The following financial and operating data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements filed as part of this report. The following table presents selected consolidated financial and operating data for the periods indicated:
Year ended December 31,
2019
2018
2017
2016
2015
(dollars and shares in thousands, except per share data)
Income statement data:
Total revenues(1)
$
11,388,479
$
11,404,851
$
10,876,634
$
10,707,467
$
9,982,245
Operating expenses and charges(2)
9,745,162
9,879,027
9,063,879
8,677,757
8,845,479
Operating income
1,643,317
1,525,824
1,812,755
2,029,710
1,136,766
Debt expense
(443,824
)
(487,435
)
(430,634
)
(414,116
)
(408,380
)
Debt prepayment, refinancing and redemption charges
(33,402
)
—
—
—
(48,072
)
Other income, net
29,348
10,089
17,665
7,511
8,073
Income from continuing operations before income taxes
1,195,439
1,048,478
1,399,786
1,623,105
688,387
Income tax expense(3)
279,628
258,400
323,859
431,761
207,510
Net income from continuing operations
915,811
790,078
1,075,927
1,191,344
480,877
Net (loss) income from discontinued operations, net of tax(4)
105,483
(457,038
)
(245,372
)
(158,262
)
(53,467
)
Net income
1,021,294
333,040
830,555
1,033,082
427,410
Less: Net income attributable to noncontrolling interests
(210,313
)
(173,646
)
(166,937
)
(153,208
)
(157,678
)
Net income attributable to DaVita Inc.
$
810,981
$
159,394
$
663,618
$
879,874
$
269,732
Basic income from continuing operations per share attributable to DaVita Inc.(5)
$
4.61
$
3.66
$
4.78
$
5.12
$
1.53
Diluted income from continuing operations per share attributable to DaVita Inc.(5)
$
4.60
$
3.62
$
4.71
$
5.04
$
1.49
Weighted average shares outstanding:(5)
Basic
153,181
170,786
188,626
201,641
211,868
Diluted
153,812
172,365
191,349
204,905
216,252
Balance sheet data (as of period end):
Working capital
$
1,318,072
$
3,532,998
$
5,703,181
$
1,283,784
$
2,104,143
Total assets
$
17,311,394
$
19,110,252
$
18,974,536
$
18,755,776
$
18,524,224
Long-term debt
$
7,977,526
$
8,172,847
$
9,158,018
$
8,944,676
$
9,000,482
Total DaVita Inc. shareholders' equity(5)
$
2,133,409
$
3,703,442
$
4,690,029
$
4,648,047
$
4,870,781
(1)
On January 1, 2018, we adopted Revenue from Contracts with Customers (Topic 606) using the cumulative effect method for those contracts that were not substantially completed as of January 1, 2018. See Notes 1 and 2 of the consolidated financial statements for further discussion of our adoption of Topic 606.
(2)
The following table summarizes impairment charges, gain on changes in ownership interest, legal matters accrual and settlement charges, restructuring charges and gain on settlement included in operating expenses and charges:
Year ended December 31,
2019
2018
2017
2016
2015
(in thousands)
Certain operating expenses and charges:
Impairment charges
$
124,892
$
27,969
$
336,223
$
43,408
$
4,066
Gain on changes in ownership interests, net
$
(51,888
)
$
(6,273
)
$
(374,374
)
Legal matters accrual and settlement charges
$
15,770
$
517,530
Restructuring charges
$
11,366
$
2,700
Gain on settlement
$
(529,504
)
(3)
Tax expense for 2017 included a net tax benefit of $251,510 related to U.S. tax legislation passed in December 2017.
(4)
On June 19, 2019, we completed the sale of our DMG business to Collaborative Care Holdings, LLC (Optum), a subsidiary of UnitedHealth Group Inc. Accordingly, DMG's results of operations are reported as net income (loss) from discontinued operations, net of tax for all periods presented and its assets and liabilities were classified as held for sale for the periods reported prior to close of the transaction.
(5)
Share repurchases consisted of 41,020 shares of common stock for $2,402,475 in 2019, 16,844 shares of common stock for $1,153,511 in 2018, 12,967 shares of common stock for $810,949 in 2017, 16,649 shares of common stock for $1,072,377 in 2016, and 7,780 shares of common stock for $575,380 in 2015. Shares issued in connection with stock awards were 161 in 2019, 371 in 2018, 514 in 2017, 1,011 in 2016, and 1,479 in 2015.
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