AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 29/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Certain tradenames retain leading positions after more than 60 years, while reported new-product sales growth and specification-driven share gains demonstrate commercialization. These disclosures support a strong intangible advantage in selected franchises. They do not establish portfolio-wide superiority or a comparative cost advantage.
durability · 3/4 · The combination of longstanding leading tradenames and continuing commercialization supports demonstrated persistence and renewal. Patent protection varies by scope and jurisdiction, and the brand disclosure covers certain acquired tradenames. This supports strong durability within a bounded franchise set, without establishing exceptional company-wide protection.
customer dependency · 2/4 · Customer conversion processes remain ongoing, and some applications require transitions, certifications or approvals. Specification wins provide complementary evidence of application integration. However, several constraints relate to third-party components, and the passages do not quantify customers' costs of replacing 3M. Dependency is therefore application-specific and incompletely demonstrated.
erosion resilience · 2/4 · Innovation commercialization, first-half industrial growth and third-quarter organic growth support resilience. Third-quarter GAAP operating margin also improved. Conversely, first-half Consumer sales and operating income declined, and PFAS exit dis-synergies, oil and tariffs raised production costs. The combined realized evidence remains mixed rather than uniformly strong.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Historical operating disclosures explicitly identify selling-price actions as partial offsets to cost and productivity headwinds, supporting some realized pricing ability. Current organic sales combine volume and selling-price changes, so recent growth cannot establish stronger pricing independently. Sustained premium realization and demand consequences remain unquantified.
retention · 2/4 · Assessed indirectly from enduring leading brand positions, application approvals, ongoing conversions and operating demand. Industrial growth and third-quarter organic growth support continuing demand, while first-half Consumer contraction limits breadth. No customer retention rate or evidence that repricing preserves individual customer relationships is supplied.
margin resilience · 2/4 · Third-quarter GAAP operating margin reached 23.7%, up 150 basis points, and nine-month operating income increased. First-half cost-of-sales ratios nevertheless worsened from PFAS dis-synergies, oil and tariffs. Productivity, expense movements and divestiture losses complicate attribution; improving results demonstrate partial resilience rather than pricing-led immunity.
contractual freedom · 3/4 · Reviewed US general terms explicitly give 3M sole discretion to charge shipment-date prices on future-dated orders. This is strong disclosed repricing freedom within that provision. Separately negotiated customer or business-unit terms take precedence, and equivalent freedom across 3M's global revenue is unestablished.
Predictability74
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 25.00
- Revenue growth volatility (pp)
- 10.10
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 5.45
- observedAnnualPeriods
- 5.00
Financial strength45
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 68.17
- interestCoverageGrade
- 35.39
- currentRatioGrade
- 76.63
- Debt / FCF (x)
- 9.03
- Net debt / operating income (x)
- 1.59
- Interest coverage (x)
- 4.89
- Current ratio (x)
- 1.71
Capital allocation61
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 10.90
- 3-year average dilution (%)
- -7.14
- 3-year average SBC / revenue (%)
- 0.97
- cashConversionGrade
- 0.00
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month 2026 operating cash flow of $2.046 billion funded $704 million of capital spending, but acquisitions consumed $1.910 billion and shareholder distributions $4.441 billion. Net debt issuance was $2.525 billion alongside outside equity funding. Actual investment and financing are assessable; acquisition returns and repurchase value creation remain unproven.
incentive alignment · 2/4 · Actual 2025 grants allocated half of annual long-term award value to performance shares with cumulative three-year EPS and free-cash-flow metrics and a relative TSR modifier. Approved litigation, transformation and PFAS exclusions weaken exposure to total shareholder costs, although tariffs remained included. Actual ownership compliance and eventual vesting are unestablished.
execution · 3/4 · The completed PFAS manufacturing exit, reported new-product sales growth, industrial operating improvements and third-quarter organic growth demonstrate delivery beyond intentions. Execution is assessed from these operating outcomes. Consumer weakness, continuing conversion work and first-half production-cost pressures prevent an exceptional assessment or an inference that transition work is finished.
governance · 3/4 · Adopted independent-committee requirements, substantial Lead Independent Director powers, confidential complaint procedures and completed annual director elections support strong governance structures. The combined chairman and CEO role and approved incentive exclusions temper this assessment. Structural safeguards do not demonstrate that oversight has prevented legacy liabilities or all future failures.
