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Table of Contents

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2012

 

Commission file number:  1-3285

 

3M COMPANY

(Exact name of registrant as specified in its charter)

 

DELAWARE

 

41-0417775

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

3M Center, St. Paul, Minnesota

 

55144

(Address of principal executive offices)

 

(Zip Code)

 

(651) 733-1110

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x  No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x

 

Accelerated filer o

 

 

 

Non-accelerated filer o (Do not check if a smaller reporting company)

 

Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at March 31, 2012

Common Stock, $0.01 par value per share

 

693,872,048 shares

 

This document (excluding exhibits) contains 65 pages.

The table of contents is set forth on page 2.

The exhibit index begins on page 62.

 

 

 



Table of Contents

 

3M COMPANY

Form 10-Q for the Quarterly Period Ended March 31, 2012

TABLE OF CONTENTS

 

 

 

BEGINNING
PAGE

PART I

FINANCIAL INFORMATION

 

 

 

 

ITEM 1.

Financial Statements

 

 

 

 

 

Index to Financial Statements:

 

 

Consolidated Statement of Income

3

 

Consolidated Statement of Comprehensive Income

4

 

Consolidated Balance Sheet

5

 

Consolidated Statement of Cash Flows

6

 

Notes to Consolidated Financial Statements

 

 

Note 1.   Significant Accounting Policies

7

 

Note 2.   Acquisitions

9

 

Note 3.   Goodwill and Intangible Assets

10

 

Note 4.   Supplemental Equity and Comprehensive Income Information

12

 

Note 5.   Income Taxes

14

 

Note 6.   Marketable Securities

15

 

Note 7.   Pension and Postretirement Benefit Plans

17

 

Note 8.  Derivatives

18

 

Note 9.  Fair Value Measurements

23

 

Note 10. Commitments and Contingencies

27

 

Note 11. Stock-Based Compensation

35

 

Note 12. Business Segments

39

 

Report of Independent Registered Public Accounting Firm

40

 

 

 

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

Index to Management’s Discussion and Analysis:

 

 

Overview

41

 

Results of Operations

43

 

Performance by Business Segment

46

 

Financial Condition and Liquidity

51

 

Cautionary Note Concerning Factors That May Affect Future Results

55

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

56

 

 

 

ITEM 4.

Controls and Procedures

58

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

ITEM 1.

Legal Proceedings

59

 

 

 

ITEM 1A.

Risk Factors

59

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

 

 

 

ITEM 3.

Defaults Upon Senior Securities

61

 

 

 

ITEM 4.

Mine Safety Disclosures

61

 

 

 

ITEM 5.

Other Information

61

 

 

 

ITEM 6.

Exhibits

62

 

2



Table of Contents

 

3M COMPANY

FORM 10-Q

For the Quarterly Period Ended March 31, 2012

PART I.  Financial Information

 

Item 1.  Financial Statements.

 

3M Company and Subsidiaries

Consolidated Statement of Income

(Unaudited)

 

 

 

Three months ended

 

 

 

March 31,

 

(Millions, except per share amounts) 

 

2012

 

2011

 

Net sales

 

$

7,486

 

$

7,311

 

Operating expenses

 

 

 

 

 

Cost of sales

 

3,889

 

3,802

 

Selling, general and administrative expenses

 

1,552

 

1,533

 

Research, development and related expenses

 

411

 

398

 

Total operating expenses

 

5,852

 

5,733

 

Operating income

 

1,634

 

1,578

 

 

 

 

 

 

 

Interest expense and income

 

 

 

 

 

Interest expense

 

40

 

43

 

Interest income

 

(9

)

(10

)

Total interest expense — net

 

31

 

33

 

 

 

 

 

 

 

Income before income taxes

 

1,603

 

1,545

 

Provision for income taxes

 

462

 

442

 

Net income including noncontrolling interest

 

$

1,141

 

$

1,103

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

16

 

22

 

 

 

 

 

 

 

Net income attributable to 3M

 

$

1,125

 

$

1,081

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding — basic

 

696.8

 

711.5

 

Earnings per share attributable to 3M common shareholders — basic

 

$

1.61

 

$

1.52

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding — diluted

 

706.1

 

726.4

 

