3M Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>3M Co. filed its Q1 2024 10-Q report on April 30, 2024, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

3M CO (MMM) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. 3M Co. reported its Q1 2024 results on April 30, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. 3M Co. is incorporated in Delaware. The company's SIC code is 3841 for Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking 3M CO, this filing contains several important signals. This filing provides investors with the latest quarterly financial data, including revenue, expenses, and balance sheet information, crucial for assessing the company's current financial health and operational performance. Understanding the details within this 10-Q is essential for evaluating 3M's strategic direction, potential risks, and future growth prospects in its various industrial and consumer markets.

Risk Assessment

Risk Level: medium — 3M CO shows moderate risk based on this filing. The company faces ongoing litigation and potential liabilities, which could materially impact its financial condition and results of operations, as indicated by the nature of SEC filings that often include risk factors related to legal proceedings.

Analyst Insight

Monitor 3M's upcoming earnings calls and subsequent filings for updates on litigation settlements and their financial impact.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 3841 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• 3M Co. (company) — FILER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240430 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• 3841 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION
• ST PAUL (location) — CITY
• MN (state) — STATE
• 6517331474 (phone) — BUSINESS PHONE

FAQ

Risk Factors

• Litigation and Contingent Liabilities [high — legal]: The company is involved in various legal proceedings, including those related to product liability and environmental matters, which could result in significant financial liabilities.

Industry Context

3M operates in diverse sectors including safety and industrial, transportation and electronics, and health care, leveraging its materials science expertise.

Regulatory Implications

As a publicly traded company, 3M is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends and profitability by segment.
2. Review the 'Risk Factors' section for any new or evolving risks that could impact future performance.
3. Compare key financial metrics in this filing to previous periods to identify significant changes or trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, providing an update on the company's financial position and operational activities since the previous annual report.

Key Financial Figures

• $0.01 — nding at March 31, 2024 Common Stock, $0.01 par value per share 553,361,257 shares

Filing Documents

• mmm-20240331.htm (10-Q) — 2040KB
• q12024ex101aircrafttimesha.htm (EX-10.1) — 70KB
• ex1011-amendedandrestatedv.htm (EX-10.11) — 87KB
• ex1012-amendedandrestated3.htm (EX-10.12) — 125KB
• ex1013-amendedandrestated3.htm (EX-10.13) — 132KB
• ex1014-amendedandrestated3.htm (EX-10.14) — 150KB
• q12024exhibit311.htm (EX-31.1) — 10KB
• q12024exhibit312.htm (EX-31.2) — 10KB
• q12024exhibit321.htm (EX-32.1) — 4KB
• q12024exhibit322.htm (EX-32.2) — 4KB
• q12024exhibit95.htm (EX-95) — 39KB
• 0000066740-24-000053.txt (&nbsp;) — 11715KB
• mmm-20240331.xsd (EX-101.SCH) — 69KB
• mmm-20240331_cal.xml (EX-101.CAL) — 77KB
• mmm-20240331_def.xml (EX-101.DEF) — 396KB
• mmm-20240331_lab.xml (EX-101.LAB) — 808KB
• mmm-20240331_pre.xml (EX-101.PRE) — 609KB
• mmm-20240331_htm.xml (XML) — 1957KB

Financial Information

PART I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Statement of Income (Loss) 3 Consolidated Statement of Comprehensive Income (Loss) 4 Consolidated Balance Sheet 5 Consolidated Statement of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 NOTE 1. Significant Accounting Policies 7 NOTE 2. Revenue 8 NOTE 3. Divestitures 9 NOTE 4. Goodwill and Intangible Assets 9 NOTE 5. Restructuring Actions 10 NOTE 6. Supplemental Income (Loss) Statement Information 11 NOTE 7. Supplemental Equity and Comprehensive Income (Loss) Information 12 NOTE 8. Income Taxes 13 NOTE 9. Earnings (Loss) Per Share 13 NOTE 10. Marketable Securities 14 NOTE 11. Long-Term Debt and Short-Term Borrowings 14 NOTE 12. Pension and Postretirement Benefit Plans 15 NOTE 13. Supplier Finance Program Obligations 15 NOTE 14. Derivatives 16 NOTE 15. Fair Value Measurements 19 NOTE 16. Commitments and Contingencies 20 NOTE 17. Business Segments 42

