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financebench_id_00499
|
Is 3M a capital-intensive business based on FY2022 data?
|
The provided context does not contain specific information regarding whether 3M is a capital-intensive business based on FY2022 data. Therefore, I cannot determine that from the given information.
|
No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:
CAPEX/Revenue Ratio: 5.1%
Fixed assets/Total Assets: 20%
Return on Assets= 12.4%
|
[
{
"doc_name": "3M_2022_10K.pdf",
"retrieved_chunk": "For example, changes in local economic condition or outlooks,\nsuch as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.\nThe global economy has been impacted by the military conflict between Russia and Ukraine. The U.S. and other governments have imposed export controls on certain products\nand financial and economic sanctions on certain industry sectors and parties in Russia. 3M suspended operations of its subsidiaries in Russia in March 2022 and, in September\n2022, committed to a plan to exit the related net assets through an intended sale of the subsidiaries. 3M also has other operations that source certain raw materials from\nsuppliers in Russia and has experienced related supply disruption due to the conflict."
}
] |
[
{
"doc_name": "3M_2022_10K",
"evidence_page_num": 47,
"evidence_text": "3M Company and Subsidiaries\nConsolidated Statement of Income\nYears ended December 31\n(Millions, except per share amounts)\n2022\n2021\n2020\nNet sales\n$\n34,229 $\n35,355 $\n32,184",
"evidence_text_full_page": "Table of Contents\n3M Company and Subsidiaries\nConsolidated Statement of Income\nYears ended December 31\n(Millions, except per share amounts)\n2022\n2021\n2020\nNet sales\n$\n34,229 $\n35,355 $\n32,184 \nOperating expenses\nCost of sales\n19,232 \n18,795 \n16,605 \nSelling, general and administrative expenses\n9,049 \n7,197 \n6,929 \nResearch, development and related expenses\n1,862 \n1,994 \n1,878 \nGain on business divestitures\n(2,724)\n \n(389)\nGoodwill impairment expense\n271 \n \n \nTotal operating expenses\n27,690 \n27,986 \n25,023 \nOperating income\n6,539 \n7,369 \n7,161 \nOther expense (income), net\n147 \n165 \n366 \nIncome before income taxes\n6,392 \n7,204 \n6,795 \nProvision for income taxes\n612 \n1,285 \n1,337 \nIncome of consolidated group\n5,780 \n5,919 \n5,458 \nIncome (loss) from unconsolidated subsidiaries, net of taxes\n11 \n10 \n(5)\nNet income including noncontrolling interest\n5,791 \n5,929 \n5,453 \nLess: Net income (loss) attributable to noncontrolling interest\n14 \n8 \n4 \nNet income attributable to 3M\n$\n5,777 $\n5,921 $\n5,449 \nWeighted average 3M common shares outstanding basic\n566.0 \n579.0 \n577.6 \nEarnings per share attributable to 3M common shareholders basic\n$\n10.21 $\n10.23 $\n9.43 \nWeighted average 3M common shares outstanding diluted\n567.6 \n585.3 \n582.2 \nEarnings per share attributable to 3M common shareholders diluted\n$\n10.18 $\n10.12 $\n9.36 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n48\n"
},
{
"doc_name": "3M_2022_10K",
"evidence_page_num": 49,
"evidence_text": "3M Company and Subsidiaries\nConsolidated Balance Sheet\nAt December 31\n(Dollars in millions, except per share amount)\n2022\n2021\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,655 $\n4,564 \nMarketable securities current\n238 \n201 \nAccounts receivable net of allowances of $174 and $189\n4,532 \n4,660 \nInventories\nFinished goods\n2,497 \n2,196 \nWork in process\n1,606 \n1,577 \nRaw materials and supplies\n1,269 \n1,212 \nTotal inventories\n5,372 \n4,985 \nPrepaids\n435 \n654 \nOther current assets\n456 \n339 \nTotal current assets\n14,688 \n15,403 \nProperty, plant and equipment\n25,998 \n27,213 \nLess: Accumulated depreciation\n(16,820)\n(17,784)\nProperty, plant and equipment net\n9,178 \n9,429 \nOperating lease right of use assets\n829 \n858 \nGoodwill\n12,790 \n13,486 \nIntangible assets net\n4,699 \n5,288 \nOther assets\n4,271 \n2,608 \nTotal assets\n$\n46,455 $\n47,072",
