“As a result, we anticipate a dividend of approximately 40% of adjusted free cash flow.”

In context

“ed a strong start to the year. As we look ahead, we are focused on building on our momentum, supporting expectations for a return to organic top line growth, margin expansion, investments in high-growth and attractive end markets and continued strong cash generation. This leaves us well positioned for long-term success and consistent value creation for our customers and shareholders. Please turn to Slide 17, and I will turn it back over to Mike. Mike? Michael Roman: Thanks, Monish. Paying a competitive dividend has been a priority for 3M for more than 100 years. This will continue to be true following the spin-off of Solventum. As part of the spin, we distributed 80.1% of Solventum's outstanding shares to our shareholders and post-spin have made the decision to reset 3M's dividend. As a result, we anticipate a dividend of approximately 40% of adjusted free cash flow. This represents a dividend that is in line with our industrial peers and well above the S&P 500 median with the potential to increase over time. We expect to seek Board approval to declare the second quarter dividend in May with payments anticipated in June. In addition, post spin, we have stepped back into the market for share repurchases. Before I conclude, let me emphasize some important points from the quarter. Q1 was a strong start to the year, driven by significant improvements in operational execution as well as the achievement of several major milestones toward our strategic goals, including the successful spin-off of Solventum and the settlement of 2 major legal matters. I would like to thank our people for their dedication and continued focus on delivering value for our cu”