3M, a diversified global manufacturer and technology innovator, has undergone significant changes in its business structure as of the first quarter of 2024. The company has made adjustments within its business segments, which, while altering the composition and names of certain divisions, did not affect the overall segment structure or the performance metrics used by the company's chief operating decision maker. In a major strategic move, 3M completed the separation of its Health Care business on April 1, 2024, by distributing 80.1% of the outstanding shares of Solventum Corporation to 3M stockholders, making Solventum an independent public entity. Consequently, 3M will no longer include Solventum's financials in its consolidation, and Solventum's historical net income and related assets and liabilities will be classified as discontinued operations...Show More

3M, a diversified global manufacturer and technology innovator, has undergone significant changes in its business structure as of the first quarter of 2024. The company has made adjustments within its business segments, which, while altering the composition and names of certain divisions, did not affect the overall segment structure or the performance metrics used by the company's chief operating decision maker. In a major strategic move, 3M completed the separation of its Health Care business on April 1, 2024, by distributing 80.1% of the outstanding shares of Solventum Corporation to 3M stockholders, making Solventum an independent public entity. Consequently, 3M will no longer include Solventum's financials in its consolidation, and Solventum's historical net income and related assets and liabilities will be classified as discontinued operations in 3M's financial statements starting from the second quarter of 2024. The company operates through four business segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. 3M also provided insights into its sales metrics, emphasizing organic sales change, which excludes the effects of foreign currency translation and the impact of acquisitions and divestitures. The company notes the importance of this measure in understanding ongoing operations and analyzing operating trends. Additionally, 3M highlighted the impact of special items on its financials, including litigation costs and sales and income from manufactured PFAS products. Further details on these special items and their adjustments are available in the non-GAAP measures section and the company's 2023 Annual Report on Form 10-K.