3M 2004 Annual Report Download

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3
2004 Annual Report
INNOVATE, GROW, DELIVER

Table of contents

  • Page 1
    3 2004 Annual Report INNOVATE, GROW, DELIVER

  • Page 2
    ... per share: Cash from operating activities: $20.0 billion, up 9.8% $4.6 billion, up 23.3% $3.0 billion, up 24.4% $3.75, up 24.2% $4.3 billion, up 13.5% Stock Performance (with dividend reinvestment)* 200 180 160 140 120 100 80 60 40 1999 2000 2001 2002 2003 2004 DJIA S&P 500 3M Net Sales (billions...

  • Page 3
    ... projects related to our corporate initiatives increased operating profit by more than $400 million. Broad-based growth A rejuvenated culture of accountability is reinforcing the delivery of broad-based business results. All seven of our businesses contributed to our sales growth in 2004. And...

  • Page 4
    ...3M business model. A culture of customer-inspired innovation is at the core of this business model. Our people apply multiple technologies to a broad spectrum of markets, and they continue to transform the process of innovation - from idea creation to successful product commercialization - by making...

  • Page 5
    ... of a product supplier. We come to be appreciated as a valued business partner, as well. During the year, we attained our goal, set in 2001, of training more than 36,000 salaried employees worldwide in the Six Sigma way of doing business. Leadership development I fundamentally believe that a company...

  • Page 6
    Our new-product pipeline: $5.5 billion of total sales expected from 2005 to 2007 4 innovate, grow, deliver

  • Page 7
    ... executives worldwide, ranked 3M as the most innovative company in the world. To ensure that innovation remains a hallmark of 3M and to get the best possible return on our sizable investment in research and development, we've established a company-wide, data-driven method for generating new products...

  • Page 8
    More than 400 Six Sigma projects with customers, including automakers 6 innovate, grow, deliver

  • Page 9
    ...Six Sigma program with this customer, focused on improving its manufacturing processes and on enhancing its new-vehicle designs. We also teamed up with a major U.S. retailer, using Six Sigma tools to help improve its merchandising and supply-chain management, thereby enhancing this company's success...

  • Page 10
    International profits up 30%, following a 33% increase in 2003 8 innovate, grow, deliver

  • Page 11
    ... are 3M operations in Poland, Russia and Turkey. The diversity of our product lines and our local presence enable us to meet a broad range of country needs - from traffic signage and health care to home maintenance and Post-it ® Products for offices and homes. EXPANDING GLOBALLY innovate, grow...

  • Page 12
    Powerful brands: a key contributor to our success 10 innovate, grow, deliver

  • Page 13
    ... that strong brands sustain and build business and are a major contributor to a company's ongoing success. In today's competitive environment, our brands are a key asset. They have earned customer trust and this, in turn, generates consistent growth. Around the world, the 3M brand has come to be...

  • Page 14
    Our people: united by a deep-rooted commitment to produce strong results 12 innovate, grow, deliver

  • Page 15
    ... and managers - the people who are the first line of support for all of our employees - we conduct wide-ranging training using a blend of classroom and online learning. We also provide many e-learning resources, which are available to employees any time, any place. A high-performing culture...

  • Page 16
    ... products from 3M locations around the world. In 2004, 3M and the 3M Foundation contributed more than $48 million in support of education, social services and the environment in communities where 3M employees live and work. 2004 was the third consecutive record-breaking year of giving to the United...

  • Page 17
    ... U.S. Environmental Protection Agency and the U.S. Department of Energy. 3M was singled out in the business and energy management category for integrating energy management into the company's overall operational strategies. Our Life Cycle Management process is applied to new products on a worldwide...

  • Page 18
    ... supply chain efficiencies, customer service and growth. (Millions) 2004 2003 % change Every day, 3M people find ways to make life better and easier for people around the world. We serve customers through seven business segments, which increase speed and efficiency by sharing technological...

