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TableofContents
Item7.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations.
Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations(MD&A)isdesignedtoprovideareader
of3M’sfinancialstatementswithanarrativefromtheperspectiveofmanagement.3M’sMD&Aispresentedineightsections:
·Overview
·ResultsofOperations
·PerformancebyBusinessSegment
·PerformancebyGeographicArea
·CriticalAccountingEstimates
·NewAccountingPronouncements
·FinancialConditionandLiquidity
·FinancialInstruments
Forward-lookingstatementsinItem7mayinvolverisksanduncertaintiesthatcouldcauseresultstodiffermateriallyfromthose
projected(refertothesectionentitled“CautionaryNoteConcerningFactorsThatMayAffectFutureResults”inItem1andtherisk
factorsprovidedinItem1Afordiscussionoftheserisksanduncertainties).
OVERVIEW
3Misadiversifiedglobalmanufacturer,technologyinnovatorandmarketerofawidevarietyofproductsandservices.Asdescribed
inNote16,effectiveinthethirdquarterof2015,withintheHealthCarebusinesssegment,theCompanyformedtheOralCare
SolutionsDivision,whichcombinedtheformer3MESPEand3MUnitekdivisions.3Mmanagesitsoperationsinfiveoperating
businesssegments:Industrial;SafetyandGraphics;HealthCare;ElectronicsandEnergy;andConsumer.Fromageographic
perspective,anyreferencestoEMEArefertoEurope,MiddleEastandAfricaonacombinedbasis.
Restructuring actions:
Duringthefourthquarterof2015,managementapprovedandcommittedtoundertakecertainrestructuringactionsprimarilyfocused
onstructuraloverhead,largelyintheU.S.,andslower-growingmarkets,withparticularemphasisonEMEAandLatinAmerica.This
impactedapproximately1,700positionsworldwideandresultedinafourth-quarter2015pre-taxchargeof$114million,$88million
after-taxor$0.14perdilutedshare.
Earnings per share attributable to 3M common shareholders – diluted:
Thefollowingtableprovidestheincrease(decrease)indilutedearningspersharefor2015comparedto2014,and2014comparedto
2013.
 Yearended 
December31,
(Earningsperdilutedshare)  2015 2014 
Sameperiodlastyear $ 7.49 $ 6.72 
Increase/(decrease)inearningspershare-diluted,dueto:     
Operationalbenefits   0.40 0.66 
Restructuringcharges   (0.14) — 
Acquisitionsanddivestitures   (0.02) — 
Foreignexchangeimpacts   (0.43)  (0.15)
Incometaxrate   —   (0.08)
Sharesofcommonstockoutstanding   0.28 0.34 
Currentperiod $ 7.58 $ 7.49 
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