0001104659-14-016372.txt : 20140305 0001104659-14-016372.hdr.sgml : 20140305 20140305153044 ACCESSION NUMBER: 0001104659-14-016372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140305 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140305 DATE AS OF CHANGE: 20140305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3M CO CENTRAL INDEX KEY: 0000066740 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 410417775 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03285 FILM NUMBER: 14669066 BUSINESS ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-11W-02 CITY: ST PAUL STATE: MN ZIP: 55144-1000 BUSINESS PHONE: 6517332204 MAIL ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-11W-02 CITY: ST. PAUL STATE: MN ZIP: 55144-1000 FORMER COMPANY: FORMER CONFORMED NAME: MINNESOTA MINING & MANUFACTURING CO DATE OF NAME CHANGE: 19920703 8-K 1 a14-7411_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): March 5, 2014

 

3M COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

 

 

File No. 1-3285

 

41-0417775

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

3M Center, St. Paul, Minnesota

 

55144-1000

(Address of Principal Executive Offices)

 

(Zip Code)

 

 

 

(651) 733-1110

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 2.02.  Results of Operations and Financial Condition

 

As described in this Current Report, during the first quarter of 2014, 3M transferred a product line between divisions within different business segments. This Current Report includes supplemental unaudited historical business segment sales and operating income information to reflect this business segment realignment on both an annual and quarterly basis for the years ended December 31, 2013, 2012 and 2011 (furnished hereunder as Exhibit 99 and incorporated herein by reference). The Company did not operate under the realigned business segment 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 Form 10-Q for the quarter ending March 31, 2014.

 

The information contained in this Current Report shall not be deemed to be “filed” for the purposes of Section 18 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.

 

Item 9.01.  Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit Number

 

Description

 

 

 

99

 

Supplemental unaudited historical business segment information based on segment realignment effected during the first quarter of 2014 (furnished pursuant to Item 2.02 hereof)

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

3M COMPANY

 

 

 

 

By:

/s/ David W. Meline

 

 

David W. Meline,

 

 

Senior Vice President and Chief Financial Officer

 

 

 

Dated: March 5, 2014

 

 

 

 

2

 

 EX-99 2 a14-7411_1ex99.htm EX-99

 

EXHIBIT 99

 

This Current Report on Form 8-K includes supplemental unaudited historical business segment net sales and operating income information that reflects a product line transfer between divisions within different business segments (provided on an annual and quarterly basis for the years ended December 31, 2013, 2012 and 2011). The Company did not operate under the realigned business segment structure for any of these prior periods and will begin to report comparative results under the new structure effective with the filing of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2014.

 

Effective in the first quarter of 2014, 3M transferred a product line between divisions within different business segments and made other changes within business segments in its continuing effort to improve the alignment of its businesses around markets and customers.

 

The product move between business segments was as follows:

 

·                  The movement of the Fire Protection product line from the Building and Commercial Services Division (Safety and Graphics business segment) to the Industrial Adhesives and Tapes Division (Industrial business segment). This product move resulted in an increase in net sales for total year 2013 of $73 million in the Industrial business segment offset by a corresponding decrease in the Safety and Graphics business segment.

 

In addition, other changes within business segments were as follows:

 

·                  The combination of certain existing divisions/departments into new divisions. Within the Electronics and Energy business segment, the new divisions include the Electrical Markets Division (which now includes the former Infrastructure Protection Division), and the Electronic Solutions Division (which now includes the former 3M Touch Systems, Inc.). Within the Safety and Graphics business segment, the new Commercial Solutions Division was created from the combination of the former Architectural Markets Department, the former Building and Commercial Services Division and the former Commercial Graphics Division.  None of these combinations crossed business segments.

 

·                  The renaming of the former Aerospace and Aircraft Maintenance Division within the Industrial business segment to the Aerospace and Commercial Transportation Division.

 

·                  The movement of certain product lines between various divisions within the same business segment.

