3M CO, 8-K filed on 9/5/2008
Current report filing
StatementOfStockholdersEquityAndComprehensiveIncome (USD $)
Year Ended
Dec. 31,
2007
2006
2005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
$ 9,959,000,000 
$ 10,395,000,000 
$ 10,658,000,000 
Net Income (Loss)
4,096,000,000 
3,851,000,000 
3,111,000,000 
Stockholders' Equity, Ending Balance
11,747,000,000 
9,959,000,000 
10,395,000,000 
Common Stock at Par Value [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
9,000,000 
9,000,000 
9,000,000 
Stockholders' Equity, Ending Balance
9,000,000 
9,000,000 
9,000,000 
Additional Paid-in Capital [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
2,484,000,000 
2,225,000,000 
2,018,000,000 
Stock Issued During Period, Value, Share-based Compensation
228,000,000 
200,000,000 
155,000,000 
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation
73,000,000 
59,000,000 
52,000,000 
Stockholders' Equity, Ending Balance
2,785,000,000 
2,484,000,000 
2,225,000,000 
Retained Earnings [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
17,933,000,000 
15,715,000,000 
14,198,000,000 
Cumulative Effect of Initial Adoption of FIN 48
(1,000,000)
 
 
Net Income (Loss)
4,096,000,000 
3,851,000,000 
3,111,000,000 
Dividends
(1,380,000,000)
(1,376,000,000)
(1,286,000,000)
Treasury Stock Reissued at Lower than Repurchase Price
(332,000,000)
(257,000,000)
(308,000,000)
Stockholders' Equity, Ending Balance
20,316,000,000 
17,933,000,000 
15,715,000,000 
Treasury Stock [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
(8,456,000,000)
(6,965,000,000)
(5,503,000,000)
Treasury Stock, Value, Acquired, Cost Method
(3,237,000,000)
(2,332,000,000)
(2,377,000,000)
Stock Issued During Period, Value, Stock Options Exercised
1,160,000,000 
841,000,000 
915,000,000 
Stock Issued During Period, Value, Acquisitions
13,000,000 
 
 
Stockholders' Equity, Ending Balance
(10,520,000,000)
(8,456,000,000)
(6,965,000,000)
Treasury Stock, Shares, Beginning Balance
209,700,000 
189,500,000 
170,500,000 
Treasury Stock, Shares, Acquired
39,700,000 
31,200,000 
30,700,000 
Stock Issued During Period, Shares, Stock Options Exercised
(14,300,000)
(11,000,000)
(11,700,000)
Stock Issued During Period, Shares, Acquisitions
(200,000)
 
 
Treasury Stock, Shares, Ending Balance
234,900,000 
209,700,000 
189,500,000 
Unearned Compensation [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
(138,000,000)
(178,000,000)
(196,000,000)
Amortization of Unearned Compensation
42,000,000 
40,000,000 
18,000,000 
Stockholders' Equity, Ending Balance
(96,000,000)
(138,000,000)
(178,000,000)
Accumulated Other Comprehensive Income [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Stockholders' Equity, Beginning Balance
(1,873,000,000)
(411,000,000)
132,000,000 
Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Period Increase (Decrease), Total
532,000,000 
506,000,000 
(578,000,000)
Other Comprehensive Income, Defined Benefit Plans Adjustment, Net of Tax, Period Increase (Decrease), Total
614,000,000 
7,000,000 
(46,000,000)
Cumulative Effect of Initial Adoption of SFAS 158
 
(1,918,000,000)
 