  • Page 19
    ...other corporate initiatives. • Our Optical Systems Division, one of 3M's largest and fastestgrowing businesses, turned in another stellar performance. • Our commercial graphics and traffic safety systems businesses also achieved solid results. • All of our new-product development programs now...

  • Page 20
    ... Our innovative products and services also help increase efficiency in the delivery of patient care. We successfully compete in multiple market segments, including medical and surgical products, pharmaceuticals, dental and orthodontic products, health information systems, and personal care products...

  • Page 21
    ... and channel partners, responded quickly to the devastation wrought by hurricanes, volcanic eruptions and other disasters, providing personal safety products, window glazing protection and other help. • Continued to expand our partnership with complementary 3M businesses to maximize the company...

  • Page 22
    ... Information Cash dividends paid $ 1,125 Per share 1.44 Stock price at year-end 82.07 Total assets 20,708 Long-term debt (excluding current portion) 727 Capital expenditures 937 Depreciation and amortization 999 Research, development and related expenses 1,143 Number of employees at year-end...

  • Page 23
    ..., Human Resources Joe E. Harlan Executive Vice President, Electro and Communications Business Jay V. Ihlenfeld Senior Vice President, Research and Development Steven J. Landwehr Executive Vice President, Transportation Business Jean Lobey Executive Vice President, Safety, Security and Protection...

  • Page 24
    ... Innovation Center Sandra K. Tokach Aerospace and Aircraft Maintenance Health Care Business Patrick Deconinck Personal Care and Related Products Thomas R. Engels 3M ESPE David S. June Research and Development, Pharmaceuticals Barry A. Labinger Pharmaceuticals Nancy A. Larson Health Information...

  • Page 25
    ...Gahlon Public Relations and Corporate Communications Gary L. Griswold Office of Intellectual Property Counsel, 3M Innovative Properties Company Tim R. Hoffmann Administrative Services Paul C. Husby Supply Chain Services and Operations Roger H. D. Lacey eBusiness and Corporate Planning and Strategy...

  • Page 26

  • Page 27
    ...] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2004 Commission file number 1-3285 3M COMPANY State of Incorporation: Delaware I.R.S. Employer Identification No. 41-0417775 Principal executive offices: 3M Center, St. Paul...

  • Page 28
    ... Other Information Directors and Executive Officers of the Registrant Executive Compensation Security Ownership of Certain Beneficial Owners and Management Certain Relationships and Related Transactions Principal Accounting Fees and Services 74 74 75 75 75 Exhibits, Financial Statement Schedules...

  • Page 29
    ... Statements. 3M manages its operations in seven operating business segments: Health Care; Industrial; Display and Graphics; Consumer and Office; Safety, Security and Protection Services; Electro and Communications; and Transportation. 3M's seven business segments bring together common or related 3M...

  • Page 30
    ..., specialty materials and supply chain execution software solutions. Major product lines include vinyl, polyester, foil and specialty industrial tapes and adhesives; Scotch® Masking Tape, Scotch® Filament Tape and Scotch® Packaging Tape; packaging equipment; 3M™ VHB™ Bonding Tapes; conductive...

  • Page 31
    ...; 3Mâ„¢ Scotchtintâ„¢ Window Film for buildings; 3Mâ„¢ Scotchshieldâ„¢ Ultra Safety and Security Film for property; nonwoven abrasive materials for floor maintenance and commercial cleaning; floor matting; and natural and colorcoated mineral granules for asphalt shingles. In March 2004, 3M completed...

  • Page 32
    ... in "Performance by Business Segment" - "Health Care Business" and "Display and Graphics Business" in Part II, Item 7, of this Form 10-K. In 2004, the Company experienced both price increases and supply limitations affecting several oil-derived raw materials, but to date the Company is receiving...

