Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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)	2020			2019			2018			2017			2016

	(In millions, except percentages and per share amounts)

Net sales	$	17,202		$	14,608		$	16,705		$	14,698		$	10,825
Gross profit	$	7,692		$	6,386		$	7,517		$	6,612		$	4,511
Gross margin	44.7		%	43.7		%	45.0		%	45.0		%	41.7		%
Research, development and engineering	$	2,234		$	2,054		$	2,022		$	1,781		$	1,540



Operating income	$	4,365		$	3,350		$	4,491		$	3,936		$	2,152
Operating margin	25.4		%	22.9		%	26.9		%	26.8		%	19.9		%
Income before income taxes	$	4,166		$	3,269		$	4,396		$	3,816		$	2,013
Net income	$	3,619		$	2,706		$	3,038		$	3,519		$	1,721
Earnings per diluted share	$	3.92		$	2.86		$	2.96		$	3.25		$	1.54



Long-term debt	$	5,448		$	4,713		$	5,309		$	5,304		$	3,125
Cash dividends declared per common share	$	0.87		$	0.83		$	0.70		$	0.40		$	0.40

Total assets	$	22,353		$	19,024		$	17,633		$	19,190		$	14,570

(1)Each fiscal year ended on the last Sunday in October. Fiscal 2020, 2019, 2018, and 2017 each contained 52 weeks, and fiscal 2016 contained 53 weeks.

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