3M (MMM) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M Second Quarter Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded, Tuesday, July 26, 2022. I would now like to turn the call over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.

女士們，先生們，謝謝你們的支持。歡迎參加 3M 第二季度收益電話會議。 （操作員說明）。提醒一下，本次會議將於 2022 年 7 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 second quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; Monish Patolawala, our Chief Financial and Transformation Officer; and Kevin Rhodes, our Chief Legal Affairs Officer. Please note that Mike's and Monish's formal comments this morning will be longer than past quarters given the announcements that we made this morning. (Operator Instructions)

謝謝大家，大家早上好，歡迎參加我們的第二季度收益電話會議。今天和我在一起的是 3M 的董事長兼首席執行官 Mike Roman； Monish Patolawala，我們的首席財務和轉型官；和我們的首席法律事務官 Kevin Rhodes。請注意，鑑於我們今天早上發布的公告，今天上午 Mike 和 Monish 的正式評論將比過去幾個季度更長。 （操作員說明）

Also note that today's earnings release and slide presentation accompanying this call are posted on the homepage of our Investor Relations website at 3m.com. Please turn to Slide 2. Please take a moment to read the forward-looking statement. During today's conference call, we'll be making certain predictive statements that reflect our current views about 3M's future performance and financial results.

另請注意，本次電話會議隨附的今天的收益發布和幻燈片演示已發佈在我們的投資者關係網站 3m.com 的主頁上。請轉到幻燈片 2。請花點時間閱讀前瞻性聲明。在今天的電話會議中，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。

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 and 8-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

這些陳述基於對受風險和不確定性影響的未來事件的某些假設和預期。我們最近的 10-K 和 8-K 表格的第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note throughout today's presentation, we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the appendix to these slides and in the attachments to today's press release. With that, please turn to Slide 3, and I'll now hand the call off to Mike. Mike?

請注意，在今天的演講中，我們將提及某些非公認會計準則財務指標。可以在這些幻燈片的附錄和今天新聞稿的附件中找到對非 GAAP 措施的調節。有了這個，請轉到幻燈片 3，我現在將電話交給邁克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. Today is an exciting and important day for 3M. We are positioning our company for future success by creating more opportunity while reducing uncertainty. We plan to spin off our Health Care business, which will result in 2 world-class public companies that are global leaders with significant growth opportunities in their respective markets.

謝謝你，布魯斯。大家早上好，感謝您加入我們。對於 3M 來說，今天是激動人心的重要日子。我們通過在減少不確定性的同時創造更多機會來為公司未來的成功定位。我們計劃剝離我們的醫療保健業務，這將導致兩家世界級的上市公司成為全球領導者，在各自的市場上擁有巨大的增長機會。

We intend to execute a tax-free spin-off, creating a global diversified health care technology leader. New 3M will remain a leading global material science innovator, serving customers across a range of diverse and attractive end markets. Each company will be well capitalized, more agile and focused and well positioned for long-term success.

我們打算進行免稅分拆，打造全球多元化醫療保健技術領導者。新 3M 仍將是全球領先的材料科學創新者，為一系列多樣化和有吸引力的終端市場的客戶提供服務。每家公司都將擁有充足的資本、更加敏捷和專注，並為長期成功做好準備。

Also, we are proactively taking steps to resolve litigation related to Combat Arms Earplugs. Aearo Technologies, a 3M subsidiary, has voluntarily elected to initiate chapter 11 proceedings. This process is intended to resolve claims related to Combat Arms in a manner that is efficient and equitable. 3M has not filed for chapter 11. Both 3M and Aearo expect to continue to operate in the ordinary course.

此外，我們正在積極採取措施解決與 Combat Arms Earplugs 相關的訴訟。 3M 的子公司 Aearo Technologies 已自願選擇啟動第 11 章訴訟程序。該流程旨在以高效和公平的方式解決與戰鬥武器相關的索賠。 3M 尚未申請第 11 章。3M 和 Aearo 都希望繼續以正常方式運營。

And as we announced earlier in our earnings press release, 3M continues to deliver in a challenging environment, with adjusted earnings per share of $2.48 in the second quarter. We also posted organic growth of nearly 5%, excluding the impact of disposable respirators and COVID-related lockdowns in China. Monish will cover our Q2 results in detail after my remarks.

正如我們早些時候在收益新聞稿中宣布的那樣，3M 在充滿挑戰的環境中繼續提供服務，第二季度調整後的每股收益為 2.48 美元。我們還公佈了近 5% 的有機增長，不包括一次性呼吸器和中國與 COVID 相關的封鎖的影響。 Monish 將在我發言後詳細介紹我們的第二季度業績。

Please turn to Slide 4. Now is the right time for 3M to act as we position our company to win in a rapidly changing world. As I shared at our investor meeting in February, disciplined portfolio management is foundational to our growth strategy. Our Board and management team actively evaluate strategic options to drive long-term sustainable growth. The importance of portfolio management has never been greater, especially given the extraordinary macroeconomic changes brought about at the pandemic.

請轉到幻燈片 4。現在是 3M 採取行動的最佳時機，因為我們將公司定位為在瞬息萬變的世界中取勝。正如我在 2 月份的投資者會議上所分享的，嚴格的投資組合管理是我們增長戰略的基礎。我們的董事會和管理團隊積極評估戰略選擇，以推動長期可持續增長。投資組合管理的重要性從未如此重要，尤其是考慮到大流行帶來的非凡宏觀經濟變化。

I'll speak to Health Care in a moment, but let me first talk about the strong businesses that will make up New 3M. Our market-leading business groups are aligned to highly attractive end markets with tremendous opportunities in front of them. Each of these business groups grew above 8% in 2021 and are delivering solid results in a challenging environment this year.

稍後我將與 Health Care 談一談，但讓我先談談構成 New 3M 的強大業務。我們市場領先的業務集團與極具吸引力的終端市場保持一致，並面臨巨大的機遇。這些業務集團中的每一個在 2021 年都增長了 8% 以上，並且在今年充滿挑戰的環境中取得了可觀的成果。

Together, these businesses make up an outstanding portfolio that actively leverages our world-class capabilities. As global megatrends have accelerated, many of those trends demand our customer-driven innovations that aligned to our growth priorities. Areas such as electronics, safety, mobility, digitization, home improvement and sustainability all represent significant opportunities for 3M.

這些業務共同構成了一個出色的投資組合，積極利用我們的世界級能力。隨著全球大趨勢加速發展，其中許多趨勢要求我們以客戶為導向的創新與我們的增長重點相一致。電子、安全、移動性、數字化、家居裝修和可持續發展等領域都代表著 3M 的重大機遇。

An important example of our strategic portfolio management is the progress we have made in Health Care. Through organic investments in innovation, strategic M&A and updates to our operating model, we have positioned Health Care to be successful as a stand-alone enterprise. In 2019, we acquired Acelity and M*Modal, establishing our leadership in Advanced Wound Care and in Health Information Systems. Also, we have divested drug delivery and are in the process of separating our Food Safety business.

我們戰略投資組合管理的一個重要例子是我們在醫療保健方面取得的進展。通過對創新、戰略併購和運營模式更新的有機投資，我們將醫療保健定位為成功的獨立企業。 2019 年，我們收購了 Acelity 和 M*Modal，確立了我們在高級傷口護理和健康信息系統方面的領導地位。此外，我們已經剝離了藥物輸送業務，並且正在分離我們的食品安全業務。

Our business group-led operating model, which we implemented in 2020, has also enabled our businesses and R&D to be closer to our customers. These actions, in addition to Health Care's strong capabilities, are why we feel now is the right time for it to formally operate as a stand-alone health care leader, especially given important trends that favor our business.

我們在 2020 年實施的以業務集團為主導的運營模式也使我們的業務和研發更貼近客戶。這些行動，加上醫療保健的強大能力，是我們認為現在是其作為獨立醫療保健領導者正式運營的合適時機，特別是考慮到有利於我們業務的重要趨勢。

With shifting demographics, growing demand for virtual and in-home care, a focus on reducing rehospitalizations, advances in health care IT systems and a growing focus on delivering better patient care at a lower cost, our Health Care business is at the intersection of data, analytics and technologies needed to deliver precision medicine. Both companies will sharpen their focus to continue investing and winning in global end markets and have greater flexibility to strategically deploy capital, drive innovation and accelerate growth.

隨著人口結構的變化、對虛擬和家庭護理的需求不斷增長、專注於減少再住院、醫療保健 IT 系統的進步以及越來越注重以更低的成本提供更好的患者護理，我們的醫療保健業務正處於數據的交叉點、提供精準醫療所需的分析和技術。兩家公司將更加專注於繼續投資並在全球終端市場取得勝利，並在戰略性部署資本、推動創新和加速增長方面擁有更大的靈活性。

Turning now to Slide 5. Our actions will drive long-term value for our shareholders. New 3M and Health Care will tailor their capital allocation and investments to drive innovation and growth. As leaders in their markets, their enhanced focus will help position each to respond even faster to shifting industry dynamics and needs. They will both offer distinct and compelling investment profiles appealing to different investor bases.

現在轉到幻燈片 5。我們的行動將為我們的股東帶來長期價值。新的 3M 和醫療保健將調整其資本配置和投資，以推動創新和增長。作為各自市場的領導者，他們更加專注於幫助每個人更快地響應不斷變化的行業動態和需求。它們都將提供獨特而引人注目的投資概況，以吸引不同的投資者群體。

These actions will help unlock and unleash value for 3M and the Health Care business and chart an exciting course for our future. At the same time, we are also working to reduce uncertainty by efficiently and equitably resolving Combat Arms Earplug litigation. I will now provide more detail about our planned spin-off of our Health Care business and the opportunities this will create.

這些行動將有助於為 3M 和醫療保健業務解鎖和釋放價值，並為我們的未來規劃一條令人興奮的道路。同時，我們也在努力通過有效和公平地解決 Combat Arms Earplug 訴訟來減少不確定性。我現在將提供更多關於我們計劃分拆醫療保健業務的細節以及這將創造的機會。

Please turn to Slide 7. Each business will be financially strong leaders in their respective industries. 3M will be an approximately $26.8 billion business and remain a leading provider of innovative solutions for a broad, diverse range of end markets, including industrial, safety, automotive, electronics and consumer. Each of these businesses benefit from 3M science and innovation.

請轉到幻燈片 7。每家企業都將成為各自行業中財務實力雄厚的領導者。 3M 將是一家價值約 268 億美元的企業，並且仍然是為廣泛、多樣化的終端市場（包括工業、安全、汽車、電子產品和消費者）提供創新解決方案的領先供應商。這些企業中的每一個都受益於 3M 的科學和創新。

Our Health Care business drove $8.6 billion in sales in 2021, which includes approximately $400 million in revenue from our Food Safety business. We intend to complete the previously announced separation of the Food Safety business through a split-off transaction with a targeted closing date of September 1, 2022, subject to approval by NEOGEN shareholders in addition to other customary closing conditions. Our go-forward Health Care business will build upon strong positions in attractive markets, including wound care, oral care, health care IT and biopharma filtration. Next slide, please.

我們的醫療保健業務在 2021 年推動了 86 億美元的銷售額，其中包括來自我們食品安全業務的約 4 億美元收入。我們打算通過分拆交易完成先前宣布的食品安全業務分離，目標截止日期為 2022 年 9 月 1 日，除其他慣例成交條件外，還需經 NEOGEN 股東批准。我們前進的醫療保健業務將建立在有吸引力的市場中的強勢地位，包括傷口護理、口腔護理、醫療保健 IT 和生物製藥過濾。請下一張幻燈片。

With our fundamental strengths in science and technology, manufacturing, global capabilities and iconic brands, we are well positioned to capitalize on and invest in key megatrends. A hallmark of 3M is our ability to leverage unique and differentiated technologies across our organization, allowing us to create new solutions required by a world where we are seeing accelerated demand for innovation and sustainability.

憑藉我們在科技、製造、全球能力和標誌性品牌方面的基本優勢，我們有能力利用和投資關鍵的大趨勢。 3M 的一個標誌是我們能夠在整個組織中利用獨特和差異化的技術，使我們能夠創建新的解決方案，以滿足我們看到對創新和可持續發展的加速需求的世界所需要的新解決方案。

We will continue to actively manage our portfolio with discipline and focus, generate strong margins and cash flow and grow earnings by improving operating rigor. Our capital allocation priorities remain unchanged. These include investing in organic growth, an attractive dividend, strategic M&A and finally, share repurchases. Next slide, please.

我們將繼續以紀律和專注的方式積極管理我們的投資組合，創造強勁的利潤率和現金流，並通過提高運營嚴謹性來增加收益。我們的資本配置重點保持不變。其中包括投資於有機增長、有吸引力的股息、戰略併購，最後是股票回購。請下一張幻燈片。

As we look ahead, innovation, talent and operations will remain core strengths for New 3M. We will drive more customer-focused innovation, leverage data and insights from our retail partners and connect with customers through advanced e-commerce strategies. We will share technology platforms and leverage R&D across the enterprise, which will help drive growth in all of our businesses. Attracting and retaining talented people are top priorities. We will connect them through greater flexibility with our Work Your Way model and continuously strengthen our culture of innovation.

展望未來，創新、人才和運營仍將是新 3M 的核心優勢。我們將推動更多以客戶為中心的創新，利用我們零售合作夥伴的數據和洞察力，並通過先進的電子商務戰略與客戶建立聯繫。我們將在整個企業共享技術平台並利用研發，這將有助於推動我們所有業務的增長。吸引和留住人才是重中之重。我們將通過更大的靈活性與我們的 Work Your Way 模式聯繫起來，並不斷加強我們的創新文化。

We will also advance our capabilities through digitization to provide unique solutions and achieve greater end-to-end performance across our global operations. Our innovative manufacturing expertise will continue to be a differentiator and to ensure greater connectivity to customers, we will enhance our service and streamline our operating model. We are equally excited for the future of our Health Care business, which I will explain on Slide 10.

