2015 Q2 Form 10-Q Financial Statement

#000110465915054810 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $7.686B $8.134B
YoY Change -5.51% 4.93%
Cost Of Revenue $3.858B $4.184B
YoY Change -7.79% 4.26%
Gross Profit $3.828B $3.950B
YoY Change -3.09% 5.64%
Gross Profit Margin 49.8% 48.56%
Selling, General & Admin $1.550B $1.646B
YoY Change -5.83% 2.24%
% of Gross Profit 40.49% 41.67%
Research & Development $438.0M $448.0M
YoY Change -2.23% 4.92%
% of Gross Profit 11.44% 11.34%
Depreciation & Amortization $344.0M $358.0M
YoY Change -3.91% 6.87%
% of Gross Profit 8.99% 9.06%
Operating Expenses $1.550B $2.094B
YoY Change -25.98% 30.06%
Operating Profit $1.840B $1.856B
YoY Change -0.86% -12.82%
Interest Expense -$27.00M -$38.00M
YoY Change -28.95% -26.92%
% of Operating Profit -1.47% -2.05%
Other Income/Expense, Net -$28.00M
YoY Change
Pretax Income $1.812B $1.820B
YoY Change -0.44% 8.92%
Income Tax $509.0M $537.0M
% Of Pretax Income 28.09% 29.51%
Net Earnings $1.300B $1.267B
YoY Change 2.6% 5.85%
Net Earnings / Revenue 16.91% 15.58%
Basic Earnings Per Share $2.06 $1.94
Diluted Earnings Per Share $2.02 $1.91
COMMON SHARES
Basic Shares Outstanding 631.3M
Diluted Shares Outstanding 643.0M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.485B $3.009B
YoY Change 15.82% -29.23%
Cash & Equivalents $2.983B $2.125B
Short-Term Investments $502.0M $884.0M
Other Short-Term Assets $1.521B $1.332B
YoY Change 14.19% 4.88%
Inventory $3.847B $4.093B
Prepaid Expenses
Receivables $4.578B $4.759B
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.43B $13.19B
YoY Change 1.8% -5.65%
LONG-TERM ASSETS
Property, Plant & Equipment $8.389B $8.685B
YoY Change -3.41% 4.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $119.0M $1.317B
YoY Change -90.96% -22.35%
Other Assets $1.109B $1.750B
YoY Change -36.63% 61.59%
Total Long-Term Assets $17.96B $20.78B
YoY Change -13.57% 3.13%
TOTAL ASSETS
Total Short-Term Assets $13.43B $13.19B
Total Long-Term Assets $17.96B $20.78B
Total Assets $31.39B $33.97B
YoY Change -7.6% -0.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.714B $1.844B
YoY Change -7.05% -3.96%
Accrued Expenses $582.0M $656.0M
YoY Change -11.28% 11.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $86.00M $1.650B
YoY Change -94.79% 55.37%
Total Short-Term Liabilities $5.095B $7.040B
YoY Change -27.63% 11.13%
LONG-TERM LIABILITIES
Long-Term Debt $8.431B $5.323B
YoY Change 58.39% 8.99%
Other Long-Term Liabilities $4.732B $3.761B
YoY Change 25.82% 123.47%
Total Long-Term Liabilities $13.16B $9.084B
YoY Change 44.9% 38.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.095B $7.040B
Total Long-Term Liabilities $13.16B $9.084B
Total Liabilities $18.30B $16.62B
YoY Change 10.1% 5.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.09B $17.35B
YoY Change
Total Liabilities & Shareholders Equity $31.39B $33.97B
YoY Change -7.6% -0.47%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $1.300B $1.267B
YoY Change 2.6% 5.85%
Depreciation, Depletion And Amortization $344.0M $358.0M
YoY Change -3.91% 6.87%
Cash From Operating Activities $1.338B $1.640B
YoY Change -18.41% -2.32%
INVESTING ACTIVITIES
Capital Expenditures -$370.0M -$341.0M
YoY Change 8.5% -13.45%
Acquisitions
YoY Change
Other Investing Activities $536.0M $49.00M
YoY Change 993.88% -16.95%
Cash From Investing Activities $166.0M -$292.0M
YoY Change -156.85% -12.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0M -1.185B
YoY Change -73.0% -4.51%
NET CHANGE
Cash From Operating Activities 1.338B 1.640B
Cash From Investing Activities 166.0M -292.0M
Cash From Financing Activities -320.0M -1.185B
Net Change In Cash 1.184B 163.0M
YoY Change 626.38% 58.25%
FREE CASH FLOW
Cash From Operating Activities $1.338B $1.640B
Capital Expenditures -$370.0M -$341.0M
Free Cash Flow $1.708B $1.981B
YoY Change -13.78% -4.44%

