3M COMPANY (NYSE:MMM) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k

8 years ago

3M COMPANY (NYSE:MMM) Files An 8-K Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition

As described in this Current Report, effective in the first
quarter of 2017, as part of 3Ms continuing effort to improve the
alignment of its businesses around markets and customers the
Company made the following changes:

Integration of former Renewable Energy Division

3Ms former Renewable Energy Division (RED) has been
integrated into existing divisions within the Electronics
and Energy business segment and Safety and Graphics
business segment. 3M is committed to leadership in
sustainability and to enabling the advancement of energy
solutions into the future. Integrating REDs offerings
into larger divisions already serving these segments will
provide increased scale and build on strength by
leveraging 3Ms existing brands, go-to-market
capabilities, and relationships to support growth
objectives.

Creation of Automotive and Aerospace Solutions Division

3M created the Automotive and Aerospace Solutions
Division, which combines the former Automotive Division
and Aerospace and Commercial Transportation Division.
Combining the strengths along with the deep industry
knowledge of each business will enable this new division
to utilize shared technology platforms and processes to
deliver a broader set of innovative solutions, along with
world-class quality and service to 3Ms customers. This
combination will help accelerate the Companys profitable
growth and market relevance across the automotive,
aerospace and commercial transportation industries.

Consolidation of U.S. customer account activity – impacting dual
credit reporting

The Company consolidated its customer account activity in
the U.S. into more centralized sales districts. This
improved alignment reduces the complexity for customers
when interacting with multiple businesses within 3M,
creating a better customer experience. 3M business
segment reporting measures include dual credit to
business segments for certain U.S. sales and related
operating income. This dual credit is based on which
business segment provides customer account activity with
respect to a particular product sold in the U.S. The
alignment of U.S. customer accounts to fewer, more
focused sales districts changed the attribution of dual
credit across 3Ms business segments.

This Current Report includes additional detail on the changes
described above along with supplemental unaudited historical
information relative to business segment sales and operating
income on both an annual and quarterly basis for the years ended
December31, 2016, 2015 and 2014 (furnished hereunder as Exhibit99
and incorporated herein by reference). The Company did not
operate under this structure for any of these prior periods and
will begin to report comparative results under the new structure
with the filing of its Quarterly Report on Form10-Q for the
quarter ending March31, 2017.

The information contained in this Current Report shall not be
deemed to be filed for the purposes of Section18 of the
Securities Exchange Act of 1934 (the Exchange Act) or otherwise
subject to the liabilities of that section, nor shall it be
incorporated by reference into a filing under the Securities Act
of 1933, or the Exchange Act.

Forward-Looking Statements

This Current Report contains forward-looking information about
3Ms financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify
these statements by the use of words such as anticipate,
estimate, expect, aim, project, intend, plan, believe, will,
should, could, target, forecast and other words and terms of
similar meaning in connection with any discussion of future
operating or financial performance or business plans or
prospects. Among the factors that could cause actual results to
differ materially are the following: (1)worldwide economic,
political, and capital markets conditions and other factors
beyond the Companys control, including natural and other
disasters or climate change affecting the operations of the
Company or its customers and suppliers; (2)the Companys credit
ratings and its cost of capital; (3)competitive conditions and
customer preferences; (4)foreign currency exchange rates and
fluctuations in those rates; (5)the timing and market acceptance
of new product offerings; (6)the availability and cost of
purchased components, compounds, raw materials and energy
(including oil and natural gas and their derivatives) due to
shortages, increased demand or supply interruptions (including
those caused by natural and other disasters and other events);
(7)the impact of acquisitions, strategic alliances, divestitures,
and other unusual events resulting from portfolio management
actions and other evolving business strategies, and possible
organizational restructuring; (8)generating fewer productivity
improvements than estimated; (9)unanticipated problems or delays
with the phased implementation of a global enterprise resource
planning (ERP) system, or security breaches and other disruptions
to the Companys information technology infrastructure;
(10)financial market risks that may affect the Companys funding
obligations under defined benefit pension and postretirement
plans; and (11) legal proceedings, including significant
developments that could occur in the legal and regulatory
proceedings described in the Companys Annual Report on Form10-K
for the year ended Dec.31, 2016, andany subsequent quarterly
reports on Form10-Q (the Reports). Changes in such assumptions or
factors could produce

significantly different results. A further description of these
factors is located in the Reports under Cautionary Note
Concerning Factors That MayAffect Future Results and Risk
Factors in PartI,Items 1 and 1A (Annual Report) and in
PartI,Item 2 and PartII,Item 1A (Quarterly Reports). The
information contained in this Current Report is as of the date
indicated. The Company assumes no obligation to update any
forward-looking statements contained in this Current Report as
a result of new information or future events or developments.

Item 9.01.Financial Statements and Exhibits

(d)Exhibits


ExhibitNumber	Description

99	Supplemental unaudited historical information relative to business segment changes effected during the first quarter of 2017 (furnished to Item 2.02 hereof)

About 3M COMPANY (NYSE:MMM)
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems. Its Health Care segment serves markets that include medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information systems, and food manufacturing and testing. Its Electronics and Energy segment serves customers in electronics and energy markets, including solutions for electronic devices; electrical products; telecommunications networks, and power generation and distribution. Its Consumer segment serves markets that include consumer retail, office business to business, home improvement, drug and pharmacy retail, and other markets. 3M COMPANY (NYSE:MMM) Recent Trading Information
3M COMPANY (NYSE:MMM) closed its last trading session up +0.05 at 189.56 with 1,565,272 shares trading hands.