3M (MMM) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, October 26, 2021. 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 第三季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2021 年 10 月 26 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 third 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，早上好。歡迎參加我們的第三季度收益電話會議。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莫尼什帕托拉瓦拉。 Mike 和 Monish 將發表一些正式評論，然後我們將回答您的問題。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投資者關係網站 3m.com 的“季度收益”標題下。

Please turn to Slide 2. As we have done throughout the year, I'd like to remind you to mark your calendars for our next earnings conference call which will take place on Tuesday, January 25, 2022. Please take a moment to read the forward-looking statement on Slide 3.

請轉到幻燈片 2。正如我們全年所做的那樣，我想提醒您為我們將於 2022 年 1 月 25 日星期二舉行的下一次收益電話會議標記您的日曆。請花一點時間閱讀幻燈片 3 上的前瞻性聲明。

During today's conference call, we'll make 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.

在今天的電話會議上，我們將做出某些預測性陳述，以反映我們目前對 3M 未來業績和財務業績的看法。這些陳述基於對未來事件的某些假設和預期，這些假設和預期受到風險和不確定性的影響。我們最近的 10-K 表格的第 1A 項列出了一些最重要的風險因素，這些因素可能導致實際結果與我們的預測不同。

Please note, throughout today's presentation, we'll 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. Please turn to Slide 4, and I'll now hand it off to Mike. Mike?

請注意，在今天的演講中，我們將提及某些非 GAAP 財務指標。非 GAAP 措施的調節可以在今天新聞稿的附件中找到。請轉到幻燈片 4，我現在將其交給 Mike。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. In a dynamic environment, our performance throughout 2021 has shown the skill of our people around the world, the resiliency of our business model and the relevance of our technologies. In the third quarter and year-to-date, we have delivered broad-based organic growth across all business groups and geographic areas, along with good margins and strong cash flow.

謝謝你，布魯斯。大家早上好，感謝您加入我們。在瞬息萬變的環境中，我們在 2021 年的表現展示了我們全球員工的技能、我們業務模式的彈性以及我們技術的相關性。在第三季度和年初至今，我們在所有業務集團和地理區域內實現了廣泛的有機增長，以及良好的利潤率和強勁的現金流。

Q3 organic growth was over 6% as we drove innovation across our market-leading businesses, with margins of 20% and earnings of $2.45 per share. Geographically, growth in the quarter was led by the Americas, up 7%, with the United States up 6%. Growth in APAC was 6%, with China up 3% and Japan up 6%. While EMEA grew 4%.

由於我們推動市場領先業務的創新，第三季度有機增長超過 6%，利潤率為 20%，每股收益為 2.45 美元。從地域來看，本季度的增長由美洲引領，增長 7%，美國增長 6%。亞太地區增長 6%，其中中國增長 3%，日本增長 6%。而歐洲、中東和非洲地區增長了 4%。

With respect to the macro environment, overall end market demand remains strong, though the semiconductor shortage continues to impact many markets, most visibly in electronics and automotive. As we navigate near-term uncertainty, we continue to invest in growth, productivity and sustainability, which I will discuss shortly. We are also actively managing disruptions in the global supply chain with a relentless focus on customer service.

就宏觀環境而言，整體終端市場需求仍然強勁，但半導體短缺繼續影響許多市場，最明顯的是電子和汽車市場。當我們應對近期的不確定性時，我們將繼續投資於增長、生產力和可持續性，我將在稍後討論。我們還通過不懈地關注客戶服務，積極管理全球供應鏈中的中斷。

Looking at our performance through 9 months, we have executed well and delivered 11% organic growth with all business groups above 10%, along with margins of 22% and earnings of $7.81 per share. Today, we are updating full year expectations for organic growth to a range of 8% to 9% and EPS to a range of $9.70 to $9.90, reflecting our results to date and ongoing supply chain challenges.

從過去 9 個月的表現來看，我們表現良好，實現了 11% 的有機增長，所有業務部門的增長均超過 10%，利潤率為 22%，每股收益為 7.81 美元。今天，我們將有機增長的全年預期更新至 8% 至 9% 的範圍，將每股收益更新至 9.70 美元至 9.90 美元的範圍，以反映我們迄今為止的結果和持續的供應鏈挑戰。

I would like to make a few comments on how 3M is actively managing those challenges. As you know, many companies are facing supply chain disruptions. the result of a convergence of issues, including the Delta variant, strong demand, energy and labor shortages and extreme weather events. For example, ocean freight costs have more than doubled over the last year and the number of containers on the water is up 70% because of port congestion.

我想就 3M 如何積極應對這些挑戰發表一些評論。如您所知，許多公司正面臨供應鏈中斷。一系列問題的結果，包括 Delta 變體、強勁的需求、能源和勞動力短缺以及極端天氣事件。例如，海運成本比去年增加了一倍多，由於港口擁堵，水上集裝箱數量增加了 70%。

Suppliers are challenged to provide consistent and predictable supply. On any given day, we are working with more than 300 suppliers with critical constraints. With manufacturing sites in 35 countries around the world and as a $5 billion annual exporter out of the United States, we are working tirelessly to serve our customers. The cornerstone of 3M's response is our expertise and deep relationships across the supply chain, along with our local-for-local manufacturing and supply chain strategy, which helps us move with agility and keep our factories running.

供應商面臨著提供一致和可預測的供應的挑戰。在任何一天，我們都與 300 多家面臨嚴重限制的供應商合作。我們在全球 35 個國家/地區設有製造基地，作為每年出口美國 50 億美元的出口商，我們正在不知疲倦地為我們的客戶服務。 3M 響應的基石是我們在整個供應鏈中的專業知識和深厚的關係，以及我們本地對本地的製造和供應鏈戰略，這有助於我們敏捷地行動並保持我們的工廠正常運轉。

We have daily meetings with suppliers to strengthen our planning and in some instances, are strategically prioritizing geographies, end markets and portfolios. Hard but necessary decisions to ensure we meet the most critical needs of our customers. We are moving product in different ways, such as expanding our use of rail, shipping out of more flexible ports, and increasing our use of charter flights by over 40%, while deploying new capabilities to better track our flow of goods in real time.

我們每天與供應商開會以加強我們的規劃，在某些情況下，我們正在戰略性地優先考慮地域、終端市場和產品組合。艱難但必要的決定，以確保我們滿足客戶最關鍵的需求。我們正在以不同的方式轉移產品，例如擴大鐵路的使用，從更靈活的港口運出，以及將包機的使用增加 40% 以上，同時部署新功能以更好地實時跟踪我們的貨物流動。

Maintaining talent is also key, and we are using several tactics to attract new workers while protecting the health and safety of all of our employees. Some of our actions have impacted our productivity and gross margins, which Monish will touch on. But we will do what is necessary to take care of customers.

留住人才也很關鍵，我們正在使用多種策略來吸引新員工，同時保護所有員工的健康和安全。我們的一些行動影響了我們的生產力和毛利率，Monish 將涉及這些。但我們會做必要的事情來照顧客戶。

The combination of strong demand along with supply chain challenges is also contributing to broad-based inflation. We are taking multiple actions to help offset inflationary pressures, including price increases, dual sourcing and improving factory yields with more work to do.

強勁的需求與供應鏈挑戰相結合，也助長了廣泛的通貨膨脹。我們正在採取多項行動來幫助抵消通脹壓力，包括價格上漲、雙重採購和通過更多工作提高工廠產量。

Ultimately, the duration of these supply chain challenges is difficult to predict. We remain focused on serving customers, managing backlogs and making good on our commitments, delivering the unique high-quality products that are the hallmark of 3M.

最終，這些供應鏈挑戰的持續時間是難以預測的。我們始終專注於為客戶服務、管理積壓訂單和兌現我們的承諾，提供獨特的高品質產品，這是 3M 的標誌。

Please turn to Slide 5. While we execute day-to-day, we are investing to drive long-term growth and capitalize on trends in large attractive markets. In home improvement, for example, we have multiple $0.5 billion-plus franchises that keep families healthier and more productive, including our fast-growing Command damage-free hanging solutions and Filtrete home filtration products. These brands leverage 3M's deep expertise in adhesives and nonwoven materials.

請轉到幻燈片 5。在我們日常工作的同時，我們正在投資以推動長期增長並利用具有吸引力的大型市場的趨勢。例如，在家居裝修領域，我們擁有多個 5 億美元以上的特許經營權，可以讓家庭更健康、更高效，包括我們快速增長的 Command 無損壞懸掛解決方案和 Filtrete 家居過濾產品。這些品牌利用了 3M 在粘合劑和非織造材料方面的深厚專業知識。

The same technology is helping drive success in our automotive business, which consistently outgrows build rates. Auto electrification sales are up 40% year-to-date on the strength of new innovations including advanced display technologies as automobiles become the next consumer electronic device.

同樣的技術有助於推動我們的汽車業務取得成功，汽車業務的增長速度始終超過建造速度。隨著汽車成為下一個消費電子設備，得益於先進的顯示技術等新創新的力量，汽車電氣化銷售額今年迄今增長了 40%。

In health care, the biopharma market is growing more than 10% annually, with our business up more than 30% year-to-date as 3M Science has supported the unprecedented pace of advancement over the past 18 months to develop therapeutics and vaccines and scale manufacturing to help address the pandemic.

在醫療保健領域，生物製藥市場每年增長超過 10%，我們的業務今年迄今增長超過 30%，因為 3M Science 在過去 18 個月中支持了前所未有的發展步伐，以開發治療劑和疫苗並擴大規模製造業以幫助應對大流行。

The fundamental strengths of 3M, our unique technology platforms, advanced manufacturing, global capabilities and leading brands position us to win, and we will continue to invest in these areas. In a similar way, we are driving productivity by advancing digital capabilities across our operations, allowing us to expand our use of data and data analytics.

3M 的基本優勢、我們獨特的技術平台、先進的製造、全球能力和領先品牌使我們能夠取勝，我們將繼續在這些領域進行投資。以類似的方式，我們通過在我們的運營中提升數字能力來提高生產力，使我們能夠擴大我們對數據和數據分析的使用。

In sustainability, we have achieved 50% renewable electricity use in our operations, 4 years ahead of our time line, on our way to 100%. We are advancing the environmental goals we announced earlier in the year, making the investments to accelerate our ability to achieve carbon neutrality, reduce water use and improve the quality of water returned to the environment from our industrial processes.

在可持續發展方面，我們在運營中實現了 50% 的可再生電力使用，比我們的時間表提前了 4 年，朝著 100% 邁進。我們正在推進我們在今年早些時候宣布的環境目標，進行投資以加快我們實現碳中和、減少用水和改善從我們的工業過程返回到環境中的水的質量的能力。

In addition, we are proactively managing PFAS, making our factories and communities stronger and more sustainable. In Cottage Grove, Minnesota, we recently announced that we are closing our incinerator and partnering with a leading disposal company to more efficiently manage our waste streams.

此外，我們正在積極管理 PFAS，使我們的工廠和社區更強大、更可持續。在明尼蘇達州的 Cottage Grove，我們最近宣布將關閉我們的焚化爐並與一家領先的處理公司合作，以更有效地管理我們的廢物流。

We just broke ground to add new filtration technology in Cordova, Illinois. In Zwijndrecht, Belgium, we are working with government officials to resolve issues related to PFAS and we'll invest up to EUR 125 million over the next 3 years to improve water quality around our factory.

我們剛剛在伊利諾伊州科爾多瓦破土動工，添加了新的過濾技術。在比利時 Zwijndrecht，我們正在與政府官員合作解決與 PFAS 相關的問題，我們將在未來 3 年內投資高達 1.25 億歐元來改善我們工廠周圍的水質。

These proactive initiatives and others are accelerating 3M's ability to go beyond current regulatory standards and deliver on our commitments. With respect to the PFAS strategic road map announced last week, 3M remains committed to working with the Biden Administration, EPA and others in taking a science-based approach to managing PFAS.

這些積極主動的舉措和其他舉措正在加速 3M 超越當前監管標準並履行我們的承諾的能力。關於上周宣布的 PFAS 戰略路線圖，3M 仍致力於與拜登政府、EPA 和其他機構合作，採取基於科學的方法來管理 PFAS。

Let me also touch on a few litigation updates. Last week, we announced a collaborative agreement to resolve litigation related to PFAS near our facility in Decatur, Alabama. The impact is included in our previously disclosed reserves. On combat arms, there have been 4 bellwether trials so far, with 6 additional trials here in the fourth quarter. We are early in this litigation, and we'll continue to actively defend ourselves, including through the appeal process. As always, we encourage you to read our 10-Q for updates on all litigation matters.

