filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
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The following table sets forth selected consolidated financial data of the Company. The selected consolidated balance sheet data as of December 28, 2019 and December 29, 2018 and the selected consolidated statements of income data for the years ended December 28, 2019, December 29, 2018, and December 30, 2017 were derived from the Company’s audited Consolidated Financial Statements and the related notes thereto which are included in Item 8 of this annual report on Form 10-K. The selected consolidated balance sheet data as of December 30, 2017, December 31, 2016, and December 26, 2015 and the selected consolidated statements of income data for the years ended December 31, 2016 and December 26, 2015 were derived from the Company’s audited Consolidated Financial Statements, not included herein.
The information set forth below is not necessarily indicative of the results of future operations and should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Consolidated Financial Statements and notes to those statements included in Items 7 and 8 in Part II of this Form 10-K.
The Company adopted the new accounting standard for revenue recognition, as discussed in Note 2 – Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements, effective beginning with the Company’s first quarter of 2018. Adoption of the new revenue recognition standard was applied using the full retrospective method, and information for prior periods within Items 6 and 7 in Part II of this Form 10-K have been restated accordingly.
In the table presented below, the selected consolidated statements of income and selected balance sheet data for the years ended December 30, 2017 and December 31, 2016 and the selected balance sheet data for the year ended December 26, 2015 have been restated in accordance with the Company’s adoption of the new revenue recognition standard.
| Years ended (1) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Consolidated Statements of Income Data: | ||||||||||||||||||||
| Net sales | $ | 3,757,505 | $ | 3,347,444 | $ | 3,121,560 | $ | 3,045,797 | $ | 2,820,270 | ||||||||||
| Gross profit | 2,233,976 | 1,979,719 | 1,797,941 | 1,688,525 | 1,538,704 | |||||||||||||||
| Operating income | 945,586 | 778,343 | 683,637 | 632,864 | 549,581 | |||||||||||||||
| Net income (2) | 952,486 | 694,080 | 709,007 | 517,724 | 456,227 | |||||||||||||||
| Net income per share: | ||||||||||||||||||||
| Diluted | $ | 4.99 | $ | 3.66 | $ | 3.76 | $ | 2.73 | $ | 2.39 | ||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Diluted | 190,899 | 189,734 | 188,732 | 189,343 | 191,107 | |||||||||||||||
| Dividends declared per share (3) | $ | 2.28 | $ | 2.12 | $ | 2.04 | $ | 2.04 | $ | 2.04 | ||||||||||
| Balance Sheet Data (at end of Period): | ||||||||||||||||||||
| Cash, cash equivalents, and marketable securities | $ | 2,609,505 | $ | 2,714,844 | $ | 2,313,208 | $ | 2,327,120 | $ | 2,391,618 | ||||||||||
| Total assets | 6,166,799 | 5,382,858 | 4,948,289 | 4,484,549 | 4,478,529 | |||||||||||||||
| Total debt | — | — | — | — | — | |||||||||||||||
| Total stockholders’ equity | 4,793,496 | 4,162,974 | 3,852,419 | 3,453,259 | 3,373,734 | |||||||||||||||
| (1) Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31. All years presented contain 52 weeks excluding fiscal 2016 which includes 53 weeks. | ||||||||||||||||||||
| (2) The following significant items are included in the Net income line that may affect comparability: In 2019, a $118.0 million income tax benefit was recognized resulting from the revaluation and step-up of certain Switzerland tax assets as a result of the enactment of Switzerland federal and Schaffhausen cantonal tax reform and related transitional measures; In 2017, a $180.0 million income tax benefit was recognized, primarily related to the revaluation of certain Switzerland deferred tax assets resulting from the Company's election to align Switzerland corporate tax positions with global tax initiatives, partially offset by $22.6 million of income tax expense due to the expiration of certain share-based awards. | ||||||||||||||||||||
| (3) Dividends declared per share refers to the cash dividend per share that has been approved by shareholders in the given fiscal year. See Note 2 - Summary of Significant Accounting Policies, Dividends for additional detail. | ||||||||||||||||||||
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