(Millions of dollars, except for share and per share data)
2019
2018
2017
2016
2015
Sales
$8,919
$8,930
$8,188
$7,504
$7,824
Operating income
2,144
1,966
1,440
1,535
1,276
Operating margin
24.0
%
22.0
%
17.6
%
20.5
%
16.3
%
Equity affiliates’ income(A)
215
175
80
147
152
Net income(B)(C)
1,809
1,533
3,021
662
1,318
Net income margin(C)
20.3
%
17.2
%
36.9
%
8.8
%
16.8
%
Income from continuing operations
1,809
1,491
1,155
1,122
966
Basic earnings per common share from continuing operations
7.99
6.64
5.20
5.08
4.34
Diluted earnings per common share from continuing operations
7.94
6.59
5.16
5.04
4.29
Adjusted diluted earnings per common share from continuing operations(C)
$8.21
$7.45
$6.31
$5.64
$4.88
Adjusted EBITDA(C)
3,468
3,116
2,799
2,622
2,422
Adjusted EBITDA margin(C)
38.9
%
34.9
%
34.2
%
34.9
%
31.0
%
Dividends declared per common share
4.58
4.25
3.71
3.39
3.20
Total assets(D)
18,943
19,178
18,467
18,029
17,317
Total debt(E)
3,326
3,813
3,963
5,211
5,856
(A)
Fiscal year 2017 included the impact of an other-than-temporary noncash impairment charge of $80 on a 25%‑owned equity affiliate in Saudi Arabia.
(B)
Fiscal year 2017 included net income from discontinued operations of $1,866 primarily resulting from the sale of the Performance Materials Division to Evonik Industries AG. Fiscal year 2016 included a net loss from discontinued operations of $465, which included an after-tax loss on the disposal of the Energy-from-Waste business of $847, partially offset by income from operations of the former Electronic Materials and Performance Materials divisions.
(C)
A reconciliation of adjusted diluted earnings per common share from continuing operations to diluted earnings per common share from continuing operations on a GAAP basis is presented on page 30. A reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income and net income margin on a GAAP basis, respectively, is presented on page 31.
(D)
Total assets includes assets from continuing and discontinued operations.
(E)
Total debt includes long-term debt and current portion of long-term debt, including debt to related parties, and short-term borrowings as of the end of the year for continuing operations. Long-term obligations decreased in fiscal year 2017 primarily due to debt repayments subsequent to the spin-off of the former Electronic Materials division as Versum Materials, Inc.
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