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3M Company (MMM) Q4 2022 Earnings Call Transcript
3M Company Earnings Call - Final Transcript
3M Company (NYSE:MMM) Q4 2022 Earnings Call dated Jan. 24, 2023.
Bruce Jermeland — Senior Vice President, Investor Relations
Mike Roman — Chairman and Chief Executive Officer
Monish Patolawala — Chief Financial and Transformation Officer
Scott Davis — Melius Research — Analyst
Andrew Kaplowitz — Citi — Analyst
Andrew Obin — Bank of America — Analyst
Stephen Tusa — J.P. Morgan Securities — Analyst
Joe Ritchie — Goldman Sachs — Analyst
Julian Mitchell — Barclays — Analyst
Deane Dray — RBC Capital Markets — Analyst
Nigel Coe — Wolfe Research — Analyst
Dan Rizzo — Jefferies — Analyst
Ladies and gentlemen, thank you for standing by. Welcome to the 3M Fourth Quarter Earnings Conference Call. [Operator instructions].As a reminder, this conference is being recorded Tuesday, January 24, 2023.
I would now like to turn the call over to Bruce Jermeland, senior vice president of investor relations at 3M.
Thank you and good morning, everyone, and welcome to our fourth quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; and Monish Patolawala, our Chief Financial and Transformation Officer. Mike and Monish will make some formal comments, then we'll take your questions. Please note that today's earnings release and slide presentation accompanying this call are posted on the home page 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. 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 lists some of the most important risk factors that could cause actual results to differ from our predictions.
Please turn to Slide 3. Please note, throughout today's presentation, we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.
Before I hand the call over to Mike, I would like to take a moment and highlight a financial reporting change we are making starting here in Q1 2023. As we announced in our press release on December 20th, we'll be exiting PFAS manufacturing by the end of 2025. As a result, we have decided to provide additional disclosure by expanding the scope of our non-GAAP measurement adjustments to include the exit of PFAS manufacturing. For 2022, we have treated the Q4 PFAS manufacturing exit cost as a special item in arriving at results adjusted for special items.
However, beginning in 2023, we will expand the existing adjustment for special items to also adjust for the sales and estimate of income and associated activity of PFAS manufacturing. Therefore, our outlook for 2023 reflects this adjustment. Today's press release, press release attachments, and slide presentation provide the information regarding our 2022 performance on our existing Q4 2022 non-GAAP basis, along with some comparative information on the new 2023 outlook basis. We will be providing a Form 8-K during the first quarter to reflect additional effects of this change in our non-GAAP measures and changes in segment reporting.
We remain committed to providing strong transparency in reporting our financial performance. And of course, we are always here to address your questions.
With that, please turn to Slide 4, and I'll now hand the call off to Mike. Mike.
Thank you, Bruce. Good morning, everyone, and thank you for joining us. We continue to focus on delivering for our customers and shareholders in a challenging economic environment with slowing growth, inflation, and supply chain disruptions. We posted organic growth of 0.4% versus our expectation of 1% to 3%, along with adjusted margins of 19% and adjusted earnings of $2.28 per share.
The slower-than-expected growth was due to rapid declines in consumer-facing markets such as consumer electronics and retail, a dynamic that accelerated in December as consumers sharply cut discretionary spending and retailers adjusted inventory levels. We also saw a significant slowing in China due to COVID-related disruptions, along with moderating demand across industrial markets. As demand weakened, we took actions to adjust manufacturing output and control costs, which enabled us to deliver a $250 million inventory improvement.
In addition to actions taken in the second half of last year, today, we announced restructuring in our manufacturing operations as we expect the demand trends that we saw in December to extend through the first half of 2023.
I will discuss this more later in the call. With supply chains stabilizing, we are focused on improving manufacturing operations and driving working capital. These are our most significant opportunities to improve margins and cash flow. As we navigate the external environment, we continue to position 3M for the future by investing in growth, productivity, and sustainability.
I will recap 2022 and our outlook for 2023 after Monish takes you through the quarter. Monish.
Thank you, Mike. And I wish you all a very good morning. Please turn to Slide 5. As you will recall, we highlighted negative trends in our consumer retail and electronics-related businesses in late November.
As the fourth quarter progressed, those trends accelerated. We also experienced significant slowing in China as COVID-related impacts resulted in a 17% decline in organic sales in December and down 8% for the quarter. Health care continued to be challenged in its recovery to pre-pandemic levels given labor shortages and hospital budgets being under pressure, while industrial end markets mostly remained steady. Fourth quarter total sales were $8.1 billion or down 6.2% year on year, which included headwinds from foreign currency translation of minus 5% or $400 million, which was better than the minus 7% we had expected.
We also experienced a 1.6% decline from divestitures or nearly $140 million, largely from the third quarter divestiture of food safety, along with the deconsolidation of Aearo Technologies. On an organic basis, fourth quarter sales increased 0.4% versus last year. This result included an anticipated falloff in disposable respirator demand and the exit of our operations in Russia. These two items combined negatively impacted organic sales growth by approximately $230 million or 2.6 percentage points.
Excluding this decline, Q4 organic sales growth was 3%. On an adjusted basis, fourth quarter operating income was $1.5 billion, with operating margins of 19.1%. Adjusted earnings for the quarter were $2.28, versus $2.45 last year.
Turning to the components that impacted fourth quarter operating margins and earnings year-on-year performance. We took a number of actions to navigate the fluid and slowing macroeconomic environment, including managing selling prices to address inflationary pressures, reducing manufacturing output, maintaining strong spending discipline, and taking additional restructuring actions to streamline the organization and adjust to slowing end-market demand. These actions delivered an underlying benefit to operating margins of 110 basis points and $0.19 to earnings. This helped more than offset headwinds from the sales decline in disposable respirators and Russia exit, which negatively impacted operating margins by 70 basis points and earnings by $0.15 per share. Inflation continues to impact raw material, logistics, and energy costs.
These pressures remain persistent and are broad-based. In Q4, raw material costs increased approximately $110 million or a negative impact of 1.4 percentage points to operating margins and $0.16 to earnings. As mentioned, foreign currency translation was a negative 5% impact to total sales. This resulted in a headwind of $0.10 to earnings per share. However was a benefit of 10 basis points to margins.
Divestitures, primarily food safety, along with the deconsolidation of Aearo Technologies, resulted in a year-over-year headwind of $0.04 to earnings per share in the quarter. Finally, other financial items increased earnings by a net $0.09 per share year over year, driven by lower share count, partially offset by a higher tax rate. Please turn to Slide 6.
Fourth quarter adjusted free cash flow was $1.7 billion, up 3% year-on-year, with conversion of 131%, up 18 percentage points versus last year's Q4. During the quarter, we aggressively adjusted manufacturing production levels to end-market trends, which drove a sequential reduction in inventory levels by $250 million. For the full year, adjusted free cash flow was $4.7 billion, with adjusted free cash flow conversion of 82%. Capital expenditures were $506 million in the quarter and $1.75 billion for the year or up 9% year on year as we continue to invest in growth, productivity, and sustainability.
Looking to 2023, we expect capital expenditures in the range of $1.5 billion to $1.8 billion, which includes approximately $200 million of investment in water stewardship related to our exit of PFAS manufacturing. During the quarter, we returned $1.4 billion to shareholders through the combination of cash dividends of $820 million and share repurchases of $540 million. For the year, we returned $4.8 billion to shareholders, including $3.4 billion in dividends and $1.5 billion in share repurchases. In addition, we reduced our outstanding share count by 16 million shares via an exchange offer associated with the food safety divestiture.
Having a strong balance sheet and capital structure remains a priority for 3M because of the flexibility it provides. Net debt at the end of Q4 stood at $12 billion, down 4% year-on0year, with net debt to EBITDA at 1.4 times.
Please turn to Slide 8 for our business group performance. I will start with our Safety and Industrial Business, which posted sales of $2.7 billion or up 1.3% organically.
This result included a year-on-year headwind of approximately $165 million due to the ongoing decline in demand for disposable respirators. Excluding disposable respirators, safety and industrial grew Q4 organic sales by 7.5%. Our personal safety business declined mid-single digits organically, primarily due to the decline in disposable respirator demand.
Turning to the rest of safety and Industrial, organic growth was led by low double-digit increases in electrical markets, automotive aftermarket, and abrasives.
Industrial adhesives and tapes and closure and masking systems both declined low single digits. Operationally, the Safety and Industrial drove strong execution during the fourth quarter. Adjusted operating income was $611 million or up 9% versus last year. Adjusted operating margins were 22.4%, up 2.7 percentage points, as the team managed inflation with price actions, drove yield and efficiency, and exercised strong spending discipline while also investing in the business.
Moving to transportation and electronics, which posted sales of $2.1 billion or up 1.4% organically. Our auto OEM business increased mid-teens versus a 2% increase in global car and light truck builds. We continue to gain penetration on new automotive platforms while also benefiting from a favorable comparison due to last year's Q4 channel inventory drawdown. Our electronics business declined 10% organically as it continued to be impacted by the significant end-market weakness, particularly for smartphones, tablets, and TVs.
Turning to the rest of transportation and electronics, advanced materials grew organically low double digits, while both commercial solutions and transportation safety increased low single digits. Transportation and electronics delivered $366 million in adjusted operating income, down 3% year on year. Adjusted operating margins were 17.8%, up 60 basis points versus Q4 last year. The team was able to more than offset manufacturing productivity headwinds and inflationary pressures with ongoing benefits from pricing, along with strong spending discipline and restructuring actions, while investing in the business.
Looking at our healthcare business, Q4 sales were $2 billion, with organic growth of 1.9% versus last year. Sales in our medical solutions business declined low single digits organically. Fourth quarter elective healthcare procedure volumes were approximately 90% of pre-COVID levels as nurse labor shortages and strained hospital budgets continue to impact the pace of recovery. Oral care was up low single digits despite decreased consumer spending on discretionary items.
And finally, separation and purification organic sales increased high single digits, while health information systems was up mid-single digits. Health care's fourth quarter operating income was $421 million, down 18% year on year. Operating margins were 20.6%, down 2.9 percentage points, with adjusted EBITDA margins of nearly 29%. Year-on-year operating margins were impacted by manufacturing productivity headwinds, increased raw materials and logistics costs, along with investments in the business.
These headwinds were partially offset by pricing actions, along with the strong spending discipline. Lastly, our consumer business posted fourth quarter sales of $1.2 billion. Organic sales declined 5.7% year on year, with particular weakness in the U.S., which was down high single digits. All businesses declined organically as consumers pulled back on discretionary spending and retailers aggressively took actions to reduce their inventories, particularly in the U.S.
Looking ahead, we anticipate those trends to continue at least through the first half of 2023. Consumer's fourth quarter operating income was $224 million, down 24% compared to last year, with operating margins of 17.9%, down 3.3 percentage points year on year. This year-on-year decline in operating margins was driven by increased end-market weakness, higher raw materials and logistics and outsourced hard goods manufacturing costs, manufacturing productivity headwinds, along with investments in the business. These headwinds were partially offset by selling price actions and strong spending discipline.
I'll now turn it back over to Mike for a recap of our full year 2022 performance. Please turn to Slide 9.
Thank you, Monish. 2022 was a pivotal year for 3M. Throughout the year, we took decisive actions that are foundational to our future and, at the same time, maintained our focus on our customers. We addressed inflation through selling price actions and proactively managed costs as demand softened throughout the year.
To address supply chain disruptions, we did what was necessary to serve customers and reduce cycle times, including opening a new distribution center on the East Coast. We navigated COVID-related lockdowns in China, reached agreement with the Flemish government to restart operations in Zwijndrecht and exited our Russia business. As always, we put 3M science to work to solve customer needs across our market-leading businesses. In safety and industrial, our new robotic paint repair system received multiple prestigious honors as we continue to drive innovation in automotive manufacturing, an area we led in for more than 100 years.
In consumer, we launched Scotch Cushion Lock, a sustainable alternative to plastic wrap, which was recognized by Fast Company as one of its world-changing ideas. In healthcare, we advanced our leadership in wound care, which includes our Negative Pressure Wound Therapies becoming the first solution of its kind to surpass 2,000 peer-reviewed studies. In transportation and electronics, we introduced new thermal barrier films to improve performance of electric car batteries; one element of our $0.5 billion automotive electrification platform, which delivered 30% organic growth in 2022.
Companywide, for the total year, we delivered organic growth of 1% or 3% excluding the impact of disposable respirators and our Russia exit. We posted adjusted EPS of $10.10, along with adjusted free cash flow of $4.7 billion, with an adjusted conversion rate of 82%. We strengthened our balance sheet and reduced net debt by $0.5 billion, ending 2022 with a net debt-to-EBITDA ratio of 1.4. This enabled us to invest in the business and return $4.8 billion to shareholders through dividends and share repurchases.
At the same time, we took actions to position us for the long0term. We divested our food safety business, receiving $1 billion and reducing our outstanding share count by 16 million. We continue to progress in our healthcare spinoff, which will create two world-class public companies better positioned to drive growth and value creation. With respect to Combat Arms litigation, as last week's report from the Chapter 11 co-mediators indicated, 3M continues to support Aearo Technologies in this ongoing confidential mediation process.
We continue to address PFAS litigation by defending ourselves in court or negotiating resolutions, as appropriate. We also announced we will exit all PFAS manufacturing by the end of 2025. Our decision is based on careful consideration of the external landscape, including regulatory trends and changing stakeholder expectations. We simplified and streamlined our supply chain organization and advanced our digital strategies to better serve customers.
We followed through on our sustainability commitments. We are ahead of schedule installing state-of-the-art filtration technologies in factories around the world. We now have capabilities up and running at all three of our largest water-using sites in the U.S. and in Zwijndrecht.
We supported employee health, safety, and well-being, including new flexible work arrangements and factory investments. And we advanced diversity, equity, and inclusion, with each of our business groups now executing initiatives. The steps we took in 2022 and the steps we are continuing to take in 2023 position us well as we look toward the future. Please turn to Slide 11.
We expect market and macroeconomic challenges to persist in 2023. Based on this outlook, we expect organic growth of minus 3% to flat, along with adjusted EPS of $8.50 to $9 and adjusted free cash flow conversion of 90% to 100%. Our expectations reflect the slowing in demand we are seeing as we start 2023. Supply chains are improving. However, we still see headwinds from material availability and inflation, albeit at a lower level. We are not satisfied with our progress or performance. We are taking additional actions, building on the actions taken in the second half of 2022 to reduce cost structure and inventory. We have implemented strict control of hiring and discretionary spending.
Today, we announced that we will reduce approximately 2,500 global manufacturing roles, a necessary decision to further align with adjusted production volumes. In addition to the actions we are taking to respond to the macroeconomic environment, we are taking a deeper look at everything we do as we prepare for the healthcare spin. As we move through the year, we will take additional actions to improve supply chain performance, drive simplification, and bring us even closer to our customers. At the same time, we win in the market because we stay close to customers and continue to invest in innovation even in the most difficult times.
We will continue to invest in growth opportunities in our businesses, aligned to global trends that take best advantage of our innovation. Automotive electrification, industrial automation, biopharma processing, and home improvement are just a few examples of large, fast-growing markets where we are investing and where 3M innovation can make a difference. We will continue to prepare for the spinoff of our healthcare business, which presents a tremendous value-creation opportunity while, at the same time, preparing 3M for future success. We will work to resolve litigation we face, following through on the actions we initiated in 2022.
Underpinning all of our work will be the strengths of 3M: our people, our industry-leading innovation, our advanced manufacturing, our global capabilities, and our iconic brands. I'm confident in our future, as we exit 2023, we will be a stronger, leaner, and more focused 3M. Monish will now cover the details of our outlook. Monish.
Thank you, Mike. Please turn to Slide 12. The macroeconomic environment remains very fluid and uncertain. For 2023, we anticipate that GDP and IPI will continue to moderate, with both currently estimated to be around 1.5% or about half of 2022 levels.
