3M Co. Files 2024 10-K

Ticker: MMM · Form: 10-K · Filed: Feb 5, 2025 · CIK: 66740

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

3M dropped its 2024 10-K. Full financials out.

AI Summary

3M Company filed its 2024 10-K on February 5, 2025, reporting on its fiscal year ending December 31, 2024. The company, incorporated in Delaware and headquartered in St. Paul, MN, operates in the Surgical & Medical Instruments & Apparatus sector. Key financial data and business segments are detailed within the filing, providing a comprehensive overview of its performance and operations.

Why It Matters

This filing provides investors and stakeholders with a detailed look at 3M's financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What is 3M Company's Standard Industrial Classification (SIC) code?

3M Company's SIC code is 3841, which corresponds to Surgical & Medical Instruments & Apparatus.

In which state was 3M Company incorporated?

3M Company was incorporated in Delaware (DE).

What is the business address of 3M Company?

The business address is 3M Center, Bldg. 220-13E-26A, St. Paul, MN 55144-1000.

When did 3M Company change its former name?

The company changed its former name from MINNESOTA MINING & MANUFACTURING CO on July 3, 1992.

What is the filing date of this 10-K report?

This 10-K report was filed on February 5, 2025.

Filing Stats: 4,200 words · 17 min read · ~14 pages · Grade level 17.2 · Accepted 2025-02-05 09:57:15

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II 18

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18

[Reserved]

Item 6. [Reserved] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Overview 19 Results of Operations 28 Performance by Business Segment 30 Performance by Geographic Area 35 Critical Accounting Estimates 35 New Accounting Pronouncements 37 Financial Condition and Liquidity 37 Financial Instruments 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41 Index to Financial Statements 41 Management's Responsibility for Financial Reporting 41 Management's Report on Internal Control Over Financial Reporting 41 Report of Independent Registered Public Accounting Firm 42 Consolidated Statement of Income (Loss) 45 Consolidated Statement of Comprehensive Income (Loss) 46 Consolidated Balance Sheet 47 Consolidated Statement of Changes in Equity 48 Consolidated Statement of Cash Flows 49

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 50 NOTE 1. Significant Accounting Policies 50 NOTE 2. Discontinued Operations 54 NOTE 3. Revenue 56 NOTE 4. Divestitures 56 NOTE 5. Goodwill and Intangible Assets 57 NOTE 6. Restructuring Actions 59 NOTE 7. Supplemental Income (Loss) Statement Information 60 NOTE 8. Supplemental Balance Sheet Information 61 NOTE 9. Supplemental Equity and Comprehensive Income (Loss) Information 62 NOTE 10. Supplemental Cash Flow Information 63 NOTE 11. Income Taxes 63 NOTE 12. Earnings (Loss) Per Share 66 NOTE 13. Marketable Securities 67 NOTE 14. Long-Term Debt and Short-Term Borrowings 68 NOTE 15. Pension and Postretirement Benefit Plans 70 NOTE 16. Supplier Finance Program Obligations 77 2 Table of Contents TABLE OF CONTENTS PAGE NOTE 17. Derivatives 77 NOTE 18. Fair Value Measurements 81 NOTE 19. Commitments and Contingencies 83 NOTE 20. Leases 105 NOTE 21. Stock-Based Compensation 106 NOTE 22. Business Segments and Geographic Information 109 NOTE 23. Quarterly Data (Unaudited) 113

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 114

Other Information

Item 9B. Other Information 114

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III 115

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation

Item 11. Executive Compensation 115

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 116

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 116 PART IV 117

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 121 3 Table of Contents 3M COMPANY ANNUAL REPORT ON FORM 10-K For the Year Ended December 31, 2024 PART I

Business

Item 1. Business 3M Company was incorporated in 1929 under the laws of the State of Delaware to continue operations begun in 1902. The Company's ticker symbol is MMM. As used herein, the term "3M" or "Company" includes 3M Company and its subsidiaries unless the context indicates otherwise. In this document, for any references to Note 1 through Note 23, refer to the Notes to Consolidated Financial Statements in Item 8. Available Information : The Securities and Exchange Commission (SEC) maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at https://www.sec.gov. The Company files annual reports, quarterly reports, proxy statements and other documents with the SEC under the Securities Exchange Act of 1934 (Exchange Act). 3M also makes available free of charge through its website (https://investors.3M.com) the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and, if applicable, amendments to those reports filed or furnished pursuant to the Exchange Act as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the SEC. General : 3M is a diversified technology company with a global presence in the following businesses : Safety and Industrial; Transportation and Electronics; and Consumer. On April 1, 2024, 3M completed the previously announced separation of its Health Care business (see Note 2 for additional information). 3M is among the leading manufacturers of products for many of the markets it serves. Most 3M products involve expertise in product development, manufacturing and marketing, and are subject to competition from products manufactured and sold by other technologically oriented companies. 4 Table of Contents Business Segments : 3M manages its continuin

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing