filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| Selected Statement of Earnings Data (In millions, except per share data) | 2020 | 2019 | 2018****1 | 2017 | 2016****2 | ||||||||||||||||||||||||
| Net sales | $ | 89,597 | $ | 72,148 | $ | 71,309 | $ | 68,619 | $ | 65,017 | |||||||||||||||||||
| Gross margin | 29,572 | 22,943 | 22,908 | 22,434 | 21,674 | ||||||||||||||||||||||||
| Operating income | 9,647 | 6,314 | 4,018 | 6,586 | 5,846 | ||||||||||||||||||||||||
| Net earnings | 5,835 | 4,281 | 2,314 | 3,447 | 3,093 | ||||||||||||||||||||||||
| Basic earnings per common share | 7.77 | 5.49 | 2.84 | 4.09 | 3.48 | ||||||||||||||||||||||||
| Diluted earnings per common share | 7.75 | 5.49 | 2.84 | 4.09 | 3.47 | ||||||||||||||||||||||||
| Dividends per share | $ | 2.30 | $ | 2.13 | $ | 1.85 | $ | 1.58 | $ | 1.33 | |||||||||||||||||||
| Selected Balance Sheet Data | |||||||||||||||||||||||||||||
| Total assets3 | $ | 46,735 | $ | 39,471 | $ | 34,508 | $ | 35,291 | $ | 34,408 | |||||||||||||||||||
| Long-term debt, excluding current maturities | $ | 20,668 | $ | 16,768 | $ | 14,391 | $ | 15,564 | $ | 14,394 |
1 Effective February 3, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and all related amendments, using the modified retrospective method. Therefore, results for reporting periods beginning after February 2, 2018 are presented under ASU 2014-09, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect in those periods.
2 Fiscal 2016 contained 53 weeks, while all other years contained 52 weeks.
3 Effective February 2, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), and all related amendments, using the optional transition approach to not restate comparative periods and recognized the cumulative impact of adoption in the opening balance of retained earnings. Therefore, results for reporting periods beginning after February 1, 2019 are presented under ASU 2016-02, while comparative prior period amounts have not been restated and continue to be presented under accounting standards in effect in those periods.
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