3M 2014 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2014 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

50
Consolidated Balance Sheet
3M Company and Subsidiaries
At December 31
(Dollars in millions, except per share amount) 2014 2013
Assets
Current assets
Cash and cash equivalents
$
1,897
$
2,581
Marketable securities — current
626
756
Accounts receivable — net of allowances of $94 and $104
4,238
4,253
Inventories
Finished goods
1,723
1,790
Work in process
1,081
1,139
Raw materials and supplies
902
935
Total inventories
3,706
3,864
Other current assets
1,298
1,279
Total current assets
11,765
12,733
Marketable securities — non-current
828
1,453
Investments
102
122
Property, plant and equipment
22,841
23,068
Less: Accumulated depreciation
(14,352)
(14,416)
Property, plant and equipment — net
8,489
8,652
Goodwill
7,050
7,345
Intangible assets — net
1,435
1,688
Prepaid pension benefits
46
577
Other assets
1,554
980
Total assets
$
31,269
$
33,550
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt
$
106
$
1,683
Accounts payable
1,807
1,799
Accrued payroll
732
708
Accrued income taxes
435
417
Other current liabilities
2,918
2,891
Total current liabilities
5,998
7,498
Long-term debt
6,731
4,326
Pension and postretirement benefits
3,843
1,794
Other liabilities
1,555
1,984
Total liabilities
$
18,127
$
15,602
Commitments and contingencies (Note 13)
Equity
3M Company shareholders’ equity:
Common stock, par value $.01 per share
$
9
$
9
Shares outstanding - 2014: 635,134,594
Shares outstanding - 2013: 663,296,239
Additional paid-in capital
4,379
4,375
Retained earnings
34,317
32,416
Treasury stock
(19,307)
(15,385)
Accumulated other comprehensive income (loss)
(6,289)
(
3,913)
Total 3M Company shareholders’ equity
13,109
17,502
Noncontrolling interest
33
446
Total equity
$
13,142
$
17,948
Total liabilities and equity
$
31,269
$
33,550
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.