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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

Microsoft Excel
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).

The capital structure between 2017 and 2021 exhibits a period of increasing leverage followed by a deleveraging trend. Total liabilities as a percentage of total liabilities and equity rose from 69.41% in 2017 to a peak of 77.33% in 2019, before declining to 67.89% by the end of 2021.

Debt and Noncurrent Liabilities
Long-term debt, excluding the current portion, served as the primary driver of liability fluctuations. This component increased from 31.84% in 2017 to 39.23% in 2019, subsequently decreasing to 34.11% in 2021. Noncurrent liabilities overall followed this trajectory, peaking at 56.68% in 2019 and ending the period at 48.69%.
Current Liabilities and Operating Obligations
Current liabilities remained relatively stable, fluctuating within a narrow range between 16.79% and 20.65%. Accounts payable remained a consistent contributor to current obligations, ranging from 4.99% to 6.36%. Short-term borrowings showed more volatility, peaking at 6.26% in 2019 before dropping to 2.78% in 2021.
Shareholders' Equity Dynamics
Total equity moved inversely to total liabilities, reaching a low of 22.67% in 2019 and recovering to 32.11% in 2021. The equity composition is characterized by a high volume of retained earnings, which exceeded 100% of total liabilities and equity in 2017 and 2018. This is significantly offset by treasury stock at cost, which represented between 62.11% and 81.17% of the total balance, indicating an aggressive share repurchase strategy.
Other Comprehensive and Contingent Items
Accumulated other comprehensive losses showed a gradual improvement, narrowing from -18.50% in 2017 to -14.34% in 2021. Contingent liability claims remained a persistent factor, with combined current and noncurrent claims generally fluctuating between 2% and 3% of the total balance sheet.

Overall, the data reflects a strategic shift in the financing mix, where an expansion of long-term debt through 2019 was reversed in the subsequent two years, coinciding with a recovery in the total equity proportion.

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