filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
Applied adopted the authoritative guidance related to revenue recognition in the first quarter of fiscal 2019 using the full retrospective method. Applied also adopted authoritative guidance related to retirement benefits in the first quarter of fiscal 2019 using the retrospective method. The adoption of these guidance required restating fiscal years 2018 and 2017 results as presented below.
The following selected financial information has been derived from Applied’s historical audited consolidated financial statements and should be read in conjunction with the consolidated financial statements and the accompanying notes for the corresponding fiscal years:
| Fiscal Year(1) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions, except percentages and per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 14,608 | $ | 16,705 | $ | 14,698 | $ | 10,825 | $ | 9,659 | |||||||||||||||||||||||||||||||||||||||||||
| Gross profit | $ | 6,386 | $ | 7,517 | $ | 6,612 | $ | 4,511 | $ | 3,952 | |||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 43.7 | % | 45.0 | % | 45.0 | % | 41.7 | % | 40.9 | % | |||||||||||||||||||||||||||||||||||||||||||
| Research, development and engineering | $ | 2,054 | $ | 2,022 | $ | 1,781 | $ | 1,540 | $ | 1,451 | |||||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 3,350 | $ | 4,491 | $ | 3,936 | $ | 2,152 | $ | 1,693 | |||||||||||||||||||||||||||||||||||||||||||
| Operating margin | 22.9 | % | 26.9 | % | 26.8 | % | 19.9 | % | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 3,269 | $ | 4,396 | $ | 3,816 | $ | 2,013 | $ | 1,598 | |||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 2,706 | $ | 3,038 | $ | 3,519 | $ | 1,721 | $ | 1,377 | |||||||||||||||||||||||||||||||||||||||||||
| Earnings per diluted share | $ | 2.86 | $ | 2.96 | $ | 3.25 | $ | 1.54 | $ | 1.12 | |||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | $ | 4,713 | $ | 5,309 | $ | 5,304 | $ | 3,125 | $ | 3,342 | |||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared per common share | $ | 0.83 | $ | 0.70 | $ | 0.40 | $ | 0.40 | $ | 0.40 | |||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 19,024 | $ | 17,633 | $ | 19,190 | $ | 14,570 | $ | 15,308 | |||||||||||||||||||||||||||||||||||||||||||
(1)Each fiscal year ended on the last Sunday in October. Fiscal 2019, 2018, 2017, and 2015 each contained 52 weeks, and fiscal 2016 contained 53 weeks.
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