Item 6. Selected Financial Data

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Item 6. Selected Financial Data



		As of or for the Years Ended December 31,
		2019		2018		2017		2016		2015
		(in millions, except per share data)
OPERATING RESULTS	Net sales	$	4,348.0	$	3,722.8	$	3,435.3	$	2,963.7	$	2,493.7
	Gross profit	3,233.6		2,783.4		2,560.0		2,166.3		1,876.5
	Operating income (a)	1,146.8		748.2		1,089.4		751.2		636.1
	Net income (a)	1,046.9		722.2		583.6		569.5		494.9
COMMON STOCK INFORMATION	Net income per common share (a):
	Basic	$	5.03	$	3.45	$	2.77	$	2.67	$	2.30
	Diluted	4.93		3.38		2.70		2.61		2.25
	Cash dividends declared per common share	—		—		—		—		—
BALANCE SHEET DATA	Total assets	$	6,488.1	$	5,323.7	$	5,666.4	$	4,518.5	$	4,056.3
	Long-term debt (b)	594.4		593.8		438.4		822.3		596.9


(a)	The above results for 2019 include special charges of $64.6 million. The above results for 2018 include special charges of $109.1 million (primarily the impairment of intangible assets) and a $180.0 million ($137.5 million, net of tax) charge in 2018 related to a litigation settlement. The above results for 2017 include a $112.5 million ($70.3 million, net of tax) gain for a litigation payment received in 2017 and a $262.0 million tax expense related to the implementation of U.S. tax law changes. See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 3, Note 4 and Note 17 to the "Consolidated Financial Statements" for additional information.

(a)

The above results for 2019 include special charges of $64.6 million. The above results for 2018 include special charges of $109.1 million (primarily the impairment of intangible assets) and a $180.0 million ($137.5 million, net of tax) charge in 2018 related to a litigation settlement. The above results for 2017 include a $112.5 million ($70.3 million, net of tax) gain for a litigation payment received in 2017 and a $262.0 million tax expense related to the implementation of U.S. tax law changes. See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 3, Note 4 and Note 17 to the "Consolidated Financial Statements" for additional information.


(b)	In October 2013, we issued $600.0 million of 2.875% fixed-rate unsecured senior notes due October 15, 2018 (the "2013 Notes"). At December 31, 2017, the 2013 Notes were classified as short-term obligations as these obligations were due within one year. These 2013 Notes were paid in October 2018. In June 2018, we issued $600.0 million of 4.3% fixed-rate unsecured senior notes due June 15, 2028, which were classified as long-term obligations as of December 31, 2019 and 2018. Amounts outstanding under our Five-Year Credit Agreement ("Credit Agreement") have been classified as long-term obligations in accordance with the terms of the Credit Agreement.

(b)

In October 2013, we issued $600.0 million of 2.875% fixed-rate unsecured senior notes due October 15, 2018 (the "2013 Notes"). At December 31, 2017, the 2013 Notes were classified as short-term obligations as these obligations were due within one year. These 2013 Notes were paid in October 2018. In June 2018, we issued $600.0 million of 4.3% fixed-rate unsecured senior notes due June 15, 2028, which were classified as long-term obligations as of December 31, 2019 and 2018. Amounts outstanding under our Five-Year Credit Agreement ("Credit Agreement") have been classified as long-term obligations in accordance with the terms of the Credit Agreement.

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