Module 3 I Profitability Analysin aend Interpretation3-52 PROBLEMS Analysis and Interpretation of Profitability Balance sheets and incoeme statements for 3M Company follow. P3-46 LO4, 5,6,7,8 3M COMPANY Consolidated Statements of Income 180 Years Ended Dec. 31 S millions) 2015 Net sales $30,274 31,821 $30,871 Cost of sales Selling. general and administrative expenses Research, development and related expenses 6,447 16,106 15.383 6,182 Total operating expenses Operating income Interest expense and income 2332 24080 24.205 6,946 6,666 149 Interest inoome Total interest expense-net... Income belore income taxes Provision for income taxes. " Net income including noncontrolling interest. Less: Net income attributable to noncontroling interest Net income attributable to 3M 1,982 4,841 1,841 4,721 4,908 $ 4,833 $ 4,956 3M COMPANY Consolidated Balance Sheets December 31 (S millions, except per share amount Current assets 2015 1,7981,897 Accounts receivable -net of allowances of $91 and $94.. 4,154 1,723 1,081 Work in process 3,708 1.023 Total inventories Other current assets. 1.398 10,986 Total current assets. Marketable securities-noncurrent Property, plant and equipment.... Less: Accumulated depreciation (14,583)(14.352) Property, plant and equipmentt 8,515 9,249 7,050 ..2,601 188 1,435 1,769 $32,718 $31,209 Intangible assets-net Other assets.. 1,053 continued