3M CO, 8-K filed on 5/16/2007
Current report filing
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 
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 
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