filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| (In thousands of dollars, except for per share amounts) | |||||||||||||||||||
| Net sales | $ | 10,424,858 | $ | 10,137,204 | $ | 9,973,384 | $ | 9,964,953 | $ | 9,437,758 | |||||||||
| Net earnings attributable to W.W. Grainger, Inc. (herein referred to as Net earnings) | 585,730 | 605,928 | 768,996 | 801,729 | 797,036 | ||||||||||||||
| Net earnings per basic share | 10.07 | 9.94 | 11.69 | 11.59 | 11.31 | ||||||||||||||
| Net earnings per diluted share | 10.02 | 9.87 | 11.58 | 11.45 | 11.13 | ||||||||||||||
| Total assets | 5,804,254 | 5,694,307 | 5,857,755 | 5,283,049 | 5,266,328 | ||||||||||||||
| Long-term debt (less current maturities) and other long-term liabilities | 2,469,860 | 2,159,602 | 1,716,507 | 737,232 | 743,702 | ||||||||||||||
| Total shareholders' equity | $ | 1,827,733 | $ | 1,905,768 | $ | 2,352,714 | $ | 3,284,101 | $ | 3,326,836 | |||||||||
| Cash dividends paid per share | $ | 5.06 | $ | 4.83 | $ | 4.59 | $ | 4.17 | $ | 3.59 |
The items discussed below are considered to materially affect the comparability of the information reflected in the selected financial data. For further information see “Part II, Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations” of this report, which is incorporated herein by reference.
Net earnings for 2017 included a net expense of $84 million primarily consisting of a net charge of $102 million related to restructuring and other charges primarily consisting of branch closures in the U.S. and Canada businesses, net of gains on sale of branch real estate in the U.S., the consolidation of the contact center network in the U.S. and the wind-down of operations in Colombia, which is part of other businesses. This was partially offset by the net benefit of $15 million related to U.S. tax legislation and other discrete tax items and a net benefit of $3 million related to General Services Administrative (GSA) and unclaimed property reserves.
Net earnings for 2016 included a net expense of $105 million primarily consisting of the following:
| • | Restructuring: A net charge of $26 million related to restructuring actions. These actions primarily included branch closures, net of gains on sale of branch real estate in the U.S. and Canada businesses. |
| • | Goodwill and intangible impairments: An impairment charge of $52 million related to goodwill and intangible impairments in other businesses. |
| • | Unclaimed property contingency: A charge of $23 million related to an adjustment for unclaimed property in the U.S. business primarily related to activity from 2008 through 2012. |
| • | GSA contingency: A charge of $6 million to increase the U.S. business reserve for certain tax, freight and miscellaneous billing issues in connection with the audit of government contracts with the GSA first entered in 1999. |
| • | Inventory adjustment: A charge of $7 million related to an inventory adjustment in the Canada business to reflect an updated reserve methodology and better visibility to inventory performance provided by the conversion to the U.S. ERP system. |
| • | Discrete tax items: A net benefit of $9 million related to the conclusion of the federal income tax audit for the years 2009 through 2012 in the U.S. business and other discrete tax items. |
Net earnings for 2015 included a net charge of $30 million primarily composed of a $25 million net charge related to the reorganization in the U.S. and Canada businesses and a $5 million charge for restructuring in other businesses.
Net earnings for 2014 included a net charge of $56 million primarily composed of a $28 million charge related to closing of the business in Brazil, a $10 million charge due to the retirement plan transition in Europe, a $10 million charge related to restructuring of the business in Europe and a $8 million charge related to a goodwill impairment charge in other businesses.
Net earnings for 2013 included a net charge of $28 million primarily composed of $21 million in impairment charges in other businesses primarily for goodwill and a $7 million charge related to restructuring the businesses in Europe and China.
Grainger completed several acquisitions in the years 2013 through 2015, all of which were immaterial individually and in the aggregate. Operating results have included the results of each business acquired since the respective acquisition dates.
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