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 data
2018
2017
2016
2015
2014
Results of operations data:
Sales and other operating revenues
$
39,004
$
34,484
$
29,183
$
32,735
$
45,608
Operating income(a)
5,231
5,460
5,060
6,122
5,736
Interest expense(b)
(360
)
(491
)
(322
)
(310
)
(352
)
Income from equity investments
289
321
367
339
257
Income from continuing operations(a)(b)(c)
4,698
4,895
3,847
4,479
4,172
Earnings per share from continuing operations:
Basic
12.06
12.28
9.17
9.63
8.04
Diluted
12.03
12.28
9.15
9.60
8.00
Loss from discontinued operations, net of tax
(8
)
(18
)
(10
)
(5
)
(4
)
Loss per share from discontinued operations:
Basic
(0.02
)
(0.05
)
(0.02
)
(0.01
)
(0.01
)
Diluted
(0.02
)
(0.05
)
(0.02
)
(0.01
)
(0.01
)
Balance sheet data:
Total assets
28,278
26,206
23,442
22,757
24,221
Short-term debt
885
68
594
353
346
Long-term debt(d)
8,502
8,551
8,387
7,675
6,699
Cash and cash equivalents
332
1,523
875
924
1,031
Short-term investments
892
1,307
1,147
1,064
1,593
Accounts receivable
3,503
3,539
2,842
2,517
3,448
Inventories
4,515
4,217
3,809
4,051
4,517
Working capital
4,931
4,861
4,122
4,386
4,901
Cash flow data:
Cash provided by (used in):
Operating activities
5,471
5,206
5,606
5,842
6,048
Investing activities
(3,559
)
(1,756
)
(2,301
)
(1,046
)
(3,539
)
Expenditures for property, plant and equipment
(2,105
)
(1,547
)
(2,243
)
(1,440
)
(1,499
)
Financing activities
(3,008
)
(2,859
)
(3,349
)
(4,850
)
(5,907
)
Dividends declared per share
4.00
3.55
3.33
3.04
2.70
(a)
Operating income and Income from continuing operations in 2018 include charges totaling $73 million ($57 million, after tax) for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman Inc. and a pre-tax gain of $36 million ($34 million, after tax) on the sale of our carbon black subsidiary in France. In 2017, we had a pre-tax 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 property in Lake Charles, Louisiana; and a pre-tax, non-cash gain of $21 million ($14 million, after tax) related to the elimination of an obligation associated with a
lease. In 2016, we had a pre-tax and after-tax gain of $78 million on the sale of our wholly owned Argentine subsidiary and a pre-tax 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 pre-tax, 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 included pre-tax charges of $113 million ($106 million, after tax) related to the redemption of $1,000 million aggregate principal amount of our then outstanding 5% senior notes due 2019.
(c)
Income from continuing operations in 2018 includes a $358 million benefit related to $299 million of previously unrecognized tax benefits and the release of $59 million of associated accrued interest. In 2017, it included an $819 million non-cash tax benefit related to the lower federal income tax rate resulting from the enactment of the 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.
(d)
Long-term debt includes current maturities of long-term debt.
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