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: Liabilities and Stockholders’ Equity 

3M Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Short-term borrowings and current portion of long-term debt 2.78 1.70 6.26 3.32 4.88
Accounts payable 6.36 5.41 4.99 6.21 5.12
Accrued payroll 2.17 1.58 1.57 2.05 2.29
Accrued income taxes 0.55 0.63 0.43 0.67 0.82
Current operating lease liabilities 0.56 0.54 0.55 0.00 0.00
Accrued rebates 1.55 1.35 1.33 1.53 1.36
Deferred revenue 1.12 1.05 0.96 1.69 1.35
Derivative liabilities 0.05 0.17 0.04 0.09 0.36
Employee benefits and withholdings 0.47 0.41 0.51 0.62 0.55
Contingent liability claims and other 1.03 1.17 1.27 0.67 0.47
Property, sales-related and other taxes 0.69 0.65 0.55 0.75 0.73
Pension and postretirement benefits 0.17 0.15 0.15 0.21 0.18
Current obligations of finance leases 0.01 0.05 0.05 0.05 0.03
Other 1.68 1.92 1.98 2.00 2.10
Other current liabilities 6.78% 6.92% 6.84% 7.60% 7.13%
Current liabilities 19.19% 16.79% 20.65% 19.85% 20.24%
Long-term debt, excluding current portion 34.11 38.00 39.23 36.74 31.84
Pension and postretirement benefits 6.10 9.30 8.76 8.18 9.53
Noncurrent operating lease liabilities 1.26 1.29 1.36 0.00 0.00
Long term income taxes payable 2.81 3.19 3.37 3.49 3.39
Employee benefits 0.85 0.87 0.70 0.82 0.84
Contingent liability claims and other 1.85 1.72 1.76 2.16 1.91
Finance leases, net of current obligations 0.20 0.20 0.25 0.21 0.16
Deferred income taxes 0.97 0.70 0.67 0.76 0.62
Other 0.54 0.63 0.58 0.81 0.88
Other liabilities 7.23% 7.31% 7.33% 8.25% 7.80%
Noncurrent liabilities 48.69% 55.90% 56.68% 53.17% 49.17%
Total liabilities 67.89% 72.69% 77.33% 73.02% 69.41%
Common stock par value, $.01 par value 0.02 0.02 0.02 0.02 0.02
Additional paid-in capital 13.66 13.02 13.23 15.46 14.09
Retained earnings 97.34 92.43 94.35 111.33 102.97
Treasury stock, at cost -64.72 -62.11 -66.84 -81.17 -68.15
Accumulated other comprehensive loss -14.34 -16.18 -18.22 -18.81 -18.50
Total 3M Company shareholders’ equity 31.96% 27.18% 22.53% 26.84% 30.44%
Noncontrolling interest 0.15 0.14 0.14 0.14 0.16
Total equity 32.11% 27.31% 22.67% 26.98% 30.59%
Total liabilities and equity 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).

Current liabilities trend
Current liabilities, as a percentage of total liabilities and equity, showed variability over the period. Starting at 20.24% in 2017, the ratio slightly decreased to 19.85% in 2018, increased marginally to 20.65% in 2019, then declined significantly to 16.79% in 2020, before rising again to 19.19% in 2021. Within current liabilities, accounts payable fluctuated moderately between 4.99% and 6.36%, with a low in 2019 and the highest in 2021. Accrued payroll ratios declined from 2.29% in 2017 to 1.57% in 2019, then rose to 2.17% in 2021. Short-term borrowings and current portions of long-term debt exhibited inconsistency, peaking in 2019 at 6.26%, then dropping sharply to 1.7% in 2020 and slightly recovering to 2.78% in 2021.
Noncurrent liabilities trend
Noncurrent liabilities as a portion of total liabilities and equity increased from 49.17% in 2017 to a peak of 56.68% in 2019, before gradually decreasing to 48.69% in 2021. Long-term debt excluding current portion rose from 31.84% in 2017 to a high of 39.23% in 2019, then steadily declined to 34.11% in 2021, reflecting a reduction in long-term leverage. Pension and postretirement benefits showed minor fluctuations, peaking at 9.53% in 2017, dipping to 6.10% in 2021. Noncurrent operating lease liabilities appeared from 2019 onward, remaining relatively stable around 1.26% to 1.36%.
Total liabilities and equity dynamics
Total liabilities as a share of total liabilities and equity peaked at 77.33% in 2019 but declined thereafter to 67.89% in 2021, indicating a reduction in overall leverage. Correspondingly, total equity decreased from 30.59% in 2017 to its lowest point of 22.67% in 2019, followed by a recovery to 32.11% in 2021, suggesting improved shareholder equity position in the latter years.
Equity components behavior
Retained earnings declined markedly after a peak of 111.33% in 2018 to 94.35% in 2019 and further down to 92.43% in 2020, before rebounding to 97.34% in 2021. Treasury stock showed a pattern of repurchases or valuation changes, with a deepening negative balance from -68.15% in 2017 to -81.17% in 2018, decreasing in magnitude thereafter but remaining significantly negative at -64.72% in 2021. Accumulated other comprehensive loss steadily improved from -18.50% in 2017 to -14.34% in 2021, indicating a reduction in unrealized losses or other comprehensive loss items.
Other notable liability items
Accounts such as accrued rebates, deferred revenue, and contingent liability claims showed moderate fluctuations but remained relatively stable across the periods. Derivative liabilities saw a decline from 0.36% in 2017 down to 0.05% in 2021, indicating diminished exposure or usage of derivatives. Employee benefits and related withholdings remained below 1% consistently, showing stability in this obligation category.
Overall observations
The data reflects a peak in liabilities relative to equity around 2019, followed by a deleveraging trend up to 2021. Current liabilities behaved with some volatility but generally remained within a moderate range. Long-term debt reduction after 2019 suggests efforts to manage leverage. Shareholders’ equity components indicate some recuperation post-2019, with improved comprehensive loss figures and partial recovery in retained earnings despite substantial treasury stock levels. The presence and stability of lease liabilities from 2019 onward show recognition of leasing obligations in line with accounting standards.