3M 2012 Annual Report Download - page 57

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Consolidated Statement of Cash Flows
3M Company and Subsidiaries
Years ended December 31
(Millions)
2012
2011
2010
Cash Flows from Operating Activities
Net income including noncontrolling interest
$
4,511
$
4,357
$
4,163
Adjustments to reconcile net income including noncontrolling
interest to net cash provided by operating activities
Depreciation and amortization
1,288
1,236
1,120
Company pension and postretirement contributions
(1,146)
(582)
(618)
Company pension and postretirement expense
650
555
322
Stock-based compensation expense
223
253
274
Deferred income taxes
33
177
(170)
Excess tax benefits from stock-based compensation
(62)
(53)
(53)
Changes in assets and liabilities
Accounts receivable
(133)
(205)
(189)
Inventories
(251)
(196)
(404)
Accounts payable
72
(83)
146
Accrued income taxes (current and long-term)
90
(45)
255
Product and other insurance receivables and claims
(32)
9
49
Other — net
57
(139)
279
Net cash provided by operating activities
5,300
5,284
5,174
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E)
(1,484)
(1,379)
(1,091)
Proceeds from sale of PP&E and other assets
41
55
25
Acquisitions, net of cash acquired
(1,046)
(649)
(1,830)
Purchases of marketable securities and investments
(5,492)
(4,162)
(3,287)
Proceeds from sale of marketable securities and investments
3,151
1,679
1,995
Proceeds from maturities of marketable securities
2,130
1,738
1,565
Other investing
14
―
(3)
Net cash used in investing activities
(2,686)
(2,718)
(2,626)
Cash Flows from Financing Activities
Change in short-term debt — net
(36)
11
(24)
Repayment of debt (maturities greater than 90 days)
(612)
(1,429)
(556)
Proceeds from debt (maturities greater than 90 days)
1,370
1,111
108
Purchases of treasury stock
(2,204)
(2,701)
(854)
Proceeds from issuance of treasury stock pursuant to stock
option and benefit plans
1,012
902
666
Dividends paid to shareholders
(1,635)
(1,555)
(1,500)
Excess tax benefits from stock-based compensation
62
53
53
Other — net
(15)
(67)
(77)
Net cash used in financing activities
(2,058)
(3,675)
(2,184)
Effect of exchange rate changes on cash and cash equivalents
108
(49)
(27)
Net increase (decrease) in cash and cash equivalents
664
(1,158)
337
Cash and cash equivalents at beginning of year
2,219
3,377
3,040
Cash and cash equivalents at end of year
$
2,883
$
2,219
$
3,377
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.