3M CO, 8-K filed on 12/22/2008
Current report filing
Consolidated Balance Sheets
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Consolidated Statements of Income
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Consolidated Statements of Cash Flows
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NonGaap - Document and Entity...
Consolidated Balance Sheets
(USD $)
In Millions, except Share and Per Share data
Sep. 30, 2008
Dec. 31, 2007
Assets [Abstract]
Assets, Current [Abstract]
Cash and cash equivalents
$ 2,240
$ 1,896
Marketable Securities, Current
727
579
Accounts Receivable, Net, Current
3,763
3,362
Inventory, Net [Abstract]
Inventory, Finished Goods
1,513
1,349
Inventory, Work in Process
933
880
Inventory, Raw Materials and Supplies
632
623
Inventory, Net, Total
3,078
2,852
Other Assets, Current
980
1,149
Assets, Current, Total
10,788
9,838
Marketable Securities, Noncurrent
652
480
Long-term Investments
285
298
Property, Plant and Equipment, Gross
18,854
18,390
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
(12,045)
(11,808)
Property, Plant and Equipment, Net, Total
6,809
6,582
Goodwill
5,573
4,589
Intangible Assets, Net (Excluding Goodwill)
1,263
801
Defined Benefit Plan, Noncurrent Assets for Plan Benefits
1,684
1,378
Other Assets, Noncurrent
555
728
Assets, Total
27,609
24,694
Liabilities and Stockholders' Equity [Abstract]
Liabilities [Abstract]
Liabilities, Current [Abstract]
Short-term Borrowings and Current Portion of Long-term Debt
2,257
901
Accounts Payable
1,557
1,505
Employee-related Liabilities
660
580
Accrued Income Taxes Payable
570
543
Other Liabilities, Current
1,964
1,833
Liabilities, Current, Total
7,008
5,362
Long-term Debt, Noncurrent
4,779
4,019
Other Liabilities, Noncurrent
3,621
3,566
Liabilities, Total
15,408
12,947
Commitments and Contingencies
Stockholders' Equity [Abstract]
Common Stock, Value
9
9
Common Stock, Par or Stated Value Per Share
0.01
0.01
Common Stock, Shares, Issued
944,033,056
944,033,056
Additional Paid in Capital, Common Stock
2,964
2,785
Retained Earnings (Accumulated Deficit)
22,070
20,316
Treasury Stock, Value
(11,717)
(10,520)
Treasury Stock, Shares
251,078,019
234,877,025
Unearned Compensation
(60)
(96)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(1,065)
(747)
Stockholders' Equity, Total
12,201
11,747
Liabilities and Stockholders' Equity, Total
$ 27,609
$ 24,694
Consolidated Statements of Income
(USD $)
In Millions, except Per Share data
3 Months Ended
Sep. 30, 2008
9 Months Ended
Sep. 30, 2008
3 Months Ended
Sep. 30, 2007
9 Months Ended
Sep. 30, 2007
Net Income (Loss) [Abstract]
Income (Loss) before Cumulative Effect of Change in Accounting Principle [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Minority Interest, and Income (Loss) from Equity Method Investments [Abstract]
Operating Income (Loss) [Abstract]
Sales Revenue, Net
$ 6,558
$ 19,760
$ 6,177
$ 18,256
Costs and Expenses [Abstract]
Cost of Revenue
3,432
10,278
3,240
9,437
Selling, General and Administrative Expense
1,269
3,938
1,174
3,741
Research, Development and Related Expenses
344
1,058
338
1,009
Disposal Group, Not Discontinued Operation, (Gain) Loss on Disposal
0
23
0
(854)
Costs and Expenses, Total
5,045
15,297
4,752
13,333
Operating Income (Loss), Total
1,513
4,463
1,425
4,923
Nonoperating (Income) Expense [Abstract]
Interest and Debt Expense
52
158
53
139
Other Nonoperating Income
(28)
(76)
(37)
(94)
Nonoperating (Income) Expense, Total
24
82
16
45
Income (Loss) from Continuing Operations before Income Taxes, Minority Interest, and Income (Loss) from Equity Method Investments, Total
