3M CO
For the period ended Dec 31, 2023. Filed Feb 7, 2024.
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FY2023 · Filed Feb 7, 2024
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Performance by Geographic Area
While 3M manages its businesses globally and believes its business segment results are the most relevant measure of performance, the Company also utilizes geographic area data as a secondary performance measure. Export sales are generally reported within the geographic area where the final sales to 3M customers are made. A portion of the products or components sold by 3M’s operations to its customers are exported by these customers to different geographic areas. As customers move their operations from one geographic area to another, 3M’s results will follow. Thus, net sales in a particular geographic area are not indicative of end-user consumption in that geographic area. Financial information related to 3M operations in various geographic areas is provided in Note 2 and Note 21.
Refer to the Overview section for a summary of net sales by geographic area and business segment.
Geographic Area Supplemental Information
| Employees as of December 31, | Capital Spendingfor years ended December 31, | Property, Plant and Equipment - net as of December 31, | ||||
|---|---|---|---|---|---|---|
| (Millions, except Employees) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Americas | 50,000 | 54,000 | $1,184 | $1,321 | $6,179 | $6,066 |
| Asia Pacific | 17,000 | 18,000 | 148 | 182 | 1,267 | 1,389 |
| Europe, Middle East and Africa | 18,000 | 20,000 | 283 | 246 | 1,713 | 1,723 |
| Total Company | 85,000 | 92,000 | $1,615 | $1,749 | $9,159 | $9,178 |
Employment: Employment decreased in 2023 when compared to 2022. The above table includes the impact of acquisitions, net of divestitures and other actions.
Capital Spending/Net Property, Plant and Equipment: Investments in property, plant and equipment enable growth across many diverse markets, helping to meet product demand and increasing manufacturing efficiency. 3M is increasing its investment in manufacturing and sourcing capability in order to more closely align its product capability with its sales in major geographic areas in order to best serve its customers throughout the world with proprietary, automated, efficient, safe and sustainable processes. Capital spending is discussed in more detail later in MD&A in the section entitled Cash Flows from Investing Activities.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.