3M 2009 Annual Report Download - page 57

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51
Consolidated Statement of Cash Flows
3M Company and Subsidiaries
Years ended December 31
(Millions) 2009 2008 2007
Cash Flows from Operating Activities
Net income including noncontrolling interest ................................. $ 3,244 $ 3,520 $ 4,151
Adjustments to reconcile net income including noncontrolling
interest to net cash provided by operating activities
Depreciation and amortization.................................................... 1,157 1,153 1,072
Company pension and postretirement contributions.................. (792) (474) (379)
Company pension and postretirement expense......................... 223 105 255
Stock-based compensation expense.......................................... 217 202 228
(Gain)/loss from sale of businesses ...........................................
—
23 (849)
Deferred income taxes ............................................................... 701 99 (217)
Excess tax benefits from stock-based compensation ................ (14) (21) (74)
Changes in assets and liabilities ................................................
Accounts receivable................................................................ 55 197 (35)
Inventories............................................................................... 453 (127) (54)
Accounts payable.................................................................... 109 (224) (4)
Accrued income taxes (current and long-term)....................... (147) (143) 183
Product and other insurance receivables and claims ............. 64 153 158
Other — net ................................................................................ (329) 70 (189)
Net cash provided by operating activities....................................... 4,941 4,533 4,246
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) .................... (903) (1,471) (1,422)
Proceeds from sale of PP&E and other assets.............................. 74 87 103
Acquisitions, net of cash acquired.................................................. (69) (1,394) (539)
Purchases of marketable securities and investments.................... (2,240) (2,211) (8,194)
Proceeds from sale of marketable securities and investments...... 718 1,810 6,902
Proceeds from maturities of marketable securities ........................ 683 692 886
Proceeds from sale of businesses ................................................. 5
88 897
Net cash used in investing activities .............................................. (1,732) (2,399) (1,367)
Cash Flows from Financing Activities
Change in short-term debt — net................................................... (536) 361 (1,222)
Repayment of debt (maturities greater than 90 days).................... (519) (1,080) (1,551)
Proceeds from debt (maturities greater than 90 days)................... 41 1,756 4,024
Purchases of treasury stock........................................................... (17) (1,631) (3,239)
Reissuances of treasury stock ....................................................... 431 289 796
Dividends paid to shareholders...................................................... (1,431) (1,398) (1,380)
Distributions to noncontrolling interests .........................................
—
(23) (20)
Excess tax benefits from stock-based compensation .................... 14 21 74
Other — net.................................................................................... 3
(61)
—
Net cash used in financing activities .............................................. (2,014) (1,766) (2,518)
Effect of exchange rate changes on cash and cash equivalents... (4) (415) 88
Net increase/(decrease) in cash and cash equivalents ................. 1,191 (47) 449
Cash and cash equivalents at beginning of year ........................... 1,849 1,896 1,447
Cash and cash equivalents at end of year..................................... $ 3,040 $ 1,849 $ 1,896
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.