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At December 31 ($ millions) 2016 2015 Total debt .......................................... $11,650 $10,797 Less: Cash and cash equivalents and marketable securities. . . 2.695 1,925 Net debt (nonGAAP measure) ......................... 8.955 8,872 In 2016, net debt rose by $83 million to a net debt balance of $9.0 billion (as of December 31, 2016), as 3M progressed on its capital structure strategy. Debt levels were higher due to 2016 issuances, with this increase partially offset by the September 2016 repayment of $1 billion aggregate principal amount of medium-term notes. Cash and cash equivalents and marketable securities were higher in both the U.S. and internationally. In addition, on the balance sheet, 3M Company reports the following balances At December 31 ($ millions) 2016 2015 Cash and cash equivalents ............................ $ 2,398 $ 1,798 Marketable securitiescurrent .......................... 280 118 Marketable securitiesnoncurrent ....................... 17 9 Short-term borrowings and current portion of long-term debt. . . 972 2,044 Long-term debt ...................................... 10,678 8,753 Required 0. b. c. d What is the non-GAAP measure reported? What initial GAAP measure is used in the reconciliation to compare to the non-GAAP measure? Reconcile the GAAP measure components to the amounts presented on the balance sheet for each year. Compute the percentage change from 2015 to 2016 for (1) the initial GAAP measure presented and (2) the non-GAAP measure. The company indicates that the non-GAAP measure is an indicator of liquidity. Are the components of the non-GAAP measure primarily current or noncurrent? The following excerpt is from the MD&A section of annual report on Form 10-K for 3M Company. Net Debt (non-GAAP measure) The Company defines net debt as total debt less the total of cash. cash equivalents and marketable securities. 3M considers net debt and its components to be an important indicator of liquidity and a guiding measure of capital structure strategy. Net debt is not defined under U.S. generally accepted accounting principles and may not be computed the same as similarly titled measures used by other companies. The following table provides net debt as of December 31, 2016 and 2015