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Analysis of Inventory
Inventory Accounting Policy
Inventories are stated at the lower of cost or net realizable value (NRV), which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation market. Cost is determined on a first-in, first-out basis.
Source: 10-K (filing date: 2019-02-07).
3M Co., Statement of Financial Position, Inventory
USD $ in millions
|Dec 31, 2018||Dec 31, 2017||Dec 31, 2016||Dec 31, 2015||Dec 31, 2014|
|Work in process|
|Raw materials and supplies|
|Inventories||Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.||3M Co.’s inventories increased from 2016 to 2017 and from 2017 to 2018.|