.Income Statement
Difficulty: Beginner
The income statement presents information on the financial results of a company's 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
USD $ in millions
| 12 months ended | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | Net sales | ||||||||||
| | Cost of sales | ||||||||||
| | Gross profit | | | | | | |||||
| | Selling, general and administrative expenses | ||||||||||
| | Research, development and related expenses | ||||||||||
| | Gain on sale of businesses | ||||||||||
| | Operating income | | | | | | |||||
| | Interest expense | ||||||||||
| | Interest income | ||||||||||
| | Other income (expense), net | | | | | | |||||
| | Income before income taxes | | | | | | |||||
| | Provision for income taxes | ||||||||||
| | Net income including noncontrolling interest | | | | | | |||||
| | Net income attributable to noncontrolling interest | ||||||||||
| | Net income attributable to 3M | | | | | |
| Item | Description | The company |
|---|---|---|
| Net sales | Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. | 3M Co.'s net sales declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |
| Operating income | The net result for the period of deducting operating expenses from operating revenues. | 3M Co.'s operating income increased from 2015 to 2016 and from 2016 to 2017. |
| Income before income taxes | Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. | 3M Co.'s income before income taxes increased from 2015 to 2016 and from 2016 to 2017. |
| Net income including noncontrolling interest | The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. | 3M Co.'s net income including noncontrolling interest increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level. |
| Net income attributable to 3M | The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. | 3M Co.'s net income attributable to 3M increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level. |
