3 unchanged sentences
* The Company’s results are impacted by the effects of, and changes in, worldwide economic, political, regulatory, international trade, geopolitical, tariffs and retaliatory counter measures, and other external conditions.
−Removed: During the second quarter of 2025, the Company derived approximately 56 percent of its revenues from outside the United States.
+Added: During the third quarter of 2025, the Company derived approximately 56 percent of its revenues from outside the United States.
Accordingly, the Company’s operations and the execution of its business strategies and plans are subject to global competition and economic and geopolitical risks that are beyond its control, such as, among other things, disruptions in financial markets, economic downturns, military conflicts, terrorism, public health emergencies, political changes and trends such as protectionism, economic nationalism resulting in government actions impacting international trade agreements or imposing trade restrictions such as tariffs and retaliatory counter measures, and government deficit reduction and other austerity measures in locations or industries in which the Company operates.
38 unchanged sentences
3M is progressing toward the exit of all PFAS manufacturing by the end of 2025.
−Removed: The Company continues to discuss its PFAS manufacturing exit, and related issues involving the disposition of manufacturing assets, with customers, government authorities, and other stakeholders, and the Company remains focused on completing the exit in a timely and orderly fashion.
+Added: The Company continues to discuss its PFAS manufacturing exit, and related issues involving the disposition or dismantling of manufacturing assets, with customers, government authorities, and other stakeholders, and the Company remains focused on completing the exit in a timely and orderly fashion.
The Company recognized a $0.8 billion pre-tax charge in the fourth quarter of 2022 associated with the 2022 PFAS Announcement related to asset impairments, and will incur additional expenses in connection with the 2022 PFAS Announcement.
31 unchanged sentences
Governmental inquiries, lawsuits, or laws and regulations involving PFAS could lead to the Company incurring liability for damages or other costs, civil or criminal proceedings, the imposition of fines and penalties, or other remedies, including orders to conduct remediation, as well as restrictions on or added costs for business operations going forward, including in the form of restrictions on discharges at manufacturing facilities, requiring the installation of control technologies, suspension or shutdown of facility operations, switching costs in seeking alternative sources of supply, potential customer damage claims due to supply disruptions or otherwise, restoration of and/or compensation for damages to natural resources, personal injury and property damages, and reporting requirements or bans on PFAS and PFAS-containing products manufactured by the Company.
−Removed: The Company may also record asset retirement obligations, some of which may be material, depending in part on how the Company manages related assets in connection with these activities.
+Added: The Company may also record charges relating to ongoing asset use or retirement, some of which may be material, depending in part on how the Company manages related assets in connection with these activities.
Any of the foregoing could have a material adverse effect on the Company’s results of operations, cash flows or consolidated financial position.
28 unchanged sentences
From time to time, the Company receives reports internally and externally, via various reporting channels deployed by its Ethics and Compliance function or otherwise (such as shareholder communications), about business and other activities that raise compliance or other legal or litigation issues.
−Removed: The Company has in the past, and in the future could be, required to investigate such reports and cooperate with U.S.
−Removed: and foreign regulatory authorities in such investigations, audit, monitor compliance or alter its practices as part of such investigations, and the Company has in the past and may in the future be required to pay fines or penalties related to its practices.
+Added: The Company has in the past been, and in the future could be, required to investigate such reports and cooperate with U.S.
+Added: and foreign regulatory authorities in such investigations, audit, monitor compliance or alter its practices as part of such investigations, and the Company has in the past been, and in the future could be, required to pay fines or penalties related to its practices.
While the Company maintains and implements U.S.
8 unchanged sentences
Although the Company maintains general liability insurance to mitigate monetary exposure, the amount of the liability that may result from certain of these risks is unlikely to be fully covered by applicable insurance, and to the extent covered, will exceed the applicable limits of such insurance.
−Removed: Various factors or developments can lead the Company to change current estimates of liabilities and related insurance receivables, or make such estimates for matters previously not susceptible of reasonable estimates, such as a significant judicial ruling or judgment, a significant settlement, significant regulatory developments or changes in applicable law.
