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38
Consolidated Balance Sheet
3M Company and Subsidiaries
At December 31
(Dollars in millions, except per share amount) 2005 2004
Assets
Current assets
Cash and cash equivalents $ 1,072 $ 2,757
Accounts receivable – net of allowances of $73 and $83 2,838 2,792
Inventories
Finished goods 1,050 947
Work in process 706 614
Raw materials and supplies 406 336
Total inventories 2,162 1,897
Other current assets 1,043 1,274
Total current assets 7,115 8,720
Investments 272 227
Property, plant and equipment 16,127 16,290
Less: Accumulated depreciation (10,534) (10,579)
Property, plant and equipment – net 5,593 5,711
Goodwill 3,473 2,655
Intangible assets – net 486 277
Prepaid pension and postretirement benefits 2,905 2,591
Other assets 669 527
Total assets $20,513 $20,708
Liabilities and Stockholders’ Equity
Current liabilities
Short-term borrowings and current portion of long-term debt $ 1,072 $ 2,094
Accounts payable 1,256 1,168
Accrued payroll 469 487
Accrued income taxes 989 867
Other current liabilities 1,452 1,455
Total current liabilities 5,238 6,071
Long-term debt 1,309 727
Other liabilities 3,866 3,532
Total liabilities $10,413 $10,330
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, par value $.01 per share 99
Shares outstanding – 2005: 754,538,387
Shares outstanding – 2004: 773,518,281
Capital in excess of par value 287 287
Retained earnings 17,358 15,649
Treasury stock (6,965) (5,503)
Unearned compensation (178) (196)
Accumulated other comprehensive income (loss) (411) 132
Stockholders’ equity – net 10,100 10,378
Total liabilities and stockholders’ equity $20,513 $20,708
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.