3M 2004 Annual Report Download - page 66
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40
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2004 2003 2002
Net sales $20,011 $18,232 $16,332
Operating expenses
Cost of sales 9,958 9,285 8,496
Selling, general and administrative expenses 4,332 4,039 3,720
Research, development and related expenses 1,143 1,102 1,070
Other expense – 93 –
Total 15,433 14,519 13,286
Operating income 4,578 3,713 3,046
Interest expense and income
Interest expense 69 84 80
Interest income (46) (28) (39
)
Total 23 56 41
Income before income taxes and minority interest 4,555 3,657 3,005
Provision for income taxes 1,503 1,202 966
Minority interest 62 52 65
Net income $ 2,990 $ 2,403 $ 1,974
Weighted average common shares outstanding – basic 780.5 782.8 780.0
Earnings per share – basic $ 3.83 $ 3.07 $ 2.53
Weighted average common shares outstanding – diluted 796.5 795.3 791.0
Earnings per share – diluted $ 3.75 $ 3.02 $ 2.50
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.