Calculate the weighted average cost of capital for 2019 using both the security line approach and the dividend growth model approach using the attached financial statements.

(Millions, except per share amounts) 2019 201 8 2017 Net sales 32,136 S 32,765 31.657 Operating expenses Cost of sales 17,136 16,682 16.055 Selling, general and administrative expenses 7,029 7,602 6.626 Research, development and related expenses 1,911 1.821 1.870 Gain on sale of businesses (114) (547) (586) Total operating expenses 25,962 25,558 23.965 Operating income 6,174 7,207 7,692 Other expense (income), net 462 207 144 Income before income taxes 5,712 7,000 7.548 Provision for income taxes 1,130 1,637 2.679 Net income including noncontrolling interest $ 4,582 S 5,363 S 4.869 Less: Net income attributable to noncontrolling interest 12 14 11 Net income attributable to 3M 4,570 $ 5.349 S 4.858 Weighted average 3M common shares outstanding - basic 577.0 588.5 597.5 Earnings per share attributable to 3M common shareholders - basic $ 7.92 S 9.09 $ 8.13 Weighted average 3M common shares outstanding - diluted 585.1 602.0 612.7 Earnings per share attributable to 3M common shareholders - diluted 7.81 5 8.89 S 7.93 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.(Dollars in millions, except per share amount) 2019 2018 Assets Current assets Cash and cash equivalents 2,353 2,853 Marketable securities - current 380 Accounts receivable - net of allowances of $161 and $95 4.791 5,020 Inventories Finished goods 2.003 2,120 Work in process 1,194 1,292 Raw materials and supplies 937 954 Total inventories 4,134 4,366 Prepaid 704 741 Other current assets 891 349 Total current assets 12,971 13,709 Property, plant and equipment 26,124 24,873 Less: Accumulated depreciation (16,791) (16,135) Property, plant and equipment - - net 9.333 8,738 Operating lease right of use assets 858 Goodwill 13.444 10.051 Intangible assets - net 6,379 2,657 Other assets 1.674 1,345 Total assets 14,659 36,500 Liabilities Current liabilities Short-term borrowings and current portion of long-term debt S 2,795 1,211 Accounts payable 2.228 2,266 Accrued payroll 702 749 Accrued income taxes 194 243 Operating lease liabilities current 247 Other current liabilities 3,056 2,775 Total current liabilities 9,212 7,244 Long-term debt 17,518 13,411 Pension and postretirement benefits 3.911 2,987 Operating Icase liabilities 607 Other liabilities 3,275 3,010 Total liabilities S 34,533 26,652 Commitments and contingencies (Note 16) Equity 3M Company shareholders' equity: Common stock par value, $.01 par value: 944,033,056 shares issued S 9 Shares outstanding - 2019: 575,184,835 Shares outstanding - 2018: 576.575,168 Additional paid-in capital 5,907 5,643 Retained carnings 42.135 40,636 Treasury stock (29,849) (29,626) Accumulated other comprehensive income (loss) (8,139) (6.866) Total 3M Company shareholders' equity 10,063 9,796 Noncontrolling interest 63 52 Total equity 10,126 9,848 Total liabilities and equity 14,659 36,500 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.Years Ended December 31 3M Company Shareholders Common Accumulated Stock and Other Additional Comprehensive Non- Paid-in Retained Treasury Income controlling (Dollars in millions, except per share amounts) Total Capital Earnings Stock ( Loss) Interest Balance at December 31, 2016 $ 10,343 5,070 $ 37.907 5 (25.434) (7.245) Net income 4,869 4.858 11 Other comprehensive income (loss), net of tax: Cumulative translation adjustment 373 370 3 Defined benefit pension and post-retirement plans adjustment 52 52 Cash flow hedging instruments - unrealized gain (loss) 2061 (203) Total other comprehensive income (loss), net of tax 222 Dividends declared ($4.70 per share, Note 8) (2,803] (2,803) Stock-based compensation 291 291 Reacquired stock (2.044) (2.040) Issuances pursuant to stock option and benefit plans 744 (847) 1.591 Balance at December 31, 2017 $ 11,622 5,361 $ 39.115 $ (25.887) (7.026) 59 Net income 5,363 5.349 14 Other comprehensive income (loss), net of tax: Cumulative translation adjustment (467] 1461) (6) Defined benefit pension and post-retirement plans adjustment 444 444 Cash flow hedging instruments - unrealized gain (loss) 176 176 Total other comprehensive income (loss), net of tax 153 Dividends declared ($5.44 per share, Note 8) (3,193] (3,193) Transfer of ownership involving non-wholly owned subsidiaries 14 (15) Stock-based compensation 291 291 Reacquired stock (4.888) 4.888 Issuances pursuant to stock option and benefit plans 500 (649) 1.149 Balance at December 31, 2018 9,H-18 5,652 $ 40.636 $ (29.626) (6.866) 52 Impact of adoption of ASU No. 2018-02 (See Note !) 853 (853) Impact of adoption of ASU No. 2016-02 (See Note !) 14 14 Net income 1.582 1.570 12 Other comprehensive income (loss), net of tax: Cumulative translation adjustment 211 212 (1) Defined benefit pension and post-retirement plans adjustment (560) 1560) Cash flow hedging instruments - unrealized gain (loss) (72) (72) Total other comprehensive income (loss), net of tax (421) Dividends declared ($5.76 per share, Note S) (3,316) (3,316) Stock-based compensation 264 264 Reacquired stock 1.381) Issuances pursuant to stock option and benefit plans 536 (627) 1,158 Balance at December 31, 2019 $ 10,126 5,916 $ 42,135 $ (29.849) (8.139) 613 Supplemental share information 2018 2017 Treasury stock Beginning balance 367,457 8H8 349,148,819 347,306,778 Reacquired stock 7.575.647 23,526.293 10,209,963 Issuances pursuant to stock options and benefit plans (6. 185.314) (5.217.224) (8.367.922) Ending balance 368.848.221 367.457.888 349,148,819 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.Millions) 2019 2018 2017 Cash Flows from Operating Activities Net income including noncontrolling interest S 4.582 5.363 4.869 Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities Depreciation and amortization 1,593 1.488 1.544 Company pension and postretirement contributions (210) (370) (967) Company pension and postretirement expense 357 410 334 Stock-based compensation expense 278 302 324 Gain on sale of businesses (111) (545) (586) Deferred income taxes (273) (57) 107 Loss on deconsolidation of Venezuelan subsidiary 162 Changes in assets and liabilities Accounts receivable 345 (305) (245) Inventories 370 (509) (387) Accounts payable (117) 408 24 Accrued income taxes (current and long-term) 205 134 967 Other - net (111) 120 256 Net cash provided by (used in) operating activities 7,070 6,439 6,240 Cash Flows from Investing Activities Purchases of property, plant and equipment (PP&E) (1,699) (1,577) (1,373) Proceeds from sale of PP&E and other assets 123 262 49 Acquisitions, net of cash acquired (4,984) 13 (2,023) Purchases of marketable securities and investments (1,635) (1,828) (2,152) Proceeds from maturities and sale of marketable securities and investments 1,443 2,497 1,354 Proceeds from sale of businesses, net of cash sold 236 846 1,065 Other - net 72 9 (6) Net cash provided by (used in) investing activities 6,444) 222 (3,086) Cash Flows from Financing Activities Change in short-term debt - net (316) (284) 578 Repayment of debt (maturities greater than 90 days) (2,716) (1,034) (962) Proceeds from debt (maturities greater than 90 days) 6,281 2,251 1,987 Purchases of treasury stock (1,407) (4,870) (2,068) Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 547 485 734 Dividends paid to shareholders (3,316) (3,193) (2,803) Other - net (197) (56) (121) Net cash provided by (used in) financing activities (1,124) 6,701) (2,655) Effect of exchange rate changes on cash and cash equivalents (2) (160) 156 Net increase (decrease) in cash and cash equivalents (500) (200) 655 Cash and cash equivalents at beginning of year 2,853 3,053 2,398 Cash and cash equivalents at end of period 2,353 2,853 3,053 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement