Scotch Cushion Lock Protective Wrap Refillable Dispenser, Sustainable Packaging Solution for Packing, Shipping and Moving, for 12 Inch Wide Wrap (PCW-121000-D)

Product Information

We've started strong in the first quarter. You can see incremental leverage was up -- if the math is nearly 70% leverage in the first quarter sequentially and will continue to drive leverage. We, of course, have to factor in all the uncertainty that's going on in the world. But teams committed to driving it and I would say in the long run, also I don't see why we can't get to the 30% to 40%.

A question for Monish, please. Just on the FX assumption for the year, 3M, historically, has been one of the few companies that actually use financial hedges on FX. Is this still in place? And there's typically a lag when you use those hedges, so -- versus what you're seeing in the spot market? Just what's -- I can see you've got that 1% to 2% in guidance, but are the hedges at play? Turning to our Health Care business on Slide 14, which posted a first quarter organic sales increase of 4.7%, with growth across every business. Our medical solutions business increased mid-single digits organically. First quarter U.S. elective medical procedure volumes were approximately 85% to 90% of pre-COVID levels as COVID slowed the pace of procedures, particularly in January and February. Thank you, John. And I wish you all a very good morning. Please turn to Slide 9. The 3M team delivered strong execution in Q1 in a macro environment that remains extremely fluid and increasingly uncertain.And so that really kind of steers us in our strategy for M&A. And when we can identify companies that we can integrate into 3M and really leverage those strengths of 3M, that's -- and move into more attractive, higher-growth market spaces, that's what's going to drive us, whether it's in opportunities around electronics or any one of our four businesses. If you look at PFAS, the other one trial schedules, I would say, have been moving frequently. We we're currently scheduled for two trials this year. We have a June trial in Michigan, and then we have an October trial in Alabama. The Aqueous Film Forming Foam multi-district litigation, the first trial there is not expected until 2023.

So it's a – it is an ongoing dynamic that we're watching closely. We saw strong growth in a number of our businesses as we came through the quarter and Monish walked through the outlook on the macro. So certainly, that will have an impact on EMEA. But I would say we're watching it closely as we look at the rest of the year. I would say it's – the outlook remains uncertain. It's difficult to predict. We see maybe a one percentage point kind of headwind as we start Q2, but that can change as we go through the year. So it's important market we're seeing in Q1, we saw healthcare leading the way up mid-teens.During today's conference call, we will 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 note, throughout today's presentation, we'll be making references to certain non-GAAP financial measures. Lastly, our Consumer business delivered first quarter organic growth of 3.4% versus last year, with growth across every business. Our home improvement business continued to perform well, up low single digits on top of last year's growth of over 20%. This business continued to deliver strong growth with our home improvement retail customers in our category-leading Filtrete and Command brands. Stationery and office, and home care grew low single digits organically in Q1.