3M Co. (AA/Stable/A-1+) announced today that it made voluntary cash contributions in the September 2002 quarter totaling $789 million to fund its U.S. pension plan. In addition, 3M will take a $1 billion charge against equity in the December quarter to reflect the reversal of prepaid pension assets plus the announced cash contribution, net of a tax benefit. Standard&Poor's Ratings Services said the announcement would not affect the company's ratings or outlook. 3M generated $1.1 billion in discretionary cash flow after capital expenditures and common dividends in 2001 and more than $1 billion in discretionary cash flow so far in 2002. The current ratings and outlook incorporate the expectation that 3M will continue to generate significant discretionary cash
