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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: 10-K (filing date: 2018-02-08).
3M Co., Statement of Financial Position, Inventory
USD $ in millions
|Dec 31, 2017||Dec 31, 2016||Dec 31, 2015||Dec 31, 2014||Dec 31, 2013|
|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 declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.|