3M 2012 Annual Report Download - page 52

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Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
Net sales
$
29,904
$
29,611
$
26,662
Operating expenses
Cost of sales
15,685
15,693
13,831
Selling, general and administrative expenses
6,102
6,170
5,479
Research, development and related expenses
1,634
1,570
1,434
Total operating expenses
23,421
23,433
20,744
Operating income
6,483
6,178
5,918
Interest expense and income
Interest expense
171
186
201
Interest income
(39)
(39)
(38)
Total interest expense — net
132
147
163
Income before income taxes
6,351
6,031
5,755
Provision for income taxes
1,840
1,674
1,592
Net income including noncontrolling interest
$
4,511
$
4,357
$
4,163
Less: Net income attributable to noncontrolling interest
67
74
78
Net income attributable to 3M
$
4,444
$
4,283
$
4,085
Weighted average 3M common shares outstanding — basic
693.9
708.5
713.7
Earnings per share attributable to 3M common
shareholders — basic
$
6.40
$
6.05
$
5.72
Weighted average 3M common shares outstanding — diluted
703.3
719.0
725.5
Earnings per share attributable to 3M common
shareholders — diluted
$
6.32
$
5.96
$
5.63
Cash dividends paid per 3M common share
$
2.36
$
2.20
$
2.10
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.