我們還將通過數字化提升我們的能力，以提供獨特的解決方案並在我們的全球運營中實現更高的端到端績效。我們創新的製造專業知識將繼續成為差異化因素，為了確保與客戶建立更緊密的聯繫，我們將加強我們的服務並簡化我們的運營模式。我們對醫療保健業務的未來同樣感到興奮，我將在幻燈片 10 中對此進行解釋。

Our Health Care business enables better, smarter and safer care, and we'll be well positioned to support customer needs and make the most of attractive opportunities, including a growing focus on infection prevention to help providers reduce related rehospitalizations, hospitals increasing investments and improvements in clinical and operational workflows to drive efficiencies and improve patient experiences, more frequent use of biologics as a first-line choice of treatment.

我們的醫療保健業務提供更好、更智能和更安全的護理，我們將有能力滿足客戶需求並充分利用有吸引力的機會，包括越來越關注感染預防以幫助提供者減少相關的再住院、醫院增加投資和改進在臨床和運營工作流程中，以提高效率和改善患者體驗，更頻繁地使用生物製劑作為一線治療選擇。

In addition, medicines are becoming more complex and advanced requiring specialized, tailored solutions. And the combination of material science and digital science, especially within oral care, is changing the patient experience for the better. With our deep and diverse portfolio of trusted brands, global capabilities, regulatory expertise and leading positions in attractive segments, we expect the Health Care business to generate strong recurring revenues, margins and cash flow. Next slide, please.

此外，藥物變得越來越複雜和先進，需要專門的、量身定制的解決方案。材料科學和數字科學的結合，尤其是在口腔護理領域，正在改善患者體驗。憑藉我們深厚而多樣化的值得信賴的品牌組合、全球能力、監管專業知識以及在有吸引力的細分市場中的領先地位，我們預計醫療保健業務將產生強勁的經常性收入、利潤率和現金流。請下一張幻燈片。

We are excited about the Health Care business we have built with intention and a clear focus on helping improve the health of people around the world. Our business is powered by core strengths, including our proven leadership in multiple care pathways, our position in attractive end markets, an innovation mindset, customer relationships, regulatory expertise and operational excellence. These strengths enable strong sales growth and profitability, and importantly, deliver better patient care. Next slide, please.

我們對我們有意建立的醫療保健業務感到興奮，並且明確專注於幫助改善世界各地人們的健康。我們的業務以核心優勢為動力，包括我們在多種護理途徑中久經考驗的領導地位、我們在有吸引力的終端市場中的地位、創新思維、客戶關係、監管專業知識和卓越運營。這些優勢可實現強勁的銷售增長和盈利能力，更重要的是，提供更好的患者護理。請下一張幻燈片。

We are well positioned in large and growing health care end markets, which are expected to grow at a strong and steady rate over the next several years. Our Wound Care business is a world leader and comprises a portfolio of innovative products. Our oral care business is another leading platform, which has developed award-winning innovations.

我們在龐大且不斷增長的醫療保健終端市場中處於有利地位，預計未來幾年這些市場將以強勁而穩定的速度增長。我們的傷口護理業務處於世界領先地位，包括一系列創新產品。我們的口腔護理業務是另一個領先的平台，開發了屢獲殊榮的創新。

Health Care Information Systems are increasingly essential as providers seek to deliver better care through comprehensive data and insights. Our biopharma filtration products are critical to manufacturing potentially life-saving medical devices, vaccines, drugs and therapeutics. Now let me turn to some of the specifics of the transaction on the next slide.

隨著提供者尋求通過全面的數據和洞察力提供更好的護理，醫療保健信息系統變得越來越重要。我們的生物製藥過濾產品對於製造可能挽救生命的醫療設備、疫苗、藥物和療法至關重要。現在讓我在下一張幻燈片上談談交易的一些細節。

3M plans to pursue a tax-free spin-off and retain a 19.9% stake, which we expect to monetize over time. We expect Health Care will be spun off with net leverage of 3 to 3.5x adjusted EBITDA and will delever rapidly given the business' strong cash flow. Subject to the satisfaction of certain conditions, we anticipate completing this transaction by the end of 2023, and we anticipate no change in 3M's capital allocation priorities through separation.

3M 計劃進行免稅分拆並保留 19.9% 的股份，我們預計隨著時間的推移將其貨幣化。我們預計醫療保健將以 3 至 3.5 倍調整後 EBITDA 的淨槓桿分拆，並鑑於該業務強勁的現金流將迅速去槓桿化。在滿足某些條件的情況下，我們預計在 2023 年底之前完成這項交易，我們預計 3M 的資本配置優先級不會因分拆而發生變化。

In addition, 3M will retain responsibility for non-health care-related litigation, including Combat Arms Earplugs and PFAS. Over the next several months, we will begin our work to stand up these 2 companies, and we'll share updates as we progress.

此外，3M 將保留非醫療保健相關訴訟的責任，包括 Combat Arms Earplugs 和 PFAS。在接下來的幾個月裡，我們將開始努力支持這兩家公司，並隨著我們的進展分享更新。

Now let me provide some additional background on Combat Arms litigation. Please turn to Slide 15. To provide some context, in 2008, 3M acquired Aearo Technologies, which manufactured Combat Arms Earplugs. Since the acquisition, Aearo has continued to operate as a wholly-owned subsidiary of 3M. These products provided effective hearing protection when used properly, and we stand by their performance. The U.S. military continues to rely on 3M products, including newer versions of the Combat Arms Earplugs.

現在讓我提供一些關於戰鬥武器訴訟的額外背景。請轉到幻燈片 15。為了提供一些背景信息，2008 年，3M 收購了製造 Combat Arms 耳塞的 Aearo Technologies。自收購以來，Aearo 繼續作為 3M 的全資子公司運營。這些產品在正確使用時可提供有效的聽力保護，我們支持它們的性能。美國軍方繼續依賴 3M 產品，包括較新版本的 Combat Arms 耳塞。

Nonetheless, there has been an extraordinary increase in litigation related to Combat Arms. As of June 30, 2022, there were approximately 115,000 filed claims and an additional 120,000 claims on an administrative docket. The multi-district litigation process and the highly variable outcomes it has generated has not provided certainty or clarity. We believe that litigating these cases individually could take years, if not decades. We want to do right by veterans and all stakeholders, and we expect the steps we are taking today will provide greater certainty as we take action to efficiently and equitably resolve claims related to Combat Arms.

儘管如此，與戰鬥武器相關的訴訟卻異常增加。截至 2022 年 6 月 30 日，大約有 115,000 件已提交的索賠和另外 120,000 件在行政案卷上的索賠。多地區訴訟程序及其產生的高度可變的結果並沒有提供確定性或明確性。我們認為，單獨對這些案件提起訴訟可能需要數年甚至數十年的時間。我們希望退伍軍人和所有利益相關者做正確的事，我們希望我們今天採取的步驟將提供更大的確定性，因為我們採取行動有效和公平地解決與戰鬥武器有關的索賠。

We have made the decision to adopt a new legal strategy. So let me provide a little more context on the actions we are taking. Aearo has voluntarily elected to use well-established chapter 11 procedures to resolve this litigation. Aearo will indemnify 3M for all liabilities related to Combat Arms and certain discontinued Aearo respirator mask products.

我們已決定採用新的法律策略。因此，讓我提供更多關於我們正在採取的行動的背景信息。 Aearo 自願選擇使用完善的第 11 章程序來解決此訴訟。 Aearo 將賠償 3M 與 Combat Arms 和某些已停產的 Aaero 呼吸面罩產品相關的所有責任。

3M has entered into a funding agreement and has committed to fund a trust of $1 billion to resolve all claims determined to be entitled to compensation. This amount is based on the analysis of an experienced estimator of claims in chapter 11. In addition, we are committing $240 million to cover projected case-related expenses. 3M will provide additional funding if required under the terms of the agreement.

3M 已經簽訂了一項資助協議，並承諾為一項 10 億美元的信託基金提供資金，以解決所有被認定有權獲得賠償的索賠。該金額基於第 11 章中一位經驗豐富的索賠估算師的分析。此外，我們承諾提供 2.4 億美元用於支付預計的案件相關費用。如果協議條款要求，3M 將提供額外資金。

By taking these actions, we expect to provide greater certainty and clarity and help funds go to plaintiffs with claims that are determined to be entitled to compensation sooner. This will help reduce the cost and time that could otherwise be required to litigate thousands of cases.

通過採取這些行動，我們希望提供更大的確定性和清晰度，並幫助資金流向那些被確定有權更快獲得賠償的原告。這將有助於減少訴訟數千起案件所需的成本和時間。

Let me now say a few words about our plans to manage PFAS. 3M stands by our record of environmental stewardship. We are already deploying state-of-the-art technology that will help us achieve our goal of a 99% reduction in PFAS discharges from our operations. We are making progress against our goals of improving water quality, reducing water use, reducing plastic use and achieving carbon neutrality.

現在讓我談談我們管理 PFAS 的計劃。 3M 堅持我們的環境管理記錄。我們已經在部署最先進的技術，這將幫助我們實現將 PFAS 排放量減少 99% 的目標。我們正在朝著改善水質、減少用水、減少塑料使用和實現碳中和的目標取得進展。

In addition, we continue to remediate at sites where 3M historically manufactured or disposed of PFOA and PFOS. Now specifically to PFAS-related litigation. We plan to vigorously defend ourselves. We are preparing our defense for upcoming milestones in the litigation process, and we are well advised of our options. Next slide.

此外，我們將繼續在 3M 歷史上製造或處置 PFOA 和 PFOS 的場所進行整治。現在專門針對與 PFAS 相關的訴訟。我們計劃大力捍衛自己。我們正在為訴訟過程中即將到來的里程碑做好辯護準備，我們很清楚我們的選擇。下一張幻燈片。

We are excited about the future of 3M. Our actions today will provide greater focus for our organization. Before I turn it over to Monish, I want to reiterate a few key takeaways. Our investments in innovation, our portfolio management strategy and our realigned operating model will power our future growth. We will have dedicated teams to help facilitate focused execution of our actions announced today.

我們對 3M 的未來感到興奮。我們今天的行動將為我們的組織提供更大的關注。在我把它交給 Monish 之前，我想重申一些關鍵要點。我們對創新的投資、我們的投資組合管理戰略和重新調整的運營模式將為我們未來的增長提供動力。我們將有專門的團隊來幫助集中執行我們今天宣布的行動。

Our planned tax-free spin-off will result in a leading global diversified health care technology company. We will create more opportunity for both 3M and the newly stand-alone Health Care business through this transaction, with 2 public companies well positioned to drive future success. In addition, we are taking action to efficiently and equitably resolve Combat Arms litigation. Finally, we remain focused on delivering in a challenging environment. Now I will turn it to Monish to provide an update on our Q2 performance and an updated outlook for the year. Monish?

我們計劃的免稅分拆將產生一家全球領先的多元化醫療保健技術公司。通過此次交易，我們將為 3M 和新成立的獨立醫療保健業務創造更多機會，兩家上市公司都處於有利地位，以推動未來的成功。此外，我們正在採取行動以有效和公平地解決戰鬥武器訴訟。最後，我們仍然專注於在充滿挑戰的環境中提供服務。現在，我將把它轉向 Monish，以提供我們第二季度業績的更新和今年的更新展望。莫尼什？

Thank you, Mike, and I wish you all a very good morning. Please turn to Slide 17. The 3M team executed well and delivered solid Q2 results by remaining focused on serving our customers while navigating continued supply chain challenges, inflationary pressures along with the geopolitical and COVID dynamics.

謝謝你，邁克，祝大家早上好。請轉到幻燈片 17。 3M 團隊執行良好，並通過繼續專注於為我們的客戶提供服務，同時應對持續的供應鏈挑戰、通貨膨脹壓力以及地緣政治和 COVID 動態，從而實現了良好的第二季度業績。

Second quarter total sales were $8.7 billion, which increased 1% on an organic basis versus last year's 21% comparison. Adjusted operating income was $1.8 billion, with adjusted operating margins of 21% and adjusted earnings per share of $2.48. We continue to experience strong demand across most end markets. However, a couple of items had a negative impact on overall Q2 results, which we had highlighted during the quarter.

第二季度總銷售額為 87 億美元，有機增長 1%，而去年同期為 21%。調整後的營業收入為 18 億美元，調整後的營業利潤率為 21%，調整後的每股收益為 2.48 美元。我們繼續在大多數終端市場感受到強勁的需求。然而，有幾個項目對第二季度的整體業績產生了負面影響，我們在本季度強調了這一點。

First, as forecasted, we experienced a year-on-year decline in disposable respirator sales of approximately $150 million; and second, the Greater China region's COVID-related lockdowns resulted in a sales decline of approximately $140 million year-on-year. The impact was lower than the $300 million headwind we had anticipated as the reopening of our facilities in June went better than anticipated. Our China team did a tremendous job adding additional shifts to ramp up production, distribution and drive productivity to serve our customers.

首先，正如預測的那樣，我們的一次性呼吸器銷售額同比下降了約 1.5 億美元；其次，大中華地區與 COVID 相關的封鎖導致銷售額同比下降約 1.4 億美元。由於我們在 6 月份重新開放設施的情況好於預期，因此影響低於我們預期的 3 億美元逆風。我們的中國團隊在增加額外班次以提高生產、分銷和提高生產力以服務我們的客戶方面做得非常出色。

Adjusting for these 2 impacts, organic revenue growth was nearly 5% for the rest of 3M in the quarter. Also, the continued strengthening of the U.S. dollar resulted in a foreign currency translation impact of minus 4 percentage points to Q2 total sales growth. This FX impact, combined with the China COVID-related lockdowns, negatively impacted second quarter operating margins by nearly 1 percentage point and earnings by $0.24 per share versus our expectation of $0.30 as discussed during our conference in early June.

