3M (MMM) 2020 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 26, 2021. I would now like to turn the call over to Bruce Jermeland, 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 第四季財報電話會議。（操作員說明）謹此提醒，本次會議將於 2021 年 1 月 26 日星期二進行錄音。我現在想將電話轉給 3M 投資者關係副總裁 Bruce Jermeland。

Thank you and good morning, everyone, and welcome to our fourth quarter earnings conference call. Let me begin today by expressing our sincere hope that you and your families continue to be safe and are doing well.

謝謝大家，大家早安，歡迎參加我們的第四季財報電話會議。首先，讓我衷心希望您和您的家人繼續安全並一切順利。

With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; and Monish Patolawala, our Chief Financial Officer. Mike and Monish will make some formal comments, and then we'll open it up for 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.

今天與我在一起的有 3M 董事長兼執行長 Mike Roman；和我們的財務長莫尼什·帕托拉瓦拉 (Monish Patolawala)。麥克和莫尼什將發表一些正式評論，然後我們將開放供您提問。請注意，今天的收益發布和伴隨本次電話會議的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 introduce the dates for our 2021 quarterly earnings conference calls, which will be held on April 27, July 27 and October 26.

請參閱投影片 2。在開始之前，我想介紹我們的 2021 年季度財報電話會議的日期，該會議將於 4 月 27 日、7 月 27 日和 10 月 26 日舉行。

Please take a moment to read the forward-looking statement on Slide 3. 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.

請花一點時間閱讀投影片 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 未來業績和財務表現的看法。這些陳述是基於對未來事件的某些假設和預期，這些假設和預期存在風險和不確定性。我們最新的 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。

Finally, 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 note, we have provided segment and total company adjusted EBITDA reconciliations for reference in today's press release attachments as part of our non-GAAP measures.

最後，在今天的演示中，我們將參考某些非公認會計準則財務指標。非公認會計原則措施的調節可以在今天新聞稿的附件中找到。請注意，作為我們非公認會計準則措施的一部分，我們在今天的新聞稿附件中提供了部門和公司整體調整後 EBITDA 調節表以供參考。

Please turn to Slide 4, and I'll hand it off to Mike. Mike?

請翻到投影片 4，我會將其交給麥克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. The 3M team finished the year strong as we continue to execute well, innovate for our customers and fight the pandemic from every angle. In an uncertain economic environment, we delivered organic growth in all business groups and geographic areas, along with margin expansion, a double-digit increase in earnings and strong cash flow during the fourth quarter.

謝謝你，布魯斯。大家早安，感謝您加入我們。3M 團隊繼續出色執行、為客戶創新並從各個角度對抗疫情，從而以強勁的表現結束了這一年。在不確定的經濟環境中，我們在所有業務集團和地理區域實現了有機增長，同時利潤率擴大，盈利實現兩位數增長，第四季度現金流強勁。

Throughout 2020, I am proud of how 3M stepped up to help meet the extraordinary challenges facing the world, which includes our comprehensive response to COVID-19. Last year, we also took actions to transform for the future, advance our core values and strengthen our balance sheet through robust cash generation. At the same time, we know that more work remains to deliver for our customers, shareholders and all stakeholders.

2020 年，我對 3M 如何挺身而出、幫助應對世界面臨的非凡挑戰（包括我們對 COVID-19 的全面應對）感到自豪。去年，我們也採取行動面向未來進行轉型，提升我們的核心價值觀，並透過強勁的現金產生來強化我們的資產負債表。同時，我們知道還有更多的工作需要為我們的客戶、股東和所有利害關係人提供服務。

Moving forward, we will build on our progress and continue to prioritize investments in growth, productivity and sustainability. 3M is well positioned as we head into 2021. And today, we are providing guidance for the year where we expect a return to healthy growth. Overall, I'm confident in our ability to deliver a successful 2021, lead through the economic recovery and capitalize on opportunities from emerging trends that are favorable to 3M and our market-leading businesses.

展望未來，我們將繼往開來，繼續優先投資於成長、生產力和永續性。邁入 2021 年，3M 已做好充分準備。今天，我們為預計恢復健康成長的一年提供指導。總體而言，我相信我們有能力在 2021 年取得成功，引領經濟復甦，並利用有利於 3M 和我們市場領先業務的新興趨勢帶來的機會。

Please turn to Slide 5. Company-wide, total sales in the fourth quarter increased to $8.6 billion, with organic growth of 6% and earnings of $2.38 per share, up 22% year-on-year on an adjusted basis. Demand remains strong in end markets such as personal safety, home cleaning and semiconductors, and we saw sequential improvement in general industrial and automotive OEM. We also saw ongoing weakness in other end markets, including health care and oral care elective procedures, which declined sequentially as they continued to be impacted by COVID-19.

請參閱投影片 5。第四季全公司總銷售額增至 86 億美元，有機成長 6%，每股收益 2.38 美元，調整後年增 22%。個人安全、家庭清潔和半導體等終端市場的需求仍然強勁，我們看到一般工業和汽車 OEM 的連續改善。我們也看到其他終端市場持續疲軟，包括醫療保健和口腔護理選擇性手術，由於繼續受到 COVID-19 的影響，這些市場連續下降。

Geographically, organic growth was led by the Americas, up 8%, with the United States up 9%. EMEA grew 6% and Asia Pacific grew 2%, with China up 14%. Our team delivered another quarter of good operational performance. We expanded our adjusted EBITDA margins to over 27% with all business groups above 26% and increased our adjusted cash flow to $2.1 billion.

從地理上看，有機成長以美洲為主導，成長了 8%，其中美國成長了 9%。歐洲、中東和非洲地區成長 6%，亞太地區成長 2%，其中中國成長 14%。我們的團隊又一個季度取得了良好的營運表現。我們將調整後的 EBITDA 利潤率擴大至 27% 以上，所有業務集團均超過 26%，並將調整後的現金流量增加至 21 億美元。

That wraps up my opening comments. I will come back to discuss our full year performance along with my perspective on 2021 after Monish takes you through the details of the quarter. Monish?

我的開場白就到此結束。在 Monish 向您介紹本季度的詳細資訊後，我將回來討論我們的全年業績以及我對 2021 年的看法。莫尼什？

Thank you, Mike, and I wish you all a very good morning. Please turn to Slide 6. Company-wide, fourth quarter sales were $8.6 billion, up 5.8% year-on-year. This result was better than we had anticipated. Our personal safety team continued to execute well in expanding respirator production to support pandemic-related demand.

謝謝你，麥克，祝大家早安。請參閱投影片 6。第四季全公司銷售額為 86 億美元，年增 5.8%。這個結果比我們預期的還要好。我們的個人安全團隊繼續在擴大呼吸器生產方面表現出色，以滿足與疫情相關的需求。

We also saw continued end-market strength through year-end in automotive OEM, electronics and home improvement. Strong operating rigor and disciplined cost management drove robust adjusted operating income of $1.8 billion, up 20%, with adjusted operating margins of 21.5%, up 250 basis points year-on-year.

我們也看到汽車 OEM、電子和家居裝修領域的終端市場在年底持續強勁。嚴格的營運嚴謹性和嚴格的成本管理推動調整後營業收入強勁增長 20%，達 18 億美元，調整後營業利潤率為 21.5%，同比增長 250 個基點。

On the right-hand side of this slide, you can see the components that impacted margins. Organic volume growth, along with our ongoing cost management and productivity efforts, were the biggest contributor to our margin improvement, adding 160 basis points. Included in this 160 basis point benefit were 2 items that I had called out during a conference in early December.

在此投影片的右側，您可以看到影響利潤的元件。銷售的有機成長，加上我們持續的成本管理和生產力努力，是我們利潤率提高的最大貢獻者，增加了 160 個基點。這 160 個基點的好處包括我在 12 月初的一次會議上提出的 2 個項目。

First, we exited a product line within our closure, masking and packaging business and sold the related property in Q4. This resulted in a pretax gain of $54 million or 60 basis points margin benefit. Please note that this gain is included in Safety and Industrial's Q4 operating income.

首先，我們退出了封閉、遮蔽和包裝業務中的一條產品線，並在第四季度出售了相關資產。這帶來了 5,400 萬美元的稅前收益或 60 個基點的利潤收益。請注意，這項收益包含在安全與工業第四季的營業收入中。

And second, we had increased our respirator mask reserve by $107 million in Q4, which resulted in a 90 basis point headwind to margins year-on-year. For the full year, we increased our respirator mask reserve by roughly $130 million, which is a little higher than the $100 million average over the last few years. This increase in our reserve is reflected in Corporate and Unallocated.

其次，我們在第四季將呼吸面罩儲備增加了 1.07 億美元，這導致利潤率年減 90 個基點。全年，我們將口罩儲備增加了約 1.3 億美元，略高於過去幾年 1 億美元的平均水準。我們儲備金的增加反映在公司儲備金和未分配儲備金。

As you may have noticed, adjusting for last year's significant litigation charge, our fourth quarter Corporate and Unallocated expense was up approximately $100 million year-on-year. This increase was primarily driven by our update to our respirator mask reserve, along with impacts from ongoing legal costs as we continue to manage PFAS and other legal proceedings.

您可能已經注意到，在調整去年的重大訴訟費用後，我們第四季的公司和未分配費用比去年同期增加了約 1 億美元。這一增長主要是由於我們更新了呼吸面罩儲備，以及我們繼續管理 PFAS 和其他法律程序而產生的持續法律費用的影響。

Turning to selling prices and raw materials, which was an 80 basis point year-on-year benefit to margins. This benefit was driven by the combination of higher selling prices and lower raw material cost versus last year's fourth quarter. Note, approximately half of our fourth quarter selling price performance was benefited by lower year-on-year volume-related customer rebates and markets that were most impacted by the pandemic.

談到銷售價格和原材料，利潤率比去年同期提高了 80 個基點。與去年第四季相比，這一收益是由更高的銷售價格和更低的原材料成本共同推動的。請注意，我們第四季約一半的銷售價格表現得益於與銷售相關的客戶回扣同比下降以及受疫情影響最嚴重的市場。

Acquisition and divestitures contributed 10 basis points year-on-year. Foreign currency net of hedging impacts decreased margins by 10 basis points. And lastly, while the fourth quarter pretax restructuring charge of $137 million was similar to last year's charge, restructuring provided a 10 basis point benefit to margins year-on-year due to this year's higher sales.

收購和剝離年比貢獻了10個基點。扣除對沖影響後的外幣利潤率下降了 10 個基點。最後，雖然第四季度稅前重組費用為 1.37 億美元，與去年的費用相似，但由於今年銷售額較高，重組為利潤率帶來了 10 個基點的同比收益。

Let's now turn to Slide 7 for a closer look at earnings per share. Fourth quarter earnings were $2.38 per share, up 22% from last year on an adjusted basis. First, as discussed on the prior slide, organic growth and ongoing cost management and productivity efforts delivered $0.43 per share to earnings growth. This included a $0.09 benefit from the gain on sale of property and a $0.10 headwind from the increased respirator mask reserve.

現在讓我們轉向幻燈片 7 來詳細了解每股收益。第四季每股收益為 2.38 美元，調整後較去年增長 22%。首先，正如上一張幻燈片所討論的，有機成長以及持續的成本管理和生產力努力為每股盈餘成長帶來了 0.43 美元。其中包括出售房產收益帶來的 0.09 美元收益，以及呼吸面罩儲備增加的 0.10 美元阻力。

Acquisitions and divestitures reduced earnings by $0.02, and foreign exchange impacts added $0.02 to per-share earnings year-on-year. The strength of the 3M business model, strong cash flow and liquidity position gave us the opportunity in Q4 to retire $1 billion of debt early that was due to mature in 2021. As a result, we incurred higher net interest in the quarter, which, combined with higher shares outstanding, reduced earnings by $0.03.

收購和資產剝離使收益減少了 0.02 美元，外匯影響使每股收益比去年同期增加了 0.02 美元。3M 業務模式的優勢、強勁的現金流和流動性狀況使我們有機會在第四季度提前償還原定於 2021 年到期的 10 億美元債務。因此，本季我們產生了更高的淨利息，加上已發行股票的增加，導致收益減少了 0.03 美元。

Finally, a lower tax rate versus last year provided a $0.03 benefit to earnings per share. The lower tax rate was primarily a function of the mix of pretax income around the world.