+Added: Various factors or developments can lead the Company to change current estimates of liabilities and related insurance receivables, or make such estimates possible for matters previously not susceptible of reasonable estimates, such as a significant judicial ruling or judgment, a significant settlement, significant regulatory developments or changes in applicable law.
A future adverse ruling, settlement, or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows or its consolidated financial position.
4 unchanged sentences
* The Company’s results are affected by competitive conditions and customer preferences.
−Removed: Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things, (i) the development and timing of the introduction of competitive products;
+Added: Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things:
+Added: (i) the development and timing of the introduction of competitive products;
(ii) the Company’s pricing strategies;
2 unchanged sentences
and (v) changes in the business environment related to disruptive technologies, such as artificial intelligence and machine learning technologies, block-chain, expanded analytics, and other enhanced learnings from increasing volume of available data.
−Removed: Tariffs and other trade restrictions may also increase the cost of raw materials and components imported from other countries, leading to higher production costs and product pricing to the extent those increased costs are offset through pricing actions;
+Added: Tariffs and other trade restrictions may also:
+Added: increase the cost of raw materials and components imported from other countries, leading to higher production costs and product pricing to the extent those increased costs are offset through pricing actions;
disrupt established supply chains, forcing the Company to find new suppliers or relocate production, which can be time-consuming and costly;
16 unchanged sentences
* The Company employs information including operational technology systems to support its business and to collect, store, and/or use proprietary and confidential information, including ongoing phased implementation of an enterprise resource planning (ERP) system as part of its business transformation on a worldwide basis over the next several years.
−Removed: Network disruptions, security and data breaches, cyberattacks, and other cybersecurity incidents involving the Company’s information technology systems, networks and infrastructure could disrupt or interfere with the Company’s operations;
+Added: Network disruptions, security and data breaches, cyberattacks, and other cybersecurity incidents involving the Company’s information technology systems, networks and infrastructure could:
+Added: disrupt or interfere with the Company’s operations;
result in the compromise and misappropriation of proprietary and confidential information belonging to the Company or its customers, suppliers, and employees;
7 unchanged sentences
While we and third parties we utilize have experienced, and expect to continue to experience, cybersecurity incidents that could lead to other disruptions of the Company’s and the third parties' information and operational technology systems and infrastructure, we do not believe that any such cybersecurity incidents to date have had a material impact on the Company.
−Removed: Any cybersecurity incident or information or operational technology network disruption could result in numerous negative consequences, including the risk of legal claims or proceedings, investigations or enforcement actions by U.S., state, or foreign regulators;
+Added: Any cybersecurity incident or information or operational technology network disruption could result in numerous negative consequences, including the risk of:
+Added: 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.
17 unchanged sentences
Workforce restructuring activities are expected to deliver benefits, but also impact business groups, functions, and geographies.
−Removed: There can be no assurance that we will realize the benefits of such activities, or that such activities will not result in unexpected or negative consequences, such as a reduced ability to generate sales;
+Added: There can be no assurance that we will realize the benefits of such activities, or that such activities will not result in unexpected or negative consequences, such as:
+Added: a reduced ability to generate sales;
a relationship impact with employees;
11 unchanged sentences
The Company’s credit ratings have served to lower 3M’s borrowing costs and facilitate access to a variety of lenders.
−Removed: As of the date of this report, 3M has a credit rating of A3, stable outlook from Moody's Investors Service, a credit rating of BBB+, stable outlook from S&P Global Ratings, and a credit rating of A-, stable outlook from Fitch.
+Added: As of the date of this report, 3M has a credit rating of A3, stable outlook from Moody's Investors Service, a credit rating of BBB+, stable outlook from S&P Global Ratings, and a credit rating of A-, stable outlook from Fitch Ratings.
The addition of further leverage to the Company’s capital structure could impact 3M’s credit ratings in the future.
Failure to maintain strong investment grade ratings and further downgrades by the ratings agencies, would adversely affect the Company’s cost of funding and could have a material adverse effect on the Company's liquidity and access to capital markets.
−Removed: In addition, interest expense could increase due to a rise in interest rates.
+Added: In addition, interest expenses could increase due to a rise in interest rates.
* Changes in tax rates, laws, or regulations could adversely impact our financial results.
33 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.