Summary
3M Company (MMM) filed an 8-K on April 7, 2011, to report on financial and operational adjustments made during the first quarter of 2011. The primary focus of this filing is the realignment of certain products between its business segments. This change necessitated the provision of supplemental historical financial data, including sales and operating income, for prior periods (2008, 2009, and 2010) on both annual and quarterly bases. This adjusted historical data is presented to reflect the new segment structure prospectively. Investors should note that 3M did not operate under this new segment structure in the prior periods. The company will commence reporting comparative results under the new segment structure with its Form 10-Q filing for the quarter ended March 31, 2011. This filing serves to provide transparency and a basis for understanding future segment performance comparisons.
Key Highlights
- 13M Company is providing supplemental unaudited historical business segment sales and operating income data.
- 2The historical data has been restated to reflect product realignments between business segments that occurred in Q1 2011.
- 3The restated data covers annual periods for 2010, 2009, and 2008, as well as quarterly periods within those years.
- 4The new business segment structure will be used for reporting starting with the Form 10-Q for the quarter ended March 31, 2011.
- 5This filing does not alter the company's prior financial reporting but provides a basis for future comparative analysis under the new segment structure.
- 6The information is furnished as Exhibit 99 to the 8-K filing.