Earnings per share attributable to 3M common shareholders — diluted

 

$

1.59

 

$

1.49

 

 

 

 

 

 

 

Cash dividends paid per 3M common share

 

$

0.59

 

$

0.55

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

 

3



Table of Contents

 

3M Company and Subsidiaries

Consolidated Statement of Comprehensive Income

(Unaudited)

 

 

 

Three months ended

 

 

 

March 31,

 

(Millions)

 

2012

 

2011

 

Net income including noncontrolling interest

 

$

1,141

 

$

1,103

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

Cumulative translation adjustment

 

134

 

242

 

Defined benefit pension and postretirement plans adjustment

 

97

 

76

 

Debt and equity securities, unrealized gain (loss)

 

3

 

(1

)

Cash flow hedging instruments, unrealized gain (loss)

 

(15

)

(17

)

Total other comprehensive income (loss), net of tax

 

219

 

300

 

Comprehensive income (loss) including noncontrolling interest

 

1,360

 

1,403

 

Comprehensive (income) loss attributable to noncontrolling interest

 

5

 

(16

)

Comprehensive income (loss) attributable to 3M

 

$

1,365

 

$

1,387

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

 

4



Table of Contents

 

3M Company and Subsidiaries

Consolidated Balance Sheet

(Unaudited)

 

 

 

March 31,

 

December 31,

 

(Dollars in millions, except per share amount)

 

2012

 

2011

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

2,332

 

$

2,219

 

Marketable securities — current

 

1,399

 

1,461

 

Accounts receivable — net

 

4,323

 

3,867

 

Inventories

 

 

 

 

 

Finished goods

 

1,609

 

1,536

 

Work in process

 

1,112

 

1,061

 

Raw materials and supplies

 

840

 

819

 

Total inventories

 

3,561

 

3,416

 

Other current assets

 

1,238

 

1,277

 

Total current assets

 

12,853

 

12,240

 

 

 

 

 

 

 

Marketable securities — non-current

 

763

 

896

 

Investments

 

160

 

155

 

Property, plant and equipment

 

21,484

 

21,166

 

Less: Accumulated depreciation

 

(13,729

)

(13,500

)

Property, plant and equipment — net

 

7,755

 

7,666

 

Goodwill

 

7,090

 

7,047

 

Intangible assets — net

 

1,865

 

1,916

 

Prepaid pension benefits

 

43

 

40

 

Other assets

 

1,486

 

1,656

 

Total assets

 

$

32,015

 

$

31,616

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

 

 

 

Short-term borrowings and current portion of long-term debt

 

$

664

 

$

682

 

Accounts payable

 

1,779

 

1,643

 

Accrued payroll

 

473

 

676

 

Accrued income taxes

 

423

 

355

 

Other current liabilities

 

2,069

 

2,085

 

Total current liabilities

 

5,408

 

5,441

 

 

 

 

 

 

 

Long-term debt

 

4,510

 

4,484

 

Pension and postretirement benefits

 

3,686

 

3,972

 

Other liabilities

 

1,792

 

1,857

 

Total liabilities

 

$

15,396

 

$

15,754

 

 

 

 

 

 

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

3M Company shareholders’ equity:

 

 

 

 

 

Common stock par value, $.01 par value, 944,033,056 shares issued

 

$

9

 

$

9

 

Additional paid-in capital

 

3,894

 

3,767

 

Retained earnings

 

28,858

 

28,348

 

Treasury stock, at cost: 250,161,008 shares at March 31, 2012; 249,063,015 shares at December 31, 2011

 

(11,794

)

(11,679

)

Accumulated other comprehensive income (loss)

 

(4,785

)

(5,025

)

Total 3M Company shareholders’ equity

 

16,182

 

15,420

 

Noncontrolling interest

 

437

 

442

 

Total equity

 

$

16,619

 

$

15,862

 

Total liabilities and equity

 

$

32,015

 

$

31,616

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

 

5



Table of Contents

 

3M Company and Subsidiaries

Consolidated Statement of Cash Flows

(Unaudited)

 

 

 

Three months ended

 

 

 

March 31,

 

(Millions)

 

2012

 

2011

 

Cash Flows from Operating Activities

 

 

 

 

 

