3M CO, 8-K filed on 5/16/2007
Current report filing
Statement of Financial Position
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Cash Flow from Operations -...
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Statement of Cash Flows
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Income Statement
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Statement of Stockholders' Equity
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Notes to the Financial Statements
Statement of Financial Position
(USD $)
Dec. 31, 2006
Dec. 31, 2005
Dec. 31, 2004
Dec. 31, 2003
Assets
Assets - Current
Cash and Cash Equivalents
Cash and Cash Equivalents - Total
$ 1,447,000,000
$ 1,072,000,000
$ 2,757,000,000
$ 1,836,000,000
Marketable Securities
Marketable Securities - Current - Total
471,000,000
Allowance for Accounts Receivable
71,000,000
73,000,000
Accounts Receivable Trade, Net
Accounts Receivable Trade, Gross
3,173,000,000
2,911,000,000
Accounts Receivable Trade, Net - Total
3,102,000,000
2,838,000,000
Inventories, Net
Inventories - Work in Process
795,000,000
706,000,000
Inventories - Finished Goods
1,235,000,000
1,050,000,000
Raw materials and supplies
571,000,000
406,000,000
Inventories, Net
2,601,000,000
2,162,000,000
Other Assets - Current
1,325,000,000
1,043,000,000
Assets - Current - Total
8,946,000,000
7,115,000,000
Assets - Noncurrent
Long-Term Investments
Marketable Securities - Noncurrent
Marketable Securities - Noncurrent - Total
166,000,000
Long-Term Investments - Total
314,000,000
272,000,000
Property, Plant and Equipment, Net
Property, Plant and Equipment, Gross
Property, Plant and Equipment, Gross - Total
17,017,000,000
16,127,000,000
Accumulated Depreciation and Amortization
11,110,000,000
10,534,000,000
Property, Plant and Equipment, Net
5,907,000,000
5,593,000,000
Intangible Assets
Goodwill
4,082,000,000
3,530,000,000
Intangible Assets (Excluding Goodwill)
Intangible Assets (Excluding Goodwill) - Total
708,000,000
486,000,000
Prepaid pension and postretirement benefits
395,000,000
2,905,000,000
Other Assets - Noncurrent
776,000,000
640,000,000
Assets - Total
21,294,000,000
20,541,000,000
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Short-term borrowings and current portion of long-term debt
2,506,000,000
1,072,000,000
Accounts Payable
Accounts Payable - Total
1,402,000,000
1,256,000,000
Employee Related Liabilities
Employee Related Liabilities - Total
520,000,000
469,000,000
Income Taxes Payable
1,134,000,000
989,000,000
Other Liabilities - Current
1,761,000,000
1,452,000,000
Liabilities - Current - Total
7,323,000,000
5,238,000,000
Liabilities - Noncurrent
Long-Term Debt
Long-Term Debt - Total
1,047,000,000
1,309,000,000
Other Liabilities - Noncurrent
2,965,000,000
3,599,000,000
Liabilities - Total
11,335,000,000
10,146,000,000
Commitments and Contingencies
Stockholder's Equity
Common Stock Value (Excluding Additional Paid in Capital) - All Classes
9,000,000
9,000,000
Additional Paid in Capital
2,484,000,000
2,225,000,000
Retained Earnings
Retained Earnings - Total
17,933,000,000
15,715,000,000
14,198,000,000
12,796,000,000
Treasury Stock Value - All Types and Classes
8,456,000,000
6,965,000,000
5,503,000,000
4,641,000,000
Other Accumulated Comprehensive Income
Other Accumulated Comprehensive Income - Total
(1,873,000,000)
(411,000,000)
132,000,000
(1,554,000,000)
Deferred Compensation
138,000,000
178,000,000
196,000,000
226,000,000
Stockholders' Equity - Total
9,959,000,000
10,395,000,000
10,658,000,000
8,096,000,000
Liabilities and Stockholders' Equity - Total
21,294,000,000
20,541,000,000
Common Stock
Common Stock - Description
Common Stock - Par/Stated Value Per Share
0.01
0.01
Common Stock - Shares Outstanding
734,362,802
754,538,387
Cash Flow from Operations - Indirect Method
(USD $)
Year Ended
Dec. 31,
2006
2005
2004
Net Cash Flows Provided By/(Used In) Operating Activities, Indirect
Net Income
$ 3,851,000,000
$ 3,111,000,000
$ 2,841,000,000
Adjustments to Reconcile Net Income/(Loss) to Net Cash Provided By/(Used In) Operations
Depreciation and Amortization
Depreciation and Amortization - Total
1,079,000,000
986,000,000
