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Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

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The following selected financial data was derived from our consolidated financial statements, which were prepared from our books and records. This data should be read in conjunction with the Consolidated Financial Statements and related notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” below, which includes a discussion of factors that will enhance an understanding of this data.

Year Ended December 31,
In millions of dollars, except per share data20172016201520142013
Results of operations data:
Sales and other operating revenues$34,484$29,183$32,735$45,608$44,062
Operating income(a)5,4605,0606,1225,7365,102
Interest expense(b)(491)(322)(310)(352)(309)
Income from equity investments321367339257203
Income from continuing operations(a)(b)(c)4,8953,8474,4794,1723,860
Earnings per share from continuing operations:
Basic12.289.179.638.046.81
Diluted12.289.159.608.006.76
Loss from discontinued operations, net of tax(18)(10)(5)(4)(7)
Loss per share from discontinued operations:
Basic(0.05)(0.02)(0.01)(0.01)(0.01)
Diluted(0.05)(0.02)(0.01)(0.01)(0.01)
Balance sheet data:
Total assets26,20623,44222,75724,22127,230
Short-term debt6859435334658
Long-term debt(d)8,5518,3877,6756,6995,709
Cash and cash equivalents1,5238759241,0314,450
Short-term investments1,3071,1471,0641,593—
Accounts receivable3,5392,8422,5173,4484,030
Inventories4,2173,8094,0514,5175,279
Working capital4,8614,1224,3864,9015,737
Cash flow data:
Cash provided by (used in):
Operating activities5,2065,6065,8426,0484,835
Investing activities(1,756)(2,301)(1,046)(3,539)(1,597)
Expenditures for property, plant and equipment(1,547)(2,243)(1,440)(1,499)(1,561)
Financing activities(2,859)(3,349)(4,850)(5,907)(1,589)
Dividends declared per share3.553.333.042.702.00
(a)Operating income and Income from continuing operations in 2017 include a pretax gain of $108 million ($103 million, after tax) on the sale of our 27% interest in Geosel, a joint venture in France; a pretax gain of $31 million ($20 million, after tax) on the sale of our Lake Charles, Louisiana site; and a pretax, non-cash gain related to the elimination of an obligation associated with a lease of $ 21 million ($14 million, after tax). In 2016, they also included a pretax and after-tax gain of $78 million on the sale of our wholly owned Argentine subsidiary and a pretax charge of $58 million ($37 million, after tax) for a pension settlement. Operating income and Income from continuing operations in 2016, 2015 and 2014 included pretax, non-cash charges of $29 million ($18 million, after tax), $548 million ($351 million, after tax) and $760 million ($483 million, after tax), respectively, related to lower of cost or market (“LCM”) inventory valuation adjustments.
(b)Interest expense and Income from continuing operations in 2017 includes pretax charges of $113 million ($106 million, after tax) related to the redemption of $1,000 million aggregate principal amount of our outstanding 5% senior notes due 2019.
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(c)Income from continuing operations in 2017 includes an $819 million non-cash tax benefit related to the lower federal income tax rate resulting from the newly enacted U.S. Tax Cuts and Jobs Act. In 2016, it included $135 million of out of period adjustments related to taxes on our cross-currency swaps and deferred liabilities related to some of our consolidated subsidiaries. Income from continuing operations in 2013 included a $353 million benefit related to the release of valuation allowances primarily associated with tax losses in our French group.
(d)Long-term debt includes current maturities of long-term debt.
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