3M said its costs for significant litigation in 2023 totaled about $15.2 billion pre-tax, including pre-tax charges of $10.5 billion for the PWS Settlement and $4.3 billion (inclusive of imputed interest) for the CAE Settlement.

1. 01

   3M said its costs for significant litigation in 2023 totaled about $15.2 billion pre-tax, including pre-tax charges of $10.5 billion for the PWS Settlement and $4.3 billion (inclusive of imputed interest) for the CAE Settlement.

2. 02

   3M said its effective tax rate was 27.8% on a pre-tax loss in 2023 and 9.6% on pre-tax income in 2022, and its adjusted effective tax rate for special items was 17.5% in both 2023 and 2022.

3. 03

   3M said cash flows from operating activities rose $1,089 million in 2023 from the same period last year. The company said lower inventories increased operating cash flow by $567 million in 2023, while higher inventories reduced it by $629 million in 2022.

4. 04

   3M said it expects the spin-off of its Health Care business as a separate public company to be completed in the first half of 2024. The company said completion is subject to customary conditions, including final approval from its Board of Directors and receipt of regulatory approvals.

Key figures

Fiscal year ended December 31, 2023

Operating income

−$9.1B

Net income

−$7.0B

EPS

−$12.63

Operating cash flow

$6.7B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.