3M CO, 8-K filed on 11/20/2007
Current report filing
Income Statement (USD $)
3 Months Ended
Sep. 30, 2007
9 Months Ended
Sep. 30, 2007
3 Months Ended
Sep. 30, 2006
9 Months Ended
Sep. 30, 2006
Income Statement
 
 
 
 
Revenue
 
 
 
 
Revenue - Total
$ 6,177,000,000 
$ 18,256,000,000 
$ 5,858,000,000 
$ 17,141,000,000 
Cost of Goods and Services Sold and Other Operating Expenses Abstract
 
 
 
 
Cost of Goods and Services Sold - Total
3,240,000,000 
9,437,000,000 
2,990,000,000 
8,551,000,000 
Selling, General and Administrative Expenses - Total
1,174,000,000 
3,741,000,000 
1,186,000,000 
3,691,000,000 
Research, Development and Related Expenses
338,000,000 
1,009,000,000 
340,000,000 
1,013,000,000 
Gain on Sale of Businesses
(854,000,000)
Cost of Goods and Services Sold and Other Operating Expenses - Total
4,752,000,000 
13,333,000,000 
4,516,000,000 
13,255,000,000 
Operating Income/(Loss)
1,425,000,000 
4,923,000,000 
1,342,000,000 
3,886,000,000 
Interest Income/(Expense)
 
 
 
 
Interest Expense
 
 
 
 
Interest Expense - Total
53,000,000 
139,000,000 
37,000,000 
84,000,000 
Interest Income
37,000,000 
94,000,000 
13,000,000 
35,000,000 
Interest Income/(Expense), Net - Total
(16,000,000)
(45,000,000)
(24,000,000)
(49,000,000)
Income/(Loss) from Continuing Operations Before Income Taxes
1,409,000,000 
4,878,000,000 
1,318,000,000 
3,837,000,000 
Provision for Income Taxes
 
 
 
 
Provision for Income Taxes - Total
433,000,000 
1,586,000,000 
412,000,000 
1,127,000,000 
Minority Interest, Net of Tax Effect
16,000,000 
47,000,000 
12,000,000 
35,000,000 
Net Income
960,000,000 
3,245,000,000 
894,000,000 
2,675,000,000 
Basic Earnings Per Share Details
 
 
 
 
Weighted-Average Shares Outstanding - Basic
714,500,000 
720,700,000 
745,200,000 
751,600,000 
Basic Earnings Per Share
1.34 
4.50 
1.20 
3.56 
Diluted Earnings Per Share Details
 
 
 
 
Weighted-Average Shares Outstanding - Diluted
729,900,000 
734,300,000 
756,200,000 
765,100,000 
Diluted Earnings Per Share
1.32 
4.42 
1.18 
3.50 
Cash Dividends Paid Per Common Share
0.48 
1.44 
0.46 
1.38 
Statement of Financial Position (USD $)
Sep. 30, 2007
Dec. 31, 2006
Assets
 
 
Assets - Current
 
 
Cash and Cash Equivalents
 
 
Cash and Cash Equivalents - Total
$ 1,675,000,000 
$ 1,447,000,000 
Marketable Securities
 
 
Marketable Securities - Current - Total
1,024,000,000 
471,000,000 
Accounts Receivable Trade, Net
 
 
Accounts Receivable Trade, Net - Total
3,703,000,000 
3,102,000,000 
Inventories, Net
 
 
Inventories - Finished Goods
1,324,000,000 
1,235,000,000 
Inventories - Work in Process
879,000,000 
795,000,000 
Inventories - Raw Materials and Supplies
591,000,000 
571,000,000 
Inventories, Net
2,794,000,000 
2,601,000,000 
Other Assets - Current
1,204,000,000 
1,325,000,000 
Assets - Current - Total
10,400,000,000 
8,946,000,000 
Assets - Noncurrent
 
 
Marketable Securities - Noncurrent
556,000,000 
166,000,000 
Long-Term Investments
295,000,000 
314,000,000 
Property, Plant and Equipment, Net
 
 
Property, Plant and Equipment, Gross
 
 
Property, Plant and Equipment, Gross - Total
18,012,000,000 
17,017,000,000 
Accumulated Depreciation and Amortization
11,672,000,000 
11,110,000,000 
Property, Plant and Equipment, Net
6,340,000,000 
5,907,000,000 
Intangible Assets
 
 
Goodwill
4,387,000,000 
4,082,000,000 
Intangible Assets (Excluding Goodwill)
 
 
Intangible Assets (Excluding Goodwill) - Total
748,000,000 
708,000,000 
Prepaid Expenses - Noncurrent
 
 
Prepaid Pension and Postretirement Benefits
682,000,000 
395,000,000 
Other Assets - Noncurrent
947,000,000 
776,000,000 
Assets - Total
24,355,000,000 
21,294,000,000 
Liabilities and Stockholders' Equity
 
 
Liabilities
 
 
Current Liabilities
 
 
Short-term Borrowings and Current Portion of Long-term Debt
2,405,000,000 
2,506,000,000 
Accounts Payable
 
 
Accounts Payable - Total
1,503,000,000 
1,402,000,000 
Employee Related Liabilities
 
 
Employee Related Liabilities - Total
610,000,000 
520,000,000 
Income Taxes Payable
711,000,000 
1,134,000,000 
Other Liabilities - Current
1,912,000,000 
1,761,000,000 
Liabilities - Current - Total
7,141,000,000 
7,323,000,000 
Liabilities - Noncurrent
 
 
Long-Term Debt
 
 
Long-Term Debt - Total
2,824,000,000 
1,047,000,000 
Other Liabilities - Noncurrent
3,420,000,000 
2,965,000,000 
Liabilities - Total
13,385,000,000 
11,335,000,000 
Stockholder's Equity
 