Therefore, against this backdrop, we feel it prudent to set our expectations to reflect this reality. As Mike mentioned, we estimate our full year adjusted organic sales growth to be in the range of minus 3% to flat. This includes selling prices up low single digits. Therefore, organic volumes are expected to be down low to mid-single digits for the year.
This range also includes an estimated two-percentage-point headwind from the ongoing decline in disposable respirator demand, along with the impact of our exit from Russia. We currently expect our disposable respirator demand to be down to pre-pandemic levels. As the strength of the U.S. dollar carries into 2023, we estimate a foreign currency translation impact to sales of minus 1% to minus 2% and divestitures that were completed in 2022 will be a headwind to sales of nearly one percentage point.
Adjusted earnings are expected to be in the range of $8.50 to $9 per share. This range includes a combined earnings headwind of $0.55 to $0.80 per share year on year from the following three items. First, the expected sales decline of disposable respirators and exit of Russia will be an impact of minus $0.30 to minus $0.45. Second, foreign currency will be a headwind of minus $0.10 to $0.20.
And third, divestiture impacts will be a minus $0.15. In addition, the 2022 carryover impact of higher raw materials and logistics costs, combined with energy inflation, creates a year-on-year headwind of approximately $150 million to $250 million or roughly $0.20 to $0.35 to EPS. And finally, nonoperating items are estimated to be an impact to earnings per share of flat to minus $0.10. This range includes a year-on-year increase in nonoperating pension expense of $125 million, a full-year adjusted tax rate in the range of 18% to 19%, and a lower year-on-year outstanding share count.
While there are a number of headwinds to earnings in 2023, ultimately our full year performance will be driven by organic sales volumes, sustained progress in global supply chains and raw material availability, and our ability to drive improvements and reduce costs in our manufacturing and supply chain operations. Finally, full year adjusted free cash flow conversion is forecasted to be in the range of 90% to 100%. This range includes the continued healing of global supply chains; expected improvements in working capital performance, particularly inventory reductions; and full year capital expenditures of $1.5 billion to $1.8 billion, which includes approximately $200 million of investment in water stewardship related to our exit of PFAS manufacturing.
Please turn to Slide 13. Looking at our expected performance by business, we see safety and industrial organic sales growth to be down low single digits in 2023. This includes an estimated decline in disposable respirator sales of $450 million to $550 million or a negative impact of approximately four percentage points as the business returns to pre-pandemic levels. Demand across industrial end markets is moderating as customers remain cautious. Our safety and industrial team will also be monitoring the recovery of industrial production activity in China as we start the year.
Adjusted organic sales growth for transportation and electronics, excluding the impact of the exit of PFAS manufacturing, is forecasted to be down mid-single digits to flat organically. Looking across end markets, automotive unit volume production is currently forecasted to be up nearly 4% year-on-year. We also expect automotive electrification trends to remain strong as we leverage our technologies and develop new innovative solutions for automotive OEM customers. Electronics, however, is expected to be down significantly due to weak end-market demand for TVs, tablets, and smartphones, along with the ongoing impact of display technology shifting to OLED from LCD.
Health care's organic sales growth is anticipated to be up low to mid-single digits versus 2022. We expect gradual improvement in healthcare elective procedure volumes as nurse labor shortages and strained hospital budgets continue to impact global healthcare systems. In oral care, we will be monitoring consumer discretionary spending and its impact on patient visits, including orthodontic care. The healthcare team continues to create differentiated value and deliver strong margins for the attractive end markets we serve.
And finally, organic sales in consumer are estimated to be down low single digits to flat as U.S. consumers remain cautious and retailers continue to aggressively reduce the excess inventory levels. Despite these near-term challenges, the consumer team remains focused on leveraging our iconic brands and accelerating new product launches in 2023.
Please turn to Slide 14. Before we go to Q&A, I want to walk through how we are seeing the first quarter. First, three weeks into January, we are seeing continued slowing in organic sales volume as we start the year. This slow start is driven by the same weakening end-market trends that impacted the finish to 2022. We expect soft consumer discretionary spending, along with retailer destocking to continue into the first quarter.
Sales of electronic devices are forecast to be down between 10% and 30% sequentially in the first quarter, while semiconductor end markets and automotive builds are down mid-single digits sequentially. Health care and oral care elective procedure volumes are expected to be at the same levels as Q4. And as we have noted, industrial end markets are mixed. And we anticipate the ongoing COVID-related challenges to continue in China and the geopolitical situation in EMEA to persist.
Therefore, taking all of these items into consideration, we estimate Q1 total adjusted sales in the range of $7.2 billion to $7.6 billion, versus $8.5 billion adjusted for the exit of PFAS manufacturing, or down 10% to 15% year-on-year. This anticipated year-on-year decline includes headwinds of three percentage points to four percentage points from disposable respirators sales declines and Russia exit, three percentage points to four percentage points from foreign currency translation, and one percentage-point impact from divestitures. Taking these factors into account, we expect Q1 organic sales to be down low single digits to mid-single digits.
From an EPS perspective, we estimate that first quarter adjusted earnings per share will be in the range of $1.25 to $1.65. This range is impacted by the continued slowing of organic sales volumes; a pre-tax restructuring charge of $75 million to $100 million or $0.10 to $0.15 per share; a tax rate of approximately 19%, along with normal Q1 items. As you can see, the first quarter presents a tough start to the year. We will have our most challenging year-on-year comps related to the declining disposable respirator demand and our exit of Russia. Ultimately, organic volume trends would be the biggest factor in determining how the quarter will turn out.
2023 is an important year as we work on progressing our strategies, including preparing for the spinoff healthcare, improving our manufacturing and supply chain operations, and taking actions to further streamline the organization. We are focused on creating the shortest path to the customer and providing innovative solutions to their most challenging problems. We will remain nimble and take appropriate actions as we respond to changing market dynamics. And we will continue to invest in growth, productivity, and sustainability to ensure the long-term success of our enterprise.
To wrap up, I continue to be bullish on our long-term trends. The large and attractive end markets we serve provide exciting opportunities for the future of 3M. We are not satisfied with our performance and the expected start to this year. We are working to aggressively address our operating performance in this challenging environment.
We expect organic sales volumes will improve as consumer retail and consumer electronic markets stabilize, China works through its COVID-related challenges, and as our year-on-year comps ease. We also expect supply chains to continue to heal and raw materials and logistic cost headwinds to abate. Therefore, we anticipate improvements in organic growth, operating margins, earnings, and cash flow as we progress through the year. As you've heard me say before, there is always more we can do and we will do to improve our performance.
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. That concludes my remarks. We will now take your questions.
[Operator instructions]. Our first question comes from Scott Davis with Melius Research. You may proceed with your question
Hi. Good morning, everybody.
Good morning, Scott.
I was hoping you could walk us through, just perhaps logistically or opportunistically, how you exit PFAS. It's so kind of integrated with your product line, your manufacturing systems. Can you sell some facilities? Can you extract some value or is it — or you just have to kind of close — you know, lock up the facility and walk away? How does that kind of work logistically?
Yeah, Scott. So, maybe I'll take you back to the announcement of the exit. You know, we said we'll exit all PFAS manufacturing by the end of 2025. We also said we would work to discontinue the use of PFAS in our products broadly across the company.
That's both in our products, but also in the manufacturing of our products. And I think, you know, your question is really on our manufacturing part of that. And, you know, we said we will meet contractual commitments that we have to our customers, and we're working closely with them to manage that as we make this transition. But ultimately, also, you know, talked about that we are not planning and won't sell the businesses and that we will plan to shut them down as we work through the transition as we get to the end of that — end of 2025.
Scott, just also reminder, as we disclosed, we said we would take — the exit cost of this will be in the range of $1.3 billion to $2.3 billion. And we took a fourth quarter charge of $800 million. That's included in that range of $1.3 billion to $2.3 billion.
OK. That's helpful. And then you talked about doing some further restructuring. Can you perhaps help us understand the scope or scale or at least, how are you talking about — I think you mentioned 2,500 people, but are there rooftops and meaningful kind of cost out that you see in this plan?
Yeah, Scott. So, the announcement we made today was that 2,500 jobs in manufacturing really is responding to the volume that we see, the outlook for the volume. And that's — you know, we're putting a focus on supply chain. We see an opportunity to continue to streamline our supply chain.
We hope to take advantage of some of the tailwinds as the supply chains heal, as Monish talked about. We're taking actions ourselves, and we're looking at what additional actions we can take there. And we're looking deeper in the company as well. As we've worked to prepare for the healthcare spin, we've been looking at 3M parent co as well and how do we simplify, streamline, and put our position ourselves closer to customers.
So, it's really looking deeper and broader, and, I think, you know, taking actions proactively, taking actions against the outlook we have for our markets.
All right. Thank you. I'll pass it on, guys. Appreciate it.
Appreciate Scott.
Our next question comes from Andrew Kaplowitz with Citi. You may proceed with your question. Hey, good morning, everyone.
Hey, Andy.
Good morning, Andy.
Mike and Monish, you mentioned that industrial end markets are moderating and customers are cautious. I think, for instance, you mentioned industrial adhesives and tapes is down in Q4. Has there been a material change from conversations that you've had previously with industrial customers or is it just gradual moderation? And then is the regional weakness you're seeing in China just a function of COVID interruption and more consumer base versus end-demand related and how do you think that pans out in '23?
Yeah, Andy. Back to Monish's comments, we're seeing kind of mixed performance in the industrial markets. We see strengths, as we said, as we came through the quarter in areas like electrical markets and automotive aftermarket. We were seeing some moderation in specific end-market segments.
And, you know, the comment about industrial adhesives and tapes and closure and masking is some of that is related to the electronics slowdown. So, that's part of that impact. It's also impacted by China. So, China's really got a couple of things that are part of the slowdown.
One of them is COVID and the interruption in the markets and industrial production and in GDP. It's also reflecting the importance of electronics to that market and to our business there in China. And we see that continuing, those dynamics that we saw in Q4 continuing into the start of the new year. We saw some moderation in specific segments of industrial.
We saw — you know, specialty vehicle, construction markets, we saw some moderation coming through the end of the quarter. We're off to a slow start as we start the year. There's a couple of areas of destocking really related to those end-market segments where we've seen, nothing more broad-based on that. We had strong performance across some of those other end markets in industrial, but it's — we're starting to see some moderating. And like I said, January is off to a slower start for industrial.
Mike, that's helpful. And then maybe could you give us a little more color regarding price versus cost expectations for '23? You mentioned the low single-digit price improvement you're seeing. You also mentioned supply chains are healing. Are you generally seeing pricing hold up for you despite some of this demand weakness across the portfolio? And then, you know, versus raw material and energy-related headwinds, does that price versus cost equation get increasingly green as you go throughout the year?
Yeah. So, I think two different points on that, Andy. As you correctly pointed out, the carryover impact on what we have assumed right now in the guide is two pieces. On the selling price, we said approximately 2%. At the same time, the carryover impact of both the raw materials and energy inflation is approximately 150 to 250. So, when you just do that equation together, right now, it's positive. I think what we'll see as we go through is how do supply chains heal and how fast can we get the cost out. But at the same time, it'll take a little bit of time. As we sell through our higher-cost goods through our inventory, you're going to see some of that moderate, but it will start showing up as the year progresses. The key question for us that we have to think through and that's what we are thinking through, is as deflation starts showing up in the economy, the discussion that's going to come up is the elasticity of price across not just our company, but across all companies.
And what we have found over time, Andy, as you know 3M so well, that our innovation ultimately drives the value that we add for our customers. And historically, we have been able to have a good price-cost equation because of the value that we add for our customers.
So, see — what we will see in '23 will depend on supply chains and what plays out. In the long run, we are very confident that the price-cost equation continues to be green just because of the value we add to our customers.
Appreciate the color, Monish.
Our next question comes from Andrew Obin with Bank of America. You may proceed with your question
Yes, good morning.
Hi, Andrew.
Question, what are you guys — and if I missed that, I apologize, but are you sort of modeling an explicit recession in your forecast? What are your macroeconomic assumptions? I know you've sort of said, you know, things are slowing. But are you explicitly modeling a recession?
Yeah, Andrew. You know, underlying our view of the year is the projections for the macro as part of it. And then we're talking about specific markets and dynamics that we're seeing coming through the quarter into the — coming through the fourth quarter into the new year. So, when you look at the macro global GDP, IPI in the, you know, 1.5% kind of range is the outlook for the year.You see, you know, U.S. softer than that. You see GDP, you know, below 1%. You see IPI even projected to turn negative as we get into the middle of the year.
So, those are kind of the macro dynamics that we're looking at. We're also looking closely, as we talked about in a couple of these market segments, you know, fourth quarter, we saw this 10% to 30% decline in the consumer electronics builds and that is expected and projected, I would say, to continue as we get into first quarter in the first half of the year. And consumer discretionary spending and the impact on the, you know, our end markets, you know, that was in decline in Q4, expect that to continue. So, the macros part of it, and we're looking closely at these key market segments and the indicators there.
And I think it really says Q1 looks like Q4 and there are some areas of additional slowing. And then we kind of look at the total macro for the rest of the year as we shape up our outlook.
Got you. And then the question about pricing just, you know, historically, you know, given — and I know the way you report pricing is not necessarily how we think about pricing internally. I completely appreciate that. But has anything changed in the market structure in terms of your ability to drive the pricing? You know, I just would have thought for 3M, reported pricing would have been more of a tailwind into '23.
But, you know, if — you know, it is what it is, but are there any structural changes that you are seeing and that you're trying to address? Thank you.
Andy, there really are two parts to our pricing actions in the near term. One of them is what Monish talked about. We are always, you know, really looking closely at our price value in the marketplace. Our innovation delivers value to our customers.
We manage our pricing and, you know, take advantage of that value and really make sure that we are getting that value through our broader market pricing. The last couple of years has brought in the inflation dynamic, and that's really been the driver. We are taking pricing actions to adjust for the input cost. And so, you've got a mix of our innovation, as well as the inflation dynamic.
And so, as you look into 2023, you're — we're confident we'll continue to position ourselves in strong price value based on our innovation. We are going to be managing inflation along with everyone else. How do we see that progressing and what will we do with our prices? You know, adjusting those if we see additional inflation and managing those as the, I would say, the elasticity in the market around inflation plays itself out.
Our next question comes from Stephen Tusa with J.P. Morgan Securities. You may proceed with your question.
Hey, Steve.
Good morning, Steve.
What are you guys seeing on the inventory side of the — of your more industrial businesses? I think you talked a bit about auto, but maybe just on the general industrial side, customer inventory behavior.
Yeah. Steve, I touched on a little bit of that. I would say as we begin — you know, as we began Q4, overall inventory look to be in pretty good shape. And that was with the notable exception of consumer.
Everyone was working to reduce inventory, and we saw a lot of destocking efforts in consumer. As I said, we're starting to see some destocking in industrial. I would say Asia and China, where we are seeing weaknesses in consumer electronics, driving some of that. And as I mentioned earlier, some specialty markets like construction and a few other areas like even packaging, we're seeing some reduction of inventory as we start the new year.
When you look at our transportation and electronics business, the consumer electronics OEMs are reducing inventories. With that outlook, you know, for their demand, they're reacting to it. Automotive OEM inventory still remains low. It's improving, but it remains low as they are — as they're recovering from some of those supply chain disruptions.
Health care overall looks pretty stable. We see oral care channel reacting to some of the consumer discretionary spending and slowing there in oral care that we saw really in the second half. And then, you know, if it comes back, the biggest move is in the consumer where retailers are still aggressively reducing inventory. So, some dynamics, you know, reflecting some of the changes in demand in the end markets.
