3M 2008 Annual Report Download - page 49

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43
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2008 2007 2006
Net sales .............................................................................. $ 25,269 $ 24,462 $ 22,923
Operating expenses
Cost of sales ..................................................................... 13,379 12,735 11,713
Selling, general and administrative expenses .................. 5,245 5,015 5,066
Research, development and related expenses ................ 1,404 1,368 1,522
(Gain)/loss on sale of businesses..................................... 23 (849 ) (1,074 )
Total .............................................................................. 20,051 18,269 17,227
Operating income................................................................. 5,218 6,193 5,696
Interest expense and income ...............................................
Interest expense ............................................................... 215 210 122
Interest income ................................................................. (105 ) (132 ) (51 )
Total .............................................................................. 110 78 71
Income before income taxes and minority interest .............. 5,108 6,115 5,625
Provision for income taxes ................................................... 1,588 1,964 1,723
Minority interest .................................................................... 60 55 51
Net income .................................................................... $ 3,460 $ 4,096 $ 3,851
Weighted average common shares outstanding — basic.... 699.2 718.3 747.5
Earnings per share — basic................................................. $4.95
$5.70 $5.15
Weighted average common shares outstanding — diluted . 707.2 732.0 761.0
Earnings per share — diluted............................................... $4.89
$5.60 $5.06
Cash dividends paid per common share.............................. $2.00
$1.92 $1.84
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.