3M 2010 Annual Report Download - page 50

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44
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts)
2010
2009
2008
Net sales .......................................................................................
$
26,662
$
23,123
$
25,269
Operating expenses .......................................................................
Cost of sales ..............................................................................
13,831
12,109
13,379
Selling, general and administrative expenses ...........................
5,479
4,907
5,245
Research, development and related expenses .........................
1,434
1,293
1,404
Loss from sale of businesses ....................................................
—
—
23
Total operating expenses .......................................................
20,744
18,309
20,051
Operating income ..........................................................................
5,918
4,814
5,218
Interest expense and income .........................................................
Interest expense ........................................................................
201
219
215
Interest income ..........................................................................
(38
)
(37
)
(105
)
Total interest expense (income) .............................................
163
182
110
Income before income taxes .........................................................
5,755
4,632
5,108
Provision for income taxes ............................................................
1,592
1,388
1,588
Net income including noncontrolling interest ................................
$
4,163
$
3,244
$
3,520
Less: Net income attributable to noncontrolling interest ...............
78
51
60
Net income attributable to 3M .......................................................
$
4,085
$
3,193
$
3,460
Weighted average 3M common shares outstanding — basic ......
713.7
700.5
699.2
Earnings per share attributable to 3M common shareholders —
basic ..........................................................................................
$
5.72
$
4.56
$
4.95
Weighted average 3M common shares outstanding — diluted ....
725.5
706.7
707.2
Earnings per share attributable to 3M common shareholders —
diluted ........................................................................................
$
5.63
$
4.52
$
4.89
Cash dividends paid per 3M common share .................................
$
2.10
$
2.04
$
2.00
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.