Other Comprehensive Income, Available-for-sale Securities Adjustment, Net of Tax, Period Increase (Decrease)
(10,000,000)
(1,000,000)
1,000,000 
Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax, Period Increase (Decrease)
(10,000,000)
(56,000,000)
80,000,000 
Stockholders' Equity, Ending Balance
(747,000,000)
(1,873,000,000)
(411,000,000)
Comprehensive Income [Member]
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
Net Income (Loss)
4,096,000,000 
3,851,000,000 
3,111,000,000 
Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Period Increase (Decrease), Total
532,000,000 
506,000,000 
(578,000,000)
Other Comprehensive Income, Defined Benefit Plans Adjustment, Net of Tax, Period Increase (Decrease), Total
614,000,000 
7,000,000 
(46,000,000)
Other Comprehensive Income, Available-for-sale Securities Adjustment, Net of Tax, Period Increase (Decrease)
(10,000,000)
(1,000,000)
1,000,000 
Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax, Period Increase (Decrease)
(10,000,000)
(56,000,000)
80,000,000 
Comprehensive Income, Net of Tax, Total
$ 5,222,000,000 
$ 4,307,000,000 
$ 2,568,000,000 
ConsolidatedBalanceSheet (USD $)
Dec. 31, 2007
Dec. 31, 2006
Assets [Abstract]
 
 
Assets, Current [Abstract]
 
 
Cash and Cash Equivalents, at Carrying Value
$ 1,896,000,000 
$ 1,447,000,000 
Marketable Securities, Current
579,000,000 
471,000,000 
Accounts Receivable, Net, Current
3,362,000,000 
3,102,000,000 
Allowance for Doubtful Accounts Receivable, Current
75,000,000 
71,000,000 
Inventory, Net [Abstract]
 
 
Inventory, Finished Goods
1,349,000,000 
1,235,000,000 
Inventory, Work in Process
880,000,000 
795,000,000 
Inventory, Raw Materials and Supplies
623,000,000 
571,000,000 
Inventory, Net, Total
2,852,000,000 
2,601,000,000 
Other Assets, Current
1,149,000,000 
1,325,000,000 
Assets, Current, Total
9,838,000,000 
8,946,000,000 
Marketable Securities, Noncurrent
480,000,000 
166,000,000 
Long-term Investments
298,000,000 
314,000,000 
Property, Plant and Equipment, Gross
18,390,000,000 
17,017,000,000 
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
(11,808,000,000)
(11,110,000,000)
Property, Plant and Equipment, Net, Total
6,582,000,000 
5,907,000,000 
Goodwill
4,589,000,000 
4,082,000,000 
Intangible Assets, Net (Excluding Goodwill)
801,000,000 
708,000,000 
Defined Benefit Plan, Noncurrent Assets for Plan Benefits
1,378,000,000 
395,000,000 
Other Assets, Noncurrent
728,000,000 
776,000,000 
Assets, Total
24,694,000,000 
21,294,000,000 
Liabilities and Stockholders' Equity [Abstract]
 
 
Liabilities [Abstract]
 
 
Liabilities, Current [Abstract]
 
 
Short-term Borrowings and Current Portion of Long-term Debt
901,000,000 
2,506,000,000 
Accounts Payable
1,505,000,000 
1,402,000,000 
Employee-related Liabilities
580,000,000 
520,000,000 
Accrued Income Taxes Payable
543,000,000 
1,134,000,000 
Other Liabilities, Current
1,833,000,000 
1,761,000,000 
Liabilities, Current, Total
5,362,000,000 
7,323,000,000 
Long-term Debt, Noncurrent
4,019,000,000 
1,047,000,000 
Other Liabilities, Noncurrent
3,566,000,000 
2,965,000,000 
Liabilities, Total
12,947,000,000 
11,335,000,000 
Commitments and Contingencies
 
 
Stockholders' Equity [Abstract]
 