"evidence_text_full_page": "Table of Contents\n3M Company and Subsidiaries\nConsolidated Balance Sheet\nAt December 31\n(Dollars in millions, except per share amount)\n2022\n2021\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,655 $\n4,564 \nMarketable securities current\n238 \n201 \nAccounts receivable net of allowances of $174 and $189\n4,532 \n4,660 \nInventories\nFinished goods\n2,497 \n2,196 \nWork in process\n1,606 \n1,577 \nRaw materials and supplies\n1,269 \n1,212 \nTotal inventories\n5,372 \n4,985 \nPrepaids\n435 \n654 \nOther current assets\n456 \n339 \nTotal current assets\n14,688 \n15,403 \nProperty, plant and equipment\n25,998 \n27,213 \nLess: Accumulated depreciation\n(16,820)\n(17,784)\nProperty, plant and equipment net\n9,178 \n9,429 \nOperating lease right of use assets\n829 \n858 \nGoodwill\n12,790 \n13,486 \nIntangible assets net\n4,699 \n5,288 \nOther assets\n4,271 \n2,608 \nTotal assets\n$\n46,455 $\n47,072 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n1,938 $\n1,307 \nAccounts payable\n3,183 \n2,994 \nAccrued payroll\n692 \n1,020 \nAccrued income taxes\n259 \n260 \nOperating lease liabilities current\n261 \n263 \nOther current liabilities\n3,190 \n3,191 \nTotal current liabilities\n9,523 \n9,035 \nLong-term debt\n14,001 \n16,056 \nPension and postretirement benefits\n1,966 \n2,870 \nOperating lease liabilities\n580 \n591 \nOther liabilities\n5,615 \n3,403 \nTotal liabilities\n31,685 \n31,955 \nCommitments and contingencies (Note 16)\nEquity\n3M Company shareholders equity:\nCommon stock par value, $.01 par value; 944,033,056 shares issued\n9 \n9 \nShares outstanding - December 31, 2022: 549,245,105\nShares outstanding - December 31, 2021: 571,845,478\nAdditional paid-in capital\n6,691 \n6,429 \nRetained earnings\n47,950 \n45,821 \nTreasury stock, at cost:\n(33,255)\n(30,463)\nAccumulated other comprehensive income (loss)\n(6,673)\n(6,750)\nTotal 3M Company shareholders equity\n14,722 \n15,046 \nNoncontrolling interest\n48 \n71 \nTotal equity\n14,770 \n15,117 \nTotal liabilities and equity\n$\n46,455 $\n47,072 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n50\n"
},
{
"doc_name": "3M_2022_10K",
"evidence_page_num": 51,
"evidence_text": "3M Company and Subsidiaries\nConsolidated Statement of Cash Flows\nYears ended December 31\n(Millions)\n2022\n2021\n2020\nCash Flows from Operating Activities\nNet income including noncontrolling interest\n$\n5,791 $\n5,929 $\n5,453 \nAdjustments to reconcile net income including noncontrolling interest to net cash provided by operating\nactivities\nDepreciation and amortization\n1,831 \n1,915 \n1,911 \nLong-lived and indefinite-lived asset impairment expense\n618 \n \n6 \nGoodwill impairment expense\n271 \n \n \nCompany pension and postretirement contributions\n(158)\n(180)\n(156)\nCompany pension and postretirement expense\n178 \n206 \n322 \nStock-based compensation expense\n263 \n274 \n262 \nGain on business divestitures\n(2,724)\n \n(389)\nDeferred income taxes\n(663)\n(166)\n(165)\nChanges in assets and liabilities\nAccounts receivable\n(105)\n(122)\n165 \nInventories\n(629)\n(903)\n(91)\nAccounts payable\n111 \n518 \n252 \nAccrued income taxes (current and long-term)\n(47)\n(244)\n132 \nOther net\n854 \n227 \n411 \nNet cash provided by (used in) operating activities\n5,591 \n7,454 \n8,113 \nCash Flows from Investing Activities\nPurchases of property, plant and equipment (PP&E)\n(1,749)\n(1,603)\n(1,501)",
