Stock Analysis on Net
Stock Analysis on Net

3M Co. (NYSE:MMM)

This company has been moved to the archive! The financial data has not been updated since October 25, 2022.

Common-Size Balance Sheet: Assets

3M Co., common-size consolidated balance sheet: assets

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 9.70 9.79 5.27 7.82 8.04
Marketable securities, current 0.43 0.85 0.22 1.04 2.83
Accounts receivable, net of allowances 9.90 9.94 10.73 13.75 12.93
Inventories 10.59 8.95 9.26 11.96 10.62
Prepaids 1.39 1.43 1.58 2.03 2.47
Derivative assets, current 0.17 0.07 0.17 0.24 0.10
Held-to-maturity debt security held in trust 0.00 0.00 1.05 0.00 0.00
Insurance related (receivables, prepaid expenses and other) 0.23 0.26 0.39 0.28 0.19
Other 0.32 0.35 0.39 0.43 0.42
Other current assets 0.72% 0.69% 2.00% 0.96% 0.70%
Current assets 32.72% 31.64% 29.04% 37.56% 37.58%
Property, plant and equipment, net 20.03 19.90 20.90 23.94 23.34
Operating lease right of use assets 1.82 1.82 1.92 0.00 0.00
Goodwill 28.65 29.15 30.10 27.54 27.68
Intangible assets, net 11.23 12.32 14.28 7.28 7.73
Deferred income taxes 1.23 1.84 1.17 1.00 1.35
Prepaid pension and post retirement 2.00 1.33 0.52 0.57 0.62
Insurance related receivables and other 0.11 0.10 0.15 0.19 0.17
Cash surrender value of life insurance policies 0.55 0.54 0.57 0.69 0.63
Equity method investments 0.27 0.28 0.16 0.19 0.18
Equity and other investments 0.28 0.17 0.28 0.32 0.21
Other 1.08 0.88 0.91 0.73 0.51
Other assets 5.54% 5.15% 3.75% 3.68% 3.67%
Noncurrent assets 67.28% 68.36% 70.96% 62.44% 62.42%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset composition of the organization exhibited a notable shift between 2017 and 2021, characterized by a transition toward a higher concentration of noncurrent assets, which peaked in 2019 before stabilizing.

Current Asset Composition and Liquidity
Current assets experienced a significant contraction from 37.58% of total assets in 2017 to a low of 29.04% in 2019, followed by a partial recovery to 32.72% by 2021. This fluctuation was heavily influenced by accounts receivable, which declined from a peak of 13.75% in 2018 to 9.90% in 2021. Cash and cash equivalents demonstrated volatility, dipping to 5.27% in 2019 but increasing to a period-high of 9.79% in 2020, indicating a strategic shift toward higher immediate liquidity in the latter part of the period.
Noncurrent Asset Trends and Intangibles
Noncurrent assets rose from 62.42% in 2017 to 70.96% in 2019, eventually settling at 67.28% in 2021. A primary driver of this increase was the expansion of intangible assets, which grew from 7.73% in 2017 to 14.28% in 2019. Goodwill remained a dominant and relatively stable component of the balance sheet, consistently representing between 27.54% and 30.10% of total assets throughout the five-year span.
Fixed Assets and Operational Shifts
Property, plant, and equipment, net, showed a steady downward trend, decreasing from 23.34% of total assets in 2017 to 20.03% in 2021. The emergence of operating lease right-of-use assets in 2019 at 1.92% reflects an accounting adjustment that contributed to the noncurrent asset base. Furthermore, prepaid pension and post-retirement assets saw a progressive increase, rising from 0.62% in 2017 to 2.00% in 2021.
Working Capital Components
Inventories fluctuated over the period, starting at 10.62% in 2017, peaking at 11.96% in 2018, and ending at 10.59% in 2021, suggesting a relatively stable inventory-to-asset ratio. Prepaid expenses showed a consistent decline, falling from 2.47% in 2017 to 1.39% in 2021, contributing to the overall reduction in the proportion of current assets relative to the total balance sheet.

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