3M 2007 Annual Report Download

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C
Through Innovation
Leading
2007 Annual Report

Table of contents

  • Page 1
    2007 Annual Report Leading Through Innovation

  • Page 2
    ... business opportunities. These investments enabled enormous progress toward streamlining our supply chain and expanding the top line. We opened new plants in Korea, three in China, one each in Russia, India, Canada, Mexico and Turkey, plus several plant extensions in the United States. Our supply...

  • Page 3
    ... to invest in ideas, technology development and new products. Without innovation we will not grow. So I am pleased to report that the people of 3M are once again driving innovation through their energy and imagination. In 2007, we increased R&D investment (research, development and related expenses...

  • Page 4
    ... and diverse companies will fare best. So fostering better differentiation, more innovation and good service are more important than ever. The United States is the single most competitive marketplace in the whole world; and for 3M to meet its long-term growth aspirations, the U.S. business must also...

  • Page 5
    ...long-term supplier to key customers and participating in future growth and the eventual stability that always comes as markets mature. But like all fast-moving consumer electronic segments, price pressures are enormous, and they demand intense focus on innovation, speed to market and relentless cost...

  • Page 6
    ... plus equity) Additional Information Cash dividends paid Per share Stock price at year-end Total assets Long-term debt (excluding current portion) Capital expenditures Depreciation and amortization Research, development and related expenses Number of employees at year-end Average shares outstanding...

  • Page 7
    ...] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2007 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 8
    ... Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accounting Fees and Services 88 89 89 ITEM 13 ITEM 14 PART...

  • Page 9
    ... and Transportation; Health Care; Display and Graphics; Consumer and Office; Safety, Security and Protection Services; and Electro and Communications. 3M's six business segments bring together common or related 3M technologies, enhancing the development of innovative products and services and...

  • Page 10
    ... products, safety and security products, energy control products, cleaning and protection products for commercial establishments, roofing granules for asphalt shingles, and supply chain execution software solutions. In August 2006, 3M completed the acquisition of Security Printing and Systems...

  • Page 11
    ...personal protection during destructive weather conditions; nonwoven abrasive materials for floor maintenance and commercial cleaning; floor matting; natural and color-coated mineral granules for asphalt shingles; and supply chain execution software solutions. Electro and Communications Business: The...

  • Page 12
    ... sources. 3M manages commodity price risks through negotiated supply contracts, price protection agreements and forward physical contracts. Environmental Law Compliance 3M's manufacturing operations are affected by national, state and local environmental laws around the world. 3M has made, and plans...

  • Page 13
    ... Health and Environmental Safety Division, 2003-2006 General Manager, Performance Materials Division, 2003 Managing Director, 3M Korea, 2001-2003 Staff Vice President, Human Resources Operations, 2005 Executive Director, Human Resources Operations, 2004-2005 Director, Compensation and Employee...

  • Page 14
    ... market acceptance of new products. There are no guarantees that new products will prove to be commercially successful. * The Company's future results are subject to fluctuations in the costs and availability of purchased components, compounds, raw materials and energy, including oil and natural gas...

  • Page 15
    .... 3M's general offices, corporate research laboratories, and certain division laboratories are located in St. Paul, Minnesota. In the United States, 3M has nine sales offices in eight states and operates 74 manufacturing facilities in 27 states. Internationally, 3M has 148 sales offices. The Company...

  • Page 16
    ... 30, 2007 July 1-31, 2007 August 1-31, 2007 September 1-30, 2007 Total July 1 - September 30, 2007 October 1-31, 2007 November 1-30, 2007 December 1-31, 2007 Total October 1 - Dec. 31, 2007 Total January 1 - December 31, 2007 Total Number of Shares Average Price Purchased Paid per Share (1) 1,311...

  • Page 17
    ...-tax), acquired in-process research and development expenses ($95 million pre-tax and after-tax), settlement costs of a previously disclosed antitrust class action ($40 million pre-tax, $25 million after-tax), and environmental obligations related to the pharmaceuticals business ($13 million pre...

  • Page 18
    ... innovator and marketer of a wide variety of products. 3M manages its operations in six operating business segments: Industrial and Transportation; Health Care; Display and Graphics; Consumer and Office; Safety, Security and Protection Services; and Electro and Communications. 3M's strategy...

