3M 2013 Annual Report Download - page 123

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117
receive credit for the associated net sales it initiated and the related approximate operating income. The assigned
operating income related to dual credit activity may differ from operating income that would result from actual costs
associated with such sales. The offset to the dual credit business segment reporting is reflected as a reconciling item
entitled “Elimination of Dual Credit,” such that sales and operating income for the U.S. in total are unchanged.
NOTE 16. Geographic Areas
Geographic area information is used by the Company as a secondary performance measure to manage its businesses.
Export sales and certain income and expense items are generally reported within the geographic area where the final sales to
3M customers are made. During the first quarter of 2013, 3M realigned its geographic area reporting to include Puerto Rico in
the United States, rather than in the Latin America/Canada region. The financial information presented herein reflects this
geographic area change for all periods presented.
Property, Plant and
Equipment - net
Net Sales
Operating Income
(Millions)
2013
2012
2011
2013
2012
2011
2013
2012
United States
$
11,151
$
10,571
$
10,071
$
2,210
$
1,938
$
1,639
$
4,478
$
4,279
Asia Pacific
9,047
9,092
9,108
2,386
2,450
2,523
1,943
2,029
Europe, Middle East and Africa
7,085
6,730
7,076
1,168
1,163
1,150
1,636
1,499
Latin America and Canada
3,611
3,529
3,368
908
936
886
595
571
Other Unallocated
(23)
(18)
(12)
(6)
(4)
(20)
―
―
Total Company
$
30,871
$
29,904
$
29,611
$
6,666
$
6,483
$
6,178
$
8,652
$
8,378
NOTE 17. Quarterly Data (Unaudited)
(Millions, except per-share amounts) First Second Third Fourth Year
2013 Quarter Quarter Quarter Quarter 2013
Net sales
$
7,634
$
7,752
$
7,916
$
7,569
$
30,871
Cost of sales
3,969
4,013
4,148
3,976
16,106
Net income including noncontrolling interest
1,147
1,213
1,245
1,116
4,721
Net income attributable to 3M
1,129
1,197
1,230
1,103
4,659
Earnings per share attributable to 3M
common shareholders - basic
1.63
1.74
1.81
1.65
6.83
Earnings per share attributable to 3M
common shareholders - diluted
1.61
1.71
1.78
1.62
6.72
(Millions, except per-share amounts)
First Second Third Fourth Year
2012 Quarter Quarter Quarter Quarter 2012
Net sales $
7,486 $
7,534 $
7,497 $
7,387 $
29,904
Cost of sales 3,889 3,870 3,935 3,991 15,685
Net income including noncontrolling interest
1,141 1,186 1,180 1,004 4,511
Net income attributable to 3M
1,125 1,167 1,161 991 4,444
Earnings per share attributable to 3M
common shareholders - basic 1.61 1.68 1.68 1.43 6.40
Earnings per share attributable to 3M
common shareholders - diluted 1.59 1.66 1.65 1.41 6.32
Gross profit is calculated as net sales minus cost of sales.