(b) Compute net operating assets (NOA) for 2010 and 2009. Treat noncurrent Investments as a nonoperating item.

2010 NOA =Answer ($ millions)

2009 NOA =Answer ($ millions)

Consolidated Balance Sheets

Assets Current Assets Cash and cash equivalents $ 3,377 $ 3,040 Marketable securities-current 1,101 744 Accounts receivable-net 3,615 3,250 Inventories Finished goods 1,476 1,255 Work in process 950 815 Raw materials and supplies 729 569 Total inventories 3,155 2,639 Other current assets 967 1,122 Total current assets 12,215 10,795 Marketable securities-noncurrent 540 825 Investments 146 103 Property, plant and equipment 20,253 19,440 Less: Accumulated depreciation (12,974) (12,440) Property, plant and equipment-net 7,279 7,000 Goodwill 6,820 5,832 Intangible assets-net 1,820 1,342 Prepaid pension benefits 74 78 Other assets 1,262 1,275 Total assets $ 30,156 $ 27,250 Liabilities Current liabilities Short-term borrowings and current portion of long-term debt $ 1,269 $ 613 Accounts payable 1,662 1,453 Accrued payroll 778 680 Accrued income taxes 358 252 Other current liabilities 2,022 1,899 Total current liabilities 6,089 4,897 Long-term debt 4,183 5,097 Pension and postretirement benefits 2,013 2,227 Other liabilities 1,854 1,727 Total liabilities 14,139 13,948 Equity 3M Company shareholders' equity: Common stock, par value $.01 per share; 9 9 Additional paid-in capital 3,468 3,153 Retained earnings 25,995 23,753 Treasury stock (10,266) (10,397) Accumulated other comprehensive income (loss) (3,543) (3,754) Total 3M Company shareholders' equity 15,663 12,764 Noncontrolling interest 354 538 Total equity 16,017 13,302 Total liabilities and equity $ 30,156

$ 27,250