filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
The following selected consolidated financial data should be read in conjunction with our consolidated financial statements and the accompanying notes thereto in Item 8 of this Annual Report on Form 10-K, and the information contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K.
| Unaudited | ||||||||||||||||||||
| as of or for the years ended December 31 | 2020 | 2019¹ | 2018 | 2017 | 2016² | |||||||||||||||
| Operating Results | Net sales | $ | 11,673 | 11,362 | 11,099 | 10,584 | 10,133 | |||||||||||||
| (in millions) | Income from continuing operations | $ | 1,110 | 1,011 | 1,552 | 609 | 4,936 | |||||||||||||
| Loss from discontinued operations, net of tax | $ | — | — | (6) | (7) | (1) | ||||||||||||||
| Net income attributable to Baxter stockholders | $ | 1,102 | 1,001 | 1,546 | 602 | 4,935 | ||||||||||||||
| Earnings per share from continuing operations | ||||||||||||||||||||
| Basic | $ | 2.17 | 1.97 | 2.91 | 1.12 | 9.04 | ||||||||||||||
| Diluted | $ | 2.13 | 1.93 | 2.84 | 1.10 | 8.96 | ||||||||||||||
| Loss per share from discontinued operations | ||||||||||||||||||||
| Basic | $ | — | — | (0.01) | (0.01) | — | ||||||||||||||
| Diluted | $ | — | — | (0.01) | (0.02) | — | ||||||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic | $ | 2.17 | 1.97 | 2.90 | 1.11 | 9.04 | ||||||||||||||
| Diluted | $ | 2.13 | 1.93 | 2.83 | 1.08 | 8.96 | ||||||||||||||
| Weighted-average number of shares outstanding | ||||||||||||||||||||
| Basic | 509 | 509 | 534 | 543 | 546 | |||||||||||||||
| Diluted | 517 | 519 | 546 | 555 | 551 | |||||||||||||||
| Balance Sheet Information | Total assets | $ | 20,019 | 18,193 | 15,720 | 17,102 | 15,459 | |||||||||||||
| (in millions) | Total liabilities | $ | 11,293 | 10,281 | 7,854 | 7,993 | 7,238 | |||||||||||||
| Total equity | $ | 8,726 | 7,912 | 7,866 | 9,109 | 8,221 | ||||||||||||||
| Long-term debt and finance lease obligations | $ | 5,786 | 4,809 | 3,481 | 3,512 | 2,774 | ||||||||||||||
| Cash Flow Information | Cash flows from operations - continuing operations | $ | 1,870 | 2,110 | 2,017 | 1,730 | 1,588 | |||||||||||||
| (in millions) | Cash flows from investing activities - continuing operations | $ | (1,179) | (1,100) | (916) | (1,292) | (716) | |||||||||||||
| Cash flows from financing activities | $ | (345) | 498 | (2,603) | 93 | (324) | ||||||||||||||
| Capital expenditures - continuing operations | $ | (709) | (696) | (659) | (616) | (705) | ||||||||||||||
| Common Stock Information | Cash dividends declared per share | $ | 0.955 | $ | 0.850 | $ | 0.730 | $ | 0.610 | $ | 0.505 |
1.Income from continuing operations for the year ended December 31, 2019 included a pre-tax charge of $755 million ($568 million, or $1.09 per diluted share, on an after-tax basis) related to the annuitization of a portion of our U.S. pension plan.
2.Income from continuing operations for the year ended December 31, 2016 included pre-tax net realized gains of $4.4 billion ($4.4 billion, or $8.07 per diluted share, on an after-tax basis) related to the disposition of our formerly retained shares in Baxalta (Baxalta Retained Shares).
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