  • Page 33
    ... officer. Year Elected to Present Position 2001 Other Positions Held During 2000-2005 President and CEO, General Electric Aircraft Engines, Cincinnati, Ohio, 1997-2000 Vice President, Finance, General Motors Europe, Zurich, Switzerland, 2001-2002 Executive Director, Investor Relations and Worldwide...

  • Page 34
    ...'s general offices, corporate research laboratories, and certain division laboratories are located in St. Paul, Minnesota. In the United States, 3M has 15 sales offices in 12 states and operates 58 manufacturing facilities in 22 states. Internationally, 3M has 174 sales offices. The Company operates...

  • Page 35
    ... quarter of 2004 and one was filed in January 2005). These cases allege that the Company competed unfairly and unlawfully monopolized alleged markets for transparent tape, and they seek to recover on behalf of variously defined classes of direct and indirect purchasers damages in the form of price...

  • Page 36
    ....5 million jury verdict adverse to the Company that was returned in Holmes County, Mississippi, in 2001. The Supreme Court ruled, in part, that the plaintiffs failed to prove any claim against the Company's respiratory products and in effect that the trial judge should not have submitted the case to...

  • Page 37
    ... updates, policies relating to environmental standards of performance for its operations worldwide. Remediation: Under certain environmental laws, including the United States Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state laws, the Company may be...

  • Page 38
    ... Barrel's drum reconditioning operations. The plaintiffs also assert that a class should be certified on behalf of all persons similarly situated. A separate wrongful death lawsuit was filed in the Circuit Court of Cook County, Illinois, against 3M and a number of other companies on behalf of the...

  • Page 39
    ...liabilities. Breast Implant Insurance Receivables: As of December 31, 2004, the Company had receivables for insurance recoveries related to the breast implant matter of $278 million, representing amounts covered by the Minnesota Supreme Court's ruling of August, 2003, against the insurers but yet to...

  • Page 40
    ... was the case with receivables recorded prior to 2004, primarily because of varying degrees of prior settlements at higher levels of the Company's insurance coverage, insolvencies of certain insurers, uncertainties concerning the precise manner of assigning particular costs to specific policies, and...

  • Page 41
    ... further information develops or circumstances change. The Company expects that it will pay the amounts recorded over the periods of remediation for the applicable sites, currently ranging up to 30 years. Amounts expensed for environmental remediation activities were not material at these locations...

  • Page 42
    ...of the Company's common stock between January 1, 2005 and January 31, 2006. Issuer Purchases of Equity Securities (registered pursuant to Section 12 of the Exchange Act) (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1,742,100 2,059,000 1,288,700 5,089,800 1,257...

  • Page 43
    ... securities. 2000 includes net losses that reduced operating income by $23 million ($15 million after tax), or 2 cents per diluted share, related to charges recorded for the Company's phase-out of its perfluorooctanyl-based chemistry products, a write-down of certain corporate and unallocated assets...

  • Page 44
    ... Oper. Income 9.3% 44.5% 27.8% 17.9% 12.3% 14.1% 10.1% 2004 (Dollars in millions) Business Segments Health Care Industrial Display and Graphics Consumer and Office Safety, Security and Protection Services Electro and Communications Transportation Corporate and Unallocated Total Company Net Sales...

  • Page 45
    ... flow. Global Sourcing Effectiveness generates savings by leveraging purchasing economies of scale, encouraging competition among suppliers, geographic broadening and e-applications. Through its 3M Acceleration initiative, the Company is driving toward more and better new product ideas and faster...

  • Page 46
    ... in the last 12 months) was led by display enhancement films, broad-based growth in most of the Health Care businesses, personal protection products, and growth in products related to construction and home improvement/home care. Acquisitions increased 2003 sales by nearly 2%, driven primarily by the...

  • Page 47
    ...general and administrative expenses ($77 million); and research, development and related expenses ($4 million). The 2001/2002 corporate restructuring program actions were substantially completed by June 30, 2002. The Company estimated incremental savings under this plan of approximately $100 million...

  • Page 48
    ... Notes to the Consolidated Financial Statements. The reportable segments are Health Care; Industrial; Display and Graphics; Consumer and Office; Safety, Security and Protection Services; Electro and Communications; and Transportation. Information related to 3M's business segments is presented in the...

  • Page 49
    ... Operating income (millions) Percent change Percent of sales The Health Care segment serves markets that include medical, surgical, pharmaceutical, dental and orthodontic, health information systems and personal care. Products provided to these markets include medical and surgical supplies, skin...

  • Page 50
    ... and price) Translation Total sales change Operating income (millions) Percent change Percent of sales The Display and Graphics segment serves markets that include electronic display, touch screen, traffic safety and commercial graphics. This segment includes optical film and lens solutions for...

  • Page 51
    ...United States and Europe. Operating income increased 65.8% to $885 million in 2003, driven primarily by local-currency sales growth, production facilities running at high utilization levels and benefits from 3M's corporate initiatives. Consumer and Office Business (14.3% of consolidated sales): 2004...

  • Page 52
    ...products and solutions, along with cleaning and protective products for commercial buildings. 3M's acquisition of Hornell Holding AB, a European-based global supplier of personal safety equipment, added 2.3 percentage points of growth in 2004. Operating income increased 12.3% to $491 million in 2004...

  • Page 53
    ... may not be indicative of end-user consumption in that geography. U.S. 2004 sales growth was led by the Consumer and Office; Safety, Security and Protection Services; and the Industrial businesses. U.S. operating income was down 1%, as higher year-on-year pension expense impacted operating income by...

  • Page 54
    ... States, this would increase production outside the United States, helping to improve customer service and reduce working capital requirements. For 2005, the Company expects to spend approximately $950 million on purchases of property, plant and equipment. CRITICAL ACCOUNTING ESTIMATES Information...

  • Page 55
    ... As a result, the Company's U.S. qualified plan recorded a Prepaid Pension Asset of $1.851 billion. For the year ended December 31, 2004, the Company recognized total consolidated pre-tax pension expense (after settlements, curtailments and special termination benefits) of $325 million, up from $168...

  • Page 56
    ...: Years ended December 31 (Millions) Net income Depreciation and amortization Company pension contributions Company pension expense Income taxes (deferred and accrued income taxes) Accounts receivable Inventories Accounts payable Other - net Net cash provided by operating activities 2004 $ 2,990...

  • Page 57
    ... tax timing benefit relates to the tax benefit received from Company pension contributions. In 2003, 3M made $46 million of payments under the corporate restructuring plan, compared with $306 million in 2002. In the quarter ended September 30, 2004, the Company made a special pension contribution to...

  • Page 58
    ... supplier of personal protective equipment for welding applications, with annual sales of approximately $50 million. In August 2004, 3M acquired 100% of the outstanding shares of Info-X Inc., a U.S. company that provides coding compliance software and data for health care organizations, with annual...

  • Page 59
    ... assets could provide additional liquidity to meet near term obligations, if necessary. At year-end 2004, certain debt agreements ($350 million of dealer remarketable securities and $202 million of ESOP debt) had ratings triggers (BBB-/Baa3 or lower) that would require repayment of debt. The Company...

  • Page 60
    ... ongoing purchase obligations with terms of less than one year. Many of these commitments relate to take or pay contracts, in which 3M guarantees payment to ensure availability of products or services that are sold to customers. The Company expects to receive consideration (products or services) for...

  • Page 61
    ... of future operating or financial performance, events or trends. In particular, these include statements about the Company's strategy for growth, product development, market position, future performance or results of current or anticipated products, interest rates, foreign exchange rates, and the...

  • Page 62
    ... or developments can lead the Company to change current estimates of liabilities and related insurance receivables where applicable, or make such estimates for matters previously not susceptible of reasonable estimates, such as a significant judicial ruling or judgment, significant settlement or...