"evidence_text_full_page": "Table of Contents\n3M Company and Subsidiaries\nConsolidated Statement of Cash Flows\nYears ended December 31\n(Millions)\n2022\n2021\n2020\nCash Flows from Operating Activities\nNet income including noncontrolling interest\n$\n5,791 $\n5,929 $\n5,453 \nAdjustments to reconcile net income including noncontrolling interest to net cash provided by operating\nactivities\nDepreciation and amortization\n1,831 \n1,915 \n1,911 \nLong-lived and indefinite-lived asset impairment expense\n618 \n \n6 \nGoodwill impairment expense\n271 \n \n \nCompany pension and postretirement contributions\n(158)\n(180)\n(156)\nCompany pension and postretirement expense\n178 \n206 \n322 \nStock-based compensation expense\n263 \n274 \n262 \nGain on business divestitures\n(2,724)\n \n(389)\nDeferred income taxes\n(663)\n(166)\n(165)\nChanges in assets and liabilities\nAccounts receivable\n(105)\n(122)\n165 \nInventories\n(629)\n(903)\n(91)\nAccounts payable\n111 \n518 \n252 \nAccrued income taxes (current and long-term)\n(47)\n(244)\n132 \nOther net\n854 \n227 \n411 \nNet cash provided by (used in) operating activities\n5,591 \n7,454 \n8,113 \nCash Flows from Investing Activities\nPurchases of property, plant and equipment (PP&E)\n(1,749)\n(1,603)\n(1,501)\nProceeds from sale of PP&E and other assets\n200 \n51 \n128 \nAcquisitions, net of cash acquired\n \n \n(25)\nPurchases of marketable securities and investments\n(1,250)\n(2,202)\n(1,579)\nProceeds from maturities and sale of marketable securities and investments\n1,261 \n2,406 \n1,811 \nProceeds from sale of businesses, net of cash sold\n13 \n \n576 \nCash payment from Food Safety business split-off, net of divested cash\n478 \n \n \nOther net\n1 \n31 \n10 \nNet cash provided by (used in) investing activities\n(1,046)\n(1,317)\n(580)\nCash Flows from Financing Activities\nChange in short-term debt net\n340 \n(2)\n(143)\nRepayment of debt (maturities greater than 90 days)\n(1,179)\n(1,144)\n(3,482)\nProceeds from debt (maturities greater than 90 days)\n1 \n1 \n1,750 \nPurchases of treasury stock\n(1,464)\n(2,199)\n(368)\nProceeds from issuance of treasury stock pursuant to stock option and benefit plans\n381 \n639 \n429 \nDividends paid to shareholders\n(3,369)\n(3,420)\n(3,388)\nOther net\n(60)\n(20)\n(98)\nNet cash provided by (used in) financing activities\n(5,350)\n(6,145)\n(5,300)\nEffect of exchange rate changes on cash and cash equivalents\n(104)\n(62)\n48 \nNet increase (decrease) in cash and cash equivalents\n(909)\n(70)\n2,281 \nCash and cash equivalents at beginning of year\n4,564 \n4,634 \n2,353 \nCash and cash equivalents at end of period\n$\n3,655 $\n4,564 $\n4,634 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n52\n"
}
] |
financebench_id_01226
|
What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.
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The provided context does not contain specific information regarding the drivers of operating margin change for 3M as of FY2022. Therefore, I cannot answer your question based on the available information.
|
Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to:
-Decrease in gross Margin
-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring
charges
|
[
{
"doc_name": "3M_2022_10K.pdf",
"retrieved_chunk": "The expense impact of this re-measurement was immaterial for the second quarter of 2020 and subsequent periods.\nThe following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related\namounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years. 3M also has certain non-qualified unfunded pension and\npostretirement benefit plans, inclusive of plans related to supplement/excess benefits for employees impacted by particular relocations and other matters, that individually and in\nthe aggregate are not significant and which are not included in the tables that follow."
