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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: Liabilities and Stockholders’ Equity
Quarterly Data

3M Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Short-term borrowings and current portion of long-term debt 4.02 4.95 4.09 2.78 4.08 4.10 2.90 1.70 2.58 3.30 7.03 6.26 4.61 2.29 2.02 3.32 3.51 8.77 8.94 4.88 2.37 0.63 2.73
Accounts payable 6.63 7.17 6.90 6.36 5.93 6.07 5.66 5.41 4.86 4.38 4.78 4.99 4.89 5.47 5.90 6.21 5.44 5.09 4.86 5.12 5.18 5.25 5.11
Accrued payroll 1.55 1.54 1.39 2.17 2.11 1.72 1.39 1.58 1.59 1.11 1.13 1.57 1.57 1.55 1.32 2.05 2.10 1.76 1.46 2.29 2.43 1.96 1.60
Accrued income taxes 0.58 0.50 0.60 0.55 0.58 0.51 0.59 0.63 0.48 0.82 0.29 0.43 0.32 0.57 0.47 0.67 0.50 0.80 0.73 0.82 1.06 1.27 1.30
Operating lease liabilities, current 0.52 0.56 0.57 0.56 0.54 0.55 0.57 0.54 0.56 0.55 0.53 0.55 0.57 0.63 0.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 7.35 6.96 6.41 6.78 6.72 6.58 6.63 6.92 6.26 5.99 6.01 6.84 6.43 8.13 7.85 7.60 8.13 7.80 7.24 7.13 7.69 7.67 7.27
Current liabilities 20.67% 21.69% 19.96% 19.19% 19.96% 19.54% 17.73% 16.79% 16.33% 16.15% 19.77% 20.65% 18.38% 18.64% 18.20% 19.85% 19.68% 24.20% 23.22% 20.24% 18.72% 16.78% 18.01%
Long-term debt, excluding current portion 29.99 30.72 32.28 34.11 33.54 33.67 35.65 38.00 40.60 42.76 41.65 39.23 41.08 38.27 39.81 36.74 36.32 30.71 31.66 31.84 30.73 32.65 32.45
Pension and postretirement benefits 5.42 5.78 6.09 6.10 8.26 8.66 8.97 9.30 8.11 8.26 8.21 8.76 6.27 7.09 7.46 8.18 8.54 8.85 8.76 9.53 10.64 11.08 11.31
Operating lease liabilities, noncurrent 1.23 1.28 1.33 1.26 1.20 1.25 1.29 1.29 1.33 1.35 1.30 1.36 1.37 1.59 1.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other liabilities 12.03 10.26 7.63 7.23 6.95 6.83 7.06 7.31 7.32 7.27 6.98 7.33 7.60 8.39 8.25 8.25 7.80 7.89 7.74 7.80 5.28 5.20 5.08
Noncurrent liabilities 48.68% 48.04% 47.32% 48.69% 49.95% 50.41% 52.97% 55.90% 57.36% 59.63% 58.14% 56.68% 56.32% 55.33% 56.87% 53.17% 52.66% 47.44% 48.16% 49.17% 46.65% 48.93% 48.83%
Total liabilities 69.34% 69.72% 67.28% 67.89% 69.90% 69.95% 70.69% 72.69% 73.69% 75.79% 77.91% 77.33% 74.70% 73.97% 75.07% 73.02% 72.34% 71.65% 71.38% 69.41% 65.37% 65.71% 66.84%
Common stock par value, $.01 par value 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03
Additional paid-in capital 14.41 14.48 14.30 13.66 13.22 13.12 13.32 13.02 13.47 13.47 13.04 13.23 13.77 14.91 14.70 15.46 15.02 15.09 14.25 14.09 15.05 15.44 15.59
Retained earnings 104.48 99.20 100.44 97.34 93.96 92.79 93.80 92.43 95.36 94.85 91.63 94.35 98.91 106.14 105.16 111.33 107.63 107.24 99.68 102.97 111.97 114.24 114.42
Treasury stock, at cost -71.13 -67.45 -67.30 -64.72 -61.46 -60.52 -61.51 -62.11 -65.15 -65.88 -64.52 -66.84 -70.19 -76.54 -75.80 -81.17 -76.49 -75.09 -67.86 -68.15 -72.95 -74.99 -76.16
Accumulated other comprehensive loss -17.29 -16.13 -14.90 -14.34 -15.78 -15.50 -16.46 -16.18 -17.54 -18.38 -18.21 -18.22 -17.36 -18.66 -19.29 -18.81 -18.69 -19.08 -17.64 -18.50 -19.62 -20.58 -20.87
Total 3M Company shareholders’ equity 30.49% 30.11% 32.56% 31.96% 29.95% 29.91% 29.16% 27.18% 26.17% 24.08% 21.96% 22.53% 25.15% 25.87% 24.79% 26.84% 27.49% 28.18% 28.46% 30.44% 34.47% 34.13% 33.01%
Noncontrolling interest 0.16 0.16 0.16 0.15 0.14 0.14 0.14 0.14 0.14 0.13 0.13 0.14 0.15 0.15 0.14 0.14 0.17 0.17 0.16 0.16 0.16 0.16 0.15
Total equity 30.66% 30.28% 32.72% 32.11% 30.10% 30.05% 29.31% 27.31% 26.31% 24.21% 22.09% 22.67% 25.30% 26.03% 24.93% 26.98% 27.66% 28.35% 28.62% 30.59% 34.63% 34.29% 33.16%
Total liabilities and equity 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 company's capital structure experienced a notable shift toward higher leverage between 2017 and early 2020, followed by a gradual deleveraging phase through late 2022. Total liabilities peaked in the first quarter of 2020 at 77.91% of total liabilities and equity before returning to levels near 69% by September 2022. Conversely, total equity reached a minimum of 22.09% in March 2020 before recovering to 30.66% by the end of the analysis period.

Debt Obligations and Leverage
Long-term debt, excluding the current portion, showed a significant increase from 32.45% in March 2017 to a peak of 42.76% in June 2020. This represents a strategic expansion of long-term borrowing during that window. Following this peak, a consistent downward trend was observed, with long-term debt declining to 29.99% by September 2022. Short-term borrowings remained relatively low and volatile, generally fluctuating between 0.63% and 8.94% of the total balance sheet.
Equity Composition and Shareholder Returns
The equity section is characterized by high retained earnings, which frequently exceeded 90% of total liabilities and equity. However, these gains were heavily offset by a substantial treasury stock balance, which remained between -60% and -81% throughout the analyzed period. This pattern indicates a sustained and aggressive share repurchase strategy that significantly reduced the net equity base relative to total assets.
Pension and Noncurrent Liabilities
Pension and postretirement benefit obligations exhibited a clear and steady downward trend, decreasing from 11.31% in March 2017 to 5.42% in September 2022, suggesting a reduction in these long-term liabilities relative to the overall balance sheet. In contrast, "Other liabilities" within the noncurrent category increased markedly toward the end of the period, rising from approximately 5% in 2017 to 12.03% by September 2022.
Current Liability Trends
Current liabilities generally fluctuated between 16% and 24% of total liabilities and equity. Accounts payable remained relatively stable, typically ranging between 4.38% and 7.17%. Operating lease liabilities, introduced into the data in 2019, remained a marginal component of the balance sheet, with combined current and noncurrent lease obligations staying below 2% of total liabilities and equity.

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