  • Page 63
    ... Short-Term Borrowings Derivatives and Other Financial Instruments Pension and Postretirement Benefit Plans Commitments and Contingencies Employee Savings and Stock Ownership Plans General Employees' Stock Purchase Plan Management Stock Ownership Program Business Segments Geographic Areas Quarterly...

  • Page 64
    ... statements are properly prepared and fairly presented. The Company's system of internal control is supported by widely communicated written policies, including business conduct policies, which are designed to require all employees to maintain high ethical standards in the conduct of Company...

  • Page 65
    ... of their operations and their cash flows for each of the three years in the period ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company's management. Our responsibility...

  • Page 66
    Consolidated Statement of Income 3M Company and Subsidiaries Years ended December 31 (Millions, except per share amounts) Net sales Operating expenses Cost of sales Selling, general and administrative expenses Research, development and related expenses Other expense Total Operating income Interest ...

  • Page 67
    ... in millions, except per share amount) Assets Current assets Cash and cash equivalents Accounts receivable - net Inventories Other current assets Total current assets Investments Property, plant and equipment - net Goodwill Intangible assets Prepaid pension and postretirement benefits Other assets...

  • Page 68
    ... Company and Subsidiaries Common Stock and Capital in Excess of Par $296 Accumulated Other Comprehensive Income (Loss) $ (1,205) (Dollars in millions, except per share amounts) Balance at December 31, 2001 Net income Cumulative translation adjustment - net of $14 million tax benefit Minimum pension...

  • Page 69
    ...Other current assets Other assets - net of amortization Accrued income taxes Accounts payable Other current liabilities Other liabilities Other - net Net cash provided by operating activities Cash Flows from Investing Activities Purchases of property, plant and equipment (PP&E) Proceeds from sale of...

  • Page 70
    ...Company and subsidiaries unless the context indicates otherwise. Foreign currency translation: Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates...

  • Page 71
    ... primarily include technical support provided to customers for existing products by 3M laboratories. Internal-use software: The Company capitalizes direct costs of materials and services used in the development of internal-use software. Amounts capitalized are amortized on a straight-line basis over...

  • Page 72
    ... in the weighted average shares outstanding for calculating basic and diluted earnings per share is attributable to the dilution associated with the Company's stock-based compensation plans. Certain Management Stock Ownership Program average options outstanding during the years 2004, 2003 and 2002...

  • Page 73
    ...Net Income and Earnings Per Share (Millions, except per share amounts) Net income, as reported Add: Stock-based compensation expense included in net income, net of related tax effects Deduct: Total stock-based compensation expense determined under fair value, net of related tax effects Pro forma net...

  • Page 74
    ... SFAS No. 123R. The Company's Management Stock Ownership Program (MSOP) is a three-year plan that requires shareholder approval at the May 2005 Annual Shareholder Meeting. The Company is considering various changes that will be detailed in the Company's Definitive Proxy Statement, but will not be...

  • Page 75
    ... supplier of personal protective equipment for welding applications. In August 2004, 3M (Health Care Business) purchased 100 percent of the outstanding shares of Info-X Inc., a U.S. company, for $17 million in cash (net of cash acquired). The acquired company provides coding compliance software...

  • Page 76
    ... Communications, Inc. (PCI), an Indian company. PCI is a telecommunications supplier. 5) 3M (Health Care Business) purchased 100% of the outstanding shares of Vantage Health Limited, a British company. Vantage Health Limited develops health information systems software. 6) 3M (Health Care Business...

  • Page 77
    ... related accessories. 3) 3M (Safety, Security and Protection Services Business) purchased the shares of AiT Corporation. AiT Corporation, based in Ottawa, Ontario, Canada, is a manufacturer of travel ID security systems. 4) 3M (Health Care Business) purchased the shares of Ruffing IT. This company...

  • Page 78
    ... in foreign currency exchange rates during the period. The goodwill balance by business segment follows: Goodwill (Millions) Health Care Industrial Display and Graphics Consumer and Office Safety, Security and Protection Services Electro and Communications Transportation Total Company Dec. 31, 2003...

