8-KOther Events

3M CO 8-K Report (Jan 20, 2004)

Filed January 20, 2004For Securities:MMM

Summary

3M Company (MMM) filed an 8-K on January 20, 2004, reporting its fourth quarter and full-year 2003 sales and earnings results. The filing primarily furnished a press release detailing these financial outcomes. Investors should note that 3M also presented non-GAAP financial results, excluding "special items," which the company believes offer a more useful perspective on ongoing operational trends. These non-GAAP measures are not recognized under U.S. GAAP and may not be comparable to similar measures from other companies, but 3M commits to providing reconciliations to GAAP figures.

Key Highlights

  • 13M announced its Q4 and full-year 2003 financial results via an 8-K filing dated January 20, 2004.
  • 2The company's results were presented using both U.S. Generally Accepted Accounting Principles (GAAP) and a non-GAAP basis that excludes 'special items'.
  • 33M stated its belief that excluding special items provides a more useful analysis of ongoing operating trends.
  • 4Special items are defined as significant charges or credits impacting the understanding of the company's ongoing operations.
  • 5The company will continue to provide reconciliations between its non-GAAP and GAAP financial reporting.
  • 6Non-GAAP earnings per share and other amounts before special items are not recognized under U.S. GAAP.
  • 7The determination of 'special items' may not be comparable to similarly titled measures used by other companies.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report 3M Company's sales and earnings results for the fourth quarter and the full year ended December 31, 2003. It includes a press release furnished by the company detailing these financial outcomes.

Yes, 3M discloses financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also presents non-GAAP results that exclude 'special items'. The company believes this provides a useful analysis of ongoing operating trends.

3M defines 'special items' as significant charges or credits that are important for understanding the company's ongoing operations. These are items that are excluded when presenting their non-GAAP financial results.

3M notes that its non-GAAP earnings per share and other amounts before special items are not recognized under U.S. GAAP. Furthermore, the determination of these 'special items' may not be comparable to similarly titled measures used by other companies.