}
] |
[
{
"doc_name": "3M_2022_10K",
"evidence_page_num": 26,
"evidence_text": "SG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant\nlitigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately\n$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring\ncharges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost\nmanagement.",
"evidence_text_full_page": "Table of Contents\nRESULTS OF OPERATIONS\nNet Sales:\nRefer to the preceding Overview section and the Performance by Business Segment section later in MD&A for additional discussion of sales change.\nOperating Expenses:\n(Percent of net sales)\n2022\n2021\nChange\nCost of sales\n56.2 %\n53.2 %\n3.0 %\nSelling, general and administrative expenses (SG&A)\n26.5 \n20.4 \n6.1 \nResearch, development and related expenses (R&D)\n5.4 \n5.6 \n(0.2)\nGain on business divestitures\n(8.0)\n \n(8.0)\nGoodwill impairment expense\n0.8 \n \n0.8 \nOperating income margin\n19.1 %\n20.8 %\n(1.7)%\nThe Company is continuing the ongoing deployment of an enterprise resource planning (ERP) system on a worldwide basis, with these investments impacting cost of sales,\nSG&A, and R&D.\nCost of Sales:\nCost of sales, measured as a percent of sales, increased in 2022 when compared to the same period last year. Increases were primarily due to 2022 special item costs for\nsignificant litigation from additional commitments to address PFAS-related matters at 3M's Zwijndrecht, Belgium site (discussed in Note 16), higher raw materials and logistics\ncosts, manufacturing productivity headwinds which were further magnified by the shutdown of certain operations in Belgium and progress on restarting previously-idled\noperations, and investments in growth, productivity and sustainability. On a percent of sales basis, these increases were partially offset by increases in selling prices.\nSelling, General and Administrative Expenses:\nSG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant\nlitigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately\n$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring\ncharges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost\nmanagement.\nResearch, Development and Related Expenses:\nR&D, measured as a percent of sales, decreased in 2022 when compared to the same period last year. 3M continues to invest in a range of R&D activities from application\ndevelopment, product and manufacturing support, product development and technology development aimed at disruptive innovations.\nGain on Business Divestitures:\nIn the third quarter of 2022, 3M recorded a pre-tax gain of $2.7 billion ($2.7 billion after tax) related to the split-off and combination of its Food Safety business with Neogen\nCorporation. Refer to Note 3 for further details.\nGoodwill Impairment Expense:\nAs a result of 3M's commitment to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a goodwill impairment charge related to the Advanced\nMaterials reporting unit (within the Transportation and Electronics business). Refer to Note 15 for further details.\n27\n"
}
] |
financebench_id_00807
|
Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.
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The provided context does not include any information regarding 3M's quick ratio for Q2 of FY2023 or any details that would allow for an assessment of its liquidity profile. Therefore, I cannot determine if 3M has a reasonably healthy liquidity profile based on its quick ratio for that period.
|
No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark
|
[
{
"doc_name": "3M_2022_10K.pdf",
"retrieved_chunk": "The expense impact of this re-measurement was immaterial for the second quarter of 2020 and subsequent periods.\nThe following tables include a reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets as well as a summary of the related\namounts recognized in the Company’s consolidated balance sheet as of December 31 of the respective years. 3M also has certain non-qualified unfunded pension and\npostretirement benefit plans, inclusive of plans related to supplement/excess benefits for employees impacted by particular relocations and other matters, that individually and in\nthe aggregate are not significant and which are not included in the tables that follow."