讓我也談談一些訴訟更新。上週，我們宣布了一項合作協議，以解決與我們位於阿拉巴馬州迪凱特的工廠附近的 PFAS 相關的訴訟。影響包含在我們之前披露的儲備中。在戰鬥武器方面，到目前為止已經進行了 4 次領頭羊試驗，第四季度還有 6 次試驗。我們處於這場訴訟的早期，我們將繼續積極為自己辯護，包括通過上訴程序。與往常一樣，我們鼓勵您閱讀我們的 10-Q 以了解所有訴訟事項的最新信息。

To wrap up, we are driving strong results in a challenging environment, investing in attractive end markets and positioning 3M for continued growth. I am proud of our 3M team, which is united by a common purpose, unlocking the power of people, ideas and science to reimagine what's possible and create what's next.

總而言之，我們正在充滿挑戰的環境中取得強勁的業績，投資於有吸引力的終端市場，並為 3M 的持續增長做好準備。我為我們的 3M 團隊感到自豪，他們以一個共同的目標團結在一起，釋放人、想法和科學的力量，重新構想一切可能，創造未來。

Now I will turn it over to Monish who will cover the details of the quarter. Monish?

現在我將把它交給 Monish，他將介紹本季度的細節。莫尼什？

Thank you, Mike, and I wish you all a very good morning. Please turn to Slide 6. As I look back on the quarter, the 3M team demonstrated the resilience of our business model and the relevance of our technologies as we executed well in a very challenging environment, effectively navigating the supply chain disruption while serving and innovating for our customers. Though manufacturing, raw materials and logistics challenges persisted throughout the quarter, we continue to invest in the business while driving operating rigor and managing costs.

謝謝你，邁克，祝大家早上好。請轉到幻燈片 6。當我回顧本季度時，3M 團隊展示了我們業務模式的彈性和我們技術的相關性，因為我們在極具挑戰性的環境中表現出色，在服務和創新的同時有效地應對了供應鏈中斷為我們的客戶。儘管製造、原材料和物流挑戰在整個季度持續存在，但我們繼續投資於業務，同時推動運營嚴謹性和管理成本。

Turning to the third quarter financial results. Sales were $8.9 billion, up 7.1% year-on-year or an increase of 6.3% on an organic basis. Operating income was $1.8 billion, down 6%, with operating margins of 20%, coming in at the top end of the range, which we had previously communicated in mid-September. Third quarter earnings per share were $2.45, which was similar to last year.

轉向第三季度財務業績。銷售額為 89 億美元，同比增長 7.1% 或有機增長 6.3%。營業收入為 18 億美元，下降 6%，營業利潤率為 20%，處於該範圍的高端，我們之前曾在 9 月中旬進行過溝通。第三季度每股收益為 2.45 美元，與去年相似。

On this slide, you can see the components that impacted both operating margins and earnings per share as compared to Q3 last year. Our strong year-on-year organic volume growth was more than offset by the headwinds resulting from the global supply chain challenges, investments in growth and sustainability, and litigation-related costs. Combined, these impacts lowered operating margins by 1.4 percentage points and earnings per share by $0.02 year-on-year.

在這張幻燈片上，您可以看到與去年第三季度相比影響營業利潤率和每股收益的組成部分。我們強勁的同比有機銷量增長被全球供應鏈挑戰、增長和可持續性投資以及訴訟相關成本帶來的不利因素所抵消。綜合起來，這些影響使營業利潤率下降了 1.4 個百分點，每股收益同比下降了 0.02 美元。

The restructuring program we announced in Q4 of last year remains on track. As part of this program, we incurred a pretax restructuring charge of $50 million in the third quarter. This charge was offset by the benefits we achieved this quarter.

我們在去年第四季度宣布的重組計劃仍在進行中。作為該計劃的一部分，我們在第三季度產生了 5000 萬美元的稅前重組費用。這筆費用被我們本季度取得的收益所抵消。

Moving to price and raw materials. As expected, increases in selling price gained traction as we went through the quarter, with year-on-year selling prices up 140 basis points in Q3 versus 10 basis points in Q2. However, we continue to experience higher cost for raw materials, logistics and outsourced manufacturing, which outpaced the increase in selling prices.

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，售價的上漲獲得了牽引力，第三季度的售價同比上漲了 140 個基點，而第二季度為 10 個基點。然而，我們繼續經歷原材料、物流和外包製造的成本上升，這超過了銷售價格的增長。

Thus, third quarter net selling price and raw materials performance reduced both operating margins and earnings by 130 basis points and $0.12 per share respectively versus Q3 last year. Looking at Q4, we expect our selling price actions to continue to gain traction as we work to mitigate the raw material and logistics inflationary pressures we have experienced throughout the year.

因此，與去年第三季度相比，第三季度的淨售價和原材料表現使營業利潤率和每股收益分別下降了 130 個基點和 0.12 美元。展望第四季度，我們預計隨著我們努力減輕全年所經歷的原材料和物流通脹壓力，我們的銷售價格行動將繼續受到關注。

Next, foreign currency net of hedging impacts reduced margins 20 basis points and earnings by $0.01 per share. Also, 3 other nonoperating items impacted our year-on-year earnings per share performance. First, lower other expenses resulted in an $0.08 earnings benefit. Consistent with prior quarters, nonoperating pension was a $0.05 benefit, along with a $0.02 benefit from net interest due to a proactive early redemption of debt.

接下來，扣除對沖影響的外幣將利潤率降低 20 個基點，每股收益降低 0.01 美元。此外，其他 3 個非經營性項目影響了我們的同比每股收益表現。首先，較低的其他費用帶來了 0.08 美元的收益收益。與前幾個季度一致，非經營性養老金為 0.05 美元的收益，以及由於主動提前償還債務而從淨利息中獲得的 0.02 美元收益。

Secondly, a lower tax rate versus last year provided a $0.09 benefit to earnings per share. The tax rate was lower due to favorable adjustments this year related to impacts of U.S. international tax provisions. Our year-to-date tax rate is 18.8%. Therefore, we now expect our full year tax rate in the range of 18.5% to 19.5% versus 20% to 21% previously. And finally, average diluted shares outstanding increased 1% versus Q3 last year, lowering 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 0.09 美元的收益。由於今年與美國國際稅收規定的影響相關的有利調整，稅率較低。我們年初至今的稅率為 18.8%。因此，我們現在預計全年稅率為 18.5% 至 19.5%，而之前為 20% 至 21%。最後，與去年第三季度相比，平均攤薄流通股增加了 1%，使每股收益降低了 0.02 美元。

Please turn to Slide 7 for a discussion of our cash flow and balance sheet. Third quarter adjusted free cash flow of $1.5 billion was down 29% year-on-year, with conversion of 107%. Adjusted free cash flow year-to-date was $4.5 billion, which was similar to last year, with free cash flow conversion of 98%. The decline in our year-on-year free cash flow performance was primarily driven by higher inventory balances due to strong customer demand, along with raw material inflation and more goods in transit as a result of the ongoing global supply chain challenges.

請轉到幻燈片 7 討論我們的現金流量和資產負債表。第三季度調整後的自由現金流為 15 億美元，同比下降 29%，轉換率為 107%。年初至今的調整後自由現金流為 45 億美元，與去年相似，自由現金流轉換率為 98%。我們的同比自由現金流表現的下降主要是由於客戶需求強勁導致庫存餘額增加，以及原材料通脹和全球供應鏈持續挑戰導致更多在途貨物。

Third quarter capital expenditures were $343 million and $1 billion year-to-date. For the full year, we now expect CapEx investments in the range of $1.5 billion to $1.6 billion versus being at the low end of our prior range of $1.8 billion to $2 billion. We continue to step up investments in growth, productivity and sustainability. However, the pace of projects continues to be impacted by supply chain and vendor constraints.

第三季度資本支出為 3.43 億美元，年初至今為 10 億美元。對於全年，我們現在預計資本支出投資範圍為 15 億至 16 億美元，而之前的投資範圍為 18 億至 20 億美元。我們繼續加大對增長、生產力和可持續性的投資。然而，項目的步伐繼續受到供應鍊和供應商限制的影響。

During the quarter, we returned $1.4 billion to shareholders through the combination of cash dividends of $856 million and share repurchases of $527 million. Year-to-date, we have returned $3.8 billion to shareholders in the form of dividends and share repurchases.

在本季度，我們通過 8.56 億美元的現金股息和 5.27 億美元的股票回購向股東返還了 14 億美元。年初至今，我們以股息和股票回購的形式向股東返還了 38 億美元。

Our net debt position, strong cash flow generation capability and disciplined capital allocation continues to provide us financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.

我們的淨債務頭寸、強大的現金流產生能力和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、尋求戰略機會並向股東返還現金，同時保持強大的資本結構。

Please turn to Slide 8, where I will summarize the business group performance for Q3. I will start with our Safety and Industrial business, which posted organic growth of 6.1% year-on-year in the third quarter.

請轉到幻燈片 8，我將在其中總結第 3 季度的業務組業績。我將從我們的安全和工業業務開始，該業務在第三季度實現了 6.1% 的有機增長。

Organic growth was driven by continued robust industrial manufacturing activity, along with prior year pandemic-related impacts. First, our personal safety business declined 4% organically, up against a 40% pandemic-driven comparison a year ago. Third quarter disposable respirator sales decreased 7% organically year-on-year and 15% sequentially. Looking ahead, we anticipate continued deceleration in disposable respirator demand through the balance of this year and into 2022.

有機增長是由持續強勁的工業製造活動以及上一年與大流行相關的影響推動的。首先，我們的人身安全業務有機下降了 4%，而一年前大流行驅動的比較則下降了 40%。第三季度一次性呼吸器銷售額同比有機下降 7%，環比下降 15%。展望未來，我們預計一次性呼吸器的需求將在今年和 2022 年間持續減速。

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

轉向安全和工業的其餘部分。有機增長主要得益於粘合劑和膠帶、磨料和電氣市場的兩位數增長。此外，封閉和遮蔽系統上漲了高個位數，汽車售後市場上漲了低個位數，而屋頂顆粒與去年相比有所下降。

Safety and Industrial's third quarter operating income was $620 million, down 20% versus last year. Operating margins were 19.2%, down 650 basis points year-on-year as leverage on sales growth was more than offset by ongoing increases in raw materials, logistics and litigation-related costs, along with manufacturing productivity impacts.

Safety and Industrial 第三季度營業收入為 6.2 億美元，比去年下降 20%。營業利潤率為 19.2%，同比下降 650 個基點，因為原材料、物流和訴訟相關成本的持續增長以及對製造業生產力的影響抵消了銷售增長的槓桿作用。

Moving to Transportation and Electronics, which grew 5.1% organically despite the continued impact of semiconductor supply chain constraints. Our auto OEM business was flat year-on-year compared to the 20% decline in global car and light truck builds. This outperformance was due to a few factors.

轉向運輸和電子，儘管受到半導體供應鏈限制的持續影響，但有機增長 5.1%。與全球汽車和輕型卡車製造量下降 20% 相比，我們的汽車 OEM 業務同比持平。這種出色表現是由於幾個因素。

First, we continue to grow our penetration by driving 3M innovation onto new automotive platforms. Second, we saw a notable increase in channel inventories at tier suppliers given the dramatic reductions in OEM's build forecast through the quarter. Lastly, we benefited from a vehicle model mix standpoint as auto OEMs produce more premium vehicles which tend to have higher 3M contact.

首先，我們通過推動 3M 創新到新的汽車平台來繼續擴大我們的滲透率。其次，鑑於 OEM 整個季度的構建預測大幅減少，我們看到一級供應商的渠道庫存顯著增加。最後，我們從車型組合的角度受益，因為汽車原始設備製造商生產更多與 3M 接觸的高端車輛。

Our electronics-related business declined low single digits organically, with declines across consumer electronics, particularly smartphones and TVs as OEMs faced production challenges due to ongoing semiconductor constraints and COVID-related impacts. These declines were partially offset by continued strong demand for our products and solutions in semiconductor and factory automation end markets.