Evidence
June 30, 2026
December 31, 2025
(Millions)
Gross carrying amount
Accumulated amortization
Net carrying amount
Gross carrying amount
Accumulated amortization
Net carrying amount
Finite-lived intangible assets
Customer related
$
1,244
$
(961)
$
1,239
$
(925)
Patents and technology
545
(524)
573
(544)
Definite-lived tradenames
482
(329)
482
(318)
Other
48
(31)
47
(30)
Total
$
2,319
$
(1,845)
$
474
$
2,341
$
(1,817)
$
524
Indefinite lived intangible assets(b)
579
579
Total intangible assets — net
$
1,053
$
1,103
(b) Indefinite lived intangible assets primarily consists of certain tradenames acquired by 3M that are not amortized because they have existed for over 60 years, maintain leading-market share positions, are continuously renewed, and are associated with products expected to generate cash flows for 3M for an indefinite period.
June 2026 Form 10-Q, Note 4, intangible assets and longstanding tradenames; filed 2026-07-21 · Filed 21/07/2026
and foreign patents. The Company’s research and development activities generate a steady stream of inventions that are covered by new patents or trade secrets.
2025 Form 10-K, intellectual property and inventions; filed 2026-02-03 · Filed 03/02/2026
Our R&D investments led to 284 new product introductions (up 68% from 2024) and a double-digit increase in new product sales – indicating that innovation has made a strong resurgence at 3M.
2026 proxy, reported 2025 new-product introductions and sales; filed 2026-03-25 · Filed 25/03/2026
•Growth was negatively impacted by headwinds related to PFAS manufactured products and automotive OEM build rates, partially offset by new product launches and spec-wins that drove share gain.
2024 Form 10-K, operating discussion of new launches and specification wins; filed 2025-02-05 · Filed 05/02/2025
The actual protection afforded by a patent, which can vary from country to country, depends upon the type of patent, the scope of its coverage and the availability of legal remedies in the country.
2025 Form 10-K, scope and geographical variability of patent protection; filed 2026-02-03 · Filed 03/02/2026
Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things: (i) the development and timing of the introduction of competitive products; (ii) the Company’s pricing strategies; (iii) changes in customer order patterns, such as changes in the levels of inventory maintained by customers, vendors, or channel partners; (iv) changes in customers’ preferences for our products, including preferences for products that do not contain third-party manufactured PFAS, the success of products offered by our competitors, and changes in customer designs for their products that can affect the demand for some of the Company’s products; and (v) changes in the business environment related to disruptive technologies, such as artificial intelligence and machine learning technologies, block-chain, expanded analytics, and other enhanced learnings from increasing volume of available data.
2025 Form 10-K, competition, pricing, customer designs and preferences risk passage; filed 2026-02-03 · Filed 03/02/2026
Most 3M products involve expertise in product development, manufacturing and marketing, and are subject to competition from products manufactured and sold by other technologically oriented companies.