}
] |
[
{
"doc_name": "3M_2023Q2_10Q",
"evidence_page_num": 4,
"evidence_text": "3M Company and Subsidiaries\nConsolidated Balance Sheet\n(Unaudited)\n(Dollars in millions, except per share amount)\nJune 30, 2023\nDecember 31, 2022\nAssets\nCurrent assets\nCash and cash equivalents\n$\n4,258 \n$\n3,655 \nMarketable securities current\n56 \n238 \nAccounts receivable net of allowances of $160 and $174\n4,947 \n4,532 \nInventories\nFinished goods\n2,526 \n2,497 \nWork in process\n1,527 \n1,606 \nRaw materials and supplies\n1,227 \n1,269 \nTotal inventories\n5,280 \n5,372 \nPrepaids\n674 \n435 \nOther current assets\n539 \n456 \nTotal current assets\n15,754 \n14,688 \nProperty, plant and equipment\n26,459 \n25,998 \nLess: Accumulated depreciation\n(17,248)\n(16,820)\nProperty, plant and equipment net\n9,211 \n9,178 \nOperating lease right of use assets\n812 \n829 \nGoodwill\n12,869 \n12,790 \nIntangible assets net\n4,470 \n4,699 \nOther assets\n5,764 \n4,271 \nTotal assets\n$\n48,880 \n$\n46,455 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n3,033 \n$\n1,938 \nAccounts payable\n3,231 \n3,183 \nAccrued payroll\n785 \n692 \nAccrued income taxes\n172 \n259 \nOperating lease liabilities current\n244 \n261 \nOther current liabilities\n3,471 \n3,190 \nTotal current liabilities\n10,936 \n9,523",
"evidence_text_full_page": "Table of Contents\n3M Company and Subsidiaries\nConsolidated Balance Sheet\n(Unaudited)\n(Dollars in millions, except per share amount)\nJune 30, 2023\nDecember 31, 2022\nAssets\nCurrent assets\nCash and cash equivalents\n$\n4,258 \n$\n3,655 \nMarketable securities current\n56 \n238 \nAccounts receivable net of allowances of $160 and $174\n4,947 \n4,532 \nInventories\nFinished goods\n2,526 \n2,497 \nWork in process\n1,527 \n1,606 \nRaw materials and supplies\n1,227 \n1,269 \nTotal inventories\n5,280 \n5,372 \nPrepaids\n674 \n435 \nOther current assets\n539 \n456 \nTotal current assets\n15,754 \n14,688 \nProperty, plant and equipment\n26,459 \n25,998 \nLess: Accumulated depreciation\n(17,248)\n(16,820)\nProperty, plant and equipment net\n9,211 \n9,178 \nOperating lease right of use assets\n812 \n829 \nGoodwill\n12,869 \n12,790 \nIntangible assets net\n4,470 \n4,699 \nOther assets\n5,764 \n4,271 \nTotal assets\n$\n48,880 \n$\n46,455 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n3,033 \n$\n1,938 \nAccounts payable\n3,231 \n3,183 \nAccrued payroll\n785 \n692 \nAccrued income taxes\n172 \n259 \nOperating lease liabilities current\n244 \n261 \nOther current liabilities\n3,471 \n3,190 \nTotal current liabilities\n10,936 \n9,523 \nLong-term debt\n12,954 \n14,001 \nPension and postretirement benefits\n1,912 \n1,966 \nOperating lease liabilities\n570 \n580 \nOther liabilities\n14,651 \n5,615 \nTotal liabilities\n41,023 \n31,685 \nCommitments and contingencies (Note 14)\nEquity\n3M Company shareholders equity:\nCommon stock par value, $.01 par value; 944,033,056 shares issued\n9 \n9 \nShares outstanding - June 30, 2023: 551,992,430\nShares outstanding - December 31, 2022: 549,245,105\nAdditional paid-in capital\n6,858 \n6,691 \nRetained earnings\n40,290 \n47,950 \nTreasury stock, at cost:\n(32,926)\n(33,255)\nShares at June 30, 2023: 392,040,626\nShares at December 31, 2022: 394,787,951\nAccumulated other comprehensive income (loss)\n(6,433)\n(6,673)\nTotal 3M Company shareholders equity\n7,798 \n14,722 \nNoncontrolling interest\n59 \n48 \nTotal equity\n7,857 \n14,770 \nTotal liabilities and equity\n$\n48,880 \n$\n46,455 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n5\n"
}
] |
financebench_id_00941
|
Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?
|
The provided context does not specify which specific debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023.
