filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
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 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
| Results of operations data: | |||||||||||||||||||
| Sales and other operating revenues | $ | 34,727 | $ | 39,004 | $ | 34,484 | $ | 29,183 | $ | 32,735 | |||||||||
| Operating income(a) | 4,116 | 5,231 | 5,460 | 5,060 | 6,122 | ||||||||||||||
| Interest expense(b) | (347 | ) | (360 | ) | (491 | ) | (322 | ) | (310 | ) | |||||||||
| Income from equity investments | 225 | 289 | 321 | 367 | 339 | ||||||||||||||
| Income from continuing operations(a)(b)(c) | 3,404 | 4,698 | 4,895 | 3,847 | 4,479 | ||||||||||||||
| Earnings per share from continuing operations: | |||||||||||||||||||
| Basic | 9.61 | 12.06 | 12.28 | 9.17 | 9.63 | ||||||||||||||
| Diluted | 9.60 | 12.03 | 12.28 | 9.15 | 9.60 | ||||||||||||||
| Loss from discontinued operations, net of tax | (7 | ) | (8 | ) | (18 | ) | (10 | ) | (5 | ) | |||||||||
| Loss per share from discontinued operations: | |||||||||||||||||||
| Basic | (0.02 | ) | (0.02 | ) | (0.05 | ) | (0.02 | ) | (0.01 | ) | |||||||||
| Diluted | (0.02 | ) | (0.02 | ) | (0.05 | ) | (0.02 | ) | (0.01 | ) | |||||||||
| Balance sheet data: | |||||||||||||||||||
| Total assets | $ | 30,435 | $ | 28,278 | $ | 26,206 | $ | 23,442 | $ | 22,757 | |||||||||
| Short-term debt | 445 | 885 | 68 | 594 | 353 | ||||||||||||||
| Long-term debt(d) | 11,617 | 8,502 | 8,551 | 8,387 | 7,675 | ||||||||||||||
| Cash and cash equivalents | 858 | 332 | 1,523 | 875 | 924 | ||||||||||||||
| Short-term investments | 196 | 892 | 1,307 | 1,147 | 1,064 | ||||||||||||||
| Accounts receivable | 3,102 | 3,503 | 3,539 | 2,842 | 2,517 | ||||||||||||||
| Inventories | 4,588 | 4,515 | 4,217 | 3,809 | 4,051 | ||||||||||||||
| Working capital(e) | 4,762 | 4,931 | 4,861 | 4,122 | 4,386 | ||||||||||||||
| Cash flow data: | |||||||||||||||||||
| Cash provided by (used in): | |||||||||||||||||||
| Operating activities | $ | 4,961 | $ | 5,471 | $ | 5,206 | $ | 5,606 | $ | 5,842 | |||||||||
| Investing activities | (1,635 | ) | (3,559 | ) | (1,756 | ) | (2,301 | ) | (1,046 | ) | |||||||||
| Expenditures for property, plant and equipment | (2,694 | ) | (2,105 | ) | (1,547 | ) | (2,243 | ) | (1,440 | ) | |||||||||
| Financing activities | (2,835 | ) | (3,008 | ) | (2,859 | ) | (3,349 | ) | (4,850 | ) | |||||||||
| Dividends - common stock declared per share | $ | 4.15 | $ | 4.00 | $ | 3.55 | $ | 3.33 | $ | 3.04 |
| (a) | Operating income and Income from continuing operations in 2019 include pre-tax charges of $116 million ($89 million, after tax) for integration costs associated with our acquisition of A. Schulman and a pretax, non-cash charge of $33 million ($25 million, after tax), related to lower of cost or market (“LCM”) inventory valuation. |
In 2018, we had pre-tax acquisition-related transaction and integration costs of $73 million ($57 million, after tax) associated with the acquisition of A. Schulman.
In 2017, we had 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 charge of $58 million ($37 million, after tax) for a pension settlement. Operating income and Income from continuing operations in 2016 and 2015 included pre-tax, non-cash charges of $29 million ($18 million, after tax) and $548 million ($351 million, after tax), respectively, related to LCM inventory valuation adjustments.
| (b) | Interest expense and Income from continuing operations in 2017 include 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 2019 and 2018 includes a non-cash tax benefit of $113 million and $358 million, respectively, from the previously unrecognized tax benefits and the release of associated accrued interest. Also included in 2019 is a gain of $5 million on the sale of a joint venture interest in Asia in the fourth quarter of 2019. In 2018, we recognized a $34 million after tax gain on the sale of our carbon black subsidiary in France. |
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 enactment of the U.S. Tax Cuts and Jobs Act, an after tax gain $103 million on the sale of our 27% interest in Geosel, a joint venture in France and a $20 million after tax gain on the sale of property in Lake Charles, Louisiana.
Income from continuing operations in 2016 includes $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. Also included in 2016, is an after tax gain of $78 million on the sale of our wholly owned Argentine subsidiary.
| (d) | Includes Long-term debt and Current maturities of long-term debt. |
| (e) | We define working capital as the sum of Accounts receivable and Inventories less Accounts payable. |
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