3M Co. (MMM) | Inventory

3M Co. (MMM) | Analysis of Inventory

Inventory Accounting Policy

Inventories are stated at the lower of cost or market, with cost generally determined on a first-in, first-out basis.

Source: 3M Co., Annual Report

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3M Co., Statement of Financial Position, Inventory

USD $ in millions

Source: Based on data from 3M Co. Annual Reports

Item	Description	The company
Finished goods	Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.	3M Co.'s finished goods declined from 2008 to 2009 but then increased from 2009 to 2010 not reaching 2008 level.
Work in process	Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.	3M Co.'s work in process declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Raw materials and supplies	Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed.	3M Co.'s raw materials and supplies declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Inventories	Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).	3M Co.'s inventories declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.