Okay. And then you mentioned January was starting slow. I mean, can you give us a little bit of context? Is that — is January organic kind of like below the low end for the — of the annual range? Just roughly just some color on kind of how slow January started for you guys.
Yeah, Steve. So, back to January. Yes, it is lower than the overall range. And partly, that's also driven by the toughest comps that we're going to have going into 1Q.
As I mentioned, 7.2% to 7.6% — $7.2 billion to $7.6 billion is the revenue range. It'll be down 10% to 15% versus last year's adjusted. And if you take revenue and adjusted for the exit of PFAS manufacturing, which would be around $8.5 billion. But embedded in that is 3% to 4% from foreign currency headwinds. So, it's a Q4 carryover impact. You got 1% from divestitures, which is based on the closure of the food safety and some of the other transactions we did in 3Q. And then you've got a very large headwind from DR and Russia. If you recall, last year, we had a very strong 1Q with the omicron variant, plus, at that time, we had not announced the exit of Russia till mid-March.
So, that's another 300 basis points to 400 basis points of pressure because you've got a comp. And therefore, overall, its LSD to MSD is what we think right now is organic sales growth for 1Q. And what you'll find is as the year goes on, these comps start getting easier, and that will start showing the growth on a year-over-year basis. Hopefully, that answers your question.
Yeah, you were down double digits in January, are you? Double-digit?
As of right now, we are somewhere in that range of where I told you. Okay, great. Thanks for the color. I really appreciate it.
Our next question comes from Joe Ritchie with Goldman Sachs. You may proceed with your question.
Thanks and good morning, everybody.
Good morning, Joe.
I know we've talked a lot about the, you know, organic growth guidance for the year. I guess I'm just curious, when you think about the consumer specifically, it seems like you're embedding improvement as the year goes along. Is that just a function of inventories getting better? How much of that is China reopening? I just want to get an understanding of that business specifically.
Yeah. So, on consumer, so you're right, Joe. I'll start with the summary, which is we are expecting that as things stabilize and as customers slow down their destocking, you will start seeing the comps get better in the year. The fourth quarter was extremely hard.
And as Mike said, we saw an acceleration of a trend in December. We continue to see that in January, and that's why the first quarter starts pretty soft. But our hope is that as things stabilize, as destocking gets better, as consumer confidence builds into the year, we will start seeing the consumer business starting to get better.
Got it. That's helpful, Monish. And maybe my follow-on question is a little bit of a longer-term question on the electronics business. Specifically, I think in your comments, Monish, you mentioned that there's this shift into OLED.
I know there was an announcement about Apple making their own custom displays starting in 2024. Just trying to understand like how that will potentially impact your business beyond this year and is it already to impact your business in 2023.
I'll answer, and then I'll ask Mike to join in. The way I look at this, Joe, is there are a couple of things. The company, as always, has been looking at the LCD-OLED transition for a period of time. And that transition has been happening for a few years, and the team has continued to deal with that as it goes on.
The — what the team is working through is as new devices are coming on, what does that mean from an OLED to LCD ratio to mix? It definitely did have an impact for us in 2022. And then we are seeing what trends we are seeing. As of right now, the trends we saw, we have predicted into 2023. But with that said, the one thing about the electronics segment and especially the display teams is they always have a lot of innovation that is out there that helps offset some of these headwinds that come across.
That business keeps reinventing itself as time has gone. For example, Ashish and his team have launched products that are used in AR and VR technology, which also, hopefully, is a growth mark in the future. And that's what — that business is very good at, looking at these trends, working these headwinds, and then finding innovation to offset that as time goes. But right now, we have embedded what we think is the trend in LCD-OLED shift into our 2023 guide.
And, Joe, I would add, we've been managing that transition and that trend for some time. It's part of our innovation — you know, our innovation that we're doing with our customers, too, innovating on both sides of that, the OLED displays. And as Monish said, the other higher growth segments in electronics. You know, historically, our electronics business has been overweight the consumer electronics.
And as we've talked about over the last few years, our strategy is continue to innovate there. And we're working with our customers multiple generations ahead. Whether it's OLED displays or other applications, we're really working with them to innovate and drive value and opportunity for 3M in that consumer electronics. At the same time, we recognize the big growth drivers are some of these other higher-growth segments.
And Monish talked about AR, VR now emerging as one of those opportunities. Automotive electrification, of course, is the largest of those right now. There's other areas like factory automation and even into electronic — into the semiconductor manufacturing kinds of processes. So, we are innovating in those spaces and, at the same time, looking ahead and managing through the next display technologies and the next mobile device technologies and consumer electronics.
Our next question comes from Julian Mitchell with Barclays. You may proceed with your question.
Hi, good morning.
Hi, Julian.
Maybe — good morning. Maybe just wanted to start on the operating margins. So, sort of backing into what you've talked about, are we right in assuming that the guide embeds a sort of 19% operating margin for the year and sort of mid-teens in Q1? And then, you know, on that Q1 aspect, very heavy decremental margins, you know, sequentially even without the restructuring charge. Is there a lot of sort of underproduction going on at 3M to clear out inventory, for example? Just trying to understand, you know, why that Q1 margin is so light.
I think it's like a 50% decremental or something, excluding the restructuring.
Yes. So, as I've always said, Julian, first is volume gives us the best leverage. And what you have seen in Q4 continues into Q1. As we have said, in Q4, we took some aggressive actions on making sure we right-sized our manufacturing facilities to help control inventory.
Our plan is we will continue to aggressively manage production as a way to manage cash at the same time so we are not building unnecessary inventory. So, that's number one. I think number two is, as I mentioned, there's continued pressure on a year-over-year basis on foreign currency, between 3% to 4%. If you look at it versus fourth quarter exit rate, it's pretty much, I would say, flat to what fourth quarter exit rate was.
And then the other item you mentioned, the restructuring, but we also have other normal 1Q items that we have from an accounting basis that we take, which is normal in every quarter. And that's why the start to 1Q is slower. But as you accelerate or move through the year, volume and the supply chain healing are the two factors that will continue to drive us to get these margins better. And if you're looking at it on a year-on-year basis, it's all driven by the comps that we had last year, which impact us heavily.
So, it's lower volume in Q1 that's a big driver, and volume will be the big determinant on what we think Q1 is going to be.
And, Monish, is that roughly right in that sort of mid-teens operating margin Q1 and 19-ish for the year in your guide?
Yeah. Yeah, it's actually close there. It's..
Close enough, Julian
Thanks a lot. And then one quick follow-up on that for Mike. You know, Mike, you've announced a restructuring program today. I think it's the first kind of formal, discrete one since fourth quarter of 2020.
And you had the business transformation savings program prior to that. You know, just wondering, sort of when you think about the scope of the current restructuring plan, you know, what kind of savings run rate we should expect annually, you know, when do you get to that, and how would you assess the kind of scope of this being enough to get margins back on track as you'd had those prior restructuring programs, but margins have sort of stayed under pressure? Thank you.
Yeah. Julian, the way we're thinking about it, and like I said, this is certainly taking on what we see in the markets and in our performance and the supply chain dynamics that we're facing. All of that's part of what we're focused on as we look at these actions as we go through the year, adding to what we've already announced. And then we're — you know, we are taking and getting ready for the spin of healthcare.
We're taking a deeper look, as I said, in everything we do. There's opportunities to streamline what we do as a company in the face of those end-market dynamics and in our operations. And we're learning from the changes that we've made to this point. So, we'll continue to work on that.
In terms of giving you a view of the impact of that, that's something we'll come back with as we make decisions and announce those actions — those additional actions as we go through the year.
Our next question comes from Deane Dray with RBC Capital Markets. Please proceed with your question.
Thank you. Good morning, everyone, and thank you for all the '23 planning assumption details.
Good morning, Deane.
Hi, Deane.
And also for providing first quarter guidance. I know that's not a typical practice, but given all the moving parts, we appreciate that. So, my question relates — it's come up a couple of times on the healthcare spin. Can you remind us the timing that you're expecting? There was some noise about potential challenges in the courts.
Where does that stand? And on the separation costs, you know, how much is this impacting '23 or is that all excluded? And stranded costs, how quickly would you be able to address those? Thank you.
Yeah, Deane. Maybe I'll talk a little bit about just the spinoff. Monish can talk about the separation cost model. You know, we have a dedicated team working at and building the execution plans.
We're making very good progress. We talked about our expectation that we would be completing the spin by the end of '23, early '24. And that's kind of the focus for the teams as they work to execute. As you commented on, there had been some — actually, there was a suit in the marketplace around the spin of healthcare.
And again, could we be able to complete that spin, you know? And that was something that was dismissed. And so, there's nothing from that dynamic that's impacting us. It's really about our teams working to execute the spin. And as I said, they're making very good progress.
We're confident that we're moving in the right direction and moving ahead at pace.
So, as regards the guide, Deane, as we had disclosed when we announced the spin of healthcare, we currently do not — we are thinking of counting it as a special item. So, that would be excluded from our ongoing operations. We are unable to predict how much of that will show up in 2023, so we haven't put that in our guide. But when we announced the transaction, we had given you a framework that our transaction cost of spinoff will be somewhere in the range of $1 billion to $1.5 billion, which is a mixture of capex and opex.
The teams are continuing to work that as they go through right now. We have now been at this for the last four to five months. So, as we get better estimates around that, we will definitely keep you posted. And then as regards to stranded cost, as Mike mentioned, and we had also mentioned it in the last quarter, this is an opportunity for us to look at everything that we do as we are getting ready for this spin.
And our goal is to reduce stranded costs as much as we can, and we'll keep working it as we go through it. And we'll definitely let you all know as we figure this out. But the teams are actively working. Teams are staffed, and they're doing an amazing job keeping the program on track.
Our next question comes from Nigel Coe with Wolfe Research. You may proceed with your question.
Thanks. Good morning, everyone. We've covered a lot of ground here, but I want to go back to 1Q '23. Perhaps, Monish, you know, we calculated 15%, you know, margin, which is kind of similar to Julian's mid-teens.
I don't think we've ever seen a margin that low. I think the GFC, we saw 17 and change margins. So, just wondering why, you know, margins will be so low. And I understand supply chain is a factor here, but why 15%? You know, what's going on? And as part of this sort of question, you know, the kind of the coverage of the full year plan, even at the low end of the range, is still really, really low.
I think it's about 17% to 19% coverage making the very, very back end of the year. So, I know you said volume gets better, but what gives you confidence, and what can give investors confidence there's enough capture in the back half of the year?
Yeah. So, I think two different questions and both great ones, so I'll try to answer the first one similar to what I told Julian. Volume gives us the best leverage. And when you just look at it even sequentially and you adjust for FX, which helped us versus the guide that we had given, volumes are going to be flat. We have started very low in the month of January, and that puts tremendous pressure on our fixed costs, number one.
Number two, we have a restructuring charge. And then number three, our tax rate is 19%. And then, of course, we have some other normal 1Q items from an accounting basis that we take.
So, when you put all that together, I would say, Nigel, it comes down to volume. Volume is down 10% to 15% on a year-over-year basis. And so, that's number one. This is the toughest comp, and you have DR and the exit of Russia, both of which we have disclosed in the past.
When you apply them at company margins, which is at 46%, that puts pressure also on a year-over-year basis. When I go through the remaining quarters — year, and as you correctly asked the question, what happens on margins. As you start thinking about, we exit some of these comps that are difficult, 1Q being the toughest, volumes will start — our comps will start getting better. The supply chain efficiencies, the actions that we have announced also in 1Q and some of the actions we took in 4Q will all start showing up in the remaining of the year.
Again, as I mentioned, some of these items, including cost out from raw materials, take a little bit of time as we work through our higher costed inventory through the system. If you also look at external data, and that's what we can look at because none of us are able to predict what we can in the future, external data says the second half gets better. It gets better in China. It gets better globally. And that's another reason why we are hopeful that as volumes come back in the second half, we should see our own margins go up and our own revenue go up.
But with that said, at the end of the day, we control — we don't control the markets, but what we definitely control is our own actions. And so, continuing to drive supply chain efficiency, continuing to make sure that we are being as nimble and agile as we can, using Mike's words, we are looking at everything. We are being very careful in discretionary and hiring. And 2023 is an important year for 3M. It's a year that we plan to execute on a lot of our strategies over the last few years, including the spin of our healthcare and improving our supply chain operations.
I just want to end with your question.We are not satisfied with where we are. We are going to continue to look at this. We are going to continue to be nimble and agile as the volume plays itself out. And our goal is to keep building from where we are right now.
Hey, Nigel, I just want to correct one thing Monish said. Our total sales for Q1 are going to be down 10% to 15%, not volume.
I'm sorry. Yeah.
Organic sales growth is forecast to be down low single digits to mid-single digits.
Okay. I was going to follow up on that.
Thanks for that clarification, Bruce. And I know I have two questions there, but I do have one for Mike. You know, you said everything's on the table in terms of, you know, reorganization and things about new ways of doing things. You know, five or six years ago, 3M went through sort of a pretty big centralization of supply chain and business support functions.
You know, in hindsight, has that left the organization a bit too rigid? You know, was that the right move? And could you unwind that civilization? Yeah, I would say that, Nigel, though, the changes that — there's a couple of different changes that we made to the supply chain maybe that you're thinking about. One was we did take actions on some of the structure, really looking at factories, our footprint of factories a number of years ago. And then we, you know, moved to — when we announced the change to our business group-led model, we went to a common supply chain model globally. And we made some additional steps in that in the last year really to continue to drive more flexibility, greater streamlined performance end to end in our supply chain. So, we see it really more as an opportunity to build on the changes we have made and drive simplification, streamline, more productivity, reducing our costs, delivering more directly to customers. So, it's continuing to build on some of those changes. I think those actually have positioned us to be more flexible as we go ahead. And, you know, there's, you know, an expectation that supply chains will continue to heal. So, we want to be able to take advantage of those tailwinds that we hope to see as we go through the year. At the same time, it's, you know, we control what we control, and that is making additional changes based on what we've learned to really execute our performance in our supply chains. It's a — it's the biggest opportunity we have to improve margin and cash flow as we go through the year.
Okay. Thanks, Mike.
And our last question comes from Laurence Alexander with Jefferies. You may proceed with your question.
Hi, this is Dan Rizzo on for Laurence. Thanks for fitting me in. I don't know if I missed this or not, but you mentioned that free cash flow conversion is 90% to 100% this year. Is that a long-term goal? Can you maintain that? I mean, as things kind of, I guess, get less volatile in the out years?
Yeah, it's 90% to 100% for 2023. Just to be clear, that was the guide.
For last year, we ended at 82%. As I've said multiple times, the opportunity for 3M's cash from a working capital comes from inventory management and EP. And to answer your question, is it sustainable? Of course, it ultimately depends on the income that we generate, depends on how supply chains behave, and the capital. But if you just look at the ability for us to use data and data analytics to help drive inventory and working capital clearly exists.
In the fourth quarter, the teams did an amazing job to take inventories down, got it down by nearly $250 million. And as supply chains start to heal, this is clearly an opportunity for us, and we're going to keep driving that.
All right. Thank you very much.
We have no further phone questions at this time.
To wrap up, we are focused on creating value for customers and shareholders in a challenging environment. We will continue to take actions to improve our performance, control costs, and drive simplification while building 3M for the future. Thank you for joining us.
ConglomeratesManufacturing
Earnings: Everything you need to know about 3M Company's Q4 results


