3M 2009 Annual Report Download - page 53
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47
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2009 2008 2007
Net sales ........................................................................................ $ 23,123 $ 25,269 $ 24,462
Operating expenses
Cost of sales ............................................................................... 12,109 13,379 12,735
Selling, general and administrative expenses ............................ 4,907 5,245 5,015
Research, development and related expenses .......................... 1,293 1,404 1,368
(Gain)/loss from sale of businesses ...........................................
—
23 (849)
Total operating expenses........................................................ 18,309 20,051 18,269
Operating income........................................................................... 4,814 5,218 6,193
Interest expense and income
Interest expense ......................................................................... 219 215 210
Interest income ........................................................................... (37) (105) (132)
Total interest expense (income).............................................. 182 110 78
Income before income taxes .......................................................... 4,632 5,108 6,115
Provision for income taxes ............................................................. 1,388 1,588 1,964
Net income including noncontrolling interest ................................. $ 3,244 $ 3,520 $ 4,151
Less: Net income attributable to noncontrolling interest ................ 51 60 55
Net income attributable to 3M ........................................................ $ 3,193 $ 3,460 $ 4,096
Weighted average 3M common shares outstanding — basic ....... 700.5 699.2 718.3
Earnings per share attributable to 3M common shareholders —
basic ........................................................................................... $4.56
$ 4.95 $ 5.70
Weighted average 3M common shares outstanding — diluted ..... 706.7 707.2 732.0
Earnings per share attributable to 3M common shareholders —
diluted ......................................................................................... $4.52
$ 4.89 $ 5.60
Cash dividends paid per 3M common share.................................. $2.04
$ 2.00 $ 1.92
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.