3M, a diversified global manufacturer and technology innovator, has made significant changes in its business operations and financial reporting. The company has restructured its Consumer business segment and updated its segment profit/loss measures. Additionally, 3M has adjusted certain non-GAAP measures for special items, reflecting these changes across all presented periods. The company operates across four business segments, with plans to spin off its Health Care business into a separate public entity by the first half of 2024, subject to regulatory approvals and final board consent. This strategic move is aimed at enhancing growth and shareholder value for both entities. Geographically, 3M reports organic sales changes, excluding the impact of foreign currency translation and acquisitions, to provide a clearer picture of its operational...Show More

3M, a diversified global manufacturer and technology innovator, has made significant changes in its business operations and financial reporting. The company has restructured its Consumer business segment and updated its segment profit/loss measures. Additionally, 3M has adjusted certain non-GAAP measures for special items, reflecting these changes across all presented periods. The company operates across four business segments, with plans to spin off its Health Care business into a separate public entity by the first half of 2024, subject to regulatory approvals and final board consent. This strategic move is aimed at enhancing growth and shareholder value for both entities. Geographically, 3M reports organic sales changes, excluding the impact of foreign currency translation and acquisitions, to provide a clearer picture of its operational performance. In 2023, 3M faced significant litigation costs totaling approximately $15.2 billion pre-tax, including charges related to the PWS and CAE Settlements. The company's financial statements for the year ended December 31, 2023, have been prepared in accordance with U.S. GAAP and reflect management's estimates where necessary. 3M maintains a robust internal control system over financial reporting, which has been deemed effective as of December 31, 2023, by PricewaterhouseCoopers LLP. The company's commitment to high ethical standards and continual internal audit reviews support the integrity of its financial reporting.