3M 2007 Annual Report Download - page 46

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40
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2007 2006 2005
Net sales $24,462 $22,923 $21,167
Operating expenses
Cost of sales 12,735 11,713 10,408
Selling, general and administrative expenses 5,015 5,066 4,631
Research, development and related expenses 1,368 1,522 1,274
Gain on sale of businesses (849) (1,074) –
Total 18,269 17,227 16,313
Operating income 6,193 5,696 4,854
Interest expense and income
Interest expense 210 122 82
Interest income (132) (51) (56)
Total 78 71 26
Income before income taxes, minority interest and
cumulative effect of accounting change 6,115 5,625 4,828
Provision for income taxes 1,964 1,723 1,627
Minority interest 55 51 55
Income before cumulative effect of accounting change 4,096 3,851 3,146
Cumulative effect of accounting change – – (35)
Net income $ 4,096
$ 3,851 $ 3,111
Weighted average common shares outstanding – basic 718.3 747.5 764.9
Earnings per share – basic
Income before cumulative effect of accounting change $ 5.70 $ 5.15 $ 4.11
Cumulative effect of accounting change – – (0.04)
Net income $ 5.70 $ 5.15
$ 4.07
Weighted average common shares outstanding – diluted 732.0 761.0 781.3
Earnings per share – diluted
Income before cumulative effect of accounting change $ 5.60 $ 5.06 $ 4.03
Cumulative effect of accounting change – – (0.05)
Net income $ 5.60 $ 5.06 $ 3.98
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.