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42
Consolidated Statement of Changes in Stockholders’ Equity and Comprehensive Income
3M Company and Subsidiaries
Common Accumulated
Stock and Other
Capital Comprehensive
(Dollars in millions, in Excess Retained Treasury Unearned Income
except per share amounts) Total of Par Earnings Stock Compensation (Loss)
Balance at December 31, 2001 $6,086 $296 $11,914 $(4,633) $(286) $ (1,205)
Net income 1,974 1,974
Cumulative translation adjustment – net
of $14 million tax benefit 294 294
Minimum pension liability adjustment –
net of $666 million tax benefit (1,056)
(1,056)
Debt and equity securities, unrealized
loss – net of $6 million tax benefit (11) (11)
Derivative financial instruments, unrealized
loss – net of $28 million tax benefit (48) (48)
Total comprehensive income 1,153
Dividends paid ($1.24 per share) (968) (968)
Amortization of unearned compensation 28 28
Reacquired stock (15.8 million shares) (942) (942)
Issuances pursuant to stock option
and benefit plans (13.6 million shares) 601 (172) 773
Issuances pursuant to acquisitions,
(0.6 million shares) 35 35
Balance at December 31, 2002 5,993 296 12,748 (4,767) (258) (2,026)
Net income 2,403 2,403
Cumulative translation adjustment – net
of $16 million tax benefit 650 650
Minimum pension liability adjustment –
net of $84 million tax benefit (173)
(173)
Debt and equity securities, unrealized
gain – net of $1 million tax provision 1 1
Derivative financial instruments –
unrealized loss – net of $3 million tax benefit (6) (6)
Total comprehensive income 2,875
Dividends paid ($1.32 per share) (1,034) (1,034)
Amortization of unearned compensation 32 32
Reacquired stock (9.7 million shares) (685) (685)
Issuances pursuant to stock option
and benefit plans (13.4 million shares) 704 (107) 811
Balance at December 31, 2003 7,885 296 14,010 (4,641) (226) (1,554)
Net income 2,990 2,990
Cumulative translation adjustment – net
of $7 million tax benefit 490 490
Minimum pension liability adjustment –
net of $731 million tax provision 1,193
1,193
Debt and equity securities -- --
Derivative financial instruments –
unrealized gain – net of $3 million tax provision 3 3
Total comprehensive income 4,676
Dividends paid ($1.44 per share) (1,125) (1,125)
Amortization of unearned compensation 30 30
Reacquired stock (22.0 million shares) (1,791) (1,791)
Issuances pursuant to stock option
and benefit plans (10.9 million shares) 660 (226) 886
Issuances pursuant to acquisitions
(0.5 million shares) 43 43
Balance at December 31, 2004 $10,378 $296 $15,649 $(5,503) $(196) $ 132
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.