Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA



	2019			2018			2017 (a)			2016 (b)			2015
	(dollars in millions, except per common share results)
Summary of Operating Results
Total revenues	$	64,888		$	56,912		$	53,767		$	54,379		$	54,289
Income from operations	3,192			3,100			4,262			1,741			2,347
Loss (gain) on Sale of Business	—			786			—			—			(270		)
Interest expense	242			218			242			189			186
Other (income) expense, net	(506		)	33			—			—			—
Income before income taxes and equity in net earnings	3,456			2,063			4,020			1,552			2,431
Provision for income taxes	763			391			1,572			938			1,155
Equity in net earnings of Kindred at Home	14			11			—			—			—
Net income	$	2,707		$	1,683		$	2,448		$	614		$	1,276
Basic earnings per common share	$	20.20		$	12.24		$	16.94		$	4.11		$	8.54
Diluted earnings per common share	$	20.10		$	12.16		$	16.81		$	4.07		$	8.44
Dividends declared per common share	$	2.20		$	2.00		$	1.60		$	1.16		$	1.15
Financial Position
Cash and investments	$	15,432		$	12,780		$	16,344		$	13,675		$	11,681
Total assets	29,074			25,413			27,178			25,396			24,678
Benefits payable	6,004			4,862			4,668			4,563			4,976
Debt	5,666			6,069			4,920			4,092			4,093
Stockholders’ equity	12,037			10,161			9,842			10,685			10,346
Cash flows from operations	$	5,284		$	2,173		$	4,051		$	1,936		$	868
Key Financial Indicators
Benefit ratio	85.6		%	83.5		%	83.0		%	84.9		%	84.5		%
Operating cost ratio	11.5		%	13.3		%	12.3		%	13.3		%	13.6		%
Membership
Total medical membership	16,667,200			16,576,700			14,003,100			14,230,200			14,222,800
Total specialty membership	5,425,900			6,072,300			6,986,000			6,961,200			7,221,800


(a)	Included in operating expenses is $936 million (or $4.31 per diluted common stock) associated with the merger termination fee and related costs, net. Under the terms of the Agreement and Plan of Merger with Aetna Inc., and certain wholly owned subsidiaries of Aetna Inc., which we collectively refer to as Aetna, we received a breakup fee of $1 billion from Aetna included in this amount.


(b)	Includes a reduction in premiums revenue of $583 million ($367 million after tax, or $2.43 per diluted common share) associated with the write-off of commercial risk corridor receivables. Also includes benefits expense of $505 million ($318 million after tax, or $2.11 per diluted common share) for reserve strengthening associated with our non-strategic closed block of long-term care insurance policies, which were sold in 2018.

(b)

Includes a reduction in premiums revenue of $583 million ($367 million after tax, or $2.43 per diluted common share) associated with the write-off of commercial risk corridor receivables. Also includes benefits expense of $505 million ($318 million after tax, or $2.11 per diluted common share) for reserve strengthening associated with our non-strategic closed block of long-term care insurance policies, which were sold in 2018.

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