我們的電子相關業務有機地下降了低個位數，消費電子產品，尤其是智能手機和電視，由於持續的半導體限制和 COVID 相關影響，原始設備製造商面臨生產挑戰，因此下降。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所部分抵消。

Turning to the rest of Transportation and Electronics. Advanced materials and commercial solutions each grew double digits year-on-year, while transportation safety grew low single digits. Third quarter operating income was $465 million, down 9% year-on-year. Operating margins were 19%, down 320 basis points year-on-year driven by strong leverage on sales growth, which was more than offset by increases in raw materials and logistics costs along with manufacturing productivity impacts.

轉向交通和電子的其餘部分。先進材料和商業解決方案均同比增長兩位數，而運輸安全增長則為低個位數。第三季度營業收入為 4.65 億美元，同比下降 9%。營業利潤率為 19%，同比下降 320 個基點，原因是銷售增長的強大槓桿作用被原材料和物流成本的增加以及製造業生產力的影響所抵消。

Turning to our Health Care business, which delivered third quarter organic sales growth of 3.3%. Our Medical Solutions business declined low single digits organically, impacted by the continued decline in demand for disposable respirators along with the pace of hospital elective procedure volumes, which came in at the low end of industry expectations of 90% to 95% for the quarter. Sales in our oral care business grew low double digits year-on-year as dental procedures continue to be near pre-COVID levels.

轉向我們的醫療保健業務，該業務實現了第三季度 3.3% 的有機銷售額增長。我們的醫療解決方案業務有機地下降了低個位數，受一次性呼吸器需求持續下降以及醫院選擇性手術量步伐的影響，本季度處於行業預期的低端 90% 至 95%。由於牙科手術繼續接近 COVID 之前的水平，我們的口腔護理業務的銷售額同比增長了兩位數。

The separation and purification business increased high single digits year-on-year due to ongoing demand for biopharma filtration solutions for COVID-related vaccines and therapeutics. Health Information Systems grew low double digits driven by strong growth in clinician solutions. And finally, food safety increased double digits as food service activity returns.

由於對 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。由於臨床醫生解決方案的強勁增長，健康信息系統增長了兩位數。最後，隨著食品服務活動的恢復，食品安全增加了兩位數。

Health Care's third quarter operating income was $529 million, up 7% year-on-year. Operating margins were 23.5%, up 70 basis points. Third quarter margins were driven by leverage on sales growth, which is partially offset by the increasing raw materials and logistics costs, manufacturing productivity impacts, along with increased investments in growth.

醫療保健第三季度營業收入為 5.29 億美元，同比增長 7%。營業利潤率為 23.5%，上升 70 個基點。第三季度的利潤率受到銷售增長槓桿作用的推動，但部分抵消了原材料和物流成本上升、製造業生產力影響以及增長投資增加。

Lastly, third quarter organic growth for our Consumer business was 7.6% year-on-year with continued strong sell-in and sell-out trends across most retail channels. Our home improvement business continues to perform well, up high single digits on top of a strong comparison from a year ago. This business continued to experience strong demand, particularly in our Command and Filtrete category-leading franchises.

最後，我們的消費者業務第三季度有機增長為 7.6%，大多數零售渠道的銷售和銷售趨勢持續強勁。我們的家居裝修業務繼續表現良好，在與一年前的強勁比較基礎上實現了高個位數的增長。該業務的需求持續強勁，尤其是在我們的 Command 和 Filtrete 類別領先的特許經營權中。

Stationery and office grew double digits organically in Q3 as this business laps last year's COVID-related comparisons. We also had strong back-to-school consumer demand and holiday-related sell-in for Scotch-branded packaging and shipping products, Post-it solutions and Scotch-branded home and office states. Our home care business was up low single digits versus last year's strong COVID-driven comparison.

文具和辦公室在第三季度實現了兩位數的有機增長，因為該業務超過了去年與 COVID 相關的比較。我們還對蘇格蘭品牌的包裝和運輸產品、便利貼解決方案以及蘇格蘭品牌的家庭和辦公州擁有強勁的返校消費者需求和與假期相關的銷售。與去年由 COVID 驅動的強勁比較相比，我們的家庭護理業務增長了低個位數。

And finally, our consumer health and safety business was up high single digits as we lap COVID-related impacts from a year ago. Consumer's operating income was $332 million, down 3% year-on-year. Operating margins were 21.7%, down 260 basis points as increased cost for raw materials, logistics and outsourced hard goods manufacturing more than offset leverage from sales growth.

最後，我們的消費者健康和安全業務增長了高個位數，因為我們從一年前開始計算與 COVID 相關的影響。消費者的營業收入為3.32億美元，同比下降3%。營業利潤率為 21.7%，下降了 260 個基點，因為原材料、物流和外包硬貨製造成本的增加抵消了銷售增長帶來的槓桿作用。

Please turn to Slide 9 for a discussion of our full year 2021 guidance. As we reflect on the macroeconomic environment, we expect demand to remain strong across most end markets. However, uncertainty persists given the ongoing impacts of the pandemic along with a well-known global supply chain, raw materials and logistics challenges that all companies are working through. Looking ahead, we remain focused on our customers and doing what is necessary to serve them as we continue to navigate the fluid environment.

請轉到幻燈片 9 討論我們的 2021 年全年指導。當我們反思宏觀經濟環境時，我們預計大多數終端市場的需求將保持強勁。然而，鑑於大流行的持續影響以及所有公司都在應對的眾所周知的全球供應鏈、原材料和物流挑戰，不確定性仍然存在。展望未來，我們將繼續專注於我們的客戶，並在我們繼續駕馭多變的環境時為他們提供必要的服務。

Turning to guidance. We are increasing the bottom end of our expectations for organic growth. We now project our full year organic growth to be in the range of 8% to 9% versus a prior range of 6% to 9%. With respect to earnings, we anticipate a range of $9.70 to $9.90 per share as compared to a prior range of $9.70 to $10.10. And finally, we expect to continue to generate strong free cash flow. Therefore, we are maintaining our free cash flow conversion range of 90% to 100%.

轉向指導。我們正在提高對有機增長的預期的底端。我們現在預計全年有機增長將在 8% 至 9% 之間，而之前的範圍為 6% 至 9%。關於收益，我們預計每股收益為 9.70 美元至 9.90 美元，而之前的區間為 9.70 美元至 10.10 美元。最後，我們預計將繼續產生強勁的自由現金流。因此，我們將自由現金流轉換範圍維持在 90% 至 100%。

This updated outlook implies a wider than normal fourth quarter range, accounting for ongoing impacts of COVID and the uncertain supply chain environment. For example, from a growth perspective, the well-known constraints in semiconductor chip supply are impacting more and more end markets, most notably, automotive and consumer electronics as reflected in the lower production forecast for the year.

這一更新的前景意味著第四季度範圍比正常範圍更廣，考慮到 COVID 的持續影響和不確定的供應鏈環境。例如，從增長的角度來看，眾所周知的半導體芯片供應限制正在影響越來越多的終端市場，尤其是汽車和消費電子產品，這反映在今年較低的產量預測中。

We anticipate global elective health care procedure volumes to stabilize with recent trends. Relative to disposable respirators, we expect continued impacts from the decline in health care-related demand, along with elevated inventory levels in the industrial channel. And finally, we expect our pricing actions to continue to gain traction as we work to mitigate raw material and logistics cost pressures.

我們預計全球選擇性醫療保健程序的數量將隨著最近的趨勢而趨於穩定。相對於一次性呼吸器，我們預計醫療保健相關需求下降以及工業渠道庫存水平上升的持續影響。最後，隨著我們努力減輕原材料和物流成本壓力，我們預計我們的定價行動將繼續受到關注。

Turning to operations. As we have discussed, we are actively managing inefficiencies in global supply chains with a relentless focus on customer service. Therefore, we are adjusting demand plans with greater frequency and as a result, incurring more manufacturing production changeovers along with expediting shipments. All of these actions are impacting both cost and productivity, but we are taking the necessary steps to ensure we meet the most critical need of our customers.

轉向運營。正如我們所討論的，我們正在積極管理全球供應鏈中的低效率問題，並堅持不懈地關注客戶服務。因此，我們正在更頻繁地調整需求計劃，從而在加快發貨的同時進行更多的製造生產轉換。所有這些行動都在影響成本和生產力，但我們正在採取必要的措施來確保我們滿足客戶最關鍵的需求。

We continue to make progress relative to December 2020 restructuring announcement. To date, we have incurred over $240 million in pretax restructuring charges and anticipate an additional $25 million to $50 million in Q4. We now expect total pretax restructuring charges of $300 million to $325 million versus our original expectations of $250 million to $300 million. We expect the remaining actions under this program to be initiated by the first quarter of 2022.

相對於 2020 年 12 月的重組公告，我們繼續取得進展。迄今為止，我們已經產生了超過 2.4 億美元的稅前重組費用，預計第四季度還會增加 2500 萬至 5000 萬美元。我們現在預計稅前重組總費用為 3 億至 3.25 億美元，而我們原先的預期為 2.5 億至 3 億美元。我們預計該計劃下的其餘行動將在 2022 年第一季度開始。

In addition, we expect to incur higher costs related to our ongoing litigation matters, along with increases in our other indirect related costs like travel expense. And finally, we continue to invest in the business for the long term, and therefore, anticipate increased investments in growth, productivity and sustainability.

此外，我們預計將產生與正在進行的訴訟事務相關的更高成本，以及我們其他間接相關成本（如差旅費）的增加。最後，我們將繼續對業務進行長期投資，因此預計會增加對增長、生產力和可持續性的投資。

To close, I would like to take a moment to thank our customers who have placed their faith in us, our vendors who are tirelessly working with us to ensure continuity of supply, and most importantly, our 90,000-plus 3Mers who continue to deliver for our customers. We have a very steady eye on the long term to deliver growth, margin and cash through strong operating rigor while continuing to navigate the uncertainty in the short run.

最後，我想花點時間感謝信任我們的客戶，感謝與我們孜孜不倦地與我們合作以確保供應連續性的供應商，以及最重要的是，我們 90,000 多名 3Mers 繼續為我們提供服務我們的顧客。我們非常穩定地著眼於長期，通過嚴格的運營來實現增長、利潤率和現金，同時繼續在短期內應對不確定性。

With that, I thank you for your attention, and we will now take your questions.

因此，我感謝您的關注，我們現在將回答您的問題。

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

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

Thanks for the details on the quarter. So Monish, you mentioned the 19%, 20% margin for 3Q. You came in at the high end of that range. Obviously, you'd like to be conservative. But I'm just curious what turned out better or maybe not quite as bad as you expected or feared back in mid-September?

感謝您提供有關本季度的詳細信息。所以莫尼什，你提到了第三季度 19%、20% 的利潤率。你進入了該範圍的高端。顯然，你想保守一點。但我只是好奇，在 9 月中旬，什麼結果更好，或者沒有你預期或擔心的那麼糟糕？

That's a great question, Nigel. I think when I gave you the range of 19% to 20%, as we have -- I've said in my prepared remarks, we were facing a lot of inflation. At the same time, there was a lot of uncertainty as regards volumes, as regards supply chain flow.

這是一個很好的問題，奈傑爾。我認為當我給你 19% 到 20% 的範圍時，正如我們所做的那樣——我在我準備好的評論中說過，我們面臨著很大的通貨膨脹。與此同時，在數量和供應鏈流動方面存在很多不確定性。

And then third, I'd also mentioned that as we were facing all those items, we were also doing our own self-help versus just letting these things go through, whether it was dual-sourcing whether it was controlling some of our expenses, et cetera. And when you put all that together, we came in at the 20%.

然後第三，我還提到當我們面對所有這些項目時，我們也在做我們自己的自助而不是讓這些事情過去，無論是雙重採購還是控制我們的一些開支，等等。當你把所有這些放在一起時，我們進來了 20%。

If you look at where we ended up, I would say, inflation came in pretty much where we thought it was going to be. We executed on price. We have moved from 10 basis points of price increase in Q2 to 140 basis points in Q3. So that was pretty much in line, and we were able to execute more volumes. So we -- our vendors with the flow of supply, we were able to get good flow of supply. There's strong demand, as Mike said, and we were able to execute the demand.

