P4-41. Analysis and Interpretation of Profitability Balance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years Ended December 31 ($ millions) 2018 2017 Net sales.... $32,765 $31,657 Operating expenses Cost of sales..... 16,682 16,055 Selling, general and administrative expenses. 7,602 6,626 Research, development and related expenses 1,821 1,870 Gain on sale of businesses (547) (586) Total operating expenses. 25,558 23,965 Operating income... 7,207 7,692 Other expense, net* 207 144 Income before income taxes 7,000 7,548 Provision for income taxes.... Net income including noncontrolling interest. Less: Net income attributable to noncontrolling interest.. Net income attributable to 3M........ * Interest expense, gross is $350 million in 2018 and $322 million in 2017. 1,637 2,679 5,363 4,869 14 11 $ 5,349 $ 4,858