Practice problem (3M)
3M Company and Subsidiaries
Consolidated Balance Sheet
At December 31
(Dollars in millions, except per share amount)
Assets
Current assets
Cash and cash equivalents
Marketable securities — current
Accounts receivable — net of allowances of $103
and $88
Inventories
Finished goods
Work in process
Raw materials and supplies
Total inventories
Prepaids
Other current assets (assume operating)
Total current assets
Property, plant and equipment
Less: Accumulated depreciation
Property, plant and equipment — net
Goodwill
Intangible assets — net
Other assets (assume operating)
Total assets
December 31,
2017
December 31,
2016
$
$
$
33
8140 PMBA -- Note Set # 7a
3,053
1,076
2,398
280
4,911
4,392
1,915
1,218
901
4,034
937
266
14,277
24,914
(16,048)
8,866
10,513
2,936
1,395
37,987
1,629
1,039
717
3,385
821
450
11,726
23,499
(14,983)
8,516
9,166
2,320
1,178
32,906
$
Practice problem (3M)
Liabilities
Current liabilities
Short-term borrowings and current portion of longterm debt
Accounts payable
Accrued payroll
Accrued income taxes
Other current liabilities (assume operating)
Total current liabilities
Long-term debt
Pension and postretirement benefits
Other liabilities (assume operating)
Total liabilities
Commitments and contingencies (Note 15)
Equity
3M Company shareholders’ equity:
Common stock par value, $.01 par value
Shares outstanding - 2017: 594,884,237
Shares outstanding - 2016: 596,726,278
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive income (loss)
Total equity
Total liabilities and equity
$
1,853
1,945
870
310
2,709
7,687
$
972
1,798
678
299
2,472
6,219
$
12,096
3,620
2,962
26,365
$
10,678
4,018
1,648
22,563
$
9
$
9
$
$
5,352
39,115
(25,887)
(7,026)
11,622
37,987
$
$
5,061
37,907
(25,434)
(7,245)
10,343
32,906
34
8140 PMBA -- Note Set # 7a
Practice problem (3M)
3M Company and Subsidiaries
Consolidated Statement of Income
Years ended December 31
(Millions, except per share amounts)
Net sales
Operating expenses
Cost of sales
Selling, general and administrative expenses
Research, development and related expenses
Gain on sale of businesses
Total operating expenses
Operating income
2017
$ 31,657
2016
$ 30,109
2015
$ 30,274
16,001
6,572
1,850
(586)
23,837
7,820
15,040
6,222
1,735
(111)
22,886
7,223
15,383
6,229
1,763
(47)
23,328
6,946
Other expense (income), net
272
170
123
Income before income taxes
Provision for income taxes
Net income
7,548
2,679
$ 4,869
7,053
1,995
5,058
6,823
1,982
4,841
35
8140 PMBA -- Note Set # 7a
$
$