最後，與去年相比較低的稅率使每股收益增加了 0.03 美元。較低的稅率主要是世界各地稅前所得組合的函數。

Please turn to Slide 8 for a discussion of our cash flow and balance sheet. We delivered another quarter of robust free cash flow with fourth quarter adjusted free cash flow of $2.1 billion, up 16% year-over-year, with conversion of 151%. Cash flows in the quarter were primarily driven by robust income and daily management of working capital.

請參閱投影片 8，以了解我們的現金流量和資產負債表的討論。我們又一個季度實現了強勁的自由現金流，第四季度調整後自由現金流為 21 億美元，年增 16%，轉換率為 151%。本季的現金流主要由強勁的收入和營運資金的日常管理所驅動。

For the full year, we generated adjusted free cash flow of $6.7 billion, up 18%. Fourth quarter capital expenditures were $422 million and were $1.5 billion for the year. During the quarter, we returned $848 million to our shareholders via dividends and $3.4 billion for the year. Share repurchases remain suspended throughout the quarter given the continued global economic uncertainty.

全年調整後自由現金流為 67 億美元，成長 18%。第四季資本支出為 4.22 億美元，全年資本支出為 15 億美元。本季度，我們透過股息向股東返還 8.48 億美元，全年向股東返還 34 億美元。鑑於全球經濟持續存在不確定性，整個季度的股票回購仍暫停。

Our strong fourth quarter cash flow generation and disciplined capital allocation enabled us to continue to strengthen our capital structure. We ended the quarter with $5.1 billion in cash and marketable securities on hand and reduced net debt by $1.3 billion or 9% sequentially.

第四季強勁的現金流產生和嚴格的資本配置使我們能夠繼續加強我們的資本結構。本季結束時，我們手頭上有 51 億美元的現金和有價證券，淨債務環比減少了 13 億美元，即 9%。

For the year, we improved our net debt position by $4.1 billion or 23%. As a result, we exited the year with net debt to EBITDA of 1.5, down from 2.3 at the end of 2019. This significant improvement in our net debt position, along with our strong cash flow generation capability, provides us increased financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.

今年，我們的淨債務狀況改善了 41 億美元，即 23%。結果，我們今年結束時的淨債務與 EBITDA 比率為 1.5，低於 2019 年底的 2.3。我們的淨債務狀況的顯著改善，加上我們強大的現金流產生能力，為我們提供了更大的財務靈活性，以投資我們的業務、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 9, where I will summarize the business group performance for Q4. I will start with our Safety and Industrial business, which posted organic growth of 11.4% year-on-year in the fourth quarter. This result includes an approximate 10 percentage point benefit from pandemic-related respirator mask demand. Overall, general industrial manufacturing activity continued to improve during Q4. However, customers and channel partners continue to remain cautious given ongoing macroeconomic uncertainty.

請參閱投影片 9，我將在其中總結第四季的業務部門績效。我先從我們的安全和工業業務開始，該業務第四季同比有機增長 11.4%。這項結果包括與疫情相關的呼吸面罩需求帶來約 10 個百分點的收益。整體而言，第四季一般工業製造業活動持續改善。然而，鑑於宏觀經濟持續存在不確定性，客戶和通路合作夥伴繼續保持謹慎態度。

Personal safety posted double-digit organic growth year-on-year driven by continued demand for respirators. Industrial adhesives and tapes grew mid-single digits, while the electrical markets business was up low single digits.

在呼吸器持續需求的推動下，個人安全業務較去年同期實現兩位數有機成長。工業用黏合劑和膠帶成長了中個位數，而電氣市場業務成長了低個位數。

The strong growth in the residential housing market continue to drive good performance in our roofing granules business, which was up double digits organically versus Q4 of last year. The rest of the Safety and Industrial portfolio, namely automotive aftermarket, abrasives and closure and masking, declined year-on-year. Safety and Industrial's fourth quarter segment operating margins were 27.7%, up 690 basis points, driven by strong leverage on sales growth and continued productivity and spending discipline, along with the previously mentioned gain on sale of real estate.

住宅市場的強勁成長繼續推動我們的屋頂顆粒業務取得良好業績，與去年第四季相比有機成長了兩位數。安全和工業產品組合的其餘部分，即汽車售後市場、磨料以及封閉和遮蔽，比去年同期下降。安全與工業部門第四季營業利潤率為 27.7%，成長 690 個基點，這得益於銷售成長的強大槓桿作用、持續的生產力和支出紀律，以及前面提到的房地產銷售收益。

Moving to Transportation and Electronics. After a challenging last 2 years, fourth quarter organic sales growth turned positive, up 1.4% as compared to last year. Our electronics-related business was up 2% with continued strong growth in semiconductor, factory automation and data centers, which was partially offset by year-on-year softness in consumer electronics.

轉向運輸和電子。在經歷了過去兩年的挑戰之後，第四季有機銷售成長轉為正數，比去年增長 1.4%。我們的電子相關業務成長了 2%，半導體、工廠自動化和資料中心持續強勁成長，但消費性電子產品較去年同期疲軟部分抵銷了成長。

Our auto OEM business was up 18% year-on-year compared to the 3% increase in global car and light truck builds. For the full year, our automotive business outperformed global builds by approximately 700 basis points.

我們的汽車 OEM 業務年增 18%，而全球轎車和輕型卡車製造業務僅成長 3%。全年來看，我們的汽車業務表現優於全球業務約 700 個基點。

Advanced materials and transportation safety returned to growth year-on-year driven by improving end market trends in automotive and highway infrastructure. Commercial solutions continued to be down year-on-year due to negative pandemic-related impacts on advertising spend and demand for workplace cleaning and safety products and solutions. Transportation and Electronics' fourth quarter operating margins were 21.8%, up 100 basis points on positive sales growth and continued cost discipline.

在汽車和公路基礎設施終端市場趨勢改善的推動下，先進材料和運輸安全較去年同期恢復成長。由於疫情對廣告支出以及對工作場所清潔和安全產品和解決方案的需求產生負面影響，商業解決方案繼續同比下降。運輸和電子產品第四季度營業利潤率為 21.8%，由於銷售的積極增長和持續的成本控制，增長了 100 個基點。

Turning to Health Care. Some parts of the world were challenged with rising COVID-19 cases throughout Q4. As a result, those health care providers experienced sequential declines in the elective procedure volumes, which negatively impacted parts of our business.

轉向醫療保健。在整個第四季度，世界一些地區面臨著 COVID-19 病例不斷增加的挑戰。結果，這些醫療保健提供者的選擇性手術量連續下降，這對我們的部分業務產生了負面影響。

At the same time, we continue to experience strong pandemic-related demand for respirators to protect frontline health care workers, which more than offset the headwinds from the decline in elective procedure volumes. As a result, our Health Care business delivered fourth quarter organic sales growth of 6.6% versus last year.

同時，我們繼續感受到與大流行相關的對呼吸器的強勁需求，以保護第一線醫護人員，足以抵消選擇性手術量下降的不利影響。因此，我們的醫療保健業務第四季有機銷售額較去年成長 6.6%。

The Medical Solutions business grew low double digits driven by continued strong respirator demand. Excluding respirators, organic growth in this business was flat. Our oral care business organic sales were flat year-over-year as it dealt with rising COVID cases.

在持續強勁的呼吸器需求的推動下，醫療解決方案業務實現了兩位數的低成長。不包括呼吸器，該業務的有機成長持平。由於應對不斷增加的新冠病例，我們的口腔護理業務有機銷售額比去年同期持平。

The separation and purification business increased low double digits year-on-year. This business continues to experience solid demand for biopharma filtration solutions in support of the pharmaceutical industry's research and manufacturing efforts to develop vaccines and therapeutic treatments for COVID.

分離純化業務較去年同期低兩位數成長。該業務對生物製藥過濾解決方案的需求持續強勁，以支持製藥業開發新冠疫苗和治療方法的研究和製造工作。

Turning to health information systems, which declined mid-single digits organically, as hospitals continued to remain cautious relative to the information technology investments. And finally, food safety was up low single digits organically versus last year.

轉向衛生資訊系統，由於醫院對資訊科技投資繼續保持謹慎態度，該系統有機下降了中個位數。最後，與去年相比，食品安全有機成長了低個位數。

Health Care's fourth quarter operating margins were 24.7%, up 340 basis points year-on-year, with adjusted EBITDA margins of 31.7%. Fourth quarter margins were driven by continued strong execution and cost management, which was partially offset by the higher year-on-year restructuring costs.

醫療保健第四季營業利益率為24.7%，較去年成長340個基點，調整後EBITDA利潤率為31.7%。第四季度的利潤率是由持續強勁的執行和成本管理推動的，但同比重組成本的上升部分抵消了這一影響。

Lastly, fourth quarter organic growth for our Consumer business was up 10% as retailers saw continued strong customer demand throughout the holiday season. Growth in this business continues to be driven by strong consumer demand for our category-leading brands, namely Filtrete, Scotch, ScotchBlue, Scotch-Brite, Command and Meguiar's. We also continue to see very strong growth in e-commerce channels as the pandemic has accelerated years' worth of changes in consumer shopping behavior.

最後，由於零售商在整個假期期間看到持續強勁的客戶需求，我們的消費者業務第四季有機成長了 10%。該業務的成長持續受到消費者對我們類別領先品牌（即 Filtrete、Scotch、ScotchBlue、Scotch-Brite、Command 和 Meguiar's）的強勁需求的推動。我們也持續看到電子商務通路的強勁成長，因為疫情加速了消費者購物行為多年來的變化。

Organic sales growth within Consumer continued to be led by our home improvement and home care businesses, each up double digits organically. Stationery and office declined low single digits as many business offices and schools remain partially or fully closed due to the ongoing impact of the pandemic.

消費者內部的有機銷售成長持續由我們的家居裝修和家庭護理業務引領，每項有機成長均達到兩位數。由於疫情的持續影響，許多企業辦事處和學校仍然部分或完全關閉，文具和辦公室下降了低個位數。

Consumer's operating margins were 23.5% or similar to last year. As we have previously mentioned, we have been stepping up investments in advertising and merchandising and new product innovation to address changing consumer demand trends. Lastly, similar to Health Care, operating margins were impacted by higher year-on-year restructuring costs.

消費者業務的營業利益率為 23.5%，與去年持平。正如我們之前提到的，我們一直在增加對廣告、行銷以及新產品創新的投資，以滿足不斷變化的消費者需求趨勢。最後，與醫療保健類似，營業利潤率受到較去年同期重組成本較高的影響。

That wraps up the review of fourth quarter results. Please turn to Slide 10, and I will hand it back over to Mike. Mike?

第四季業績回顧到此結束。請翻到投影片 10，我會交還給麥克。麥克風？

Thank you, Monish. Looking at our 2020 performance, we posted an organic sales decline of 2% and adjusted earnings of $8.74 per share. We increased adjusted free cash flow by 18% to $6.7 billion with a conversion rate of 132%, which demonstrates the strength of our business model and our continued ability to perform across economic cycles. Additionally, we posted a good return on invested capital of 18% and expanded our adjusted EBITDA margins to over 27%, up 100 basis points year-on-year.

謝謝你，莫尼什。看看我們 2020 年的業績，我們的有機銷售額下降了 2%，調整後每股收益為 8.74 美元。我們調整後的自由現金流增加了 18%，達到 67 億美元，轉換率為 132%，這證明了我們業務模式的優勢以及我們在整個經濟週期中持續表現的能力。此外，我們的投資資本報酬率為 18%，調整後 EBITDA 利潤率擴大至 27% 以上，較去年同期成長 100 個基點。

Our strong cash flow, along with disciplined capital allocation, helped us reduce net debt by over $4 billion in the year. During the year, we strengthened our Health Care portfolio with the successful integration of Acelity and the completion of the divestiture of drug delivery. We returned $3.8 billion to our shareholders through cash dividends and share repurchases, and last year marked our 62nd consecutive year of dividend increases. Beyond financial results, 2020 was a year where 3M stepped up when we were needed the most.

我們強勁的現金流以及嚴格的資本配置幫助我們在這一年減少了超過 40 億美元的淨債務。這一年裡，我們成功整合了 Acelity 並完成了藥品輸送業務的剝離，強化了我們的醫療保健產品組合。我們透過現金股利和股票回購向股東返還 38 億美元，去年是我們連續 62 年增加股利。除了財務表現之外，2020 年也是 3M 在我們最需要的時候挺身而出的一年。

Please turn to Slide 11. Throughout the pandemic, 3Mers have been relentless in applying science to improve lives and make the world a better place. Our COVID-19 response has been guided by 3 priorities: protecting our employees, fighting the pandemic from every angle and delivering for our customers and shareholders.