  • Page 19
    ... sales growth in 2007, with an increase of 11.7%, 7.4% of which was organic (excluding acquisitions, divestiture and translation impacts). Sales growth in Europe was led by Safety, Security and Protection Services and Health Care (without Pharmaceuticals). The combined Latin America and Canada...

  • Page 20
    ... Control Systems and Canoga Traffic Detection businesses, and the first-quarter 2007 sale of the global branded pharmaceuticals business in Europe. Concerning the real estate sale, 3M sold its current lab facility located in Suwon, Korea and is currently building a new state-of-the-art customer...

  • Page 21
    ... impacts) was led by the Health Care; Safety, Security and Protection Services; Industrial and Transportation and Consumer and Office segments. All business segments have contributed positive local-currency sales growth for four consecutive years. Acquisitions increased 2007 sales by 2.4%, led...

  • Page 22
    (Millions) Cost of sales Selling, general and administrative expenses Research, development and related expenses Gain on sale of businesses Total operating income penalty (benefit) 2007 Gain on Sale, Restructuring and Other Summary Gain Gain on Environ- Restructuring on sale Sale of mental and ...

  • Page 23
    ... (recorded in the Display and Graphics segment) in 2007. In December 2006, 3M completed the sale of its global branded pharmaceuticals businesses in the United States, Canada, and Latin America region and the Asia Pacific region, including Australia and South Africa. 3M received proceeds of $1.209...

  • Page 24
    ...presented. The reportable segments are the Health Care segment, Industrial and Transportation segment, Display and Graphics segment, Consumer and Office segment, Safety, Security and Protection Services segment, and Electro and Communications segment. Information related to 3M's business segments is...

  • Page 25
    ... by business segment in the table that follows. Stock-based compensation expense (Millions) Industrial and Transportation Health Care Display and Graphics Consumer and Office Safety, Security and Protection Services Electro and Communications Corporate and Unallocated Total Company Years ended...

  • Page 26
    ... through July 2006. The industrial adhesives and tapes business, along with the automotive aftermarket business, which sells products to body shops for vehicle repairs, led organic sales growth in 2006. 3M also posted good sales growth in its abrasives business and its energy and advanced materials...

  • Page 27
    ... items positively impacted total year 2007 Health Care operating income by $791 million. As discussed in Note 2, in January 2007 the Company sold its branded pharmaceuticals business in the Europe region. The operating income gain related to this sale, which is included in Health Care, totaled...

  • Page 28
    ... drug delivery, and healthcare funding and performance management solutions for the hospital market in health information systems. Geographically, Health Care (without pharmaceuticals) achieved strong growth rates in all major regions, led by Europe, the United States, and the combined Latin America...

  • Page 29
    ... recorded in 2007, which primarily related to adjustments to restructuring costs incurred in the fourth quarter of 2006. Drug Delivery Systems Division (part of Health Care without Pharmaceuticals) is a source of supply to the acquiring companies and records sales and operating income related to the...

  • Page 30
    .../Canoga business sale. The Company recorded positive sales growth in all major businesses - commercial graphics, traffic safety systems and optical systems. Throughout the year, commercial graphics saw strong performance in the vehicle wrapping market where 3M provides films, inks and other products...

  • Page 31
    ... products, safety and security products, energy control products, cleaning and protection products for commercial establishments, roofing granules for asphalt shingles, and supply chain execution software solutions. In August 2006, 3M completed the acquisition of Security Printing and Systems...

  • Page 32
    ... points to sales growth. 3M generated good top-line growth in its electrical markets division, which sells a number of insulating, testing and connecting products and solutions to both power utilities and manufacturing OEMs. 3M saw good growth from its electronics markets business, driven by...

  • Page 33
    ... increases of 10.6% were led by Industrial and Transportation; Safety, Security and Protection Services; and Health Care (without Pharmaceuticals). Foreign currency translation positively impacted European area sales by 8.5%, the combined Latin America and Canada area sales by 5.9%, and the Asia...

  • Page 34
    ... $5,593 United States Asia Pacific Europe, Middle East and Africa Latin America and Canada Total Company Employment: Employment increased by approximately 900 people since year-end 2006, with acquisitions adding approximately 2,500 employees, while restructuring and the pharmaceuticals divestiture...