2025 Form 10-K, business competition passage; filed 2026-02-03 · Filed 03/02/2026
40 Table of Contents Business Segment Information Three months ended June 30, Six months ended June 30, Net sales (millions) 2026 2025 2026 2025 Safety and Industrial $ 3,091 $ 2,857 $ 6,021 $ 5,602 Transportation and Electronics 2,066 1,944 3,914 3,760 Consumer 1,247 1,270 2,378 2,394 Total reportable business segment net sales 6,404 6,071 12,313 11,756 Corporate 96 273 217 542 Total Company $ 6,500 $ 6,344 $ 12,530 $ 12,298 Significant segment expenses and operating performance (millions) Safety and Industrial Cost of sales $ 1,642 $ 1,537 $ 3,213 $ 3,007 Selling, general and administrative expenses 459 455 911 906 Research, development and related expenses 131 127 262 252 Safety and Industrial operating income 859 738 1,635 1,437 Transportation and Electronics Cost of sales 1,176 1,110 2,271 2,176 Selling, general and administrative expenses 259 245 492 496 Research, development and related expenses 128 110 249 219 Transportation and Electronics operating income 503 479 902 869 Consumer Cost of sales 750 748 1,437 1,417 Selling, general and administrative expenses 212 223 408 427 Research, development and related expenses 33 31 64 63 Consumer operating income 252 268 469 487 Total reportable business segment operating income 1,614 1,485 3,006 2,793 Corporate Corporate-level (expense) income 1 22 35 72 Corporate special items: Net costs for significant litigation and PFAS exit (183) (347) (13) (421) Business acquisition-related costs (12) — (12) — (Loss) gain on business divestitures (336) (3) (343) (3) Manufactured PFAS products — (17) (126) (55) Transformation costs (100) — (166) — Total Corporate (630) (345) (625) (407) Total Company operating income 984 1,140 2,381 2,386 Other expense/(income), net (136) 217 383 78 Income before income taxes $ 1,120 $ 923 $ 1,998 $ 2,308 Three months ended June 30, Six months ended June 30, Depreciation and amortization (millions) 2026 2025 2026 2025 Safety and Industrial $ 146 $ 141 $ 290 $ 280 Transportation and Electronics 91 92 179 180 Consumer 43 36 83 75 Corporate 55 21 109 45 Total $ 335 $ 290 $ 661 $ 580 Capital expenditures (millions) Safety and Industrial $ 112 $ 77 $ 197 $ 155 Transportation and Electronics 77 104 135 182 Consumer 20 16 31 27 Corporate 14 11 85 80 Total $ 223 $ 208 $ 448 $ 444 41 Table of Contents Assets (millions) June 30, 2026 December 31, 2025 Business segment assets: Inventories Safety and Industrial $ 1,664 $ 1,636 Transportation and Electronics 1,080 1,068 Consumer 788 694 Total business segment assets 3,532 3,398 All other current assets 10,580 12,989 Total non-current assets 20,812 21,346 Total assets $ 34,924 $ 37,733 "Business segment assets" represent inventories, based on the extent of business segment information regularly provided to 3M's CODM.
June 2026 Form 10-Q, business segment sales and operating performance, three and six months ended June 30; filed 2026-07-21 · Filed 21/07/2026
In certain cases, PFAS-containing third-party products (such as lithium ion batteries, printed circuit boards, certain seals and gaskets, and other products widely used in commerce across a variety of industries) continue to be used beyond the end of 2025 due to technological constraints, regulatory or industry standards, or the need for customer transitions, certifications, or approvals.
September 2026 Form 10-Q, PFAS third-party components and customer certification or approval constraints; filed 2026-10-20 · Filed 20/10/2026
Transitional efforts related to products manufactured prior to the end of 2025 and customer conversion processes also remain ongoing.
September 2026 Form 10-Q, continuing customer conversion processes; filed 2026-10-20 · Filed 20/10/2026
In addition, the 2022 PFAS Announcement involves risks, including: the actual costs and financial impact of such exit; potential governmental or regulatory actions relating to PFAS or the Company’s exit; the Company’s ability to identify and manufacture, or procure from third parties if possible, acceptable substitutes for PFAS-containing materials in 3M's supply chain; the possibility that such non-PFAS options are not available or that such substitutes may not achieve the anticipated or desired commercial, financial or operational results; potential litigation relating to the Company’s exit or to any products that include third-party manufactured materials containing PFAS that are incorporated into the products the Company sells; and the possibility that the exit will involve greater costs than anticipated, or may otherwise have negative impacts on the Company’s relationships with its customers and other parties.
