Item 6. Selected Financial Data

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Item 6. Selected Financial Data


	2020		2019		2018		2017		2016
	(In millions of dollars, except for per share amounts)
Net sales	$	11,797	$	11,486	$	11,221	$	10,425	$	10,137
Gross profit	4,238		4,397		4,348		4,098		4,115
Operating earnings	1,019		1,262		1,158		1,035		1,113
Net earnings attributable to W.W. Grainger, Inc. (herein referred to as Net earnings)	695		849		782		586		606
Net earnings per basic share	12.88		15.39		13.82		10.07		9.94
Net earnings per diluted share	12.82		15.32		13.73		10.02		9.87
Total current assets	3,919		3,555		3,557		3,206		3,020
Property, building and equipment, net	1,395		1,400		1,352		1,392		1,421

Long-term debt (less current maturities)	2,389		1,914		2,090		2,248		1,841
Total shareholders' equity	2,093		2,060		2,093		1,828		1,906
Operating cash flow	1,123		1,042		1,057		1,057		1,024
Cash dividends paid per share	$	5.94	$	5.68	$	5.36	$	5.06	$	4.83

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.

Net earnings for 2020 included a net expense of $182 million after tax primarily consisting of a $54 million net charge related to intangible asset impairments, a $109 million net charge associated with the sale of the Fabory business, a $9 million net charge for the wind-down of operations of Zoro Tools Europe, and a $14 million net charge related to restructuring in U.S. and Canada. The net expense was partially offset by a $4 million gain related to the sale of the China business.

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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