請翻到投影片 11。在整個大流行期間，3Mers 一直堅持不懈地應用科學來改善生活，讓世界變得更美好。我們的 COVID-19 應對措施以 3 個優先事項為指導：保護我們的員工、從各個角度對抗這場流行病以及為我們的客戶和股東提供服務。

Beginning last January, we immediately activated our surge capacity and doubled our production of respirators to help protect nurses, doctors and first responders. We have since worked tirelessly to bring on more capacity, which includes additional investments from 3M and partnerships with governments at all levels.

從去年一月開始，我們立即啟動了緊急應變能力，並將呼吸器的產量增加了一倍，以幫助保護護士、醫生和急救人員。此後，我們不懈地努力增加產能，其中包括 3M 的額外投資以及與各級政府的合作。

In total, last year, we produced and delivered 2 billion respirators globally, with approximately half in the United States. Today, we are at an annual run rate of 2.5 billion respirators, a fourfold increase versus 2019.

去年，我們總共在全球生產和交付了 20 億個呼吸器，其中約一半在美國。如今，我們的呼吸器年產量為 25 億個，比 2019 年增加了四倍。

At the same time, we have worked closely with governments, law enforcement and retailers to fight fraud. To date, we have helped identify more than 8 million counterfeit respirators, protecting health care workers from bad actors.

同時，我們與政府、執法部門和零售商密切合作，打擊詐欺行為。迄今為止，我們已幫助識別了超過 800 萬個假呼吸器，保護醫護人員免受不良行為的侵害。

Beyond providing respirators and other important personal protective equipment, we have helped the world recover in other ways. For example, our biopharma filtration solutions have enabled the development and manufacture of critical vaccines and therapeutics. We also took significant actions throughout the year to position ourselves for long-term growth and value creation.

除了提供呼吸器和其他重要的個人防護設備外，我們還以其他方式幫助世界復原。例如，我們的生物製藥過濾解決方案使關鍵疫苗和治療藥物的開發和製造成為可能。我們也全年採取了重大行動，為長期成長和價值創造做好準備。

We continue to strengthen our innovation, which remains at the center of our 3M model. And last year, we invested $3.4 billion in the combination of research and development and CapEx. Our team also found ways to innovate differently and faster in response to the pandemic and to serve growing market trends. We formed partnerships with other companies to expand respirator production. We introduced new daily face coverings. And we quickly adapted our cleaning product lines to serve new customers.

我們不斷加強創新，這仍然是我們 3M 模式的核心。去年，我們在研發和資本支出方面投資了 34 億美元。我們的團隊也找到了以不同方式、更快地進行創新的方法，以應對這場流行病並服務於不斷增長的市場趨勢。我們與其他公司建立了合作關係，以擴大呼吸器的生產。我們推出了新的日常面罩。我們迅速調整了我們的清潔產品線以服務新客戶。

We created new products to improve indoor air quality, biopharma filtration and automotive electrification, just a few of our priority growth platforms. We rolled out cutting-edge solutions to improve the performance of electric car batteries, one element of our work to enable more sustainable vehicle designs.

我們創造了新產品來改善室內空氣品質、生物製藥過濾和汽車電氣化，這只是我們優先發展平台的一部分。我們推出了尖端解決方案來提高電動車電池的性能，這是我們實現更永續的車輛設計的工作要素之一。

For the full year, our priority growth platforms grew 7%, outperforming the markets they serve. We also continue to see benefits from the global operating model we implemented last January. Our model enabled us to respond to the pandemic with agility and resilience, from our significant expansion of PPE production to our ability to maintain business continuity, serve our customers and ensure the integrity of our supply chain.

全年，我們的優先成長平台成長了 7%，表現優於其所服務的市場。我們也持續看到去年一月實施的全球營運模式帶來的好處。我們的模式使我們能夠靈活而有彈性地應對這一流行病，從大幅擴大個人防護裝備生產到保持業務連續性、服務客戶和確保供應鏈完整性的能力。

Our enterprise operations team is applying learnings from our expansion of respirator production into other areas of 3M. For example, we are deploying new technology and using our analytic platforms to double our Filtrete capacity. We also took steps to optimize our model and further streamline our organization, initiating a restructuring in December that will reduce annual operating costs by $250 million to $300 million.

我們的企業營運團隊正在將我們從呼吸器生產擴張中學到的知識應用到 3M 的其他領域。例如，我們正在部署新技術並使用我們的分析平台將 Filtrete 容量提高一倍。我們還採取措施優化我們的模式並進一步精簡我們的組織，並於 12 月啟動重組，這將減少年度營運成本 2.5 億至 3 億美元。

In summary, as I look across 2020, I am proud of our accomplishments and our people, from the 50,000 3Mers in our factories to our colleagues who volunteered to relocate and help scale up new respirator lines, to the retirees who came back to staff our hotline, answering calls from home. People across 3M have stepped up to make a difference, and I thank our entire team for their incredible contributions in 2020.

總而言之，展望 2020 年，我為我們的成就和我們的員工感到自豪，從我們工廠的 50,000 名 3Mers，到自願搬遷並幫助擴大新呼吸器生產線的同事，再到回到我們工廠工作的退休人員。熱線電話，接聽家裡的電話。3M 員工已經挺身而出，做出了改變，我感謝我們整個團隊在 2020 年做出的令人難以置信的貢獻。

Please turn to Slide 12. We expect to deliver a strong performance in 2021 with organic growth of 3% to 6%, improved earnings, margin expansion and strong cash flow. And Monish will take you through the details shortly.

請翻到投影片 12。我們預計 2021 年將實現強勁業績，有機成長 3% 至 6%，獲利改善、利潤率擴張和強勁的現金流。莫尼什很快就會向您介紹詳細資訊。

We have aggressively prioritized investments throughout the pandemic, and we will accelerate our efforts in 2021 with ongoing focus on growth, productivity and sustainability. We will increase investments in areas with strong growth opportunities such as personal safety, home improvement and health care with continued emphasis on our priority growth platforms.

在整個疫情期間，我們積極優先安排投資，我們將在 2021 年加快努力，持續專注於成長、生產力和永續性。我們將增加對人身安全、家居裝修和醫療保健等具有強勁成長機會的領域的投資，並繼續強調我們的優先成長平台。

The rapid movement to an even more digital-first world also opens additional opportunities for 3M. We are pioneering innovations that improve performance of data centers and semiconductor manufacturing, which will be more relevant moving forward. We will also do more to leverage e-commerce, along with digital technologies to better serve our customers. Ultimately, we have big opportunities to unleash 3M Science and drive sustainable long-term growth, and we will ensure that our teams have the resources to capitalize.

快速邁向更數位化的世界也為 3M 帶來了更多機會。我們正在開拓創新，提高資料中心和半導體製造的效能，這將在未來變得更加重要。我們還將採取更多措施利用電子商務和數位技術來更好地服務我們的客戶。最終，我們擁有釋放 3M 科學潛力並推動可持續長期成長的巨大機會，並且我們將確保我們的團隊擁有可利用的資源。

We continue to advance the digitization of 3M while also accelerating our use of data and analytics in everything we do. Further strengthening our supply chain is a priority in 2021 with a focus on highly sustainable, disruptive and safe manufacturing technology, which will help us deliver on our promises to customers and shareholders.

我們繼續推進 3M 的數位化，同時也在我們所做的一切中加速數據和分析的使用。進一步加強我們的供應鏈是 2021 年的首要任務，重點是高度永續、顛覆性和安全的製造技術，這將有助於我們兌現對客戶和股東的承諾。

To that end, I want to close by talking about the commitments we will keep in 2021 and beyond: leading our industry in science, society and sustainability. 3M Science drives our business forward. We leverage and combine our technologies in unique ways across the company, creating new products and new lines of business, and we are positioned to do even more to deliver differentiated value for our customers into the future.

為此，我想在結束時談談我們在 2021 年及以後將履行的承諾：在科學、社會和永續發展方面引領我們的產業。3M Science 推動我們的業務向前發展。我們在整個公司以獨特的方式利用和結合我們的技術，創造新產品和新業務線，並且我們有能力做更多的事情，為我們的客戶提供未來的差異化價值。

In a similar way, 3M is partnering with our communities to improve society. In 2020, we took steps to advance our core values, including diversity, equity and inclusion. And in the coming year, we will hold ourselves accountable to new goals to support underrepresented groups at 3M, building on our recent progress. We will also be releasing a new global diversity, equity and inclusion report with details on our metrics.

以類似的方式，3M 正在與我們的社區合作，以改善社會。2020 年，我們採取措施推進我們的核心價值觀，包括多元化、公平和包容。來年，我們將在最近取得的進展的基礎上，對新目標負責，以支持 3M 中代表性不足的群體。我們還將發布一份新的全球多元化、公平和包容性報告，其中詳細介紹了我們的指標。

We remain committed to sustainability, which includes using science to proactively manage PFAS and to enable success in our ongoing work with communities and governments to advance our environmental stewardship. We will continue to increase investments to make our factories more sustainable, including $100 million in investments this year, which is included in our 2021 CapEx guidance, to further reduce water usage and improve water quality around our manufacturing sites.

我們仍然致力於永續發展，其中包括利用科學主動管理 PFAS，並確保我們與社區和政府的持續合作取得成功，以推動我們的環境管理。我們將繼續增加投資，使我們的工廠更具可持續性，其中包括今年1 億美元的投資（已包含在我們的2021 年資本支出指南中），以進一步減少用水量並改善我們製造工廠周圍的水質。

To help address questions you have been asking, I would also like to touch on our strong history of working with governments and leveraging science to solve big challenges around the world. We have had productive conversations with President Biden's transition team and now the administration about their COVID-19 response, and we have open lines of communication. We will continue to do all we can to get respirators and other personal protective equipment to frontline workers and help America and the world beat the pandemic.

為了幫助解決您一直提出的問題，我還想談談我們與政府合作以及利用科學解決世界各地重大挑戰的悠久歷史。我們與拜登總統的過渡團隊以及現在的政府就他們的 COVID-19 應對措施進行了富有成效的對話，並且我們擁有開放的溝通管道。我們將繼續竭盡全力為第一線工作人員提供呼吸器和其他個人防護設備，幫助美國和世界克服這場流行病。

On environmental stewardship, we share a common goal with governments of improving water quality and doing so in a way that is based on sound science, established regulatory processes and collaboration with a broad range of stakeholders. We look forward to working with President Biden's administration and congressional leaders to pursue these shared goals, including through the remediation of PFAS, where appropriate. And we aim to build on the successful public-private partnerships that 3M has led globally throughout our history as a company.

在環境管理方面，我們與各國政府有著共同的目標，即改善水質，並以基於可靠科學、既定監管流程以及與廣泛利益相關者合作的方式實現這一目標。我們期待與拜登總統的政府和國會領導人合作，實現這些共同目標，包括在適當的情況下透過修復 PFAS。我們的目標是在 3M 公司歷史上在全球範圍內領導的成功的公私合作夥伴關係的基礎上再接再厲。

To wrap up, we are confident about what's ahead in 2021 and in our ability to create more value from the 3M model and build an even more competitive and sustainable enterprise. I will now turn the call over to Monish to cover the details of our guidance. Monish?

總而言之，我們對 2021 年的前景充滿信心，也對我們透過 3M 模式創造更多價值並建立更具競爭力和可持續發展的企業的能力充滿信心。我現在將把電話轉給莫尼什，以介紹我們的指導細節。莫尼什？

Thanks, Mike. Please turn to Slide 13. As Mike mentioned, we are initiating full year 2021 guidance as end-market visibility has continued to improve despite ongoing macroeconomic uncertainty. As a result, we will no longer be reporting monthly sales updates as we had in 2020.

謝謝，麥克。請翻到投影片 13。正如麥克所提到的，儘管宏觀經濟持續存在不確定性，但終端市場能見度持續改善，我們正在啟動 2021 年全年指引。因此，我們將不再像 2020 年那樣報告每月銷售更新。

Looking at sales. We are forecasting total sales growth of 5% to 8%, with organic growth in the range of 3% to 6%. Earnings per share is projected to be between $9.20 and $9.70 or up 5% to 11% on an adjusted basis. The primary contributors to earnings growth in 2021 include: organic sales growth, productivity as we continue to increase our focus on operating rigor through daily management and leveraging the use of data and data analytics and our ongoing efforts to advance and streamline our global operating model. And lastly, we anticipate benefits from foreign currency due to the weaker U.S. dollar.