  • Page 35
    ... on historical results for similar allocations among asset classes. For the U.S. pension plan, the Company's assumption for the expected return on plan assets was 8.75% for 2007 and will be reduced to 8.50% for 2008. Refer to Note 11 for information on how this rate is determined. For the year ended...

  • Page 36
    ... Statements. FINANCIAL CONDITION AND LIQUIDITY The Company generates significant ongoing cash flow. Increases in long-term debt have been used, in part, to fund share repurchase activities and acquisitions. On November 15, 2007, 3M (Safety, Security and Protection Services Business) announced that...

  • Page 37
    ... 2007, and has a long history of dividend increases. In February 2008, the Board of Directors increased the quarterly dividend on 3M common stock by 4.2% to 50 cents per share, equivalent to an annual dividend of $2.00 per share. In February 2007, 3M's Board of Directors authorized a two-year share...

  • Page 38
    ..., related to 3M's restructuring actions (Note 4). Cash Flows from Investing Activities: Years ended December 31 (Millions) Purchases of property, plant and equipment (PP&E) Proceeds from sale of PP&E and other assets Acquisitions, net of cash acquired Proceeds from sale of businesses Purchases and...

  • Page 39
    ... in long-term debt have been used, in part, to fund share repurchase activities. The Company accelerated purchases of treasury stock when compared to prior years, buying back $3.2 billion in shares in 2007. Total debt was 30% of total capital (total capital is defined as debt plus equity), compared...

  • Page 40
    ... 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 41
    ... reports filed with the Securities and Exchange Commission, in materials delivered to stockholders and in press releases. In addition, the Company's representatives may from time to time make oral forward-looking statements. Forward-looking statements relate to future events and typically address...

  • Page 42
    ... written policies, and a valueat-risk analysis is provided for these derivatives. The Company does not have leveraged derivative positions. However, the Company does have contingently convertible debt that, if conditions for conversion are met, is convertible into shares of 3M common stock (refer to...

  • Page 43
    ... Exit Activities Supplemental Balance Sheet Information Supplemental Stockholders' Equity and Accumulated Other Comprehensive Income Information Supplemental Cash Flow Information Income Taxes Marketable Securities Long-Term Debt and Short-Term Borrowings Pension and Postretirement Benefit Plans...

  • Page 44
    ... communicated written policies, including business conduct policies, which are designed to require all employees to maintain high ethical standards in the conduct of Company affairs. Internal auditors continually review the accounting and control system. 3M Company Management's Report on Internal...

  • Page 45
    ... for conditional asset retirement obligations in 2005, the manner in which it accounts for defined benefit pension and other post-retirement plans in 2006, and the manner in which it accounts for uncertain tax positions in 2007. A company's internal control over financial reporting is a process...

  • Page 46
    ...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 Gain on sale of businesses...Statements are an integral part of this statement. 40

  • Page 47
    ... Other current liabilities Total current liabilities Long-term debt Other liabilities Total liabilities Commitments and contingencies (Note 13) Stockholders' equity Common stock, par value $.01 per share Shares outstanding - 2007: 709,156,031 Shares outstanding - 2006: 734,362,802 Additional paid-in...

  • Page 48
    ... in Stockholders' Equity and Comprehensive Income 3M Company and Subsidiaries Years Ended December 31 (Millions) Common Stock, par value Additional Paid-in Capital Beginning balance Stock-based compensation expense (excluding tax benefit) Stock-based compensation tax benefit Ending balance Retained...

  • Page 49
    ... of marketable securities Proceeds from sale of businesses Net cash used in investing activities Cash Flows from Financing Activities Change in short-term debt - net Repayment of debt (maturities greater than 90 days) Proceeds from debt (maturities greater than 90 days) Purchases of treasury stock...

  • Page 50
    ... and internal engineering costs, are recorded at cost. Depreciation of property, plant and equipment generally is computed using the straight-line method based on the estimated useful lives of the assets. The estimated useful lives of buildings and improvements primarily range from 10 to 40 years...

  • Page 51
    ... technical support provided by 3M to customers who are using existing 3M products, and internally developed patent costs, which include costs and fees incurred to prepare, file, secure and maintain patents. Internal-use software: The Company capitalizes direct costs of materials and services used in...

