3M 2011 Annual Report Download - page 15

9
Cautionary Note Concerning Factors That May Affect Future Results
This Annual Report on Form 10-K, including “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Item 7, contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The Company may also make forward-looking statements in other reports filed with
the Securities and Exchange Commission, in materials delivered to shareholders and in press releases. In addition,
the Company’s representatives may from time to time make oral forward-looking statements.
Forward-looking statements relate to future events and typically address the Company’s expected future business
and financial performance. Words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,”
“estimate,” “will,” “should,” “could” and other words and terms of similar meaning, typically identify such forward-
looking statements. In particular, these include, among others, statements relating to the Company’s
x strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial
performance, and market position,
x worldwide economic and capital markets conditions, such as interest rates, foreign currency exchange rates,
financial conditions of our suppliers and customers, and natural and other disasters affecting the operations
of the Company or our suppliers and customers,
x new business opportunities, product development, and future performance or results of current or anticipated
products,
x the scope, nature or impact of acquisition, strategic alliance and divestiture activities,
x the outcome of contingencies, such as legal and regulatory proceedings,
x future levels of indebtedness, common stock repurchases and capital spending,
x future availability of and access to credit markets,
x pension and postretirement obligation assumptions and future contributions, asset impairments, tax liabilities,
information technology security, and
x the effects of changes in tax, environmental and other laws and regulations in the United States and other
countries in which we operate.
The Company assumes no obligation to update or revise any forward-looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events and trends that are
subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those
reflected in any such forward-looking statements depending on a variety of factors. Important information as to these
factors can be found in this document, including, among others, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” under the headings of “Overview,” “Critical Accounting Estimates” and
“Financial Condition and Liquidity.” Discussion of these factors is incorporated by reference from Part I, Item 1A,
“Risk Factors,” of this document, and should be considered an integral part of Part II, Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” For additional information concerning
factors that may cause actual results to vary materially from those stated in the forward-looking statements, see our
reports on Form 10-K, 10-Q and 8-K filed with the SEC from time to time.
Item 1A. Risk Factors
Provided below is a cautionary discussion of what we believe to be the most important risk factors applicable to the
Company. Discussion of these factors is incorporated by reference into and considered an integral part of
Part II, Item 7, “Management’s Discussion and Analysis of Financial Conditions and Results of Operations.”
* Results are impacted by the effects of, and changes in, worldwide economic and capital markets conditions. The
Company operates in more than 65 countries and derives approximately two-thirds of its revenues from outside the
United States. The Company’s business is subject to global competition and may be adversely affected by factors in
the United States and other countries that are beyond its control, such as disruptions in financial markets, economic
downturns in the form of either contained or widespread recessionary conditions, elevated unemployment levels,
sluggish or uneven recovery, in specific countries or regions, or in the various industries in which the Company
operates; social, political or labor conditions in specific countries or regions; natural and other disasters affecting the
operations of the Company or its customers and suppliers; or adverse changes in the availability and cost of capital,
interest rates, tax rates, or regulations in the jurisdictions in which the Company operates.
* 7KH&RPSDQ\¶VFUHGLWUDWLQJVDUHLPSRUWDQWWR0¶VFRVWRIFDSLWDO The major rating agencies routinely evaluate the
Company’s credit profile and assign debt ratings to 3M. The Company currently has an AA- credit rating, with a
stable outlook, from Standard & Poor’s and an Aa2 credit rating, with a stable outlook, from Moody’s Investors
Service. This evaluation is based on a number of factors, which include financial strength, business and financial risk,