Consolidation: 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All applicable subsidiaries are consolidated. All intercompany transactions are eliminated. As used herein, the term 3M or Company refers to 3M Company and subsidiaries unless the context indicates otherwise. Basis of presentation: Certain amounts in the prior years consolidated financial statements have been reclassified to conform to the current year presentation. As described in Note 19, effective in the first quarter of 2020, the Company changed its business segment reporting in its continuing effort to improve the alignment of businesses around markets and customers. Additionally, the Company consolidated the way it presents geographic area net sales by providing an aggregate Americas geographic region (combining former United States and Latin America and Canada areas). Also,
Minimum tax
Impose a 15 percent minimum tax on book income for those
taxpayers with over $100 million in income but that owe no tax,
with certain limitations
Pass-throughs
Business credits
Create or expand a number of credits, including a new
Manufacturing Communities Tax Credit, the New Markets Tax Credit
and credits related to renewable energy
Financial institutions
Global Intangible Low-Taxed Income (GILTI)
Double rate from 10.5 percent to 21 percent, assess GILTI on a
country-by-country basis and eliminate certain exemptions
Offshoring
Create a 10 percent surtax for offshoring manufacturing and
service jobs, when goods or services are then sold in the U.S.
market