 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes
9,000,000 
9,000,000 
Additional Paid in Capital
2,731,000,000 
2,484,000,000 
Retained Earnings
 
 
Retained Earnings - Total
19,852,000,000 
17,933,000,000 
Treasury Stock Value - All Types and Classes
10,173,000,000 
8,456,000,000 
Deferred Compensation
96,000,000 
138,000,000 
Other Accumulated Comprehensive Income
(1,353,000,000)
(1,873,000,000)
Stockholders' Equity - Total
10,970,000,000 
9,959,000,000 
Liabilities and Stockholders' Equity - Total
24,355,000,000 
21,294,000,000 
Common Stock
 
 
Common Stock - Description
 
 
Common Stock - Par/Stated Value Per Share
0.01 
0.01 
Common Stock - Shares Issued
944,033,056 
944,033,056 
Treasury Stock
 
 
Treasury Stock - Description
 
 
Treasury Stock - Shares
230,804,083 
209,670,254 
Statement of Cash Flows (USD $)
9 Months Ended
Sep. 30,
2007
2006
Statement of Cash Flows - Direct Method
 
 
Net Cash Flows Provided By/(Used In) Operating Activities
$ 2,719,000,000 
$ 2,517,000,000 
Net Cash Flows Provided By/(Used In) Investing Activities
 
 
Purchases of Property, Plant and Equipment (PP&E)
(1,031,000,000)
(763,000,000)
Proceeds from Sale of Property, Plant and Equipment
90,000,000 
53,000,000 
Acquisition/(Divestiture) of Business Activities, Net
 
 
Acquisition of Businesses, Net of Cash Acquired
(255,000,000)
(468,000,000)
Purchase of Investments
 
 
Purchases of Marketable Securities and Investments
(6,967,000,000)
(2,442,000,000)
Disposal of Investments
 
 
Proceeds from Sale of Marketable Securities and Investments
5,541,000,000 
2,034,000,000 
Proceeds from Available-for-Sale Securities
 
 
Proceeds from Maturities, Prepayments and Calls of Available-for-Sale Securities
547,000,000 
157,000,000 
Proceeds from Sale of Businesses
897,000,000 
Net Cash Flows Provided By/(Used In) Investing Activities
(1,178,000,000)
(1,429,000,000)
Net Cash Flows Provided By/(Used In) Financing Activities
 
 
Increase/(Decrease) in Short-Term Borrowings
 
 
Change in Short-term Debt, Net
(144,000,000)
1,293,000,000 
Repayments of Long-Term Debt and Capital Securities
 
 
Repayments of Other Long-Term Debt
(1,071,000,000)
(151,000,000)
Proceeds from Issuance of Long-Term Debt and Capital Securities
 
 
Proceeds from Issuance of Other Long-Term Debt
2,843,000,000 
277,000,000 
Repurchase of Preferred and Common Stock
 
 
Repurchase of Common Stock
(2,756,000,000)
(2,021,000,000)
Proceeds from Issuance of Equity
 
 
Proceeds from Issuance of Treasury Stock
689,000,000 
426,000,000 
Payment of Dividends
 
 
Payment of Dividends - Common and Preferred Stock
 
 
Payment of Dividends - Common Stock
(1,039,000,000)
(1,037,000,000)
Payment of Dividends - Minority Interest
(20,000,000)
(38,000,000)
Excess Tax Benefits from Stock-based Compensation
65,000,000 
31,000,000 
Cash Provided by/(Used in) Financing Activities - Other
(4,000,000)
(18,000,000)
Net Cash Flows Provided By/(Used In) Financing Activities
(1,437,000,000)
(1,238,000,000)
Effect of Exchange Rate on Cash and Cash Equivalents
124,000,000 
77,000,000 
Increase/(Decrease) in Cash and Cash Equivalents
228,000,000 
(73,000,000)
Cash and Cash Equivalents - Beginning Balance
1,447,000,000 
1,072,000,000 
Cash and Cash Equivalents - Ending Balance
$ 1,675,000,000 
$ 999,000,000 
Cash Flow from Operations - Indirect Method (USD $)
9 Months Ended
Sep. 30,
2007
2006
Net Cash Flows Provided By/(Used In) Operating Activities, Indirect
 
 
Net Income
$ 3,245,000,000 
$ 2,675,000,000 
Adjustments to Reconcile Net Income/(Loss) to Net Cash Provided By/(Used In) Operations
 
 
Depreciation and Amortization
 
 
Depreciation and Amortization - Total
796,000,000 
728,000,000 
Company Pension and Postretirement Contributions
(373,000,000)
(339,000,000)
Company Pension and Postretirement Expense
188,000,000 
299,000,000 
Stock Based Compensation Expense
182,000,000 
162,000,000 
Gain on Sale of Businesses
(854,000,000)
Deferred Income Taxes
(179,000,000)
(111,000,000)
Excess Tax Benefits Stock Based Compensation
(65,000,000)
(31,000,000)
Increase/(Decrease) in Current Assets
 
 
Increase/(Decrease) in Receivables
(458,000,000)1
(384,000,000)1
Increase/(Decrease) in Inventories
(89,000,000)1
(375,000,000)1
Increase/(Decrease) in Accounts Payable and Accrued Expenses
 
 
Increase/(Decrease) in Accounts Payable
60,000,000 1
71,000,000 1
Accrued Income Taxes (Current and Long-Term)
85,000,000 
(138,000,000)
Product Other Insurance Receivables and Claims
145,000,000 
51,000,000 
Other Operating Activitites - Net
36,000,000 
(91,000,000)
Net Cash Flows Provided By/(Used In) Operating Activities
$ 2,719,000,000 
$ 2,517,000,000