The following selected consolidated financial data for the years ended December 31, 2020, 2019 and 2018 and as of December 31, 2020 and 2019 were derived from our consolidated financial statements which are included in Item 8 of this annual report on Form 10-K. Selected consolidated financial data as of December 31, 2018 and as of and for the years ended December 31, 2017 and 2016 were derived from our consolidated financial statements, but are not included herein.
The following data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Item 7 of this annual report on Form 10-K and with our consolidated financial statements and related notes included in Item 8 of this annual report on Form 10-K.
Year Ended December 31,
2020
2019
2018
2017
2016
(In thousands, except per share amounts)
Statement of operations data:
Net sales (1)
$
8,558,874
$
7,280,431
$
7,724,771
$
7,034,209
$
6,367,284
Gross margin
2,222,584
1,976,829
1,922,940
1,727,391
1,596,748
Selling, general and administrative expenses
1,678,730
1,584,523
1,553,972
1,442,288
1,360,412
Net income (loss) (2)(3)
313,537
221,809
205,191
38,781
144,341
Net income (loss) per share — basic
$
2.69
$
1.92
$
1.79
$
0.34
$
1.30
Net income (loss) per share — diluted
$
2.66
$
1.90
$
1.76
$
0.34
$
1.27
Balance sheet data (end of period):
Cash and cash equivalents
$
423,806
$
14,096
$
10,127
$
57,533
$
14,449
Total assets (4)
4,173,671
3,249,490
2,932,309
3,006,124
2,909,887
Total debt (including current portion)
1,624,240
1,291,273
1,561,294
1,784,420
1,802,052
Stockholders’ equity
1,152,783
824,953
596,338
376,209
309,620
Other financial data:
Depreciation and amortization
$
116,566
$
100,038
$
97,906
$
92,993
$
109,793
(1)
We adopted updated revenue recognition guidance using the modified retrospective method as of January 1, 2018. As such, periods prior to the adoption date have not been restated and continue to be presented in accordance with previous guidance.
(2)
Net income for the year ended December 31, 2017 includes $29.0 million in income tax expense attributable to revaluation of our net deferred tax assets resulting from the enactment of the 2017 Tax Act. Net income for the year ended December 31, 2016 includes a reduction to our valuation allowance of $131.7 million as we released the valuation allowance against our net federal and certain state deferred tax assets in that period.
(3)
Net income for the year ended December 31, 2020 includes net losses on debt extinguishment and other financing costs of $29.4 million. Net income for the year ended December 31, 2019 includes net losses on debt extinguishment and other financing costs of $10.2 million. Net income for the year ended December 31, 2018 includes a net gain on debt extinguishment of $3.2 million. Our 2020, 2019, and 2018 debt transactions are discussed in detail in Note 9 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K. Net income for the year ended December 31, 2017 includes net losses on debt extinguishment and other financing costs of $58.7 million. Net income for the year ended December 31, 2016 includes net losses on debt extinguishment and other financing costs of $56.9 million.
(4)
We adopted guidance relating to leases using the modified retrospective method as of January 1, 2019. As such, periods prior to the adoption date have not been restated and continue to be presented in accordance with previous guidance.
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