Apitz, S. E. ,	Bell, E. ,	Gilbert, F. ,	Hall, P. ,	Kershaw, P. ,	Nickell, L. ,	Parker, R. ,	Rabouille, C. ,	Shimmield, G. ,	Solan, M. ,	Soltwedel, T. ,	Spagnoli, F. ,	Stahl, H. ,	Waltpersdorf, E. and Witte, U. (2006):	Integrating new technologies for the study of benthic ecosystem response to human activity: Towards a Coastal Ocean Benthic Observatory (COBO) (Poster) ,	XVII Congress of the Italian Association of Oceanology and Limnology, Napoli, Italia.-07.07.2006.	.
Coastal ecosystems are particularly vulnerable to anthropogenic perturbation, affecting biodiversity and ecosystem stability and resilience. Shallow water sediments and their associated biota represent a reservoir for biodiversity, hosting resting and reproductive stages of planktonic organisms, and regulating carbon and nutrient biogeochemical cycles. However, the relationship between tightly coupled biological and geochemical processes in this environment is poorly defined with respect to their temporal and spatial variability.The overall objective of COBO is to integrate emerging and innovative technologies from different disciplines (physics, chemistry, biology, imagery) to provide in situ monitoring of sediment habitats, a key component of coastal marine ecosystems, in order to understand complex interactions between the biota (function and diversity) and their chemical environment. Existing technologies have limited spatial and temporal sampling resolutions which has hampered progress in determining key parameters and, in explaining biogeochemical patterns / processes and in modelling ecosystem dynamics. Improved in situ technologies are required to provide rigorous scientific information on processes regulating this unique and fragile habitat and for assessing, controlling and minimising human impact on European coastal waters. The combination of innovative instruments from different scientific disciplines will provide powerful tools to significantly advance our understanding of organism -sediment relations under dynamic coastal conditions and enhance predictive capability.The main activity of COBO is:- Integration of sediment profile imagery (SPI) and Optodes for their simultaneous deployment. This will then allow for the measurement of bi-dimensional fields of oxygen with a visual link to macrofaunal movement.- Development of a scale integrated sediment disturber which working area will be monitored continuously using digital cameras and micro-profilers with oxygen microelectrodes and, at the start and end points, by examining sediment cores.- Development of a chamber capable of regulating oxygen (oxystat) equipped with nitrate sensors.- Integration of manipulated benthic chambers capable of particle and liquid addition and sediment resuspension.- Development of smart and adaptable systems integrating control electronics capable of reaction to external events.- Development of numerical tools consisting of building 2D models of early diagenesis and sediment-organism relationship.
Apitz, S. E.	; Bell, E.	; Gilbert, F.	; Hall, P.	; Kershaw, P.	; Nickell, L.	; Parker, R.	; Rabouille, C.	; Shimmield, G.	; Solan, M.	; Soltwedel, Thomas	; Spagnoli, F.	; Stahl, H.	; Waltpersdorf, E.	; Witte, U.