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Overview 44 Results of Operations 49 Performance by Business Segment 50 Financial Condition and Liquidity 55

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 60

Controls and Procedures

Item 4. Controls and Procedures 60

Other Information

PART II. Other Information 61

Legal Proceedings

Item 1. Legal Proceedings 61

Risk Factors

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 69

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 69

Other Information

Item 5. Other Information 69

Exhibits

Item 6. Exhibits 70 2 Table of Contents 3M COMPANY FORM 10-Q For the Quarterly Period Ended March 31, 2024

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements 3M Company and Subsidiaries Consolidated Statement of Income (Loss) (Unaudited) Three months ended March 31, (Millions, except per share amounts) 2024 2023 Net sales $ 8,003 $ 8,031 Operating expenses Cost of sales 4,329 4,613 Selling, general and administrative expenses 1,736 1,705 Research, development and related expenses 437 472 Total operating expenses 6,502 6,790 Operating income (loss) 1,501 1,241 Other expense (income), net 264 52 Income (loss) before income taxes 1,237 1,189 Provision (benefit) for income taxes 305 210 Income (loss) of consolidated group 932 979 Income (loss) from unconsolidated subsidiaries, net of taxes 1 2 Net income (loss) including noncontrolling interest 933 981 Less: Net income (loss) attributable to noncontrolling interest 5 5 Net income (loss) attributable to 3M $ 928 $ 976 Weighted average 3M common shares outstanding — basic 555.0 552.7 Earnings (loss) per share attributable to 3M common shareholders — basic $ 1.67 $ 1.77 Weighted average 3M common shares outstanding — diluted 555.9 553.2 Earnings (loss) per share attributable to 3M common shareholders — diluted $ 1.67 $ 1.76 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement. 3 Table of Contents 3M Company and Subsidiaries Consolidated Statement of Comprehensive Income (Loss) (Unaudited) Three months ended March 31, (Millions) 2024 2023 Net income (loss) including noncontrolling interest $ 933 $ 981 Other comprehensive income (loss), net of tax: Cumulative translation adjustment ( 208 ) 116 Defined benefit pension and postretirement plans adjustment 135 51 Cash flow hedging instruments 26 ( 24 ) Total other comprehensive income (loss), net of tax ( 47 ) 143 Comprehensive income (loss) including noncontrolling interest 886 1,124 Comprehensive (income) loss attributable to noncontrolling interest ( 6 ) ( 5 ) Comprehensive income (loss) attributable t

Notes to Consolidated Financial Statements(Unaudited)

Notes to Consolidated Financial Statements(Unaudited) NOTE 1. Significant Accounting Policies Basis of Presentation: The interim consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company's consolidated financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of results for the full year. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's consolidated financial statements and notes included in its Annual Report on Form 10-K. Effective in the first quarter of 2024, 3M made certain changes within its business segments. The changes are described in Note 17. While they impacted the composition and names of certain divisions within 3M's business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M's chief operating decision maker (CODM). 3M's disclosed disaggregated revenue was also updated as a result of these changes (see Note 2). Information provided herein reflects the impact of these changes for all periods presented. New Accounting Pronouncements: Refer to Note 1 to the Consolidated Financial Statements in 3M's 2023 Annual Report on Form 10-K for a discussion of applicable standards issued and not yet adopted by 3M. Relevant New Standards Issued Subsequent to Most Recent Annual Report In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which require a registrant to disclose information in annual reports and registration statements about climate-related risks that are r

View Full Filing

View this 10-Q filing on SEC EDGAR