如果你看看我們的結局，我會說，通貨膨脹幾乎發生在我們認為會發生的地方。我們按價格執行。我們已經從第二季度的 10 個基點價格上漲到第三季度的 140 個基點。所以這幾乎是一致的，我們能夠執行更多的捲。所以我們 - 我們的供應商有供應流，我們能夠獲得良好的供應流。正如邁克所說，需求強勁，我們能夠滿足需求。

As well as we control our expenses across the corporation to make sure that we were prioritizing on serving our customers and trying to mitigate the impact of inflation as much as we could. So put all that in, we came in at the 20% versus the range of 19% to 20% that I mentioned earlier.

我們控制整個公司的開支，以確保我們優先考慮為客戶提供服務，並儘可能減輕通貨膨脹的影響。綜上所述，我們進入了 20%，而我之前提到的範圍是 19% 到 20%。

That's great. And on the margin bridge, based on your 4Q, your full year guidance, it looks like 4Q margins look to have an '18 handle. Maybe my math's off there, but I'd be curious if you can maybe talk to that? And maybe the 2 major margin bridge items, the volume productivity, supply chain and type cost, 140 basis points negative on volume productivity and 130 on price cost this quarter. How does that look in a broad sense for 4Q year-over-year?

那太棒了。在保證金橋上，根據您的第 4 季度和全年指導，第 4 季度的利潤率看起來像是 18 年的句柄。也許我的數學在那裡，但我很好奇你能不能談談？也許這兩個主要的利潤橋樑項目，批量生產力，供應鍊和類型成本，本季度批量生產力為負 140 個基點，價格成本為 130 個基點。從廣義上看，第四季度同比情況如何？

Yes. So I would start by saying, Nigel, a couple of things. So your math is not way off. If you follow the implied guide that we gave you, it's directionally very close. I think a couple of things on just the items you talked about, which was price raw.

是的。所以我首先要說，Nigel，有幾件事。所以你的數學並不遙遠。如果您遵循我們提供給您的隱含指南，它在方向上非常接近。我認為關於您談到的項目的一些事情，即價格原始。

We expect to continue to have continued momentum in price in the fourth quarter. You saw us again go up from 10 to 140 basis points, and we should see that go up as price continues to take hold across the various geographies and product lines, things that we have talked about before.

我們預計第四季度價格將繼續保持上漲勢頭。你看到我們再次從 10 個基點上升到 140 個基點，隨著價格繼續在不同地區和產品線中佔據主導地位，我們應該看到這種上漲，這是我們之前討論過的。

I would say we don't see the raw material or the inflation environment slowing down in any way. I think you're going to see that volatility. It's going to depend on what the holiday season does. It depends on what logistics costs are going to be. Our goal is to get to neutral. The question is going to be, how does raw materials at some point play itself out? And do we see a turn in some of the commodities like polypropylene, ethylene, et cetera, where we have seen a lot of inflation. I would say that's number one.

我想說我們沒有看到原材料或通脹環境以任何方式放緩。我認為你會看到這種波動。這將取決於假期的表現。這取決於物流成本是多少。我們的目標是達到中立。問題是，原材料在某個時候如何發揮作用？我們是否看到某些商品（如聚丙烯、乙烯等）出現轉機，在這些商品中我們看到了很多通貨膨脹。我會說這是第一。

On your question, I think there was another point on bridge on revenue. I would just say, if you're looking 3 to 4Q, just remember, there are a couple of things that impact 3M. There's 1 less billing day from 3Q to 4Q. And secondly, you have a normal seasonality that you have in 3M as many of the factories with our industrial customers slow down during the holidays, and that's the impact. So I think I've answered your question, but if there's anything else, I'm happy to answer, Nigel.

關於你的問題，我認為還有另一點關於收入的橋樑。我只想說，如果你看 3 到 4Q，請記住，有幾件事會影響 3M。從第 3 季度到第 4 季度，計費日減少了 1 天。其次，您有 3M 的正常季節性，因為我們工業客戶的許多工廠在假期期間放慢了速度，這就是影響。我想我已經回答了您的問題，但如果還有其他問題，我很樂意回答，Nigel。

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

我們的下一個問題來自 Jeff Sprague 與 Vertical Research Partners 的合作。

Just wonder if you could touch on auto a little bit. Kind of a extraordinary kind of divergence in the numbers there as you laid out. I just wonder, does that create some kind of significant headwind for you now as you look forward? Obviously, we should have volumes going up, but may have suppliers that need to burn off inventory and kind of mix shifts back. I just wonder if you could give us a little more perspective on what's going on there.

只是想知道您是否可以稍微觸及自動。正如您所列出的那樣，那裡的數字存在一種非凡的差異。我只是想知道，當您展望未來時，這是否會給您帶來某種重大的逆風？顯然，我們的銷量應該會增加，但可能有供應商需要消耗庫存並重新調整組合。我只是想知道你是否可以讓我們對那裡發生的事情有更多的了解。

Yes. Jeff, maybe there's a couple of parts to that, that I'll talk about it. The first, if you look at what we've done year-to-date, it's really been reflective of our innovation, something we've been talking about for some time. We outgrow the build rates. And even in a dynamic like this year where the build rates are swinging down as there were some challenges in the OEM production plans for Q3 and the outlook for Q4 being similar, we're continuing to drive our innovations, win spec-ins and design-in opportunities.

是的。傑夫，也許有幾個部分，我會談論它。首先，如果你看看我們今年迄今為止所做的事情，它確實反映了我們的創新，我們已經討論了一段時間。我們超過了構建速度。即使在像今年這樣的動態中，由於第三季度的 OEM 生產計劃存在一些挑戰並且第四季度的前景相似，製造率正在下降，我們仍在繼續推動我們的創新，贏得規格和設計- 機會。

And then as Monish mentioned, the mix of vehicles in this kind of demand environment is more premium, which we have a higher level of penetration in those vehicles. We also have very good growth in our auto electrification priority growth platform and broadly and getting good traction, 40% year-to-date. So those are all driving that performance as we come through year-to-date. And we expect to be able to continue to outperform build rates as we go forward.

然後正如莫尼什所提到的，在這種需求環境中的車輛組合更加優質，我們在這些車輛中的滲透率更高。我們的汽車電氣化優先增長平台也有非常好的增長，並且在廣泛範圍內獲得了良好的牽引力，今年迄今增長了 40%。所以這些都在推動我們今年迄今為止的表現。並且我們希望在我們前進的過程中能夠繼續超越建造率。

The channel -- everybody is challenged with matching up to the changes in production plans. And these are -- they're changing quickly, and the dynamic has been challenging for the supply chains, and I would say everyone in the value chain, to keep up with. We -- that said, we see inventory trying to track pretty well with that.

渠道——每個人都面臨著與生產計劃變化相匹配的挑戰。這些是 - 它們正在迅速變化，並且供應鏈的動態一直具有挑戰性，我想說價值鏈中的每個人都需要跟上。我們 - 也就是說，我們看到庫存試圖很好地跟踪。

We don't see really -- in our results, we're not seeing a year-to-date impact from excess inventory. So it's really about matching up with where the mix is going, where the build rates are going. And again, we see good momentum in our portfolio against those build rates.

我們並沒有真正看到——在我們的結果中，我們沒有看到今年迄今為止庫存過剩的影響。所以這真的是關於匹配組合的走向，構建率的走向。再一次，我們看到我們的投資組合在這些建造率方面勢頭良好。

And just on your -- maybe your CapEx and what you're seeing your customers do. When I heard Monish talk about seasonal slowdown with everybody kind of running full out here and trying to get caught up, do you actually think it's possible we don't have a normal seasonal slowdown as people try to kind of execute on some of these backlogs. And kind of separate and a little bit unrelated, but your own CapEx, what sort of projects did you have planned that are sliding to the right?

就您而言——也許是您的資本支出以及您所看到的客戶所做的事情。當我聽到 Monish 談論季節性放緩，每個人都在這兒跑得滿滿噹噹並試圖趕上時，你真的認為我們有可能沒有正常的季節性放緩，因為人們試圖對其中一些積壓執行.有點獨立，有點不相關，但是你自己的資本支出，你計劃了哪些向右滑動的項目？

Yes. It's a good question, Jeff. Listen, as we're trying to be helpful by giving you what we are seeing right now. Is there a possibility that customers continuing to keep running through 24/7 and that there's more production that comes out from them? Absolutely possible. And as Mike mentioned and so have I, we'll do whatever it takes to make sure that we keep serving our customers.

是的。這是個好問題，傑夫。聽著，因為我們正試圖通過向您提供我們現在所看到的來提供幫助。客戶是否有可能繼續 24/7 全天候運行，並且有更多的生產來自他們？絕對有可能。正如邁克和我所提到的，我們將盡一切努力確保我們繼續為客戶服務。

Overall, I would still say this is a short-term phenomenon. Long term, we are seeing good end market trends. And that's why you're seeing us continue to invest. So your point on the next piece, which is CapEx and where we were. I would say the areas that we would -- where we are looking to keep investing where in all the 3 buckets: growth, productivity and sustainability. And the cycle times to get CapEx raw material for these businesses is just taking longer than we had originally thought, and that's why we had to slow it down to 1.5 to 1.6.

總的來說，我仍然會說這是一個短期現象。從長遠來看，我們看到了良好的終端市場趨勢。這就是您看到我們繼續投資的原因。所以你對下一部分的觀點，即資本支出和我們所處的位置。我想說的是我們將要在三個方面繼續投資的領域：增長、生產力和可持續性。為這些業務獲取資本支出原材料的周期時間比我們原先想像的要長，這就是我們不得不將其減慢到 1.5 到 1.6 的原因。

But I would just end by -- your question by saying, Jeff, we are not done with the quarter. This team knows how to fight. We're going to keep doing whatever it takes to keep serving for our customers as long as the demand is there. And at the same time, the team is furiously working to make sure that we mitigate some of the raw material pressures that we have as well as keep investing for growth, productivity and sustainability. Because we just see the long term to be very bright where we can grow above the macro, we can get margin expansion and keep having strong cash.

但我會結束 - 你的問題是說，傑夫，我們還沒有完成這個季度。這支球隊知道如何戰鬥。只要有需求，我們就會不遺餘力地繼續為我們的客戶服務。與此同時，該團隊正在努力確保我們減輕一些原材料壓力，並繼續投資以促進增長、生產力和可持續性。因為我們只是看到長期非常光明，我們可以在宏觀上增長，我們可以獲得利潤率擴張並保持強勁的現金。

Our next question comes from the line of Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe just the first question around China, Hong Kong demand. Obviously, 3M has a very large presence in the region, good perspectives on different industries. The growth rate slowed, I think, to 3% in Q3. That was down from low double digit last quarter and low 30s in Q1.

也許只是圍繞中國、香港需求的第一個問題。顯然，3M 在該地區擁有非常大的影響力，對不同行業有著良好的前景。我認為，第三季度的增長率放緩至 3%。這比上個季度的低兩位數和第一季度的低 30 有所下降。

So just wondered, do we think that China, Hong Kong may be down in the fourth quarter? And maybe just describe how you see what's going on there as being maybe different or idiosyncratic? Or do you think that, that pace of slowdown is a good template for what we should expect elsewhere in the world as the demand recovery matures?

所以只是想知道，我們是否認為中國、香港在第四季度可能會下降？也許只是描述你如何看待那裡發生的事情，因為它可能不同或與眾不同？或者您是否認為，隨著需求復甦的成熟，這種放緩的速度是我們應該期待世界其他地方的一個很好的模板？

Yes, Julian, if you look -- step back and look at year-to-date, China is up mid-teens for us. So that's, I think, reflective of strong growth through Q3. And as you pointed out, we saw 3% in the quarter. I would say it's having an impact from the same things we've been talking about: supply chain, logistics, foreclosures, those are impacting our business.

是的，朱利安，如果你回過頭來看看今年迄今為止，中國對我們來說已經過了十幾歲。所以，我認為，這反映了第三季度的強勁增長。正如你所指出的，我們在本季度看到了 3%。我想說它受到我們一直在談論的同樣事情的影響：供應鏈、物流、止贖，這些都在影響我們的業務。

And just as a reminder, our business in China, so we manufacture most of what we sell in China and factories in China. And we sell to customers, about 50% of them exposed to exports, about 50% to the domestic market. And the exports are probably one of the areas that's hardest hit. So it's down about 10%. And looking forward, that's the expectation as we go forward to Q4.

