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 the consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report on Form 10-K. The consolidated statement of income data for the years ended December 31, 2020, 2019 and 2018 are derived from our audited consolidated financial statements. The consolidated statement of income data for the years ended December 31, 2017 and 2016 have been adjusted for discontinued operations. The consolidated balance sheet data as of December 31, 2020 and 2019 are derived from our audited consolidated financial statements. The consolidated balance sheet data as of December 31, 2018, 2017 and 2016 have been adjusted for discontinued operations. The consolidated balance sheet data as of December 31, 2017 and 2016 has been adjusted for the adoption of the ASC 606, Revenue from Contracts with Customers (ASC 606).


	Year Ended December 31,
	2020		2019		2018 (5)		2017 (4)(6)		2016 (4)(7)
	(In millions, except per share amounts)
Consolidated Statement of Income Data: (1)
Net revenues	$	10,271	$	8,636	$	8,650	$	8,009	$	7,568
Gross profit	7,798		6,500		6,627		6,156		5,883
Income from operations	2,711		1,861		1,752		1,852		1,960
Income from continuing operations before income taxes	3,420		1,749		2,249		1,864		3,290
Income (loss) from continuing operations	2,542		1,516		2,128		(1,997)		7,056
Income (loss) per share from continuing operations:
Basic	$	3.58	$	1.79	$	2.17	$	(1.88)	$	6.23
Diluted	$	3.54	$	1.77	$	2.15	$	(1.88)	$	6.17
Weighted average shares:
Basic	710		849		980		1,064		1,133
Diluted	718		856		991		1,064		1,144


	As of December 31,
	2020		2019		2018 (5)		2017 (4) (6)		2016 (4) (7)
	(In millions)
Consolidated Balance Sheet Data: (1)
Cash and cash equivalents	$	1,428	$	901	$	2,067	$	1,964	$	1,775
Short-term investments	2,398		1,850		2,713		3,743		5,333
Long-term investments	833		1,275		3,747		6,299		3,945
Working capital - continuing operations	2,452		726		2,683		4,226		5,152
Working capital - held for sale	9		32		52		43		31
Working capital - discontinued operations	—		(118)		(63)		(84)		(173)
Working capital total (2)(3)	2,461		640		2,672		4,185		5,010
Total assets - continuing operations	18,122		16,654		21,086		24,072		22,941
Total assets - held for sale	1,188		1,073		1,204		1,372		519
Total assets - discontinued operations	—		447		529		542		391
Total assets	19,310		18,174		22,819		25,986		23,851
Short-term debt	18		1,020		1,546		781		1,451
Long-term debt	7,745		6,738		7,685		9,234		7,509


Total stockholders’ equity	3,561		2,870		6,281		8,049		10,526
Dividends declared per share:	$	0.64	$	0.56	$	—	$	—	$	—

(1)Includes the impact of acquisitions and dispositions. For a summary of recent significant acquisitions and dispositions, please see “Note 3 - Business Combinations” and “Note 4 - Discontinued Operations” to the consolidated financial statements included in this report.

(2)Working capital is calculated as the difference between total current assets and total current liabilities.

(3)Reflects the impact of the adoption of the new lease accounting standard in 2019 which was adopted prospectively.

(4)Reflects the impact of the adoption of the new revenue recognition accounting standard in 2018.

(5)The consolidated balance sheet data as of December 31, 2018 includes the impact of a $463 million reduction to the provisional current and deferred tax liabilities recorded in the fourth quarter of 2017 and a $120 million reduction in 2018 to the deferred tax asset recognized in 2017 as a result of a tax rate change. The consolidated statement of income data for the year ended December 31, 2018 includes a $463 million income tax benefit and $120 million tax expense associated with such current and deferred tax liabilities and assets, respectively.

(6)The consolidated balance sheet data as of December 31, 2017 includes the impact of a $695 million deferred tax asset recognized in 2017 as a result of our voluntary domiciling our Classifieds intangible assets into a new jurisdiction. The consolidated statement of income data for the year ended December 31, 2017 includes tax expense of $376 million caused by the foreign exchange remeasurement of our deferred tax assets and a $3.1 billion provisional tax expense associated with the enactment of the Tax Cuts and Jobs Act.

(7)The consolidated balance sheet data for the year ended December 31, 2016 includes the impact of a $4.6 billion deferred tax asset recognized in 2016 as a result of our election to terminate an existing tax ruling and finalize a new agreement with the foreign tax authority. The consolidated statement of income data for the year ended December 31, 2016 includes a $4.6 billion income tax benefit associated with such deferred tax asset.

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