This excerpt taken from the MMM DEF 14A filed Mar 26, 2008.
NONQUALIFIED DEFERRED COMPENSATION
The following table reflects the participation during 2007 by the Named Executive Officers in two nonqualified deferred compensation plans offered by the Company. The Deferred Compensation Plan allows eligible employees to defer for a number of years or until retirement from the Company the receipt of base salary, profit sharing, annual incentive compensation, and Performance Unit Plan award payouts. The VIP Plus Plan allows eligible employees to defer until retirement from the Company the receipt of base salary, profit sharing, and annual incentive compensation. Earnings are credited to the amounts deferred under both plans based on the returns paid on the investment funds available to participants in 3M's qualified 401(k) plan or a fixed rate of return based on corporate bond yields (as selected by each participant).
FOOTNOTES TO NONQUALIFIED DEFERRED COMPENSATION TABLE
(1) With the exception of the entire amount of the contributions by Dr. Palensky, all of these amounts contributed by the executives are included in the Summary Compensation Table as Salary or Non-Equity Incentive Plan Compensation earned in 2007.
(2) Each of these amounts contributed by the Company on behalf of these executives is included in the "All Other Compensation" column of the Summary Compensation Table.
(3) Of the amounts reported in this column, only $112,088 of Mr. Campbell's balance at the end of 2007 previously was reported as compensation in the Company's Summary Compensation Table for 2006.