2025 Form 10-K, PFAS exit and substitution risks; filed 2026-02-03 · Filed 03/02/2026
Margins were also impacted by increased raw materials and logistics costs, manufacturing productivity headwinds which were further magnified by the shutdown of certain operations in Belgium and investments in auto electrification, partially offset by selling price actions, strong spending discipline and restructuring actions.
2023 Form 10-K, historical selling-price actions partially offsetting operating headwinds; filed 2024-02-07 · Filed 07/02/2024
For Orders specifying future-dated shipments, 3M has the sole discretion to charge the price in effect on the date of the shipment.
Reviewed 3M US general customer sales terms, future-dated shipment repricing; retrieved 2026-10-19, publication date unspecified; negotiated customer or business-unit terms take precedence · Retrieved 19/10/2026
Operating Expenses: Three months ended June 30, Six months ended June 30, (Percent of net sales) 2026 2025 Change 2026 2025 Change Cost of sales 58.7 % 57.5 % 1.2 % 59.0 % 57.9 % 1.1 % Selling, general and administrative expenses (SG&A) 16.4 19.9 (3.5) 14.4 18.0 (3.6) Research, development and related expenses (R&D) 4.6 4.5 0.1 4.9 4.7 0.2 Loss on business divestitures 5.2 0.1 5.1 2.7 — 2.7 Operating income margin 15.1 % 18.0 % (2.9) % 19.0 % 19.4 % (0.4) % Cost of Sales measured as a percent of sales: Increases in the second quarter and first six months of 2026 were primarily due to cost dis-synergies following the exit of PFAS manufacturing and headwinds from rising oil prices and tariff impacts, partially offset by ongoing manufacturing productivity initiatives.
June 2026 Form 10-Q, operating expense ratios and realized production-cost headwinds; filed 2026-07-21 · Filed 21/07/2026
•Q3 GAAP sales of $6.6 billion, up 1.0%; operating margin of 23.7%, up 150 bps; EPS of $2.63, up 70%, all YoY
Third-quarter 2026 earnings release, GAAP sales and operating margin results; filed 2026-10-20 · Filed 20/10/2026
◦Adjusted sales of $6.6 billion with organic growth of 3.3% YoY
Third-quarter 2026 earnings release, adjusted organic sales growth; filed 2026-10-20 · Filed 20/10/2026
3
3M Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Millions, except per-share amounts)
(Unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Net sales
$
6,584
$
6,517
$
19,114
$
18,815
Operating expenses
Cost of sales
3,801
3,792
11,192
10,916
Selling, general and administrative expenses
921
820
2,726
3,032
Research, development and related expenses
304
297
914
870
Loss on business divestitures
—
161
343
164
Total operating expenses
5,026
5,070
15,175
14,982
Operating income
1,558
1,447
3,939
3,833
Other expense (income), net
(112)
300
271
378
Income before income taxes
1,670
1,147
3,668
3,455
Provision for income taxes
261
308
665
818
Income of consolidated group
Third-quarter 2026 earnings release, consolidated income statement, three and nine months ended September 30; filed 2026-10-20 · Filed 20/10/2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(Unaudited)
Nine months ended September 30,
2026
2025
Net cash provided by (used in) operating activities
$
2,046
$
723
Cash flows from investing activities:
Third-quarter 2026 earnings release, cash-flow statement heading and nine-month operating cash flow in millions; filed 2026-10-20 · Filed 20/10/2026
Purchases of property, plant and equipment
(704)
(662)
Acquisitions, net of cash acquired
(1,910)
—
Purchases and proceeds from sale or maturities of marketable securities and investments – net
390
2,346
Proceeds from (payments for) sale of businesses, net of cash sold
(326)
5
Other investing activities
38
66
Net cash provided by (used in) investing activities
(2,512)
1,755
Cash flows from financing activities:
Change in debt – net
2,525
(705)
Purchases of treasury stock and dividends paid to shareholders
(4,441)
(3,874)
Proceeds from issuances of treasury stock pursuant to stock option and benefit plans
702
1,219
Proceeds from investment by noncontrolling interest
1,277
—
Other financing activities
(38)
(39)
Net cash provided by (used in) financing activities
25
(3,399)
Effect of exchange rate changes on cash and cash equivalents
(5)
36
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale
(446)
(885)
Less: net increase (decrease) in cash classified within assets held for sale
(46)
44
Net increase (decrease) in cash and cash equivalents
(400)
(929)
Cash and cash equivalents at beginning of year
5,235
5,600
Cash and cash equivalents at end of period
$
4,835
$
4,671
6
3M Company and Subsidiaries
SALES CHANGE ANALYSIS3
(Unaudited)
Three months ended September 30, 2026
By reportable business segment
Organic sales
Acquisitions
Divestitures
Translation
Total sales
change
Safety and Industrial
7.0
%
3.1
%
(1.2)
%
0.2
%
9.1
%
Transportation and Electronics
Third-quarter 2026 earnings release, nine-month investing, financing and cash balances in millions, followed by sales-change analysis; filed 2026-10-20 · Filed 20/10/2026
3M issued a warrant to Amazon to purchase up to 3.2 million shares of 3M common stock based upon the achievement of $6 billion in cumulative sales of optical connectivity and other Data Center related products over the next seven years, and other event-based milestones.