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Fancy your chances tests you on ellipsis, or omission of words.
As with many other languages, speakers of English quite often leave out words ~ most usually off the front or back of their sentences ~ where the circumstances are clear without those words, and/or perhaps urgent.
Choose the answer that provides the word/s that are missing.
... ... Don't like the look of those big dark clouds.
The speaker is leaving out his/her personal pronoun, as it should be obvious (from the situation, and by elimination) that they are speaking on their own behalf.
... ... Can't find the key.
The classic, laconic admission of failure!
... ... Won't do any good just pressing that button, if the battery's totally flat.
'It' will be hopeless; though 'you' would also make sense here. We suspect that the 'it' version would be a bit more diplomatic; otherwise you are adding to the person's frustrations by emphasising that they are wasting their time. The indirect (or unspoken) version is probably preferable.
... ... Going anywhere nice for your holiday this year?
There is a clue in the 'you' within the original Question.
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The full instruction would be 'be careful' (likewise 'be quiet', etc.).
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'Thinks' is in the 3rd person singular, so its preceding subject must be 'he' / 'she' / 'it'. In the context, and from the later repetition, the missing word must be 'he'.
... ... Nothing the matter with your thermostat; maybe the problem's inside the boiler somewhere.
'There is ...' is such a 'throwaway' phrase (and like all true idioms, it makes very little sense whatever if you try to take it apart word-by-word) ~ that it is very often left off completely in situations like this, so as to move straight to the topic in hand.
... ... Microwave's on the blink again.
The word in front of the noun (microwave) would have had to be an adjective: possessive (e.g. 'our', 'your') or demonstrative ('this', 'that'); so only one of the Answers offered will work here.
'On the blink' is a slightly old-fashioned expression, though still heard at least occasionally, meaning that a ~ usually, electric ~ machine is either not functioning at all, or only intermittently (i.e. any lights on it may only be blinking on and off, rather than shining constantly).
... ... Couldn't make head nor tail of the plot in that film, I'm afraid.
Ellipsis like this would only work if the speaker is describing their own experience.
... ... Know where I can find a shoe-repairer during the lunch-hour?
In the likely circumstances of such a question, the speaker would be looking at the person spoken-to, so the 'you' would be almost superfluous.