調整這兩個影響後，本季度 3M 其餘部分的有機收入增長接近 5%。此外，美元的持續走強導致外幣折算對第二季度總銷售額增長的影響為負 4 個百分點。這種外匯影響，再加上與中國 COVID 相關的封鎖，對第二季度的營業利潤率和每股收益產生了近 1 個百分點的負面影響，每股收益為 0.24 美元，而我們在 6 月初的會議上討論的預期為 0.30 美元。

We also continue to support our people and manage the business and supply chain impacts from the ongoing Russia-Ukraine conflict. We also announced additional investments to resolve matters related to our operations in Zwijndrecht and began the process of restarting manufacturing operations, which is progressing to plan. And finally, as I will expand upon later, we are updating our full year expectations, primarily to incorporate the impact of the strong U.S. dollar, along with macroeconomic uncertainty.

我們還將繼續支持我們的員工並管理持續的俄羅斯-烏克蘭衝突對業務和供應鏈的影響。我們還宣布了額外投資以解決與我們在茨維恩德雷赫特的業務相關的問題，並開始重啟製造業務，該過程正在按計劃進行。最後，正如我稍後會詳述的那樣，我們正在更新我們的全年預期，主要是考慮到強勢美元的影響以及宏觀經濟的不確定性。

Please turn to Slide 18, where I'll get into more details of the quarter. On this slide, you can see the components that impacted our operating margins and earnings per share performance as compared to Q2 last year. First, we continue to benefit from selling price actions, restructuring savings and strong spending discipline, which helped drive an improvement to underlying margins of 2.9 percentage points or $0.44 to earnings per share year-on-year.

請轉到幻燈片 18，我將在其中詳細介紹本季度的情況。在這張幻燈片上，您可以看到與去年第二季度相比影響我們的營業利潤率和每股收益表現的因素。首先，我們繼續受益於銷售價格行動、重組儲蓄和強大的支出紀律，這有助於推動基本利潤率同比提高 2.9 個百分點或每股收益 0.44 美元。

These actions helped to more than offset headwinds, including the forecasted decline in disposable respirator demand, which negatively impacted Q2 operating margins by 40 basis points and earnings by $0.09 a share. The previously-mentioned China COVID-related lockdown, which resulted in a year-on-year headwind of 70 basis points to operating margins and $0.11 to earnings per share.

這些行動不僅抵消了不利因素，包括預計的一次性呼吸器需求下降，這對第二季度的營業利潤率和每股收益產生了 0.09 美元的負面影響 40 個基點。前面提到的與中國 COVID 相關的封鎖導致營業利潤率同比下降 70 個基點，每股收益下降 0.11 美元。

And finally, as discussed during last year's second quarter earnings call, we realized a benefit to both operating margins and earnings in Q2 last year from a Brazilian Supreme Court social tax ruling, which led to a 100 basis point margin and $0.12 per share headwind to this year's second quarter. We also continue to prioritize investments in growth, productivity and sustainability to drive long-term performance and capitalize on trends in large attractive markets, including automotive, safety, health care, electronics, software and home improvement.

最後，正如在去年第二季度財報電話會議上所討論的那樣，我們從去年第二季度的營業利潤率和收益都受益於巴西最高法院的社會稅裁決，該裁決導致利潤率為 100 個基點和每股 0.12 美元的逆風今年第二季度。我們還將繼續優先考慮對增長、生產力和可持續性的投資，以推動長期業績並利用具有吸引力的大型市場的趨勢，包括汽車、安全、醫療保健、電子、軟件和家居裝修。

Moving on to raw materials and logistics. Inflationary pressures resulted in a year-on-year headwind of nearly $270 million in the quarter or a negative impact of 3.1 percentage points to operating margins and $0.36 to earnings. Halfway through 2022, we have experienced approximately $480 million of raw materials and logistics headwinds versus our original full year expectation of $350 million to $450 million at the start of the year. We now anticipate this year full year headwind to be in the range of $750 million to $850 million, which we continue to expect to offset through pricing actions.

轉向原材料和物流。通脹壓力導致本季度同比逆風接近 2.7 億美元，或對營業利潤率和收益產生 3.1 個百分點的負面影響和 0.36 美元。到 2022 年中途，我們經歷了大約 4.8 億美元的原材料和物流逆風，而我們在年初的全年預期為 3.5 億至 4.5 億美元。我們現在預計今年全年的逆風將在 7.5 億美元至 8.5 億美元之間，我們繼續期望通過定價行動來抵消。

As I mentioned earlier, foreign currency translation was a negative 4 percentage point impact or a reduction of nearly $340 million in total sales and over $80 million in operating income net of hedging year-on-year. This resulted in a headwind of 10 basis points to margins and $0.13 to earnings per share. Other financial items increased earnings by a net $0.10 per share year-on-year, driven by benefits from a lower share count and tax rate.

正如我之前提到的，外幣折算造成了 4 個百分點的負面影響，即總銷售額同比減少近 3.4 億美元，扣除對沖的營業收入同比減少超過 8000 萬美元。這導致利潤率下降 10 個基點，每股收益下降 0.13 美元。其他金融項目的每股收益同比淨增長 0.10 美元，這得益於較低的股票數量和稅率。

Please turn to Slide 19. Second quarter adjusted free cash flow was $1 billion with conversion of 68%. Our year-on-year conversion performance was a result of a higher-than-expected increase in working capital, along with the cash impact from capitalization of R&D for U.S. tax purposes. Working capital improvement is a big piece of how we keep generating good strong cash flow for 3M.

請轉到幻燈片 19。第二季度調整後的自由現金流為 10 億美元，轉換率為 68%。我們的同比轉換業績是由於營運資金的增長高於預期，以及出於美國稅收目的而將研發資本化所帶來的現金影響。營運資金的改善是我們如何為 3M 持續創造良好強勁現金流的重要組成部分。

The global supply chain and logistics environments remain challenging. The data analytics platform that we have created will help us to reduce inventory levels through better demand planning, SKU rationalization and use of visualization tools. We expect the benefits of these efforts to start showing up in the second half and years to come.

全球供應鍊和物流環境仍然充滿挑戰。我們創建的數據分析平台將幫助我們通過更好的需求規劃、SKU 合理化和可視化工具的使用來降低庫存水平。我們預計這些努力的好處將在下半年和未來幾年開始顯現。

Capital expenditure was $384 million in the quarter and $808 million year-to-date or up 15% year-on-year as we continue to invest in growth, productivity and sustainability. For the full year, we continue to anticipate CapEx investments in the range of $1.7 billion to $2 billion.

本季度資本支出為 3.84 億美元，今年迄今為 8.08 億美元，同比增長 15%，因為我們繼續投資於增長、生產力和可持續性。全年，我們繼續預計資本支出投資在 17 億美元至 20 億美元之間。

During the quarter, we returned $848 million to shareholders through cash dividends. As we have communicated previously, share repurchases remained suspended in Q2 due to the pending Food Safety separation. We intend to complete the separation through a split-off with the closing date of September 1, subject to NEOGEN shareholder approval and other customary closing conditions. Net debt stands at $13.3 billion, up approximately 4% as we continue to invest in the business.

本季度，我們通過現金股息向股東返還了 8.48 億美元。正如我們之前所傳達的，由於未決的食品安全分離，股票回購在第二季度仍然暫停。我們打算通過分拆完成分離，截止日期為 9 月 1 日，但須經 NEOGEN 股東批准和其他慣例成交條件。隨著我們繼續投資該業務，淨債務為 133 億美元，增長約 4%。

Please turn to Slide 21 for our business group performance for Q2. I will start with our Safety and Industrial business, which posted sales of $2.9 billion or up 0.7% organically compared to last year's second quarter. This result included headwinds from the decline in disposable respirator sales of approximately $150 million year-on-year, which negatively impacted Safety and Industrial's organic growth by 5.7 percentage points, along with the COVID-related lockdowns in the Greater China region.

請轉到幻燈片 21，了解我們第二季度的業務組業績。我將從我們的安全和工業業務開始，該業務的銷售額為 29 億美元，與去年第二季度相比有機增長 0.7%。這一結果包括一次性呼吸器銷售額同比下降約 1.5 億美元，這對安全和工業的有機增長產生了 5.7 個百分點的負面影響，以及大中華地區與 COVID 相關的封鎖。

Our personal safety business declined high single digits organically, primarily due to the decline in COVID-related disposable respirator demand. We continue to anticipate that COVID-related disposable respirator demand will decline as we move through 2022. However, we remain prepared to respond to changes in demand as appropriate.

我們的人身安全業務有機地下降了高個位數，主要是由於與 COVID 相關的一次性呼吸器需求下降。我們繼續預計，隨著我們進入 2022 年，與 COVID 相關的一次性呼吸器需求將下降。但是，我們仍準備適當應對需求變化。

Turning to the rest of Safety and Industrial. Abrasives, electrical markets and closure and masking businesses all grew low double digits organically. Roofing granules, automotive aftermarket and industrial adhesives and tapes, all delivered low single-digit organic growth.

轉向安全和工業的其餘部分。磨料、電氣市場以及封閉和掩蔽業務均以兩位數的低位有機增長。屋頂顆粒、汽車售後市場以及工業粘合劑和膠帶均實現了低個位數的有機增長。

Safety and Industrial's second quarter adjusted operating income was $630 million, down 12% versus last year. Adjusted operating margins were 21.5%, down 2.1 percentage points. Adjusted operating margins were impacted by China lockdowns and manufacturing productivity headwinds, which were partially offset by spending discipline and benefits from restructuring actions.

安全與工業公司第二季度調整後的營業收入為 6.3 億美元，比去年下降 12%。調整後的營業利潤率為 21.5%，下降 2.1 個百分點。調整後的營業利潤率受到中國封鎖和製造業生產力逆風的影響，這部分被支出紀律和重組行動帶來的好處所抵消。

Moving to Transportation and Electronics, which posted sales of $2.3 billion, up 0.5% organically compared to last year. Organic growth was held back by the lockdowns in China, along with the ongoing impacts of the semiconductor supply chain constraints on the automotive and consumer electronics end markets. Organic sales in our auto OEM business were up low single digits versus flat global car and light truck builds as we continue to gain penetration on automotive platforms.

轉向運輸和電子產品，其銷售額為 23 億美元，與去年相比有機增長 0.5%。中國的封鎖以及半導體供應鏈限制對汽車和消費電子終端市場的持續影響阻礙了有機增長。隨著我們繼續在汽車平台上獲得滲透，我們汽車 OEM 業務的有機銷售額增長了個位數，而全球汽車和輕型卡車產量持平。

Our electronics-related business declined low single digits organically with decreases across consumer electronics, particularly smartphones, tablets and TVs. These declines were partially offset by continued strong demand for our solutions in semiconductor, factory automation and automotive end markets.

我們與電子產品相關的業務隨著消費電子產品（尤其是智能手機、平板電腦和電視）的下降而有機下降了個位數。這些下降被半導體、工廠自動化和汽車終端市場對我們解決方案的持續強勁需求部分抵消。

Turning to the rest of Transportation and Electronics. Advanced materials and commercial solutions grew organically mid-single digits, while transportation safety was down high single digits. Second quarter operating income was $476 million, down 7% year-on-year.

轉向運輸和電子的其餘部分。先進材料和商業解決方案有機地增長了中個位數，而運輸安全則下降了高個位數。第二季度營業收入為 4.76 億美元，同比下降 7%。

Operating margins were 21%, down 80 basis points year-on-year. Operating margins were impacted by manufacturing productivity headwinds due to China's lockdowns and the continued shutdown during Q2 of certain operations in our Zwijndrecht factory. These impacts were partially offset by the strong spending discipline and benefits from restructuring.

營業利潤率為 21%，同比下降 80 個基點。由於中國的封鎖以及我們 Zwijndrecht 工廠的某些業務在第二季度持續關閉，導致生產效率的逆風影響了營業利潤率。這些影響被嚴格的支出紀律和重組帶來的好處部分抵消。

Looking at our Health Care business, which delivered strong quarter sales of $2.2 billion, with organic growth of 4.4%. Our medical solutions and oral care businesses increased low single digits organically. Second quarter U.S. elective medical procedures and oral care volume were approximately 90% to 95% of pre-COVID levels, up sequentially from Q1 levels.

看看我們的醫療保健業務，該業務實現了強勁的季度銷售額 22 億美元，有機增長 4.4%。我們的醫療解決方案和口腔護理業務有機地增長了低個位數。第二季度美國的選擇性醫療程序和口腔護理量約為 COVID 前水平的 90% 至 95%，比第一季度的水平依次上升。

Health Information Systems grew mid-single digits, driven by strong growth in revenue cycle management. The separation and purification business increased high single digits with sustained demand for biopharma filtration solutions for COVID-related vaccines. And finally, Food Safety was flat year-on-year.

在收入周期管理強勁增長的推動下，健康信息系統增長了中個位數。隨著對 COVID 相關疫苗的生物製藥過濾解決方案的持續需求，分離和純化業務增長了高個位數。最後，食品安全與去年同期持平。

Health Care's second quarter operating income was $494 million, down 10% year-on-year. Operating margins were 22.7%, down 2.6 percentage points with strong adjusted EBITDA margins of nearly 30%. Year-on-year, operating margins were impacted by manufacturing productivity, investments in the business and costs related to the Food Safety separation. These impacts were partially offset by the benefit from leverage on sales growth, strong spending discipline and benefits from restructuring actions.