看銷量。我們預計總銷售額將成長 5% 至 8%，有機成長在 3% 至 6% 範圍內。每股盈餘預計在 9.20 美元至 9.70 美元之間，調整後成長 5% 至 11%。2021 年獲利成長的主要貢獻因素包括：有機銷售成長、生產力，因為我們透過日常管理、利用數據和數據分析繼續加強對營運嚴謹性的關注，以及我們不斷努力推進和簡化我們的全球營運模式。最後，由於美元疲軟，我們預期外匯將帶來好處。

Partially offsetting these benefits are anticipated year-on-year headwinds from the Q4 2020 gain on sale of real estate, an expected increase in areas such as travel, variable incentive compensation and advertising and merchandising investments.

預計 2020 年第四季房地產銷售收益將出現同比阻力，旅遊、可變激勵薪酬以及廣告和商品投資等領域的預期成長將部分抵銷這些收益。

Turning to cash. We expect another year of robust cash flow, with free cash flow conversion in the range of 95% to 105%. From a capital allocation perspective, our first priority remains investing organically in our business, including R&D and CapEx. As we have noted, we are increasing investments in growth, productivity and sustainability in 2021. As a result, CapEx for the year is expected to be in the range of $1.8 billion to $2 billion.

轉向現金。我們預計現金流又將強勁，自由現金流轉換率將在 95% 至 105% 之間。從資本配置的角度來看，我們的首要任務仍然是對我們的業務進行有機投資，包括研發和資本支出。正如我們所指出的，我們將在 2021 年增加對成長、生產力和永續發展的投資。因此，今年的資本支出預計在 18 億美元至 20 億美元之間。

Returning cash to shareholders remains a high priority for 3M, including both dividends, along with a disciplined approach to share repurchases, which we plan to restart in 2021. Please see the appendix in today's slide presentation for additional details regarding our 2021 full year guidance.

向股東返還現金仍然是 3M 的首要任務，包括股息，以及嚴格的股票回購方式（我們計劃於 2021 年重新啟動）。請參閱今天幻燈片演示中的附錄，以了解有關我們 2021 年全年指導的更多詳細資訊。

Please turn to Slide 14. Here, you see a breakdown of our expectations for organic growth by business group, along with some of the key macroeconomic and market indicators we incorporated into our planning. Overall, the pace and success of the COVID-19 vaccine deployment and adoption will be critical for the global economy. The 2 broadest macroeconomic indicators, global GDP and IPI, are both expected to grow mid-single digits.

請翻到投影片 14。在這裡，您可以看到我們按業務部門對有機成長的預期細分，以及我們納入規劃的一些關鍵宏觀經濟和市場指標。總體而言，COVID-19 疫苗部署和採用的速度和成功對全球經濟至關重要。全球 GDP 和 IPI 這兩個最廣泛的宏觀經濟指標預計都將實現中個位數成長。

The overall electronics market is expected to be up mid-single digits. In addition, global car and light truck builds are expected to grow 14% versus 2020. Also, while health care and oral care elective procedure volumes have improved off the Q2 lows of 2020, they are currently not expected to return to pre-COVID levels until the later part of 2021.

整個電子市場預計將成長中個位數。此外，全球汽車和輕型卡車產量預計將比 2020 年增加 14%。此外，雖然醫療保健和口腔護理選擇性手術量已較 2020 年第二季度的低點有所改善，但目前預計要到 2021 年下半年才能恢復到新冠疫情前的水平。

We are also monitoring the ability and pace for people to return to the workplace and students to return to school. And finally, consumer spending, particularly retail sales and home improvement demand and e-commerce also are factors in our planning.

我們也正在監測人們返回工作場所和學生返回學校的能力和速度。最後，消費者支出，特別是零售銷售和家居裝修需求以及電子商務也是我們規劃中的因素。

Taking these factors into account, we expect the following organic growth expectations for our business groups in 2021. Starting with Safety and Industrial, where we anticipate organic local currency growth to be up mid-single digits. Transportation and Electronics is expected to be up low to high single digits. This wider range contemplates the potential for end-market variability, particularly in automotive and electronics. And finally, both our Health Care and Consumer businesses are projected to grow in the low to mid-single digits this year.

考慮到這些因素，我們預計 2021 年我們的業務部門將實現以下有機成長預期。從安全和工業領域開始，我們預計當地貨幣的有機成長將達到中個位數。運輸和電子行業預計將成長低至高個位數。這一更廣泛的範圍考慮了終端市場變化的潛力，特別是在汽車和電子產品領域。最後，我們的醫療保健和消費者業務今年預計將以低至中個位數成長。

In 2021, we will prioritize capital to our greatest market opportunities, deliver for our customers, drive commercial intensity, improve operating rigor, enhance daily management, leverage data and data analytics and continue to streamline our organization. As a result, we expect solid revenue growth, improved margins and earnings, robust free cash flow and a continued strong capital structure and financial flexibility.

2021年，我們將優先將資本用於最大的市場機會，為客戶提供服務，提高商業強度，提高營運嚴謹性，加強日常管理，利用數據和數據分析，並繼續精簡我們的組織。因此，我們預期營收將穩健成長，利潤率和收益將提高，自由現金流強勁，資本結構和財務靈活性將持續強勁。

To wrap up, in the spirit of continuous improvement, there's always more we can do and will do. I would like to thank all 3Mers for the hard work and the progress that we have made in an unprecedented year.

總而言之，本著持續改進的精神，我們總是可以做更多的事情，並且將會做更多的事情。我要感謝所有 3Mers 的辛勤工作以及我們在前所未有的一年中取得的進步。

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

在此，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 Deane Dray from RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Deane Dray。

It's nice to see you guys back in the guidance business, but I have to admit, I'm going to miss those monthly sales updates. First question for Monish. Can you comment on how the company has been benefiting from lower temporary costs, no travel or less travel, trade shows and so forth? And for 2021, what assumptions are you making about -- how do these temporary costs start to get feathered back in?

很高興看到你們回到指導行業，但我必須承認，我會懷念那些每月的銷售更新。第一個問題是問莫尼什。您能否評論一下該公司如何從較低的臨時成本、沒有旅行或減少旅行、貿易展覽等中受益？對於 2021 年，您做出哪些假設 - 這些臨時成本將如何開始回升？

Yes. So I would just say, Deane, thanks for the question. And as you know, we've done a great job as a team trying to keep our costs under control. You can see that in Q3 results, you can see that in Q4. How it'll bounce back will actually all depend on where we see the recovery of the pandemic and how the vaccine plays itself out.

是的。所以我只想說，迪恩，謝謝你的提問。如您所知，我們作為一個團隊在努力控製成本方面做得非常出色。您可以在第三季的結果中看到這一點，也可以在第四季的結果中看到這一點。它如何反彈實際上完全取決於我們看到大流行的恢復情況以及疫苗如何發揮作用。

Currently, as you can see from the guidance that we have given you, there is headwind that we are planning on the bounce-back of $0.35 to $0.45 that was put in there. And there are 2 or 3 things in there, Deane. One is, as you think about the property sales that are year-over-year that are non-repeat. Secondly, all these indirect costs, travel is a big piece of that, that comes back. And the third one is the variable compensation that gets reset for 2021. And from a 4Q to 1Q also, there would be a reset and an increase in cost.

目前，正如您從我們給您的指導中看到的那樣，我們計劃將其投入的資金反彈 0.35 美元至 0.45 美元，但存在阻力。裡面有兩三樣東西，迪恩。一個是，當你想到同比的房地產銷售時，這些銷售是不重複的。其次，在所有這些間接成本中，旅行是其中很大的一部分，而且會回來。第三個是 2021 年重置的可變薪酬。從第四季到第一季度，也會出現重置和成本增加。

So those are the factors we are looking at. And I would just say, from a quarter perspective, it's all going to depend on our -- how revenue comes across, how growth happens, how the economy recovers.

這些就是我們正在考慮的因素。我只想說，從季度的角度來看，這一切都取決於我們的收入如何、成長如何、經濟如何復甦。

The other piece, just to keep in mind, as Mike mentioned, our plan is to invest more in opportunities on growth, productivity and sustainability. And that also will have an impact on each quarter, depending on how the economy recovers.

另一件事情，請記住，正如麥克提到的，我們的計劃是對成長、生產力和永續性的機會進行更多投資。這也會對每季產生影響，這取決於經濟復甦的情況。

That's helpful. And then as a follow-up and just broadly -- I really appreciate all the work that 3M has done with regard to ramping up the respirator mask capacity and how you've responded. That's been terrific. Just want to express my appreciation. Can you comment on -- and any updates on the MIT collaboration and the rapid test system that you have in development?

這很有幫助。然後，作為後續行動，我非常感謝 3M 在提高呼吸面罩容量方面所做的所有工作以及你們的回應。那太棒了。只是想表達我的感激之情。您能否評論一下與麻省理工學院合作以及您正在開發的快速測試系統的任何更新？

Yes. Sure, Deane. Thanks for that question. Our team has been working with MIT researchers, as we've talked about, really focused on developing a low-cost rapid detection capability for COVID-19. And over the past 9 months, we've made some very significant technical advances in the design. And we're bringing our expertise in manufacturing and scaling up, working with MIT with their capabilities and technology around the assay, the measurement development.

是的。當然，迪恩。謝謝你提出這個問題。正如我們所討論的，我們的團隊一直在與麻省理工學院的研究人員合作，真正專注於開發針對 COVID-19 的低成本快速檢測能力。在過去的 9 個月裡，我們在設計方面取得了一些非常重大的技術進展。我們正在利用我們在製造和擴大規模方面的專業知識，與麻省理工學院合作，利用他們在分析、測量開發方面的能力和技術。

And we've been focused on some of the challenges that are inherent in this kind of development, which is the stability of the tests and the robustness of the device and improving sensibility -- sensitivity in the detection. And we're in the middle of the development phase. We're working to address those challenges. We've made very good progress. We'll continue to update as we go along. And we're continuing to be very, very encouraged by the partnership with MIT.

我們一直專注於此類開發中固有的一些挑戰，即測試的穩定性和設備的穩健性以及提高檢測的靈敏度。我們正處於開發階段的中期。我們正在努力應對這些挑戰。我們已經取得了很好的進展。我們將繼續更新。與麻省理工學院的合作關係讓我們深受鼓舞。

What would be the optimistic view on a rollout?

對推出的樂觀看法是什麼？

Well, we're in development. We've got to resolve some of the requirements that are here around sensitivity and stability of the device. So we're in the middle of that. We'll -- as soon as we get further along, I would say, in the development phase, we'll give you a better view of time lines.

嗯，我們正在開發中。我們必須解決有關設備靈敏度和穩定性的一些要求。所以我們正處於其中。我想說，一旦我們在開發階段取得進一步進展，我們就會讓您更了解時間軸。

Appreciate it. Best of luck to everyone.

欣賞它。祝大家好運。

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

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

Wanted just to dig in on the T&E guide a little bit. I mean it's going to drive a truck through that low to high range. And when I look at it at least and based on what we've seen this quarter, it seems like the bias could be a little bit more to the higher side of that. Is there something that concerns you, perhaps maybe emerging market recovery or something like that, that concerns you that makes you a little bit more conservative on that specific segment?

只是想深入了解 T&E 指南。我的意思是它將駕駛一輛卡車通過從低到高的範圍。至少當我看到它時，根據我們本季所看到的情況，似乎偏差可能會偏向較高的一側。是否有一些讓您擔心的事情，也許是新興市場的復甦或類似的事情，讓您對特定細分市場更加保守？

Well, Scott, I'll start with something Monish said. It's great to see this business turn positive in Q4. It's a very good business that faces into markets that have very innovative customers and segments, and it's a good opportunity for us to continue to grow and leverage our innovation.

好吧，斯科特，我將從莫尼什說的話開始。很高興看到這項業務在第四季轉好。這是一項非常好的業務，面臨著擁有非常創新的客戶和細分市場的市場，這對我們來說是一個繼續發展和利用我們的創新的好機會。

As we look into 2021, we see some positive outlooks. We saw and highlighted some of the strength in semiconductor and automotive build rates turning positive in Q4. That's expected to continue to get better in 2021.

展望 2021 年，我們看到了一些正面的前景。我們看到並強調了半導體和汽車製造率在第四季轉正的一些優勢。預計 2021 年這一情況將持續好轉。

I would say there's -- we started where there's some uncertainty on how that's going to play out as we start the year. COVID is still the driving factor here, what is the visibility through that. I think we get better clarity on the plans of our customers and how they're thinking about it. There's still that uncertainty around the pandemic and how that plays out even in those areas. You see some of that in outlook of maybe some softness in consumer electronics as we start the year.

