8-KOther EventsExhibits & Filings

3M CO 8-K Report, Corporate Update (May 17, 2016)

Filed May 17, 2016For Securities:MMM

Summary

3M Company (MMM) filed a Current Report on Form 8-K on May 17, 2016, to update its 2015 Annual Report on Form 10-K. The primary purpose of this filing is to announce a change in product line reporting effective in the first quarter of 2016. This change aims to improve the alignment of 3M's businesses with its markets and customers. The reporting change involves reallocating certain electronic bonding product lines between the Electronics and Energy business segment and the Industrial business segment. Specifically, sales and operating income previously attributed to the Industrial business segment will now be equally divided with the Electronics and Energy segment. For the full year 2015, this resulted in a $33 million decrease in net sales and a $7 million decrease in operating income for the Industrial segment, with a corresponding increase in the Electronics and Energy segment. All financial information presented in this report reflects this change for all periods shown.

Key Highlights

  • 13M is updating its 2015 Annual Report due to a business segment reporting change.
  • 2The change is effective as of the first quarter of 2016.
  • 3The purpose of the change is to better align business segments with markets and customers.
  • 4Specific product lines within 'electronic bonding' are being reallocated.
  • 5These electronic bonding product lines were previously split between the Electronics and Energy and Industrial business segments.
  • 6Under the new structure, sales and operating income for these lines will be equally divided between the two segments.
  • 7For fiscal year 2015, this reallocation resulted in a $33 million net sales decrease and a $7 million operating income decrease for the Industrial segment, with a corresponding increase for the Electronics and Energy segment.

Frequently Asked Questions

The main purpose of this filing is to update 3M's 2015 Annual Report to reflect a change in how product lines are reported across its business segments. This change is intended to improve the alignment of the company's businesses with its target markets and customers.

For the full year 2015, the change resulted in a $33 million decrease in net sales and a $7 million decrease in operating income for the Industrial business segment. These amounts were correspondingly increased in the Electronics and Energy business segment, as certain electronic bonding product lines are now equally divided between these two segments.

No, this specific 8-K filing is primarily an administrative update regarding financial reporting structure. It does not update for other potential changes since the 2015 Annual Report, such as new commitments, contingencies, or significant developments. Investors should refer to subsequent 2016 Quarterly Reports (10-Q) for information on such developments.

The reporting change impacts the Industrial business segment and the Electronics and Energy business segment. Elements of electronic bonding product lines previously reported separately in these segments are now equally allocated between them.