Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following selected financial data should be read in conjunction with the Consolidated Financial Statements and notes thereto, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and other financial data included elsewhere in this annual report.

(Dollars in millions, except per share amounts)

Earnings data for the years ended December 31,	2019			2018			2017			2016			2015
Operating revenues	$	9,165		$	8,615		$	7,190		$	6,555		$	6,188
Operating income		734			681			624			721			716
Net earnings		516			490			686			432			427
Basic earnings per share		4.81			4.48			6.24			3.84			3.69
Diluted earnings per share		4.77			4.43			6.18			3.81			3.66
Cash dividends per share		1.04			0.96			0.92			0.88			0.84
Operating expenses as a percentage of operating revenues:
Rents and purchased transportation		49.4	%		51.5	%		50.8	%		49.7	%		48.4	%
Salaries, wages and employee benefits		23.7			22.4			22.4			22.4			22.5
Depreciation and amortization		5.4			5.1			5.3			5.5			5.5
Fuel and fuel taxes		5.1			5.3			4.8			4.3			5.1
Operating supplies and expenses		3.6			3.5			3.6			3.6			3.6
General and administrative expenses, net of asset dispositions		2.1			1.8			1.8			1.3			1.1
Insurance and claims		1.7			1.5			1.7			1.2			1.2
Operating taxes and licenses		0.6			0.6			0.6			0.7			0.7
Communication and utilities		0.4			0.4			0.3			0.3			0.3
Total operating expenses		92.0			92.1			91.3			89.0			88.4
Operating income		8.0			7.9			8.7			11.0			11.6
Net interest expense		0.6			0.5			0.4			0.4			0.4
Earnings before income taxes		7.4			7.4			8.3			10.6			11.2
Income taxes		1.8			1.7			(1.2	)		4.0			4.3
Net earnings		5.6	%		5.7	%		9.5	%		6.6	%		6.9	%

Balance sheet data as of December 31,	2019			2018			2017			2016			2015
Working capital ratio		1.43			1.11			1.45			1.65			1.61
Total assets (millions)	$	5,471		$	5,092		$	4,465		$	3,951		$	3,630
Stockholders’ equity (millions)	$	2,267		$	2,101		$	1,839		$	1,414		$	1,300
Current portion of long-term debt (millions)		-		$	251			-			-			-
Total debt (millions)	$	1,296		$	1,149		$	1,086		$	986		$	998
Total debt to equity		0.57			0.55			0.59			0.70			0.77
Total debt as a percentage of total capital		36	%		35	%		37	%		41	%		43	%

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