我想說的是，我們一開始就存在一些不確定性，在今年伊始，情況將如何發展。新冠肺炎仍然是這裡的驅動因素，通過它的可見性是多少。我認為我們可以更好地了解客戶的計劃以及他們的想法。疫情大流行及其在這些地區的影響仍存在不確定性。新年伊始，消費電子產品的前景可能會有些疲軟，你會看到其中的一些情況。

We also -- as a reminder, in this business, we have exposure to oil and gas and highway infrastructure and commercial solutions, which really depends on people in the office -- working in the office and in commercial setting. So there's a balance across those businesses with the view of the uncertainty in the -- how the pandemic is going to play out. And we'll get better clarity as we go through the year.

提醒一下，在這項業務中，我們也接觸到石油和天然氣以及高速公路基礎設施和商業解決方案，這實際上取決於辦公室裡的人員——在辦公室和商業環境中工作。因此，考慮到疫情將如何發展的不確定性，這些企業之間存在著平衡。隨著這一年的過去，我們會變得更加清晰。

I would just add, Scott -- to everything Mike said, I would just add the supply chain stability in the electronics and the auto OEM market, also something that we are watching. So as that plays out and that gets more stable, I think it could give us more stability and certainty on how we're going to deliver against it.

史考特，我想補充一點，麥克所說的一切，我只想補充電子產品和汽車原始設備製造商市場的供應鏈穩定性，這也是我們正在關注的事情。因此，隨著這種情況的發生並且變得更加穩定，我認為這可以為我們帶來更多的穩定性和確定性，讓我們知道如何應對它。

Okay. And then just a quick follow-up. I mean are there any tangible PFAS milestones in 2021 that you guys can remind us of?

好的。然後進行快速跟進。我的意思是，你們可以提醒我們 2021 年有任何實際的 PFAS 里程碑嗎？

Well, Scott, we continue to...

好吧，斯科特，我們繼續…

Anything at all where we can get some more color?

有什麼地方可以讓我們獲得更多顏色嗎？

Yes. I would say for us, we continue to focus on proactively managing PFAS. And that -- we've got 3 principles, and one of those is providing transparency to you and our investors. And right now, there had been scheduled -- some initial bellwether case in Michigan, that's been postponed. It's still to be determined when that will be scheduled. So we'll update as we go.

是的。我想說，對我們來說，我們將繼續專注於主動管理 PFAS。我們有 3 個原則，其中之一就是為您和我們的投資者提供透明度。現在，密西根州的一些最初的領頭羊案件已被推遲。何時安排仍有待確定。所以我們會隨時更新。

We do continue to keep our 3m.com site updated with all recent PFAS information. And we'll continue to update on whether it's litigation, our work or our work in support of regulatory standards. Any of those categories, we'll update there, and we'll update on these calls as well.

我們將繼續在 3m.com 網站上更新所有最新 PFAS 資訊。我們將繼續更新訴訟、我們的工作或支持監管標準的工作。任何這些類別，我們都會在那裡更新，我們也會更新這些電話。

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

我們的下一個問題來自高盛的 Joe Ritchie。

Maybe my first question, just trying to understand -- obviously, great ending to the year from an organic growth standpoint. I'm trying to understand, I guess, like what's embedded from a cadence perspective as we progress through 2021.

也許我的第一個問題是，只是想了解——顯然，從有機成長的角度來看，今年的結局很好。我想，隨著 2021 年的進展，我正在嘗試從節奏的角度理解嵌入的內容。

And then secondly, yes, there was some pandemic-related benefits that you received in 2020. I'm just wondering what your base case expectation is for 2021. Is there -- is it a headwind? Is it neutral? Just trying to understand that better.

其次，是的，您在 2020 年收到了一些與疫情相關的福利。我只是想知道您對 2021 年的基本情況期望是什麼。是否存在逆風？是中立的嗎？只是想更好地理解這一點。

So I'll try again, Joe. I think you're asking what's our cadence on how we're going to look at 2021. So what -- we're going to be as helpful as we can. As you know, Joe, we have initiated annual guidance. And based on where we see some of the end markets that I mentioned about in my prepared remarks, based on that, we'll see where -- how those end markets play out. That will determine how our quarterly things play out. Our guidance is, right now, organic, 3% to 6% with 5% to 8% growth in total, including FX.

所以我會再試一次，喬。我想您是在問我們如何看待 2021 年。那又怎樣——我們將盡我們所能提供幫助。如您所知，喬，我們已經啟動了年度指導。根據我在準備好的發言中提到的一些終端市場的情況，我們將看到這些終端市場的表現。這將決定我們季度業績的表現。目前我們的指導是有機成長 3% 至 6%，總成長 5% 至 8%，包括外匯。

One of the things that we have seen over the pandemic, Joe, is our normal trends that historically would see, don't seem to play itself out. So for example, in December, the company usually sees deceleration. We didn't see the deceleration. Similarly on a month-to-month trend, sometimes, what you see in variability in the months was higher due to COVID. And so therefore, my personal belief is I think you're going to see more variability throughout the year, depending on how different parts of the world play itself out.

喬，我們在這場大流行中看到的一件事是，我們歷史上會看到的正常趨勢似乎並沒有發揮作用。例如，在 12 月，公司通常會出現減速。我們沒有看到減速。同樣，在逐月趨勢中，有時，由於新冠疫情，您所看到的月份變化會更高。因此，我個人的信念是，我認為全年都會出現更多的變化，這取決於世界不同地區的表現。

We are also aggressively prioritizing our investments throughout on all the 3 items Mike mentioned: growth, productivity and sustainability. Again, that will have an impact based on how revenue plays itself out. We would love to go heavy and invest early so that we can capture the growth that's coming. But we'll have to see how the world recovers. So we'll have to just walk through that.

我們也積極優先考慮麥克提到的所有三個項目的投資：成長、生產力和永續性。同樣，這將根據收入的表現產生影響。我們希望儘早加大力度投資，以便能夠抓住即將到來的成長。但我們必須看看世界如何復甦。所以我們只能簡單介紹一下。

And then just another piece for you to keep in mind as you're thinking about the quarters is, from a restructuring charge perspective, we had announced a charge in the fourth quarter. You're going to see the balance of that charge somewhere between $110 million to $160 million in the second half of this year, and we'll tighten that as we go through the quarter.

然後，當您考慮本季時，您需要記住的另一件事是，從重組費用的角度來看，我們在第四季度宣布了一項費用。今年下半年，您將看到該費用的餘額在 1.1 億至 1.6 億美元之間，我們將在本季收緊這一比例。

So our goal is to be as helpful as we can throughout and through the various interactions we have with all of you, is to tell you what's going on in the world. But that's the way we see it right now. So hopefully, I answered your question, Joe.

因此，我們的目標是透過我們與大家的各種互動，盡可能地提供幫助，告訴你們世界上正在發生什麼。但這就是我們現在的看法。希望我回答了你的問題，喬。

Yes, Monish. That's helpful. And maybe just my follow-on question since you mentioned the restructuring. You did announce the, call it, $75 million to $100 million in benefits that were going to impact 2021.

是的，莫尼什。這很有幫助。自從你提到重組之後，也許這只是我的後續問題。您確實宣布了 7500 萬至 1 億美元的福利，這將影響 2021 年。

I guess how do we think about that in the context of some of the temporary cost actions that are reversing, fully recognizing that the investments that you've just laid out are likely going to be dependent on how the volumes shake out?

我想，在一些正在逆轉的臨時成本行動的背景下，我們如何看待這一點，充分認識到您剛剛佈局的投資可能取決於銷售的變化？

Yes. It's a great one, Joe, and the same thing we keep thinking about all the time of how do we do it. So we have tried on our -- on one of the presentation pages, there's a guide out there, where we show you headwinds is $0.35 to $0.45. And the benefit from restructuring is anywhere between $0.20 to $0.30.

是的。這是一件很棒的事情，喬，我們一直在思考如何做到這一點。因此，我們嘗試過——在其中一個演示頁面上，有一份指南，我們向您展示逆風是 0.35 美元到 0.45 美元。重組帶來的收益在 0.20 美元到 0.30 美元之間。

If you think of the headwinds, as I mentioned before, there's property sales that don't repeat. Some of the indirect costs, that will snap back. Example, travel and variable compensation is in that range of 35% to 45%. And then on the restructuring side, the $0.20 to $0.30, I would ask you to think about 2 pieces.

如果你想到逆風，正如我之前提到的，房地產銷售不會重複。一些間接成本將會迅速回升。例如，差旅和可變補償的範圍為 35% 至 45%。然後在重組方面，0.20 美元到 0.30 美元，我會請你考慮 2 件。

One is for all the other actions that the company had taken other than the fourth quarter, there's a carryover benefit of, give or take, $100 million. And then the benefits of the restructuring that we announced in the fourth quarter is another $75 million of benefit -- $75 million to $100 million. And then, of course, it's offset by the charge that we're going to take of $110 million to $160 million. So that's where we have called out the restructuring benefits in the guide of $0.20 to $0.30.

一是該公司除第四季以外採取的所有其他行動，都會產生 1 億美元的結轉收益。然後我們在第四季度宣布的重組帶來的好處是另外 7500 萬美元的好處——7500 萬至 1 億美元。然後，當然，它會被我們將收取的 1.1 億至 1.6 億美元的費用所抵消。因此，我們在指南中指出了 0.20 至 0.30 美元的重組收益。

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

我們的下一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe just a first question on just the firm-wide adjusted sort of operating margin expansion for '21 that's dialed in. So I see all those moving parts on Slide 21, which is very helpful.

也許只是關於 21 年全公司調整後的營業利潤率擴張的第一個問題。所以我在幻燈片 21 上看到了所有這些活動部分，這非常有幫助。

So maybe thinking about it just differently from a sort of P&L standpoint, I think your adjusted EBIT margin in 2020 was around sort of between 21% and 21.5% maybe, if you could just confirm that. And then off that base, what level of margin expansion are you dialing in for 3M in 2021 at the midpoint of the guidance, let's say?

因此，也許從損益表的角度來看，我認為 2020 年調整後的息稅前利潤率可能在 21% 到 21.5% 之間，如果你能證實這一點的話。然後，在此基礎上，您預期 3M 在 2021 年的利潤率擴張水準處於指引的中點，比方說？

Sure, Julian. I would say a couple of things. So first, just to answer your question to give you the 20% to 21.5%, that's correct. So it's -- 21.3% is the perfect number.

當然，朱利安。我想說幾件事。首先，回答你的問題，給你 20% 到 21.5%，這是正確的。所以 21.3% 是完美的數字。

If you think about 2021 and how we look at margin, I'll just elevate first to say our general view over the long term is growth at or above macro, sustainable margin improvement, strong cash that ultimately helps us have a very strong capital structure. So keeping that in mind, we would say that's basically how we are thinking about long term.

如果你考慮2021 年以及我們如何看待利潤率，我首先要說的是，我們對長期的總體看法是增長等於或高於宏觀水平、可持續的利潤率改善、強勁的現金最終有助於我們擁有非常強大的資本結構。因此，記住這一點，我們會說這基本上就是我們對長期的思考方式。

Things to factor in from a margin guide perspective. As Mike mentioned, we are going to invest properly in growth, productivity and sustainability. So that's going to have one factor.

從保證金指南的角度來看需要考慮的因素。正如麥克所提到的，我們將在成長、生產力和可持續性方面進行適當的投資。所以這只有一個因素。

The second factor is going to be the amount of productivity that we are generating. We've got a lot of proprietary technologies that we are rolling out in supply chain. Mike mentioned that the stability of our supply chain is one of our priorities for 2021. We're going to continue that path. So you should see benefit from the productivity actions that the supply chain team is driving.

第二個因素是我們產生的生產力。我們有很多專有技術正在供應鏈中推廣。Mike提到，我們供應鏈的穩定性是我們2021年的首要任務之一。我們將繼續這條道路。因此，您應該會從供應鏈團隊推動的生產力行動中看到好處。

The third piece is making sure that we have factored in correctly the snapback of 2020 costs. We have shown you that as $0.35 to $0.45 of headwind, again, on the 3 items that I mentioned before.

第三部分是確保我們正確考慮了 2020 年成本的回升。我們已經向您展示了我之前提到的 3 個項目的 0.35 至 0.45 美元的逆風。

And I would say the last one to think about this is thinking about what revenue is going to be and what growth looks like quarter-to-quarter. And that's going to also have a pretty big impact on where we end up from a margin perspective.