提醒一下，我們在中國開展業務，因此我們生產大部分在中國銷售的產品和在中國的工廠。我們向客戶銷售，其中約 50% 出口，約 50% 銷往國內市場。出口可能是受災最嚴重的領域之一。所以它下降了大約10%。展望未來，這是我們對第四季度的期望。

So that will be one of the impacts. It's been one of the impacts being hurt most by the supply chain challenges. For us, our focus in China has really been very much in line with what we've been talking about as we came through the pandemic. We see market segments that are high growth, and we've been prioritizing investments there. And we see those growth trends continuing.

所以這將是影響之一。這是受供應鏈挑戰影響最大的影響之一。對我們來說，我們對中國的關注與我們度過大流行時所談論的非常一致。我們看到了高速增長的細分市場，我們一直在優先投資那裡。我們看到這些增長趨勢仍在繼續。

So we're -- that's where we're focused. We're focused where we have the kind of the winning solutions. And we do see opportunities across each of our businesses. Year-to-date, we've been led with strong growth in our Health Care business -- or actually in Q3 in the Health Care business. We expect that to continue as we go into Q4.

所以我們 - 這就是我們關注的地方。我們專注於我們擁有成功解決方案的領域。我們確實看到了我們每項業務的機會。年初至今，我們的醫療保健業務取得了強勁增長——或者實際上是在第三季度醫療保健業務的強勁增長。我們預計這種情況會在我們進入第四季度時繼續下去。

Julian, just to add to Mike's point on all the items you mentioned on the macro trends, just on a year-over-year basis, too, for the quarter at 3%, you also got to look at the comp of last year. We had a very strong growth in China. If you remember the third quarter of last year, you had seen China starting to come out of the pandemic first, so their auto patterns were higher in the end of like June and then into the third quarter. And that's the other reason you see a 3%.

朱利安，只是為了補充邁克關於你在宏觀趨勢中提到的所有項目的觀點，只是在同比基礎上，本季度為 3%，你還必須查看去年的比較。我們在中國取得了非常強勁的增長。如果你還記得去年第三季度，你已經看到中國首先開始走出大流行，所以他們的汽車模式在 6 月底更高，然後進入第三季度。這就是您看到 3% 的另一個原因。

That's helpful. And then maybe just my follow-up around Safety and Industrial margins. I understand what's going on with some of the markets in terms of supply chain constraints and the impact that's having on margins. But maybe focusing on the impact of the legal costs and also as the respirator business moves lower sequentially. Any color you could provide on the impact that those 2 things are having on margins, perhaps sizing that legal headwind? And do we expect that to bleed into next year as well?

這很有幫助。然後也許只是我對安全和工業利潤的跟進。我了解一些市場在供應鏈限制方面的情況以及對利潤率的影響。但也許會關注法律成本的影響以及呼吸器業務的連續下滑。您可以就這兩件事對利潤率的影響提供任何顏色，也許可以調整法律上的逆風？我們是否預計明年也會出現這種情況？

Yes. Sure, Julian. There are 2 ones. On the legal one, the combat arms litigation that we are incurring costs on show up in the SIBG margins. As Mike mentioned, we are continuing to defend ourselves in that litigation. There's an acceleration in the fourth quarter. We'll have at least 5 more of these for which we're going to prepare. So I would say depending on how the litigation goes, do you see it bleed into '22? Yes, because the MDLs will all not be done by fourth quarter of 2021.

是的。當然，朱利安。有2個。在法律方面，我們正在承擔費用的戰鬥武器訴訟出現在 SIBG 的利潤中。正如邁克所說，我們將繼續在訴訟中為自己辯護。第四季度有一個加速。我們將準備至少 5 個以上的內容。所以我會說取決於訴訟的進展，你認為它會滲入 22 年嗎？是的，因為 MDL 不會在 2021 年第四季度完成。

On disposable respirators, as we have talked about, depending on seeing how the pandemic has played itself out, we felt Q1 was peak. We had mentioned that even in our last earnings call. We have seen revenue consistently sequentially come down. You have seen we came down nearly 6% in DR in the third quarter. We see that further down between 75 to 125 on a year-over-year basis or 25 to 75 sequentially. And depending on where the pandemic goes, that will have an impact into 2022.

關於一次性呼吸器，正如我們所討論的，根據大流行的發展情況，我們認為第一季度是高峰期。即使在我們上次的財報電話會議中，我們也提到了這一點。我們已經看到收入連續下降。您已經看到我們在第三季度的 DR 下降了近 6%。我們看到，同比下降 75 至 125，或依次下降 25 至 75。根據大流行的走向，這將影響到 2022 年。

But again, we are seeing pockets where you are seeing COVID cases go up, where you're seeing demand go up and then in other cases, you're starting to see demand come down. So it's pretty dynamic on the disposable respirator side. But as we have talked before, we've got capacity of 2.5 billion respirators that we can ramp up very quickly.

但是，我們再次看到，您看到 COVID 病例增加的地方，您看到需求增加的地方，然後在其他情況下，您開始看到需求下降。所以在一次性呼吸器方面非常有活力。但正如我們之前所說，我們有 25 億個呼吸器的容量，我們可以很快增加。

The team has done a really nice job of managing this environment. In certain cases, we have shut down manufacturing lines. In certain cases, we are managing our inventory levels as we go through this, but we'll be ready for the next factor event. And hopefully, it never happens, but that's not been the history of the world, but we'll be ready for that.

該團隊在管理這種環境方面做得非常好。在某些情況下，我們已經關閉了生產線。在某些情況下，我們會在執行此操作時管理我們的庫存水平，但我們將為下一個因素事件做好準備。希望它永遠不會發生，但這不是世界歷史，但我們會為此做好準備。

Our next question comes from the line of Scott Davis with Melius Research.

我們的下一個問題來自 Scott Davis 與 Melius Research 的合作。

The price increase in the quarter was a pretty dramatic quarter-to-quarter sequential change, but we've clearly seen pretty big step-ups in CPI and PPI. What -- when you think about 4Q and kind of think about the ramp into 2022, do you continue with this aggressive of a ramp?

本季度的價格上漲是一個非常顯著的季度環比變化，但我們清楚地看到 CPI 和 PPI 的大幅上漲。什麼 - 當你想到第四季度並考慮到 2022 年的斜坡時，你會繼續這種激進的斜坡嗎？

Is there any mitigating factors that kind of holds you back from getting price? I mean, I don't think I remember you guys being this far below CPI before, but these are strange times, too, so I'm not sure it really matters. Just some color on that ramp would be helpful.

是否有任何緩解因素阻礙您獲得價格？我的意思是，我想我不記得你們以前比 CPI 低這麼多，但現在也是奇怪的時期，所以我不確定這真的很重要。只是在那個坡道上塗點顏色會有所幫助。

Sure, Scott. As I mentioned in my prepared remarks, you will see us continue to gain price in the fourth quarter. I know there have been quite a few questions around why it has taken us this long to get price. As we mentioned before, we follow a pretty methodical approach of taking consistent -- taking price across geographies. We work with our customers. In certain cases, we are working with contracts and the constraints in those contracts. And we put a pretty thoughtful approach to how we go after price increases.

當然，斯科特。正如我在準備好的評論中提到的，您將看到我們在第四季度繼續上漲。我知道有很多關於為什麼我們花了這麼長時間才得到價格的問題。正如我們之前提到的，我們遵循一種非常有條理的方法來保持一致——跨地域計算價格。我們與客戶合作。在某些情況下，我們正在處理合同和這些合同中的限制。我們對如何應對價格上漲採取了非常周到的方法。

How it goes into 2022, Scott, I think will also depend on where we see inflation going to be in '22 and beyond. Right now, I think we are comfortable with the price increases that we have taken, but we're going to keep doing it as long as we need to. As I mentioned, the goal of the team is to get to neutral. But it's going to highly depend upon what happens with inflation.

斯科特，我認為它如何進入 2022 年還取決於我們認為 22 年及以後的通脹情況。現在，我認為我們對我們採取的價格上漲感到滿意，但只要我們需要，我們就會繼續這樣做。正如我提到的，團隊的目標是達到中立。但這將在很大程度上取決於通貨膨脹會發生什麼。

So I don't know if I answered your question, but that's how we are thinking about pricing from that angle. And we try to be as, again, as I've said before, thoughtful and methodical in how we go about it, we have a pretty rigorous approach on how we approach our customers and we try to work it as a partnership with both. And you've got different businesses.

所以我不知道我是否回答了你的問題，但這就是我們從這個角度考慮定價的方式。我們再次嘗試像我之前所說的那樣，在我們如何做這件事上深思熟慮和有條不紊，我們在如何與客戶打交道上採取了非常嚴格的方法，並嘗試與兩者合作。你有不同的業務。

So you've got spec-in businesses, where you are spec-ed in for a certain period of time. You've got health care where you've got half my business where it's easier to take price. In other cases, there are contracts and then you've got the industrial business, which is distributor-led.

所以你有特定的業務，在那裡你被指定了一段時間。你有醫療保健，你有我一半的業務，更容易定價。在其他情況下，有合同，然後你就有了由分銷商主導的工業業務。

And then you've got the consumer business where we're working with all the big retailers. So each one of them have a different dynamic, and we factor all that in and you have seen that we have made progress in Q3, and we'll keep making progress in Q4 and beyond.

然後是消費者業務，我們與所有大型零售商合作。所以他們每個人都有不同的動力，我們將所有因素都考慮在內，你已經看到我們在第三季度取得了進展，我們將在第四季度及以後繼續取得進展。

Okay. Helpful, Monish. As a follow-up, and the China comments were helpful, but can you talk about some of the other emerging markets and what you've seen as far as improvements or decrements over the quarter and outlook?

好的。很有幫助，莫尼什。作為後續行動，中國的評論很有幫助，但您能否談談其他一些新興市場以及您對本季度和前景的改善或減少的看法？

Yes. Sure. Thanks, Scott. And just as a reminder, if you remember back to 2019, we aligned our -- our business is now around 4 go-to-market models globally. And so those businesses are executing global strategies locally everywhere around the world.

是的。當然。謝謝，斯科特。提醒一下，如果您還記得 2019 年，我們調整了我們的業務——我們的業務現在在全球範圍內大約有 4 種上市模式。因此，這些企業正在世界各地的本地執行全球戰略。

And they -- each of them have a view of each of the regions. I'll give you kind of a view at the higher level. So we talked about Americas being up 7% in the quarter and low double digits year-to-date. The highest growth as we came through the quarters in Latin America and Canada and up double digits across all business groups.

他們——他們每個人都對每個地區都有自己的看法。我會給你一個更高層次的觀點。所以我們談到美洲在本季度增長了 7%，今年迄今為低兩位數。我們在拉丁美洲和加拿大的季度中實現了最高的增長，並且在所有業務組中都實現了兩位數的增長。

So again, similar to what we talked about in the way we're seeing year-to-date demand across 3M globally, broad-based across business groups in the Americas. And United States still in a strong position of 6% in the quarter and double digits for the year. EMEA, if you look at how we're doing there, we're growing high single digits for the year, 9%. 4% in the quarter.

再次，類似於我們所討論的方式，我們看到全球 3M 年初至今的需求，以及美洲各業務集團的廣泛基礎。而美國在本季度仍處於 6% 的強勢地位，全年保持兩位數的增長。歐洲、中東和非洲，如果你看看我們在那裡的表現，我們今年的增長率是高個位數，9%。本季度為 4%。

We haven't seen a strong rebound in growth as other areas, but we are seeing a recovery now in Health Care, and Transportation and Electronics starting to help drive that growth that we are seeing. And in Asia Pacific, growing mid-teens year-to-date, double-digit growth across the business groups, all business groups again. And as I mentioned, we talked about China a bit. I mentioned Japan in prepared remarks. That's been one of the improving areas is Japan now starting to see improving growth as we come through the year.

我們還沒有看到其他領域的增長強勁反彈，但我們現在看到醫療保健、運輸和電子行業開始幫助推動我們看到的增長。而在亞太地區，年初至今，各業務集團、所有業務集團均實現兩位數增長。正如我提到的，我們談到了中國。我在準備好的發言中提到了日本。這一直是改善的領域之一，日本現在開始看到隨著我們過去一年的增長而改善。

So not down -- not near the pre-COVID levels yet, but again, starting to see some improvements. And in that case, also being led by Health Care. So we're seeing some -- I would say, the recovery of the elective procedures around the world being one of the dynamics that's helping to start driving improving growth.