text:
Tony Cash
Home / People / Tony Cash
Tony Cash (1954, French and Russian) has led a distinguished career as a writer and documentary maker.
National service in the Navy (1952-54) gave him a second language, Russian, to read with French for his degree. As an undergraduate he played the clarinet and saxophone with the Oxford University Jazz Club and was President for a term. After teaching languages, he joined the BBC's Russian Service in 1963. For more than 60 years he has been a writer/producer/director penning books and articles, as well as making principally arts documentaries. In 1977, he left the BBC with Melvyn Bragg to set up The South Bank Show. He won international awards for a dramatised documentary about Lytton Strachey and Dora Carrington and for 'Baryshnikov – The Dancer and the Dance'.
He left The South Bank Show in 1983 to set up an independent company, through which he produced 22 programmes on the history of classical music, 'Man and Music', for Channel Four. In 1990 he wrote, produced and directed 'Generalissimo', in the series Stalin for ITV. Other programmes requiring significant script elements include The South Bank Show's 'Keppel Road: The Life and Music of the Bee Gees'; two series for ITV – 'The Jesus File' – shot on archaeological and historical sites in the Holy Land examining what 2,000 years later we can learn about the Founder of the Christian Faith; and a four-parter called 'Sex and Religion' probing how and why the men and women of God issue their injunctions and prohibitions on our sexual activities.
He is the author of several books and articles on Russian and Soviet history and culture, as well as broadcasting. His most recent articles have appeared in the East-West Review, the journal of the Great Britain-Russia Society.
1965 Great Neighbours: USSR (Ward Lock)
1967 The Russian Revolution (Ernest Benn)
1967 The Russian Revolution (a Jonathan Cape Jackdaw publication)
1972 Lenin (a Jonathan Cape Jackdaw publication)
2012 The Coder Special Archive (Hodgson Press), co-authored with Mike Gerrard and with a foreword by Alan Bennett, recounts how in the 1950s the authors along with a small group of young national service linguists were conscripted into the Royal Navy to learn Russian for a variety of Cold War purposes.
Modern Languages (and Joint Schools)

