8-KEarnings & ResultsExhibits & Filings

3M CO 8-K Report, Financial Results (Mar 22, 2021)

Filed March 22, 2021For Securities:MMM

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.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about two significant changes: a modification in how 3M's chief operating decision maker measures segment operating performance, and an update to the accounting principle used for calculating net periodic pension and postretirement plan costs. These changes will affect how the company reports its financial results going forward.

These changes will become effective starting with the first quarter of 2021. 3M will incorporate these updated reporting methods and comparative results into its Quarterly Report on Form 10-Q for the period ending March 31, 2021.

No, this 8-K filing does not present new financial results for the current period or a restatement of past financial performance. It serves as an announcement and provides supplemental unaudited historical information to reflect the upcoming changes in reporting methodologies.

Exhibit 99 contains supplemental unaudited historical business segment information and consolidated income information. This information is presented to illustrate how the company's reporting will be adjusted to reflect the updated measure of segment operating performance and the change in accounting principle for pension and postretirement plan costs.