{
 "company": "3M Company",
 "ticker": "MMM",
 "sector": "Conglomerates",
 "fiscalYearEnd": null,
 "revenueUsdM": 24948.0,
 "normalizedSga": {
  "pctRevenue": 15.09,
  "peerCount": 17,
  "peerMedianPctRevenue": 14.7,
  "peerLeanQuartilePctRevenue": 11.3,
  "peers": [
   {
    "ticker": "HON",
    "name": "Honeywell International Inc.",
    "normalizedSgaPctRevenue": 14.56
   },
   {
    "ticker": "PH",
    "name": "Parker-Hannifin Corporation",
    "normalizedSgaPctRevenue": 15.19
   },
   {
    "ticker": "EMR",
    "name": "Emerson Electric Co.",
    "normalizedSgaPctRevenue": 24.05
   },
   {
    "ticker": "CARR",
    "name": "Carrier Global Corporation",
    "normalizedSgaPctRevenue": 14.22
   },
   {
    "ticker": "DOV",
    "name": "Dover Corporation",
    "normalizedSgaPctRevenue": 20.46
   },
   {
    "ticker": "ROK",
    "name": "Rockwell Automation, Inc.",
    "normalizedSgaPctRevenue": 22.94
   },
   {
    "ticker": "OTIS",
    "name": "Otis Worldwide Corporation",
    "normalizedSgaPctRevenue": 13.71
   },
   {
    "ticker": "AME",
    "name": "AMETEK, Inc.",
    "normalizedSgaPctRevenue": 6.84
   },
   {
    "ticker": "HUBB",
    "name": "Hubbell Incorporated",
    "normalizedSgaPctRevenue": 14.63
   },
   {
    "ticker": "VRT",
    "name": "Vertiv Holdings Co",
    "normalizedSgaPctRevenue": 11.33
   },
   {
    "ticker": "CW",
    "name": "Curtiss-Wright Corporation",
    "normalizedSgaPctRevenue": 16.24
   },
   {
    "ticker": "XYL",
    "name": "Xylem Inc.",
    "normalizedSgaPctRevenue": 21.28
   },
   {
    "ticker": "GE",
    "name": "GE Aerospace",
    "normalizedSgaPctRevenue": 8.92
   },
   {
    "ticker": "CAT",
    "name": "Caterpillar Inc.",
    "normalizedSgaPctRevenue": 10.33
   },
   {
    "ticker": "DHR",
    "name": "Danaher Corporation",
    "normalizedSgaPctRevenue": 33.52
   },
   {
    "ticker": "CSL",
    "name": "Carlisle Companies Incorporated",
    "normalizedSgaPctRevenue": 14.85
   }
  ],
  "definition": "Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A."
 },
 "disclosedLines": [
  {
   "key": "advertising",
   "label": "Advertising",
   "pctRevenue": 0.93,
   "companiesDisclosing": 4,
   "peersDisclosing": [
    {
     "ticker": "DOV",
     "pctRevenue": 0.29
    },
    {
     "ticker": "AME",
     "pctRevenue": 0.2
    },
    {
     "ticker": "VRT",
     "pctRevenue": 0.16
    }
   ],
   "note": "A brand-investment choice; advertising sits outside the normalized SG&A line, so it does not explain the Exhibit 2 gap."
  },
  {
   "key": "stock_comp",
   "label": "Stock-based comp",
   "pctRevenue": 0.9,
   "companiesDisclosing": 15,
   "peersDisclosing": [
    {
     "ticker": "HON",
     "pctRevenue": 0.52
    },
    {
     "ticker": "PH",
     "pctRevenue": 0.8
    },
    {
     "ticker": "EMR",
     "pctRevenue": 1.46
    },
    {
     "ticker": "CARR",
     "pctRevenue": 0.34
    },
    {
     "ticker": "DOV",
     "pctRevenue": 0.54
    },
    {
     "ticker": "ROK",
     "pctRevenue": 1.02
    },
    {
     "ticker": "OTIS",
     "pctRevenue": 0.55
    },
    {
     "ticker": "AME",
     "pctRevenue": 0.65
    },
    {
     "ticker": "HUBB",
     "pctRevenue": 0.56
    },
    {
     "ticker": "VRT",
     "pctRevenue": 0.45
    },
    {
     "ticker": "CW",
     "pctRevenue": 0.61
    },
    {
     "ticker": "XYL",
     "pctRevenue": 0.59
    },
    {
     "ticker": "DHR",
     "pctRevenue": 1.21
    },
    {
     "ticker": "CSL",
     "pctRevenue": 0.69
    }
   ],
   "note": "Above the peer median; equity compensation adds to the overhead load."
  }
 ],
 "gapToPeers": null,
 "tsrBridge": [
  {
   "label": "1 year",
   "span": "FY2024 to FY2025",
   "companyTsrPct": 26,
   "peerTsrPct": 21,
   "driverPp": {
    "Revenue growth": -4.7,
    "Gross margin": -7.2,
    "SG&A": -15.7,
    "Multiple": 28.3,
    "Other": 4.6
   }
  },
  {
   "label": "3 years",
   "span": "FY2022 to FY2025",
   "companyTsrPct": 79,
   "peerTsrPct": 166,
   "driverPp": {
    "Revenue growth": -62.7,
    "Gross margin": -51.6,
    "SG&A": 5.1,
    "Multiple": -6.1,
    "Other": 28.2
   }
  },
  {
   "label": "5 years",
   "span": "FY2020 to FY2025",
   "companyTsrPct": 32,
   "peerTsrPct": 150,
   "driverPp": {
    "Revenue growth": -61.4,
    "Gross margin": -64.8,
    "SG&A": 12.1,
    "Multiple": -19.1,
    "Other": 15.3
   }
  },
  {
   "label": "10 years",
   "span": "FY2016 to FY2025",
   "companyTsrPct": 45,
   "peerTsrPct": 321,
   "driverPp": {
    "Revenue growth": -76.9,
    "Gross margin": -89.3,
    "SG&A": -10.2,
    "Multiple": -74.1,
    "Other": -24.9
   }
  }
 ],
 "recentQuarter": null,
 "sources": [
  "10-K and 10-Q filings (US GAAP)",
  "XBRL company facts",
  "earnings releases"
 ],
 "urls": {
  "briefing": "https://sgabenchmarking.com/r/MMM",
  "json": "https://sgabenchmarking.com/r/MMM.json",
  "industryBenchmarks": "https://sgabenchmarking.com/catalog.json"
 },
 "publisher": "SG&A Benchmarking, https://sgabenchmarking.com"
}