|
Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:
-1.500% Notes due 2026 (Trading Symbol: MMM26)
-1.750% Notes due 2030 (Trading Symbol: MMM30)
-1.500% Notes due 2031 (Trading Symbol: MMM31)
|
[
{
"doc_name": "3M_2023Q2_10Q.pdf",
"retrieved_chunk": "municipal securities 4 4 \nCurrent marketable securities 56 238 \nU.S. municipal securities 23 23 \nNon-current marketable securities 23 23 \nTotal marketable securities $ 79 $ 261 \nAt June 30, 2023 and December 31, 2022, gross unrealized, gross realized, and net realized gains and/or losses (pre-tax) were not material.\nThe balances at June 30, 2023 for marketable securities by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers of\nthe securities may have the right to prepay obligations without prepayment penalties.\n(Millions) June 30, 2023\nDue in one year or less $ 56 \nDue after one year through five years 15 \nDue after five years through ten years 8 \nTotal marketable securities $ 79 \n18 Table of Contents\nNOTE 10. Long-Term Debt and Short-Term Borrowings\nIn February 2023, 3M repaid $500 million aggregate principal amount of fixed-rate registered notes that matured. In March 2023, 3M repaid $650 million aggregate principal\namount of fixed-rate medium-term notes that matured. In May 2023, 3M repaid 600 million euros aggregate principal amount of fixed-rate medium-term notes that matured.\n2022 issuances, maturities, and extinguishments of short- and long-term debt are described in Note 12 to the Consolidated Financial Statements in 3M's 2022 Annual Report on\nForm 10-K.\nThe Company had $1.8 billion in commercial paper outstanding at June 30, 2023, compared to no commercial paper outstanding as of December 31, 2022.\nIn May 2023, 3M entered into a $4.25 billion five-year revolving credit facility expiring in 2028; the facility was amended in July 2023. The revolving credit agreement\nincludes a provision under which 3M may request an increase of up to $1.0 billion (at lender’s discretion), bringing the total facility up to $5.25 billion."
}
] |
[
{
"doc_name": "3M_2023Q2_10Q",
"evidence_page_num": 0,
"evidence_text": "Title of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Stock, Par Value $.01 Per Share\nMMM\nNew York Stock Exchange\nMMM\nChicago Stock Exchange, Inc.\n1.500% Notes due 2026\nMMM26\nNew York Stock Exchange\n1.750% Notes due 2030\nMMM30\nNew York Stock Exchange\n1.500% Notes due 2031\nMMM31\nNew York Stock Exchange",
"evidence_text_full_page": "Table of Contents\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, D.C. 20549\nFORM 10-Q\n QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the quarterly period ended June 30, 2023\nor\no TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the transition period from __________ to __________\nCommission file number: 1-3285\n3M COMPANY\n(Exact name of registrant as specified in its charter)\nDelaware\n41-0417775\n(State or other jurisdiction of incorporation)\n(IRS Employer Identification No.)\n3M Center, St. Paul, Minnesota\n55144-1000\n(Address of Principal Executive Offices)\n(Zip Code)\n(Registrants Telephone Number, Including Area Code) (651) 733-1110\nNot Applicable\n(Former Name or Former Address, if Changed Since Last Report)\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Stock, Par Value $.01 Per Share\nMMM\nNew York Stock Exchange\nMMM\nChicago Stock Exchange, Inc.\n1.500% Notes due 2026\nMMM26\nNew York Stock Exchange\n1.750% Notes due 2030\nMMM30\nNew York Stock Exchange\n1.500% Notes due 2031\nMMM31\nNew York Stock Exchange\nNote: The common stock of the Registrant is also traded on the SIX Swiss Exchange.\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or\nfor such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No \nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this\nchapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No \nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the\ndefinitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.:\nLarge accelerated filer\n\nAccelerated filer\n\nNon-accelerated filer\n\nSmaller reporting company\n\nEmerging growth company\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act. \nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No \nIndicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.\nClass\nOutstanding at June 30, 2023\nCommon Stock, $0.01 par value per share\n551,992,430 shares\n1\n"
}
] |
financebench_id_00438
|
Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.
|
The provided context does not contain any information regarding Adobe's operating margin profile for FY2022. Therefore, I cannot answer your question based on the available information.
