3M 2012 Annual Report Download - page 66
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60
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.
The impact on the consolidated balance sheet of the purchase price allocations related to acquisitions, including
adjustments relative to other acquisitions within the allocation period, follows. The allocations of purchase price related to
the acquisitions of the business purchased from Federal Signal Corp. in September 2012, and Ceradyne, Inc. in
November 2012 are considered preliminary, largely with respect to certain acquired property, plant and equipment;
intangible assets; and tax-related assets and liabilities. Adjustments in 2012 to the preliminary purchase price allocations
of other acquisitions within the allocation period were not material and primarily related to the 2011 acquisitions of
Winterthur Technologie AG and the business acquired from GPI Group.
2012 Acquisition Activity
(Millions)
Other
Total
Asset (Liability)
Ceradyne, Inc.
Acquisitions
Accounts receivable
$
55
$
29
$
84
Inventory
112
13
125
Other current assets
36
1
37
Marketable securities
250
―
250
Property, plant, and equipment
238
3
241
Purchased finite-lived intangible assets
127
86
213
Purchased indefinite-lived intangible assets
―
2
2
Purchased goodwill
198
141
339
Accounts payable and other liabilities, net of other assets
(100)
(27)
(127)
Interest bearing debt
(93)
(3)
(96)
Deferred tax asset/(liability)
(25)
3
(22)
Net assets acquired
$
798
$
248
$
1,046
Supplemental information:
Cash paid
$
850
$
248
$
1,098
Less: Cash acquired
52
―
52
Cash paid, net of cash acquired
$
798
$
248
$
1,046
2011 Acquisitions Activity
(Millions)
Winterthur
Other
Total
Asset (Liability)
Technologie AG
Acquisitions
Accounts receivable
$
45
$
61
$
106
Inventory
69
59
128
Other current assets
6
36
42
Property, plant, and equipment
73
102
175
Purchased finite-lived intangible assets
226
116
342
Purchased goodwill
147
112
259
Accounts payable and other liabilities, net of other assets
(70)
(78)
(148)
Interest bearing debt
(79)
(24)
(103)
Deferred tax asset/(liability)
(58)
(28)
(86)
Net assets acquired
$
359
$
356
$
715
Noncontrolling interest
(56)
―
(56)
Net assets acquired excluding noncontrolling interest
$
303
$
356
$
659
Supplemental information:
Cash paid
$
327
$
376
$
703
Less: Cash acquired
34
20
54
Cash paid, net of cash acquired
$
293
$
356
$
649
Non-cash
10
―
10
Net assets acquired excluding noncontrolling interest
$
303
$
356
$
659