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MMM3M

Industrials · Medical Instruments · NYSE
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The 10-K against last year's

174 changes: 32 added, 63 removed, 77 reworded, 2 quiet changes

10-K Feb 3, 2026 vs Feb 5, 2025
Risk FactorsRedline ↓
11.7%
of the text changed · 6,949 words now
40.7%
of the text changed · 8,808 words now
Legal ProceedingsRedline ↓
36.7%
of the text changed · 20,097 words now
Accounting PoliciesRedline ↓
31.9%
of the text changed · 3,366 words now

10-K 0000066740-26-000014 (2026-02-03) vs 10-K 0000066740-25-000006 (2025-02-05)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 306 words changed in this paragraph; it is 39% similar to last year's version.
Artificial intelligence (AI) technologies support a range of the Company’s activities, including research and development, operational processes, customer facing tools, and other business functions. The use of AI introduces risks that could adversely affect the Company’s business, results of operations, or financial condition. AI systems may produce inaccurate, biased, or incomplete outputs, which could lead to operational errors, reduced product or service quality, or unintentional impacts on business decisions. External vendors and third party AI tools may expose the Company to additional risks, including insufficient transparency into model performance, vulnerabilities in underlying technologies, or its third-party vendors may develop or incorporate artificial intelligence technology disruptions in certain business processes, services or products. The service availability. AI development and use deployment also require security, and proper governance of artificial intelligence may present risks to the Company’s business. Also, the rapidly evolving legal and regulatory environment relating to artificial intelligence, in the United States and internationally, could impact the Company’s implementation data used. Use of artificial intelligence technology, and increase compliance costs and AI tools, including third party platforms, increases the risk of non-compliance. unauthorized disclosure, loss, or misuse of confidential, personal, or commercially sensitive information. In addition, there is a risk that employees or contractors could inadvertently input confidential company information or third party proprietary data into AI systems, including systems not designed for secure handling of such information. These actions could result in violations of contractual obligations, data protection requirements, or intellectual property rights, and could expose the Company to legal, regulatory, or reputational harm. Emerging and evolving regulations related to AI use, transparency, safety, and accountability may require additional investment, changes to existing processes, or limitations on the development and application of these technologies. Rapid advances in AI may also create competitive pressures or require ongoing investment to maintain effectiveness, and failures to manage, govern, or deploy AI responsibly could impair the Company’s ability to achieve expected efficiencies or strategic objectives. While the Company will seek to develop and use artificial intelligence responsibly, and will attempt to identify and mitigate ethical, privacy, legal or other issues presented by its use, there can be no assurance that the Company will be fully successful in doing so, and may be subject to data breaches, allegations of unauthorized access to, or use of, third party data, information, or intellectual property rights, or other risks, which may lead to financial losses, legal liability, regulatory scrutiny and reputational damage.

Source: Item 1A, 10-K 0000066740-26-000014 vs Item 1A, 10-K 0000066740-25-000006

Legal Proceedings 243 words changed in this paragraph; it is 33% similar to last year's version.
If the court approves the New Jersey Settlement and all conditions are met, 3M will pay $10.5 billion the State up to $12.5 billion in total to resolve the claims released by the PWS Settlement. $450 million. 3M recorded a pre-tax charge of $10.3 billion $281 million in the second quarter of 2023. 2025 related to the New Jersey Settlement. The charge reflected the present value (discounted of the $400 million amount 3M expects to pay, discounted at an estimated 5.2% 5.0% blended interest rate at time of proposed settlement) settlement. The New Jersey Settlement includes payments with a present value of $207 million for Chambers Works and other elements of the expected $12.5 billion nominal settlement beginning in 2026 over 8 years and payments with a present value of 3M’s payments under $74 million for existing and future PFAS-related claims by the PWS Settlement. The PWS Settlement, as amended to include payments to certain other water providers, calls for 3M to make payments from 2024 State of New Jersey starting in 2030 and running through 2036. 2050. The actual amounts amount that 3M will pay will be determined in part by which class members that do not have how much 3M is ultimately obligated to pay under the PWS Settlement, as discussed elsewhere in this Note 17. 3M may also receive certain credits towards its payment obligations under the New Jersey Settlement based on other contingencies. The Court held a positive test result for hearing on approval of the presence settlement on January 7, 2026. The Court will determine if further proceedings are necessary following the submission of PFAS in their drinking water (as defined certain additional information to the Court by the PWS Settlement) as of the date of the PWS Settlement and those that receive such a test result by the end of 2025. State.

