Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.


(Millions of dollars, except for share and per share data)	2020		2019		2018		2017		2016

Sales	$8,856		$8,919		$8,930		$8,188		$7,504




Operating income	2,238		2,144		1,966		1,440		1,535
Operating margin	25.3	%	24.0	%	22.0	%	17.6	%	20.5	%
Equity affiliates’ income(A)	265		215		175		80		147
Net income(B)	1,931		1,809		1,533		3,021		662
Net income margin	21.8	%	20.3	%	17.2	%	36.9	%	8.8	%
Income from continuing operations	1,945		1,809		1,491		1,155		1,122



Basic earnings per common share from continuing operations	8.59		7.99		6.64		5.20		5.08


Diluted earnings per common share from continuing operations	8.55		7.94		6.59		5.16		5.04

















Adjusted diluted earnings per common share from continuing operations(C)	$8.38		$8.21		$7.45		$6.31		$5.64
Adjusted EBITDA(C)	3,620		3,468		3,116		2,799		2,622
Adjusted EBITDA margin(C)	40.9	%	38.9	%	34.9	%	34.2	%	34.9	%






Dividends declared per common share	5.18		4.58		4.25		3.71		3.39
Total assets(D)	25,169		18,943		19,178		18,467		18,029
Total debt(E)	7,908		3,326		3,813		3,963		5,211

(A)Fiscal year 2020 included a benefit of $34 related to legislation passed by the Indian government in the second quarter. Fiscal year 2018 included an expense of $29 related to the U.S. Tax Cuts and Jobs Act. 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 of $847 related to the exit of Energy-from-Waste, 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 32. 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 33.

(D)Total assets as of 30 September 2020 was impacted by proceeds from the issuance of U.S. Dollar- and Euro-denominated fixed-rate notes in the third quarter of fiscal year 2020. Total assets as of 30 September 2017 and 2016 included those associated with continuing and discontinued operations.

(E)Total debt includes long-term debt and current portion of long-term debt, including debt owed to related parties, and short-term borrowings as of the end of the fiscal year for continuing operations. Long-term obligations increased in fiscal year 2020 due to the issuance of U.S. Dollar- and Euro-denominated fixed-rate notes in the third quarter. 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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