Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

3M Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	35,355)	32,184)	32,136)	32,765)	31,657)
Cost of sales	(18,795)	(16,605)	(17,136)	(16,682)	(16,001)
Gross profit	16,560)	15,579)	15,000)	16,083)	15,656)
Selling, general and administrative expenses	(7,197)	(6,929)	(7,029)	(7,602)	(6,572)
Research, development and related expenses	(1,994)	(1,878)	(1,911)	(1,821)	(1,850)
Gain on sale of businesses	—)	389)	114)	547)	586)
Operating income	7,369)	7,161)	6,174)	7,207)	7,820)
Interest expense	(488)	(529)	(448)	(350)	(322)
Interest income	26)	29)	80)	70)	50)
Pension and postretirement net periodic benefit benefit	297)	50)	68)	73)	—)
Loss on deconsolidation of Venezuelan subsidiary	—)	—)	(162)	—)	—)
Other income (expense), net	(165)	(450)	(462)	(207)	(272)
Income before income taxes	7,204)	6,711)	5,712)	7,000)	7,548)
Provision for income taxes	(1,285)	(1,318)	(1,130)	(1,637)	(2,679)
Income of consolidated group	5,919)	5,393)	4,582)	5,363)	4,869)
Income (loss) from unconsolidated subsidiaries, net of taxes	10)	(5)	—)	—)	—)
Net income including noncontrolling interest	5,929)	5,388)	4,582)	5,363)	4,869)
Net income attributable to noncontrolling interest	(8)	(4)	(12)	(14)	(11)
Net income attributable to 3M	5,921)	5,384)	4,570)	5,349)	4,858)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	3M Co. net sales increased from 2019 to 2020 and from 2020 to 2021.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	3M Co. operating income increased from 2019 to 2020 and from 2020 to 2021.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	3M Co. income before income taxes increased from 2019 to 2020 and from 2020 to 2021.
Net income attributable to 3M	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	3M Co. net income attributable to 3M increased from 2019 to 2020 and from 2020 to 2021.

3M Co. (NYSE:MMM)

Income Statement