Source: Item 3, via Note 17 – Commitments and Contingencies, 10-K 0000066740-26-000014 vs Item 3, via Note 19 – Commitments and Contingencies, 10-K 0000066740-25-000006

MD&A 194 words changed in this paragraph; it is 33% similar to last year's version.
Selling, General and Administrative Expenses: SG&A, SG&A measured as a percent of sales, decreased sales: Decreases in 2025 were primarily impacted by lower YoY restructuring charges, ongoing cost discipline and productivity, and benefits from insurance recoveries in 2025. These were partially offset by net costs for significant litigation impacting operating income from the 2025 PFAS-related New Jersey Settlement. Additionally, in 2025, SG&A was impacted by the transition service agreement reimbursement, and cost dis-synergies (from the exit of PFAS manufacturing and 2024 when compared to 2023 and increased in 2023 when compared to 2022. spin of Solventum). Decreases in 2024 were primarily impacted by a $10.3 billion pre-tax charge related to the PWS Settlement and the $4.2 billion pre-tax charge related to the CAE Settlement in the second and third quarters of 2023 respectively (both discussed in Note 19). SG&A in 2024 was also impacted driven by lower year-on-year restructuring charges. SG&A in 2023 was also impacted by restructuring charges (see Note 6), and continued investment in key growth initiatives. These impacts were partially offset by 2022 YoY net costs for significant litigation to address Combat Arms Earplugs litigation matters (for which a pre-tax charge of approximately $1.2 billion was reflected in 2022, discussed in Note 19), certain impairment costs related to exiting PFAS manufacturing, costs related to exiting Russia, divestiture-related and restructuring charges (see Note 6), restructuring benefits and ongoing general 3M cost management. compared to 2023. See also Certain Expenses Impacting Multiple Line Items within Results of Operations subsection further below.

Source: Item 7, 10-K 0000066740-26-000014 vs Item 7, 10-K 0000066740-25-000006

Accounting Policies 186 words changed in this paragraph; it is 47% similar to last year's version.
Fair Value Measurements: 3M follows ASC 820, Fair Value Measurements and Disclosures, with respect to assets and liabilities that are measured at fair value on a recurring basis and nonrecurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed liability, based upon on the best information available in under the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0000066740-26-000014 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0000066740-25-000006

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of MMM's Risk Factors and MD&A, 10-K 2026-02-03 against 10-K 2025-02-05. Each links to the text at sec.gov.

RemovedRisk Factors
The Company or its third-party vendors may develop or incorporate artificial intelligence technology in certain business processes, services or products. The development and use of artificial intelligence may present risks to the Company’s business. Also, the rapidly evolving legal and regulatory environment relating to artificial intelligence, in the United States and internationally, could impact the Company’s implementation of artificial intelligence technology, and increase compliance costs and the risk of non-compliance. While the Company will seek to develop and use artificial intelligence responsibly, and will attempt to identify and mitigate ethical, privacy, legal or other issues presented by its use, there can be no assurance that the Company will be fully successful in doing so, and may be subject to data breaches, allegations of unauthorized access to, or use of, third party data, information, or intellectual property rights, or other risks, which may lead to financial losses, legal liability, regulatory scrutiny and reputational damage.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedRisk Factors
including the risk of legal claims or proceedings, investigations or enforcement actions by U.S., state, or foreign regulators; liabilities or penalties under applicable laws and regulations, including privacy laws and regulations in the U.S. and other jurisdictions; interference with the Company’s operations; the incurrence of remediation costs; loss of intellectual property protection; the loss of customer, supplier, or employee relationships; and damage to the Company’s reputation, any of which could have a material adverse effect the Company’s business. Although the Company maintains insurance coverage for various cybersecurity and business continuity risks, there can be no guarantee that all costs, damages, expenses or losses incurred will be fully insured nor reimbursed through insurance recoveries.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
•3M made certain changes to the composition of segment information reviewed by 3M's chief operating decision maker (CODM) effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024 as further described in Note 22. To the extent these changes impacted 3M's disclosed disaggregated revenue information, data in Note 3 has also been updated.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
3M is impacted by certain special items such as costs for significant litigation and the sales and income associated with manufactured PFAS products. See Certain amounts adjusted for special items - (non-GAAP measures) section below for additional discussion of these and other special items, including references therein to where further information is provided.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
Additional information regarding certain items impacting pre-2024 periods that may also be relevant in 2024 can be found in the Overview section of Part II, Item 7 as well as in further sections of 3M’s 2023 Annual Report on Form 10-K.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
Earnings (loss) from continuing operations per share attributable to 3M common shareholders – diluted: The following table provides the increases (decreases) in diluted earnings (loss) from continuing operations per share.

Read it in 10-K 2025-02-05 at sec.gov ↗

Show the other 6
RemovedMD&A
◦Year-on-year increase of $0.77 per share as a result of benefits from organic growth (including from new product launches), productivity, strong spending discipline and restructuring (including a $30 million cumulative translation adjustment restructuring benefit as certain entities were substantially liquidated in the fourth quarter of 2024) partially offset by growth investments

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
◦Income from transition services agreements with Solventum (refer to Note 2 for additional discussion) resulted in a net year-on-year increase of $0.08 per share. The year-on-year impact of non-Solventum related transition services agreements is included in acquisitions/divestitures as further described below.

Read it in 10-K 2025-02-05 at sec.gov ↗

RemovedMD&A
◦Declines in disposable respirator demand year-on-year and the 2022 exit of operations in Russia negatively impacted earnings (loss) per share by $0.38.

Read it in 10-K 2025-02-05 at sec.gov ↗

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