Net income including noncontrolling interest

 

$

1,141

 

$

1,103

 

Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities

 

 

 

 

 

Depreciation and amortization

 

313

 

289

 

Company pension and postretirement contributions

 

(337

)

(61

)

Company pension and postretirement expense

 

180

 

135

 

Stock-based compensation expense

 

103

 

116

 

Deferred income taxes

 

44

 

3

 

Excess tax benefits from stock-based compensation

 

(28

)

(15

)

Changes in assets and liabilities

 

 

 

 

 

Accounts receivable

 

(431

)

(469

)

Inventories

 

(96

)

(180

)

Accounts payable

 

118

 

80

 

Accrued income taxes (current and long-term)

 

221

 

137

 

Product and other insurance receivables and claims

 

(74

)

(39

)

Other — net

 

(326

)

(366

)

Net cash provided by operating activities

 

828

 

733

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

Purchases of property, plant and equipment (PP&E)

 

(261

)

(231

)

Proceeds from sale of PP&E and other assets

 

4

 

2

 

Acquisitions, net of cash acquired

 

 

(471

)

Purchases of marketable securities and investments

 

(900

)

(757

)

Proceeds from sale of marketable securities and investments

 

539

 

363

 

Proceeds from maturities of marketable securities

 

574

 

376

 

Other investing

 

1

 

(6

)

Net cash used in investing activities

 

(43

)

(724

)

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

Change in short-term debt — net

 

(18

)

12

 

Repayment of debt (maturities greater than 90 days)

 

(15

)

(104

)

Proceeds from debt (maturities greater than 90 days)

 

6

 

107

 

Purchases of treasury stock

 

(524

)

(680

)

Proceeds from issuance of treasury stock pursuant to stock option and benefit plans

 

213

 

378

 

Dividends paid to shareholders

 

(410

)

(392

)

Excess tax benefits from stock-based compensation

 

28

 

15

 

Other — net

 

(2

)

(33

)

Net cash used in financing activities

 

(722

)

(697

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

50

 

58

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

113

 

(630

)

Cash and cash equivalents at beginning of year

 

2,219

 

3,377

 

Cash and cash equivalents at end of period

 

$

2,332

 

$

2,747

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

 

6



Table of Contents

 

3M Company and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

 

NOTE 1.  Significant Accounting Policies

 

Basis of Presentation

 

The interim consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of results for the full year. The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its 2011 Annual Report on Form 10-K.

 

Effective with 3M’s second-quarter 2011 Form 10-Q, the Company revised the amounts previously presented for cash used in investing activities and cash used in financing activities during the three months ended March 31, 2011 by $33 million. This related to purchases of additional shares (noncontrolling interest) of non-wholly owned consolidated subsidiaries. These immaterial revisions increased cash used in financing activities and decreased cash used in investing activities.

 

Earnings Per Share

 

The difference in the weighted average 3M shares outstanding for calculating basic and diluted earnings per share attributable to 3M common shareholders is a result of the dilution associated with the Company’s stock-based compensation plans. Certain options outstanding under these stock-based compensation plans were not included in the computation of diluted earnings per share attributable to 3M common shareholders because they would not have had a dilutive effect (19.2 million average options for the three months ended March 31, 2012 and 3.6 million average options for the three months ended March 31, 2011). The computations for basic and diluted earnings per share follow:

 

7



Table of Contents

 

Earnings Per Share Computations

 

 

 

Three months ended

 

 

 

March 31,

 

(Amounts in millions, except per share amounts)

 

2012

 

2011

 

Numerator:

 

 

 

 

 

Net income attributable to 3M

 

$

1,125

 

$

1,081

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Denominator for weighted average 3M common shares outstanding — basic

 

696.8

 

711.5

 

 

 

 

 

 

 

Dilution associated with the Company’s stock-based compensation plans

 

9.3

 

14.9

 

 

 

 

 

 

 

Denominator for weighted average 3M common shares outstanding — diluted

 

706.1

 

726.4

 

 

 

 

 

 

 

Earnings per share attributable to 3M common shareholders — basic

 

$

1.61

 

$

1.52

 

Earnings per share attributable to 3M common shareholders — diluted

 

$

1.59

 

$

1.49

 

 

New Accounting Pronouncements

 

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updated (ASU) No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This standard clarifies guidance on how to measure fair value and is largely consistent with existing fair value measurement principles. The ASU also expands existing disclosure requirements for fair value measurements and makes other amendments. For 3M, this ASU was effective prospectively beginning January 1, 2012. The adoption of this standard did not have a material impact on 3M’s consolidated results of operations or financial condition.

