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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
US$ in millions
|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.’s net sales decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.|
|Operating income||The net result for the period of deducting operating expenses from operating revenues.||3M Co.’s operating income decreased from 2018 to 2019 but then increased from 2019 to 2020 not reaching 2018 level.|
|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.’s income before income taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 not reaching 2018 level.|
|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.’s net income attributable to 3M decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.|