3M, a diversified global manufacturer and technology innovator, has undergone significant changes in its corporate structure and financial reporting. The company has completed the separation of its Health Care business, resulting in the distribution of 80.1% of the outstanding shares of Solventum Corporation to 3M stockholders. This strategic move has transformed Solventum into an independent public entity, and 3M no longer includes Solventum's financial results in its consolidation. The historical net income, assets, and liabilities of Solventum are now reported as discontinued operations in 3M's financial statements. Additionally, 3M has made changes to its segment information to reflect the separation of Solventum and other internal adjustments. These changes are effective from the second quarter of 2024 and have been updated in the company's disaggregated...Show More

3M, a diversified global manufacturer and technology innovator, has undergone significant changes in its corporate structure and financial reporting. The company has completed the separation of its Health Care business, resulting in the distribution of 80.1% of the outstanding shares of Solventum Corporation to 3M stockholders. This strategic move has transformed Solventum into an independent public entity, and 3M no longer includes Solventum's financial results in its consolidation. The historical net income, assets, and liabilities of Solventum are now reported as discontinued operations in 3M's financial statements. Additionally, 3M has made changes to its segment information to reflect the separation of Solventum and other internal adjustments. These changes are effective from the second quarter of 2024 and have been updated in the company's disaggregated revenue information. The company's financial performance has been impacted by various factors, including corporate special items such as significant litigation costs related to PFAS, Combat Arms Earplugs matters, and the Aearo respirator mask/asbestos issues during its voluntary bankruptcy period. Other corporate expenses include unallocated costs, operations retained from the former Health Care segment, and transition arrangements related to divestitures. 3M's business development has been marked by divestitures, including the exit from Russia and the separation of its Health Care business. Looking forward, 3M's management discussion highlights the company's ongoing transformation and the potential risks and uncertainties that may affect future results.