Analysis and Interpretation of Liquidity and Solvency Balance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years Ended December 31 ($ millions) Net sales Operating expenses Cost of sales 16,682 16,055 7,602 6,626 1,821 1,870 (547) (586) 25,558 23,965 7,207 7,692 207 144 7,000 7,548 Provision for income taxes 1,637 2,679 Net income including noncontrolling interest 5,363 4,869 Less: Net income attributable to noncontrolling interest 14 11 Net income attributable to 3M $5,349 $4,858 * Interest expense, gross is $350 million in 2018 and $322 million in 2017. Selling, general and administrative expenses Research, development and related expenses Gain on sale of businesses Total operating expenses Operating income Other expense, net* Income before income taxes Current assets 3M COMPANY Consolidated Balance Sheets At December 31 (S millions) Cash and cash equivalents Marketable securities Accounts receivable Total inventories Prepaids Other current assets Total current assets Property, plant and equipment, net Goodwill Intangible assets-net Other assets Total assets Current liabilities 2018 2017 $32,765 $31,657 Long-term debt Pension and postretirement benefits Other liabilities Total liabilities 2018 2017 $2,853 $3,053 380 1,076 5,020 4,911 4,366 4,034 741 937 349 266 13,709 14,277 8,738 8,866 10,051 10,513 2,657 2,936 1.345 1,395 $36,500 $37,987 Short-term borrowings and current portion of long-term debt $1,211 Accounts payable Accrued payroll Accrued income taxes Other current liabilities Total current liabilities $1,853 2,266 1,945 749 870 243 310 2,775 2,709 7,244 7.687 13,411 12.096 2,987 3,620 3,010 2,962 $26.652 $26.365
Analysis and Interpretation of Liquidity and Solvency Balance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years Ended December 31 ($ millions) Net sales Operating expenses Cost of sales 16,682 16,055 7,602 6,626 1,821 1,870 (547) (586) 25,558 23,965 7,207 7,692 207 144 7,000 7,548 Provision for income taxes 1,637 2,679 Net income including noncontrolling interest 5,363 4,869 Less: Net income attributable to noncontrolling interest 14 11 Net income attributable to 3M $5,349 $4,858 * Interest expense, gross is $350 million in 2018 and $322 million in 2017. Selling, general and administrative expenses Research, development and related expenses Gain on sale of businesses Total operating expenses Operating income Other expense, net* Income before income taxes Current assets 3M COMPANY Consolidated Balance Sheets At December 31 (S millions) Cash and cash equivalents Marketable securities Accounts receivable Total inventories Prepaids Other current assets Total current assets Property, plant and equipment, net Goodwill Intangible assets-net Other assets Total assets Current liabilities 2018 2017 $32,765 $31,657 Long-term debt Pension and postretirement benefits Other liabilities Total liabilities 2018 2017 $2,853 $3,053 380 1,076 5,020 4,911 4,366 4,034 741 937 349 266 13,709 14,277 8,738 8,866 10,051 10,513 2,657 2,936 1.345 1,395 $36,500 $37,987 Short-term borrowings and current portion of long-term debt $1,211 Accounts payable Accrued payroll Accrued income taxes Other current liabilities Total current liabilities $1,853 2,266 1,945 749 870 243 310 2,775 2,709 7,244 7.687 13,411 12.096 2,987 3,620 3,010 2,962 $26.652 $26.365
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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