3M Co. (NYSE:MMM)

The financial data reveals several notable trends across the five-year period examined, measured as percentages of net sales. The cost of sales generally remains a significant negative contributor, fluctuating between -50.54% and -53.32%, with a peak in 2019 and a slight improvement in 2020 before increasing again in 2021. Correspondingly, gross profit mirrors these shifts, reaching its lowest point in 2019 at 46.68% and showing partial recovery in subsequent years.

Selling, general, and administrative expenses exhibit variability without a clear directional trend, peaking sharply at -23.2% in 2018 before declining to a low of -20.36% in 2021, indicating a possible improvement in cost management over time. Research, development, and related expenses remain relatively stable, oscillating narrowly between approximately -5.56% and -5.95%, suggesting consistent investment in innovation throughout the period.

Gains on the sale of businesses decline significantly from 1.85% in 2017 to 0.35% in 2019, with a partial rebound in 2020 and no reported gains in 2021. Operating income reflects these combined effects, decreasing from 24.7% in 2017 to a low of 19.21% in 2019 before recovering to above 20% in 2020 and 2021, though not reaching earlier highs.

Interest expense shows a gradual increase, moving from -1.02% in 2017 to peaks near -1.64% in 2020 before a slight reduction in 2021, indicating rising borrowing costs or debt levels. Interest income remains minimal and somewhat erratic, peaking at 0.25% in 2019 and falling to 0.07% by 2021. Pension and postretirement net periodic benefits demonstrate modest positive contributions from 2018 onward, rising notably to 0.84% in 2021 after consistent smaller values in prior years.

Other income (expense), net, consistently detracts from performance, with losses fluctuating but generally less severe in 2021 compared to earlier years. Income before income taxes decreases from 23.84% in 2017 to 17.77% in 2019 but recovers to over 20% by 2020 and 2021. The provision for income taxes shows a marked reduction over time, declining from -8.46% in 2017 to around -3.63% in 2021, implying improved tax efficiency or changes in tax circumstances.

Net income attributable to the consolidated group remains strong, ranging between approximately 14.26% and 16.77%, with a noticeable dip in 2019 followed by recovery maintained through 2021. Contributions from unconsolidated subsidiaries are negligible but slightly positive by 2021. Net income attributable specifically to 3M closely tracks the consolidated group results, with slight fluctuations but overall stability in the mid-teen percentages of net sales throughout the period.