3M CO | 2013 | FY | 3

Components of Deferred Tax Assets and Liabilities      
         
(Millions) 2013 2012
Deferred tax assets:      
 Accruals not currently deductible      
  Employee benefit costs $ 140 $ 115
  Product and other claims   155   161
  Miscellaneous accruals   130   137
 Pension costs   447   969
 Stock-based compensation   322   415
 Net operating/capital loss carryforwards   225   304
 Foreign tax credits   316   285
 Inventory   221   189
 Other - net   ―   18
Gross deferred tax assets   1,956   2,593
Valuation allowance   (23)   (29)
Total deferred tax assets $ 1,933 $ 2,564
         
Deferred tax liabilities:      
 Product and other insurance receivables $ (46) $ (60)
 Accelerated depreciation   (813)   (858)
 Intangible amortization   (780)   (808)
 Other   (7)   ―
Total deferred tax liabilities $ (1,646) $ (1,726)
         
Net deferred tax assets $ 287 $ 838

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