $40 million. What were the other businesses that did better or product lines that did better in December?

只是幾個澄清。回到 12 月的開場問答和奈傑爾的問題，你確實澄清說口罩比 4000 萬美元好。 12 月其他哪些業務做得更好或產品線做得更好？

Yes. So $40 million was for the whole quarter, Deane, just to clarify that. December definitely had a pickup there. Consumer came in strong and then Health Care came in strong. So that's the other 2 I would call out in December.

是的。因此，整個季度需要 4000 萬美元，迪恩，只是為了澄清這一點。十二月肯定有一個皮卡那裡。消費者強勁，然後醫療保健強勁。這就是我在 12 月要召集的另外 2 個人。

Got it. And then when Bruce made 2 topics that are going to change in reporting going forward, could you just clarify the second one? It sounded like you were not going to report segment, volume and price separately? Just clarify what the thinking is there and what will we see going forward?

知道了。然後當布魯斯提出兩個將在未來的報導中發生變化的主題時，你能澄清第二個嗎？聽起來您不打算分別報告細分市場、數量和價格？只需澄清那裡的想法以及我們將看到什麼？

Yes, Deane, this is Bruce. We have never reported separate segment volume and price by the segments. We have at the total enterprise level and the geography level. We are no longer going to report separate volume and price going forward. And it's due to a lot of the benchmarking work we have done. Also, the one conversation piece we've had throughout the year relative to prices, what's showing up in price is what gets realized in the quarter. And it's not a true reflection of the actions we're taking in the end market.

是的，迪恩，這是布魯斯。我們從未按細分市場報告單獨的細分市場數量和價格。我們在整個企業層面和地理層面都有。我們將不再報告單獨的數量和價格。這要歸功於我們所做的大量基準測試工作。此外，我們全年就價格進行的一次對話是，價格中顯示的內容是本季度實現的內容。這並不是我們在終端市場採取的行動的真實反映。

So I think it created a lot of confusion relative to 3M taking price or not. Yes, we're taking price, but it really is only showing up relative to what actually got realized in a particular period. So organic growth is our #1 objective, and that's what we're going to report going forward.

所以我認為它相對於 3M 是否定價造成了很多混亂。是的，我們正在考慮價格，但它實際上只是相對於特定時期實際實現的價格出現。因此，有機增長是我們的第一目標，這就是我們將要報告的內容。

So Slide 12 in the appendix where you break out organic volume by region and price, does that go away?

所以在附錄中的第 12 張幻燈片中，您按地區和價格劃分了有機數量，這種情況會消失嗎？

Yes. So yes, if you recall, Deane, when we moved to our new business group-led business model, we're running global businesses now. We no longer have a separate international structure. So -- and that's how we're operating the business, driving growth around the world no matter where it's at.

是的。所以，是的，如果你還記得，迪恩，當我們轉向以業務集團為主導的新業務模式時，我們現在正在經營全球業務。我們不再有單獨的國際結構。所以——這就是我們經營業務的方式，無論它在哪裡，都能推動全球增長。

Our next question comes from Andy Kaplowitz with Citigroup.

我們的下一個問題來自花旗集團的 Andy Kaplowitz。

Can you give us a little more color into what you're seeing in electronics? I think you mentioned in Q4 is down still and it tends to be quite volatile for you. So without giving a specific outlook for '22, have you seen any improvement in semiconductor availability starting to help that business? How are inventories in the channel? At what point do your businesses such as data center-focused products, auto electrification start to become meaningful enough to better support that business?

你能給我們更多關於你在電子產品中看到的顏色嗎？我認為你在第四季度提到的仍然在下降，而且對你來說往往非常不穩定。因此，在沒有給出 22 年具體展望的情況下，您是否看到半導體可用性的任何改善開始幫助該業務？渠道庫存情況如何？您的業務（例如以數據中心為中心的產品、汽車電氣化）在什麼時候開始變得足夠有意義以更好地支持該業務？

Yes. So I would say, Andy, and I'll start with your first thing on chips. So production did go up in auto in December versus what was originally planned. For the year, auto ended at plus 2 for the quarter, it ended at minus 13. And I think it came in a little better than what was the original forecast. So it did get a little better there. I think what we are seeing is it's still volatile from a supply chain perspective. And our view is that you're going to see that volatility in the first half of 2022.