醫療保健第二季度營業收入為 4.94 億美元，同比下降 10%。營業利潤率為 22.7%，下降 2.6 個百分點，調整後 EBITDA 利潤率接近 30%。與去年同期相比，營業利潤率受到製造生產力、業務投資以及與食品安全分離相關的成本的影響。這些影響被銷售增長的槓桿作用、嚴格的支出紀律和重組行動帶來的好處部分抵消。

Lastly, our Consumer business posted second quarter sales of $1.3 billion or down 2.5% year-on-year on an organic basis versus last year's 18% comparison. The home improvement business was down high single digits organically while consumer health and safety declined low single digits as both businesses were up against strong comparisons from a year ago. Our stationary and office business performed well, up mid-single digits year-on-year, and home care was up low single digits.

最後，我們的消費者業務公佈第二季度銷售額為 13 億美元，同比下降 2.5%，而去年同期為 18%。家居裝修業務有機地下降了高個位數，而消費者健康和安全下降了低個位數，因為這兩項業務都與一年前的強勁比較進行了對比。我們的文具和辦公室業務表現良好，同比增長中個位數，而家庭護理則增長了低個位數。

Consumer's operating income was $247 million, down 15% compared to last year. Operating margins were 18.5%, down 2.2 percentage points year-on-year. Our Consumer business operating margins were impacted by ongoing supply chain constraints and manufacturing productivity impacts. These headwinds were partially offset by strong spending discipline and benefits from restructuring actions. Please turn to Slide 23 for a discussion on our 2022 outlook.

消費者的營業收入為 2.47 億美元，與去年相比下降了 15%。營業利潤率為18.5%，同比下降2.2個百分點。我們的消費者業務經營利潤率受到持續供應鏈限制和製造生產力影響的影響。這些不利因素被嚴格的支出紀律和重組行動帶來的好處部分抵消。請轉到幻燈片 23，討論我們的 2022 年展望。

As you know, the macro environment remains uncertain with mixed trends and signals across geographies and end markets. For example, improving build rate trends in automotive; continued strong demand in semiconductor, data center and factory automation; increasing health care elective procedure volumes; and a strong bounce back in China, following April and May COVID-related lockdowns.

如您所知，宏觀環境仍然不確定，不同地區和終端市場的趨勢和信號參差不齊。例如，提高汽車的建造率趨勢；半導體、數據中心和工廠自動化的持續強勁需求；增加醫療保健選擇性手術量；在 4 月和 5 月與 COVID 相關的封鎖之後，中國強勁反彈。

However, there are also continued challenges and areas of concern that we are monitoring, including the stubborn and evolving impacts of COVID; global supply chain and logistics challenges; persistent and broad-based inflation, which is pressuring consumers' purchasing power and shifting spending patterns; softening trends in consumer electronics; and geopolitical uncertainties, particularly in Europe. We are working through these challenges and are taking actions such that we expect to offset the majority of these headwinds.

但是，我們正在監測持續存在的挑戰和關注領域，包括 COVID 的頑固和不斷變化的影響；全球供應鍊和物流挑戰；持續和廣泛的通貨膨脹，這給消費者的購買力和消費模式帶來壓力；消費電子產品趨勢趨緩；和地緣政治的不確定性，尤其是在歐洲。我們正在應對這些挑戰，並正在採取行動，以期抵消大部分不利因素。

However, as I mentioned earlier, the strength of the U.S. dollar is having an increasing impact on our top and bottom line, which is the primary factor driving our update to full year guidance. Foreign currency translation is now expected to be a full year headwind on of minus 4% versus minus 1% previously. This FX headwind is resulting in a reduction of over $1 billion in annual sales and is also accounting for nearly 80% of the adjustment in our full year earnings expectation. Therefore, we now expect full year earnings in the range of $10.30 to $10.80 versus a prior range of $10.75 to $11.25.

然而，正如我之前提到的，美元走強對我們的收入和利潤的影響越來越大，這是推動我們更新全年指導的主要因素。現在預計外幣折算全年將出現負 4% 的逆風，而此前為負 1%。這種外匯逆風導致年銷售額減少超過 10 億美元，也占我們全年盈利預期調整的近 80%。因此，我們現在預計全年收益在 10.30 美元至 10.80 美元之間，而之前的範圍為 10.75 美元至 11.25 美元。

Given our first half performance, along with the continued uncertain environment, we also believe it is prudent to adjust our organic growth expectations. Therefore, we now expect full year organic growth in the range of 1.5% to 3.5% versus our prior range of 2% to 5%. And finally, we expect adjusted free cash flow conversion to be in the range of 90% to 100%.

鑑於我們上半年的表現，以及持續不確定的環境，我們也認為調整我們的有機增長預期是審慎的。因此，我們現在預計全年有機增長率在 1.5% 至 3.5% 之間，而我們之前的範圍為 2% 至 5%。最後，我們預計調整後的自由現金流轉換率將在 90% 至 100% 之間。

Before I wrap up, let me make a few comments regarding the third quarter. First, we currently anticipate an approximate 5 percentage point headwind to total sales from foreign currency translation. While build rate forecast for automotive have moderated, we see easier comps here in Q3 versus last year. U.S. medical elective procedure volumes are expected to be in the range of 90% to 95% of pre-COVID levels, while oral care volumes are estimated at approximately 90%.

在結束之前，讓我對第三季度發表一些評論。首先，我們目前預計外幣換算對總銷售額的影響約為 5 個百分點。雖然汽車的建造速度預測已經放緩，但我們看到與去年相比，第三季度的比較容易。美國的醫療選擇性手術量預計將在 COVID 前水平的 90% 至 95% 之間，而口腔護理量估計約為 90%。

We expect a headwind of $100 million to $200 million year-on-year from the ongoing decline in disposable respirator demand. We continue to closely watch weakening consumer electronics demand trends and overall consumer sentiment and spending. And finally, looking at raw materials and logistics costs, we anticipate a Q3 year-on-year headwind of approximately $225 million, which we expect to be able to navigate and offset to price actions.

我們預計一次性呼吸器需求持續下降將帶來 1 億至 2 億美元的逆風。我們將繼續密切關註消費電子需求趨弱的趨勢以及整體消費者信心和支出。最後，在原材料和物流成本方面，我們預計第三季度的同比逆風約為 2.25 億美元，我們預計能夠駕馭並抵消價格走勢。

To wrap up, our team delivered 1 percentage organic sales growth in the quarter, 21% adjusted margins and generated $1 billion in adjusted free cash flow. I want to thank our customers and suppliers for their partnerships and the 3M employees for their hard work and dedication as they continue delivering for our customers.

最後，我們的團隊在本季度實現了 1% 的有機銷售額增長、21% 的調整後利潤率並產生了 10 億美元的調整後自由現金流。我要感謝我們的客戶和供應商的合作夥伴關係以及 3M 員工的辛勤工作和奉獻精神，因為他們繼續為我們的客戶提供服務。

While the macro environment continues to be extremely fluid, the 3M team remains focused on serving our customers and delivering a strong second half of the year. We will remain focused on investing in favorable macro trends, increasing operating rigor through a focus on deep root cause and driving working capital intensity to further strengthen cash flow.

雖然宏觀環境仍然非常不穩定，但 3M 團隊仍然專注於為我們的客戶服務並在下半年實現強勁的業績。我們將繼續專注於投資有利的宏觀趨勢，通過關注深層根源來提高運營嚴謹性，並推動營運資本密集度以進一步加強現金流。

I'm excited about the future of New 3M and our Health Care business. We believe that today's announcements position the company to drive significant long-term value for our customers, employees and shareholders. Our businesses and capital structure are strong, and we are well positioned for success.

我對 New 3M 和我們的醫療保健業務的未來感到興奮。我們相信，今天的公告使公司能夠為我們的客戶、員工和股東帶來顯著的長期價值。我們的業務和資本結構強大，我們為成功做好了充分準備。

That concludes my remarks for the second quarter. With that, we will now take your questions.

我對第二季度的發言到此結束。有了這個，我們現在將回答您的問題。

(Operator Instructions) Our first question comes from Andrew Obin with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Andrew Obin。

Yes. First of all, congratulations on achieving these key milestones. I'm sure the team worked incredibly hard to achieve that, so congrats.

是的。首先，祝賀您實現了這些關鍵里程碑。我確信團隊為實現這一目標付出了極大的努力，所以恭喜。

Thank you, Andrew.

謝謝你，安德魯。

My first question, so maybe not for Mike and not for Monish, Kevin is on the phone as well. So we're getting a lot of questions about just the structure for the Combat Arms. Kevin, could you just talk about the process for sort of ringfencing the Combat Arms liability. You highlighted an estimator.

我的第一個問題，也許不是針對邁克，也不是針對莫尼什，凱文也在電話中。所以我們收到了很多關於戰鬥武器結構的問題。凱文，你能不能談談圍繞戰鬥武器責任的過程。您突出顯示了一個估算器。

How much of it is sort of this -- how much of this estimate is sort of discretionary in nature? How much of it is based on precedents? Just maybe explain the process a little bit better to us, because my understanding is that it is a fairly complex process to come up with a number, but any help would be useful.

其中有多少是這樣的——這個估計中有多少是可以自行決定的？其中有多少是基於先例的？或許可以更好地向我們解釋一下這個過程，因為我的理解是，得出一個數字是一個相當複雜的過程，但任何幫助都會很有用。

Yes. Maybe -- Andrew, maybe I'll start with it, and Kevin can add some details as well. So as we talked about in the prepared remarks, Aearo Technologies' operating entity in 3M is voluntarily taking on this liability. And it's really about us, 3M, stepping up to do what's right here. Do right by veterans and drive more certainty, drive better clarity for everyone involved. As we talked about, we are committed to fund the trust, and this is based on the analysis by an experienced estimator of claims.

是的。也許——安德魯，也許我會從它開始，凱文也可以添加一些細節。因此，正如我們在準備好的評論中談到的那樣，Aearo Technologies 在 3M 的運營實體是自願承擔這一責任的。這真的是關於我們，3M，加緊做這裡的事情。由退伍軍人做正確的事並提高確定性，為所有相關人員提供更好的清晰度。正如我們所說，我們致力於為信託提供資金，這是基於經驗豐富的索賠估算師的分析。

The third party that we're working with, an economic consulting firm, Bates White, is the one that developed the estimate for us. We believe the $1 billion is the appropriate amount based on that expert analysis, and we are -- as part of this process, we'll provide additional funding if required under the terms of the agreement. But that's the basis for that $1 billion. Kevin, I don't know if you have anything to add to that.

與我們合作的第三方經濟諮詢公司 Bates White 是為我們制定估算的人。根據專家的分析，我們認為 10 億美元是適當的金額，而且作為這一過程的一部分，如果協議條款需要，我們將提供額外的資金。但這就是那 10 億美元的基礎。凱文，我不知道你有什麼要補充的。

Yes. Thanks, Mike. I'll just add that the analysis will be explained in an extra report that will be reviewed as part of the chapter 11 proceeding. It's important to note that the chapter 11 court will oversee this process, and the claimants will be represented as well. And the goal is to have the court help Aearo establish this trust funded by 3M, as Mike said, and those seeking compensation can present their claims to the trust rather than going through the litigation process on a case-by-case basis.

是的。謝謝，邁克。我只是補充一點，分析將在一份額外的報告中解釋，該報告將作為第 11 章程序的一部分進行審查。值得注意的是，第 11 章法院將監督這一過程，索賠人也將被代表。正如邁克所說，目標是讓法院幫助 Aaero 建立這個由 3M 資助的信託，而那些尋求賠償的人可以向信託提出索賠，而不是逐案進行訴訟程序。

And does this number get updated on a regular basis in the Q or intra-quarter? Or it's just we're going to get big updates as things evolve or no updates at all?

這個數字會在 Q 季度或季度內定期更新嗎？或者只是隨著事情的發展，我們將獲得重大更新，或者根本沒有更新？

So this is the commitment to fund the trust of $1 billion. At the end of the process when the trust is established, that's when the proceeding will be concluded.

因此，這是為 10 億美元信託基金提供資金的承諾。在建立信任的過程結束時，程序將結束。

Got you. And just a follow-up question. I guess this question, for Mike. There's a lot of talk about recession, right? There are headlines that we're technically in a recession. You did address inflation, consumer slowing. But just from your perspective, you have such broad exposure to the economy. What do you think we are in the economic cycle? And how does it sort of figure in your planning for the second half of the year and as you start initial budgeting process for '23?

得到你。只是一個後續問題。我想這個問題，對於邁克。有很多關於經濟衰退的討論，對吧？有頭條新聞說我們在技術上處於衰退中。你確實解決了通貨膨脹、消費者放緩的問題。但僅從您的角度來看，您對經濟的了解如此廣泛。您認為我們在經濟周期中處於什麼位置？它在您下半年的計劃中以及您開始 23 年的初始預算流程時有何影響？

Yes. Andrew, maybe I'll start. In Q2, we saw most of our end markets remain strong. And like everybody else, we saw some softening in the macro, both IPI and GDP. As we look forward, it's really important in the current backdrop -- economic backdrop to look at individual markets. And we're seeing some positive signs. We see elective procedures continuing to improve kind of sequentially as we go. We'll see a second half improvement in build rates for automotive versus first half.

