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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
Quarterly Data

3M Co., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 7.37 5.96 7.08 9.70 10.10 9.72 9.83 9.79 9.08 9.36 9.20 5.27 18.17 7.31 7.51 7.82 8.54 7.62 9.05 8.04 8.03 7.82 6.53
Marketable securities, current 0.40 0.57 0.24 0.43 1.77 1.67 1.06 0.85 0.97 0.55 0.48 0.22 0.07 0.36 1.38 1.04 0.91 1.05 1.57 2.83 1.66 0.41 0.42
Accounts receivable, net of allowances 10.23 10.77 10.50 9.90 10.18 10.33 10.21 9.94 10.19 9.89 10.43 10.73 11.80 13.79 13.22 13.75 14.30 14.64 13.62 12.93 14.63 14.49 14.18
Finished goods 5.29 5.36 5.10 4.67 4.81 4.88 4.69 4.40 4.10 4.29 4.37 4.49 4.44 5.08 5.67 5.81 5.70 5.38 5.25 5.04 5.57 5.49 5.30
Work in process 3.96 3.92 3.64 3.35 2.97 2.78 2.65 2.59 2.70 2.76 2.63 2.67 2.89 3.46 3.41 3.54 3.62 3.51 3.40 3.21 3.30 3.37 3.24
Raw materials and supplies 2.91 3.09 2.80 2.57 2.46 2.37 2.11 1.97 1.99 2.20 2.12 2.10 2.08 2.49 2.51 2.61 2.58 2.63 2.48 2.37 2.41 2.44 2.31
Inventories 12.16% 12.37% 11.54% 10.59% 10.25% 10.02% 9.45% 8.95% 8.78% 9.25% 9.13% 9.26% 9.42% 11.03% 11.59% 11.96% 11.90% 11.52% 11.13% 10.62% 11.28% 11.30% 10.85%
Prepaids 1.01 1.29 1.22 1.39 1.04 1.31 1.13 1.43 1.14 1.26 1.31 1.58 1.69 2.44 1.82 2.03 2.00 1.94 2.16 2.47 0.00 0.00 0.00
Other current assets 1.09 0.84 0.93 0.72 0.68 0.78 0.84 0.69 0.94 0.99 2.10 2.00 1.21 1.13 1.21 0.96 1.03 1.01 0.89 0.70 3.14 3.21 3.76
Current assets 32.26% 31.81% 31.52% 32.72% 34.02% 33.83% 32.52% 31.64% 31.09% 31.29% 32.65% 29.04% 42.35% 36.06% 36.72% 37.56% 38.68% 37.77% 38.41% 37.58% 38.75% 37.23% 35.75%
Property, plant and equipment 57.75 59.19 59.22 57.81 56.36 56.17 56.60 56.29 58.28 57.55 56.26 58.50 59.95 65.60 64.19 68.15 66.44 67.32 65.26 65.59 69.98 71.54 71.93
Accumulated depreciation -37.83 -38.77 -38.75 -37.78 -37.05 -36.79 -37.02 -36.39 -37.97 -37.39 -36.43 -37.60 -39.05 -42.51 -41.63 -44.21 -43.29 -43.81 -42.28 -42.25 -45.41 -46.31 -46.24
Property, plant and equipment, net 19.92% 20.42% 20.48% 20.03% 19.31% 19.37% 19.58% 19.90% 20.30% 20.16% 19.83% 20.90% 20.90% 23.09% 22.56% 23.94% 23.15% 23.51% 22.98% 23.34% 24.57% 25.23% 25.68%
Operating lease right of use assets 1.73 1.83 1.89 1.82 1.74 1.81 1.85 1.82 1.86 1.86 1.84 1.92 1.96 2.26 2.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 27.44 28.63 29.15 28.65 28.16 28.41 28.94 29.15 29.82 29.64 28.81 30.10 24.47 27.13 27.11 27.54 27.16 27.48 27.40 27.68 26.17 26.81 27.81
Intangible assets, net 10.43 10.94 11.21 11.23 11.24 11.53 12.08 12.32 13.06 13.38 13.40 14.28 6.69 7.61 7.78 7.28 7.31 7.58 7.48 7.73 6.17 6.48 6.82
Other assets 8.23 6.37 5.76 5.54 5.52 5.05 5.03 5.15 3.88 3.66 3.47 3.75 3.64 3.86 3.79 3.68 3.69 3.67 3.73 3.67 4.33 4.25 3.94
Noncurrent assets 67.74% 68.19% 68.48% 67.28% 65.98% 66.17% 67.48% 68.36% 68.91% 68.71% 67.35% 70.96% 57.65% 63.94% 63.28% 62.44% 61.32% 62.23% 61.59% 62.42% 61.25% 62.77% 64.25%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset structure exhibits a gradual shift in composition between March 2017 and September 2022, characterized by a reduction in the relative weight of tangible fixed assets and fluctuations in short-term liquidity.

Current Asset Trends
Current assets generally fluctuated between 31% and 38% of total assets, with a notable anomaly in late 2019. A significant peak occurred in September 2019, where current assets reached 42.35%, driven primarily by a sharp increase in cash and cash equivalents to 18.17%. This was followed by a rapid contraction to 29.04% by December 2019. Throughout the period, accounts receivable showed a steady downward trend, declining from approximately 14% in 2017 to approximately 10% by 2022, suggesting a potential improvement in credit collection efficiency or a shift in revenue realization.
Inventory levels remained relatively stable, typically ranging between 9% and 12% of total assets. However, a slight upward trend is observable in 2022, peaking at 12.37% in June 2022, which may indicate increased stockpiling of raw materials or a slowdown in finished goods turnover.
Non-Current Asset Composition
Property, plant, and equipment (net) experienced a consistent long-term decline, falling from 25.68% in March 2017 to 19.92% in September 2022. This contraction indicates that the growth of other asset categories has outpaced investment in physical infrastructure, or that accumulated depreciation has significantly eroded the net book value of these assets relative to the total balance sheet.
Goodwill remained a dominant component of the asset base, consistently representing between 24% and 30% of total assets. Intangible assets showed a marked increase in December 2019, jumping from 6.69% to 14.28%, before stabilizing between 10% and 12% in subsequent years. This suggests a strategic shift or accounting adjustment related to the valuation of non-physical assets during the 2019-2020 period.
Other Asset Observations
Other assets, which remained relatively dormant for several years, showed a distinct upward trend starting in 2021, increasing from approximately 5% to 8.23% by September 2022. This represents a growing portion of the balance sheet that is not categorized under standard liquid or fixed asset headings.

Overall, the asset mix has evolved from a heavier reliance on tangible fixed assets toward a more balanced distribution between goodwill, intangible assets, and current assets. The volatility observed in cash levels in 2019 and the steady decline in the relative weight of net PP&E are the most prominent structural changes over the analyzed timeframe.

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