999,000,000
Company pension and postretirement contributions
(385,000,000)
(788,000,000)
(759,000,000)
Company pension and postretirement expense
440,000,000
437,000,000
435,000,000
Stock-based compensation expense
200,000,000
155,000,000
252,000,000
Gain/(Loss) on Sale of Business
(1,074,000,000)
Deferred Income Taxes
(316,000,000)
132,000,000
243,000,000
Excess tax benefits stock based compensation
(60,000,000)
(54,000,000)
(54,000,000)
Changes in assets and liabilities
Increase/(Decrease) in Receivables
(103,000,000)
1
(184,000,000)
1
56,000,000
1
Increase/(Decrease) in Inventories
(309,000,000)
1
(294,000,000)
1
7,000,000
1
Increase/(Decrease) in Accounts Payable
68,000,000
1
113,000,000
1
35,000,000
1
Increase/(Decrease) in Income Taxes Payable
138,000,000
1
270,000,000
1
83,000,000
1
Product Other Insurance Receivables and Claims
58,000,000
122,000,000
12,000,000
Minority Interest, Net of Tax Effect
51,000,000
55,000,000
62,000,000
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect
(35,000,000)
Other - Net
252,000,000
198,000,000
78,000,000
Net Cash Flows Provided By/(Used In) Operating Activities
$ 3,839,000,000
$ 4,204,000,000
$ 4,228,000,000
[1] Activities that represent increases in cash flow are shown as a positive number, while activities that represent decreases in cash flow are shown as a negative number.
Statement of Cash Flows
(USD $)
Year Ended
Dec. 31,
2006
2005
2004
Statement of Cash Flows - Direct Method
Net Cash Flows Provided By/(Used In) Operating Activities
$ 3,839,000,000
$ 4,204,000,000
$ 4,228,000,000
Net Cash Flows Provided By/(Used In) Investing Activities
Purchases of property, plant and equipment (PP&E)
(1,168,000,000)
(943,000,000)
(937,000,000)
Proceeds from Sale of Property, Plant and Equipment
49,000,000
41,000,000
69,000,000
Acquisition/(Divestiture) of Business Activities, Net
Acquisition of Businesses, Net of Cash Acquired
(888,000,000)
(1,293,000,000)
(73,000,000)
Purchase of marketable securities and investments
(3,253,000,000)
(1,627,000,000)
(10,000,000)
Proceeds from sale of marketable securities and investments
2,287,000,000
1,573,000,000
13,000,000
Proceeds from Available-for-Sale Securities
Proceeds from Maturities, Prepayments and Calls of Available-for-Sale Securities
304,000,000
8,000,000
Proceeds from sale of pharmaceuticals business
1,209,000,000
Net Cash Flows Provided By/(Used In) Investing Activities
(1,460,000,000)
(2,241,000,000)
(938,000,000)
Net Cash Flows Provided By/(Used In) Financing Activities
Change in short-term debt ? net
882,000,000
(258,000,000)
399,000,000
Repayments of Long-Term Debt and Capital Securities
Repayments of Other Long-Term Debt
(440,000,000)
(656,000,000)
(868,000,000)
Proceeds from Issuance of Long-Term Debt and Capital Securities
Proceeds from Issuance of Other Long-Term Debt
693,000,000
429,000,000
358,000,000
Proceeds from Issuance of Equity
Proceeds from Issuance of Treasury Stock
523,000,000
545,000,000
508,000,000
Repurchase of Preferred and Common Stock
Repurchase of Common Stock
(2,351,000,000)
(2,377,000,000)
(1,791,000,000)
Payment of Dividends
Payment of Dividends - Common and Preferred Stock
Payment of Dividends - Common Stock
(1,376,000,000)
(1,286,000,000)
(1,125,000,000)
Payment of Dividends - Minority Interest
(38,000,000)
(56,000,000)
(11,000,000)
Excess tax benefits from stock-based compensation
60,000,000
54,000,000
54,000,000
Cash Provided by/(Used in) Financing Activities - Other
(14,000,000)
(20,000,000)
(4,000,000)
Net Cash Flows Provided By/(Used In) Financing Activities
(2,061,000,000)
(3,625,000,000)
(2,480,000,000)
Effect of Exchange Rate on Cash and Cash Equivalents
57,000,000
(23,000,000)
111,000,000
Increase/(Decrease) in Cash and Cash Equivalents
375,000,000
1
(1,685,000,000)
1
921,000,000
1
Cash and Cash Equivalents - Beginning Balance
1,072,000,000
2,757,000,000
1,836,000,000
Cash and Cash Equivalents - Ending Balance
$ 1,447,000,000
$ 1,072,000,000
$ 2,757,000,000
[1] Activities that represent increases in cash flow are shown as a positive number, while activities that represent decreases in cash flow are shown as a negative number.
Income Statement
(USD $)
Year Ended
Dec. 31,
2006
2005
2004
Income Statement
Operating expenses
Cost of Goods and Services Sold
$ 11,713,000,000
$ 10,408,000,000
$ 10,002,000,000
Selling, General and Administrative Expenses
5,066,000,000
4,631,000,000
4,437,000,000
Gain on sale of pharmaceuticals business
(1,074,000,000)
Research, development and related expenses
1,522,000,000
1,274,000,000
1,246,000,000
Total
17,227,000,000
16,313,000,000
15,685,000,000
Operating Income/(Loss)
5,696,000,000
4,854,000,000
4,326,000,000
Interest Income/(Expense)
Interest Expense
Interest Expense - Total
122,000,000
82,000,000
69,000,000
Interest Income
51,000,000
56,000,000
46,000,000
Interest Income/(Expense), Net - Total
(71,000,000)
(26,000,000)
(23,000,000)
Nonoperating Gains/(Losses)
Gain/(Loss) on Sale of Business
(1,074,000,000)
Income/(Loss) from Continuing Operations Before Income Taxes
5,625,000,000
4,828,000,000
4,303,000,000
Provision for Income Taxes
Provision for Income Taxes - Total
1,723,000,000
1,627,000,000
1,400,000,000
Minority Interest, Net of Tax Effect
51,000,000
55,000,000
62,000,000
Income/(Loss) Before Extraordinary Items and Cumulative Effect of Change in Accounting Principle
3,851,000,000
3,146,000,000
2,841,000,000
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect - Total
(35,000,000)
Net Income
3,851,000,000
3,111,000,000
2,841,000,000
Basic Earnings Per Share Details
Income/(Loss) Before Extraordinary Items and Cumulative Effect of Change in Accounting Principle Per Outstanding Share
5.15
4.11
3.64
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect, Per Outstanding Share
(0.04)
Basic Earnings Per Share
5.15
4.07
3.64
Weighted-Average Shares Outstanding - Basic
747,500,000
764,900,000
780,500,000
Diluted Earnings Per Share Details
Income/(Loss) Before Extraordinary Items and Cumulative Effect of Change in Accounting Principle Per Diluted Share
5.06
4.03
3.56
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect, Per Diluted Share
(0.05)
Diluted Earnings Per Share
5.06
3.98
3.56
Weighted-Average Shares Outstanding - Diluted
761,000,000
781,300,000
797,300,000
Statement of Stockholders' Equity
(USD $)
Year Ended
Dec. 31,
2006
2005
2004
Statement of Stockholders' Equity
Increase/(Decrease) in Common Stock - Value (Excluding Additional Paid in Capital)
Common Stock Value (Excluding Additional Paid in Capital) - All Classes - Beginning Balance
$ 9,000,000
Common Stock Value (Excluding Additional Paid in Capital) - All Classes - Ending Balance
9,000,000
9,000,000
Increase/(Decrease) in Additional Paid in Capital
Additional Paid in Capital
2,484,000,000
2,225,000,000
Increase/(Decrease) in Additional Paid in Capital
Stock Based Compensation Additional Paid In Capital Net Tax Effect
259,000,000
207,000,000
306,000,000
Stock Based Compensation Additional Paid In Capital Tax Effect
59,000,000
52,000,000
54,000,000
Additional Paid in Capital - Ending Balance
2,484,000,000
2,225,000,000
Common Stock and Additional Paid in Capital
2,493,000,000
2,234,000,000
2,027,000,000
Increase/(Decrease) in Retained Earnings
Retained Earnings - Beginning Balance
15,715,000,000
14,198,000,000
12,796,000,000
Increase/(Decrease) in Retained Earnings
Net Income
3,851,000,000
3,111,000,000
2,841,000,000
Common Stock Issued - Retained Earnings
Common Stock Issued - Retained Earnings - Total
(257,000,000)
