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

ME Staff 8-k
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3M COMPANY (NYSE:MMM) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition

On January25, 2018, 3M Company issued a press release reporting fourth-quarter and full-year 2017 financial results and updating 2018 earnings outlook (previously furnished under Item 2.02 as Exhibit99.1). One pageof that press release is being furnished hereunder to correct certain information under the column titled “Full-Year 2018 Forecast (Billions)” of “Free Cash Flow (non-GAAP measure)” section in the “Supplemental Financial Information Non-GAAP Measures” table to reflect the expected impacts of the enacted Tax Cuts and Jobs Act (TCJA) on 2018 full-year estimated free cash flow and net income attributable to 3M. This newly furnished pagereplaces the same pageof the previously furnished press release. For ease of reference, the previously furnished relevant column (in bold) and the re-furnished column (in bold) are copied below:

RE-FURNISHED INFORMATION:

Threemonthsended

Yearended

December31,

December31,

MajorGAAPCashFlowCategories

Net cash provided by operating activities

$

1,860

$

2,209

$

6,240

$

6,662

Net cash used in investing activities

(2,732

)

(230

)

(3,086

)

(1,403

)

Net cash provided by (used in) financing activities

1,044

(1,846

)

(2,655

)

(4,626

)

FreeCashFlow(non-GAAPmeasure)

Full-Year 2018Forecast

(Billions)

Net cash provided by operating activities

$

1,860

$

2,209

$

6,240

$

6,662

$7.4 to $8.1

Purchases of property, plant and equipment

(459

)

(436

)

(1,373

)

(1,420

)

$1.5 to $1.8

Free cash flow (a)

1,401

1,773

4,867

5,242

$5.6 to $6.6

Net income attributable to 3M

$

$

1,155

$

4,858

$

5,050

$6.2 to $6.6

Free cash flow conversion (a)

%

%

%

%

90% to 50%

(a) Free cash flow and free cash flow conversion are not defined under U.S. generally accepted accounting principles (GAAP). Therefore, they should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. The Company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The Company defines free cash flow conversion as free cash flow divided by net income attributable to 3M. The Company believes free cash flow and free cash flow conversion are meaningful to investors as they function as useful measures of performance and the Company uses these measures as an indication of the strength of the company and its ability to generate cash.

PREVIOUSLY FURNISHED INFORMATION:

Threemonthsended

Yearended

December31,

December31,

MajorGAAPCashFlowCategories

Net cash provided by operating activities

$

1,860

$

2,209

$

6,240

$

6,662

Net cash used in investing activities

(2,732

)

(230

)

(3,086

)

(1,403

)

Net cash provided by (used in) financing activities

1,044

(1,846

)

(2,655

)

(4,626

)

FreeCashFlow(non-GAAPmeasure)

Full-Year 2018Forecast

(Billions)

Net cash provided by operating activities

$

1,860

$

2,209

$

6,240

$

6,662

$6.9 to $7.6

Purchases of property, plant and equipment

(459

)

(436

)

(1,373

)

(1,420

)

$1.5 to $1.8

Free cash flow (a)

1,401

1,773

4,867

5,242

$5.1 to $6.1

Net income attributable to 3M

$

$

1,155

$

4,858

$

5,050

$5.8 to $6.1

Free cash flow conversion (a)

%

%

%

%

90% to 50%

(a) Free cash flow and free cash flow conversion are not defined under U.S. generally accepted accounting principles (GAAP). Therefore, they should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. The Company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The Company defines free cash flow conversion as free cash flow divided by net income attributable to 3M. The Company believes free cash flow and free cash flow conversion are meaningful to investors as they function as useful measures of performance and the Company uses these measures as an indication of the strength of the company and its ability to generate cash.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits


3M CO Exhibit
EX-99 2 a18-3781_2ex99.htm EX-99 Exhibit 99   3M Company and Subsidiaries SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP MEASURES (Dollars in millions,…
To view the full exhibit click here

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.