Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

HISTORICAL FINANCIAL SUMMARY


(millions except per share and percentage data)	2020			2019			2018			2017			2016
For the Year
Net sales	$	5,601.3		$	5,347.4		$	5,302.8		$	4,730.3		$	4,313.9

Operating income	999.5			957.7			891.1			699.8			649.4
Income from unconsolidated operations	40.8			40.9			34.8			33.9			36.1
Net income	747.4			702.7			933.4			477.4			472.3
Per Common Share (1)
Earnings per share–basic	$	2.80		$	2.65		$	3.55		$	1.88		$	1.87
Earnings per share–diluted	2.78			2.62			3.50			1.86			1.85
Common dividends declared	1.27			1.17			1.07			0.97			0.88
Closing price, non-voting shares–end of year	93.49			84.63			75.00			51.09			45.60
Book value per share	14.76			13.01			12.05			9.81			6.53
At Year-End
Total assets	$	12,089.7		$	10,362.1		$	10,256.4		$	10,385.8		$	4,635.9
Current debt	1,150.6			698.4			643.5			583.2			393.2
Long-term debt	3,753.8			3,625.8			4,052.9			4,443.9			1,054.0
Shareholders’ equity	3,940.0			3,456.7			3,182.2			2,570.9			1,638.1
Other Financial Measures
Percentage of net sales
Gross profit	41.1		%	40.1		%	39.5		%	37.9		%	38.1		%
Operating income	17.8		%	17.9		%	16.8		%	14.8		%	15.1		%
Capital expenditures	$	225.3		$	173.7		$	169.1		$	182.4		$	153.8
Depreciation and amortization	165.0			158.8			150.7			125.2			108.7
Common share repurchases	47.3			95.1			62.3			137.8			242.7
Dividends paid	330.1			302.2			273.4			237.6			217.8
Average shares outstanding (1)
Basic	266.5			265.1			263.1			253.6			253.1
Diluted	269.1			268.1			266.5			256.8			255.9

(1)On November 30, 2020, the Company effected a two-for-one stock split to shareholders of record as of November 20, 2020. All common stock and per share data has been retroactively adjusted to reflect the stock split.

The historical financial summary includes the impact of certain items that affect the comparability of financial results year to year. The net impact of these items is reflected in the following table:


(millions except per share data)	2020		2019		2018		2017		2016
Operating income (1)	$	(19.3)	$	(20.8)	$	(38.8)	$	(83.9)	$	(16.0)
Net income (2)	(15.3)		(14.6)		271.4		(69.3)		(11.1)
Earnings per share–diluted (3)	(0.05)		(0.06)		1.02		(0.27)		(0.04)

(1)In 2020, 2019, 2018, 2017, and 2016, we recorded special charges related to the completion of organization and streamlining actions, including, for 2016, special charges related to the discontinuance of bulk-packaged and broken basmati rice product lines for our business in India. In 2020, we recorded transaction and integration expenses related to our

acquisitions of Cholula and FONA. In 2018 and 2017, we recorded transaction and integration expenses related to our acquisition of RB Foods.

(2)In 2019 and 2018, we recorded a non-recurring benefit from the U.S. Tax Act of $1.5 million and $301.5 million, respectively.

(3)On November 30, 2020, the Company effected a two-for-one stock split to shareholders of record as of November 20, 2020. All common stock and per share data has been retroactively adjusted to reflect the stock split.

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