所以沒有下降——還沒有接近 COVID 之前的水平，但再次開始看到一些改進。在這種情況下，也由 Health Care 領導。所以我們看到了一些——我想說的是，世界各地選擇性程序的恢復是有助於開始推動增長的動力之一。

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

我們的下一個問題來自於迪恩德雷與加拿大皇家銀行資本市場的合作。

We've heard lots of specifics on material cost inflation. I'd like to hear some color on labor costs, labor shortages. I know Mike highlighted in the opening remarks about new initiatives for recruiting, I'd imagine higher comp and benefits are among those. And is this more of a U.S.-centered headwind? Or just how does labor costs and shortages look globally and start there, please?

我們已經聽說了很多關於材料成本通脹的細節。我想听聽關於勞動力成本、勞動力短缺的一些看法。我知道邁克在關於招聘新舉措的開場白中強調了，我想更高的薪酬和福利就是其中之一。這是否更像是以美國為中心的逆風？或者勞動力成本和短缺在全球範圍內如何看待並從那裡開始？

So I would say, Deane, it's a global item, but it's more pronounced right now for us in the U.S. So we are seeing higher costs, whether it is cost driven by some of the items Mike mentioned as well as with the demand that we have, we are spending more money on overtime. And also, we are seeing cost of inflation, which is labor cost that comes through us through outsourced manufacturing hard goods, so hard goods that we buy. We are also seeing inflation on that.

所以我想說，迪恩，這是一個全球項目，但現在對我們在美國來說更明顯所以我們看到成本更高，無論是由邁克提到的一些項目以及我們的需求驅動的成本有，我們在加班上花更多的錢。而且，我們看到了通貨膨脹的成本，也就是我們通過外包製造硬貨，即我們購買的硬貨，產生的勞動力成本。我們也看到了通貨膨脹。

But with that said, I do want to recognize all the employees of 3M who are tirelessly working to make sure that we are delivering for our customers in this tough demand environment as well as a very tough supply environment. But we're confident, Deane, we'll get through this.

但話雖如此，我確實想感謝 3M 的所有員工，他們為確保我們在這個艱難的需求環境和非常艱難的供應環境中為客戶提供服務而不懈努力。但我們有信心，迪恩，我們會度過難關的。

Do you have a year-over-year labor costs? Any kind of specifics you can help us with?

你有逐年的人工成本嗎？您可以幫助我們解決任何具體問題嗎？

I don't have it very specific. I can ask Bruce to follow up and give you an answer. But just if you go back to the bridge on the walk for Q3, you can see this 140 basis points of pressure due to organic volume and productivity. Some of that is driven by labor constraints. In other words, the higher cost, but at the same time, making sure that we have all the production that we can make. And some of it is driven by the fact that we've had to have more changeovers because raw material has not been flowing properly.

我沒有很具體。我可以請布魯斯跟進並給你答复。但是，如果您在第三季度的步行中回到橋上，您會看到由於有機數量和生產力而產生的 140 個基點的壓力。其中一些是由勞動力限制驅動的。換句話說，成本更高，但同時要確保我們擁有我們可以生產的所有產品。其中一些原因是我們不得不進行更多的轉換，因為原材料沒有正常流動。

Got it. And just as a follow-up on the -- going back to litigation. I was hoping you could comment on the strength of your insurance coverage, both just whether it's PFAS specifically. We'll see headline settlements. What we don't always have line of sight on is the insurance coverage, are there any coverage limits and just help us -- frame for us the strength of the insurance coverage, if you could.

知道了。就像對 - 回到訴訟的後續行動一樣。我希望你能評論你的保險範圍的強度，無論是特別是 PFAS。我們將看到頭條新聞。我們並不總是關注保險範圍，是否有任何覆蓋範圍限制，請幫助我們 - 如果可以的話，為我們確定保險範圍的強度。

Yes. So Deane, we do have insurance coverage. We are working with our various insurance providers through multiple dialogues that we keep having with them. But as you know, some of these things take time. So when we do get those settlements in, we'll definitely keep you all posted.

是的。所以迪恩，我們確實有保險。我們正在通過與他們不斷進行的多次對話與我們的各種保險提供商合作。但如您所知，其中一些事情需要時間。因此，當我們確實將這些定居點納入進來時，我們一定會及時通知大家。

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

我們的下一個問題來自美國銀行的 Andrew Obin。

Just a question -- sort of a bigger picture question for Mike and maybe Monish. I think 3M has a fairly unique integrated model in the way your supply chain flows internationally, I think inside the company is also fairly unique. Do these current supply chain constraints and shipping constraints, sort of, A, give you an opportunity to reevaluate how your internal supply chain are constructed? And -- yes, I'll just leave it at that.

只是一個問題——對邁克和莫尼什來說是一個更大的問題。我認為 3M 在供應鏈國際流動的方式上有一個相當獨特的集成模型，我認為公司內部也相當獨特。這些當前的供應鏈限制和運輸限制是否讓您有機會重新評估內部供應鏈的構建方式？而且--是的，我就這樣吧。

Yes, Andrew, it's one of our fundamental strengths. And back to what Monish was talking about, how we're focused on delivering for customers, we're leveraging the strengths of our 3M model. The idea that we talked about in the prepared remarks, local for local, building our capabilities across our value model to the customers close to them regionally around the world. And that has been a strength as we come through COVID.

是的，安德魯，這是我們的基本優勢之一。回到 Monish 所說的，我們如何專注於為客戶提供服務，我們正在利用 3M 模型的優勢。我們在準備好的評論中談到的想法，本地對本地，在我們的價值模型中為世界各地接近他們的客戶建立我們的能力。當我們度過新冠肺炎疫情時，這一直是我們的力量。

And I would say this year, as we deal with the interruption of the supply chain, this regional strategy has allowed us to be more agile in just what Monish was talking about, the changing nature of our production plans and our production wheels and our -- what we're doing in our factory. So we have a lot of flexibility built in.

今年我想說的是，當我們處理供應鏈中斷的問題時，這一區域戰略使我們能夠更加靈活地應對莫尼什所說的、生產計劃和生產輪子不斷變化的性質以及我們的—— - 我們在工廠做的事情。所以我們有很多內置的靈活性。

I would say we're always evaluating how to better serve customers, how do we look at our lean value streams end to end, how do we take new strategies into that, getting -- based on, I would say, the improving visibility we have, we see opportunities to be more efficient and improve our cycle times and so on.

我會說我們一直在評估如何更好地為客戶服務，我們如何端到端地看待我們的精益價值流，我們如何採取新的戰略，基於，我想說，我們提高了知名度有，我們看到了提高效率和改善週期時間等的機會。

So we're always looking at changes. I do think the model that we have has served us well and that it's been a great place to respond to the challenges. And I think that's the foundation as we go ahead. It's how do we make that better, how do we drive better performance improving operational efficiency. So building on those strengths is where I'd leave you with.

所以我們一直在關注變化。我確實認為我們所採用的模式為我們提供了很好的服務，並且它是應對挑戰的好地方。我認為這是我們前進的基礎。這是我們如何做得更好，我們如何推動更好的性能提高運營效率。因此，建立在這些優勢的基礎上是我要離開的地方。

And just a follow-up question, I apologize if I missed it, but on elective procedures, what's your best guess with sort of falling COVID cases in the U.S.? What's the most likely trajectory for elective procedures over the next, let's say, 6 months?

只是一個後續問題，如果我錯過了，我深表歉意，但是在選修程序上，您對美國 COVID 病例下降的最佳猜測是什麼？比方說，在接下來的 6 個月內，選擇性手術最有可能的軌跡是什麼？

Yes. So Andrew, that's one, of course, we keep watching very closely. We -- for the quarter, we ended up at -- I think the industry ended up at a lower end of the 90% to 95% that was originally forecasted. Part of it was, I think September was a tougher month as many countries saw a spike in COVID cases. Our belief -- and I think it's the industry's belief that we should stabilize in the fourth quarter and hopefully get back to the 90% to 95% range as we get into the fourth quarter.

是的。所以安德魯，當然，這是一個，我們一直在密切關注。我們 - 對於本季度，我們最終達到 - 我認為該行業最終處於最初預測的 90% 至 95% 的下限。部分原因是，我認為 9 月是一個更艱難的月份，因為許多國家的 COVID 病例激增。我們的信念——我認為行業認為我們應該在第四季度穩定下來，並希望在進入第四季度時回到 90% 到 95% 的範圍。

And then the bigger discussion around the industry is what does 2022 and beyond look like. The reason is a lot of these elective procedures that have been slowed down are elective, but they are still time-sensitive at the end of the day. So there's -- so that's what we'll have to see and see what capacity is added in all the countries. We have to see how cases go play out from a COVID perspective.

然後圍繞該行業的更大討論是 2022 年及以後會是什麼樣子。原因是這些被放慢的選修程序很多都是選修的，但它們最終仍然是時間敏感的。所以有 - 所以這就是我們必須看到並查看所有國家/地區增加的容量。我們必須從 COVID 的角度來看案件的進展情況。

But I also think hospitals are far better equipped right now, are more prepared to deal with this. So our hope is that electric procedures come back up to 2019 levels in 2022. When it happens, I think, will depend on different parts of cases in the world, but that's how we see it.

但我也認為醫院現在的設備要好得多，也更有準備應對這種情況。所以我們希望電動程序在 2022 年恢復到 2019 年的水平。我認為，當它發生時，將取決於世界上不同地區的病例，但這就是我們的看法。

And do you see a possibility of a cumulative catch-up in '22?

您是否看到 22 年累積追趕的可能性？

Well, that's -- I think that's the debate, right? Who knows? But I think that's going to depend basically on hospital preparedness as well as patient readiness to come into the hospital to get their surgeries done. From our end, we would rather have the volume than not have the volume. So I would say it will be a good problem to have, but I think we'll have to see what happens.

嗯，那是 - 我認為這就是辯論，對吧？誰知道？但我認為這主要取決於醫院的準備情況以及患者進入醫院完成手術的準備情況。從我們的角度來看，我們寧願有音量也不願沒有音量。所以我會說這將是一個很好的問題，但我認為我們必須看看會發生什麼。

Our next question comes from the line of Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

I just wanted to dig into what you guys are seeing from a supply chain perspective a bit more. So if you could talk about any changes in the key bottlenecks versus last quarter's update? And is there a sense at all that there's green shoots here meeting that? Is there any possibility that the supply chain issues or headwinds have peaked?

我只是想從供應鏈的角度深入了解你們所看到的。那麼，您能否談談與上一季度的更新相比，關鍵瓶頸的任何變化？有沒有一種感覺，這裡有綠芽與它相遇？供應鏈問題或逆風是否有可能達到頂峰？

Well, Nicole, I'd go back to it really is a convergence of multiple factors. And so you got to pull those apart a little bit. The strong demand -- we think we'll continue to see strong demand. So that's going to put pressure on the supply chains going forward. We've seen challenges in labor shortages. The pandemic has impacted production, semiconductor shortages are impacting end markets for us, in particular.

好吧，妮可，我想回到它確實是多種因素的融合。所以你必須把它們分開一點。強勁的需求——我們認為我們將繼續看到強勁的需求。因此，這將對未來的供應鏈施加壓力。我們已經看到勞動力短缺的挑戰。大流行影響了生產，半導體短缺尤其影響了我們的終端市場。

And then we were also impacted, as we went through the year with some extreme weather events, which interrupted our raw material supply. Those are getting better. So some of the raw material supply issues that we are facing are getting better as we go. And we do expect supply chains to improve. It's difficult to estimate or predict the duration of each of these factors and how they play with each other and watching the congestion in logistics is one of the things that we are carefully looking for improvements in as well.

然後我們也受到了影響，因為我們在這一年中遇到了一些極端天氣事件，這中斷了我們的原材料供應。這些正在變得更好。因此，我們面臨的一些原材料供應問題隨著我們的發展而變得越來越好。我們確實希望供應鏈得到改善。很難估計或預測這些因素中的每一個的持續時間以及它們如何相互影響，觀察物流擁堵也是我們正在仔細尋找改進的事情之一。

Can we move back to more normal logistics patterns for us as we go forward, that will be a good sign that broadly supply chain disruptions are improving. But you have to keep an eye on each of these aspects to see step by step. And we do -- we are optimistic. We are hopeful as we get into 2022 that we're going to continue to see improvements.