是的。所以我想說，安迪，我將從你的第一件事開始。因此，與最初計劃相比，12 月份汽車的產量確實有所上升。今年，汽車在本季度結束時為正 2，以負 13 結束。而且我認為它比最初的預測要好一些。所以那裡確實變得更好了。我認為我們看到的是，從供應鏈的角度來看，它仍然不穩定。我們的觀點是，您將在 2022 年上半年看到這種波動。

When you take consumer electronics, consumer electronics was down on a year-over-year basis. It's projected to be up from '21 to '22 for the year, and we'll have to see when launches happen, et cetera. And then on the fluids or that's -- the semiconductor of our business, the business has grown very well. We continue to perform very well. We continue to deliver value for our customers. And in 2022, you should expect us to continue doing the same.

當您考慮消費電子產品時，消費電子產品同比下降。預計今年將從 21 年上升到 22 年，我們將不得不看看何時發布，等等。然後在流體或那——我們業務的半導體上，業務發展得非常好。我們繼續表現出色。我們繼續為客戶創造價值。在 2022 年，您應該期望我們繼續這樣做。

Monish, that's helpful. And then maybe a little more color on what you're seeing regionally. Obviously, you have tougher comparisons in China as you go into next -- into '22, there's some geopolitical risk out there. So any sort of trends that you're seeing or want to highlight as we're going into '22 regionally?

莫尼什，這很有幫助。然後可能會在您在區域內看到的內容上增加一點顏色。顯然，當你進入下一個 - 進入 22 世紀時，你將在中國進行更嚴格的比較，那裡存在一些地緣政治風險。那麼在我們進入 '22 區域時，您看到或想要強調的任何趨勢？

Yes. Andy, I would take you to GDP and IPI. I think you -- there's an outlook for 2022 that says we're going to see a pretty good backdrop globally, led by probably U.S. and Asia in that regard and the stronger areas, IPI, GDP, both. If you look -- if you go into China, in particular, we saw growth in 2021. We were up low single digits in Q4, which is similar to the overall China macro. For the whole year, we were up low double digits, which was above the macro for China.

是的。安迪，我會帶你了解 GDP 和 IPI。我認為你 - 2022 年的前景表明，我們將在全球範圍內看到一個相當不錯的背景，在這方面可能由美國和亞洲以及更強大的領域、IPI、GDP 引領。如果你看 - 如果你進入中國，特別是，我們在 2021 年看到了增長。我們在第四季度增長了低個位數，這與中國整體宏觀經濟相似。全年，我們的業績均處於兩位數的低位，高於中國的宏觀水平。

So continue to see growth opportunities there. Our growth was led by our Health Care business. We saw growth in our Consumer business. Both of those were up low teens. Our Industrial business was up low single digits in the quarter. And where we saw some weakness was in Transportation and Electronics, really back to the semiconductor chip challenges, some of the supply chain challenges. Those were impacting that in China as well.

因此，繼續看到那裡的增長機會。我們的增長由我們的醫療保健業務引領。我們看到了消費者業務的增長。這兩個都是青少年。我們的工業業務在本季度增長了個位數。我們看到一些弱點是在運輸和電子領域，真正回到半導體芯片挑戰，一些供應鏈挑戰。這些也對中國產生了影響。

So I paint that picture, so you'd kind of see we have a focus on growing at or above the macro in China as well. And the outlook is to be positive. And we're prioritizing, like everywhere else, where we see the trends. And some of those areas in electronics have continued to stay strong, while overall consumer electronics challenged with the chip shortage, we saw strength in semiconductor fabrication, factory automation. So they're -- we see those as areas that we're well positioned as we come into 2022 as well.

