filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The selected financial information presented below for each of the last five years ended December 31, beginning with 2019, was derived from our Consolidated Financial Statements. This information should be read in conjunction with our Consolidated Financial Statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
| In millions, except per share amounts | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| For the years ended December 31, | ||||||||||||||||||||
| Net sales | $ | 23,571 | $ | 23,771 | $ | 20,428 | $ | 17,509 | $ | 19,110 | ||||||||||
| Net income attributable to Cummins Inc.(1) | 2,260 | 2,141 | 999 | 1,394 | 1,399 | |||||||||||||||
| Earnings per common share attributable to Cummins Inc.(2) | ||||||||||||||||||||
| Basic | $ | 14.54 | $ | 13.20 | $ | 5.99 | $ | 8.25 | $ | 7.86 | ||||||||||
| Diluted | 14.48 | 13.15 | 5.97 | 8.23 | 7.84 | |||||||||||||||
| Cash dividends declared per share | 4.90 | 4.44 | 4.21 | 4.00 | 3.51 | |||||||||||||||
| At December 31, | ||||||||||||||||||||
| Total assets | 19,737 | 19,062 | 18,075 | 15,011 | 15,134 | |||||||||||||||
| Long-term debt | 1,576 | 1,597 | 1,588 | 1,568 | 1,576 |
(1) For the year ended December 31, 2019, net income attributable to Cummins Inc. was reduced by $119 million due to restructuring actions ($90 million after-tax). For the year ended December 31, 2018, net income attributable to Cummins Inc. was reduced by $39 million due to Tax Legislation. For the year ended December 31, 2017, net income attributable to Cummins Inc. was reduced by $777 million due to Tax Legislation. For the year ended December 31, 2016, net income attributable to Cummins Inc. included a $138 million charge for a loss contingency ($74 million net of favorable variable compensation impact after-tax). For the year ended December 31, 2015, net income attributable to Cummins Inc. included $211 million for an impairment of light-duty diesel assets ($133 million after-tax), $90 million of restructuring actions and other charges ($61 million after-tax) and a $60 million charge for a loss contingency ($38 million after-tax).
(2) For the year ended December 31, 2019, results for basic and diluted earnings per share were reduced by $0.58 per share and $0.57 per share, respectively, due to restructuring actions. For the year ended December 31, 2018, results for basic and diluted earnings per share were reduced by $0.24 per share due to Tax Legislation. For the year ended December 31, 2017, results for basic and diluted earnings per share were reduced by $4.66 per share and $4.65 per share, respectively, due to Tax Legislation. For the year ended December 31, 2016, results for basic and diluted earnings per share were reduced by $0.44 per share due to a loss contingency charge. For the year ended December 31, 2015, results for basic and diluted earnings per share were reduced by $0.75 per share due to an impairment of light-duty diesel, $0.34 per share due to restructuring actions and other charges and $0.20 and $0.21 per share, respectively, due to a loss contingency charge.
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