 
Common Stock, Value
9,000,000 
9,000,000 
Common Stock, Par or Stated Value Per Share
0.01 
0.01 
Common Stock, Shares, Outstanding
709,156,031 
734,362,802 
Additional Paid in Capital, Common Stock
2,785,000,000 
2,484,000,000 
Retained Earnings (Accumulated Deficit)
20,316,000,000 
17,933,000,000 
Treasury Stock, Value
(10,520,000,000)
(8,456,000,000)
Unearned Compensation
(96,000,000)
(138,000,000)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(747,000,000)
(1,873,000,000)
Stockholders' Equity, Total
11,747,000,000 
9,959,000,000 
Liabilities and Stockholders' Equity, Total
$ 24,694,000,000 
$ 21,294,000,000 
ConsolidatedStatementOfIncome (USD $)
Share data in Millions, except Per Share data
Year Ended
Dec. 31,
2007
2006
2005
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
$ 24,462,000,000 
$ 22,923,000,000 
$ 21,167,000,000 
Costs and Expenses [Abstract]
 
 
 
Cost of Revenue
12,735,000,000 
11,713,000,000 
10,408,000,000 
Selling, General and Administrative Expense
5,015,000,000 
5,066,000,000 
4,631,000,000 
Research, Development and Related Expenses
1,368,000,000 
1,522,000,000 
1,274,000,000 
Disposal Group, Not Discontinued Operation, (Gain) Loss on Disposal
(849,000,000)
(1,074,000,000)
 
Costs and Expenses, Total
18,269,000,000 
17,227,000,000 
16,313,000,000 
Operating Income (Loss), Total
6,193,000,000 
5,696,000,000 
4,854,000,000 
Nonoperating (Income) Expense [Abstract]
 
 
 
Interest and Debt Expense
210,000,000 
122,000,000 
82,000,000 
Other Nonoperating Income
(132,000,000)
(51,000,000)
(56,000,000)
Nonoperating (Income) Expense, Total
78,000,000 
71,000,000 
26,000,000 
Income (Loss) from Continuing Operations before Income Taxes, Minority Interest, and Income (Loss) from Equity Method Investments, Total
6,115,000,000 
5,625,000,000 
4,828,000,000 
Income Tax Expense (Benefit)
1,964,000,000 
1,723,000,000 
1,627,000,000 
Minority Interest in Net Income (Loss) of Consolidated Entities
55,000,000 
51,000,000 
55,000,000 
Income (Loss) before Cumulative Effect of Change in Accounting Principle, Total
4,096,000,000 
3,851,000,000 
3,146,000,000 
Cumulative Effect of Change in Accounting Principle Presented on Income Statement, Net of Tax
 
 
(35,000,000)
Net Income (Loss), Total
4,096,000,000 
3,851,000,000 
3,111,000,000 
Earnings Per Share, Basic [Abstract]
 
 
 
Weighted Average Number of Shares Outstanding, Basic
718.3 
747.5 
764.9 
Income (Loss) before Cumulative Effect of Change in Accounting Principle, Per Basic Share
5.70 
5.15 
4.11 
Cumulative Effect of Change in Accounting Principle, Net of Tax, Per Basic Share
 
 
(0.04)
Earnings Per Share, Basic, Total
5.70 
5.15 
4.07 
Earnings Per Share, Diluted [Abstract]
 
 
 
Weighted Average Number of Diluted Shares Outstanding
732 
761 
781.3 
Income (Loss) before Cumulative Effect of Change in Accounting Principle, Per Diluted Share
5.60 
5.06 
4.03 
Cumulative Effect of Change in Accounting Principle, Net of Tax, Per Diluted Share
 
 
(0.05)
Earnings Per Share, Diluted, Total
5.60 
5.06 
3.98 
ConsolidatedStatementOfCashFlows (USD $)
Year Ended
Dec. 31,
2007
2006
2005
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)
$ 4,096,000,000 
$ 3,851,000,000 
$ 3,111,000,000 
Adjustments for Noncash Items Included in Income (Loss) from Continuing Operations [Abstract]
 
 
 
Depreciation and Amortization
1,072,000,000 
1,079,000,000 
986,000,000 
Pension and Other Postretirement Benefit Contributions
(379,000,000)
(385,000,000)
(788,000,000)
Pension and Other Postretirement Benefit Expense
255,000,000 
440,000,000 
437,000,000 
Share-based Compensation
228,000,000 
200,000,000 
155,000,000 
Disposal Group, Not Discontinued Operation, (Gain) Loss on Disposal
(849,000,000)
(1,074,000,000)
 