是的。安德魯，也許我會開始。在第二季度，我們看到我們的大部分終端市場依然強勁。和其他人一樣，我們看到宏觀經濟出現疲軟，包括 IPI 和 GDP。正如我們展望的那樣，在當前的背景下——經濟背景下，審視個別市場非常重要。我們看到了一些積極的跡象。隨著我們的進行，我們看到選擇性程序繼續按順序改進。與上半年相比，我們將看到下半年汽車製造速度的提高。

There's some areas of softness in our individual markets. We're looking at consumer electronics, for example, that has now an outlook for the total year that will be negative growth for that segment. We're watching, I would say, consumer and retail spending closely with the focus on inventory and the retail customers and also just the general dynamic around spending is some of the challenges with inflation causing some shifts and where consumers are spending their money.

我們的個別市場存在一些疲軟的領域。例如，我們正在研究消費電子產品，該領域的全年展望將是負增長。我想說，我們正在密切關註消費者和零售支出，重點關注庫存和零售客戶，而且圍繞支出的總體動態是通脹導致一些轉變以及消費者花錢的地方的一些挑戰。

So we're watching that closely. There's a few other areas that really are looking at. We see Europe and really broadly EMEA down in the second quarter and impacted by geopolitical impacts, COVID, I would say, inflation impacting. So just general -- some softness there as well. So all of this, when you put it together, it's leaving us with some uncertainty around the economic outlook. So that's the way I would wrap it up as we go into the second half. We're cautious about where the economy is going. We're watching it closely.

所以我們正在密切關注。還有一些其他領域正在真正關注。我們看到歐洲和整個歐洲、中東和非洲地區在第二季度出現下滑，並受到地緣政治影響的影響，我想說 COVID 影響通脹。所以只是一般 - 那裡也有一些柔軟。所以所有這一切，當你把它們放在一起時，它給我們留下了圍繞經濟前景的一些不確定性。所以當我們進入下半場時，這就是我總結的方式。我們對經濟的走向持謹慎態度。我們正在密切關注。

Andrew, I just have to add FX too, please, foreign exchange, down 4% for the year, down 5% for the third quarter. As you know, that strong dollar does impact our earnings. And that's why 80% of our guide down was due to FX. So that's the other piece I would add to Mike's comments.

安德魯，我也只需要加上外匯，外匯，今年下降 4%，第三季度下降 5%。如您所知，強勢美元確實會影響我們的收益。這就是為什麼我們 80% 的指引下跌是由於外匯。這是我要添加到邁克評論中的另一部分。

Our next question comes from Scott Davis with Melius Research.

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

Congrats on the Health Care spin announcement. That seems like a smart move. I'd hate to climb in (inaudible) here, but on Slide 18, since you guys don't give us price anymore, can you just give us at least some sense of what -- you've got a $0.36 raw material impact, if price came close to offsetting that? Or just give us a little bit of sense of the progress you've made on the price cost equation.

祝賀醫療保健旋轉公告。這似乎是一個聰明的舉動。我不想爬到這裡（聽不清），但是在幻燈片 18 上，既然你們不再給我們價格，你能不能至少給我們一些感覺 - 你有 0.36 美元的原材料影響，如果價格接近抵消呢？或者只是讓我們稍微了解一下您在價格成本等式上取得的進展。

Sure, Scott. I'll take that. As I've mentioned before, the teams have done a very disciplined approach to pricing actions across multiple markets, multiple geographies. As you know, we don't do just cost plus pricing. So we take into account our competitive position. We take into account market situations, the inflation that has by commodity.

當然，斯科特。我會接受的。正如我之前提到的，這些團隊在跨多個市場、多個地區的定價行為方面採取了非常嚴格的方法。如您所知，我們不只是成本加定價。所以我們考慮到我們的競爭地位。我們考慮到市場情況，商品的通貨膨脹。

So when you put all that together, I would say between the businesses and the product lines, that's somewhere between low single digits to high single digits. But if I do a weighted average of that, I would say mid-single digits, Scott, is where we came in on price. So we did offset inflation.

因此，當您將所有這些放在一起時，我會說在業務和產品線之間，介於低個位數和高個位數之間。但是，如果我對此進行加權平均，我會說斯科特的中間個位數是我們的價格。所以我們確實抵消了通貨膨脹。

As I mentioned in my prepared remarks, we are managing inflation through pricing actions. And second half, we continue to see broad-based inflation. So we updated our inflation guide to nearly $750 million to $850 million versus the earlier range we had, which was in the $350 million to $450 million range. And even there, we continue to manage that inflation. We continue to take price. I don't know if I answered your question, but I think that was your question.

正如我在準備好的講話中提到的那樣，我們正在通過定價行動來管理通貨膨脹。下半年，我們繼續看到基礎廣泛的通脹。因此，我們將通脹指南更新為近 7.5 億美元至 8.5 億美元，而我們之前的範圍為 3.5 億美元至 4.5 億美元。即使在那裡，我們仍會繼續控制通貨膨脹。我們繼續採取價格。我不知道我是否回答了你的問題，但我認為那是你的問題。

Yes. No, that's helpful, Monish. And just going back to Andrew's question on Slide 15, where you talk about Aearo Technology as being always operated as a wholly-owned subsidiary. Is there some sort of -- is there a litmus test there on whether it was truly integrated? Or funds coming old, ERP systems coming old? I mean, I just remember faintly from the asbestos days that there were kind of lines it couldn't cross to be able to keep something separate and put a liability into a separate entity like this.

是的。不，這很有幫助，莫尼什。回到 Andrew 在幻燈片 15 上的問題，您在其中談到 Aearo Technology 始終作為全資子公司運營。是否有某種——是否有關於它是否真正整合的試金石？還是資金老了，ERP系統老了？我的意思是，我只是模糊地記得在石棉時代，有一些界限是無法跨越的，以便能夠將某些東西分開並將責任置於這樣的單獨實體中。

Yes. So Aearo, I'll take this. So Aearo has been a wholly-owned subsidiary since the 2008 acquisition. It has continued to operate and -- it's important to note that the Aearo entities have been involved in the Combat Arms litigation from the beginning. They are named as co-defendants in the litigation and they launched, manufactured and actually sold the majority of the Combat Arms Earplugs that issued before the 2008 acquisition by 3M.

是的。所以Aearo，我會接受這個。因此，Aearo 自 2008 年收購以來一直是全資子公司。它一直在運作，而且——值得注意的是，Aearo 實體從一開始就參與了戰鬥武器訴訟。他們在訴訟中被指定為共同被告，他們推出、製造並實際銷售了在 2008 年被 3M 收購之前發行的大部分 Combat Arms Earplugs。

And Scott, we don't see a reason why we can't have our systems, especially your question on ERPs, separate the 2 entities up.

斯科特，我們沒有看到為什麼我們不能讓我們的系統，尤其是你關於 ERP 的問題，將這兩個實體分開。

Okay. So ultimately, there will be a judge's ruling on that, I would assume, perhaps. Is that correct?

好的。所以最終，法官會對此作出裁決，我想，也許。那是對的嗎？

Yes. Correct.

是的。正確的。

Our next question comes from Andrew Kaplowitz with Citi.

我們的下一個問題來自花旗銀行的 Andrew Kaplowitz。

Mike, can you give a little more color on what you're seeing by region? I know you mentioned Europe and potential weakness there in the second half. But you also talked about China and stronger-than-expected improvement in June, and it was down 8% in Q2. So what do you think growth looks like for the rest of the year there? And how worried are you about a bigger slowdown in Europe?

邁克，你能按地區對你所看到的內容多加一點顏色嗎？我知道你提到了歐洲以及下半年的潛在疲軟。但你也談到了中國，以及 6 月份強於預期的改善，第二季度下降了 8%。那麼你認為那裡今年剩餘時間的增長情況如何？你對歐洲更大的放緩有多擔心？

Yes. It's -- maybe just to give you those 2 areas in particular. So China, as Monish highlighted in his prepared remarks, we saw better-than-expected recovery in June to the lockdowns that we were seeing, then the soft start to April, May that we talked a bit about in China. So as we go forward, and for the quarter, you're right. It's down high single digits year-on-year. GDP still looks positive in Q2.

是的。它——也許只是為了特別給你這兩個領域。因此，正如莫尼什在他準備好的講話中所強調的那樣，中國在 6 月看到了我們所看到的封鎖的複蘇好於預期，然後是我們在中國談到的 4 月和 5 月的軟啟動。因此，隨著我們繼續前進，在本季度，您是對的。同比下降了個位數。第二季度 GDP 看起來仍然是積極的。

As we go forward, part of the answer is going to be how quickly does it recover? What is the impact going forward of COVID as any potential additional lockdown? So it's really looking at where we go there. I mean China continues to be an important market for 3M. It's -- the macro backdrop shows a good positive backdrop, but it's really going to be how all things progress relative to COVID and the recovery from COVID than what else comes our way as we go through the quarter and through the rest of the year.

隨著我們前進，部分答案將是它恢復的速度有多快？作為任何潛在的額外鎖定，COVID 對未來的影響是什麼？所以它真的在看我們去哪裡。我的意思是中國仍然是 3M 的重要市場。這是 - 宏觀背景顯示了一個良好的積極背景，但它實際上將是所有事情相對於 COVID 和從 COVID 中復甦的進展，而不是我們在本季度和今年剩餘時間裡遇到的其他事情。

Back to Europe, our declines there were really led by Consumer and Safety and Industrial. Health Care was still growing strong in the quarter. We saw some strong growth in individual market segments. Back to my comments, the current outlook and the current growth is market dependent as opposed to broad-based one view of everything.

回到歐洲，我們的下滑實際上是由消費者、安全和工業引領的。醫療保健在本季度仍保持強勁增長。我們看到個別細分市場出現強勁增長。回到我的評論，當前的前景和當前的增長取決於市場，而不是基於廣泛的對所有事物的看法。

And so I think Europe is at it. We've got the geopolitical risks there. We've got the impact of the supply chain issues and challenges and inflation as well. So down in the quarter and, we think, a soft outlook as we look at the second half.

所以我認為歐洲正在這樣做。我們在那裡有地緣政治風險。我們也受到了供應鏈問題和挑戰以及通貨膨脹的影響。因此，本季度下降，我們認為，在我們看下半年時，前景疲軟。

That's helpful, Mike. And then maybe you could give a little more color into how the change in your approaching the Combat Arms situations impacting your total litigation costs. Does it lower 3M's overall litigation costs even in the short or longer term? How does it work in terms of -- because you've been spending, call it, 5% to 6% of EPS has been -- you've separated that for us. Does that now go down, up? How do we think about that with the change today?

這很有幫助，邁克。然後，也許您可以更深入地了解您接近戰鬥武器情況的變化如何影響您的總訴訟成本。即使在短期或長期內，它是否會降低 3M 的整體訴訟成本？它是如何運作的——因為你一直在花費，稱之為，EPS 的 5% 到 6%——你已經為我們分開了。現在會下降，上升嗎？我們如何看待今天的變化？

Yes. So the way we work, Andrew, is when we came into the year, we had told you approximately $0.60 of adjusted earnings of litigation-related expenses. That number has been updated for 3 items. Item #1 is the pretax charge that we will take as a part of the Combat Arms litigation, which is approximately $1.2 billion. The second one is the charge that we announced earlier in the quarter about our Zwijndrecht thing, which is $355 million. And for the year, that will be approximately $500 million.

是的。因此，安德魯，我們的工作方式是，當我們進入這一年時，我們已經告訴你訴訟相關費用的調整後收入約為 0.60 美元。該數字已更新為 3 個項目。第 1 項是我們將作為戰鬥武器訴訟的一部分收取的稅前費用，約為 12 億美元。第二個是我們在本季度早些時候宣布的關於 Zwijndrecht 的費用，即 3.55 億美元。今年，這將是大約 5 億美元。

And then the item which was around $0.60 of litigation-related expenses now with the way this transaction will work out is around $0.55. So put all that together, that's approximately $2.2 billion of adjusted earnings for litigation-related and Zwijndrecht-related items. So hopefully, that answers your question.

然後，按照本次交易的結果，訴訟相關費用約為 0.60 美元，約為 0.55 美元。因此，將所有這些放在一起，訴訟相關和 Zwijndrecht 相關項目的調整後收益約為 22 億美元。所以希望這能回答你的問題。

Our next question comes from Stephen Tusa with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Stephen Tusa。

Are there any -- what are the risks around creating the structure for this entity? How do you kind of gauge the -- in this political environment, any kind of risk to not being able to kind of execute on this? Or your lawyers kind of tell you it's pretty iron-clad?

有沒有 - 為這個實體創建結構的風險是什麼？您如何衡量 - 在這種政治環境中，無法執行此操作的任何風險？還是你的律師告訴你這是鐵定的？

Yes, Steve, there's certainly -- there are process steps that we will go through as we file today for the Aearo Technologies. And so there are -- we have to work through each of those steps. So there's always decisions that are made along the way. So I think that's part of gaining certainty as we go, and we'll keep everybody updated. I don't -- Kevin, do you want to make any comments specifically?

是的，史蒂夫，當然有——在我們今天為 Aearo Technologies 提交申請時，我們將經歷一些流程步驟。因此，我們必須完成每個步驟。因此，在此過程中總會做出決定。因此，我認為這是在我們進行過程中獲得確定性的一部分，我們將讓每個人都了解最新情況。我不——凱文，你想發表任何評論嗎？

Yes. Certainly, while most chapter 11 proceedings are contested, Stephen, we've -- we're prepared to move forward, and we believe the applicable law supports our position as we move forward into this process. And the goal, again, is to remove uncertainty to set up a more efficient and equitable process for establishing a fund to compensate claimants who are entitled to compensation as opposed to the process of continuing to litigate on a claim-by-claim basis.

