3M CO, 8-K filed on 9/5/2008
Current report filing
StatementOfStockholdersEquityAndComprehensiveIncome
|
ConsolidatedBalanceSheet
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ConsolidatedStatementOfIncome
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ConsolidatedStatementOfCashFlows
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