所以我畫了那幅畫，所以你會看到我們也專注於在中國的宏觀或以上增長。前景是積極的。和其他地方一樣，我們正在優先考慮我們看到趨勢的地方。其中一些電子領域繼續保持強勁，而整體消費電子產品面臨芯片短缺的挑戰，我們看到了半導體製造、工廠自動化的實力。所以它們是——我們將這些視為我們在進入 2022 年時處於有利位置的領域。

Our next question comes from Stephen Tusa with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Stephen Tusa。

Just a question on -- I know, Monish, you've kind of taken on this, I guess, an additional title of kind of Transformation Officer. Many times, that means there's going to be some kind of major portfolio moves. What is this kind of transformation title mean from that perspective? Is it really looking at kind of the structure of the company? Or is it more about improving processes and more of an operating?

只是一個問題——我知道，莫尼什，我猜你已經接受了一個額外的頭銜，即轉型官。很多時候，這意味著會有某種重大的投資組合變動。從這個角度來看，這種轉換標題是什麼意思？它真的在看公司的結構嗎？還是更多的是關於改進流程和更多的操作？

Yes. Steve, I'm interested in Monish's answer as well, but I thought I'd just frame it up. He's leading transformation, which is really taking responsibility for leading our IT and digital strategy, and overall transformation includes what we call business transformation. Monish has been driving some of these efforts from his role as CFO, and he led transformation his prior employer as well. He brings that operating rigor to it. So when we recently hired a new Chief Information and Digital Officer that reports to Monish as part of that.

是的。史蒂夫，我也對莫尼什的回答感興趣，但我想我只是把它框起來。他在領導轉型，真正負責領導我們的 IT 和數字化戰略，整體轉型包括我們所說的業務轉型。 Monish 在擔任首席財務官期間一直在推動其中的一些努力，他還領導了他以前的雇主的轉型。他帶來了這種嚴格的操作。因此，當我們最近聘請了一位新的首席信息和數字官，作為其中的一部分向 Monish 匯報時。

So if you think about it, it's really that business transformation we've talked about for a number of years focused on deploying new digital capabilities, digital strategy broadly, digital enterprise capabilities like our ERP and our move to the cloud, also digital operations and even how we're digitizing for our customers. And so it's really bringing his leadership to that. So Monish can give you his perspective on it.

因此，如果您仔細想想，我們多年來一直在談論的業務轉型確實集中在部署新的數字能力、廣泛的數字戰略、數字企業功能（如我們的 ERP）和我們向雲的遷移，以及數字運營和甚至我們如何為客戶進行數字化。因此，這確實將他的領導力帶到了這一點。所以莫尼什可以給你他的觀點。

Listen, I don't have much to add, Steve, other than the fact that when we look at the opportunity at 3M, whether it's growth at or by macro, margin expansion and strong cash. Underneath that, you can tuck in portfolio. Digital is a big opportunity for us, whether it's leveraging data and data analytics. And I just view my job as to enable the teams to achieve what 3M can. So I'm excited, and we have a great set of people working on this.

聽著，史蒂夫，我沒有什麼要補充的，除了當我們看到 3M 的機會時，無論是增長還是宏觀增長、利潤率擴張和強勁的現金。在此之下，您可以塞入投資組合。數字化對我們來說是一個巨大的機會，無論是利用數據還是數據分析。我只是將我的工作視為使團隊能夠實現 3M 所能做到的。所以我很興奮，我們有很多人在做這件事。

Right. And then I think you guys mentioned buyback in the presentation. I might have missed this, but is that a new kind of -- are you guys going to be stepping up buybacks in a significant way here in the near term? Is it a change in tone on buybacks or pretty consistent with what you've said historically?

對。然後我認為你們在演示文稿中提到了回購。我可能錯過了這一點，但這是一種新的——你們是否會在短期內以顯著的方式加大回購力度？這是回購基調的變化還是與你過去所說的非常一致？

No, Steve, it's pretty consistent. As the level of buyback is always our fourth priority in the 4 priorities to the extent the amount of buyback will always get determined by the amount of cash we have, what the market is doing, what the opportunities are. And as I mentioned in the fourth quarter, we saw an opportunity where we thought the stock was attractive. And we felt we should step up buyback in the fourth quarter, but no change in tone, that still remains the fourth priority in our list of capital allocation priorities.

