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45
Consolidated Statement of Changes in Stockholders’ Equity and Comprehensive Income
3M Company and Subsidiaries
Years Ended December 31
(Millions) 2008 2007 2006
Common Stock, par value ......................................................... $9
$ 9 $ 9
Additional Paid-in Capital
Beginning balance .................................................................... 2,785 2,484 2,225
Stock-based compensation expense (excluding tax benefit) ... 197 228 200
Stock-based compensation tax benefit .................................... 19 73 59
Ending balance............................................................................. 3,001 2,785 2,484
Retained Earnings
Beginning balance .................................................................... 20,316 17,933 15,715
Adjustment to beginning balance to initially apply FIN 48........ —
(1 )
—
Net income................................................................................ 3,460 4,096 3,851
Dividends paid .......................................................................... (1,398 ) (1,380 ) (1,376 )
Issuances pursuant to stock option and benefit plans.............. (130 ) (332 ) (257 )
Ending balance............................................................................. 22,248 20,316 17,933
Treasury Stock
Beginning balance .................................................................... (10,520 ) (8,456 ) (6,965 )
Reacquired stock...................................................................... (1,603 ) (3,237 ) (2,332 )
Issuances pursuant to stock option and benefit plans.............. 447 1,160 841
Issuances pursuant to acquisitions........................................... —
13 —
Ending balance............................................................................. (11,676 ) (10,520 ) (8,456 )
Unearned Compensation
Beginning balance .................................................................... (96 ) (138 ) (178 )
Amortization of unearned compensation.................................. 39 42 40
Ending balance............................................................................. (57 ) (96 ) (138 )
Accumulated Other Comprehensive Income (Loss)
Beginning balance .................................................................... (747 ) (1,873 ) (411 )
Cumulative translation adjustment ........................................... (888 ) 532 506
Defined benefit pension and postretirement plans adjustment (2,072 ) 614 7
Adjustment to initially apply SFAS No. 158 .............................. — — (1,918 )
Debt and equity securities — unrealized gain (loss) ................ (11 ) (10 ) (1 )
Cash flow hedging instruments — unrealized gain (loss) ........ 72 (10 ) (56 )
Ending balance............................................................................. (3,646 ) (747 ) (1,873 )
Total Stockholder’s Equity........................................................ $ 9,879 $ 11,747 $ 9,959
Comprehensive Income
Net income................................................................................ 3,460 4,096 3,851
Cumulative translation adjustment ........................................... (888 ) 532 506
Defined benefit pension and postretirement plans adjustment (2,072 ) 614 7
Debt and equity securities — unrealized gain (loss) ................ (11 ) (10 ) (1 )
Cash flow hedging instruments — unrealized gain (loss) ........ 72 (10 ) (56 )
Total Comprehensive Income ................................................... $ 561 $ 5,222 $ 4,307
Supplemental share information: 2008 2007 2006
Treasury stock............................................................................
Beginning balance .................................................................... 234.9 209.7 189.5
Reacquired stock...................................................................... 21.4 39.7 31.2
Issuances pursuant to stock options and benefit plans............ (5.8 ) (14.3 ) (11.0 )
Issuances pursuant to acquisitions........................................... —
(0.2 ) —
Ending balance............................................................................. 250.5 234.9 209.7
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.