1,489
4,381
1,409
4,878
Income Tax Expense (Benefit)
479
1,402
433
1,586
Minority Interest in Net Income (Loss) of Consolidated Entities
19
55
16
47
Net Income (Loss), Total
991
2,924
960
3,245
Earnings Per Share [Abstract]
Earnings Per Share, Basic [Abstract]
Weighted Average Number of Shares Outstanding, Basic
695.5
701.3
714.5
720.7
Earnings Per Share, Basic, Total
1.43
4.17
1.34
4.50
Earnings Per Share, Diluted [Abstract]
Weighted Average Number of Diluted Shares Outstanding
703.1
710.7
729.9
734.3
Earnings Per Share, Diluted, Total
1.41
4.11
1.32
4.42
Common Stock, Dividends, Per Share, Cash Paid
0.5
1.5
0.48
1.44
Consolidated Statements of Cash Flows
(USD $)
In Millions
9 Months Ended
Sep. 30,
2008
2007
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)
$ 2,924
$ 3,245
Adjustments for Noncash Items Included in Income (Loss) from Continuing Operations [Abstract]
Depreciation and Amortization
846
796
Pension and Other Postretirement Benefit Contributions
(342)
(373)
Pension and Other Postretirement Benefit Expense
77
188
Share-based Compensation
164
182
Disposal Group, Not Discontinued Operation, (Gain) Loss on Disposal
23
(854)
Deferred Income Tax Expense (Benefit)
33
(179)
Excess Tax Benefit from Share-based Compensation, Operating Activities
(21)
(65)
Increase (Decrease) in Operating Capital [Abstract]
(Increase) Decrease in Receivables
(369)
(458)
(Increase) Decrease in Inventories
(179)
(89)
Increase (Decrease) in Accounts Payable
(36)
60
Increase (Decrease) in Accrued Income Taxes Payable
(73)
85
Change in Product and Other Insurance Receivables and Claims
130
145
(Increase) Decrease in Other Operating Capital, Net
231
36
Net Cash Provided by (Used in) Operating Activities, Total
3,408
2,719
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment
(1,008)
(1,031)
Proceeds from Sale of Productive Assets
80
90
Payments to Acquire Businesses, Net of Cash Acquired
(834)
(255)
Payments to Acquire Investments
(2,091)
(6,967)
Proceeds from Sale of Marketable Securities and Investments
1,239
5,541
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities
517
547
Proceeds from Divestiture of Businesses
88
897
Net Cash Provided by (Used in) Investing Activities, Total
(2,009)
(1,178)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from (Repayments of) Short-term Debt
1,562
(144)
Repayments of Other Debt
(930)
(1,071)
Proceeds from Other Debt
862
2,843
Payments for Repurchase of Common Stock
(1,597)
(2,756)
Proceeds from Sale of Treasury Stock
257
689
Payments of Dividends, Common Stock
(1,052)
(1,039)
Payments of Dividends, Minority Interest
(23)
(20)
Excess Tax Benefit from Share-based Compensation, Financing Activities
21
65
Proceeds from (Payments for) Other Financing Activities
(3)
(4)
Net Cash Provided by (Used in) Financing Activities, Total
(903)
(1,437)
Effect of Exchange Rate on Cash and Cash Equivalents
(152)
124
Cash and Cash Equivalents, Period Increase (Decrease)
344
228
Cash and Cash Equivalents, at Carrying Value, Beginning Balance
1,896
1,447
Cash and Cash Equivalents, at Carrying Value, Ending Balance
$ 2,240
$ 1,675
NonGaap - Document and Entity Information
9 Months Ended
Sep. 30, 2008
Document and Entity Information [Abstract]
Entity Registrant Name
3M COMPANY
Entity Central Index Key
0000066740
Document Type
10-Q
Document Period End Date
09/30/2008
Amendment Flag
FALSE
Current Fiscal Year End Date
12/31
Entity Well-known Seasoned Issuer
Yes
Entity Voluntary Filers
No
Entity Current Reporting Status
Yes
Entity Filer Category
Large Accelerated Filer
Entity Common Stock, Shares Outstanding
692,955,037