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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 amounts)

Year Ended December 31,
20192018201720162015
CONSOLIDATED STATEMENT OF INCOME DATA(1):
Total revenues (2)$22,449$22,127$26,107$30,390$32,639
Total costs and expenses$18,162$13,927$11,983$12,757$10,446
Income from operations(2)$4,287$8,200$14,124$17,633$22,193
Provision for income taxes(3)$(204)$2,339$8,885$3,609$3,553
Net income(2)(3)(4)$5,364$5,460$4,644$13,488$18,106
Net income attributable to Gilead(2)(3)(4)$5,386$5,455$4,628$13,501$18,108
Net income per share attributable to Gilead common stockholders - basic(2)(3)(4)$4.24$4.20$3.54$10.08$12.37
Shares used in per share calculation - basic1,2701,2981,3071,3391,464
Net income per share attributable to Gilead common stockholders - diluted(2)(3)(4)$4.22$4.17$3.51$9.94$11.91
Shares used in per share calculation - diluted1,2771,3081,3191,3581,521
Cash dividends declared per share$2.52$2.28$2.08$1.84$1.29
December 31,
20192018201720162015
CONSOLIDATED BALANCE SHEET DATA(1):
Cash, cash equivalents and marketable debt securities(5)$25,840$31,512$36,694$32,380$26,208
Working capital(3)(4)(5)(6)$20,537$25,231$20,188$10,370$14,044
Total assets(5)(6)$61,627$63,675$70,283$56,977$51,716
Other long-term obligations(6)$1,009$1,040$558$297$395
Long-term debt, including current portion(5)$24,593$27,322$33,542$26,346$22,055
Retained earnings(2)(3)(4)(6)$19,388$19,024$19,012$18,154$18,001
Total stockholders’ equity(2)(3)(4)(6)$22,650$21,534$20,501$19,363$19,113
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(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 2019.
(2)In 2018, we adopted Accounting Standards Update No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” using the modified retrospective method. As such, results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under Topic 605 “Revenue Recognition.”
(3)In December 2019, we recorded a deferred tax benefit of $1.2 billion related to intangible asset transfers from a foreign subsidiary to Ireland and the United States. In 2018, we recorded a deferred tax charge of $588 million related to a transfer of acquired intangible assets from a foreign subsidiary to the United States. In December 2017, we recorded an estimated $5.5 billion net charge related to the enactment of the Tax Cuts and Jobs Act (Tax Reform). Tax Reform also lowered the corporate tax rate in the United States from 35% to 21% effective for tax years beginning after December 31, 2017. See Note 19. 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)Investments in equity securities, other than equity method investments, for which we have not elected the fair value method of accounting, are recorded at fair market value, if fair value is readily determinable and, beginning January 1, 2018, unrealized gains and losses are included in Other income (expense), net on our Consolidated Statements of Income. For periods presented prior to January 1, 2018, unrealized gains and losses were included in accumulated other comprehensive income as a separate component of stockholders’ equity.
(5)In 2019, we repaid $2.8 billion principal amount of our senior unsecured notes at maturity. 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. In 2017, in connection with the acquisition of Kite Pharma, Inc., we issued $3.0 billion aggregate principal amount of senior unsecured notes and borrowed $6.0 billion aggregate principal amount term loan facility credit agreement, of which $1.5 billion was repaid in 2017. In 2016, we issued $5.0 billion principal amount of senior unsecured notes and repaid $285 million of principal balance of convertible senior notes and $700 million of principal balance of senior unsecured notes at maturity. In 2015, we issued $10.0 billion principal amount of senior unsecured notes and repaid $213 million of principal balance of convertible senior notes at maturity.
(6)In 2019, we adopted Accounting Standards Update No. 2016-02 (Topic 842) “Leases,” which requires lessees to recognize right-of-use assets and lease liabilities for operating leases with a lease term greater than one year. We adopted Topic 842 using the modified retrospective method. As such, results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under Topic 840 “Leases.” See Note 1. Organization and Summary of Significant Accounting Policies and Note 13. Leases, of the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for further information.

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