Third-quarter 2026 earnings release, Amazon warrant and conditional seven-year sales milestones; filed 2026-10-20 · Filed 20/10/2026
Plan (weighted 33.3%) •Individual performance multiplier (0% - 130%) •Strategic and Sustainability Scorecard modifier (±10% of target) Performance Shares •Motivate executives to focus on continuously improving performance in key financial metrics believed to drive long-term shareholder value •Retain executive talent •Performance metrics and goals approved by the Committee •Payouts based on cumulative performance results against preestablished goals for a three- year period •Maximum payout equal to 200% of the target number of performance shares •Cash-settled dividend equivalent rights that are payable only if the underlying shares are earned •Cumulative Earnings per Share (weighted 50%) •Cumulative Free Cash Flow (weighted 50%) •Relative total shareholder return modifier (±20%) Stock Options(2) •Motivate executives to build long-term shareholder value •Retain executive talent •Provide value only if stock price increases •Exercise price equal to the grant date closing price for a share of 3M common stock •Three-year ratable vesting schedule •Maximum term of 10 years •Vesting is based on continued service, while value of the options is based on stock price appreciation (100%) from the grant date Restricted Stock Units(2) •Motivate executives to build long-term shareholder value •Retain executive talent •Three-year “cliff” vesting schedule •Cash-settled dividend equivalent rights that are payable only if the underlying shares are earned •Vesting is based on continued service, while value of the RSUs fluctuates based on total shareholder return (100%) Fixed Pay Base Salary Annual Incentives Incentive-Based At-Risk Pay Long-Term Incentives (1)Percentages shown reflect the apportionment (or, in the case of the percentages shown for the Other NEOs, the average apportionment) of the components of target Total Direct Compensation that are expected to be recurring.
2026 proxy, performance-share, option and restricted-stock-unit terms; filed 2026-03-25 · Filed 25/03/2026
55 3M Company Executive compensation (2)For 2025, the Committee chose to deliver 50 percent of the target grant value of the annual long-term incentive awards granted to each Named Executive Officer in the form of performance shares.
2026 proxy, actual 2025 annual long-term grant allocation; filed 2026-03-25 · Filed 25/03/2026
In January 2026, the Committee then reviewed and approved the exclusion of the following special items for purposes of the 2025 AIP and performance share award payout calculations: 2026 Proxy Statement 70 Executive compensation •Write-down and loss on sale related to divestiture of the precision grinding and finishing business and fused silica business; •Costs associated with 3M's transformation program, intended as a structural redesign of longer-term manufacturing, distribution, and business process services and locations; •Net costs for significant litigation related to 3M's respirator mask/asbestos (which include Aearo and non-Aearo items), PFAS-related other environmental, and Combat Arms Earplugs matters; •Gains in the value of 3M’s remaining ownership in Solventum; and •PFAS manufacturing exit impacts.
