Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7. of this 10-K, and “Financial Statements and Supplementary Data” in Part II, Item 8 of this 10-K. Our historical results of operations are not necessarily indicative of results of operations to be expected for any future period.



	Fiscal Year Ended July 31,
	2016 (1)		2015 (2)		2014 (2)		2013 (2)		2012 (2)
(In thousands, except per share)
Operating Data
Revenues	$	1,268,449	$	1,146,079	$	1,163,489	$	1,046,386	$	924,191
Operating income	406,470		344,401		274,934		282,992		286,353
Income before income taxes	395,865		332,069		270,035		276,872		278,056
Income taxes	125,505		112,286		91,348		96,847		95,937
Net income	$	270,360	$	219,783	$	178,687	$	180,025	$	182,119
Basic net income per common share	$	2.36	$	1.75	$	1.42	$	1.44	$	1.42
Weighted average common shares outstanding	114,423		125,914		125,693		124,912		128,120
Diluted net income per common share	$	2.21	$	1.67	$	1.36	$	1.39	$	1.39
Diluted weighted average common shares outstanding	122,147		131,425		131,230		129,781		131,428

Balance Sheet Data
Cash and cash equivalents	$	155,849	$	456,012	$	158,668	$	63,631	$	140,112
Working capital	220,523		521,456		168,007		67,893		134,908
Total assets	1,649,820		1,798,660		1,506,121		1,333,316		1,155,648
Total debt	640,492		644,514		302,218		371,292		442,472
Stockholders’ equity	774,456		964,464		1,003,499		762,401		561,117


(1)	In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. Under this standard, all excess tax benefits and tax deficiencies related to exercises of stock options are recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur. Additionally, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. We early adopted ASU 2016-09 during the fourth quarter of fiscal 2016 on a modified retrospective basis.

(1)

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. Under this standard, all excess tax benefits and tax deficiencies related to exercises of stock options are recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur. Additionally, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. We early adopted ASU 2016-09 during the fourth quarter of fiscal 2016 on a modified retrospective basis.


(2)	In connection with our adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, as of July 31, 2016, prior year debt balances have been retrospectively adjusted to include a direct deduction of unamortized debt issuance costs, resulting in a reclassification of $1.3 million, $0.7 million, $1.2 million, and $1.6 million of debt issuance costs as of July 31, 2015, 2014, 2013, and 2012, respectively, to long-term debt for the respective periods. Prior to the adoption of ASU 2015-03, the unamortized debt issuance costs were included in other assets on our consolidated balance sheets.

(2)

In connection with our adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, as of July 31, 2016, prior year debt balances have been retrospectively adjusted to include a direct deduction of unamortized debt issuance costs, resulting in a reclassification of $1.3 million, $0.7 million, $1.2 million, and $1.6 million of debt issuance costs as of July 31, 2015, 2014, 2013, and 2012, respectively, to long-term debt for the respective periods. Prior to the adoption of ASU 2015-03, the unamortized debt issuance costs were included in other assets on our consolidated balance sheets.

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