3M 2006 Annual Report Download - page 63
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Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2006 2005 2004
Net sales $22,923 $21,167 $20,011
Operating expenses
Cost of sales 11,713 10,408 10,002
Selling, general and administrative expenses 5,066 4,631 4,437
Research, development and related expenses 1,522 1,274 1,246
Gain on sale of pharmaceuticals business (1,074) ± ±
Total 17,227 16,313 15,685
Operating income 5,696 4,854 4,326
Interest expense and income
Interest expense 122 82 69
Interest income (51) (56) (46)
Total 71 26 23
Income before income taxes, minority interest and
cumulative effect of accounting change 5,625 4,828 4,303
Provision for income taxes 1,723 1,627 1,400
Minority interest 51 55 62
Income before cumulative effect of accounting change 3,851 3,146 2,841
Cumulative effect of accounting change ± ±
Net income $ 3,851 $ 3,111 $ 2,841
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Income before cumulative effect of accounting change $ 5.15 $ 4.11 $ 3.64
Cumulative effect of accounting change ± ±
Net income $ 5.15 $ 4.07 $ 3.64
:HLJKWHGDYHUDJHFRPPRQVKDUHVRXWVWDQGLQJ±GLOXWHG 761.0 781.3 797.3
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Income before cumulative effect of accounting change $ 5.06 $ 4.03 $ 3.56
Cumulative effect of accounting change ± ±
Net income $ 5.06 $ 3.98 $ 3.56
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.