filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following tables are derived from our audited Consolidated Financial Statements and present selected financial and operating data as of and for the five years ended December 31, 2019.
We adopted Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” using the full retrospective transition method in 2018 and recast results from 2016 and 2017 including interim periods therein. Results from 2015 have not been recast for the adoption of this standard.
Consolidated Summary of Operations
| Year Ended December 31, | |||||||||||||||||||||||||||||
| (in millions, except share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
| Operating revenue | $ | 47,007 | $ | 44,438 | $ | 41,138 | $ | 39,450 | $ | 40,704 | |||||||||||||||||||
| Operating expense | 40,389 | 39,174 | 35,172 | 32,454 | 32,902 | ||||||||||||||||||||||||
| Operating income | 6,618 | 5,264 | 5,966 | 6,996 | 7,802 | ||||||||||||||||||||||||
| Non-operating expense, net | (420) | (113) | (466) | (643) | (645) | ||||||||||||||||||||||||
| Income before income taxes | 6,198 | 5,151 | 5,500 | 6,353 | 7,157 | ||||||||||||||||||||||||
| Income tax provision | (1,431) | (1,216) | (2,295) | (2,158) | (2,631) | ||||||||||||||||||||||||
| Net income | $ | 4,767 | $ | 3,935 | $ | 3,205 | $ | 4,195 | $ | 4,526 | |||||||||||||||||||
| Basic earnings per share | $ | 7.32 | $ | 5.69 | $ | 4.45 | $ | 5.59 | $ | 5.68 | |||||||||||||||||||
| Diluted earnings per share | $ | 7.30 | $ | 5.67 | $ | 4.43 | $ | 5.55 | $ | 5.63 | |||||||||||||||||||
| Cash dividends declared per share | $ | 1.51 | $ | 1.31 | $ | 1.02 | $ | 0.68 | $ | 0.45 |
Supplemental Information
The supplemental information below represents the adjustments used in our non-GAAP financial measures. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" where our non-GAAP financial measures are defined and reconciled. Amounts presented below are stated before consideration of income taxes, except for the impact of the Tax Cuts and Jobs Act.
| Year Ended December 31, | |||||||||||||||||||||||||||||
| (in millions) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
| MTM adjustments and settlements on hedges | $ | 14 | $ | (53) | $ | 259 | $ | 450 | $ | 1,301 | |||||||||||||||||||
| Restructuring and other | — | — | — | — | (35) | ||||||||||||||||||||||||
| Equity investment MTM adjustments | (14) | 29 | (8) | 115 | 26 | ||||||||||||||||||||||||
| MTM adjustments on investments | 13 | (14) | — | — | — | ||||||||||||||||||||||||
| Tax Cuts and Jobs Act | — | — | (394) | — | — |
Consolidated Balance Sheet Data
We adopted Accounting Standards Update No. 2016-02, "Leases (Topic 842)," using the modified retrospective approach in 2018. Financial statements prior to 2018 were not recast for the adoption of this standard.
| December 31, | |||||||||||||||||||||||||||||
| (in millions) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
| Total assets | $ | 64,532 | $ | 60,266 | $ | 53,671 | $ | 51,850 | $ | 53,134 | |||||||||||||||||||
| Debt and finance leases (including current maturities) | 11,160 | 9,771 | 8,834 | 7,332 | 8,329 | ||||||||||||||||||||||||
| Stockholders' equity | 15,358 | 13,687 | 12,530 | 11,277 | 10,850 |
Other Financial and Statistical Data (Unaudited)
| Year Ended December 31, | |||||||||||||||||||||||||||||
| Consolidated(1) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
| Revenue passenger miles (in millions) | 237,680 | 225,243 | 217,712 | 213,098 | 209,625 | ||||||||||||||||||||||||
| Available seat miles (in millions) | 275,379 | 263,365 | 254,325 | 251,867 | 246,764 | ||||||||||||||||||||||||
| Passenger mile yield | 17.79 | ¢ | 17.65 | ¢ | 16.97 | ¢ | 16.81 | ¢ | 16.59 | ¢ | |||||||||||||||||||
| Passenger revenue per available seat mile | 15.35 | ¢ | 15.09 | ¢ | 14.53 | ¢ | 14.22 | ¢ | 14.10 | ¢ | |||||||||||||||||||
| Total revenue per available seat mile | 17.07 | ¢ | 16.87 | ¢ | 16.18 | ¢ | 15.66 | ¢ | 16.50 | ¢ | |||||||||||||||||||
| Operating cost per available seat mile | 14.67 | ¢ | 14.87 | ¢ | 13.83 | ¢ | 12.89 | ¢ | 13.33 | ¢ | |||||||||||||||||||
| Passenger load factor | 86.3 | % | 85.5 | % | 85.6 | % | 84.6 | % | 84.9 | % | |||||||||||||||||||
| Fuel gallons consumed (in millions) | 4,214 | 4,113 | 4,032 | 4,016 | 3,988 | ||||||||||||||||||||||||
| Average price per fuel gallon(2) | $ | 2.02 | $ | 2.20 | $ | 1.68 | $ | 1.49 | $ | 1.90 | |||||||||||||||||||
| Full-time equivalent employees, end of period | 91,224 | 88,680 | 86,564 | 83,756 | 82,949 |
(1)Includes the operations of our regional carriers under capacity purchase agreements. Full-time equivalent employees exclude employees of regional carriers that we do not own.
(2)Includes the impact of fuel hedge activity and refinery segment results.
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