3M 2015 Annual Report Download - page 42
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Please find page 42 of the 2015 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.TableofContents
addition,3Mbeganamulti-yearprogramintheUnitedStatestorenewandupgradelaboratoryfacilitiesandadministrative
buildings.
In2013,3Mcontinueditsexpansionofmanufacturingcapacityinkeygrowthmarkets,includinginvestmentsintheU.S.,China,
Germany,andBrazil.Thisincludedsignificantinvestmentsacross3M’smanybusinesses,suchasabrasives,industrialadhesivesand
tapes,advancedmaterials,electronics-related,infectionprevention,andotherbusinesses.3McontinueditsinvestmentsinITsystems
andinfrastructure.Inaddition,3Msustainedexistingfacilitiesthroughgeneralmaintenance,costreduction,andcomplianceefforts.
ProceedsfromsaleofPP&Eandotherassetstotaled$33millionin2015,$135millionin2014,and$128millionin2013.Apart
fromthenormalperiodicsalesofPP&E,2014includedproceedsof$114millionrelatedtothesalesofrealestateandnon-
productionequipment,and2013includedproceedsof$79millionrelatedtonon-productionequipment.
RefertoNote2forinformationonacquisitionsanddivestitures.TheCompanyisactivelyconsideringadditionalacquisitions,
investmentsandstrategicalliances,andfromtimetotimemayalsodivestcertainbusinesses.
Purchasesofmarketablesecuritiesandinvestmentsandproceedsfrommaturitiesandsaleofmarketablesecuritiesandinvestments
areprimarilyattributabletoasset-backedsecurities,agencysecurities,corporatedebtsecuritiesandothersecurities,whichare
classifiedasavailable-for-sale.RefertoNote9formoredetailsabout3M’sdiversifiedmarketablesecuritiesportfolio.Purchasesof
investmentsincludeadditionalsurvivorbenefitinsurance,pluscostmethodandequityinvestments.
Cash Flows from Financing Activities:
YearsendedDecember31
(Millions) 2015 2014 2013
Changeinshort-termdebt—net $ 860 $ 27 $ (2)
Repaymentofdebt(maturitiesgreaterthan90days) (800) (1,625) (859)
Proceedsfromdebt(maturitiesgreaterthan90days) 3,422 2,608 824
Totalcashchangeindebt $ 3,482 $ 1,010 $ (37)
Purchasesoftreasurystock (5,238) (5,652) (5,212)
Proceedsfromissuancesoftreasurystockpursuanttostockoptionand
benefitplans 635 968 1,609
Dividendspaidtostockholders (2,561) (2,216) (1,730)
Excesstaxbenefitsfromstock-basedcompensation 154 167 92
Purchaseofnoncontrollinginterest — (861) —
Other—net (120) (19) 32
Netcashusedinfinancingactivities $ (3,648) $ (6,603) $ (5,246)
Totaldebtwas$10.8billionatDecember31,2015,$6.8billionatDecember31,2014,and$6.0billionatDecember31,2013.
Totaldebtwas48percentoftotalcapital(totalcapitalisdefinedasdebtplusequity)atyear-end2015,34percentoftotalcapitalat
year-end2014,and25percentoftotalcapitalatyear-end2013.
Inboth2015and2014,thechangeinshort-termdebtprimarilyrelatedtobankborrowingsbyinternationalsubsidiaries,primarily
JapanandKoreain2015.In2015,repaymentofdebtprimarilyrelatedtodebtassumed(andpaidoff)aspartoftheCapitalSafety
acquisition(refertoNote2).In2014,repaymentofdebtprimarilyincludesrepaymentofaEurobondinJuly2014totaling1.025
billionEuros(approximately$1.4billioncarryingvalue),repaymentofthethree-year66millionBritishPoundcommittedcredit
facilityagreemententeredintoinDecember2012,andrepaymentofotherinternationaldebt.In2013,repaymentofdebtrelatedto
theAugust2013repaymentof$850million(principalamount)ofmedium-termnotes.
In2015,proceedsfromdebtprimarilyrelatedtotheMay2015issuanceof650millionEurosaggregateprincipalamountoffive-year
floatingratemedium-termnotesdue2020,600millionEurosaggregateprincipalamountofeight-yearfixedratemedium-termnotes
due2023,and500millionEurosaggregateprincipalamountoffifteen-yearfixedratemedium-
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