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CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
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CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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125000000
CY2014Q2 us-gaap Tax Adjustments Settlements And Unusual Provisions
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2000000
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.281 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.288 pure
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.295 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.285 pure
CY2015Q2 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriod
-0.014 pure
mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriod
0.003 pure
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-13000000
CY2015Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22000000
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22000000
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
265000000
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
232000000
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
41000000
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
44000000
mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Increase
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodIncrease
0.025 pure
mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Decrease
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodDecrease
-0.022 pure
CY2015Q2 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Decrease
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodDecrease
-0.037 pure
CY2015Q2 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Increase
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodIncrease
0.023 pure
CY2015Q2 mmm Estimated Fair Value Of Current Plus Long Term Asset Backed Securities
EstimatedFairValueOfCurrentPlusLongTermAssetBackedSecurities
107000000
CY2015Q2 mmm Available For Sale Asset Backed Securities Percentage Of Securities Rated At Highest Grade Disclosure
AvailableForSaleAssetBackedSecuritiesPercentageOfSecuritiesRatedAtHighestGradeDisclosure
0.832 pure
CY2015Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2014Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000000
CY2014Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000000
mmm Number Of Credit Agency Ratings Needed Asset Backed Securities
NumberOfCreditAgencyRatingsNeededAssetBackedSecurities
2 creditratingagency
mmm Number Of Specific Credit Rating Agencies Needed Asset Backed Securities
NumberOfSpecificCreditRatingAgenciesNeededAssetBackedSecurities
1 creditratingagency
CY2015Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
365000000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
43000000
CY2015Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
199000000
CY2015Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
299000000
CY2015Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Six Through Ten Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue
2000000
CY2015Q2 us-gaap Available For Sale Securities Debt Maturities Rolling After Year Ten Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenFairValue
15000000
CY2014Q4 mmm Limited Partnership Interests With Wg Trading Company Maximum
LimitedPartnershipInterestsWithWGTradingCompanyMaximum
0.005 pure
CY2011Q1 mmm Number Of Additional Limited Partners Of Wg Trading Company In Addition To3 M Who Objected And Appealed Courts Order To United States Court Of Appeals For Second Circuit
NumberOfAdditionalLimitedPartnersOfWGTradingCompanyInAdditionTo3MWhoObjectedAndAppealedCourtsOrderToUnitedStatesCourtOfAppealsForSecondCircuit
6
CY2015Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
17000000
CY2015Q1 mmm Japan Limited Defined Benefit Corporate Pension Plan Company Provided Contribution Match Percentage
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0.0612 pure
CY2014Q1 mmm Number Of Insurers3 M And Certain3 M Benefit Plans Filed A Lawsuit On In Us District Court For District Of Minnesota Seeking Insurance Coverage For Wg Trading Company Claim
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5
CY2015Q2 mmm Estimated Employer Pension And Postretirement Contributions In Current Fiscal Year
EstimatedEmployerPensionAndPostretirementContributionsInCurrentFiscalYear
200000000
mmm Primary Derivative Counterparties Number
PrimaryDerivativeCounterpartiesNumber
1 counterparties
mmm Master Netting Agreement Supported By Primary Counterpartys Parent Guarantee Number
MasterNettingAgreementSupportedByPrimaryCounterpartysParentGuaranteeNumber
16 counterparties
mmm Credit Support Agreement By Primary Counterpartys Parent Number
CreditSupportAgreementByPrimaryCounterpartysParentNumber
15 counterparties
CY2015Q2 mmm Year On Year Currency Effects Impact On Net Income
YearOnYearCurrencyEffectsImpactOnNetIncome
-110000000
CY2015Q2 mmm Year On Year Derivative And Other Transaction Gain Loss Impact On Net Income
YearOnYearDerivativeAndOtherTransactionGainLossImpactOnNetIncome
40000000
mmm Year On Year Currency Effects Impact On Net Income
YearOnYearCurrencyEffectsImpactOnNetIncome
-200000000
mmm Year On Year Derivative And Other Transaction Gain Loss Impact On Net Income
YearOnYearDerivativeAndOtherTransactionGainLossImpactOnNetIncome
80000000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
256000000
CY2015Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
81000000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
15000000
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
12000000
CY2015Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
308000000
CY2015Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
24000000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
236000000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
23000000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
15000000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
12000000
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
15000000
CY2013Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
11000000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
1000000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2015Q2 us-gaap Fair Value Instruments Classified In Shareholders Equity Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueInstrumentsClassifiedInShareholdersEquityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0
CY2014Q2 us-gaap Fair Value Instruments Classified In Shareholders Equity Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueInstrumentsClassifiedInShareholdersEquityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0
us-gaap Fair Value Instruments Classified In Shareholders Equity Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueInstrumentsClassifiedInShareholdersEquityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0
us-gaap Fair Value Instruments Classified In Shareholders Equity Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueInstrumentsClassifiedInShareholdersEquityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49000000
CY2015Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
14000000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
35000000
mmm Share Based Compensation Arrangement By Share Based Payment Award Expense Portion Attributable To Retiree Eligible Population Percent
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpensePortionAttributableToRetireeEligiblePopulationPercent
0.35 pure
mmm Share Based Compensation Arrangement By Share Based Payment Award Expense Recognition Years Of Service Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpenseRecognitionYearsOfServiceNumber
P5Y
mmm Share Based Compensation Arrangement By Share Based Payment Award Expense Recognition Eligible For Retirement Age
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpenseRecognitionEligibleForRetirementAge
P55Y

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