filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
| (in millions, except per share data) | 2020 | (1) | 2019 | (1) | 2018 | (1) | 2017 | (1) | 2016 (Unaudited) | (1) | ||||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||||||||||||||
| Net sales | $ | 17,456 | $ | 18,608 | $ | 18,914 | $ | 17,814 | $ | 16,853 | ||||||||||||||||||||||
| Research and development | $ | 419 | $ | 401 | $ | 400 | $ | 364 | $ | 351 | ||||||||||||||||||||||
| Restructuring costs | $ | 49 | $ | 126 | $ | 80 | $ | 111 | $ | 65 | ||||||||||||||||||||||
| Operating profit (2) | $ | 3,083 | $ | 2,491 | $ | 3,637 | $ | 3,030 | $ | 2,760 | ||||||||||||||||||||||
| Net income from operations (3) | $ | 2,006 | $ | 2,155 | $ | 2,769 | $ | 1,267 | $ | 1,900 | ||||||||||||||||||||||
| Net income attributable to common shareowners | $ | 1,982 | $ | 2,116 | $ | 2,734 | $ | 1,227 | $ | 1,854 | ||||||||||||||||||||||
| Capital expenditures | $ | 312 | $ | 243 | $ | 263 | $ | 326 | $ | 340 | ||||||||||||||||||||||
| Earnings per Share - Basic (4) | $ | 2.29 | $ | 2.44 | $ | 3.16 | $ | 1.42 | $ | 2.14 | ||||||||||||||||||||||
| Earnings per Share - Diluted (4) | $ | 2.25 | $ | 2.44 | $ | 3.16 | $ | 1.42 | $ | 2.14 | ||||||||||||||||||||||
| Cash dividends declared per common share | $ | 0.28 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| As of December 31, | ||||||||||||||||||||||||||||||||
| Working capital (5) | $ | 3,414 | $ | 1,490 | $ | 1,643 | $ | 1,750 | $ | 1,693 | ||||||||||||||||||||||
| Total assets (6) | $ | 25,093 | $ | 22,406 | $ | 21,737 | $ | 21,985 | $ | 20,981 | ||||||||||||||||||||||
| Long-term debt (7) | $ | 10,227 | $ | 319 | $ | 293 | $ | 165 | $ | 162 | ||||||||||||||||||||||
| Total liabilities (6) (7) | $ | 18,515 | $ | 7,971 | $ | 7,468 | $ | 7,201 | $ | 5,844 | ||||||||||||||||||||||
| Total equity | $ | 6,578 | $ | 14,435 | $ | 14,269 | $ | 14,784 | $ | 14,960 | ||||||||||||||||||||||
(1) The Company's financial statements for periods prior to the Separation and the Distribution on April 3, 2020 are prepared on a "carve-out" basis. See Note 2 - Basis of Presentation in the accompanying Notes to the Consolidated Financial Statements.
(2) 2020 Operating profit includes a $1.1 billion gain on the sale of our equity ownership in Beijer Ref AB ("Beijer"), (see Note 6 - Equity Method Investments and Related Parties in the accompanying Notes to the Consolidated Financial Statements), and a $71 million impairment charge on a minority-owned joint venture investment. 2019 Operating profit includes a $108 million impairment charge related to a minority-owned joint venture investment. 2018 Operating profit includes a $799 million gain on the sale of Taylor Company ("Taylor"). 2017 operating profit includes a $379 million gain on the sale of our investment in Watsco, Inc.
(3) 2020 Net income includes a $51 million charge related to a valuation allowance recorded against a United Kingdom tax loss and credit carryforward as a result of the Separation and a $46 million charge resulting from Carrier's decision to no longer permanently reinvest certain pre-2018 unremitted non-U.S. earnings. 2019 Net income includes a net tax benefit of $149 million as a result of the filing by a Carrier subsidiary to participate in an amnesty program offered by the Italian Tax Authority and the conclusion of an audit by the IRS for UTC's 2014, 2015 and 2016 tax years. 2018 Net income includes a net tax charge of $102 million as a result of UTC ceasing to assert that it intended to reinvest certain undistributed earnings of its international subsidiaries. 2017 Net income includes net tax charges of approximately $799 million related to U.S. tax reform legislation enacted in December 2017.
(4) Earnings per share for periods presented prior to the Separation and the Distribution were calculated using the number of shares that were distributed to UTC shareowners as a result of the Distribution. For periods prior to the Separation and the Distribution it is assumed that there are no dilutive equity instruments as there were no Carrier stock-based awards outstanding prior to the Separation and the Distribution.
(5) Working capital is defined as current assets less current liabilities.
(6) The increase in total assets and total liabilities in 2019 primarily relates to the adoption of Accounting Standards Update ("ASU") 2016-02, Leases, which Carrier adopted effective January 1, 2019.
(7) The increase in long-term debt and total liabilities during 2020 reflects the issuance of long-term debt of $11.0 billion associated with the Separation, and the issuance of $750 million 2.700% Notes due 2031, less a $1.75 billion debt prepayment made in the three months ended December 31, 2020. See Note 12 - Borrowings and Lines of Credit in the accompanying Notes to the Consolidated Financial Statements.
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