隨著我們的前進，我們能否回到更正常的物流模式，這將是一個好兆頭，表明供應鏈中斷正在改善。但是您必須密切關注這些方面中的每一個才能一步一步地看到。我們確實 - 我們很樂觀。當我們進入 2022 年時，我們希望我們將繼續看到改進。

Nicole, we also have a control tower that has been set up. So we are constantly watching whether it is the port congestion, whether it is shutdown of airports, whether it is customers or suppliers telling us that raw material may be a few hours late. So that's where we are changing in our factories faster to keep other products moving so that we just make sure that we keep customer demand as well as customer demand itself is pretty variable right now. And that's another big thing that control tower is doing is watching customer demand and then adjusting supply as needed.

妮可，我們也有一個已經建立的控制塔。所以我們一直在關注是不是港口擁堵，是不是機場關閉，是客戶還是供應商告訴我們原材料可能會晚幾個小時。所以這就是我們在工廠中更快地改變以保持其他產品移動的地方，這樣我們就可以確保我們保持客戶需求以及客戶需求本身現在變化很大。控制塔正在做的另一件大事是觀察客戶需求，然後根據需要調整供應。

Got it. That was helpful. And then I guess for 4Q, as we kind of think about the expectations by segment, we've kind of discussed elective procedures within Health Care. You guys talked a little bit about Safety and Industrial and what's going on with masks. But I think both Consumer and T&E are facing tougher comps in the fourth quarter. Is the expectation that those businesses can still grow organically? Or is there a risk they could be down year-on-year?

知道了。那很有幫助。然後我想對於第 4 季度，當我們按部門考慮預期時，我們已經討論了醫療保健中的選擇性程序。你們談了一點關於安全和工業以及口罩的情況。但我認為消費者和 T&E 在第四季度都面臨著更艱難的競爭。是否期望這些業務仍然可以有機增長？或者是否存在同比下降的風險？

So I would start with just Transportation and Electronics. That business is impacted the most by 2: one is the auto industry; and second is the electronics industry and the semiconductor shortages hits that business squarely. I would say on the auto build, the latest IHS forecast that we look at is on a year-over-year 20% down is where auto builds are expected to be. There's also -- they are facing comps from last year in the electronics side. So whether it's consumer electronics, TVs, tablets, all of them are supposed to be down on a year-over-year basis.

所以我會從交通和電子開始。該業務受兩個影響最大：一是汽車行業；其次是電子行業，半導體短缺直接打擊了該行業。我會說在汽車製造方面，我們看到的最新 IHS 預測是汽車製造預計將同比下降 20%。還有 - 他們在電子方面面臨著去年的競爭。因此，無論是消費電子產品、電視、平板電腦，它們都應該同比下降。

I think we'll have to see where semiconductor shortages lend up for that business, but there -- Ashish and team are fighting hard. And if the volume is there, they're going to do whatever it takes to make sure that the customers are served. On consumer, you're right, that's also facing very strong comp from last year. But you can see what Jeff and team have done.

我認為我們必須看看半導體短缺對這項業務的影響，但在那裡 - Ashish 和團隊正在努力奮鬥。如果數量充足，他們將不惜一切代價確保為客戶提供服務。在消費者方面，你是對的，這也面臨著去年非常強勁的競爭。但是你可以看到傑夫和團隊做了什麼。

In the first 11 months, we have seen strong growth. Our platforms, whether it was Command or Filtrete, our Post-it Notes, et cetera, all have seen good growth in the third quarter. We saw a good early start in our stationery business in the holiday season. The question is whether that continues is the thing that we'll have to keep watching.

在前 11 個月，我們看到了強勁的增長。我們的平台，無論是 Command 還是 Filtrete，我們的便利貼等等，都在第三季度實現了良好的增長。我們在節日期間看到了文具業務的良好開端。問題是這種情況是否會持續下去是我們必須繼續關注的事情。

And our next question comes from the line of Steve Tusa with JPMorgan.

我們的下一個問題來自 Steve Tusa 與摩根大通的合作。

So guys, what is like the underlying like leverage this quarter, back out price costs? And then I think like the year-over-year on restructuring costs and savings and then temporary costs kind of mask things a little bit. But if I just -- if I kind of like back into it, I'm getting something negative on the revenue growth.

那麼伙計們，本季度的基本槓桿是什麼，收回價格成本？然後我認為像重組成本和儲蓄以及臨時成本的同比增長有點掩蓋了事情。但是，如果我只是 - 如果我有點喜歡回到它，我就會對收入增長產生負面影響。

But then obviously, there's the supply and that other inflation that you have to deal with. So what is like the underlying -- is the underlying leverage positive this quarter on that 5%? Or was it negative because of mix? Like just kind of hatch that out a little bit because a lot of moving parts here.

但很明顯，你必須應對供應和其他通貨膨脹。那麼，基礎槓桿是什麼——本季度的基礎槓桿是 5% 的正數嗎？還是因為混合而消極？就像稍微孵化一下，因為這裡有很多活動部件。

You're breaking up a little bit, Steve, but I think I got your question as what's the underlying leverage. And I would tell you, it's a little hard for me to ex everything out from a restructuring perspective, ex out organic volume, price, raw and then give you a leverage.

你有點分手了，史蒂夫，但我想我知道你的問題是潛在的槓桿是什麼。我會告訴你，從重組的角度來看，我很難把所有東西都排除在外，排除有機數量、價格、原材料，然後給你一個槓桿。

I would just tell you, when you look at the bridge that we have given you, we did see volume growth but that was offset by the productivity from global supply chain as well as growth in productivity and increased litigation costs. And you can see that hurt us 1.4% on that productivity basis.

我只想告訴您，當您查看我們為您提供的橋樑時，我們確實看到了銷量增長，但這被全球供應鏈的生產力以及生產力的增長和訴訟成本的增加所抵消。你可以看到，在生產力的基礎上，這對我們造成了 1.4% 的傷害。

That's the way I look at it, Steve. It's very hard. And I think it would be unfair for me to just ex everything out and then tell you leverage is good because I don't think that's the way we look at it. Because for me, it's ultimately it's the all-in what I give you versus ex-ing stuff out.

我就是這麼看的，史蒂夫。這很難。而且我認為對我來說，將一切都排除在外然後告訴你槓桿是好的是不公平的，因為我認為這不是我們看待它的方式。因為對我來說，最終它是我給你的全部而不是放棄的東西。

Right. I guess like, is there a reason why you wouldn't be able to convert more normally in '22? I guess, assuming these things stabilize, I mean, is this business still a 35% kind of core incremental margin business?

對。我想，有什麼理由讓你不能在 22 年更正常地轉換嗎？我想，假設這些事情穩定下來，我的意思是，這項業務仍然是 35% 的核心增量利潤率業務嗎？

I would say so, Steve. I think again, you have to go back to all things being equal, yes, it's a 30% to 40% leverage business, and I don't see that change. But I think it will come down to what does supply chain trends look like in 2022. You have seen not just us, but many of our peers as well as other people have said, supply chain constraints go into 2022.

我會這麼說，史蒂夫。我再想一想，你必須回到一切平等的地方，是的，這是一個 30% 到 40% 的槓桿業務，我沒有看到這種變化。但我認為這將歸結為 2022 年的供應鏈趨勢如何。您不僅看到了我們，而且我們的許多同行以及其他人都說，供應鏈限制進入 2022 年。

But I think long term, as Mike has mentioned and I've said, we are very confident we can grow about the macro. We can get margin expansion, and we can continue to have strong cash. So all those, it's -- I think, it's just a short uncertain time that we'll have to just see our supply chain set plays itself out.

但我認為從長遠來看，正如邁克和我所說的，我們非常有信心我們可以在宏觀上成長。我們可以獲得利潤率擴張，我們可以繼續擁有強勁的現金。所以所有這些，它是 - 我認為，這只是一個短暫的不確定時間，我們將不得不看到我們的供應鏈集發揮作用。

And our next question comes from the line of John Walsh with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰沃爾什。

Maybe just first a question around the restructuring. I think you used the term on track, but I just wanted to confirm the numbers here. I mean the prior program was $275 million of cost, $225 million of savings. And then now you've taken it obviously up higher here. How do we think of -- what is that -- is that what you mean by on track, that's kind of like an 82% conversion on the savings and on the new actions, how do we think about the payback on those?

也許首先是關於重組的問題。我想你在正軌上使用了這個詞，但我只是想確認這裡的數字。我的意思是之前的計劃成本為 2.75 億美元，節省了 2.25 億美元。然後現在你顯然已經把它帶到了更高的位置。我們如何看待 - 那是什麼 - 您所說的“步入正軌”是指節省的費用和新行動的轉化率為 82%，我們如何看待這些的回報？

Yes. So I'll reiterate, and our program was going to cost somewhere between 250 to 300 and benefits of somewhere between 200 and 250. What we have looked at -- what I said in this in my prepared remarks was year-to-date, we have spent $240 million against the $250 million to $300 million, and we are updating that from $250 million to $300 million to $300 million to $325 million, and we largely expect the program to be initiated by the end of 1Q '22.

是的。所以我要重申，我們的計劃將花費 250 到 300 之間的某個地方，而收益在 200 到 250 之間的某個地方。我們已經花費了 2.4 億美元，而從 2.5 億美元到 3 億美元，我們正在將其從 2.5 億美元更新到 3 億美元，再到 3 億美元到 3.25 億美元，我們基本上預計該計劃將在 22 年第一季度末啟動。

On the benefit side, we are -- we had said $200 million to $250 million. With all the actions that we have taken, we see ourselves at the higher end of that range, in between the $225 million and the $250 million, with half of it that's already shown up or will show up for this year in '21 by the time we are done with the fourth quarter, and the balance will show up in '22.

在利益方面，我們是 - 我們曾說過 2 億至 2.5 億美元。通過我們採取的所有行動，我們認為自己處於該範圍的較高端，介於 2.25 億美元和 2.5 億美元之間，其中一半已經出現或將在今年 21 年出現當我們完成第四季度時，餘額將在 22 年出現。

Yes, John, I just want to clarify one thing. Monish said year-to-date we've had $240 million of charges.

是的，約翰，我只想澄清一件事。 Monish 表示，今年迄今為止，我們已經收到了 2.4 億美元的費用。

Charges, sorry.

收費，抱歉。

That's actually $140 million last year in Q4, and $100 million year-to-date this year.

去年第四季度實際上是 1.4 億美元，今年迄今為止是 1 億美元。

Yes, sorry, program to date.

是的，抱歉，迄今為止的程序。

Yes.

是的。

And as you know, John, we don't remove restructuring charges from our results, and that's all included in the numbers we report. So we don't adjust for that.

正如你所知，約翰，我們不會從我們的結果中刪除重組費用，這都包含在我們報告的數字中。所以我們不做調整。

Yes. No. Thank you for the extra details there. And then maybe just as a follow-up here. A lot of questions around supply chain, I think we're all following the semi shortages, et cetera. But 3M, you also mentioned like polypropylene and some other supply chains that are a little bit more ancillary to kind of semi and some of the things we might be tracking day-to-day.

是的。不。謝謝你提供的額外細節。然後也許只是作為這裡的後續行動。關於供應鏈的很多問題，我認為我們都在關注半短缺等問題。但是 3M，您還提到了聚丙烯和其他一些供應鏈，它們對某種半成品以及我們可能會日常跟踪的一些事物有更多的輔助作用。

I'm assuming there was some impact there from either hurricanes, force majeures, et cetera. Can you maybe just help us understand what you're seeing in that part of your supply chain? And how long the duration of that might be?

我假設那裡有一些來自颶風、不可抗力等的影響。您能否幫助我們了解您在供應鏈的那部分看到的情況？持續多長時間？

Yes. So we are seeing polypropylene, ethylene, resins, all of the ones other companies have mentioned seeing inflation. Many of these are crude derivatives. They're not perfectly tied to the price of crude, but you can see where crude is going, so there's derivatives. They all have got impacted all the way in February with the hurricane that happened and then I would say the global supply chains have further put pressure on it for the material flow across the globe, and that makes it harder for you to buy material only in certain locations.

