What drove 3M's expense reductions in Q2 2024?

3M's expense reductions in Q2 2024 were driven by several strategic initiatives and operational improvements:

1. **Structural Reorganization Actions**: 3M has been implementing structural reorganization actions to streamline its operations, reduce the size of its corporate center, and align business models with customer needs. These changes are expected to lead to annual pre-tax savings of $700-$900 million and improve margins and cash flow in the long term.
2. **Cost Savings from Restructuring**: The company's restructuring actions taken in the first quarter resulted in a 400 basis point increase in adjusted operating margin, reaching 21.9%. This indicates that the measures are already yielding significant cost savings and improving profitability.

In summary, 3M's expense reductions in Q2 2024 were primarily driven by strategic restructuring initiatives aimed at streamlining operations, aligning business models with customer needs, and improving overall operational efficiency. These actions are expected to deliver long-term cost savings and enhanced financial performance.