Item 6. Selected Financial Data
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Item 6. Selected Financial Data
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| (In millions of dollars, except for per share amounts) | |||||||||||||||||||
| Net sales | $ | 11,486 | $ | 11,221 | $ | 10,425 | $ | 10,137 | $ | 9,973 | |||||||||
| Gross profit | 4,397 | 4,348 | 4,098 | 4,115 | 4,231 | ||||||||||||||
| Operating earnings | 1,262 | 1,158 | 1,035 | 1,113 | 1,294 | ||||||||||||||
| Net earnings attributable to W.W. Grainger, Inc. (herein referred to as Net earnings) | 849 | 782 | 586 | 606 | 769 | ||||||||||||||
| Net earnings per basic share | 15.39 | 13.82 | 10.07 | 9.94 | 11.69 | ||||||||||||||
| Net earnings per diluted share | 15.32 | 13.73 | 10.02 | 9.87 | 11.58 | ||||||||||||||
| Total current assets | 3,555 | 3,557 | 3,206 | 3,020 | 3,049 | ||||||||||||||
| Property, building and equipment, net | 1,400 | 1,352 | 1,392 | 1,421 | 1,431 | ||||||||||||||
| Long-term debt (less current maturities) | 1,914 | 2,090 | 2,248 | 1,841 | 1,388 | ||||||||||||||
| Total shareholders' equity | 2,060 | 2,093 | 1,828 | 1,906 | 2,353 | ||||||||||||||
| Operating cash flow | 1,042 | 1,057 | 1,057 | 1,024 | 1,036 | ||||||||||||||
| Cash dividends paid per share | $ | 5.68 | $ | 5.36 | $ | 5.06 | $ | 4.83 | $ | 4.59 |
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 2019 included a net expense of $109 million primarily consisting of a $104 million net non-cash charge related to intangible assets impairment at the Cromwell business in the U.K., which is part of other businesses and a net charge of $5 million related to restructuring primarily in the U.S business.
Net earnings for 2018 included a net expense of $170 million primarily consisting of a $133 million net non-cash charge related to goodwill and intangible asset impairment at Cromwell, which is part of other businesses and a net charge of $37 million related to restructuring primarily consisting of asset impairment charges in Canada and other related charges, net of gains from the sale of real estate in the U.S., Canada and corporate offices.
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 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 was 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.
Net earnings for 2016 included a net expense of $105 million primarily related to restructuring actions in the U.S. and Canada, goodwill and intangible impairments in Europe and Latin America operations, contingencies and a net tax benefit.
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