  • Page 52
    ...recognized for employee stock option grants if the exercise price of the Company's stock option grants is at or above the fair market value of the underlying stock on the date of grant. Under SFAS No. 123R, compensation expense is recognized for both the General Employees' Stock Purchase Plan (GESPP...

  • Page 53
    ... of the Company's long-term assets. The fair value of these obligations is recorded as liabilities on a discounted basis. Over time the liabilities are accreted for the change in the present value and the initial capitalized costs are depreciated over the useful lives of the related assets. The...

  • Page 54
    ...pre-tax gain of $781 million (recorded in the Health Care segment) in 2007. In December 2006, 3M completed the sale of its global branded pharmaceuticals business in the United States, Canada, and Latin America region and the Asia Pacific region, including Australia and South Africa. 3M received 48

  • Page 55
    ... had a market value of $13 million at the acquisition measurement date and was previously held as 3M treasury stock. 8) In July 2007, 3M (Safety, Security and Protection Services Business) purchased 100 percent of the outstanding shares of Rochford Thompson Equipment Ltd., a manufacturer of optical...

  • Page 56
    ... 2007, 3M (Health Care Business) purchased 100 percent of the outstanding shares of Lingualcare Inc., a Dallas-based orthodontic technology and services company offering the iBraces system, a customized, lingual orthodontic solution. 14) In November 2007, 3M (Industrial and Transportation Business...

  • Page 57
    ... the outstanding shares of Security Printing and Systems Limited (Safety, Security and Protection Services Business) from authentos GmbH, Germany. The acquired company is a producer of finished, personalized passports and secure cards. In October 2006, 3M (Health Care Business) purchased 100 percent...

  • Page 58
    ... Accounts payable and other current liabilities Interest bearing debt Other long-term liabilities Net assets acquired Supplemental information: Cash paid Less: Cash acquired Cash paid, net of cash acquired $ 96 61 121 268 992 30 (102) (104) (80) (16) $1,266 $1,294 28 $1,266 During the year ended...

  • Page 59
    ...67 53 8 5 16 32 $181 (Millions) Industrial and Transportation Health Care Display and Graphics Consumer and Office Safety, Security and Protection Services Electro and Communications Total Company 2007 acquisition activity $155 73 - - Dec. 31, 2007 Balance $1,524 839 894 94 611 627 $4,589 70 28...

  • Page 60
    • Business-specific actions - employee-related costs for severance and benefits, fixed and intangible asset impairments, certain contractual obligations, and expenses from the exit of certain product lines. Components of these restructuring actions include: Restructuring Actions EmployeeRelated ...

  • Page 61
    ...preceding are reflected in the Company's business segments as follows: 2006 (Millions) 2007 Industrial and Transportation $ 2 $ 15 Health Care (11) 293 Display and Graphics 3 39 Safety, Security and Protection Services 28 10 Electro and Communications 18 46 Corporate and Unallocated (2) - Total $ 38...

  • Page 62
    ... and Graphics segment and Industrial and Transportation segment. These charges were recorded in cost of sales and selling, general and administrative expenses and research, development and related expenses. NOTE 5. Supplemental Balance Sheet Information (Millions) Other current assets Product and...

  • Page 63
    ... Information (continued) (Millions) Other liabilities Non-funded pension and postretirement benefits Employee benefits Product and other claims Deferred income taxes Long term taxes payable Minority interest in subsidiaries Deferred income Capital lease obligations Other Total other liabilities 2007...

  • Page 64
    ... effect of accounting change). Transactions related to investing and financing activities with significant non-cash components are as follows: In 2007, 3M purchased certain assets of Diamond Productions, Inc. for approximately 150 thousand shares of 3M common stock, which has a market value of...

  • Page 65
    ... taxes - net of federal benefit International income taxes - net Jobs Act repatriation Foreign export sales benefit U.S. business credits Reserves for tax contingencies/return to provision Gain on sale of pharmaceuticals business Restructuring actions In-process research and development write-off...

  • Page 66
    ... the Company's financial position. In 2006, an audit of the Company's U.S. tax returns for years through 2001 was completed. The Company and the Internal Revenue Service reached a final settlement for these years, including an agreement on the amount of a refund claim to be filed by the Company. The...

  • Page 67
    ...2007. Within this portfolio, current and long-term asset-backed securities (estimated fair value of $453 million) are primarily comprised of interests in automobile loans and credit cards, with only $27 million invested in interests in mortgage-backed securities or home equity loans. 3M's marketable...