(308,000,000)
(314,000,000)
Retained Earnings - Ending Balance
17,933,000,000
15,715,000,000
14,198,000,000
Common Dividends Paid - Cash
1,376,000,000
1,286,000,000
1,125,000,000
Cash Dividend - Common Stock - Amount Per Share
1.84
1.68
1.44
Issuances pursuant to stock option and benefit plans
584,000,000
607,000,000
572,000,000
Increase/(Decrease) in Treasury Stock - Value
Treasury Stock Value - All Types and Classes - Beginning Balance
6,965,000,000
5,503,000,000
4,641,000,000
Treasury Stock - Value - Increase/(Decrease)
Treasury Stock Acquired - Value
(2,332,000,000)
(2,377,000,000)
(1,791,000,000)
Stock Issued Pursuant to Acquisitions - Treasury Stock - Value
43,000,000
TreasuryStockIssuancesValue
841,000,000
915,000,000
886,000,000
Treasury Stock Value - All Types and Classes - Ending Balance
8,456,000,000
6,965,000,000
5,503,000,000
Increase/(Decrease) in Treasury Stock - Shares
Treasury Stock Acquired - Shares
31,200,000
30,700,000
22,000,000
Stock Issued Pursuant to Acquisitions - Treasury Stock - Shares
500,000
TreasuryStockIssuancesShares
11,000,000
11,700,000
10,900,000
Increase/(Decrease) in Other Accumulated Comprehensive Income
Other Accumulated Comprehensive Income - Beginning Balance
(411,000,000)
132,000,000
(1,554,000,000)
Other Accumulated Comprehensive Income - Increase/(Decrease)
Increase/(Decrease) in Additional Minimum Pension Liability, Net of Tax Effect
7,000,000
(46,000,000)
1,193,000,000
Increase/(Decrease) in Cumulative Translation Adjustment, Net of Tax Effect
506,000,000
(578,000,000)
490,000,000
Increase/(Decrease) in Deferred Hedging Gain/(Loss), Net of Tax Effect
(56,000,000)
80,000,000
3,000,000
Increase/(Decrease) in Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications, Net of Tax Effect
(1,000,000)
1,000,000
Adjustment to initially apply SFAS No. 158
(1,918,000,000)
TotalComprehensiveIncome
4,307,000,000
2,568,000,000
4,527,000,000
Other Accumulated Comprehensive Income - Ending Balance
(1,873,000,000)
(411,000,000)
132,000,000
Increase/(Decrease) in Total Stockholders' Equity
Stockholders' Equity - Beginning Balance
10,395,000,000
10,658,000,000
8,096,000,000
Stockholder's Equity - Increase/(Decrease)
Net Income
3,851,000,000
3,111,000,000
2,841,000,000
Increase/(Decrease) in Additional Minimum Pension Liability, Net of Tax Effect
7,000,000
(46,000,000)
1,193,000,000
Increase/(Decrease) in Deferred Hedging Gain/(Loss), Net of Tax Effect
(56,000,000)
80,000,000
3,000,000
Increase/(Decrease) in Cumulative Translation Adjustment, Net of Tax Effect
506,000,000
(578,000,000)
490,000,000
Increase/(Decrease) in Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications, Net of Tax Effect
(1,000,000)
1,000,000
Stockholders' Equity - Ending Balance
$ 9,959,000,000
$ 10,395,000,000
$ 10,658,000,000
Notes to the Financial Statements
(USD $)
Year Ended
Dec. 31,
2006
2005
2004
Receivables Note
Accounts Receivable Trade, Gross
$ 3,173,000,000
$ 2,911,000,000
Inventory Note
Inventories - Work in Process
795,000,000
706,000,000
Inventories - Finished Goods
1,235,000,000
1,050,000,000
Components of Income Before Income Taxes
Income/(Loss) from Continuing Operations Before Income Taxes - Total
5,625,000,000
4,828,000,000
4,303,000,000
Income Taxes - Income Tax Expense/(Benefit) Reconciliation
Provision for Income Taxes
$ 1,723,000,000
$ 1,627,000,000
$ 1,400,000,000