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No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.
|
[
{
"doc_name": "NIKE_2023_10K.pdf",
"retrieved_chunk": "Higher ASP per unit was primarily due to a higher mix of full price sales, partially offset by lower off-price ASP.\nReported EBIT decreased 3% due to lower revenues and the following:\n•Gross margin expansion of approximately 140 basis points, primarily due to higher inventory obsolescence reserves \nrecognized in the fourth quarter of fiscal 2022, favorable changes in standard foreign currency exchange rates and higher \nfull-price ASP, net of discounts, in part due to product mix. This was partially offset by higher product costs reflecting higher \ninput costs and product mix.\n•Selling and administrative expense was flat due to increased operating overhead expense offset by lower demand creation \nexpense. The increase in operating overhead expense was primarily due to higher wage-related expenses and other \nadministrative costs, partially offset by favorable changes in foreign currency exchange rates."
}
] |
[
{
"doc_name": "ADOBE_2022_10K",
"evidence_page_num": 53,
"evidence_text": "ADOBE INC.\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions, except per share data)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nRevenue:\n \nSubscription\n$ \n16,388 $ \n14,573 $ \n11,626 \nProduct\n \n532 \n555 \n507 \nServices and other\n \n686 \n657 \n735 \nTotal revenue\n \n17,606 \n15,785 \n12,868 \n \nCost of revenue:\nSubscription\n \n1,646 \n1,374 \n1,108 \nProduct\n \n35 \n41 \n36 \nServices and other\n \n484 \n450 \n578 \nTotal cost of revenue\n \n2,165 \n1,865 \n1,722 \n \nGross profit\n \n15,441 \n13,920 \n11,146 \n \nOperating expenses:\nResearch and development\n \n2,987 \n2,540 \n2,188 \nSales and marketing\n \n4,968 \n4,321 \n3,591 \nGeneral and administrative\n \n1,219 \n1,085 \n968 \nAmortization of intangibles\n \n169 \n172 \n162 \nTotal operating expenses\n \n9,343 \n8,118 \n6,909 \n \nOperating income\n \n6,098 \n5,802 \n4,237",
"evidence_text_full_page": "ADOBE INC.\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions, except per share data)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nRevenue:\n \nSubscription\n$ \n16,388 $ \n14,573 $ \n11,626 \nProduct\n \n532 \n555 \n507 \nServices and other\n \n686 \n657 \n735 \nTotal revenue\n \n17,606 \n15,785 \n12,868 \n \nCost of revenue:\nSubscription\n \n1,646 \n1,374 \n1,108 \nProduct\n \n35 \n41 \n36 \nServices and other\n \n484 \n450 \n578 \nTotal cost of revenue\n \n2,165 \n1,865 \n1,722 \n \nGross profit\n \n15,441 \n13,920 \n11,146 \n \nOperating expenses:\nResearch and development\n \n2,987 \n2,540 \n2,188 \nSales and marketing\n \n4,968 \n4,321 \n3,591 \nGeneral and administrative\n \n1,219 \n1,085 \n968 \nAmortization of intangibles\n \n169 \n172 \n162 \nTotal operating expenses\n \n9,343 \n8,118 \n6,909 \n \nOperating income\n \n6,098 \n5,802 \n4,237 \n \nNon-operating income (expense):\nInterest expense\n \n(112) \n(113) \n(116) \nInvestment gains (losses), net\n \n(19) \n16 \n13 \nOther income (expense), net\n \n41 \n \n42 \nTotal non-operating income (expense), net\n \n(90) \n(97) \n(61) \nIncome before income taxes\n \n6,008 \n5,705 \n4,176 \nProvision for (benefit from) income taxes\n \n1,252 \n883 \n(1,084) \nNet income\n$ \n4,756 $ \n4,822 $ \n5,260 \nBasic net income per share\n$ \n10.13 $ \n10.10 $ \n10.94 \nShares used to compute basic net income per share\n \n470 \n477 \n481 \nDiluted net income per share\n$ \n10.10 $ \n10.02 $ \n10.83 \nShares used to compute diluted net income per share\n \n471 \n481 \n485 \nSee accompanying Notes to Consolidated Financial Statements.\nTable of Contents\n54\n"
}
] |
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