是的。所以我們看到聚丙烯、乙烯、樹脂，其他公司提到的所有這些都出現了通貨膨脹。其中許多是粗衍生物。它們與原油價格並不完全相關，但您可以看到原油的走向，因此存在衍生品。在 2 月份發生的颶風中，它們一直受到影響，然後我想說全球供應鏈進一步對其全球材料流動施加了壓力，這使您更難僅購買材料某些地點。

And just I would -- if my memory is right, on polypropylene and ethylene, we saw actually a jump in August. We've seen it come down a little bit in September. But that's, again, it's a demand-supply equation there, but it all goes back to Hurricane Ida that happened in February, and then the demand from the pandemic also increased the need for the product. And all that put together, it might use the word convergence, has driven some of the pressures on the chemical side of the house.

只是我會 - 如果我沒記錯的話，關於聚丙烯和乙烯，我們實際上在 8 月份看到了一個跳躍。我們已經看到它在 9 月份有所下降。但這又是一個供需方程，但這一切都可以追溯到 2 月份發生的颶風艾達，然後大流行的需求也增加了對產品的需求。所有這些加在一起，它可能會使用“融合”這個詞，已經推動了房子化學方面的一些壓力。

Our next question comes from the line of Andrew Kaplowitz with Citigroup.

我們的下一個問題來自花旗集團的 Andrew Kaplowitz。

Just maybe an update on how you're thinking about cash deployment. At this point, I think we all understand your priorities and they start with organic investments. But at what point do you ramp up repurchases, for instance, if your stock continues to languish a bit and/or at what point do you think you've gone far enough into Acelity integration, so that 3M might be better equipped to make a larger deal again?

可能只是關於您如何考慮現金部署的更新。在這一點上，我認為我們都了解您的優先事項，他們從有機投資開始。但是，例如，如果您的股票繼續疲軟和/或在什麼時候您認為您已經在 Acelity 整合方面走得足夠遠，那麼您會在什麼時候加大回購力度，以便 3M 可以更好地製造再大一筆交易？

Yes. So I'll just, again, just -- and my apologies, Andy, I am just going to reiterate our capital allocation priorities, just so that everyone's on the same page. Our first priority is always go organic. We just see it's the best use of our capital, best return. As you can see, we are not afraid to deploy capital. We have done that in 2020. We are continuing to do that in '21, which is investing in growth, productivity and sustainability.

是的。所以我只是，再次，只是 - 我很抱歉，安迪，我只是要重申我們的資本分配優先事項，以便每個人都在同一頁面上。我們的首要任務是始終有機。我們只是看到這是我們資本的最佳利用，最佳回報。如您所見，我們不怕部署資本。我們在 2020 年做到了這一點。我們將在 21 年繼續這樣做，即投資於增長、生產力和可持續性。

We were going to spend $1.8 billion to $2 billion to this year, but with some of the supply chain constraints, it's down to $1.5 billion to $1.6 billion. But we still believe in the long-term growth, and so we're going to keep investing in that.

今年我們將花費 18 億至 20 億美元，但由於供應鏈的一些限制，它降至 15 億至 16 億美元。但我們仍然相信長期增長，因此我們將繼續投資。

As Mike had announced early in the year, we also announced $1 billion to improve for our sustainability efforts. That's going to be spent over the next 20 years, but it's front-end loaded. So that's the second piece on organic investment. Dividend is our second priority, important for our shareholders. So that's a priority that we clearly are focused on.

正如 Mike 在年初宣布的那樣，我們還宣布了 10 億美元用於改善我們的可持續發展工作。這將在接下來的 20 年中花費，但它是前端加載的。這是關於有機投資的第二部分。股息是我們的第二要務，對我們的股東很重要。所以這是我們明確關注的優先事項。

Our third priority is M&A. And you're right that we are integrating Acelity and the team is doing a very nice job by integrating Acelity into our business. At the same time, we have tons of ideas and we have a pipeline that we would be -- we'll execute when we see that we get a target that we believe can add value to our shareholders.

我們的第三個優先事項是併購。您是對的，我們正在整合 Acelity，並且團隊通過將 Acelity 整合到我們的業務中做得非常好。與此同時，我們有大量的想法，我們有一個管道——當我們看到我們得到一個我們認為可以為我們的股東增加價值的目標時，我們就會執行。

At the same time, it's things that we believe that we can add value to the target, too, by using some of the strengths that we have, which is our brand, our global capability, our employee base, our material science capability, et cetera. So that's our third, and we always have an active pipeline.

與此同時，我們相信我們也可以通過利用我們擁有的一些優勢，即我們的品牌、我們的全球能力、我們的員工基礎、我們的材料科學能力等，為目標增加價值。等等。所以這是我們的第三個，我們總是有一個活躍的管道。

And then the last one is share buyback. You've seen we have now done $1.3 billion for the year. We did $527 million. That's the last priority for us from a deployment of capital perspective. But depending on the stock price and how much cash we generate, we clearly will look at that, too.

然後最後一個是股票回購。你已經看到我們今年已經完成了 13 億美元。我們做了 5.27 億美元。從資本部署的角度來看，這是我們最後的優先事項。但根據股價和我們產生的現金數量，我們顯然也會考慮這一點。

Overall, I would just say, when I look at net debt-to-EBITDA leverage, which is at approximately 1.3, at that point, it gives me a lot of financial strength and optionality. It gives 3M a lot of financial strength and optionality. So depending on what opportunities we see, we won't hesitate to deploy capital because as Mike mentioned, even some of the platforms that we've talked about, all of them are GDP plus growth platform. So that's an area we would love to keep investing.

總的來說，我只想說，當我查看淨債務與 EBITDA 槓桿率時，大約為 1.3，在這一點上，它給了我很多財務實力和選擇權。它為 3M 提供了很多財務實力和選擇權。因此，根據我們看到的機會，我們會毫不猶豫地部署資本，因為正如邁克所說，即使是我們談到的一些平台，它們都是 GDP 加增長平台。所以這是我們願意繼續投資的領域。

Monish, that's helpful. And could you give us a little more color on what's going on in your Health Care business in terms of margin? I think margin performance is relatively good year-over-year, at least versus your other segments. So how much is the Acelity integration helping? Is it a mix of your businesses such as oral care outperforming that's helping margin? And how are you thinking about the margin trajectory in that business moving forward?

Monish，這很有幫助。您能否就您的醫療保健業務的利潤率向我們提供更多信息？我認為利潤率表現同比相對較好，至少與您的其他細分市場相比。那麼 Acelity 集成有多大幫助呢？是否是您的業務（例如口腔護理）表現出色，從而有助於提高利潤率？您如何看待該業務向前發展的利潤率軌跡？

Yes. So if you -- for Health Care, I also look at EBITDA, if that helps, Andy. I think year-to-date, we are approximately 31% on an EBITDA basis. The team -- Mojdeh and team have done a really nice job of continuing to drive margin. We increased margins 70 basis points in the third quarter. I would say it's a performance all around the oral care business and the snapback has definitely helped. It helps us on a volume. It helps us on leverage with the volume in the factories.

是的。因此，如果您 - 對於醫療保健，我也會關注 EBITDA，如果這有幫助，安迪。我認為今年迄今為止，我們的 EBITDA 約為 31%。團隊——Mojdeh 和團隊在繼續推動利潤率方面做得非常好。我們在第三季度將利潤率提高了 70 個基點。我想說這是圍繞口腔護理業務的表現，而且反彈肯定有幫助。它在一定程度上幫助我們。它幫助我們利用工廠的產量。

The MSD business, if you exclude the disposable respirator decline, grew very nicely in the second quarter and MSD is where Acelity is in there, too. Acelity was impacted in the third quarter by low elective procedures, but the integration is going well.

如果不包括一次性呼吸器的下降，MSD 業務在第二季度增長非常好，而 MSD 也是 Acelity 所在的地方。 Acelity 在第三季度受到低選修程序的影響，但整合進展順利。

We are continuing to find synergies between the cross-selling that we can do with our wound care business and Acelity -- or our existing wound care business and Acelity. So we are very happy with that progress. But in the spirit of continuous improvement, there's always more we can do here to drive growth and margin, and Mojdeh and team are very focused on continuing to do that.

我們正在繼續尋找我們可以通過傷口護理業務與 Acelity 或我們現有的傷口護理業務與 Acelity 進行的交叉銷售之間的協同效應。因此，我們對這一進展感到非常高興。但本著持續改進的精神，我們在這裡總能做更多的事情來推動增長和利潤率，而 Mojdeh 和團隊非常專注於繼續這樣做。

Our next question comes from the line of Joe Ritchie with Goldman Sachs.

我們的下一個問題來自喬·里奇與高盛的對話。

So maybe just on the price/cost discussion. I guess having covered you guys for a while, it's rare to see that price/cost equation negative. I guess the question I have is do you think we're at the peak of pain, that 140 basis point impact on price cost? And then my follow-on to that, Monish, you talked about some of your business being going through contracts. I'm just curious like what portion of your business is tougher to reprice in this environment?

所以也許只是在價格/成本討論上。我想已經涵蓋了你們一段時間，很少看到價格/成本等式為負。我想我的問題是你認為我們是否處於痛苦的頂峰，對價格成本產生 140 個基點的影響？然後我接著說，莫尼什，你談到了你的一些業務正在通過合同。我只是好奇，在這種環境下，貴公司的哪一部分更難重新定價？

So to answer your first question, we have made progress on price. You saw us going from 10 basis points to 140. And if you recall, Joe, we had said that you will see this ramp through the year because we take a very methodical approach to driving price across the multiple geographies and the channels we have. We would -- we should continue to see progress in the fourth quarter as these price actions that we have taken in the third quarter continue to take hold.

因此，為了回答您的第一個問題，我們在價格方面取得了進展。你看到我們從 10 個基點上升到 140 個基點。如果你還記得，喬，我們說過你會看到這一年的增長，因為我們採取了一種非常有條理的方法來推動我們擁有的多個地區和渠道的價格。我們會 - 我們應該繼續看到第四季度的進展，因為我們在第三季度採取的這些價格行動將繼續保持。

I think the big issue that we have seen is inflation has come in faster than anybody thought. And so the team has continuously done what it can to drive price increases. To the question that was even asked earlier, our goal is to get to neutral of price and raw, but I think it will all depend on how inflation goes. But the team knows how to drive price. The team drives a lot of innovation that also helps from a price increase perspective. So all that put together, team is working it pretty hard.

我認為我們已經看到的一個大問題是通貨膨脹的速度比任何人想像的都要快。因此，該團隊一直在盡其所能推動價格上漲。對於之前提出的問題，我們的目標是使價格和原材料保持中性，但我認為這完全取決於通貨膨脹的情況。但團隊知道如何推動價格。該團隊推動了許多創新，從價格上漲的角度來看也有幫助。所以所有這些放在一起，團隊正在努力工作。

And I guess a question on the contracts and being able to reprice some of your contracts, is there -- do you have some kind of benchmark for us on what portion is a little bit tougher to reprice in this environment?

我想關於合同的問題以及能夠重新定價您的一些合同，是否有 - 在這種環境下，您是否有某種基準來說明哪些部分更難以重新定價？

Yes. Listen, all price increases, we work with our customers. We have contracts with many of our customers. In some cases, we give 90 to 120 days notice. In some cases, these are longer contracts that we work through. And then we have spec-in businesses that we work directly with the OEM. So put all that together, that's how we look at this. So it's hard for me to give you one number because pick a day, and I think you'll have a different percent of contract "under contract."

是的。聽著，所有價格上漲，我們都與客戶合作。我們與許多客戶簽訂了合同。在某些情況下，我們會提前 90 至 120 天發出通知。在某些情況下，這些是我們處理的更長的合同。然後我們有指定業務，我們直接與 OEM 合作。所以把所有這些放在一起，這就是我們如何看待這個。所以我很難給你一個數字，因為選擇一天，我認為你會有不同百分比的“合同中”合同。

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

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 的閉幕詞。

To wrap up, our team is performing well in a challenging environment, delivering broad-based growth, good margins and strong cash flow. We will stay focused on managing supply chain constraints, investing in attractive market trends to drive our growth and creating greater value for our customers and shareholders. Thank you for joining us.

總之，我們的團隊在充滿挑戰的環境中表現良好，實現了廣泛的增長、良好的利潤率和強勁的現金流。我們將繼續專注於管理供應鏈限制，投資於有吸引力的市場趨勢以推動我們的增長並為我們的客戶和股東創造更大的價值。感謝您加入我們。

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

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，並要求您斷開線路。謝謝你。