  • Page 68
    ...for 2007. As of December 31, 2007, these investments in auction rate securities have been in a loss position for less than six months. These auction rate securities are classified as non-current marketable securities as of December 31, 2007 as indicated in the preceding table. 3M reviews impairments...

  • Page 69
    ... current portion of long-term debt as the result of put provisions associated with these debt instruments. 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...

  • Page 70
    ... an indeterminate amount of debt or equity securities for future sales. On June 15, 2007, the Company registered 150,718 shares of the Company's common stock under this shelf on behalf of and for the sole benefit of the selling stockholders in connection with the Company's acquisition of assets of...

  • Page 71
    ... United States. Pension benefits associated with these plans generally are 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 72
    ... beginning and ending balances of the benefit obligation and the fair value of plan assets as of December 31: Qualified and Non-qualified Pension Benefits United States (Millions) Change in benefit obligation Benefit obligation at beginning of year Acquisitions Service cost Interest cost Participant...

  • Page 73
    ... Net transition obligation (asset) Net actuarial loss (gain) Prior service cost (credit) Ending balance (27) (338) $ 881 $ (26) (332) (89) (6) (558) $(432) (5) (601) $(480) 2007 2006 International 2007 2006 Postretirement Benefits 2007 2006 $1,246 $ 269 $ 132 $ 126 $ - (2) (452) $ - - (504...

  • Page 74
    ... Amortization of prior service cost (benefit) Amortization of net actuarial (gain) loss Qualified and Non-qualified Pension Benefits United States $ - 15 58 $73 International $ 3 (2) 40 $41 $ - (85) 59 $(26) Postretirement Benefits Other supplemental information for the years ended December 31...

  • Page 75
    ...health care trend rates shown above reflect 3M's expected medical and drug claims experience. The Company has developed certain long-term strategies to help offset trend rates through care management, strategic sourcing activities and plan design. A one percentage point change in assumed health cost...

  • Page 76
    ... total international plan assets. The other countries' asset allocations would not have a significant impact on the information presented. In the third quarter of 2007, the Company made discretionary contributions totaling $200 million to its U.S. qualified pension plan. In 2008, the Company expects...

  • Page 77
    ... Price Management: The Company manages commodity price risks through negotiated supply contracts, price protection agreements and forward physical contracts. The Company uses commodity price swaps as cash flow hedges of forecasted transactions to manage price volatility. The related mark-to-market...

  • Page 78
    ... 2008. The unrealized loss recorded in cumulative translation related to net investment hedging at December 31, 2007 was $28 million and the unrealized loss at December 31, 2006 was $18 million. Currency Effects: 3M estimates that year-on-year currency effects, including hedging impacts, increased...

  • Page 79
    ..., marketable securities, accounts receivable, investments, accounts payable, borrowings, and derivative contracts. The fair values of cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings and current portion of long-term debt (except the $350 million dealer...

  • Page 80
    ... reported, in July 2007, a shareholder derivative lawsuit was filed in the U.S. District Court for the District of Delaware against the Company as nominal defendant and against each then current member of the Board of Directors and the officers named in the Summary Compensation Table of the 2007...

  • Page 81
    ... costs allegedly incurred by the State for worker's compensation and healthcare benefits provided to all workers with occupational pneumoconiosis and unspecified punitive damages. Employment Litigation As previously reported, one current and one former employee of the Company filed a purported class...

  • Page 82
    ..., all communities located southeast of St. Paul), some of which slightly exceed the MDH's well guidance for PFBA, currently at 1 ppb. The Company is working with the MDH and the Minnesota Pollution Control Agency (MPCA) in assessing the source of PFBA in these wells and is supplying data that could...

  • Page 83
    ... operations in Minnesota (the Company agreed to reimburse the MPCA for past research costs and provided a grant up to $5 million over the next four years for the purpose of investigating and assessing the presence and effects of perflouronated compounds in the environment and biota); and (v) pay the...

  • Page 84
    ..., the Company and the State of New Jersey have signed the formal settlement agreement pursuant to which the Company will transfer title to the property and will be dismissed from the lawsuit, which will continue against the codefendants. Accrued Liabilities and Insurance Receivables Related to Legal...

