3M 2013 Annual Report Download - page 52

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46
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended
December 31
(Millions, except per share amounts)
2013
2012 2011
Net sales
$
30,871
$ 29,904 $ 29,611
Operating expenses
Cost of sales
16,106
15,685 15,693
Selling, general and administrative expenses
6,384
6,102 6,170
Research, development and related expenses
1,715
1,634 1,570
Total operating expenses
24,205
23,421 23,433
Operating income
6,666
6,483 6,178
Interest expense and income
Interest expense
145
171 186
Interest income
(41)
(39) (39)
Total interest expense — net
104
132 147
Income before income taxes
6,562
6,351 6,031
Provision for income taxes
1,841
1,840 1,674
Net income including noncontrolling interest
$
4,721
$ 4,511 $ 4,357
Less: Net income attributable to noncontrolling interest
62
67 74
Net income attributable to 3M
$
4,659
$ 4,444 $ 4,283
Weighted average 3M common shares outstanding — basic
681.9
693.9 708.5
Earnings per share attributable to 3M common
shareholders — basic
$
6.83
$ 6.40 $ 6.05
Weighted average 3M common shares outstanding — diluted
693.6
703.3 719.0
Earnings per share attributable to 3M common
shareholders — diluted
$
6.72
$ 6.32 $ 5.96
Cash dividends paid per 3M common share
$
2.54
$ 2.36 $ 2.20
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.