3M 2013 Annual Report Download - page 6

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Financial Summary
(Dollars in millions, except per share amounts)
2013 2012 2011 2010 2009 2008
Operating Results
Net sales $30,871 $29,904 $29,611 $26,662 $23,123 $25,269
Operating income 6,666 6,483 6,178 5,918 4,814 5,218
Net income attributable to 3M 4,659 4,444 4,283 4,085 3,193 3,460
Per share – basic 6.83 6.40 6.05 5.72 4.56 4.95
Per share – diluted 6.72 6.32 5.96 5.63 4.52 4.89
Financial Ratios
Percent of sales
Cost of sales 52.1% 52.4% 53.0% 51.9% 52.4% 52.9%
Selling, general and administrative expenses 20.7 20.4 20.8 20.5 21.2 20.8
Research, development and related expenses 5.6 5.5 5.3 5.4 5.6 5.6
Other expense (income) – – – – – 0.1
Operating income 21.6 21.7 20.9 22.2 20.8 20.6
Net income attributable to 3M 15.1 14.9 14.5 15.3 13.8 13.7
Total debt to total capital (total capital = debt plus equity) 25% 25% 25% 25% 30% 39%
Additional Information
Cash dividends paid $ 1,730 $ 1,635 $ 1,555 $ 1,500 $ 1,431 $ 1,398
Per share 2.54 2.36 2.20 2.10 2.04 2.00
Stock price at year-end 140.25 92.85 81.73 86.30 82.67 57.54
Total assets 33,550 33,876 31,616 30,156 27,250 25,793
Long-term debt (excluding current portion) 4,326 4,916 4,484 4,183 5,097 5,166
Capital expenditures 1,665 1,484 1,379 1,091 903 1,471
Depreciation and amortization 1,371 1,288 1,236 1,120 1,157 1,153
Research, development and related expenses 1,715 1,634 1,570 1,434 1,293 1,404
Number of employees at year-end 88,667 87,677 84,198 80,057 74,835 79,183
Average shares outstanding – basic (in millions) 681.9 693.9 708.5 713.7 700.5 699.2
Average shares outstanding – diluted (in millions) 693.6 703.3 719.0 725.5 706.7 707.2
2010 results included a one-time income tax charge of $84 million resulting from the March 2010 enactment of the Patient Protection and Affordable Care Act, including modifications made in the
Health Care and Education Reconciliation Act of 2010.
2009 results included net losses that decreased operating income by $194 million and net income attributable to 3M by $119 million. This included restructuring actions, which were partially offset
by a gain on sale of real estate.
2008 results included net losses that decreased operating income by $269 million and net income attributable to 3M by $194 million. This included restructuring actions, exit activities and losses
related to the sale of businesses, which were partially offset by a gain on sale of real estate.
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