  • Page 85
    ...quarter. On January 5, 2007 the Company was served with a declaratory judgment action filed on behalf of two of its insurers (Continental Casualty and Continental Insurance Co.) disclaiming coverage for respirator/mask claims. The action was filed in Hennepin County, Minnesota and names, in addition...

  • Page 86
    ...the current year's debt service to the remaining debt service prior to the current payment. The ESOP has been the primary funding source for the Company's employee savings plans. As permitted by AICPA Statement of Position 93-6, "Employers' Accounting for Employee Stock Ownership Plans," the Company...

  • Page 87
    ...(MSOP) and General Employees' Stock Purchase Plan (GESPP) The Company issues MSOP options to eligible employees annually in May using the closing stock price on the grant date, which is the date of the Annual Stockholders' Meeting. In May 2005, shareholders approved 36.75 million shares for issuance...

  • Page 88
    ... the amount by which a stock price is expected to fluctuate during a period. For the 2007, 2006 and 2005 annual grant date, the Company estimated the expected volatility based upon the average of the most recent one year volatility, the median of the term of the expected life rolling volatility, the...

  • Page 89
    ... and GESPP are as follows: MSOP / GESPP STOCK-BASED COMPENSATION EXPENSE Years ended December 31 (Millions, except per share amounts) 2006 2005 2007 Cost of sales $ 42 $ 27 $ 47 Selling, general and administrative expenses 119 96 137 Research, development and related expenses 39 32 44 $ (228) $ 93...

  • Page 90
    ..., Health Care segment, Display and Graphics segment, Consumer and Office segment, Safety, Security and Protection Services segment and Electro and Communications segment. 3M's six business segments bring together common or related 3M technologies, enhancing the development of innovative products and...

  • Page 91
    ...abrasion-resistant films, structural adhesives and paint finishing and detailing products Medical and surgical supplies, skin health and infection prevention products, pharmaceuticals (sold in December 2006 and January 2007), drug delivery systems, dental and orthodontic products, health information...

  • Page 92
    ... businesses. Export sales and certain income and expense items are reported within the geographic area where the final sales to 3M customers are made. Net sales to customers (Millions) United States Asia Pacific Europe, Middle East and Africa Latin America and Canada Other Unallocated Total Company...

  • Page 93
    .... 2006 included net benefits from gains related to the sale of certain portions of 3M's branded pharmaceuticals business and favorable income tax adjustments, which were partially offset by restructuring actions, acquired in-process research and development expenses, settlement costs of a previously...

  • Page 94
    ...At the same website, any future amendments to the code of ethics will also 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 220-9E-02 St. Paul, MN 55144-1000 Attention: Director, Business Conduct and...

  • Page 95
    ... 5 Percent Stockholders" in the 3M Proxy Statement and such information is incorporated by reference herein. Equity compensation plans information follows: Equity Compensation Plans Information (1) A B Number of Weightedsecurities to be average issued upon exercise exercise of price of outstanding...

  • Page 96
    ... of long-term debt of 3M. (10) Material contracts and management compensation plans and arrangements: (10.1) 3M 2005 Management Stock Ownership Program is incorporated by reference from our Proxy Statement for the 2005 Annual Meeting of Stockholders. (10.2) 3M 2002 Management Stock Ownership...

  • Page 97
    ...Employee Directors is incorporated by reference from our Form 8-K dated August 8, 2005. (10.14) 3M Compensation Plan for Non-Employee Directors, as amended, through November 8, 2004, is incorporated by reference from our Form 10-K for the year ended December 31, 2004. (10.15) 3M 1992 Directors Stock...

  • Page 98
    ...hereby sign this document pursuant to powers of attorney duly executed by the other persons named, filed with the Securities and Exchange Commission on behalf of such other persons, all in the capacities and on the date stated, such persons constituting a majority of the directors of the Company. By...

  • Page 99
    ... should contact: 3M Investor Relations 3M Center, Building 225-01-S-15 St. Paul, MN 55144-1000 Phone: (651) 737-8503 Fax: (651) 737-2901 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...

  • Page 100
    www.3M.com Corporate Headquarters 3M Center St. Paul, MN 55144-1000 U.S.A. (651) 733-1110 www.3M.com C Please recycle Printed in U.S.A. © 3M 2008. All rights reserved.