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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 | ||||||
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| Cost of sales | |
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| Selling, general and administrative expenses | |
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| Research, development and related expenses | |
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| Gain on sale of businesses | |
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| Operating income | |
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| Interest expense | |
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| Interest income | |
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| Other income (expense), net | |
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| Income before income taxes | |
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| Provision for income taxes | |
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| Net income including noncontrolling interest | |
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| Net income attributable to noncontrolling interest | |
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| Net income attributable to 3M | |
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Based on: 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-12), 10-K (filing date: 2014-02-13).
| Item | Description | The company |
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| 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 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 | 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 increased from 2015 to 2016 and from 2016 to 2017. |
| 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 increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level. |
