Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 1-3285

3M COMPANY

(Exact name of registrant as specified in its charter)


Delaware						41-0417775
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

3M Center, St. Paul, Minnesota						55144-1000
(Address of Principal Executive Offices)						(Zip Code)

(Registrant’s Telephone Number, Including Area Code) (651) 733-1110

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $.01 Per Share	MMM	New York Stock Exchange
	MMM	Chicago Stock Exchange, Inc.
1.500% Notes due 2026	MMM26	New York Stock Exchange
1.750% Notes due 2030	MMM30	New York Stock Exchange
1.500% Notes due 2031	MMM31	New York Stock Exchange

Note: The common stock of the Registrant is also traded on the SIX Swiss Exchange.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at September 30, 2023
Common Stock, $0.01 par value per share						552,317,038 shares

3M COMPANY

Form 10-Q for the Quarterly Period Ended September 30, 2023


TABLE OF CONTENTS			PAGE
PART I. Financial Information			3
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			7
NOTE 1. Significant Accounting Policies			7
NOTE 2. Revenue			8
NOTE 3. Acquisitions and Divestitures			10
NOTE 4. Goodwill and Intangible Assets			11
NOTE 5. Restructuring Actions			12
NOTE 6. Supplemental Income (Loss) Statement Information			14
NOTE 7. Supplemental Equity and Comprehensive Income (Loss) Information			14
NOTE 8. Income Taxes			18
NOTE 9. Marketable Securities			19
NOTE 10. Long-Term Debt and Short-Term Borrowings			19
NOTE 11. Pension and Postretirement Benefit Plans			20
NOTE 12. Derivatives			21
NOTE 13. Fair Value Measurements			24
NOTE 14. Commitments and Contingencies			27
NOTE 15. Business Segments			52
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			54
OVERVIEW			54
RESULTS OF OPERATIONS			63
PERFORMANCE BY BUSINESS SEGMENT			65
FINANCIAL CONDITION AND LIQUIDITY			71
Cautionary Note Concerning Factors That May Affect Future Results			76
Item 3. Quantitative and Qualitative Disclosures About Market Risk			77
Item 4. Controls and Procedures			77
PART II. Other Information			78
Item 1. Legal Proceedings.			78
Item 1A. Risk Factors.			78
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			86
Item 3. Defaults Upon Senior Securities			86
Item 4. Mine Safety Disclosures			86
Item 5. Other Information			87
Item 6. Exhibits			87

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended September 30, 2023

PART I. Financial Information

Next: Item 1. Financial Statements