 

The financial information presented herein reflects the impact of the preceding product move between business segments for all periods presented. The impact of this change on previously reported 2013 business segment net sales and operating income is summarized as follows:

 

 

 

NET SALES

 

OPERATING INCOME

 

Year ended Dec. 31, 2013

 

Previously

 

 

 

 

 

Previously

 

 

 

 

 

(Dollars in millions)

 

Reported

 

Revised

 

Change

 

Reported

 

Revised

 

Change

 

Industrial

 

$

10,584

 

$

10,657

 

$

73

 

$

2,296

 

$

2,307

 

$

11

 

Safety and Graphics

 

5,657

 

5,584

 

(73

)

1,239

 

1,227

 

(12

)

Electronics and Energy

 

5,393

 

5,393

 

—

 

954

 

954

 

—

 

Health Care

 

5,334

 

5,334

 

—

 

1,672

 

1,672

 

—

 

Consumer

 

4,435

 

4,435

 

—

 

945

 

945

 

—

 

Corporate and Unallocated

 

8

 

8

 

—

 

(322

)

(321

)

1

 

Elimination of Dual Credit

 

(540

)

(540

)

—

 

(118

)

(118

)

—

 

Total Company

 

$

30,871

 

$

30,871

 

$

—

 

$

6,666

 

$

6,666

 

$

—

 

 

3M’s businesses are organized, managed and internally grouped into segments based on differences in products, technologies and services. 3M continues to manage its operations in five operating business segments: Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer. 3M’s five operating business segments bring together common or related 3M technologies, enhancing the development of innovative products and services and providing for efficient sharing of business resources. These segments have worldwide responsibility for virtually all 3M product lines. 3M is not dependent on any single product or market. Transactions among reportable segments are recorded at cost. 3M is an integrated enterprise characterized by substantial intersegment cooperation, cost allocations and inventory transfers. Therefore, management does not represent that these segments, if operated independently, would report the financial information shown.

 


 

Corporate and Unallocated operating income includes a variety of miscellaneous items, such as corporate investment gains and losses, certain derivative gains and losses, certain insurance-related gains and losses, certain litigation and environmental expenses, corporate restructuring program charges and certain under- or over-absorbed costs (e.g. pension, stock-based compensation) that the Company may choose not to allocate directly to its business segments. Because this category includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.

 

3M business segment reporting measures include dual credit to business segments for certain U.S. sales and related operating income. Management evaluates each of its five operating business segments based on net sales and operating income performance, including dual credit U.S. reporting to further incentivize U.S. sales growth. As a result, 3M provides additional (“dual”) credit to those business segments selling products in the U.S. to an external customer when that segment is not the primary seller of the product. For example, certain respirators are primarily sold by the Personal Safety Division within the Safety and Graphics business segment; however, the Industrial business segment also sells this product to certain customers in its U.S. markets. In this example, the non-primary selling segment (Industrial) would also receive credit for the associated net sales it initiated and the related approximate operating income. The assigned operating income related to dual credit activity may differ from operating income that would result from actual costs associated with such sales. The offset to the dual credit business segment reporting is reflected as a reconciling item entitled “Elimination of Dual Credit,” such that sales and operating income for the U.S. in total are unchanged.

 


Supplemental Unaudited Business Segment Information

Based on Segment Structure Effective in the First Quarter of 2014

Net Sales

 

NET SALES

 

First

 

Second

 

Third

 

Fourth

 

Total

 

(Millions)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

2,693

 

$

2,683

 

$

2,692

 

$

2,589

 

$

10,657

 

2012

 

2,574

 

2,515

 

2,479

 

2,440

 

10,008

 

2011

 

2,360

 

2,530

 

2,462

 

2,336

 

9,688

 

 

 

 

 

 

 

 

 

 

 

 

 

Safety and Graphics

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

1,399

 

$

1,434

 

$

1,429

 

$

1,322

 

$

5,584

 

2012

 

1,371

 

1,404

 

1,341

 

