3M 2008 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2008 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

61
Actions with respect to the 2006/2007 restructuring plan were substantially completed in 2007. Components of these
restructuring actions include:
Restructuring Actions
Employee- Contract
Related Items Terminations Asset
(Millions) and Benefits and Other Impairments Total
Expense incurred in 2006:
Pharmaceuticals business actions ............... $ 97 $ 8 $ 61 $ 166
Overhead reduction actions.......................... 112 — — 112
Business-specific actions ............................. 34 8 83 125
Total 2006 expense .................................. $ 243 $ 16 $ 144 $ 403
Non-cash changes in 2006:
Pharmaceuticals business actions ............... $ (19 ) $ — $ (61 ) $ (80 )
Overhead reduction actions.......................... (12 ) — — (12 )
Business-specific actions ............................. (4 ) — (83 ) (87 )
Total 2006 non-cash ................................. $ (35 ) $ — $ (144 ) $ (179 )
Cash payments in 2006:
Pharmaceuticals business actions ............... $ — $ (2 ) $ — $ (2 )
Overhead reduction actions.......................... — — — —
Business-specific actions ............................. — — — —
Total 2006 cash payments........................ $ — $ (2 ) $ — $ (2 )
Accrued liability balances as of Dec. 31, 2006:
Pharmaceuticals business actions ............... $ 78 $ 6 $ — $ 84
Overhead reduction actions.......................... 100 — — 100
Business-specific actions ............................. 30 8 — 38
Total accrued balance............................... $ 208 $ 14 $ — $ 222
Expenses (credits) incurred in 2007:
Pharmaceuticals business actions ............... $ (12 ) $ (4 ) $ — $ (16 )
Overhead reduction actions.......................... 2 — — 2
Business-specific actions ............................. 13 4 35 52
2007 expense............................................ $ 3 $ — $ 35 $ 38
Non-cash changes in 2007:
Pharmaceuticals business actions ............... $ (21 ) $ 4 $ — $ (17 )
Overhead reduction actions.......................... (5 ) — — (5 )
Business-specific actions ............................. (12 ) (4 ) (35 ) (51 )
2007 non-cash .......................................... $ (38 ) $ — $ (35 ) $ (73 )
Cash payments in 2007:
Pharmaceuticals business actions ............... $ (40 ) $ (6 ) $ — $ (46 )
Overhead reduction actions.......................... (87 ) — — (87 )
Business-specific actions ............................. (26 ) (8 ) — (34 )
2007 cash payments................................. $ (153 ) $ (14 ) $ — $ (167 )