Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The Selected Financial Data should be read in conjunction with Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Year Ended December 31,
20192018201720162015
(in thousands except per share data)
Results of Operations Data (1):
Revenue$11,547,969$10,787,800$9,687,222$7,826,336$6,776,584
Operating income (2)$324,844$272,536$91,397$194,940$131,372
Income (loss) before income taxes (2)$185,104$131,105$(9,380)$48,3266,353
Net income (loss) attributable to common stockholders of Live Nation (3)$69,889$60,249$(6,015)$2,942$(32,508)
Basic and diluted net loss available to common stockholders of Live Nation$(4,882)$(17,651)$(97,646)$(47,010)$(65,687)
Basic and diluted net loss per common share available to common stockholders of Live Nation (4)$(0.02)$(0.09)$(0.48)$(0.23)$(0.33)
Cash dividends per share$—$—$—$—$—
As of December 31,
20192018201720162015
(in thousands)
Balance Sheet Data (1):
Total assets (5)$10,975,615$8,496,886$7,504,263$6,764,266$6,156,241
Long-term debt, net (including current maturities)$3,309,057$2,815,020$2,299,959$2,313,053$2,045,014
Redeemable noncontrolling interests$449,498$329,355$244,727$347,068$263,715
(1)Acquisitions and dispositions along with changes in foreign exchange rates can significantly impact the comparability of the historical consolidated financial data reflected in this schedule of Selected Financial Data.
(2)The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018. In addition, the years ended December 31, 2018 and 2017, include $10.5 million and $20.0 million, respectively, of goodwill impairments recorded in conjunction with our annual impairment tests.
(3)The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018, and a $55.7 million income tax benefit from the 2017 United States tax reform change. See Item 8. Financial Statements and Supplementary Data—Note 9—Income Taxes for further discussion of the 2017 tax reform change. In addition, the years ended December 31, 2018 and 2017, include $10.5 million and $20.0 million, respectively, of goodwill impairments recorded in conjunction with our annual impairment tests.
(4)The year ended December 31, 2018 includes a loss of $0.05 per common share, on a basic and diluted basis, from the impact of the goodwill impairment. The year ended December 31, 2017 includes a loss of $0.36 per common share from the impact of the legal settlement and goodwill impairment offset by the tax benefit from the 2017 tax reform change.
(5)Total assets as of December 31, 2019 includes operating lease assets of $1.4 billion as a result of our adoption of the new lease accounting guidance on January 1, 2019. See Item 8. Financial Statements and Supplementary Data—Note 1—The Company and Summary of Significant Accounting Policies for further discussion of the impacts of the new lease guidance.

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