1,290

 

5,406

 

2011

 

1,316

 

1,429

 

1,369

 

1,284

 

5,398

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics and Energy

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

1,277

 

$

1,340

 

$

1,449

 

$

1,327

 

$

5,393

 

2012

 

1,320

 

1,384

 

1,414

 

1,340

 

5,458

 

2011

 

1,470

 

1,511

 

1,461

 

1,290

 

5,732

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

1,311

 

$

1,336

 

$

1,328

 

$

1,359

 

$

5,334

 

2012

 

1,275

 

1,277

 

1,259

 

1,327

 

5,138

 

2011

 

1,250

 

1,264

 

1,241

 

1,256

 

5,011

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

1,081

 

$

1,098

 

$

1,153

 

$

1,103

 

$

4,435

 

2012

 

1,060

 

1,083

 

1,129

 

1,114

 

4,386

 

2011

 

1,018

 

1,062

 

1,116

 

1,034

 

4,230

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Unallocated

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

2

 

$

1

 

$

3

 

$

2

 

$

8

 

2012

 

2

 

2

 

—

 

—

 

4

 

2011

 

4

 

3

 

1

 

2

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of Dual Credit

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

(129

)

$

(140

)

$

(138

)

$

(133

)

$

(540

)

2012

 

(116

)

(131

)

(125

)

(124

)

(496

)

2011

 

(107

)

(119

)

(119

)

(113

)

(458

)

 

 

 

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

7,634

 

$

7,752

 

$

7,916

 

$

7,569

 

$

30,871

 

2012

 

7,486

 

7,534

 

7,497

 

7,387

 

29,904

 

2011

 

7,311

 

7,680

 

7,531

 

7,089

 

29,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Supplemental Unaudited Business Segment Information

Based on Segment Structure Effective in the First Quarter of 2014

Operating Income

 

OPERATING INCOME

 

First

 

Second

 

Third

 

Fourth

 

Total

 

(Millions)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

579

 

$

603

 

$

571

 

$

554

 

$

2,307

 

2012

 

593

 

594

 

570

 

487

 

2,244

 

2011

 

498

 

523

 

498

 

469

 

1,988

 

 

 

 

 

 

 

 

 

 

 

 

 

Safety and Graphics

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

332

 

$

328

 

$

313

 

$

254

 

$

1,227

 

2012

 

332

 

366

 

293

 

219

 

1,210

 

2011

 

310

 

353

 

316

 

253

 

1,232

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics and Energy

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

196

 

$

237

 

$

300

 

$

221

 

$

954

 

2012

 

234

 

282

 

291

 

219

 

1,026

 

2011

 

313

 

326

 

271

 

230

 

1,140

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

404

 

$

417

 

$

426

 

$

425

 

$

1,672

 

2012

 

401

 

412

 

399

 

429

 

1,641

 

2011

 

367

 

364

 

366

 

387

 

1,484

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

237

 

$

235

 

$

247

 

$

226

 

$

945

 

2012

 

237

 

227

 

246

 

233

 

943

 

2011

 

219

 

207

 

247

 

182

 

855

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Unallocated

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

(74

)

$

(87

)

$

(88

)

$

(72

)

$

(321

)

2012

 

(138

)

(124

)

(93

)

(117

)

(472

)

2011

 

(105

)

(92

)

(91

)

(132

)

(420

)

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of Dual Credit

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

(28

)

$

(31

)

$

(30

)

$

(29

)

$

(118

)

2012

 

(25

)

(29

)

(28

)

(27

)

(109

)

2011

 

(24

)

(26

)

(26

)

(25

)

(101

)

 

 

 

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

 

 

 

 

 

 

 

 

2013

 

$

1,646

 

$

1,702

 

$

1,739

 

$

1,579

 

$

6,666

 

2012

 

1,634

 

1,728

 

1,678

 

1,443

 

6,483

 

2011

 

1,578

 

1,655

 

1,581

 

1,364

 

6,178