(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