3M settles Combat Arms Earplug litigation for $6.01B; records $4.2B Q3 charge

3M CO

3M to pay $6.01B ($5.01B cash, $1B stock) from 2023-2029 to resolve all Combat Arms Earplug claims.
Settlement requires at least 98% of claimants to enroll and release claims; no admission of liability.
Pre-tax charge of ~$4.2B in Q3 2023 ($5.3B present value less $1.1B existing accrual).
Settlement covers MDL in Florida and state court action in Minnesota, plus future claims.
3M will hold investor teleconference at 8 AM CT on Aug 29, 2023.

item 1.01 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

3M CO entered into Settlement with claimants valued at $6.01 billion (effective 2023-08-29).

Action: entry
Agreement: settlement
Counterparty: claimants
Value: $6.01 billion
Effective: 2023-08-29

Exact text from the filing

On August 29, 2023 , 3M Company (“3M” or the “Company”) and 3M’s wholly-owned subsidiary Aearo Technologies LLC (together with certain of its related entities, the “Aearo Entities”) entered into a settlement arrangement (the “Settlement”) which is structured to promote participation by claimants and is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the Combat Arms Earplugs (CAE) sold or manufactured by the Aearo Entities and/or 3M, including claims that are part of multi-district litigation (MDL) in the Northern District of Florida and, separately, claims in the coordinated state court action in Minnesota, as well as potential future claims.

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Source: SEC EDGAR

accession 0000066740-23-000073

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