Deferred Income Tax Expense (Benefit)
11,000,000 
(316,000,000)
132,000,000 
Excess Tax Benefit from Share-based Compensation, Operating Activities
(74,000,000)
(60,000,000)
(54,000,000)
Increase (Decrease) in Operating Capital [Abstract]
 
 
 
(Increase) Decrease in Receivables
(35,000,000)
(103,000,000)
(184,000,000)
(Increase) Decrease in Inventories
(54,000,000)
(309,000,000)
(294,000,000)
Increase (Decrease) in Accounts Payable
(4,000,000)
68,000,000 
113,000,000 
Increase (Decrease) in Accrued Income Taxes Payable
(45,000,000)
138,000,000 
270,000,000 
Change in Product and Other Insurance Receivables and Claims
158,000,000 
58,000,000 
122,000,000 
(Increase) Decrease in Other Operating Capital, Net
(105,000,000)
252,000,000 
198,000,000 
Net Cash Provided by (Used in) Operating Activities, Total
4,275,000,000 
3,839,000,000 
4,204,000,000 
Net Cash Provided by (Used in) Investing Activities [Abstract]
 
 
 
Payments to Acquire Property, Plant, and Equipment
(1,422,000,000)
(1,168,000,000)
(943,000,000)
Proceeds from Sale of Productive Assets
103,000,000 
49,000,000 
41,000,000 
Payments to Acquire Businesses, Net of Cash Acquired
(539,000,000)
(888,000,000)
(1,293,000,000)
Payments to Acquire Investments
(8,194,000,000)
(3,253,000,000)
(1,627,000,000)
Proceeds from Sale of Marketable Securities and Investments
6,902,000,000 
2,287,000,000 
1,573,000,000 
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities
886,000,000 
304,000,000 
8,000,000 
Proceeds from Divestiture of Businesses
897,000,000 
1,209,000,000 
 
Net Cash Provided by (Used in) Investing Activities, Total
(1,367,000,000)
(1,460,000,000)
(2,241,000,000)
Net Cash Provided by (Used in) Financing Activities [Abstract]
 
 
 
Proceeds from (Repayments of) Short-term Debt
(1,222,000,000)
882,000,000 
(258,000,000)
Repayments of Other Debt
(1,580,000,000)
(440,000,000)
(656,000,000)
Proceeds from Other Debt
4,024,000,000 
693,000,000 
429,000,000 
Payments for Repurchase of Common Stock
(3,239,000,000)
(2,351,000,000)
(2,377,000,000)
Proceeds from Sale of Treasury Stock
796,000,000 
523,000,000 
545,000,000 
Payments of Dividends, Common Stock
(1,380,000,000)
(1,376,000,000)
(1,286,000,000)
Payments of Dividends, Minority Interest
(20,000,000)
(38,000,000)
(56,000,000)
Excess Tax Benefit from Share-based Compensation, Financing Activities
74,000,000 
60,000,000 
54,000,000 
Proceeds from (Payments for) Other Financing Activities
 
(14,000,000)
(20,000,000)
Net Cash Provided by (Used in) Financing Activities, Total
(2,547,000,000)
(2,061,000,000)
(3,625,000,000)
Effect of Exchange Rate on Cash and Cash Equivalents
88,000,000 
57,000,000 
(23,000,000)
Cash and Cash Equivalents, Period Increase (Decrease)
449,000,000 
375,000,000 
(1,685,000,000)
Cash and Cash Equivalents, at Carrying Value, Beginning Balance
1,447,000,000 
1,072,000,000 
2,757,000,000 
Cash and Cash Equivalents, at Carrying Value, Ending Balance
$ 1,896,000,000 
$ 1,447,000,000 
$ 1,072,000,000