Analysis and Interpretation of Profitability Balance sheets and income statements for 3M Company follow. Consolidated Statements of Income Years ended December 31 ($ millions) Net sales Operating expenses Cost of sales Selling, general and administrative expenses Research, development and related expenses Loss/(gain) from sale of business 2009 2008 2007 $23,123 $25,269 $24,462 12,109 13,379 12,735 4,907 5,245 5,015 1,293 1,404 1,368 23 (849) Total operating expenses Operating income 18,309 20,051 18,269 4,814 5,218 6,193 Interest expenses and income Interest expense Interest income Total interest expense 219 215 210 (37) (105) (132) 182 110 78 Income before income taxes 4,632 5,108 6,115 Provision for income taxes 1,388 1,588 1,964 Net income including noncontrolling interest 3,244 3,520 4,151 Less: Net income attributable to noncontrolling interest 51 60 55 Net income $3,193 $3,460 $4,096