A Dark Vector Cognition product

Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

Years ended December 31,
Consolidated Statements of Income Data:20192018201720162015
(In millions, except per-share data)
Revenues:
Product sales$22,204$22,533$21,795$21,892$20,944
Other revenues1,1581,2141,0541,099718
Total revenues$23,362$23,747$22,849$22,991$21,662
Operating expenses:
Cost of sales$4,356$4,101$4,069$4,162$4,227
Research and development$4,116$3,737$3,562$3,840$4,070
Selling, general and administrative$5,150$5,332$4,870$5,062$4,846
Net income(1)$7,842$8,394$1,979$7,722$6,939
Diluted earnings per share(1)$12.88$12.62$2.69$10.24$9.06
Dividends paid per share$5.80$5.28$4.60$4.00$3.16
As of December 31,
Consolidated Balance Sheets Data:20192018201720162015
(In millions)
Total assets$59,707$66,416$79,954$77,626$71,449
Total debt(2)$29,903$33,929$35,342$34,596$31,429
Total stockholders’ equity(3)$9,673$12,500$25,241$29,875$28,083

In addition to the following notes, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part IV—Consolidated Financial Statements and accompanying notes and previously filed Annual Reports on Form 10-K for further information regarding our consolidated results of operations and financial position for periods reported therein and for known factors that will affect the comparability of future results. Also see Part IV—Note 16, Stockholders’ equity, to the Consolidated Financial Statements, for information regarding cash dividends declared per share of common stock for each of the four quarters of 2019, 2018 and 2017. In addition, our Board of Directors declared dividends per share of $1.00 and $0.79 that were paid in each of the four quarters of 2016 and 2015, respectively.

(1)In 2017, we recorded a net charge of $6.1 billion as a result of the 2017 Tax Act. See Part IV—Note 6, Income taxes, to the Consolidated Financial Statements.
(2)See Part IV—Note 15, Financing arrangements, to the Consolidated Financial Statements, for discussion of our financing arrangements. In 2016, we issued $7.3 billion of debt and repaid $3.7 billion of debt. In 2015, we issued $3.5 billion of debt and repaid $2.4 billion of debt.
(3)Throughout the five years ended December 31, 2019, we had a stock repurchase program authorized by the Board of Directors, through which we repurchased $7.6 billion, $17.9 billion, $3.1 billion, $3.0 billion and $1.9 billion, respectively, of Amgen common stock.

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