Item 6. Selected Financial Data

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Item 6. Selected Financial Data

This selected financial data should be read in conjunction with “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and the accompanying Notes contained in “Item 8. Financial Statements and Supplementary Data.”


	(Dollars in millions, except per share amounts)
	2017			2018			2019			2020			2021
For Year Ended April 30:
Sales	$	3,857		$	4,201		$	4,276		$	4,306		$	4,526
Excise taxes	$	863		$	953		$	952		$	943		$	1,065
Net sales	$	2,994		$	3,248		$	3,324		$	3,363		$	3,461
Gross profit	$	2,021		$	2,202		$	2,166		$	2,127		$	2,094
Operating income	$	1,010		$	1,048		$	1,144		$	1,091		$	1,166
Net income	$	669		$	717		$	835		$	827		$	903
Weighted average shares (in millions) used to calculate earnings per share
– Basic	484.6			480.3			479.0			477.8			478.5
– Diluted	488.1			484.2			482.1			480.4			480.7
Earnings per share from continuing operations
– Basic	$	1.38		$	1.49		$	1.74		$	1.73		$	1.89
– Diluted	$	1.37		$	1.48		$	1.73		$	1.72		$	1.88
Gross margin	67.5		%	67.8		%	65.2		%	63.2		%	60.5		%
Operating margin	33.8		%	32.3		%	34.4		%	32.4		%	33.7		%
Effective tax rate	28.3		%	26.6		%	19.8		%	18.0		%	16.5		%
Average invested capital	$	3,591		$	3,832		$	4,125		$	4,387		$	4,966
Return on average invested capital	19.8		%	20.0		%	22.0		%	20.4		%	19.6		%
Cash provided by operations	$	656		$	653		$	800		$	724		$	817
Cash dividends declared per common share	$	0.5640		$	1.6080		$	0.6480		$	0.6806		$	0.7076
Dividend payout ratio	40.9		%	107.8		%	37.2		%	39.3		%	37.5		%
As of April 30:
Total assets	$	4,625		$	4,976		$	5,139		$	5,766		$	6,522
Long-term debt	$	1,689		$	2,341		$	2,290		$	2,269		$	2,354
Total debt	$	2,149		$	2,556		$	2,440		$	2,602		$	2,559

Notes:



1.			Results for fiscal 2021 include a pre-tax gain on sale of $127 million from the divestiture of Early Times, Canadian Mist, and Collingwood and related assets.
2.			Weighted average shares, earnings per share, and cash dividends declared per common share have been adjusted for a 2-for-1 stock split in August 2016 and a 5-for-4 stock split in February 2018.

3.			See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Presentation Basis – Non-GAAP Financial Measures” for details on our use of “return on average invested capital,” including how we calculate this measure and why we think this information is useful to readers.
4.			Cash dividends declared per common share and the dividend payout ratio include a special cash dividend of $1.00 in fiscal 2018.
5.			We define dividend payout ratio as cash dividends divided by net income.

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