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Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Data (Unaudited) |
Quarterly Data (Unaudited) | NOTE 20. Quarterly Data (Unaudited)
(Millions, except per-share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year |
2018 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | 2018 |
Net sales |  | $ | 8,278 |  | $ | 8,390 |  | $ | 8,152 |  | $ | 7,945 |  | $ | 32,765 |
Cost of sales |  |  | 4,236 |  |  | 4,227 |  |  | 4,159 |  |  | 4,060 |  |  | 16,682 |
Net income including noncontrolling interest |  |  | 606 |  |  | 1,862 |  |  | 1,546 |  |  | 1,349 |  |  | 5,363 |
Net income attributable to 3M |  |  | 602 |  |  | 1,857 |  |  | 1,543 |  |  | 1,347 |  |  | 5,349 |
Earnings per share attributable to 3M common shareholders - basic |  |  | 1.01 |  |  | 3.14 |  |  | 2.64 |  |  | 2.32 |  |  | 9.09 |
Earnings per share attributable to 3M common shareholders - diluted |  |  | 0.98 |  |  | 3.07 |  |  | 2.58 |  |  | 2.27 |  |  | 8.89 |
(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 |
Gross profit is calculated as net sales minus cost of sales. In the first quarter of 2018, the resolution of the State of Minnesota Natural Resource Damages (NRD) lawsuit reduced net income by $710 million, or $1.16 per diluted share. Refer to Note 16 for additional details. Additionally, the first quarter of 2018 was impacted by a measurement period adjustment related to the enactment of the Tax Cuts and Jobs Act (TCJA), which reduced net income by $217 million, or $0.36 per diluted share. Refer to Note 10 for additional details. In the fourth quarter of 2018, the Company’s ongoing IRS examination under the Compliance Assurance Process (CAP) and new guidance released under the Tax Cuts and Jobs Act resulted in a charge that reduced net income by $60 million, or $0.11 per diluted share. Additionally, in the fourth quarter of 2018, the Company finalized the tax impact related to TCJA with a reversal of previously recorded tax expense that increased net income by $41 million, or $0.07 per diluted share. On a combined basis, these items, including the impacts detailed above for the first quarter of 2018, reduced net income by $946 million, or $1.57 per diluted share in 2018. 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 10 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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