我想說，最後一個考慮這個問題的就是考慮收入將會是多少以及季度與季度之間的成長情況。從利潤角度來看，這也會對我們的最終結果產生相當大的影響。

So those are all the factors that we are putting in here as we think about. But long-term growth, at or above macro sustainable margin improvements and then strong cash.

這些就是我們在考慮時放入此處的所有因素。但長期成長，達到或高於宏觀可持續利潤率改善，然後是強勁的現金。

I see. So Monish, is around the sort of plus 30, 40 basis point margin expansion, is that the rough ballpark then putting in all of those different pieces?

我懂了。那麼，莫尼什的利潤率擴張大約是 30、40 個基點，這就是所有這些不同部分的大致情況嗎？

So I go back again -- Julian, I would say, it all depends on where revenue ends up being and where -- how much we invest. So it all depends on how fast the world recovers.

所以我再說一遍 - 朱利安，我想說，這一切都取決於收入最終在哪裡以及在哪裡 - 我們投資了多少。因此，這一切都取決於世界復甦的速度。

Fair enough. And then just a second topic quickly. You'd alluded in the prepared remarks to the buyback perhaps resuming. Clearly, the balance sheet is starting to look underlevered and very good free cash flow last year.

很公平。然後很快就進入第二個話題。您在準備好的評論中提到了可能會恢復的回購。顯然，去年的資產負債表開始顯得槓桿不足，自由現金流非常好。

You're not dialing in much in the way of share count reduction on that Slide 21. So maybe help us understand what scale of buybacks you might be contemplating for the year.

在投影片 21 上，您並沒有大力減少份額數量。因此，也許可以幫助我們了解您今年可能考慮的回購規模。

Sure. The way we look at it, Julian, is our first step in all of this is to make sure that we are investing organically, R&D and CapEx. You're seeing us increase our capital expenditure to $1.8 billion to $2 billion because we see some growth opportunities, some productivity opportunities as well as sustainability.

當然。朱利安，我們看待這一切的第一步是確保我們進行有機投資、研發和資本支出。您將看到我們將資本支出增加到 18 億至 20 億美元，因為我們看到了一些成長機會、一些生產力機會以及永續性。

Our second priority is dividends and making sure that our shareholders think that's important. We acknowledge that. Our third priority is M&A, and then our last priority is share buyback.

我們的第二要務是股息，並確保我們的股東認為這很重要。我們承認這一點。我們的第三個優先事項是併購，最後一個優先事項是股票回購。

So we -- as I said in my prepared remarks, at 3M, we understand returning cash to shareholders is important. So we have both. We're going to do a dividend as well as we have always supported a reasonable amount of share buyback, and that's our current plan.

因此，正如我在準備好的演講中所說，在 3M，我們知道向股東返還現金非常重要。所以我們兩者都有。我們將進行股息分配，並且我們一直支持合理數量的股票回購，這就是我們目前的計劃。

How much and how that plays out from a timing perspective is -- again, goes back to where we see where the economic recovery is going to look like. And then based on that, we'll work it with the Board, and we'll keep you all posted as we announce it.

從時機角度來看，這種影響的程度和方式再次回到我們所看到的經濟復甦的樣子。然後在此基礎上，我們將與董事會合作，並在宣布這一消息時隨時向大家通報情況。

Our next question comes from the line of Nigel Coe with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Just wanted to just go back to the increased investment comments. So just going to your 2021 EPS bridge, the $0.47 of organic growth, I think that kind of breached CapEx down to like sub-30% incremental margin. So it feels like there's investment spending gains there. Just want to confirm that. And are we thinking about R&D kind of getting back to that 5.5%, 6% of sales kind of range in '21?

只是想回到增加的投資評論。因此，就 2021 年每股盈餘橋而言，即 0.47 美元的有機成長，我認為這超出了資本支出，增量利潤率低於 30%。所以感覺那裡的投資支出有增加。只是想確認一下。我們是否正在考慮將研發收入恢復到 21 年銷售額的 5.5%、6% 範圍？

Is the question, Nigel, are we getting back to 5.5% to 6% of sales R&D? Is that the question?

Nigel，問題是我們是否會恢復到銷售研發的 5.5% 到 6%？這是問題嗎？

That's part of it. And then would that investment spend be against your organic growth bucket?

這是其中的一部分。那麼這筆投資支出是否會影響您的有機成長目標？

Yes. So I would say -- listen, R&D right now is, I would say, is in that range, but it always goes back to the point Mike made, which is our plan is to keep investing in growth, productivity and sustainability.

是的。所以我想說——聽著，我想說，現在的研發就在這個範圍內，但它總是回到麥克提出的觀點，那就是我們的計劃是繼續投資於成長、生產力和永續性。

On the growth side, we have so many good opportunities, whether it's home care, personal safety, digital health care, data analytics as well as auto OEM from an electrification perspective. We have tremendous opportunities of growth.

在成長方面，我們有很多好的機會，無論是家庭護理、個人安全、數位醫療、數據分析以及從電氣化角度來看的汽車OEM。我們擁有巨大的成長機會。

And depending on how we see 2021 and then 2022 and beyond play out, we won't be shy to invest in those areas. We won't be shy to invest in advertising and merchandising, too, as required in our businesses to make sure that we capture for the long-term growth.

根據我們如何看待 2021 年、2022 年及以後的發展，我們不會羞於在這些領域進行投資。我們也不會羞於根據我們業務的需要投資於廣告和行銷，以確保我們獲得長期成長。

So I would say that, yes, but I would also ask us to start thinking through -- we have 4 great businesses. And depending on how the end markets play out in those 4 businesses, they're going to flex up or down. So I don't know if I answered your question, Nigel, but that's the way I look at it from an R&D perspective.

所以我想說，是的，但我也會要求我們開始思考——我們有 4 項偉大的業務。根據最終市場在這四項業務中的表現，它們將向上或向下彎曲。所以我不知道我是否回答了你的問題，奈傑爾，但這就是我從研發角度看待它的方式。

Yes, I think so. I think that was a good answer. And then on the pricing side. Obviously, we saw a pickup in pricing, especially in EMEA. I think EMEA is 1.5% in the quarter. You talked about reduced discounting activity because of COVID, which makes a lot of sense.

是的，我想是這樣。我認為這是一個很好的答案。然後是定價方面。顯然，我們看到價格上漲，尤其是在歐洲、中東和非洲地區。我認為 EMEA 本季的成長率為 1.5%。您談到由於新冠疫情導致折扣活動減少，這很有道理。

I'm just wondering if you can just talk about raw pricing. So are you increasing pricing response to the raw material inflation? And maybe just a little bit of color on that would be helpful.

我只是想知道你是否可以談談原始定價。那麼，你們是否會提高對原物料通膨的定價反應？也許只是一點點顏色會有幫助。

Sure. So we are seeing inflation. One of the things about 3M is we buy so many diverse products. There's not one product that's greater than $200 million to $300 million that has a big impact. But we are seeing, I would say, inflation in 3 areas. Area number one is just raw material and feed. A couple of them we look at is polypropylene, wood pulp, ethylene are areas that we look at and say all of them are showing inflation.

當然。所以我們看到了通貨膨脹。3M 的特點之一是我們購買瞭如此多的多樣化產品。沒有一款產品的銷售額超過 2 億至 3 億美元，能夠產生巨大影響。但我想說的是，我們在三個領域看到了通膨。第一領域只是原料和飼料。我們關注的幾個領域是聚丙烯、木漿、乙烯，我們關注這些領域並說它們都顯示通貨膨脹。

The second is, as you're seeing also from different industrials, is logistics cost is higher. Whether it's air or truck, the logistics costs are higher, so we're seeing inflation there.

第二個是，正如您從不同行業看到的那樣，物流成本更高。無論是空運還是卡車，物流成本都更高，所以我們看到了通貨膨脹。

And the third piece, even though the economies still are not that very strong from a labor shortage perspective, that's an other area where we are seeing inflation in manpower costs. So those are the 3 areas that we are seeing. We have a great sourcing team that's working to minimize that as much as they can.

第三，儘管從勞動力短缺的角度來看，經濟仍然不是那麼強勁，但這是我們看到人力成本上漲的另一個領域。這就是我們所看到的三個領域。我們擁有一支優秀的採購團隊，他們正在努力盡可能地減少這種情況。

And then also, your specific question on pricing, our aim is to have prices that will go up on a year-over-year to take into account the inflation that we are seeing.

然後，關於定價的具體問題，我們的目標是考慮到我們所看到的通貨膨脹，使價格逐年上漲。

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

我們的下一條路線來自美國銀行的安德魯‧奧賓 (Andrew Obin)。

Just sort of a software question. I think 3M is going through a period where there are a lot of changes happening below the surface, which are sort of less than apparent to us looking from the outside. But you have new systems, you have sort of this new structure where organization is much more globally focused. Can you just talk to us, as 2020 evolved, how did it change your planning process? And how did it impact your planning process going into 2021?

只是一個軟體問題。我認為 3M 正在經歷一個在表面之下發生很多變化的時期，這些變化對我們從外部看不太明顯。但是你有新的系統，你有一個新的結構，組織更關注全球。您能否跟我們談談，隨著 2020 年的發展，您的規劃流程發生了什麼樣的變化？它對您 2021 年的規劃流程有何影響？

Yes. Andrew, thanks for the question. We have -- even in the middle of the pandemic, we continue to make very good progress on some of what you outlined there. And part of it is the digitization of 3M, transforming our company, deploying new ERP and ecosystem around that. That continues to move forward.

是的。安德魯，謝謝你的提問。即使在大流行期間，我們也繼續在您概述的一些方面取得了很好的進展。其中一部分是 3M 的數位化，改造我們的公司，圍繞它部署新的 ERP 和生態系統。這繼續向前推進。

We are also now operating for 1 year our new operating model that we launched in January of 2020. And that -- we moved ahead in the middle of the pandemic. We benefited from it. We saw the benefits come and our ability to respond to just the dynamics that we hit -- we saw in our markets as we went through the year.

我們於 2020 年 1 月推出的新營運模式目前也已營運一年。我們在大流行期間取得了進展。我們從中受益匪淺。我們看到了好處的到來，以及我們對所遇到的動態做出反應的能力——我們在這一年的市場中看到了這一點。

So I would say we benefited from it. It validated where we are going with the 3M model. It validated the strengths of the 3M model and how we apply our innovation in our markets. And I would say it encouraged us to continue to really press ahead.

所以我想說我們從中受益。它驗證了我們 3M 模型的發展方向。它驗證了 3M 模式的優勢以及我們如何在市場中應用我們的創新。我想說，這鼓勵我們繼續前進。

And I talked about that in my prepared remarks about the digitization, improving our operations. I see it in terms of more agility, shorter cycle times, improved response. And ultimately, it's really at the foundation of how we drive productivity, operational improvements as we go. So that's becoming the way we take advantage of it. That's how we focus it.

我在準備好的關於數位化、改善我們營運的演講中談到了這一點。我認為它會提高靈活性、縮短週期時間、提高反應。最終，它確實是我們推動生產力和營運改善的基礎。所以這正在成為我們利用它的方式。這就是我們聚焦的方式。

And so planning broadly as part of that, we're getting, I would say, better in terms of cycle times and I -- better at using the greater visibility on data and the analytics that go with it. So it's -- I'm encouraged with the progress we made, and I believe there's more to come as we go through 2021.

因此，作為其中的一部分，我們進行了廣泛的規劃，我想說，我們在周期時間方面取得了更好的成績，並且我- 更好地利用了數據和隨之而來的分析的更大可見性。所以，我對我們所取得的進展感到鼓舞，我相信 2021 年我們還會取得更多進展。

Andrew, I would just add, I've been here only 6 months. So just to tell you the changes that I've seen in the 6 months I've been here. There's a lot more focus on daily management. Are we winning daily? Are we not winning daily? Much more tie into what external market trends that we are seeing so we can quickly react as needed. You can see the work the supply chain teams have done to keep our supply chain lines running despite supply chains, in general, being broken.

安德魯，我想補充一點，我來這裡才六個月。所以我想告訴你們我在這裡的六個月裡看到的變化。人們更加重視日常管理。我們每天都贏嗎？我們不是每天都在贏嗎？更多地與我們所看到的外部市場趨勢聯繫起來，以便我們可以根據需要快速做出反應。您可以看到供應鏈團隊為維持我們的供應鏈線路運作所做的工作，儘管供應鏈總體上已被破壞。

I look at also the ability to see visibility of data. So there's data democratization, where we can see stuff that is happening much faster on a daily basis. So it's all about driving the operating rigor, getting the daily management, quickly going into root cause and then finding sustainable improvements.

