01—Abstract
Summary
Summary of the 10-K/A filed March 27, 1998. Cited figures are marked; the original filing is the authoritative source.
This is an amendment (Form 10-K/A) to 3M's annual report for the year ended December 31, 1997, filed on March 27, 1998.
It does not contain new operating results, income statement, balance sheet, or cash flow data. Its stated purpose is to add restated Financial Data Schedules (Exhibits 27.1, 27.2, and 27.3) for the 1997 interim periods, the 1996 year and interim periods, and the 1995 year. The restatements were required by SFAS No. 128, Earnings per Share, which required retroactive restatement of EPS data.
The amendment says the original Form 10-K was filed on March 10, 1998, while the filing date given for this document is March 27, 1998. The excerpt provides market context. The aggregate market value of voting stock held by nonaffiliates was about $33.7 billiona, based on a closing price of $83.50 per share on the NYSE on January 30, 1998.
Shares outstanding were 404,042,820 as of January 31, 1998. The company's common stock is also listed on the Pacific, Chicago, Amsterdam, Swiss, and Tokyo exchanges.
For investors, the key takeaway is that this filing is administrative rather than substantive. Investors seeking 3M's 1997 revenue, earnings, segment performance, or balance sheet should review the original 10-K filed on March 10, 1998, along with the restated EPS figures in the new financial data schedules.
02—Key points
Key Highlights
- Filing type is an amendment (10-K/A) to the original 1997 annual report, adding restated Financial Data Schedules rather than new operating results.
- The amendment was required by SFAS No. 128 (Earnings per Share), which forced retroactive restatement of per-share data for 1995, 1996, and 1997 interim periods.
- New restated financial data schedules were added: Exhibit 27.1 (1997 interim periods), Exhibit 27.2 (1996 year and interim periods), and Exhibit 27.3 (1995 year).
- Aggregate market value of nonaffiliate voting stock was approximately $33.7 billion, based on an $83.50 share price on January 30, 1998.
- Approximately 404.0 million common shares were outstanding as of January 31, 1998.
- Common stock is listed on the NYSE, Pacific, and Chicago exchanges, and also trades on the Amsterdam, Swiss, and Tokyo exchanges.
- The excerpt contains no income statement, balance sheet, cash flow, or segment financial data; those figures would be in the original 10-K.
03—Questions
Frequently Asked Questions
Why was 3M's 1997 annual report amended?
The amendment was required by SFAS No. 128, Earnings per Share, which mandated retroactive restatement of EPS. That change triggered the need to file restated Financial Data Schedules for 1995, 1996, and the 1997 interim periods.
Does this amendment change 3M's reported 1997 financial results?
Not based on this excerpt. The amendment adds restated financial data schedules that reflect the new EPS presentation required by SFAS No. 128. It does not show revised revenue, net income, or balance sheet figures.
What was the market value of 3M's stock at the time of filing?
The aggregate market value of voting stock held by nonaffiliates was about $33.7 billion, based on the $83.50 closing price on the NYSE on January 30, 1998, with about 404.0 million shares outstanding.
Where can investors find 3M's full 1997 financial statements?
In the original Form 10-K, which the amendment states was filed on March 10, 1998. That filing contains the full financial statements that this 10-K/A supplements with restated schedules.
04—Continue