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51
Consolidated Statement of Cash Flows
3M Company and Subsidiaries
Years ended December 31
(Millions)
2013
2012
2011
Cash Flows from Operating Activities
Net income including noncontrolling interest
$
4,721
$
4,511 $
4,357
Adjustments to reconcile net income including noncontrolling
interest to net cash provided by operating activities
Depreciation and amortization
1,371
1,288 1,236
Company pension and postretirement contributions
(482)
(1,146)
(582)
Company pension and postretirement expense
553
650 555
Stock-based compensation expense
240
223 253
Deferred income taxes
(167)
33
177
Excess tax benefits from stock-based compensation
(92)
(62)
(53)
Changes in assets and liabilities
Accounts receivable
(337)
(133)
(205)
Inventories
(86)
(251)
(196)
Accounts payable
16
72
(83)
Accrued income taxes (current and long-term)
206
90
(45)
Product and other insurance receivables and claims
41
(32)
9
Other — net
(167)
57
(139)
Net cash provided by operating activities
5,817
5,300 5,284
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E)
(1,665)
(1,484)
(1,379)
Proceeds from sale of PP&E and other assets
128
41 55
Acquisitions, net of cash acquired
―
(1,046)
(649)
Purchases of marketable securities and investments
(4,040)
(5,492)
(4,162)
Proceeds from maturities and sale of marketable securities
and investments
4,667
5,281 3,417
Proceeds from sale of businesses
8
― ―
Other investing
46
14
―
Net cash used in investing activities
(856)
(2,686)
(2,718)
Cash Flows from Financing Activities
Change in short-term debt — net
(2)
(36)
11
Repayment of debt (maturities greater than 90 days)
(859)
(612)
(1,429)
Proceeds from debt (maturities greater than 90 days)
824
1,370 1,111
Purchases of treasury stock
(5,212)
(2,204)
(2,701)
Proceeds from issuance of treasury stock pursuant to stock
option and benefit plans
1,609
1,012 902
Dividends paid to shareholders
(1,730)
(1,635)
(1,555)
Excess tax benefits from stock-based compensation
92
62 53
Other — net
32
(15)
(67)
Net cash used in financing activities
(5,246)
(2,058)
(3,675)
Effect of exchange rate changes on cash and cash equivalents
(17)
108
(49)
Net increase (decrease) in cash and cash equivalents
(302)
664
(1,158)
Cash and cash equivalents at beginning of year
2,883
2,219 3,377
Cash and cash equivalents at end of year
$
2,581
$
2,883 $
2,219
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.