  • Page 79
    ... assets and other events. NOTE 4. 2001/2002 Corporate Restructuring Program During the first half of 2001, the Company developed and announced a restructuring plan that consolidated certain operations and streamlined the organization to increase speed and productivity. In June 2001, the Company...

  • Page 80
    ... over time as the trust funds make payments. The restructuring plan included actions in 25 locations in the United States, 27 in Europe, eight in the Asia Pacific area, 13 in Latin America and four in Canada. The Company did not discontinue any major product lines as a result of the restructuring...

  • Page 81
    NOTE 5. Supplemental Balance Sheet Information (Millions) Accounts receivable Accounts receivable Allowances Accounts receivable - net Inventories Finished goods Work in process Raw materials Total inventories Other current assets Product and other insurance receivables Deferred income taxes Prepaid...

  • Page 82
    ... Balance Sheet Information (continued) (Millions) Other assets Product and other insurance receivables Deferred income taxes Other Total other assets Other current liabilities Accrued trade payables Employee benefits and withholdings Deferred income Property and other taxes Product and other...

  • Page 83
    ... a building in the United Kingdom (refer to Note 12 to the Consolidated Financial Statements for more information on capital leases). In 2002, 3M purchased certain assets and specified liabilities of Emtech Emulsion Technologies, Inc. and Emtech Manufacturing Corporation in exchange for shares of 3M...

  • Page 84
    ... (Millions) Accruals not currently deductible Employee benefit costs Product and other claims Pension costs Product and other insurance receivables Accelerated depreciation Other Net deferred tax asset (liability) Reconciliation of Effective Income Tax Rate Statutory U.S. tax rate State income...

  • Page 85
    ...claimed on the Company's tax return. In addition to the deduction for income from qualified domestic production activities, the Jobs Act also creates a temporary incentive for U.S. corporations to repatriate accumulated income earned abroad by providing an 85 percent dividends received deduction for...

  • Page 86
    ... in medium-term notes and $37 million related to the ESOP. The ESOP debt is serviced by dividends on stock held by the ESOP and by Company contributions. These contributions are not reported as interest expense, but are reported as an employee benefit expense in the Consolidated Statement of Income...

  • Page 87
    ...The conversion trigger price for the fourth quarter of 2004 was $119.40 per share. If the conditions for conversion are met, and 3M elects not to settle in cash, the 30-year zero-coupon senior notes will be convertible in the aggregate into approximately 6.0 million shares of 3M common stock. 3M may...

  • Page 88
    ...foreign currency and interest rates. As part of this strategy, in September 2003, the Company entered into a three-year combined interest rate and currency swap with a notional amount of $300 million. This transaction is a partial hedge of 3M's net investment in 3M's Japanese subsidiaries. This swap...

  • Page 89
    ... United States. Pension benefits associated with these plans are generally based on each participant's years of service, compensation, and age at retirement or termination. In addition to providing pension benefits, the Company provides certain postretirement health care and life insurance benefits...

  • Page 90
    ...loss Benefit payments Settlements, curtailments, special termination benefits and other Ending balance Reconciliation of plan assets at fair value Beginning balance Actual return on plan assets Company contributions Participant contributions Foreign exchange rate changes Benefit payments Settlements...

  • Page 91
    ... Pension Benefits United States International Weighted average assumptions used 2003 2002 2003 2002 to determine benefit obligations 2004 2004 Discount rate Compensation rate increase Weighted average assumptions used to determine net cost for years ended Discount rate Expected return on assets...

  • Page 92
    ... for the expected return on plan assets was 9.0% in 2004. In developing the expected long-term rate of return assumption, the Company is provided projected returns by asset class from its pension investment advisors. Projected returns are based primarily on broad, publicly traded equity and fixed...