redpajama_set_name: RedPajamaCommonCrawl


text:
De "brug zonder terugkeer" is een brug gelegen in de Koreaanse gedemilitariseerde zone (KMZ), die de zogenaamde militaire demarcatielijn (MDL), tussen Noord- en Zuid-Korea passeert. Tijdens de Koreaanse Oorlog in 1953 werd de brug gebruikt voor gevangenenruil. De naam komt van de bewering, dat vele krijgsgevangenen gevangengenomen door de Verenigde Staten, niet terug naar huis wilden keren. De gevangenen kregen toen bij de brug de keus om in het bezette land te blijven of de grens naar het andere land over te steken. Echter, als ze de brug over waren, konden ze nooit meer terugkeren.

Galerij

Brug in Noord-Korea
Brug in Zuid-Korea
Internationale brug

redpajama_set_name: RedPajamaWikipedia


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text:
Q: How get current login user in ViewComponent Asp.Net Core I Use a ViewComponent for render sidebar in some page. I need current login User for some action, how can get User in ViewComponent? Of course I can pass as a parameter from view to InvokeAsync method, but I'm looking for a better way.
public class SideBarViewComponent : ViewComponent
{
    private readonly UserManager<User> _userManager;

    public ProfileSideBarViewComponent(UserManager<User> userManager)
    {
        _userManager = userManager;
    }

    public async Task<IViewComponentResult> InvokeAsync()
    {
         //How access User

         _userManager.GetUserId(User);

        return View();
    }
}

A: you have access to the Request so you can get it like this:
public async Task<IViewComponentResult> InvokeAsync()
{
     _userManager.GetUserId(Request.HttpContext.User);

    return View();
}

A: Well, you have access to the current HttpContext,  from which you can get or set the Current User.
Here's some pseudo code:
var user = this.HttpContext.User;

A: In ViewComponent can user UserClaimsPrincipal instead of User
In ViewComponent:
public abstract class ViewComponent
{
    public ClaimsPrincipal UserClaimsPrincipal { get; }
    ....
}

In Controller:
[Controller]
public abstract class ControllerBase
{
    protected ControllerBase();

    public ClaimsPrincipal User { get; }

    ....
}

redpajama_set_name: RedPajamaStackExchange


text:
NFL speed demon Devin Hester shows you how to shake off one-ton linebackers and corner-office blockers alike
That's the hoary sports phrase recited by the Terry Bradshaws and Jimmy Johnsons of TV football every Sunday. It's become one of the most overworked clichés in sports. Yet Devin Hester, the resident big-play manufacturer in the NFL these days, looks Pop Warner -- tiny standing in the shadow of Brian Urlacher and the other Monsters of the Midway during a Bears practice in Chicago on a muggy June day.
Hester can be a hard individual to track down. And bring down. Hell, he might as well be the Invisible Man to opposing special teams -- at least until he's crossing into their end zone for six points. Hester accomplished what is arguably the toughest feat in football -- the TD kick return -- a record-setting seven times last season, earning major style points to boot. He tied a teammate for the longest return in NFL history, 108 yards. In a game against St. Louis, he ran back two kickoff returns for scores. In another game, he brought back a missed field goal for six more points. (Who knew you could even return those?) And for his finale, Hester christened last year's Super Bowl by taking the opening kickoff coast to coast before the Colts took charge of the game.
Becoming a SportsCenter regular requires not only a sprinter's speed but also the ability to shift into a higher gear. (The Bears' conditioning staff often marvels at what they refer to as Hester's "leg churn.") Agility and strength are prerequisites, too: Sometimes you can fly by onrushing defenders, but just as often you need to pinball your way past. This is why kick-return greatness requires two qualities not measured at any combine: creativity and fearlessness. "You have to have heart and know that when you get the ball, you're going to be hit," says Hester. "There's no way to avoid it, so why not go out and try to play your best?"
Hester was seeing fewer and fewer touches by year's end, a reality that sank in for Bears coaches as they watched opposing kickoffs squirt just 20 yards downfield (which is, of course, akin to Hester's returning every kickoff 40 yards). The Bears need to get the ball back in Hester's hands, so offensive coordinator Ron Turner has ideas for expanding his role this season: "What he did last year on kickoffs and punt returns was amazing--but there was a limited number of times he could touch the ball. On offense, we can get his hands on the football more often this season."
In other words, opposing teams can expect more big plays from the Bears' big-play maker -- just what defensive coordinators around the NFL don't want to hear.
Five Simple Moves for Staying on the Field
The Bears guard Devin Hester's exact lower-body workout as doggedly as Coke protects its secret recipe, but we were allowed to observe him at work in the Bears' training facility. The following workout, designed by Joseph Dowdell, C.S.C.S., who trains pro athletes at Peak Performance Gym, in New York City, combines several of Hester's moves into one session. Perform it three times a week. You'll say goodbye to hamstring pulls and lower-back aches and power up your lower-body strength.
1. Glute Bridge
Lie flat with your knees bent. Lift your toes toward your shins. Squeeze your glutes and raise your hips. Hold for 2 seconds and then lower your hips toward the floor, but don't allow them to touch it. Do 10 to 12 repetitions.
Muscles worked: glutes, hamstrings
2. Lateral Tube Walk
Slip exercise tubing around your thighs. Stand with your knees slightly bent and hands on your hips. Sidestep to your right, then to your left. Perform 10 to 12 reps in each direction.
Muscles worked: glutes, outer thighs
3. Cable Pulldown
Attach a rope to a high pulley cable and hold it with your left arm straight. Balancing on your left leg, pull the handle straight down. Do 10 to 12 reps with each side.
Muscles worked: lats, glutes, hamstrings, abs
4. The Running Man
5. Single Leg Lowering
Lie on your back in a doorway with both legs up and your left leg against the jamb. Keeping the left leg stretched, slowly move your right leg up and down 10 times. Switch legs and repeat.
Muscles worked: hip flexors, quads, abs
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I have experience with tutoring General Chemistry and Spanish courses at the college I attend. As a tutor I enjoy figuring out how to best help each individual student that approaches me. Sometimes students need me to write out practice questions for them or help them figure out better studying methods.


If you have visited me you will have been told as part of the consultation whether you have a Warm or Cool undertone to your skin. Me, I'm Cool, a typical French colouring is likely to be Warm however. The undertone distinction is super important but, if you are confused, it's the easiest to correct.
What are undertones? Your undertone is the colour just below the surface of your skin and regardless of whether you have a tan or not, it doesn't change. Ensuring the colours you wear in both your clothes and make-up complement your undertone is essential because if you get it wrong it could cause your skin to look lacklustre, sallow or grey.
Determining your skin tone A quick way to determine whether you have a Warm or Cool undertone is to look at the inside of your forearm. On those with a Cool undertone your veins will appear blue / purple in natural light, whilst those with a Warm undertone will have green / olive veins.
You could also compare the overall colour of the inside of your forearm with that of friends - as long as you don't all have the same colouring you will notice some striking differences. This test is not an exact science though so get in touch if you'd like a definitive answer!
Once you have determined your undertone you can use this information to help you select outfits in colours with either a yellow based undertone or a blue based one which matters A LOT if you want to look healthy or fresh-looking OR you can use the guidelines below to help you select the best make-up shades.
If you have a Warm undertone draw attention to your eyes with a gorgeous Olive eyeshadow and Sage eye pencil. Cool undertones can play around with pinks, purples and pewters; I love a slick of Navy mascara, particularly as I have blue eyes (it makes them really pop!).
If you're warm opt for peach or coral shades. A smudge of our Melba cream blush will give you a subtle of hint of colour.
Those with a Cool undertone should go for something a little pinker. Our Appleberry blush compact (photo) is perfect to pop into your bag for touch-ups on the go.
LIPS Finish your look with a little lip! Feeling bright and bold? Go for our fresh and fun Mango Punch cream lipstick if you have a Warm undertone.
Cool customers could opt for our Pink Shell lip gloss (I never leave home without it) ; the perfect finishing touch to your make-up look.
I stock a large range of Colour Me Beautiful products and would be delighted to show you your perfect choices.
Still a little confused ?
Book a Colour and Make-up consultation and it will all make sense - 90 gorgeous minutes of 'Me Time' when I will explain how to effortlessly add and combine colour to the clothes already in your wardrobe and how to apply make-up in your perfect colours. BOOK HERE.
In the run-up to Christmas, who would love to receive the perfect pampering gift - a Colour & Make-Up Consultation Gift Voucher.
This information will work for you for a lifetime - no more wasted time and money on purchases that don't !
Hot off the Press, I have added a treat for all you Ladies - if you book a Colour and Make-up consultation you will receive a FREE compact with four eyeshadows in your perfect colours, worth € 32. What's not to love ? BOOK HERE.