2026 proxy, January 2026 approval of exclusions for 2025 incentive payout calculations; filed 2026-03-25 · Filed 25/03/2026
In completing its assessment of potential 2025 adjustments, the Committee accepted management’s recommendation not to exclude the impact of new tariffs enacted in 2025.
2026 proxy, decision to retain 2025 tariff effects in incentive calculations; filed 2026-03-25 · Filed 25/03/2026
3M completed its exit of PFAS manufacturing by the end of 2025.
June 2026 Form 10-Q, completed PFAS manufacturing exit by end of 2025; filed 2026-07-21 · Filed 21/07/2026
The Corporate Governance Guidelines provide, in part, that: •Independent directors comprise a substantial majority of the Board; •Directors are elected annually by a majority vote in uncontested director elections; •Only independent directors serve on the Audit, Compensation and Talent, Nominating and Governance, and Science, Technology & Sustainability Committees; •The committee chairs establish their respective agendas; •The Board and committees may retain their own advisors; •Independent directors have complete access to management and employees; •Independent directors meet in executive session without the CEO or other employees during each regular Board meeting; and •The Board and each committee regularly conduct a self-evaluation to determine whether it and its committees function effectively.
2026 proxy, adopted governance guidelines, independent committees and annual majority elections; filed 2026-03-25 · Filed 25/03/2026
The responsibilities of Lead Independent Director include, but are not limited to, the following: •Presides at all meetings of the Board at which the Chairman is conflicted or not present, including executive sessions that are comprised of only the independent directors; •Acts as a key liaison between the Chairman/CEO and the independent directors; •Consults with the Chairman/CEO on, and approves, the meeting agendas for the Board, and approves the meeting schedules to assure that there is sufficient time for preparation and discussion of all agenda items; •Has the authority to approve the materials to be delivered to the directors in advance of each Board meeting and provides feedback regarding the quality, quantity, and timeliness of those materials (this duty not only gives the Lead Independent Director approval authority with respect to materials to be delivered to the directors in advance of each Board meeting but also provides a feedback mechanism so that the materials may be improved for future meetings); •Has the authority to call meetings of the independent directors; •Communicates independent Board member feedback to the Chairman/CEO (except that the chair of the Compensation and Talent Committee leads the discussion of the Chairman’s/CEO’s performance and communicates the Board’s evaluation of that performance to the Chairman/CEO); •If requested by major shareholders, ensures that he is available, when appropriate, for consultation and direct communication; •Participates in the Chairman/CEO succession planning process; •Evaluates, along with the Chairman/CEO and Nominating and Governance Committee Chair, the performance and skills of each director as part of the annual Board self-evaluation process; •Serves as a spokesperson for the Board on governance and other matters with shareholders or other external parties; •Advises the Nominating and Governance Committee Chair and Chairman/CEO on membership of various Board committees and the selection of committee chair roles; •Advises the Chairman/CEO on the retention of advisors and consultants who report directly to the Board; and •Performs such other duties as requested by the independent directors.
2026 proxy, Lead Independent Director authority; filed 2026-03-25 · Filed 25/03/2026
•A combined Chairman of the Board and CEO;
2026 proxy, combined chairman and CEO structure; filed 2026-03-25 · Filed 25/03/2026
The Audit Committee has adopted procedures to receive, retain, and treat complaints received regarding accounting, internal accounting controls, or auditing matters, and to allow for the confidential and anonymous submission by employees or others of concerns regarding questionable accounting or auditing matters.
2026 proxy, adopted confidential accounting complaint procedures; filed 2026-03-25 · Filed 25/03/2026
Proposal No. 1 — The shareholders elected each of the ten nominees to the Board of Directors for a one-year term.
Annual meeting results, completed election of ten directors for one-year terms; filed 2026-05-13 · Filed 13/05/2026
Organic local-currency sales include both organic volume impacts (which excludes acquisition and divestiture impacts) and selling price changes.
Second-quarter 2026 earnings release, organic local-currency sales definition combining volume and price; filed 2026-07-21 · Filed 21/07/2026