不，史蒂夫，這是相當一致的。由於回購水平始終是我們在 4 個優先事項中的第四個優先事項，因此回購金額將始終取決於我們擁有的現金數量、市場在做什麼、機會是什麼。正如我在第四季度提到的那樣，我們看到了一個我們認為股票有吸引力的機會。我們認為我們應該在第四季度加大回購力度，但基調沒有改變，這仍然是我們資本配置優先事項列表中的第四優先事項。

Our next question comes from Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的 Andrew Obin。

Yes. So my first question is on Asia and specifically as we see Omicron in China, what's the feedback you're getting on the ground about the scope of shutdowns versus what was expecting around the Olympics? And how is that going to play out in the first quarter given what you're seeing right now?

是的。所以我的第一個問題是關於亞洲，特別是當我們在中國看到 Omicron 時，您在現場得到的關於停工範圍與奧運會前後預期的反饋是什麼？鑑於您現在所看到的情況，這將如何在第一季度發揮作用？

Yes. Andrew, I would say what we came through December into the new year, there's a lot of uncertainty around Omicron and how it's going to impact supply chains globally. And in China, obviously, an important focus there and with the Olympics coming a spotlight on that as well, we've been managing supply chain, logistics issues there as well. You saw that a little bit play out in the China export numbers in Q4, down like low single digits, I think, for the quarter. So it's something we're focused on. We've been managing through the challenges we've seen and we'll update you as we get further into February and March.

是的。安德魯，我想說的是我們從 12 月到新的一年，圍繞 Omicron 以及它將如何影響全球供應鏈存在很多不確定性。在中國，很明顯，這是一個重要的焦點，隨著奧運會也成為人們關注的焦點，我們也一直在管理供應鏈、物流問題。你看到第四季度中國出口數據出現了一些變化，我認為該季度下降了個位數。所以這是我們關注的事情。我們一直在應對我們所看到的挑戰，隨著我們進一步進入 2 月和 3 月，我們將向您更新。

And just the second question is almost 2 years into COVID and maybe it's a little preview for your Analyst Day. But almost 2 years into COVID, what portions of your portfolio sort of look structurally better and what has lagged? And what do you think happens as the world normalizes again?

就第二個問題而言，COVID 已經過去了將近 2 年，也許它是您的分析師日的一個小預覽。但是在 COVID 進入將近 2 年之後，您的投資組合中的哪些部分在結構上看起來更好，哪些部分滯後了？當世界再次正常化時，您認為會發生什麼？

Yes. Andrew, maybe I'll start with we've been investing -- accelerated investments in a number of areas as we come through COVID and it's really recognizing some of the trends, maybe even that we came into the pandemic with that accelerated. So we talk about investments in automotive electrification, maybe less COVID related, but certainly a trend that's accelerating. We saw home improvement accelerate during COVID. So we're investing in those areas. We're seeing strong growth as we came through 2021 in those areas, and we see that continuing as we go forward. So that's the way we look at it.

是的。安德魯，也許我會從我們一直在投資開始——在我們經歷 COVID 時在許多領域加速投資，它確實認識到了一些趨勢，甚至可能我們以這種加速進入了大流行。因此，我們談論對汽車電氣化的投資，可能與 COVID 的相關性較低，但肯定是一種正在加速的趨勢。在 COVID 期間，我們看到家居裝修加速。所以我們在這些領域進行投資。到 2021 年，我們在這些領域看到了強勁的增長，並且我們認為隨著我們的前進，這種增長仍在繼續。這就是我們看待它的方式。

There's -- across our portfolio, we've talked often about different parts of our portfolio, how are they doing relative year-over-year even back to 2019. I would say we had strength in broad parts of the portfolio, including those that we're investing in. There's a couple of areas that are still recovering. And Monish even highlighted one in his comments about how elective procedures are still at about 90% of -- medical procedures that is at about 90% of where they were in 2019. So there's the impact of COVID on increased hospitalization rates and the knock-on effect on health care. There's still -- we think there's still some impact net-net versus 2019 in some of those areas.

