Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Data (Unaudited)

NOTE 20. Quarterly Data (Unaudited)

(Millions, except per-share amounts)

First

Second

Third

Fourth

Year

2020

Quarter

2020

Net sales

8,075

7,176

8,350

8,583

32,184

Cost of sales

4,109

3,805

4,303

4,388

16,605

Net income including noncontrolling interest

1,294

1,287

1,417

1,390

5,388

Net income attributable to 3M

1,292

1,290

1,413

1,389

5,384

Earnings per share attributable to 3M common shareholders - basic

2.24

2.45

2.40

9.32

Earnings per share attributable to 3M common shareholders - diluted

2.22

2.43

2.38

9.25


(Millions, except per-share amounts)	First		Second		Third		Fourth		Year
2019	Quarter		Quarter		Quarter		Quarter		2019
Net sales	$	7,863	$	8,171	$	7,991	$	8,111	$	32,136
Cost of sales		4,310		4,313		4,188		4,325		17,136
Net income including noncontrolling interest		893		1,131		1,588		970		4,582
Net income attributable to 3M		891		1,127		1,583		969		4,570
Earnings per share attributable to 3M common shareholders - basic		1.54		1.95		2.75		1.68		7.92
Earnings per share attributable to 3M common shareholders - diluted		1.51		1.92		2.72		1.66		7.81

Gross profit is calculated as net sales minus cost of sales.

In the first quarter of 2020, 3M recorded a net pre-tax charge of $17 million ($13 million after tax) related to PFAS (certain perfluorinated compounds) matters. The charge was more than offset by a reduction in tax expense of $52 million related to resolution of tax treatment with authorities regarding the previously disclosed 2018 agreement reached with the State of Minnesota that resolved the Natural Resources Damages (NRD) lawsuit. These items, in aggregate, resulted in a $39 million after tax benefit, or $0.07 per diluted share. Also, in the second quarter of 2020, the Company recorded an aggregate after tax gain on sale of businesses of $303 million, or $0.52 per diluted share in addition to divestiture-related restructuring charges of $46 million, or $0.08 per diluted share.

In 2019, the Company recorded significant litigation-related charges related to PFAS matters and coal mine dust respirator mask lawsuits as further described in Note 16, which reduced net income by $590 million, or $1.01 per diluted share, of which $424 million, or $0.72 per diluted share occurred in the first quarter and $166 million, or $0.29 per diluted share occurred in the fourth quarter. Additionally, in 2019, the Company recorded an aggregate after tax gain on sale of businesses of $129 million, or $0.22 per diluted share. In the second quarter of 2019, the Company recorded a non-operating charge related to the deconsolidation of its Venezuelan subsidiary, which reduced net income by $162 million, or $0.28 per diluted share.