 

In September 2011, the FASB issued ASU No. 2011-08, Testing Goodwill for Impairment. Under this new standard, entities testing goodwill for impairment now have an option of performing a qualitative assessment before having to calculate the fair value of a reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. For 3M, this ASU was effective beginning January 1, 2012, with early adoption permitted under certain conditions. The adoption of this standard did not have a material impact on 3M’s consolidated results of operations or financial condition.

 

In December 2011, the FASB issued ASU No. 2011-11, Disclosures About Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. Certain disclosures of the amounts of certain instruments subject to enforceable master netting arrangements or similar agreements would be required, irrespective of whether the entity has elected to offset those instruments in the statement of financial position. For 3M, the ASU is effective January 1, 2013 with retrospective application required. Since this standard impacts disclosure requirements only, its adoption will not have a material impact on 3M’s consolidated results of operations or financial condition.

 

8



Table of Contents

 

NOTE 2.  Acquisitions

 

3M makes acquisitions of certain businesses from time to time that the Company feels align with its strategic intent with respect to, among other factors, growth markets and adjacent product lines or technologies. Goodwill resulting from business combinations is largely attributable to the existing workforce of the acquired businesses and synergies expected to arise after 3M’s acquisition of these businesses. In addition to business combinations, 3M periodically acquires certain tangible and/or intangible assets and purchases interests in certain enterprises that do not otherwise qualify for accounting as business combinations. These transactions are largely reflected as additional asset purchase and investment activity.

 

During the three months ended March 31, 2012, 3M did not complete any business combinations. Adjustments in the first quarter of 2012 to the preliminary purchase price allocations of other acquisitions within the allocation period were not material and related to the 2011 acquisitions of Wintherthur Technologie AG and the business acquired from GPI Group. The allocation of purchase price related to the business purchased from GPI Group in October 2011 is considered preliminary, largely with respect to certain acquired intangible assets and tax-related assets and liabilities. Refer to Note 2 in 3M’s 2011 Annual Report on Form 10-K for more information on 3M’s 2011 acquisitions.

 

In December 2011, 3M entered into a definitive agreement to acquire the Office and Consumer Products business of Avery Dennison Corp. for a total purchase price of approximately $550 million, subject to certain adjustments. The Office and Consumer Products business of Avery Dennison is a leading supplier of office and education products, including labels, binders, presentation products, filing and indexing products, writing instruments, and other office and home organization products. The transaction is expected to be completed in the second half of 2012, subject to customary closing conditions including any necessary regulatory approvals.

 

9



Table of Contents

 

NOTE 3.  Goodwill and Intangible Assets

 

No acquisitions closed during the three months ended March 31, 2012. The acquisition activity in the following table includes the net impacts of adjustments to the preliminary allocation of purchase price for prior year acquisitions, which increased goodwill by $12 million. The amounts in the “Translation and other” column in the following table primarily relate to changes in foreign currency exchange rates. The goodwill balance by business segment as of December 31, 2011 and March 31, 2012, follow:

 

Goodwill

 

 

 

December 31, 2011

 

Acquisition

 

Translation

 

March 31, 2012

 

(Millions)

 

Balance

 

activity

 

and other

 

Balance

 

Industrial and Transportation

 

$

1,961

 

$

6

 

$

26

 

$

1,993

 

Health Care

 

1,514

 

 

5

 

1,519

 

Consumer and Office

 

228

 

6

 

3

 

237

 

Safety, Security and Protection Services

 

1,675

 

 

4

 

1,679

 

Display and Graphics

 

993

 

 

(8

)

985

 

Electro and Communications

 

676

 

 

1

 

677

 

Total Company

 

$

7,047

 

$

12

 

$

31

 

$

7,090

 

 

Accounting standards require that goodwill be tested for impairment annually and between annual tests in certain circumstances such as a change in reporting units or the testing of recoverability of a significant asset group within a reporting unit. At 3M, reporting units generally correspond to a division.