Thanks for making the wise decision to order your custom seat from BMS! We pride ourselves on customer service and If you would want your seat in a color other than black give us a call (805-644-7216). We will work with you to customize your seat with different colors of stitching and different colors of material.
photos - We must have these photo's to process your order.
IMPORTANT** - Mark your seat if you are not riding into the shop.
While sitting on your bike in riding position (on center stand, feet on pegs, hands on grips) take a tape or a marker and mark a line where the back of your buttocks meet the seat.


text:
Emily Lakdawalla • Sep 10, 2007
Cassini: highest-resolution-ever images of Iapetus
As I write this blog entry, Cassini has already passed its closest approach to Iapetus on its one and only encounter with the yin-yang moon. We won't know for a while yet if its observations were successful, but orbital mechanics dictates that Cassini was in the right place at the right time to take the greatest ever pictures of this really bizarre-looking moon.
I stayed up late last night to see what pictures would come down from the spacecraft, and checked the website first thing this morning, and Cassini has already returned the highest-resolution-ever images of the moon, surpassing its best pictures from December 31, 2004. But before I get into the pictures, I wanted to post for you a list of all the best places to go to find out information about this flyby:
JPL's Raw Images website, where you'll find all the latest pics;
"Cassini Zeroes in on Saturn's Yin-Yang Moon Iapetus," which is my news story with the flyby timeline;
Iapetus 049IA flyby page at the Freie Universität Berlin, by Tilmann Denk, which has more information about all the observations than you could possibly need;
JPL's flyby page, which includes a detailed mission description (in PDF format, 2.4 MB); and
The Iapetus Rev49 "Looking Ahead" page on the CICLOPS website.
So let's get to the images. Yesterday I posted five growing crescents. Late last night, they posted the last crescent image that fit entirely within one narrow-angle camera field of view. Today I woke up to find the images for a color view of Iapetus' crescent that was close enough -- taken from only 70,000 kilometers away -- to require four separate frames to cover the entire crescent. Cool!
NASA / JPL / SSI / color mosaic by Emily Lakdawalla
Iapetus
This view is composed of sixteen Cassini images, four frames taken through clear, ultraviolet, green, and infrared filters. It was taken on September 10, 2007 at 04:20 UTC, 10 hours before the closest approach on Cassini's flyby of the moon. The view shows Iapetus' leading hemisphere, which is covered with the dark-stained surface known as Cassini Regio. Only the region near the north pole appears bright icy white (to the right of this image). A band of mountains marking Iapetus' equator pokes above the limb at the center.
There was another difficulty presented by this set of images. For this observation, according to Tilmann Denk's website, the ultraviolet-filter images had to be exposed for fully 26 seconds, more than 10 times longer than the other frames. Now, ordinarily, exposures of 26 seconds would present no problem at all for Cassini, which is a legendarily steady camera platform. Cassini can track moving objects with tremendous accuracy, so that as it flies past a fast-moving moon it can make a very sharp image of the moon even as the background of stars or Saturn streak across. However, excellent tracking doesn't help you if you are flying straight toward the object you are tracking. If the object is growing in your field of view, and you track an object in the center of your field of view, everything toward the edge of your field of view is going to move farther toward the edges during the exposure, introducing radial smear. As a result, the ultraviolet images were quite blurry (example), and when I tried to merge them with the green and infrared to create color pixtures, I got funky blue fringes all over the image. I dealt with the problem by stacking the ultraviolet images with the clear-filter images. This "leaks" some information from longer wavelengths into the blue-filter images, but something had to be done to cope with the smear.
Having assembled the sixteen images into four color frames, I then had to puzzle-piece them together. It is very easy to get the craters and stuff to line up in such a high-phase crescent image, because there's very little area of actual overlap between the frames. The real challenge for assembling the color images together was getting the color to flow seamlessly from frame to frame. Iapetus' bright terrain (visible at the extreme right of the image) reflects 60% of the light that strikes it, while the dark terrain (which covers most of the rest of the picture) reflects only four percent of the light that strikes it -- it's 15 times darker. When the images are posted on JPL's website, their contrast is automatically stretched, which is a good thing, as it shows you all the lovely detail available in each image. But the automatic contrast stretching makes it very, very hard to match up multiple frames in an image of Iapetus, because a frame containing only dark material in its field of view will have been stretched much, much more than a frame containing only bright material. A lot of fudging was involved in making the color match across these frames, but I eventually got it to work and am pretty pleased with the result. It shows you Iapetus at a resolution of better than 500 meters per pixel.
Sometimes I get lost in the challenge of assembling pictures and forget to actually examine what I'm looking at. But these pictures reward close examination, especially the ones covering the equatorial mountain range. Here's the view covering the mountain range (still a color view, but with the contrast stretched much more to bring out detail):
NASA / JPL / SSI / Color composite by Emily Lakdawalla
Iapetus' belly band
Iapetus has a mountain range exactly on its equator, measuring in some places 13 kilometers tall and 20 kilometers wide. This image was taken on September 10, 2007.
It's hard to know whether the extreme foreshortening of this image is deceiving my eyes, but every time I look at it, my eyes snap to what look like chains of craters that run roughly parallel to the equatorial mountain ridge -- I see two such chains spaced very closely together to the right (north) of the ridge, about halfway from the ridge to the edge of the photo. I'm not at all convinced that that's real; it may just be an optical illusion.
What do you see in the images? There are a lot more than I have time to treat here, including some lovely (if dark) ones taken by the light reflected from Saturn, and a huge portrait of Saturn and all of its other large moons. Check them out and follow along with Cassini's adventure!
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In the Gyratory crusher, the spider, top shell and bottom are shock-resistant cast steel. Hour glass bushing 4. Spider bearing oil seal 5.
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Aldona Kmiec is an Australian photographer working artistically and commercially in Ballarat and Gippsland. Originally from Poland, her cross-cultural art practice explores themes of living in-between cultures, inter-generational trauma and social injustice. She has a particular interest for activating regional communities through immersive photography and public art projects and is a strong advocate for multicultural communities.
"In my everyday work as a photographic artist I focus on telling stories of people touched by adversity. It can be a demanding and emotional work and travel around the country and capturing beautiful Australia helps me to alleviate some of the pressures of my work as an artist." Feel free to read what motivates my art on my website.


The MBTA says it plans to suspend all Subway, Trolley, Commuter Rail, Bus, or Ferry service Sunday Feb. 15.
The Massachusetts Bay Authority announced it will suspend all subway, trolley, commuter rail, bus and ferry service on Sunday due to an impending snow storm that may dump as much as a foot of snow on Boston.
The MBTA said in a statement that it "is taking this action to ensure the safety of our customers and employees, which is our top priority."
The projected heavy snow and high winds will significantly inhibit thetransitagency'sability to deliver safe and reliable service, officials said, as trees and power lines could come down, and visibility will be hampered.
Additionally, the transportationofficials areconcerned that a train could break down between stations, resulting in a track right-of-way evacuation that would put customers, employees and emergency responders at risk, the T said.
The suspension of service will also allow MBTA crews to keep clearing snow and ice from tracks, the third rail and switches. A decision about the status of service for Monday will be made Sunday.
Earlier Friday, the MBTA announced that it will not be offering 'Late Night' bus or subway services Saturday night into Sunday morning this weekend. The last subway trains will depart downtown Boston no later than 12:50 a.m. This will allow MBTA personnel to get a jump start on snow-clearing operations and other maintenance activity before 3:30 a.m., the T said.
Customers are advised to check mbta.com/winter for the latest service information.
Could MBTA service cuts kill you?


The Winter Flowers collection available from Four Seasons florists truly showcases the best which the winter season has to offer. Whether you're looking for a decorative flower arrangement for your home or searching for a beautiful bouquet which would make a great gift, Four Seasons Aberdeen can offer you everything you might need. Winter can seem a bleak season at times, but ordering a beautiful winter flower arrangement from the florists at Four Seasons is a sure way to add a splash of colour and joy to this time of the year. A winter flower arrangement will surely make a unique gift and will also make a great impression on all those who see it. The wide range of winter flower arrangements available in different styles and colours leaves our florists confident that we will be able to offer something to suit all tastes from our selection. However, if you cannot find exactly what it is that you're looking for from our collection there is no need for concern. The florists at Four Seasons offer a bespoke flower arrangement service for all of our customers to consult free of charge, meaning that you can order a gorgeous flower arrangement which has been made exactly how you imagined it. The Aberdeen florists have over 40 years of experience in the floristry industry, meaning that the flower arrangement which you order from us will have been crafted with a great deal of skill and expertise. Only the freshest flowers available to us are used in all of our different flower arrangements, as we order our flower arrangements from our suppliers in Holland on a regular basis. This means that your winter flower arrangement from us will contain some of the most beautiful and high quality flowers available in Europe. Choose Four Seasons Flowers for a truly stunning winter flower arrangement.
The winter flower collection available from the florists at Four Seasons is bound to impress. Furthermore, Four Seasons Aberdeen is proud to be able to offer our customers a fantastic range of different delivery services to ensure that your flowers will be delivered at a time and date which suits you. The Aberdeen flower delivery service operates reliably and efficiently six days a week throughout Aberdeen and the local area. Therefore, it is easy for our customers to choose a day of the week, from Monday to Saturday, which suits you for your flower delivery to take place. It is also possible to request a time slot for your delivery, either morning or afternoon. Additionally, if you simply cannot wait for your flowers to be delivered to you, please feel free to choose the same day delivery service which is available from our team at Four Seasons. This service ensures that your delivery will take place on the same day as you place your order, provided that we receive your order before 3pm. This allows our florists the time that they need to craft your flower arrangement with the care and attention which it deserves. Four Seasons is also a member of the Interflora brand, meaning that we can offer all of our customers a range of flower delivery services further afield should you so require. By ordering your winter flower bouquet with us here in Aberdeen it can be delivered to a huge range of locations across the United Kingdom and even abroad, as we are linked with international flower delivery services in 140 different countries across the world. For a gorgeous seasonal winter flower arrangement and excellent delivery options, choose Four Seasons today.