是的。當然，雖然第 11 章的大多數程序都存在爭議，但斯蒂芬，我們已經準備好繼續前進，並且我們相信在我們進入這一進程時，適用的法律支持我們的立場。同樣，目標是消除不確定性，以建立一個更有效和公平的程序來建立一個基金來補償有權獲得賠償的索賠人，而不是繼續在逐個索賠的基礎上進行訴訟的過程。

Got it. Helpful. And then just one quick follow-up on how you're kind of preparing for a potential pullback in demand, more broadly. When you look at what happened in COVID, all you guys took a lot of temporary cost out, able to defend the margins pretty nicely. What are kind of the contingencies this time around? Did the things -- are things going to be a little bit different? Or should we look at COVID as kind of like the same playbook if we do see a significant macro pullback in the next couple of quarters?

知道了。有幫助。然後只是快速跟進你如何為更廣泛的潛在需求回落做準備。當您查看 COVID 中發生的事情時，你們所有人都花費了很多臨時成本，能夠很好地捍衛利潤。這次有哪些突發事件？事情 - 事情會有所不同嗎？或者，如果我們確實看到未來幾個季度出現顯著的宏觀回調，我們是否應該將 COVID 視為一種類似的劇本？

Yes, Steve. I think, as you've seen, we manage into recessions and through any kind of slowdowns with a broad-based approach. And we'll do what's needed given the economic conditions. As I said, we're watching how each of the market demand areas are developing, how the overall macro is developing, what's going on, on the global economic outlook. And we'll take actions as required, and it will be in what we do in our factories and how we manage our commercial businesses and how we operate the company. So we'll keep you updated as we get a better view.

是的，史蒂夫。我認為，正如您所看到的，我們通過廣泛的方法設法進入衰退並度過任何類型的放緩。鑑於經濟條件，我們將做需要做的事情。正如我所說，我們正在關注每個市場需求領域的發展情況，整體宏觀環境的發展情況，以及全球經濟前景的情況。我們將根據需要採取行動，這將體現在我們在工廠中所做的事情以及我們如何管理我們的商業業務以及我們如何運營公司。因此，當我們獲得更好的視圖時，我們會及時通知您。

Our next question comes from Nigel Coe with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Just wanted to go back to the bankruptcy filing. So when you put Aearo into chapter 11, do you move EBITDA in that business? How does that work?

只是想回到破產申請。因此，當您將 Aearo 納入第 11 章時，您是否會將 EBITDA 轉移到該業務中？這是如何運作的？

Yes, Nigel. Depending on how the bankruptcy proceeding goes, the plan will be to deconsolidate that entity. But the overall revenue and earnings are immaterial in the grand scheme of things.

是的，奈傑爾。根據破產程序的進展情況，計劃將拆分該實體。但總體收入和收益在宏偉的計劃中並不重要。

Okay. Okay. We'll move off-line there. And then is the -- I mean there is controversy around the structure and those appeals and the congressional bickering about it. But how contingent is the Health Care separation on a successful filing for Aearo? I mean is one contingent on the other? So can you still go ahead and separate Health Care even if the filing for Aearo is unresolved?

好的。好的。我們將在那裡離線。然後是 - 我的意思是圍繞結構和這些上訴以及國會對此的爭吵存在爭議。但是，醫療保健分離對 Aearo 成功申請的影響有多大？我的意思是一個取決於另一個？那麼，即使 Aearo 的申請未得到解決，您是否仍可以繼續將醫療保健分開？

Yes. Nigel. We did announce both actions today. They're really the result of separate kind of strategies and decisions. The Health Care spin was based on, as you know, we actively manage our portfolio. We look at, broadly, where to invest in our portfolio, where acquisitions make sense and how do we get the most value out of it. And that's what was behind the decision to ultimately spin the Health Care.

是的。奈傑爾。我們今天確實宣布了這兩項行動。它們實際上是不同類型的策略和決策的結果。如您所知，醫療保健旋轉是基於我們積極管理我們的投資組合。從廣義上講，我們著眼於在哪裡投資我們的投資組合，在哪裡進行收購有意義，以及我們如何從中獲得最大價值。這就是最終旋轉醫療保健的決定背後的原因。

We've invested in strategies to create a stronger Health Care company. It's well positioned to succeed and have a great future as a stand-alone company. And that really drove that decision. The decision to really take the steps related to Combat Arms litigation came out of really, first and foremost, the result of the bellwether trial. They were highly variable. We believe it would take years to litigate those claims.

我們已投資於創建更強大的醫療保健公司的戰略。作為一家獨立的公司，它有能力取得成功並擁有美好的未來。這真的推動了這個決定。真正採取與戰鬥武器訴訟相關的步驟的決定首先來自於領頭羊審判的結果。它們是高度可變的。我們認為，對這些索賠提起訴訟需要數年時間。

And so given a choice between a costly litigation process and a better, fair, more efficient resolution, that's what drove the decision to step into the new actions that we're taking. So they were -- they happened to be announced in the same day, but they're really based on separate strategies, and both really helping to set us up for, I think, well positioned for, as we said at the top, greater opportunity with the spin and more certainty with the actions we're taking related to Combat Arms.

因此，如果要在代價高昂的訴訟程序和更好、公平、更有效的解決方案之間做出選擇，這就是推動我們決定採取新行動的原因。所以它們是——它們碰巧在同一天宣布，但它們實際上是基於不同的策略，而且我認為它們都確實有助於我們做好準備，正如我們在頂部所說的那樣，更大我們正在採取的與戰鬥武器相關的行動具有旋轉的機會和更多的確定性。

And then if I can just follow up. We get a lot of questions from investors around, obviously, the $1 billion is what you put in initially. But obviously, the plaintiffs will be at a much, much higher level. So assuming the structure is approved. How does that gap get bridged between the $1 billion you're putting in and obviously, the plaintiffs that are at a much, much higher level? How does that get resolved?

然後，如果我可以跟進。我們從周圍的投資者那裡收到了很多問題，很明顯，10 億美元是你最初投入的。但顯然，原告將處於更高的水平。因此，假設結構獲得批准。您投入的 10 億美元與顯然處於更高水平的原告之間的差距如何彌合？如何解決？

Well, based on what we're doing, there will be a separate process. There will be a different process. Kevin can talk about how that proceeds, but there will be -- in the court that takes responsibility for these proceedings, they will oversee a process there that -- we believe that, as I said, we're committed to a fund that was based on, we think, appropriate analysis from an expert outside firm. But Kevin can talk about the steps of that process and how that resolves.

好吧，根據我們正在做的事情，會有一個單獨的過程。會有不同的過程。凱文可以談論它是如何進行的，但是將會有——在負責這些訴訟的法庭上，他們將監督那裡的一個程序——我們相信，正如我所說，我們致力於一個基金我們認為，基於外部公司專家的適當分析。但凱文可以談論該過程的步驟以及如何解決。

Yes. As part of the chapter 11 proceeding, there will be a claims estimation process where the court oversees that process. And we believe that the $1 billion that we have committed based on the external analysis is sufficient to fund a trust for those claimants who are entitled to compensation.

是的。作為第 11 章程序的一部分，將有一個索賠估算過程，由法院監督該過程。我們相信，根據外部分析，我們承諾的 10 億美元足以資助那些有權獲得賠償的索賠人的信託。

The proceedings will be the subject of expert reports overseen by the court. The claimants will be represented as well, and we believe this is a number that is required, the funding agreement. If necessary, 3M is prepared to provide additional funding to resolve this matter at the end of the process.

訴訟程序將由法院監督的專家報告的主題。索賠人也將被代表，我們認為這是一個必需的數字，即資助協議。如有必要，3M 準備在流程結束時提供額外資金來解決此問題。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

Congrats on both announcements. My question is for Kevin, actually, because this is all fairly new to us. I'm just curious. Like is there some kind of likelihood that the plaintiffs will come back and want their lawsuits to be heard outside of bankruptcy court?

恭喜這兩個公告。實際上，我的問題是針對凱文的，因為這對我們來說都是全新的。我只是好奇。原告是否有可能回來並希望在破產法庭之外審理他們的訴訟？

So once the chapter 11 filing is made, there's an automatic stay as to the [debtor] entity, which, in this case, is Aearo Technologies. We are also asking for that automatic stay to be extended to 3M. We are funding, according to the terms of the funding, an indemnification agreement. We're committing to fund the trust to help the court set up a mechanism for compensation for those claimants entitled to compensation. We're providing that funding through Aearo. So we think we are entitled to as 3M and hope the court will extend the stay of litigation to 3M, and that would put a stay on the existing litigation in state and federal court.

因此，一旦提交了第 11 章的文件，[債務人]實體就會自動中止，在這種情況下，它是 Aearo Technologies。我們還要求將自動停留時間延長至 3M。根據資助條款，我們正在資助一份賠償協議。我們承諾為該信託基金提供資金，以幫助法院為有權獲得賠償的索賠人建立賠償機制。我們通過 Aearo 提供資金。因此，我們認為我們有權作為 3M 並希望法院將訴訟中止延長至 3M，這將使州和聯邦法院的現有訴訟中止。

Got it. Okay. That's helpful. And then can you guys maybe just provide a little bit more color around the timing, like how this structure actually helps to expedite the timing in getting to resolution with the potential payments?

知道了。好的。這很有幫助。然後你們能否在時間安排上提供更多的色彩，例如這種結構實際上如何有助於加快解決潛在付款的時間？

Yes. So the chapter 11 case was just filed this morning. The court has not set a schedule yet. There have been a wide range of duration for other chapter 11 filings to resolve litigation matters. We're hoping to work through the process and resolve the matter as quickly as possible. We hope that all parties will share that goal and move it along as expeditiously as the court's procedures permit.

是的。所以第 11 章的案子今天早上剛剛提交。法院尚未制定時間表。其他第 11 章提交的訴訟解決訴訟事項的期限範圍很廣。我們希望盡快完成整個過程並解決問題。我們希望所有各方都能分享這一目標，並在法院程序允許的情況下盡快實現這一目標。

We'll certainly provide updates as the case progresses. And if you think about this in context, we've participated in the MDL process for the past 3 years, taking 16 cases through bellwether trials. We're now at the next step, which is to pair 1,500 cases for trials around the country while we await the outcomes of our appeals.

隨著案件的進展，我們肯定會提供更新。如果您在上下文中考慮這一點，我們在過去 3 年中參與了 MDL 流程，通過領先試驗處理了 16 個案例。我們現在正處於下一步，即在等待上訴結果的同時，在全國范圍內配對 1,500 個案件進行審判。

So as compared to the process ahead to litigate each of these cases on a case-by-case basis, we believe that the Chapter 11 proceeding will be more expeditious and certainly, will provide more clarity and a way to more efficiently and equitably provide compensation to those who are entitled to it.

因此，與逐案訴訟程序相比，我們相信第 11 章的程序將更加迅速，而且肯定會提供更加清晰和更有效、更公平地提供賠償的方式給那些有權獲得它的人。

Our next question comes from Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

So maybe just wanted to kind of clarify a couple of things on Health Care as there's been a lot of focus on Combat Arms. On the Health Care side, you've had margins down for several quarters now. I know, Monish, you always say that volume leverage is the main driver of margins, but at Health Care, that hasn't seemed to be the case most recently. So just wondering kind of when those Health Care margins turn around. Are they going to be up year-on-year in the back half?

因此，也許只是想澄清一些關於醫療保健的事情，因為人們非常關注戰鬥武器。在醫療保健方面，您的利潤率已經下降了幾個季度。我知道，莫尼什，你總是說數量槓桿是利潤率的主要驅動力，但在醫療保健領域，最近似乎並非如此。所以只是想知道那些醫療保健利潤率何時會好轉。他們會在後半段同比增長嗎？

And also on Health Care, is the plan that -- it's levered at 3, 3.5x. Is the plan you'd get that sort of step 1, a big dividend, back to the RemainCo at that point when it spins out and then step 2, a year later, so you can start to monetize that just under 20% stake. Is that the way to think about the cash sort of from Health Care?

在醫療保健方面，該計劃的槓桿率為 3 倍、3.5 倍。您是否會在 RemainCo 分拆時獲得第 1 步，即大紅利，然後在一年後第 2 步，這樣您就可以開始將不到 20% 的股份貨幣化。這是從醫療保健中考慮現金的方式嗎？

Yes. I think both great questions, Julian. I'd start with the first question on margins. As we told you, the EBITDA margins for the second quarter were 30%. As we have talked about before, when you compare prior, you have to take into account the Acelity acquisition and its impact on purchase accounting, et cetera, which depresses the margins. And that's why I would look at EBITDA, which is 30% in second quarter. For the year 2021, we ended at 31% EBITDA. So hopefully, that answers your question on that range.

是的。我認為這兩個問題都很好，朱利安。我將從關於利潤的第一個問題開始。正如我們告訴您的那樣，第二季度的 EBITDA 利潤率為 30%。正如我們之前談到的，當你比較之前，你必須考慮到 Acelity 的收購及其對採購會計等的影響，這會壓低利潤率。這就是為什麼我會關注 EBITDA，第二季度為 30%。 2021 年，我們的 EBITDA 為 31%。因此，希望這可以回答您在該範圍內的問題。

Back to, do we see it continuing to improve? Absolutely. I mean this is something that the business is doing a really nice job of continuing to manage inflation with price actions. They continue to drive productivity actions. And as the volume starts, which is back to your point, which is volumes drive the biggest leverage, as we are seeing elective procedures starting to go back up and hopefully, it doesn't get impacted by another wave of COVID, you're going to start seeing that business continue to drive the growth in that area.

回到，我們是否看到它繼續改進？絕對地。我的意思是，企業在繼續通過價格行為管理通脹方面做得非常好。他們繼續推動生產力行動。隨著交易量的開始，這又回到了你的觀點，即交易量推動了最大的槓桿作用，因為我們看到選擇性程序開始回升，希望它不會受到另一波 COVID 的影響，你是將開始看到該業務繼續推動該領域的增長。

So that answers your question on margin. The team is quite focused on margin, quite focused on driving organizational efficiency through root cause. On your second question about how the dividend works, I'll start by saying this is still 15, 18 months away. But the way it will work at that moment in time when that spin happens, there will be a dividend payout from Health Care, which currently we are saying is going to be levered 3 to 3.5x with positioning for rapid deleveraging because of the strong cash flow that Health Care itself generate.

