Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.



Five-year Financial Summary
(Dollars in millions except per share data)
	2019			2018			2017			2016			2015
Years ended December 31,
Sales and revenues	$	53,800		$	54,722		$	45,462		$	38,537		$	47,011
Percent inside the United States	42		%	41		%	41		%	41		%	41		%
Percent outside the United States	58		%	59		%	59		%	59		%	59		%
Sales	$	50,755		$	51,822		$	42,676		$	35,773		$	44,147
Revenues	$	3,045		$	2,900		$	2,786		$	2,764		$	2,864
Profit (loss) 1	$	6,093		$	6,147		$	754		$	(67	)	$	2,512
Profit (loss) per common share 2	$	10.85		$	10.39		$	1.27		$	(0.11	)	$	4.23
Profit (loss) per common share–diluted 3	$	10.74		$	10.26		$	1.26		$	(0.11	)	$	4.18
Dividends declared per share of common stock	$	3.95		$	3.36		$	3.11		$	3.08		$	3.01
Return on average common shareholders’ equity 4	42.4		%	44.1		%	5.6		%	(0.5		)%	15.8		%
Capital expenditures:
Property, plant and equipment	$	1,056		$	1,276		$	898		$	1,109		$	1,388
Equipment leased to others	$	1,613		$	1,640		$	1,438		$	1,819		$	1,873
Depreciation and amortization	$	2,577		$	2,766		$	2,877		$	3,034		$	3,046
Research and development expenses	$	1,693		$	1,850		$	1,842		$	1,853		$	2,134
As a percent of sales and revenues	3.1		%	3.4		%	4.1		%	4.8		%	4.5		%
Average number of employees	103,400			101,500			96,000			99,500			110,800
December 31,
Total assets	$	78,453		$	78,509		$	76,962		$	74,704		$	78,342
Long-term debt due after one year:
Consolidated	$	26,281		$	25,000		$	23,847		$	22,818		$	25,169
Machinery, Energy & Transportation	$	9,141		$	8,005		$	7,929		$	8,436		$	8,960
Financial Products	$	17,140		$	16,995		$	15,918		$	14,382		$	16,209
Total debt:
Consolidated	$	37,657		$	36,553		$	34,878		$	36,783		$	38,013
Machinery, Energy & Transportation	$	9,162		$	8,015		$	7,936		$	9,152		$	9,486
Financial Products	$	28,495		$	28,538		$	26,942		$	27,631		$	28,527


1	Profit (loss) attributable to common shareholders.


2	Computed on weighted-average number of shares outstanding.


3	Computed on weighted-average number of shares outstanding diluted by assumed exercise of stock-based compensation awards, using the treasury stock method. In 2016, the assumed exercise of stock-based compensation awards was not considered because the impact would be antidilutive.


4	Represents profit (loss) divided by average shareholders’ equity (beginning of year shareholders’ equity plus end of year shareholders’ equity divided by two).

Additional information required by Item 6 is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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