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Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Data (Unaudited) |
Quarterly Data (Unaudited) | NOTE 19. Quarterly Data (Unaudited)
(Millions, except per-share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year |
2017 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | 2017 |
Net sales |  | $ | 7,685 |  | $ | 7,810 |  | $ | 8,172 |  | $ | 7,990 |  | $ | 31,657 |
Cost of sales |  |  | 3,882 |  |  | 4,020 |  |  | 4,059 |  |  | 4,094 |  |  | 16,055 |
Net income including noncontrolling interest |  |  | 1,326 |  |  | 1,585 |  |  | 1,433 |  |  | 525 |  |  | 4,869 |
Net income attributable to 3M |  |  | 1,323 |  |  | 1,583 |  |  | 1,429 |  |  | 523 |  |  | 4,858 |
Earnings per share attributable to 3M common shareholders - basic |  |  | 2.21 |  |  | 2.65 |  |  | 2.39 |  |  | 0.88 |  |  | 8.13 |
Earnings per share attributable to 3M common shareholders - diluted |  |  | 2.16 |  |  | 2.58 |  |  | 2.33 |  |  | 0.85 |  |  | 7.93 |
(Millions, except per-share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year |
2016 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | 2016 |
Net sales |  | $ | 7,409 |  | $ | 7,662 |  | $ | 7,709 |  | $ | 7,329 |  | $ | 30,109 |
Cost of sales |  |  | 3,698 |  |  | 3,817 |  |  | 3,867 |  |  | 3,736 |  |  | 15,118 |
Net income including noncontrolling interest |  |  | 1,278 |  |  | 1,293 |  |  | 1,331 |  |  | 1,156 |  |  | 5,058 |
Net income attributable to 3M |  |  | 1,275 |  |  | 1,291 |  |  | 1,329 |  |  | 1,155 |  |  | 5,050 |
Earnings per share attributable to 3M common shareholders - basic |  |  | 2.10 |  |  | 2.13 |  |  | 2.20 |  |  | 1.93 |  |  | 8.35 |
Earnings per share attributable to 3M common shareholders - diluted |  |  | 2.05 |  |  | 2.08 |  |  | 2.15 |  |  | 1.88 |  |  | 8.16 |
Gross profit is calculated as net sales minus cost of sales. Fourth quarter and year 2017 were impacted by the enactment of the Tax Cuts and Jobs Act in December 2017, which reduced net income by $762 million and reduced diluted earnings per share by $1.25 in the fourth quarter and $1.24 for year 2017. Refer to Note 9 for additional details.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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