Rendering

Component: (Network and Table)
Network
30803 - Disclosure - Income Taxes (Tables)
(http://www.mmm.com/role/DisclosureIncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000066740 (http://www.sec.gov/CIK)
Income TaxesPeriod [Axis]
2016-01-01 - 2016-12-31
Income Taxes
 
Income Before Income Taxes

Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

    

2016

    

2015

    

2014

 

United States

 

$
4,366

 

$
4,399

 

$
3,815

 

International

 

 
2,687

 

 
2,424

 

 
3,211

 

Total

 

$
7,053

 

$
6,823

 

$
7,026

 

 

  
Provision for Income Taxes

Provision for Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

    

2016

    

2015

    

2014

 

Currently payable

 

 

 

 

 

 

 

 

 

 

Federal

 

$
1,192

 

$
1,338

 

$
1,103

 

State

 

 
75

 

 
101

 

 
108

 

International

 

 
733

 

 
566

 

 
1,008

 

Deferred

 

 

 

 

 

 

 

 

 

 

Federal

 

 
(3)

 

 
(55)

 

 
(171)

 

State

 

 
9

 

 
6

 

 
(9)

 

International

 

 
(11)

 

 
26

 

 
(11)

 

Total

 

$
1,995

 

$
1,982

 

$
2,028

 

 

  
Components of Deferred Tax Assets and Liabilities

Components of Deferred Tax Assets and Liabilities

 

 

 

 

 

 

 

 

 

(Millions)

    

2016

    

2015

 

Deferred tax assets:

 

 

 

 

 

 

 

Accruals not currently deductible

 

 

 

 

 

 

 

Employee benefit costs

 

$
195

 

$
175

 

Product and other claims

 

 
326

 

 
311

 

Miscellaneous accruals

 

 
92

 

 
114

 

Pension costs

 

 
1,217

 

 
1,120

 

Stock-based compensation

 

 
302

 

 
305

 

Net operating/capital loss carryforwards

 

 
93

 

 
109

 

Foreign tax credits

 

 
22

 

 
25

 

Inventory

 

 
53

 

 
46

 

Gross deferred tax assets

 

 
2,300

 

 
2,205

 

Valuation allowance

 

 
(47)

 

 
(31)

 

Total deferred tax assets

 

$
2,253

 

$
2,174

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Product and other insurance receivables

 

$
(27)

 

$
(28)

 

Accelerated depreciation

 

 
(730)

 

 
(736)

 

Intangible amortization

 

 
(903)

 

 
(1,017)

 

Currency translation

 

 
(276)

 

 
(199)

 

Other

 

 
(40)

 

 
(70)

 

Total deferred tax liabilities

 

$
(1,976)

 

$
(2,050)

 

 

 

 

 

 

 

 

 

Net deferred tax assets

 

$
277

 

$
124

 

 

  
Reconciliation of Effective Income Tax Rate

Reconciliation of Effective Income Tax Rate

 

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

 

Statutory U.S. tax rate

 
35.0

%  
35.0

%  
35.0

%

State income taxes - net of federal benefit

 
0.9

 
1.1

 
0.9

 

International income taxes - net

 
(2.7)

 
(3.9)

 
(5.8)

 

U.S. research and development credit

 
(0.5)

 
(0.5)

 
(0.4)

 

Reserves for tax contingencies

 
0.2

 
(1.0)

 
0.6

 

Domestic Manufacturer’s deduction

 
(1.8)

 
(1.8)

 
(1.3)

 

Employee share-based payments

 
(2.8)

 
(0.1)

 
(0.1)

 

All other - net

 

 —

 
0.3

 

 —

 

Effective worldwide tax rate

 
28.3

%  
29.1

%  
28.9

%

 

  
Reconciliation of Federal, State and Foreign Tax Gross Unrecognized Tax Benefits

Federal, State and Foreign Tax

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

    

2016

    

2015

    

2014

 

Gross UTB Balance at January 1

 

$
381

 

$
583

 

$
659

 

 

 

 

 

 

 

 

 

 

 

 

Additions based on tax positions related to the current year

 

 
67

 

 
77

 

 
201

 

Additions for tax positions of prior years

 

 
43

 

 
140

 

 
30

 

Reductions for tax positions of prior years

 

 
(66)

 

 
(399)

 

 
(74)

 

Settlements

 

 
(95)

 

 
(4)

 

 
(154)

 

Reductions due to lapse of applicable statute of limitations

 

 
(11)

 

 
(16)

 

 
(79)

 

 

 

 

 

 

 

 

 

 

 

 

Gross UTB Balance at December 31

 

$
319

 

$
381

 

$
583

 

 

 

 

 

 

 

 

 

 

 

 

Net UTB impacting the effective tax rate at December 31

 

$
333

 

$
369

 

$
265