在我們的投資組合中，我們經常談論我們投資組合的不同部分，甚至可以追溯到 2019 年，它們的相對同比表現如何。我想說我們在投資組合的廣泛部分都有實力，包括那些我們正在投資。有幾個領域仍在復蘇。莫尼什甚至在他的評論中強調了一個關於選擇性程序如何仍處於 90% 左右的評論——醫療程序是 2019 年的 90% 左右。因此，COVID 對住院率的增加和敲擊-對保健的影響。仍然存在 - 我們認為在其中一些領域，與 2019 年相比，net-net 仍然存在一些影響。

So it plays out a little differently across our portfolio, even where we saw strong demand in our home care and our cleaning products in 2020, tough comp and a little lower growth as we came through 2021. So there's a number of trends that we're watching, again, prioritizing where we see an opportunity to invest and leverage 3M's strengths. And then -- and managing those other areas to -- in the middle of the supply chain disruptions to serve customers as things recover.

因此，它在我們的產品組合中的表現略有不同，即使我們看到 2020 年對家庭護理和清潔產品的強勁需求、艱難的競爭以及到 2021 年的增長略低。所以我們有許多趨勢再次觀察，優先考慮我們認為有機會投資和利用 3M 優勢的地方。然後 - 並管理其他領域 - 在供應鏈中斷的中間，以便在事情恢復時為客戶服務。

And our final question comes from John Walsh with Credit Suisse.

我們的最後一個問題來自瑞士信貸的約翰沃爾什。

Just one question from me and going back, I think, to a comment you made in response to Nigel's question around restructuring. I thought I heard $70 million. Just wanted to make sure that was kind of capturing all the restructuring delta and ask if that was in line with the Q3 update? Because I guess by my math, I had a little bit higher of a number, but just wanted to ask for clarification there.

我只問了一個問題，我想回到你在回答奈傑爾關於重組的問題時發表的評論。我以為我聽到了 7000 萬美元。只是想確保這能捕捉到所有的重組增量，並詢問這是否符合第三季度的更新？因為我猜根據我的數學，我有一個更高的數字，但只是想在那裡要求澄清。

Yes, it's a good one, John. So you heard it right, it's $70 million. And the reason is we achieved more in the fourth quarter than we had previously thought. And that's why you also saw margins came in higher and because we achieved more. So just to recap the program, in total, we have spent the program that was announced in Q4 of 2020. We had said we would go in -- we have spent $260 million to date. We had told you in Q3 that it would be $300 million to $325 million. Right now, we are saying up to $300 million. We had said benefits would be in the range of $200 million to $250 million. We achieved approximately $180 million in that program. So there's a carryover benefit of $70 million.

是的，這是一個很好的，約翰。所以你沒聽錯，是7000萬美元。原因是我們在第四季度取得的成就比我們之前想像的要多。這就是為什麼您還看到利潤率更高的原因，因為我們取得了更多成就。因此，回顧一下該計劃，我們總共花費了 2020 年第四季度宣布的計劃。我們曾說過我們會加入——迄今為止，我們已經花費了 2.6 億美元。我們在第三季度告訴過你，這將是 3 億到 3.25 億美元。現在，我們說的是高達 3 億美元。我們曾說過，福利將在 2 億至 2.5 億美元之間。我們在該計劃中獲得了大約 1.8 億美元。因此，有 7000 萬美元的結轉收益。

That concludes the question-and-answer portion of our conference call. I will now turn the call back over to Mike Roman for some closing comments.

我們電話會議的問答部分到此結束。我現在將把電話轉回給 Mike Roman 以徵求一些結束意見。

Thank you. To wrap up, I am proud of our team's performance in 2021, and we are well positioned for a successful 2022. I look forward to talking to you again at our February 14 meeting. Have a good day.

謝謝你。最後，我為我們團隊在 2021 年的表現感到自豪，我們已為 2022 年的成功做好準備。我期待在 2 月 14 日的會議上再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation, and we ask that you please disconnect your lines.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。