所以這回答了你關於保證金的問題。該團隊非常關注利潤，非常關注通過根本原因來提高組織效率。關於你關於股息如何運作的第二個問題，我首先要說這還有 15、18 個月的時間。但是，當這種旋轉發生的那一刻，它的運作方式將是來自醫療保健的股息支付，目前我們所說的將是 3 到 3.5 倍的槓桿，並且由於現金強勁，可以快速去槓桿化醫療保健本身產生的流量。

As a part of that transaction, 3M will also retain 19.9% equity stake in our Health Care business that we can monetize over time. The whole purpose of -- the whole intent of this transaction is to be as tax-efficient and tax-free for which we will go ahead and file all the requirements that needed to make it tax-free -- and -- but we are in no rush right now to sell the stake once the spin happens, and we'll monetize it over time. And I think that gives us a lot more flexibility for us to pursue strategic options between the dividend that we get as well as the retained stake that we can monetize over time. Hope that helps, Julian.

作為該交易的一部分，3M 還將保留我們醫療保健業務 19.9% 的股權，我們可以隨著時間的推移將其貨幣化。此次交易的全部目的是為了達到節稅和免稅的目的，為此我們將繼續提交使其免稅所需的所有要求 - 並且 - 但我們是一旦發生旋轉，現在不急於出售股份，我們將隨著時間的推移將其貨幣化。而且我認為這為我們提供了更大的靈活性，讓我們可以在我們獲得的紅利以及我們可以隨著時間的推移貨幣化的保留股份之間尋求戰略選擇。希望有幫助，朱利安。

That's great. And then maybe a sort of more prosaic operating guidance question. So if I look at the new guidance, I think it implies sort of $2.70-ish of earnings per quarter in the second half. You did about $2.50 in Q2. I don't think FX is getting easier in the back half. Organic volumes probably not better in the second half given the macros.

那太棒了。然後可能是一種更平淡無奇的操作指導問題。因此，如果我看一下新的指引，我認為這意味著下半年每季度的收益約為 2.70 美元。你在第二季度做了大約 2.50 美元。我不認為FX在後半區變得更容易。考慮到宏觀因素，下半年的有機銷量可能不會更好。

So just trying to understand sort of what do you think is getting better in that back half versus the second quarter or the first half kind of run rate, because you're starting out with that FX headwind. Maybe there's a little bit less of that China $0.11 COVID hit. Anything else you'd call out to drive that sort of step-up in earnings?

因此，只是想了解你認為後半場與第二季度或上半場的運行率相比，你認為哪些方面會變得更好，因為你一開始就遇到了外匯逆風。也許中國 0.11 美元的 COVID 打擊要少一些。你還有什麼要呼籲推動這種收入增長的嗎？

Sure, Julian. And I'll give you all the pieces, and I'll try to give you data between sequential and year-on-year. So if it's confusing, my apologies upfront. But I'll just start first by saying, yes, FX, you're right, continues to be a pressure. As I've said in my prepared remarks, for the third quarter, FX is at 5%. For the year, it is at 4%. So that actually adds additional pressure first half to second half.

當然，朱利安。我會給你所有的片段，我會試著給你連續和同比之間的數據。因此，如果它令人困惑，我很抱歉。但我首先要說，是的，FX，你是對的，仍然是一種壓力。正如我在準備好的評論中所說，第三季度的外匯佔 5%。全年為 4%。所以這實際上增加了上半年到下半年的額外壓力。

But back to your points on the positives and negatives. So we'll start by one, again, in my prepared remarks, I said China, we still came in with a backlog that we expect to clear in the second half. You'll see that in the third and fourth quarter. We came in $140 million down on a year-over-year basis. So there's recovery there.

但回到你關於積極和消極的觀點。因此，我們將再次從一個開始，在我準備好的發言中，我說中國，我們仍然有積壓，我們希望在下半年清除。你會在第三和第四季度看到這一點。我們的收入同比下降了 1.4 億美元。所以那裡有恢復。

Secondly, if you look at build rates in automotive, first half versus second half, they are up nearly 9%. However, for the year, they are up 5% versus earlier we thought the whole year would be up 9%. We're continuing to see strong demand in semiconductor data centers and factory automation.

其次，如果你看一下汽車的建造率，上半年與下半年相比，它們上漲了近 9%。然而，今年它們上漲了 5%，而早些時候我們認為全年將上漲 9%。我們繼續看到對半導體數據中心和工廠自動化的強勁需求。

Third, elective procedures, which were in that range of 85% to 90% in the first quarter moved up to 90% to 95%, we expect that to come back to 100% by the end of fourth quarter.

第三，第一季度在 85% 到 90% 範圍內的選修程序上升到 90% 到 95%，我們預計到第四季度末將恢復到 100%。

And then lastly, GDP and IPI is still forecasted to be up 3% to 4% -- 3% for the year versus when we started the year, it was 4%. So for the second half, they're still projecting a GDP up. On the flip side, on the things, to your point, that have become negative, we talked about FX. We are still seeing the stubborn and evolving impacts of COVID.

最後，預計 GDP 和 IPI 仍將增長 3% 至 4%——今年為 3%，而年初時為 4%。因此，對於下半年，他們仍然預計 GDP 會上升。另一方面，在你看來，已經變成負面的事情，我們談到了外匯。我們仍然看到 COVID 的頑固和不斷變化的影響。

Supply chain and logistics pressures continue. We are going to see higher inflation in the second half, but we are managing that inflation with price and offsetting that. We are watching consumer behavior because the broad-based inflation is having an impact on consumers' purchasing power. And then we are seeing softening trends in consumer electronics, especially in TVs. But again, if you look at smartphones on a half-over-half basis, smartphones are supposed to be up around 7% to 8%. However, on a year-over-year basis, they're down 4%, okay?

供應鍊和物流壓力持續存在。我們將在下半年看到更高的通脹，但我們正在用價格控制通脹並抵消它。我們正在關註消費者行為，因為基礎廣泛的通貨膨脹正在影響消費者的購買力。然後我們看到消費電子產品的趨勢正在減弱，尤其是在電視領域。但同樣，如果您以一半以上的比例查看智能手機，智能手機應該會上漲 7% 到 8% 左右。但是，與去年同期相比，它們下降了 4%，好嗎？

So I'm just giving you some data points and hopefully, that helps. And then the last one, Mike already talked about was geopolitical uncertainties, particularly in Europe. But with all that said, I just want to make sure you do understand the team is doing a great job of continuing to manage this, making sure we're doing whatever it takes to first deliver for our customers because that's our most important priority, spending cost discipline, but at the same time, continuing to invest in growth, productivity and sustainability.

所以我只是給你一些數據點，希望這會有所幫助。邁克已經談到的最後一個問題是地緣政治不確定性，尤其是在歐洲。但話雖如此，我只是想確保您確實了解團隊在繼續管理這方面做得很好，確保我們正在盡一切努力首先為我們的客戶交付，因為這是我們最重要的優先事項，支出成本紀律，但與此同時，繼續投資於增長、生產力和可持續性。

Because as we think about it, Julian, long term, all these trends will play themselves out. There are great areas for investment for New 3M, for Health Care, and we want to keep making sure we're investing for the long run. So all these actions that we are taking are all about setting both these businesses up to be successful in the long run. Sorry for the long answer, but I just want to make sure you got the data points.

因為在我們看來，朱利安，從長遠來看，所有這些趨勢都會發揮作用。 New 3M 和醫療保健領域有很多值得投資的領域，我們希望繼續確保我們的長期投資。因此，我們正在採取的所有這些行動都是為了讓這兩項業務長期取得成功。抱歉，答案很長，但我只是想確保您獲得數據點。

Our next question comes from Josh Pokrzywinski with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Just a question on maybe kind of the perspective capital allocation strategy for RemainCo. You said kind of through the separation, no real change, but just given kind of the focus of the liabilities and the cash coming out with Health Care free cash flow margins being pretty high, any change in the way folks should think about something like a dividend policy going forward?

只是一個關於 RemainCo 的前瞻性資本分配策略的問題。你說的是通過分離，沒有真正的變化，但只是考慮到負債的重點和醫療保健自由現金流利潤率相當高的現金，人們應該考慮的任何改變都應該像未來的股息政策？

Yes, Josh. I would say -- I'd start with we're continuing to focus on driving growth and our capital allocation priorities reflect that. And then they will remain unchanged. It's first and foremost, about investing in our business. It's about paying an attractive dividend, a high priority for us and continues to be so, looking at strategic M&A that can add value and deliver on greater opportunities for the company. And then it's returning capital to shareholders through share repurchases. And we continue to see that as our set of priorities as we go forward.

是的，喬什。我會說 - 我會從我們繼續專注於推動增長開始，我們的資本配置優先事項反映了這一點。然後它們將保持不變。這首先是關於投資我們的業務。這是關於支付有吸引力的股息，對我們來說是一個高度優先事項，並將繼續如此，著眼於可以增加價值並為公司帶來更多機會的戰略併購。然後它通過股票回購向股東返還資本。我們繼續將其視為我們前進的一系列優先事項。

When you look at New 3M, it's going to be a very strong, focused, well-capitalized business. A leader in highly attractive markets, as we've been talking about on the call. We'll have tremendous cash flow in that business, a strong balance sheet, and as Monish just highlighted, with the proceeds from the spin and the 19.9% retained stake that we can monetize over time, it will get stronger. So we are -- we will be well positioned to continue to execute those capital priorities and continue to create value.

當你看到 New 3M 時，它會是一個非常強大、專注、資本充足的企業。正如我們在電話會議上一直在談論的那樣，它是極具吸引力的市場的領導者。我們將在該業務中擁有巨大的現金流，強大的資產負債表，正如莫尼什剛剛強調的那樣，隨著分拆的收益和我們可以隨著時間的推移貨幣化的 19.9% 的保留股份，它會變得更強大。所以我們 - 我們將有能力繼續執行這些資本優先事項並繼續創造價值。

Got it. That's helpful. And then just -- I know the historical kind of framework on 3M or the portfolio rationale was that a lot of the IP was domiciled at corporate. I think there's some more diverse assets in Health Care, maybe than some of the other industrial businesses. But are there any dissynergies by virtue of either some of the IP or manufacturing process or sourcing that kind of gets separated there when Health Care leaves?

知道了。這很有幫助。然後只是 - 我知道 3M 的歷史框架或投資組合的基本原理是很多 IP 都在公司註冊。我認為醫療保健領域的資產可能比其他一些工業企業更加多樣化。但是，當醫療保健離開時，由於某些知識產權或製造過程或採購的分離，是否存在任何不協同效應？

Yes, Josh, we've long talked about the benefit our businesses have in leveraging the fundamental strengths of 3M, and they've certainly been important to building the Health Care business. The technologies that we have are unique and differentiated technologies, our manufacturing capabilities, our global capabilities and our brands. And Health Care as you touched on, with our portfolio strategies, we've built a stronger Health Care business.

是的，喬希，我們長期以來一直在談論我們的業務在利用 3M 的基本優勢方面所帶來的好處，它們對於建立醫療保健業務當然很重要。我們擁有的技術是獨特和差異化的技術、我們的製造能力、我們的全球能力和我們的品牌。正如您所提到的醫療保健，通過我們的投資組合戰略，我們建立了更強大的醫療保健業務。

We've done it with organic investments and sometimes leveraging some of those key technologies. We've added acquisitions, significant part of the business now with Acelity and M*Modal coming in as part of the business. We've also stepped in to really focus that business through the divestiture of drug delivery and soon the separation of the Food Safety business. So all of that has positioned Health Care not only to be a strong stand-alone company, well positioned to be able to execute those same strategies moving forward.

我們通過有機投資完成了這項工作，有時還利用了其中一些關鍵技術。我們增加了收購，現在是業務的重要組成部分，Acelity 和 M*Modal 作為業務的一部分進入。我們還介入，通過剝離藥物交付和很快分離食品安全業務來真正專注於該業務。因此，所有這一切都使醫療保健公司不僅成為一家強大的獨立公司，而且能夠很好地執行這些相同的戰略向前發展。

There's always some connectivity to the technologies manufacturing at 3M. The -- I would say, the connection between Health Care and the rest of the company is more limited than the 3 businesses that will make up new 3M. We'll be able to manage that separation well, we think, especially with the focus that health care has on those specific markets. So -- it's been an important part of building it. We think it's well positioned with what we can do in the spin to be able to take it forward.

3M 的製造技術總是有一些聯繫。我想說的是，醫療保健與公司其他部門之間的聯繫比構成新 3M 的 3 家業務更有限。我們認為，我們將能夠很好地管理這種分離，尤其是醫療保健對這些特定市場的關注。所以 - 它是構建它的重要部分。我們認為它的位置很好，我們可以在旋轉中做些什麼來推動它前進。

Josh, I just want to add a few more things to what Mike just said. We're going to have dedicated teams that are going to drive the separation. Also, just looking at precedent of other [spins] publicly plus some of the experience that we have had with our divestitures in the health care space, we believe the separation cost is going to be somewhere in the range of $1 billion to $1.5 billion that will get played out over time. Some of it will start now and some of it will play out over the next 24 months. But again, it's quite early in the process. The teams are starting to get ramped up. As we get and learn more, we'll definitely keep you posted.

