Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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Our selected consolidated financial data for the periods presented should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto provided under Part II, Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

	For the Years Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
		2020			2019		2018 (1)				2017			2016
	(in thousands, except operating margin and per share data)
Operating revenues	$	1,695,390		$	1,557,796		$	1,433,984		$	1,274,172		$	1,150,669
Total operating expenses		810,626			802,095			747,086			694,402			662,565
Operating income		884,764			755,701			686,898			579,770			488,104
Other expense (income), net		198,539			152,383			57,002			112,871			102,166
Provision for income taxes		84,403			39,670			122,011			162,927			125,083
Net income	$	601,822		$	563,648		$	507,885		$	303,972		$	260,855
Operating margin		52.2	%		48.5	%		47.9	%		45.5	%		42.4	%
Earnings per basic common share	$	7.19		$	6.66		$	5.83		$	3.36		$	2.72
Earnings per diluted common share	$	7.12		$	6.59		$	5.66		$	3.31		$	2.70
Weighted average shares outstanding used in computing earnings per share
Basic		83,716			84,644			87,179			90,336			95,986
Diluted		84,517			85,536			89,701			91,914			96,540
Dividends declared per common share	$	2.92		$	2.52		$	1.92		$	1.32		$	1.00

	As of
	December 31,			December 31,			December 31,			December 31,		December 31,
		2020		2019 (2)			2018 (1)				2017		2016
	(in thousands)
Cash and cash equivalents	$	1,300,521		$	1,506,567		$	904,176		$	889,502	$	791,834
Accounts receivable (net of allowances)	$	558,569		$	499,268		$	473,433		$	327,597	$	221,504
Goodwill and intangibles, net of accumulated amortization	$	1,800,770		$	1,824,355		$	1,826,564		$	1,882,457	$	1,903,490
Total assets	$	4,198,647		$	4,204,439		$	3,387,952		$	3,275,668	$	3,082,578
Deferred revenue	$	675,870		$	574,656		$	537,977		$	374,365	$	334,358
Long-term debt, net of current maturities	$	3,366,777		$	3,071,926		$	2,575,502		$	2,078,093	$	2,075,201
Total shareholders' equity (deficit)	$	(443,234	)	$	(76,714	)	$	(166,494	)	$	401,012	$	317,605

(1)	Includes the impact of the Financial Engineering Associates, Inc. (“FEA”) and Investor Force Holdings, Inc. (“InvestorForce”) divestitures.

(2)	Reflects the impact of the adoption on January 1, 2019 of Accounting Standards Update 2016-02, "Lease (Topic 842)," the impact of which was the inclusion of $166.4 million of right-of-use assets on the Company's Consolidated Statement of Financial Condition as of December 31, 2019.

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