3M 2014 Annual Report Download - page 54

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48
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts)
2014
2013 2012
Net sales
$
31,821
$ 30,871 $ 29,904
Operating expenses
Cost of sales
16,447
16,106 15,685
Selling, general and administrative expenses
6,469
6,384 6,102
Research, development and related expenses
1,770
1,715 1,634
Total operating expenses
24,686
24,205 23,421
Operating income
7,135
6,666 6,483
Interest expense and income
Interest expense
142
145 171
Interest income
(33)
(41) (39)
Total interest expense — net
109
104 132
Income before income taxes
7,026
6,562 6,351
Provision for income taxes
2,028
1,841 1,840
Net income including noncontrolling interest
$
4,998
$ 4,721 $ 4,511
Less: Net income attributable to noncontrolling interest
42
62 67
Net income attributable to 3M
$
4,956
$ 4,659 $ 4,444
Weighted average 3M common shares outstanding — basic
649.2
681.9 693.9
Earnings per share attributable to 3M common
shareholders — basic
$
7.63
$ 6.83 $ 6.40
Weighted average 3M common shares outstanding — diluted
662.0
693.6 703.3
Earnings per share attributable to 3M common
shareholders — diluted
$
7.49
$ 6.72 $ 6.32
Cash dividends paid per 3M common share
$
3.42
$ 2.54 $ 2.36
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.