Summary
3M Company (MMM) filed an 8-K on March 22, 2021, primarily to announce changes in how it measures segment operating performance and an accounting principle change related to pension and postretirement plan costs. These changes will be effective starting in the first quarter of 2021 and will be reflected in the company's upcoming Form 10-Q filing. Investors should note that this filing is informational and does not constitute a restatement of prior period financials but rather an update to how future results will be presented. The company is also providing supplemental unaudited historical business segment and consolidated income information, furnished as an exhibit, to reflect these updated reporting methodologies. While this 8-K doesn't present specific new financial results, it signals a shift in internal reporting and external disclosures that will impact how investors analyze segment performance and financial condition going forward. The filing also includes standard forward-looking statements that highlight potential risks and uncertainties affecting the business.
Key Highlights
- 1Announcement of changes to the measure of segment operating performance used by 3M's chief operating decision maker.
- 2Implementation of a change in accounting principle for determining net periodic pension and postretirement plan costs.
- 3These changes will be effective from the first quarter of 2021.
- 4The company will report comparative results under the new basis with its Q1 2021 Form 10-Q filing.
- 5Supplemental unaudited historical business segment information and consolidated income information is being furnished as an exhibit.
- 6The filing is informational and includes forward-looking statements discussing various business risks and uncertainties.