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48
Consolidated Statement of Cash Flows
3M Company and Subsidiaries
Years ended December 31
(Millions)
2010
2009
2008
Cash Flows from Operating Activities
Net income including noncontrolling interest ................................
$
4,163
$
3,244
$
3,520
Adjustments to reconcile net income including noncontrolling
interest to net cash provided by operating activities ...................
Depreciation and amortization ...................................................
1,120
1,157
1,153
Company pension and postretirement contributions .................
(618
)
(792
)
(474
)
Company pension and postretirement expense ........................
322
223
105
Stock-based compensation expense .........................................
274
217
202
Loss from sale of businesses ....................................................
—
—
23
Deferred income taxes ..............................................................
(170
)
701
99
Excess tax benefits from stock-based compensation ...............
(53
)
(14
)
(21
)
Changes in assets and liabilities ...............................................
Accounts receivable ...............................................................
(189
)
55
197
Inventories ..............................................................................
(404
)
453
(127
)
Accounts payable ...................................................................
146
109
(224
)
Accrued income taxes (current and long-term) ......................
255
(147
)
(143
)
Product and other insurance receivables and claims ............
49
64
153
Other — net ...............................................................................
279
(329
)
70
Net cash provided by operating activities ......................................
5,174
4,941
4,533
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E) ...................
(1,091
)
(903
)
(1,471
)
Proceeds from sale of PP&E and other assets .............................
25
74
87
Acquisitions, net of cash acquired .................................................
(1,830
)
(69
)
(1,394
)
Purchases of marketable securities and investments ...................
(3,287
)
(2,240
)
(2,211
)
Proceeds from sale of marketable securities and investments .....
1,995
718
1,810
Proceeds from maturities of marketable securities .......................
1,565
683
692
Proceeds from sale of businesses ................................................
—
5
88
Other investing ..............................................................................
(66
)
—
—
Net cash used in investing activities .............................................
(2,689
)
(1,732
)
(2,399
)
Cash Flows from Financing Activities
Change in short-term debt — net ..................................................
(24
)
(536
)
361
Repayment of debt (maturities greater than 90 days) ...................
(556
)
(519
)
(1,080
)
Proceeds from debt (maturities greater than 90 days) ..................
108
41
1,756
Purchases of treasury stock ..........................................................
(854
)
(17
)
(1,631
)
Reissuances of treasury stock ......................................................
666
431
289
Dividends paid to shareholders .....................................................
(1,500
)
(1,431
)
(1,398
)
Distributions to noncontrolling interests ........................................
—
—
(23
)
Excess tax benefits from stock-based compensation ...................
53
14
21
Other — net ...................................................................................
(14
)
3
(61
)
Net cash used in financing activities .............................................
(2,121
)
(2,014
)
(1,766
)
Effect of exchange rate changes on cash and cash equivalents ..
(27
)
(4
)
(415
)
Net increase/(decrease) in cash and cash equivalents ................
337
1,191
(47
)
Cash and cash equivalents at beginning of year ..........................
3,040
1,849
1,896
Cash and cash equivalents at end of year ....................................
$
3,377
$
3,040
$
1,849
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.