Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

GILEAD SCIENCES, INC.

SELECTED CONSOLIDATED FINANCIAL DATA

(in millions, except per share data)

Year Ended December 31,
20182017201620152014
CONSOLIDATED STATEMENT OF INCOME DATA(1):
Total revenues (2)$22,127$26,107$30,390$32,639$24,890
Total costs and expenses$13,927$11,983$12,757$10,446$9,625
Income from operations$8,200$14,124$17,633$22,193$15,265
Provision for income taxes(3)$2,339$8,885$3,609$3,553$2,797
Net income(2)(3)$5,460$4,644$13,488$18,106$12,059
Net income attributable to Gilead(2)(3)$5,455$4,628$13,501$18,108$12,101
Net income per share attributable to Gilead common stockholders - basic(2)(3)$4.20$3.54$10.08$12.37$7.95
Shares used in per share calculation - basic1,2981,3071,3391,4641,522
Net income per share attributable to Gilead common stockholders - diluted(2)(3)$4.17$3.51$9.94$11.91$7.35
Shares used in per share calculation - diluted1,3081,3191,3581,5211,647
Cash dividends declared per share$2.28$2.08$1.84$1.29$—
December 31,
20182017201620152014
CONSOLIDATED BALANCE SHEET DATA(1):
Cash, cash equivalents and marketable debt securities(4)$31,512$36,694$32,380$26,208$11,726
Working capital(4)(5)$25,231$20,188$10,370$14,044$11,453
Total assets(4)(6)$63,675$70,283$56,977$51,716$34,601
Other long-term obligations(5)$1,040$558$297$395$594
Long-term debt, including current portion(4)(6)$27,322$33,542$26,346$22,055$12,341
Retained earnings(2)(3)$19,024$19,012$18,154$18,001$12,732
Total stockholders’ equity(2)(3)$21,534$20,501$19,363$19,113$15,819
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Notes:
(1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 of this Annual Report on Form 10-K for a description of our results of operations for 2018.
(2)In 2018, we adopted Accounting Standards Update No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. As such, results for 2018 are presented under Topic 606, while the information for prior periods has not been adjusted and continues to be reported in accordance with our historical accounting under Topic 605 “Revenue Recognition”. The impact as a result of applying Topic 606 in place of Topic 605 was not material for the year ended December 31, 2018. See Note 1, Organization and Summary of Significant Accounting Policies, and Note 2, Revenues, of the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for further information.
(3)In December 2017, we recorded an estimated $5.5 billion net charge related to the enactment of the Tax Cuts and Jobs Act. See Note 18, Income Taxes of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional details.
(4)In 2018, we repaid $1.8 billion principal amount of our senior unsecured notes at maturity and repaid $4.5 billion of term loans borrowed in connection with our acquisition of Kite Pharma, Inc. (Kite).
In 2017, in connection with the acquisition of Kite, we issued $3.0 billion aggregate principal amount of senior unsecured notes in a registered offering and drew on a $6.0 billion aggregate principal amount term loan facility credit agreement, of which $1.5 billion was repaid in December 2017.
In 2016, we issued $5.0 billion principal amount of senior unsecured notes in a registered offering. We also repaid $285 million of principal balance of convertible senior notes due in May 2016 and $700 million of principal balance of senior unsecured notes due in December 2016.
In 2015, we issued $10.0 billion principal amount of senior unsecured notes in a registered offering. We also repaid $213 million of principal balance of convertible senior notes due in May 2016.
In 2014, we issued $8.0 billion principal amount of senior unsecured notes in registered offerings. We also repaid $912 million of principal balance of convertible senior notes due in May 2014, $750 million of principal balance of senior unsecured notes due in December 2014 and $600 million under our five-year revolving credit facility agreement.
(5)In 2017, we retrospectively adopted Accounting Standards Update No. 2015-17 “Balance Sheet Classification of Deferred Taxes,” which requires deferred tax assets and liabilities be classified as noncurrent on the balance sheet. As a result, we reclassified deferred tax assets from Total current assets to Other long-term assets and our deferred tax liabilities from Other accrued liabilities to Other long-term obligations for each of the years presented.
(6)In 2016, we retrospectively adopted Accounting Standards Update No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires presentation of debt issuance costs as a direct deduction from the carrying amount of a recognized debt liability on the balance sheet. As a result, we reclassified unamortized debt issuance costs from assets to Long-term debt, including current portion for each of the years presented.

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