3M 2011 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) 2011 2010 2009
Net sales ..............................................
$ 29,611 $ 26,662 $ 23,123
Operating expenses .....................................
Cost of sales .........................................
15,693 13,831 12,109
Selling, general and administrative expenses .............
6,170 5,479 4,907
Research, development and related expenses ............
1,570 1,434 1,293
Total operating expenses ............................
23,433 20,744 18,309
Operating income .......................................
6,178 5,918 4,814
Interest expense and income .............................
Interest expense ......................................
186 201 219
Interest income .......................................
(39) (38) (37)
Total interest expense — net .........................
147 163 182
Income before income taxes ..............................
6,031 5,755 4,632
Provision for income taxes ...............................
1,674 1,592 1,388
Net income including noncontrolling interest ................
$ 4,357 $ 4,163 $ 3,244
Less: Net income attributable to noncontrolling interest .......
74 78 51
Net income attributable to 3M .............................
$ 4,283 $ 4,085 $ 3,193
Weighted average 3M common shares outstanding — basic . . 708.5 713.7 700.5
Earnings per share attributable to 3M common shareholders
— basic ..............................................
$ 6.05 $ 5.72 $ 4.56
Weighted average 3M common shares outstanding — diluted . 719.0 725.5 706.7
Earnings per share attributable to 3M common shareholders
— diluted ............................................
$ 5.96 $ 5.63 $ 4.52
Cash dividends paid per 3M common share ................
$ 2.20 $ 2.10 $ 2.04
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
44
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2011 2010 2009
Net sales ..............................................
$ 29,611 $ 26,662 $ 23,123
Operating expenses
Cost of sales .........................................
15,693 13,831 12,109
Selling, general and administrative expenses .............
6,170 5,479 4,907
Research, development and related expenses ............
1,570 1,434 1,293
Total operating expenses ............................
23,433 20,744 18,309
Operating income .......................................
6,178 5,918 4,814
Interest expense and income
Interest expense ......................................
186 201 219
Interest income .......................................
(39) (38) (37)
Total interest expense — net .........................
147 163 182
Income before income taxes ..............................
6,031 5,755 4,632
Provision for income taxes ...............................
1,674 1,592 1,388
Net income including noncontrolling interest ................
$ 4,357 $ 4,163 $ 3,244
Less: Net income attributable to noncontrolling interest .......
74 78 51
Net income attributable to 3M .............................
$ 4,283 $ 4,085 $ 3,193
Weighted average 3M common shares outstanding — basic . . 708.5 713.7 700.5
Earnings per share attributable to 3M common shareholders
— basic ..............................................
$ 6.05 $ 5.72 $ 4.56
Weighted average 3M common shares outstanding — diluted . 719.0 725.5 706.7
Earnings per share attributable to 3M common shareholders
— diluted ............................................
$ 5.96 $ 5.63 $ 4.52
Cash dividends paid per 3M common share ................
$ 2.20 $ 2.10 $ 2.04
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Consolidated Statement of Income
3M Company and Subsidiaries
Years ended December 31
(Millions, except per share amounts) 2011 2010 2009
Net sales ..............................................
$ 29,611 $ 26,662 $ 23,123
Operating expenses
Cost of sales .........................................
15,693 13,831 12,109
Selling, general and administrative expenses .............
6,170 5,479 4,907
Research, development and related expenses ............
1,570 1,434 1,293
Total operating expenses ............................
23,433 20,744 18,309
Operating income .......................................
6,178 5,918 4,814
Interest expense and income
Interest expense ......................................
186 201 219
Interest income .......................................
(39) (38) (37)
Total interest expense — net .........................
147 163 182
Income before income taxes ..............................
6,031 5,755 4,632
Provision for income taxes ...............................
1,674 1,592 1,388
Net income including noncontrolling interest ................
$ 4,357 $ 4,163 $ 3,244
Less: Net income attributable to noncontrolling interest .......
74 78 51
Net income attributable to 3M .............................
$ 4,283 $ 4,085 $ 3,193
Weighted average 3M common shares outstanding — basic . . 708.5 713.7 700.5
Earnings per share attributable to 3M common shareholders
— basic ..............................................
$ 6.05 $ 5.72 $ 4.56
Weighted average 3M common shares outstanding — diluted . 719.0 725.5 706.7
Earnings per share attributable to 3M common shareholders
— diluted ............................................
$ 5.96 $ 5.63 $ 4.52
Cash dividends paid per 3M common share ................
$ 2.20 $ 2.10 $ 2.04
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.