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Statement of Financial Position, Assets

Difficulty: Beginner

The statement of financial position provides creditors, investors, and analysts with information on company's resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company's assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

3M Co., Consolidated Statement of Financial Position, Assets

USD $ in millions

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Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Cash and cash equivalents 3,053  2,398  1,798  1,897  2,581 
Marketable securities, current 1,076  280  118  626  756 
Accounts receivable, net of allowances 4,911  4,392  4,154  4,238  4,253 
Inventories 4,034  3,385  3,518  3,706  3,864 
Prepaids 937  821 
Deferred income taxes 444  502 
Derivative assets, current 37  148  211  182  76 
Insurance related (receivables, prepaid expenses and other) 71  109  106  77  99 
Other 158  193  1,081  595  602 
Other current assets 266  450  1,398  1,298  1,279 
Current assets 14,277  11,726  10,986  11,765  12,733 
Property, plant and equipment, net 8,866  8,516  8,515  8,489  8,652 
Goodwill 10,513  9,166  9,249  7,050  7,345 
Intangible assets, net 2,936  2,320  2,601  1,435  1,688 
Deferred income taxes 511  422  510  889  360 
Prepaid pension and post retirement 237  52  188  46  577 
Insurance related receivables and other 63  68  49  89  96 
Cash surrender value of life insurance policies 241  236  241  245  236 
Equity method investments 70  60  56  58  69 
Cost method and other investments 80  68  61  44  53 
Other 193  272  262  1,159  1,741 
Other assets 1,395  1,178  1,367  2,530  3,132 
Non-current assets 23,710  21,180  21,732  19,504  20,817 
Total assets 37,987  32,906  32,718  31,269  33,550 
Source: 3M Co., Annual Reports
Item Description The company
Cash and cash equivalents Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. 3M Co.'s cash and cash equivalents increased from 2015 to 2016 and from 2016 to 2017.
Marketable securities, current Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer. 3M Co.'s marketable securities, current increased from 2015 to 2016 and from 2016 to 2017.
Accounts receivable, net of allowances Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. 3M Co.'s accounts receivable, net of allowances increased from 2015 to 2016 and from 2016 to 2017.
Inventories Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). 3M Co.'s inventories declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Current assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. 3M Co.'s current assets increased from 2015 to 2016 and from 2016 to 2017.
Property, plant and equipment, net Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. 3M Co.'s property, plant and equipment, net increased from 2015 to 2016 and from 2016 to 2017.
Non-current assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. 3M Co.'s non-current assets declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Total assets Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. 3M Co.'s total assets increased from 2015 to 2016 and from 2016 to 2017.