| Net sales |
$29,904 |
$ 29,611 |
$ 226,662 |
| Operating expenses |
|
|
|
| Cost of sales |
15,685 |
15,693 |
13,831 |
| Selling, general and administrative expenses |
6,102 |
6,170 |
5,479 |
| Research, development and related expenses |
1,634 |
1,570 |
1,434 |
| |
--
|
-- |
-- |
| Total operating expenses |
23,421
|
23,433 |
20,744 |
| Operating income |
6,483 |
6,178 |
5,918 |
| Interest expenses and income |
|
|
|
| Interest expense |
171 |
186 |
201 |
| Interest income |
(39) |
(39) |
(38) |
| Total interest expense--net |
132 |
147 |
163 |
| Income before income taxes |
6,351 |
6,031 |
5,755 |
| Provision for income taxes |
1,840 |
1,674 |
1,592 |
| Net income including noncontrolling interest |
$4,511 |
$4,357 |
$4,163 |
| Less: Net income attributable to noncontrolling interest |
67 |
74 |
78 |
| Net income attributable to 3M |
$ 4,444 |
$ 4,283 |
$ 4,085 |
| Assets |
|
|
| Current Assets |
|
|
| Cash and cash equivalents |
$ 2,883 |
$ 2,219 |
| Marketable securities-current |
1,648 |
1,461 |
| Accounts receivable-net of allowances of $105 and $108 |
4,061 |
3,867 |
| Inventories |
|
|
| Finished goods |
1,754 |
1,536 |
| Work in process |
1,186 |
1,061 |
| Raw materials and supplies |
897 |
819 |
| Total inventories |
3,837 |
3,416 |
| Other current assets |
1,201 |
1,277 |
| Total current assets |
13,630 |
12,240 |
| Marketable securities-noncurrent |
1,162 |
896 |
| Investments |
163 |
155 |
| Property, plant and equipment |
22,525 |
21,166 |
| Less: Accumulated depreciation |
(14,147) |
(13,500) |
| Property, plant and equipment-net |
8,378 |
7,666 |
| Goodwill |
7,385 |
7,047 |
| Intangible assets-net |
1,925 |
1,916 |
| Prepaid pension benefits |
16 |
40 |
| Other assets |
1,217 |
1,656 |
| Total assets |
$ 33,876 |
$ 31,616 |
| Liabilities |
|
|
| Current liabilities |
|
|
| Short-term borrowings and current portion of long-term debt |
$ 1,085 |
$ 682 |
| Accounts payable |
1,762 |
1,643 |
| Accrued payroll |
701 |
676 |
| Accrued income taxes |
371 |
355 |
| Other current liabilities |
2,281 |
2,085 |
| Total current liabilities |
6,200 |
5,441 |
| Long-term debt |
4,916 |
4,484 |
| Pension and postretirement benefits |
3,086 |
3.972 |
| Other liabilities |
1,634 |
1,857 |
| Total liabilities |
$15,836 |
$15,754 |
| Equity |
|
|
| 3M Company shareholders' equity |
$9 |
$9 |
| Additional paid-in capital |
4,044 |
3,767 |
| Retained earnings |
30,679 |
28,348 |
| Treasury stock |
(12,407) |
(11,679) |
| Accumulated other comprehensive income (loss) |
(4,750) |
(5,025) |
| Total 3M Company shareholders' equity |
17,575 |
15,420 |
| Noncontrolling interest |
465
|
442
|
| Total equity |
$18,040
|
$15,862 |
| Total liabilities and equity |
$33,876 |
$31,616
|
1. Compute net operating assets (NOA) for 2012 and 2011. Treat noncurrent investments as a nonoperating item.
2. Compute net nonoperating obligations (NNO) for 2012 and 2011.