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ConsolidatedStatementofCashFlows
3MCompanyandSubsidiaries
YearsendedDecember31
(Millions) 2015 2014 2013
CashFlowsfromOperatingActivities
Netincomeincludingnoncontrollinginterest $ 4,841 $ 4,998 $ 4,721
Adjustmentstoreconcilenetincomeincludingnoncontrollinginteresttonet
cashprovidedbyoperatingactivities
Depreciationandamortization 1,435 1,408 1,371
Companypensionandpostretirementcontributions (267) (215) (482)
Companypensionandpostretirementexpense 556 391 553
Stock-basedcompensationexpense 276 280 240
Deferredincometaxes 395 (146) (167)
Excesstaxbenefitsfromstock-basedcompensation (154) (167) (92)
Changesinassetsandliabilities
Accountsreceivable (58) (268) (337)
Inventories 3 (113) (86)
Accountspayable 9 75 16
Accruedincometaxes(currentandlong-term) (744) 206 206
Other—net 128 177 (126)
Netcashprovidedbyoperatingactivities 6,420 6,626 5,817
CashFlowsfromInvestingActivities
Purchasesofproperty,plantandequipment(PP&E) (1,461) (1,493) (1,665)
ProceedsfromsaleofPP&Eandotherassets 33 135 128
Acquisitions,netofcashacquired (2,914) (94) —
Purchasesofmarketablesecuritiesandinvestments (652) (1,280) (4,040)
Proceedsfrommaturitiesandsaleofmarketablesecuritiesandinvestments 1,952 2,034 4,667
Proceedsfromsaleofbusinesses 123 — 8
Otherinvesting 102 102 46
Netcashusedininvestingactivities (2,817) (596) (856)
CashFlowsfromFinancingActivities
Changeinshort-termdebt—net 860 27 (2)
Repaymentofdebt(maturitiesgreaterthan90days) (800) (1,625) (859)
Proceedsfromdebt(maturitiesgreaterthan90days) 3,422 2,608 824
Purchasesoftreasurystock (5,238) (5,652) (5,212)
Proceedsfromissuanceoftreasurystockpursuanttostockoptionand
benefitplans 635 968 1,609
Dividendspaidtoshareholders (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)
Effectofexchangeratechangesoncashandcashequivalents (54) (111) (17)
Netincrease(decrease)incashandcashequivalents (99) (684) (302)
Cashandcashequivalentsatbeginningofyear 1,897 2,581 2,883
Cashandcashequivalentsatendofperiod $ 1,798 $ 1,897 $ 2,581
TheaccompanyingNotestoConsolidatedFinancialStatementsareanintegralpartofthisstatement.
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