我還關注查看資料可見性的能力。因此，存在數據民主化，我們可以看到每天發生得更快的事情。因此，關鍵在於提高營運嚴謹性、進行日常管理、快速找出根本原因，然後找到可持續的改善。

Here, we are using -- so I think there's much more transparency on issues that we are facing, and the team is going in wide -- eyes wide open and trying to find solutions as quickly as we can.

在這裡，我們正在使用——所以我認為我們面臨的問題有更多的透明度，團隊正在睜大眼睛，並試圖盡快找到解決方案。

And just a follow-up question. You sort of highlighted like your procedure slowdown. But if I look at Medical Solutions, that was not probably driven by Acelity. I guess on oral care, you said it's down organically, but I think reported number is still up. Can you just talk about where is the organic growth for product lines like Acelity, Tegaderm? And how do you expect them to sort of evolve into the second half of the year?

只是一個後續問題。您有點強調您的程式速度減慢。但如果我看看醫療解決方案，這可能不是由 Acelity 驅動的。我想在口腔護理方面，您說它自然下降，但我認為報告的數字仍在上升。您能否談談 Acelity、Tegaderm 等產品線的自然成長在哪裡？您預計下半年會如何發展？

Sure. So Acelity, I would say, is one of the divisions that does get impacted the highest due to hospitalization rate and elective surgeries. But overall, when you just step back and say, what has Acelity done? I would say, as the volumes came up in Q2, post Q2 lows, the business has continued to grow tremendously through those Q2 lows.

當然。因此，我想說，Acelity 是因住院率和擇期手術而受到影響最大的部門之一。但總的來說，當你退後一步問，Acelity 做了什麼？我想說，隨著第二季銷量的成長，在第二季低點之後，該業務在第二季低點後繼續大幅成長。

The reason why Acelity is so good for 3M, I think there are a couple of things. One is it's in a market that is ever growing right now based on where our demographics are. Secondly, it gives 3M a lot more relevance when it comes to talking to caregivers. Third is it gets us into a post-acute space and a home care space, which I think post-COVID is going to be a trend from a home care perspective.

Acelity 對於 3M 來說如此出色，我認為有以下幾個原因。一是它所處的市場正在根據我們的人口統計數據不斷增長。其次，在與護理人員交談時，它為 3M 提供了更多相關性。第三，它讓我們進入了急性後空間和家庭護理空間，我認為從家庭護理的角度來看，後疫情將成為一種趨勢。

And then what 3M brings to Acelity is the synergies that it can bring. One is its brand, its global reach and its ability to do global and high-speed manufacturing. It brings it to that. And 3M did already have an advanced wound care business. So when you put this together, it basically makes it a very good acquisition for 3M.

那麼3M為Acelity帶來的就是它所能帶來的綜效。一是其品牌、全球影響力以及全球化高速製造的能力。它帶來了這一點。3M 確實已經擁有先進的傷口護理業務。因此，當你把這些放在一起時，它基本上使它成為 3M 的非常好的收購。

We have seen growth in both. We have made positive income in third and fourth quarter. And we are very encouraged with all the work that the health care team is doing that this business will keep growing. But of course, it will be partially dependent on how the world recovers from electives.

我們都看到了兩者的成長。我們在第三季和第四季取得了正收益。我們對醫療保健團隊所做的所有工作感到非常鼓舞，因為這項業務將持續成長。但當然，這將部分取決於世界如何從選修課中恢復過來。

And is Tegaderm -- are the comps positive or still negative?

Tegaderm 的比較是正面還是負面？

Andrew, I think we'll have to get back to you on that.

安德魯，我想我們必須就此回覆您。

We'll get back to you, Andrew, on that. I unfortunately don't have that handy. Sorry.

安德魯，我們會就此回覆您。不幸的是我沒有那個方便。對不起。

Our next question comes from the line of Steve Tusa from JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Steve Tusa。

I'm going to disagree with Deane for once and say I'm glad that we're not getting the monthly sales. Just it's a -- I'm in favor of less work these days given the industry trends. That's negative productivity for us.

我將暫時不同意迪恩的觀點，並說我很高興我們沒有獲得每月的銷售。只是鑑於行業趨勢，我現在贊成減少工作量。這對我們來說是負生產力。

On that side, that productivity bucket for you guys, the $0.20 to $0.35 for this year, where did that end up for -- I know this is kind of a messy bridge for '20, but where did that number end up for 2020?

另一方面，你們的生產力桶，今年的 0.20 美元到 0.35 美元，最終到了哪裡——我知道這對於 20 世紀來說是一個混亂的橋樑，但是這個數字到 2020 年最終到哪裡了？

You're saying the full year '20?

你是說20年全年嗎？

Yes. The full year '20 kind of productivity bucket?

是的。20 世紀全年的生產力水準如何？

So the leverage, I think, if my memory is right, was landed up somewhere -- again, it's so messy with all the indirect snapbacks and in and out of 2020 and what we did by quarter-to-quarter, timing, et cetera. But I would just say, Steve, in general, you should just think about the leverage range for 3M in the range of 30% to 40% from an incremental volume perspective.

因此，我想，如果我沒記錯的話，槓桿作用是在某個地方——再說一遍，2020 年內外的所有間接快速回升以及我們按季度、時間安排等所做的事情都非常混亂。 。但我只想說，史蒂夫，一般來說，你應該從增量的角度考慮 3M 的槓桿範圍在 30% 到 40% 之間。

Okay. That's helpful. And then within the organic growth assumption, what are you assuming for price?

好的。這很有幫助。然後，在有機成長假設內，您對價格有何假設？

So as I said before on the earlier question that was there, we expect prices to be positive based on all the inflation that we are seeing. And historically, when you think about what 3M has been able to do, they have been able to get price just because of the value that they add to customers. And I don't expect that to change.

正如我之前就先前的問題所說，根據我們所看到的所有通膨情況，我們預計價格將為正值。從歷史上看，當您思考 3M 所做的事情時，您會發現他們之所以能夠獲得價格只是因為他們為客戶增加了價值。我預計這種情況不會改變。

All right. 50 to 100 bps, something in that range?

好的。50 到 100 bps，在這個範圍內嗎？

Well, historically, 3M, if my memory is right, and Bruce can correct me, has been in the range of 30 to 50 basis points, excluding electronics, which electronics, as you know, is an industry that definitely sees price decrease. But we'll have to see where inflation ends up here, and we'll do the best we can.

嗯，從歷史上看，3M，如果我沒記錯的話，並且布魯斯可以糾正我的話，一直在30 到50 個基點的範圍內，不包括電子產品，正如你所知，電子產品是一個價格肯定會下降的行業。但我們必須看看通貨膨脹最終會如何，我們將盡力而為。

Okay. And then one last one just for maybe Mike. Dupont had some news around PFAS recently. Can you just kind of help put that in context? Is that kind of meaningless for you guys because you're on like a very different glide path with your exposures there? I don't know what kind of color you can provide as far as helping frame that kind of read across to you guys.

好的。最後一張也許是給麥克的。杜邦最近有一些關於 PFAS 的消息。你能幫忙把它放在上下文中嗎？這對你們來說是否毫無意義，因為你們在那裡的曝光就像一條非常不同的滑行路徑？我不知道你們可以提供什麼樣的顏色來幫助你們建立這個閱讀框架。

Yes, Steve. And we did see their press release, and we won't comment on the agreement that they've announced. I would just reinforce what I've been saying is, we're committed to proactively manage PFAS. And the 3 principles are the way we think about this: sound science and how can we apply that and our 3M expertise to move ahead.

是的，史蒂夫。我們確實看到了他們的新聞稿，我們不會對他們宣布的協議發表評論。我想強調的是，我們致力於主動管理 PFAS。這 3 個原則是我們思考這個問題的方式：健全的科學以及我們如何應用它以及我們的 3M 專業知識來推動進步。

Our corporate responsibility, and we're stepping into that with where we manufactured -- historically manufactured and disposed of PFAS. And then transparency and keeping you and our investors updated on what we are seeing and how we progress. And that's something that we'll continue to focus on as we go through the year. So that's probably where I'll leave it for now.

我們的企業責任，我們正在透過我們的製造地點——歷史上製造和處置 PFAS 的地方來履行這項責任。然後是透明度，讓您和我們的投資者了解我們所看到的情況以及我們的進展。這是我們今年將繼續關注的事情。所以這可能就是我現在將其保留的地方。

Our next question comes from the line of John Walsh from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰·沃爾什。

Maybe just a different way to ask this PFAS question and also a follow-on to the capital allocation question. But I think in your response, you said the economic recovery is what's going to govern your expectations around the pace of share repurchase. I guess a follow-on question to that is, are any expectations around PFAS timing factoring into that? Or is it really about the economic recovery?

也許只是提出這個 PFAS 問題的不同方式，也是資本配置問題的後續問題。但我認為您在回應中表示，經濟復甦將決定您對股票回購步伐的預期。我想接下來的問題是，對 PFAS 時間的預期是否會被考慮？還是真的跟經濟復甦有關？

So I would say, John, we always take multiple factors into account as needed. Right now, one of the big factors is the pace of the economy. But as things evolve and things change, we'll definitely update you on our guidance.

所以我想說，約翰，我們總是根據需要考慮多種因素。目前，重要因素之一是經濟步伐。但隨著事情的發展和變化，我們一定會向您更新我們的指導。

Okay. And then maybe just a question for Mike. We've seen it from several others. Obviously, you're an integrated material science company. But could you talk about any potential pruning as you look forward and if that's a lever that 3M still has available to pull?

好的。然後也許只是問麥克一個問題。我們已經從其他幾個人那裡看到了這一點。顯然，您是一家綜合材料科學公司。但您能談談您展望未來時可能進行的任何削減嗎？這是否是 3M 仍然可以利用的槓桿？

Yes. And John, you're talking about portfolio when you asked the question. I...

是的。約翰，當你問這個問題時，你正在談論投資組合。我...

Correct. Yes. Yes, not like -- obviously, your model is integrated. But are there things still around the edges or maybe even a little bit chunkier in terms of pruning that you would consider?

正確的。是的。是的，顯然，你的模型不是整合的。但是，在修剪方面是否還有一些東西仍然處於邊緣，或者甚至可能有點粗大，您會考慮？

Well, I would say we continue -- and even through 2020, in the middle of COVID, we continue to actively manage our portfolio. And we focus on 3 priorities when we think about that. One is prioritizing where we invest organically. So the 5.5% to 6% on R&D is not everywhere the same.

好吧，我想說的是，我們會繼續下去——即使到 2020 年，在新冠疫情期間，我們仍會繼續積極管理我們的投資組合。當我們思考這個問題時，我們會專注於三個優先事項。一是優先考慮我們有機投資的領域。因此，5.5% 到 6% 的研發費用並非各地都相同。

We are prioritizing where we're making investments. You'll see that in capital investments as well. So we use portfolio to drive that, first and foremost. That's our priority in our capital allocation.

我們正在優先考慮投資地點。您也會在資本投資中看到這一點。因此，我們首先使用投資組合來推動這一目標。這是我們資本配置的首要任務。

Then we look at complementary acquisitions. And Acelity, as Monish talked earlier, that's a great example of that strategy. And we're focused on Acelity. We continue to be active in looking at M&A. We're focused on Acelity as we come into 2021.

然後我們來看看互補性收購。正如莫尼什之前所說，Acelity 是該策略的一個很好的例子。我們專注於 Acelity。我們持續積極尋求併購。進入 2021 年，我們將重點放在 Acelity。

And then we do have a, I would say, a rigorous approach to optimizing value in each of our businesses. And this includes what we might do to change the model. Or if there's a better owner or more value to be created, we would -- this would include divestitures, as we've done, as we did with our drug delivery business in 2020.

我想說，我們確實有一套嚴格的方法來優化我們每項業務的價值。這包括我們可能會採取哪些措施來改變模型。或者，如果有更好的所有者或可以創造更多價值，我們會——這將包括剝離，就像我們所做的那樣，就像我們在 2020 年對藥品輸送業務所做的那樣。

So it's an ongoing process. We continue to assess it. When we see an opportunity to increase value, we'll take action as we have.

所以這是一個持續的過程。我們將繼續對其進行評估。當我們看到增加價值的機會時，我們將採取現有行動。

Our next question comes from the line of Andy Kaplowitz from Citigroup.

