filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following table sets forth our selected financial data for the periods indicated:
| Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
| (Millions of dollars, except per share data) | ||||||||||||||||||||||||||||||||
| Revenues | $ | 8,542.2 | $ | 10,164.4 | $ | 12,593.2 | $ | 12,173.9 | $ | 8,920.9 | ||||||||||||||||||||||
| Net income | $ | 612.8 | $ | 1,278.6 | $ | 1,155.0 | $ | 593.5 | $ | 743.5 | ||||||||||||||||||||||
| Total assets | $ | 23,078.8 | $ | 21,812.1 | $ | 18,231.7 | $ | 16,845.9 | $ | 16,138.8 | ||||||||||||||||||||||
| Long-term debt, including current maturities | $ | 14,236.1 | $ | 12,487.4 | $ | 9,381.0 | $ | 8,524.3 | $ | 8,330.6 | ||||||||||||||||||||||
| EPS - total | ||||||||||||||||||||||||||||||||
| Basic | $ | 1.42 | $ | 3.09 | $ | 2.80 | $ | 1.30 | $ | 1.67 | ||||||||||||||||||||||
| Diluted | $ | 1.42 | $ | 3.07 | $ | 2.78 | $ | 1.29 | $ | 1.66 | ||||||||||||||||||||||
| Dividends declared per share of common stock | $ | 3.74 | $ | 3.53 | $ | 3.245 | $ | 2.72 | $ | 2.46 |
Changes in commodity prices and sales volumes affect both revenue and cost of sales and fuel, and, therefore, the changes in revenue in the above table are largely offset in cost of sales and fuel.
In 2020, we incurred $644.9 million in noncash impairment charges, which had an adverse impact on our financial results for the year ended December 31, 2020. In 2017, we recorded noncash impairment charges of $20.2 million.
Upon adoption of Topic 606 in January 2018, we determined that certain Natural Gas Gathering and Processing segment fee with POP contracts and Natural Gas Liquids segment exchange services contracts that include the purchase of commodities are supplier contracts. Contractual fees in these identified contracts are recorded as a reduction of the commodity purchase price in cost of sales and fuel. In 2017 and prior periods, these fees were recorded as services revenue.
In 2017, we recorded a one-time noncash charge to net income through income tax expense of $141.3 million, related to the revaluation of our deferred tax balances and a valuation allowance on certain state net operating loss and tax credit carryforwards resulting from the enactment of the Tax Cuts and Jobs Act.
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