  • Page 93
    ... required 3M to bring the plan to fully funded status. This required 3M to make a third quarter 2004 special pension contribution of $155 million. The plan design change reduced the liability by approximately $100 million. In addition, during the second half of 2005, 3M intends to transfer a portion...

  • Page 94
    ...% of their 3M shares and diversify into other investment options. The Company maintains an Employee Stock Ownership Plan (ESOP). This plan was established in 1989 as a costeffective way of funding the majority of the Company's contributions under 401(k) employee savings plans. Total ESOP shares are...

  • Page 95
    ... expense). Employee Savings and Stock Ownership Plans (Millions) Dividends on shares held by the ESOP Company contributions to the ESOP Interest incurred on ESOP notes Amounts reported as an employee benefit expense: Expenses related to ESOP debt service Expenses related to treasury shares 2004 $33...

  • Page 96
    ... option-pricing model and the assumptions that follow. The tax benefit charged directly to equity for employee stock options was $114 million in 2004, $95 million in 2003 and $77 million in 2002. Refer to Note 1 to the Consolidated Financial Statements for the impact of stock-based compensation on...

  • Page 97
    ... materials, and supply chain execution software solutions Optical films and lens solutions for electronic displays, touch screens and touch monitors, reflective sheeting for transportation safety, and commercial graphics systems Sponges, scouring pads, high performance cloths, consumer and office...

  • Page 98
    Business Segment Information (Millions) Health Care Industrial Display and Graphics Consumer and Office Safety, Security and Protection Services Electro and Communications Transportation Corporate and Unallocated Total Company 2004 2003 2002 2004 2003 2002 2004 2003 2002 2004 2003 2002 2004 ...

  • Page 99
    ... a lawsuit filed against 3M in 1997 by LePage's Inc. In 2002, operating income for other unallocated includes losses totaling $202 million related to the 2001/2002 corporate restructuring program. NOTE 18. Quarterly Data (Unaudited) (Millions, except per-share amounts) First Quarter Net sales 2004...

  • Page 100
    ... be posted. Any person may request a copy of the code of ethics, at no cost, by writing to us at the following address: 3M Company 3M Center, Building 220-11W-02 St. Paul, MN 55144-1000 Attention: Director, Business Conduct and Compliance Item 11. Executive Compensation. The information relating to...

  • Page 101
    .... The consolidated financial statements filed as part of this report are listed in the index to financial statements on page 37 as follows: Page number Report of Independent Registered Public Accounting Firm 39 Consolidated Statement of Income for the years ended December 31, 2004, 2003 and 2002...

  • Page 102
    ... from our Proxy Statement for the 1992 Annual Meeting of Stockholders. (10.4) Form of award agreement for non-qualified stock options granted under the 2002 Management Stock Ownership Program.* (10.5) 3M 1997 General Employees' Stock Purchase Plan, as amended through November 8, 2004.* (10.6) 3M VIP...

  • Page 103
    ... 2004.* (10.11) 3M 1992 Directors Stock Ownership Program, as amended through November 8, 2004.* (10.12) 3M Executive Life Insurance Plan, as amended, is incorporated by reference from our Form 10-K for the year ended December 31, 2003. (10.13) Summary of Personal Financial Planning Services for 3M...

  • Page 104
    ... authorized. 3M COMPANY By /s/ Patrick D. Campbell _____ Patrick D. Campbell, Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) February 23, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by...

  • Page 105
    ...) 737-2901 3M Investor Relations 3M Center, Building 225-01-S-15 St. Paul, MN 55144-1000 Corporate News and Reports Corporate news releases, 3M's Annual Report, and Forms 10-K and 10-Q are available online at: http://investor.3M.com Product Information Information about 3M products and services is...

  • Page 106
    visit us at www.3M.com 3 Corporate Headquarters 3M Center St. Paul, MN 55144-1000 (651) 733-1110 C Minimum 10% Post-Consumer Fiber Printed in U.S.A. © 3M 2005 All Rights Reserved