Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company 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 balance sheet: assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Cash and cash equivalents	4,564)	4,634)	2,353)	2,853)	3,053)
Marketable securities, current	201)	404)	98)	380)	1,076)
Accounts receivable, net of allowances	4,660)	4,705)	4,791)	5,020)	4,911)
Inventories	4,985)	4,239)	4,134)	4,366)	4,034)
Prepaids	654)	675)	704)	741)	937)
Derivative assets, current	78)	34)	75)	88)	37)
Held-to-maturity debt security held in trust	—)	—)	470)	—)	—)
Insurance related (receivables, prepaid expenses and other)	110)	125)	172)	103)	71)
Other	151)	166)	174)	158)	158)
Other current assets	339)	325)	891)	349)	266)
Current assets	15,403)	14,982)	12,971)	13,709)	14,277)
Property, plant and equipment, net	9,429)	9,421)	9,333)	8,738)	8,866)
Operating lease right of use assets	858)	864)	858)	—)	—)
Goodwill	13,486)	13,802)	13,444)	10,051)	10,513)
Intangible assets, net	5,288)	5,835)	6,379)	2,657)	2,936)
Deferred income taxes	581)	871)	521)	365)	511)
Prepaid pension and post retirement	943)	630)	230)	208)	237)
Insurance related receivables and other	51)	49)	67)	68)	63)
Cash surrender value of life insurance policies	261)	258)	254)	251)	241)
Equity method investments	129)	134)	70)	70)	70)
Equity and other investments	133)	80)	126)	118)	80)
Other	510)	418)	406)	265)	193)
Other assets	2,608)	2,440)	1,674)	1,345)	1,395)
Noncurrent assets	31,669)	32,362)	31,688)	22,791)	23,710)
Total assets	47,072)	47,344)	44,659)	36,500)	37,987)

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 analysis of the financial data reveals several notable trends over the five-year period ending December 31, 2021.

Liquidity Position: Cash and cash equivalents decreased slightly from 2017 to 2019, reaching a low of 2,353 million USD, then increased sharply in 2020 to 4,634 million USD, maintaining a similar level (4,564 million USD) in 2021. Marketable securities fluctuated, with a significant decline from 1,076 million USD in 2017 to a low of 98 million USD in 2019, recovering partially in subsequent years but remaining below earlier levels. Overall, current assets declined from 14,277 million USD in 2017 to 12,971 million USD in 2019, then increased substantially to 15,403 million USD by 2021, suggesting improved short-term liquidity in recent years.
Receivables and Inventories: Accounts receivable remained relatively stable, fluctuating slightly around 4,600 to 5,000 million USD, indicating consistent collection patterns. Inventories showed an overall increasing trend, rising from 4,034 million USD in 2017 to 4,985 million USD in 2021, with a slight dip in 2019. This growth may reflect higher production levels or stockpiling.
Other Current Assets and Prepaids: Prepaids steadily declined from 937 million USD in 2017 to 654 million USD in 2021, indicating reduced prepaid expenses or advances. Other current assets presented volatility, with a notable spike in 2019 to 891 million USD from 266 million USD in 2017, followed by a decrease but remaining above initial levels thereafter. This may suggest fluctuations in miscellaneous receivables or short-term investments.
Property, Plant, and Equipment (PP&E) and Operating Leases: PP&E net values showed a generally stable trend, slightly decreasing from 8,866 million USD in 2017 to 8,738 million USD in 2018, then increasing to 9,429 million USD by 2021. Operating lease right-of-use assets were introduced in 2019 at 858 million USD, remaining consistent through 2021, indicating adoption of new lease accounting standards or increased lease activity.
Goodwill and Intangible Assets: Goodwill experienced growth from 10,513 million USD in 2017 to a peak of 13,802 million USD in 2020, with a slight decline to 13,486 million USD in 2021. Intangible assets nearly doubled from 2,936 million USD in 2017 to 6,379 million USD in 2019, then decreased steadily to 5,288 million USD by 2021. These changes suggest acquisitions or revaluations occurred around 2019-2020, followed by amortization or impairment.
Deferred Income Taxes and Pension: Deferred income taxes showed fluctuations with a low of 365 million USD in 2018 and a peak of 871 million USD in 2020, which then declined to 581 million USD in 2021. Prepaid pension and post-retirement assets increased significantly over the period from 237 million USD in 2017 to 943 million USD in 2021, indicating funding improvements or changes in actuarial assumptions.
Other Assets and Investments: Other asset categories, including insurance-related and equity investments, exhibited mixed performance. Notably, non-current assets increased by a large margin from 23,710 million USD in 2017 to 31,669 million USD in 2021, reflecting asset base expansion. Miscellaneous other assets grew steadily, surpassing 500 million USD by 2021.
Total Asset Base: Total assets decreased from 37,987 million USD in 2017 to 36,500 million USD in 2018, then surged to 44,659 million USD in 2019 and peaked at 47,344 million USD in 2020, slightly declining to 47,072 million USD in 2021. This pattern indicates major asset growth primarily between 2018 and 2020, likely due to acquisitions or capital investment programs.

Assets: Selected Items

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3M Co. (NYSE:MMM)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items