 

Effective in the first quarter of 2012, 3M made certain product moves across divisions within its business segments, but none were across business segments. For any product moves that resulted in reporting unit changes, the Company applied the relative fair value method to determine the impact on goodwill of the associated reporting units. In addition, during the first quarter of 2012, the Company completed its assessment of any potential goodwill impairment for reporting units impacted by this new structure and determined that no impairment existed.

 

Acquired Intangible Assets

 

3M did not complete any business combinations during the three months ended March 31, 2012. As a result, balances of acquired intangible assets were primarily impacted by changes in foreign currency exchange rates. The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets, as of March 31, 2012, and December 31, 2011, follow:

 

 

 

March 31,

 

December 31,

 

(Millions)

 

2012

 

2011

 

Patents

 

$

564

 

$

561

 

Other amortizable intangible assets (primarily tradenames and customer related intangibles)

 

2,251

 

2,323

 

Total gross carrying amount

 

$

2,815

 

$

2,884

 

 

 

 

 

 

 

Accumulated amortization — patents

 

(385

)

(374

)

Accumulated amortization — other

 

(690

)

(717

)

Total accumulated amortization

 

$

(1,075

)

$

(1,091

)

 

 

 

 

 

 

Total finite-lived intangible assets — net

 

$

1,740

 

$

1,793

 

 

 

 

 

 

 

Non-amortizable intangible assets (tradenames)

 

125

 

123

 

Total intangible assets — net

 

$

1,865

 

$

1,916

 

 

10



Table of Contents

 

Amortization expense for acquired intangible assets for the three months ended March 31, 2012 and 2011 follows:

 

 

 

Three months ended

 

 

 

March 31,

 

(Millions)

 

2012

 

2011

 

Amortization expense

 

$

58

 

$

54

 

 

The table below shows expected amortization expense for acquired amortizable intangible assets recorded as of March 31, 2012:

 

 

 

Remainder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of

 

 

 

 

 

 

 

 

 

 

 

After

 

 

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2017

 

Amortization expense

 

$

170

 

$

214

 

$

191

 

$

178

 

$

166

 

$

152

 

$

669

 

 

The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, accelerated amortization of intangible assets and other events. 3M expenses the costs incurred to renew or extend the term of intangible assets.

 

11



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NOTE 4.  Supplemental Equity and Comprehensive Income Information

Consolidated Statement of Changes in Equity

 

Three months ended March 31, 2012

 

 

 

3M Company Shareholders

 

 

 

(Millions) 

 

Total

 

Common
Stock and
Additional
Paid-in
Capital

 

Retained
Earnings

 

Treasury
Stock

 

Accumulated
Other
Comprehen-
sive Income
(Loss)

 

Non-
controlling
Interest

 

Balance at December 31, 2011

 

$

15,862

 

$

3,776

 

$

28,348

 

$

(11,679

)

$

(5,025

)

$

442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

1,141

 

 

 

1,125

 

 

 

 

 

16

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative translation adjustment

 

134

 

 

 

 

 

 

 

155

 

(21

)

Defined benefit pension and post-retirement plans adjustment

 

97

 

 

 

 

 

 

 

97

 

 

Debt and equity securities - unrealized gain (loss)

 

3

 

 

 

 

 

 

 

3

 

 

Cash flow hedging instruments - unrealized gain (loss)

 

(15

)

 

 

 

 

 

 

(15

)

 

Total other comprehensive income (loss), net of tax

 

219

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

 

(410

)

 

 

(410

)

 

 

 

 

 

 

Stock-based compensation, net of tax impacts

 

127

 

127

 

 

 

 

 

 

 

 

 

Reacquired stock

 

(534

)

 

 

 

 

(534

)

 

 

 

 

Issuances pursuant to stock option and benefit plans

 

214

 

 

 

(205

)

419

 

XSWX:MMM 3M Co Quarterly Report 10-Q Filling

3M Co XSWX:MMM Stock - Get Quarterly Report SEC Filing of 3M Co XSWX:MMM stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

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XSWX:MMM 3M Co Quarterly Report 10-Q Filing - 3/31/2012
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