我們的下一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Mike, you seem relatively confident in ongoing recovery. And in the past, you've said that you don't really see the recovery as a restocking. So maybe you give us some more color into where you think inventory is, both in the channel and at 3M at this point.

麥克，你似乎對持續的康復相對有信心。過去，您曾說過，您並不真正將復甦視為補貨。因此，也許您可以向我們提供更多關於您認為目前渠道和 3M 的庫存狀況的資訊。

Yes. Andy, I would say, we're seeing what you're hearing and probably seeing more broadly, and that starts with the second half of 2020, where more -- I would say the channels across our various markets began to stabilize as we went through the second half into the end of the year.

是的。安迪，我想說，我們正在看到您所聽到的，並且可能更廣泛地看到，這從2020 年下半年開始，我想說，隨著我們的發展，我們各個市場的管道開始穩定下來從下半年到年底。

And so if you look at our 4 go-to-market models, they each have a little different dynamic. The Safety and Industrial business, our channel partners remain cautious there. You're seeing continued demand for us in safety and personal protective equipment.

因此，如果您查看我們的 4 種上市模式，您會發現它們各自的動態略有不同。在安全和工業業務方面，我們的通路合作夥伴仍然保持謹慎態度。您將看到對我們的安全和個人防護設備的持續需求。

We saw some improvement in our industrial adhesives and tapes business as we went through Q4. Other businesses are still seeing end-market declines. And so we're not seeing material restocking in those safety or industrial channels globally.

在第四季度，我們看到工業用黏合劑和膠帶業務有所改善。其他企業的終端市場仍在下滑。因此，我們在全球範圍內的安全或工業管道中沒有看到材料補貨。

Transportation and Electronics, they're pretty much in balance with demand. There's some tight supply. Monish mentioned supply chain, things that we're watching, everybody is watching around semiconductor. And that is really to the strong demand in their end markets.

交通和電子產品與需求基本保持平衡。供應有些緊張。莫尼什提到了供應鏈，我們正在關注的事情，每個人都在關注半導體。這確實是由於其終端市場的強勁需求。

Health Care, generally steady as the end markets have now adjusted to the changes in areas like elective procedures in the middle of COVID. There's -- Q4, we kind of saw a resurgence of COVID cases impact that but pretty steady as we come into the year.

醫療保健產業整體穩定，因為終端市場現已適應新冠疫情期間擇期手術等領域的變化。第四季度，我們看到了新冠病例的死灰復燃，對此產生了影響，但進入今年以來，情況相當穩定。

And Consumer is, I would say, mixed. We see high demand in home improvement. That continues. That's lower-than-normal levels in that channel. And we see really elevated levels still in office and retail, as you've seen the slowdown because of the work remotely kind of economy that we're in.

我想說，消費者的情況是好壞參半。我們看到家居裝修的需求很高。這樣的情況還在繼續。此通道的水平低於正常水平。我們看到辦公室和零售業的水平仍然很高，正如您所看到的那樣，由於我們所處的遠距工作經濟類型而導致經濟放緩。

So it's a little mixed. In general, we're not seeing a strong restocking as we come into the year.

所以有點混雜。總的來說，進入今年我們並沒有看到強勁的補貨。

Mike, that's helpful. And then the follow-up would be on the sort of respirator side. I might have missed this, but I think you mentioned 350 basis points of tailwind in Q4, little higher than you had guided. Are you still increasing capacity in respirators and then these other areas that you've experienced pandemic tailwinds?

麥克，這很有幫助。然後後續行動將是在呼吸器方面。我可能錯過了這一點，但我認為您提到了第四季度 350 個基點的順風，略高於您的指導。您是否仍在增加呼吸器以及您經歷過大流行順風的其他領域的產能？

And then what kind of line of sight do you have as you -- if you do -- if you are increasing capacity? I mean it seems like respirator demand could last well into '22 at this point.

那麼，如果您正在增加容量，那麼您將擁有什麼樣的視線（如果有的話）？我的意思是，目前看來，呼吸器的需求可能會持續到 22 年。

Andy, we did bring online in the U.S., and we talked a lot about this as we went through the year, capital that we invested in and capital that we invested in, in a public-private partnership with the DOD. And that is all online.

安迪，我們確實在美國推出了網路服務，我們在這一年裡討論了很多這個問題，我們投資的資本以及我們與國防部公私合作夥伴關係投資的資本。而這一切都是在線的。

We did realize some improved productivity on those lines. We've been working, even as we bring on new capital to drive greater throughputs and yields and rates, and we had some improvement from that. We did, as we got through Q4, get to full capacity and full run rates. And so that's that $2.5 billion run rate that I talked about.

我們確實意識到這些生產線上的生產力有所提升。我們一直在努力，即使我們引入新資本來推動更高的吞吐量、產量和速率，我們也從中取得了一些進展。當我們進入第四季度時，我們確實達到了滿載和滿載率。這就是我談到的 25 億美元的運行率。

We're going to -- we will continue to strive to improve on that as we go through the year. We are -- we still see strong demand around the world where we will continue to do everything we can to meet that demand. And we're at, like I said, at full capacity of the new lines. And we can -- we'll incrementally add to that as we go through the year.

我們將在這一年中繼續努力改進這一點。我們仍然看到世界各地的強勁需求，我們將繼續盡一切努力來滿足這項需求。正如我所說，我們的新線路已滿載運轉。我們可以——我們將在這一年中逐步增加這一點。

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

我們的最後一個問題來自德意志銀行的 Nicole DeBlase。

I just wanted to talk a little bit about the first quarter, if there's any color you guys can give. I know we've gone back to kind of the normal annual cadence. But given that things are still kind of crazy with respect to COVID, not a ton of visibility, kind of the mix between what you're seeing on the industrial side versus PPE, is there any way you can kind of frame for us either what you're seeing in January or thoughts around the organic outlook for the first quarter?

我只是想談談第一季的情況，如果你們能給點什麼意見的話。我知道我們已經回到正常的年度節奏了。但考慮到新冠疫情的情況仍然有點瘋狂，可見度不高，工業方面與個人防護裝備之間的混合，有什麼辦法可以為我們制定框架嗎？您對一月份的情況有何看法或對第一季度有機前景的想法？

Sure, Nicole. It's a question that we keep asking ourselves and try to get as much visibility as we can. As you correctly stated, there's a lot of uncertainty right now in the world. As we saw end markets starting to stabilize, our visibility got better. We started an annual guidance of 3% to 6%. And I think as the world recovers, we should be able to get there. We are confident that the innovation that we are doing should help us get to solid growth and grow at or above macro in the long run.

當然，妮可。我們不斷問自己這個問題，並盡力獲得盡可能多的知名度。正如你所說，現在世界上存在著許多不確定性。當我們看到終端市場開始穩定時，我們的知名度變得更好。我們開始製定 3% 至 6% 的年度指導。我認為隨著世界的復甦，我們應該能夠實現這一目標。我們相信，我們正在進行的創新應該有助於我們實現穩健成長，並從長遠來看達到或超過宏觀成長。

When you think about 1Q, one of the things that we have seen over the last 6 months that I've at least been here and longer for this team is some of the historical trends have just not played themselves out. So December didn't slow down as historically has been. With that said, I don't think January has started off very weak.

當你想到 1Q 時，我們在過去 6 個月裡看到的一件事是，我至少在這支球隊待過更長的時間，一些歷史趨勢還沒有發揮出來。因此，12 月並沒有像歷史上那樣放緩。話雖如此，我認為一月份的開局並不十分疲軟。

But the things that we are watching are, where does hospitalization go? What happens to elective procedures, both in the hospital and the oral care space? So we're pretty cautious in that and seeing what we are seeing right now.

但我們關注的是，住院去哪裡了？醫院和口腔護理場所的選擇性手術會發生什麼情況？因此，我們對此非常謹慎，並看看我們現在所看到的情況。

On the industrial side, making sure that industrial activity continues. Our customers continue to buy inventory will be the second piece that we got to watch.

在工業方面，確保工業活動持續進行。我們的客戶繼續購買庫存將是我們需要關注的第二件事。

Third, as I've mentioned, on the auto side and on the electronics side, where both of them are starting to combine together, how does the supply chains play itself out and what the volume of auto production is going to be?

第三，正如我所提到的，在汽車方面和電子方面，兩者開始結合在一起，供應鏈如何發揮作用，汽車產量將是多少？

And then the last one to think about is from a consumer perspective, we had an extremely strong consumer growth. You saw we grew nearly 10% with a very strong holiday season. The question is, does that strength continue in retail? When do schools reopen?

最後一個要考慮的是從消費者的角度來看，我們的消費者成長非常強勁。您可以看到，在假期旺季的強勁推動下，我們實現了近 10% 的成長。問題是，零售業的這種優勢是否會持續下去？學校什麼時候重新開放？

Also, just a reminder, from a tactical basis, we are hitting that point where we start lapping year-over-year pandemic demand. So 3M had nearly $100 million of disposable respirator sales last year, 1Q '20, again driven by the pandemic. So we are lapping that.

另外，提醒一下，從戰術角度來看，我們已經達到了開始滿足大流行需求的臨界點。因此，去年（20 年第一季）3M 的一次性呼吸器銷售額接近 1 億美元，同樣受到疫情的推動。所以我們正在研磨它。

And then on the income side to think through, Nicole, is what is the volume going to look like. And I mentioned, we are quite cautious on what we are seeing. And then just on the tactical side, what else are we going to invest? How fast are we going to invest in each of the quarters in the areas Mike mentioned?

然後在收入方面要考慮一下，妮可，銷量會是什麼樣子。我提到過，我們對所看到的情況非常謹慎。那麼在戰術方面，我們還要投資什麼呢？我們要以多快的速度在麥克提到的領域的每個季度進行投資？

And then from a quarter-over-quarter sequential basis, as we reset variable compensation, for the first quarter as well as, as we start stepping into advertising, merchandising investments will have an impact. So hopefully, I gave you the things we are looking at, Nicole, as we are thinking about the quarter.

然後，從環比來看，當我們重置第一季的可變薪酬時，以及當我們開始涉足廣告業務時，商品化投資將會產生影響。因此，希望我向您提供了我們正在考慮的事情，妮可，因為我們正在考慮本季。

Yes, that's perfect. And maybe just one follow-up, the outlook for free cash flow. Can you guys just talk about what you see with respect to net working capital and the opportunity to reduce factory inventories at 3M in 2021?

是的，那就完美了。也許這只是一個後續行動，自由現金流的前景。你們能否談談你們對 2021 年 3M 淨營運資本以及減少工廠庫存的機會的看法？

Yes. So I would say, Nicole, improving velocity, working capital turnover, whichever terminology you want to use, is one of our priorities. There is a good opportunity there. You've seen the team has done a really nice job from Q2 highs of where the inventory was as a percent of sales or even if you look at days on hand to bring it down in Q3 and Q4.

是的。所以我想說，妮可，提高速度、營運資金周轉率，無論你想使用哪個術語，都是我們的首要任務之一。那裡有一個很好的機會。您已經看到，從第二季的高點（庫存佔銷售額的百分比）來看，團隊做得非常好，即使您查看第三季和第四季的庫存天數，也可以將其降低。

The work that the team is doing with data, data analytics, but also putting enterprise operations or supply chain together, is an area that I would say is an opportunity for us in 2021 and beyond to keep improving inventory velocity. And we are committed to doing that, and we'll keep driving that.

我認為，團隊在數據、數據分析方面所做的工作，以及將企業營運或供應鏈整合在一起的工作，對我們來說是一個在 2021 年及以後不斷提高庫存速度的機會。我們致力於做到這一點，並將繼續推動這一目標。

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邁克·羅曼（Mike Roman），徵求一些結束語。

To wrap up, in Q4 and throughout 2020, our team executed well and continued to fight the pandemic from every angle while building for the future and advancing our values. As we look ahead, we will apply 3M Science to capitalize on global market trends and prioritize investments in growth, productivity and sustainability. We entered 2021 well positioned to generate greater value for our customers and shareholders and deliver a strong performance. Thank you for joining us.

總而言之，在第四季和整個 2020 年，我們的團隊執行得很好，繼續從各個角度對抗疫情，同時建立未來並推進我們的價值觀。展望未來，我們將應用 3M Science 來利用全球市場趨勢，並優先投資於成長、生產力和永續性。進入 2021 年，我們已做好充分準備，為客戶和股東創造更大價值，並實現強勁業績。感謝您加入我們。