喬希，我只是想在邁克剛才所說的基礎上再補充幾句。我們將有專門的團隊來推動分離。此外，僅查看其他 [spins] 公開的先例以及我們在醫療保健領域剝離的一些經驗，我們認為分離成本將在 10 億至 15 億美元之間會隨著時間的推移而發揮出來。其中一些將在現在開始，其中一些將在接下來的 24 個月內上演。但同樣，這個過程還很早。團隊開始逐漸壯大。隨著我們獲得併了解更多信息，我們一定會及時通知您。

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

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

A couple of cleanup questions here. The first, it just -- this wasn't clear, but is the Board considering any other divestitures or spin? Or is RemainCo 3M portfolio going to be as is on a go-forward basis?

這裡有幾個清理問題。首先，它只是 - 這還不清楚，但董事會是否考慮任何其他剝離或分拆？或者 RemainCo 3M 的投資組合是否會保持原樣？

Yes, Deane. Our portfolio strategy, it's a continual strategy. We're always evaluating where we want to make change in our portfolio, adding through M&A, managing to optimize the value. So that's something I will continue really as we go forward. I talk a lot about New 3M. We really believe the 3 businesses that make up that New 3M company will be strong, well positioned for success in their markets. They will leverage well the technology to get the heart of 3M, the fundamental strengths of 3M.

是的，迪恩。我們的投資組合戰略，這是一個持續的戰略。我們一直在評估我們希望在我們的投資組合中做出哪些改變，通過併購增加，設法優化價值。所以在我們前進的過程中，我將繼續這樣做。我經常談論新的 3M。我們真的相信組成這家新 3M 公司的 3 項業務將非常強大，並為在其市場上取得成功做好準備。他們將充分利用技術來獲得 3M 的核心，即 3M 的基本優勢。

So it's -- it will be a continual process that we -- and strategy that's important. I think our portfolio strategy really complementing what we do with innovation. We're driving innovation, creating new solutions for customers, building new businesses. At the same time, portfolio management, make sure we're looking broadly at where we're creating the greatest value and how do we need to think differently about it. So that's not going to change as we execute through the spin.

因此，這將是我們的一個持續過程，而且戰略很重要。我認為我們的投資組合戰略真正補充了我們在創新方面所做的工作。我們正在推動創新，為客戶創造新的解決方案，建立新的業務。同時，投資組合管理，確保我們廣泛關注我們正在創造最大價值的地方，以及我們需要如何以不同的方式思考它。所以當我們通過旋轉執行時，這不會改變。

Got it. And then -- just want to understand, is there a scenario similar to what you're doing in Combat Arms for PFAS where you would consider a similar bankruptcy structure? And just related to this, it wasn't clear in the filing today. Maybe this is a technical question for Kevin, but are you -- is this being filed under a 105(a) bankruptcy structure? Because it certainly sounds that. Because that would require all of those sign-ups and approvals, which would suggest there's going to be an extended process here to get to the finish line.

知道了。然後 - 只是想了解一下，是否存在類似於您在 PFAS 的戰鬥武器中所做的情況，您會考慮類似的破產結構？只是與此相關，今天的文件中並不清楚。也許這對 Kevin 來說是一個技術問題，但你是不是 - 這是根據 105(a) 破產結構提交的？因為聽起來確實如此。因為這需要所有這些註冊和批准，這表明這裡將有一個擴展的過程才能到達終點線。

Yes, Deane. Maybe I'll take the PFAS part of that question, and then I'll let Kevin answer the 105(a) question. So on PFAS, we continue to be focused on practically managing our environmental stewardship and stepping up and following through on our commitments there.

是的，迪恩。也許我會考慮該問題的 PFAS 部分，然後讓凱文回答 105(a) 問題。因此，在 PFAS 方面，我們將繼續專注於切實管理我們的環境管理，並加強並履行我們在那裡的承諾。

We're vigorously defending ourselves in the cases that we have with PFAS, and we're looking to reasonably resolve, remediate where we can. We expect PFAS is going to play out over years, and I would probably leave it at we're well advised of our options.

在與 PFAS 相關的案件中，我們正在積極為自己辯護，我們正在尋求合理解決，並在可能的情況下進行補救。我們預計 PFAS 將在未來幾年內發揮作用，我可能會把它留給我們充分了解我們的選擇。

Understood. And Kevin?

明白了。凱文呢？

Yes. So we believe that 105(a) does provide authority as well as other provisions of the bankruptcy code given the Aearo Technologies liabilities that are included. And so our filings are being completed today, and those will spell out the various bases for seeking the relief that we've asked the chapter 11 court to provide.

是的。因此，考慮到 Aearo Technologies 的責任，我們認為 105(a) 確實提供了權力以及破產法的其他規定。因此，我們的文件今天正在完成，這些文件將闡明尋求我們要求第 11 章法院提供的救濟的各種依據。

Will you also pledge your insurance assets?

您是否還會抵押您的保險資產？

So our insurance assets are part of the ability to -- of funds that we can tap into to fund the trust, if those assets will be provided as well as other assets from the company to provide the trust. And I just -- one point to clarify that it's the Combat Arms liabilities as well as some legacy, some discontinued Aearo Technologies respirator and mask claims, which are part of the filing as well. Some of those are for asbestos exposure, which are under 524(g) of the code as well.

因此，如果將提供這些資產以及公司的其他資產來提供信託，我們的保險資產是我們可以利用資金為信託提供資金的能力的一部分。我只是 - 澄清一點，這是戰鬥武器的責任以及一些遺留問題，一些已停產的 Aearo Technologies 呼吸器和麵罩索賠，這也是文件的一部分。其中一些是針對石棉暴露的，這也在代碼的 524(g) 之下。

Our next question comes from Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Just maybe a couple of questions on the business. I mean looking at inventory, how would you categorize inventory in the channel versus what's ideal? And I think probably the biggest question would be around how you would view your consumer inventory.

可能只是關於業務的幾個問題。我的意思是查看庫存，您如何對渠道中的庫存與理想的庫存進行分類？我認為最大的問題可能是您將如何查看您的消費者庫存。

Yes, Nicole. It's something we watch closely always. It's something that gives us a good indication of the sell-through of each of our businesses. There are certainly some areas that we've seen some inventory buildup there related to COVID lockdowns, as an example. We've added some inventory and built some inventory ahead of some ERP go-live actions that we're taking.

是的，妮可。這是我們一直密切關注的事情。這讓我們很好地了解了我們每項業務的銷售情況。例如，在某些領域，我們已經看到與 COVID 鎖定相關的一些庫存增加。在我們正在採取的一些 ERP 上線操作之前，我們已經添加了一些庫存並建立了一些庫存。

When we look at the channel inventory, it's been relatively stable. It's having to react to the same kind of supply chain challenges that we are seeing and react to it, disruptions in supply logistics challenges. So it's a little more dynamic than usual, but pretty well aligned with what we're seeing in terms of demand.

當我們查看渠道庫存時，它相對穩定。它必須對我們所看到的相同類型的供應鏈挑戰做出反應，並對其做出反應，即供應物流挑戰的中斷。因此，它比平時更具活力，但與我們在需求方面看到的情況非常吻合。

We're watching Consumer closely. There was elevated inventory in the channel as part of that. That's something that has been very publicly talked about that retail leaders are working through. We're seeing some of that as well. We still see strong sell-out point-of-sale demand there. So something that we're watching closely. And again, it's -- I would say it's more dynamic, but maybe except for something like retail inventory, pretty well in line with expected demand.

我們正在密切關註消費者。作為其中的一部分，渠道中的庫存增加。這是零售業領導者正在努力解決的問題。我們也看到了其中的一些。我們仍然看到那裡的銷售點需求強勁。所以我們正在密切關注。再說一次，它 - 我會說它更具活力，但也許除了零售庫存之類的東西之外，與預期需求非常吻合。

Got it. And then just a follow-up. On price cost, so some kind of key commodities have started to come down. At what point could that start to impact your margins positively? Like is that as soon as -- could impact the back half of 2022? Or is that more of a 2023 margin dynamic at this stage?

知道了。然後只是跟進。在價格成本上，一些重點商品已經開始下跌。這會在什麼時候開始對您的利潤產生積極影響？就像那樣 - 可能會影響到 2022 年下半年？還是現階段更多的是 2023 年的利潤率動態？

Yes, Nicole. We watch this closely. As you know, we have exposure to multiple feedstocks. Luckily not one of them is overly material. You look at polypropylene, you look at resin, you look at logistics, airfreight costs, et cetera. The thing that we haven't yet seen is sustained reduction. So you get data points, like you've seen the data points of oil come down. But how that translates down to the feedstocks, because we don't buy crude oil, is going to play itself out.

是的，妮可。我們密切關注這一點。如您所知，我們接觸到多種原料。幸運的是，其中沒有一個過於重要。你看看聚丙烯，你看看樹脂，你看看物流，空運成本等等。我們還沒有看到的是持續減少。所以你得到數據點，就像你看到石油的數據點下降一樣。但是，由於我們不購買原油，這將如何轉化為原料，這將發揮作用。

So that's what we are watching. And so I don't know whether it impacts 2022 or 2023. But what we do see still right now is there's broad-based inflation all around that is getting pushed down as tiers are getting involved. And as I told you, we have updated our guidance to $750 million to $850 million of inflation for the year, which is higher than what we thought coming into the year. But at the same time, we are managing that inflation through price. And I think what we'll have to watch is do supply chains get sustainably improved versus 1 or 2 data points.

這就是我們正在關注的。所以我不知道它是否會影響 2022 年或 2023 年。但我們現在仍然看到的是，隨著各層級的參與，廣泛的通貨膨脹正在被推低。正如我告訴你的那樣，我們已將今年的通脹指引更新為 7.5 億至 8.5 億美元，這高於我們對今年的預期。但與此同時，我們正在通過價格管理通貨膨脹。而且我認為我們必須關注的是供應鍊是否與 1 或 2 個數據點相比得到了可持續的改進。

Our last question comes from Brett Linzey with Mizuho Securities.

我們的最後一個問題來自瑞穗證券的 Brett Linzey。

Congrats on today's announcements.

祝賀今天的公告。

Thanks, Brett.

謝謝，布雷特。

I appreciate the color on the separation cost, the $1 billion to $1.5 billion. But I was hoping you could provide some color, insight on what the go-forward standup corporate structure costs will be for the 2 entities.

我很欣賞分離成本的顏色，10 億到 15 億美元。但我希望你能提供一些顏色，了解這兩個實體的前進站立公司結構成本將是多少。

Yes. Sure, Brett. So again, I'll give you benchmark data. So we have a placeholder for the Health Care business. There's a bench using standup costs that's approximately $100 million is what we said is public company cost for that size of company. Similarly, right now, what we have penciled in is for New 3M to have around 1.5% of revenue as incremental cost or stranded costs.

是的。當然，布雷特。再說一次，我會給你基準數據。所以我們有一個醫療保健業務的佔位符。有一個長凳使用大約 1 億美元的站立成本，這就是我們所說的該規模公司的上市公司成本。同樣，目前，我們預計 New 3M 將有大約 1.5% 的收入作為增量成本或擱淺成本。

However, as Mike and I have told you multiple times, we are all focused on org efficiency. We are still very early in the process, and we're going to keep working this down. We got time until the spin gets done. So we're going to keep trying to be as efficient as we can and make both companies continue to grow above macro (inaudible) having margin expansion and strong cash.

然而，正如邁克和我多次告訴你的那樣，我們都專注於組織效率。我們還處於這個過程的早期階段，我們將繼續努力。我們有時間直到旋轉完成。因此，我們將繼續努力提高效率，並使兩家公司繼續在宏觀（聽不清）之上增長，同時實現利潤率擴張和強勁現金。

Okay. Got it. And just one last one on the Belgium facility. So you reached the agreement in early July on some of the actions, the new commitments. Could you just provide us with an update how that facility production is ramping? And are you still partnering with a third party there? Are you going to get back to kind of full run rate in terms of your internal sourcing strategy by the end of the year?

好的。知道了。比利時工廠只有最後一個。所以你們在 7 月初就一些行動和新的承諾達成了一致。您能否向我們介紹一下該設施生產的最新情況？你還在與那裡的第三方合作嗎？在今年年底之前，您的內部採購戰略是否會恢復到全速運轉？

Yes. Brett, we are in the process of restarting the manufacturing operation there. It takes some weeks to do that. We reached the agreement. We were pleased with the outcome of the cooperation that we've had with the local authorities there to resolve the matters and move ahead. So we'll be ramping up to full production here soon. So we're staying in touch with our customers, making sure everybody is aware of our time lines, but it's -- we're in the middle of that ramp up.

是的。布雷特，我們正在那裡重新啟動製造業務。這樣做需要幾個星期。我們達成了協議。我們對與當地政府合作解決問題並繼續前進的結果感到高興。所以我們很快就會在這裡全面投入生產。所以我們與我們的客戶保持聯繫，確保每個人都知道我們的時間線，但它是 - 我們正處於加速增長的中間。

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

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

In summary, we are positioning 3M for the future to create more opportunity and greater certainty. There will be 2 world-class, well-capitalized public companies. We will work to efficiently and equitably resolve our Combat Arms litigation, and we will maintain our relentless focus on delivering for our customers and shareholders. We remain focused on driving growth and margin expansion and generating strong cash flow. We're excited about the new opportunities to apply 3M science to life. Thank you for joining us.

總之，我們將 3M 定位於未來，以創造更多機會和更大確定性。將有2家世界級、資本充足的上市公司。我們將努力有效和公平地解決我們的戰鬥武器訴訟，我們將繼續不懈地專注於為我們的客戶和股東提供服務。我們仍然專注於推動增長和利潤率擴張以及產生強勁的現金流。我們對將 3M 科學應用於生活的新機會感到興奮。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 lines.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與，並要求您斷開線路。