The following table sets forth selected financial data as of and for our last five fiscal years. This selected financial data should be read in conjunction with the consolidated financial statements and related notes included in Item 15 of this Annual Report. Over our last five fiscal years, we have acquired a number of companies, including NetSuite Inc. (NetSuite) in fiscal 2017 and MICROS Systems, Inc. (MICROS) in fiscal 2015, among others. The results of our acquired companies have been included in our consolidated financial statements since their respective dates of acquisition and have contributed to our revenues, income, earnings per share and total assets.
As of and for the Year Ended May 31,
(in millions, except per share amounts)
2017
2016(1)
2015
2014
2013
Consolidated Statements of Operations Data:
Total revenues
$
37,728
$
37,047
$
38,226
$
38,275
$
37,180
Operating income
$
12,710
$
12,604
$
13,871
$
14,759
$
14,684
Net income
$
9,335
$
8,901
$
9,938
$
10,955
$
10,925
Earnings per share—diluted
$
2.21
$
2.07
$
2.21
$
2.38
$
2.26
Diluted weighted average common shares outstanding
4,217
4,305
4,503
4,604
4,844
Cash dividends declared per common share
$
0.64
$
0.60
$
0.51
$
0.48
$
0.30
Consolidated Balance Sheets Data:
Working capital(2)
$
50,337
$
47,105
$
47,314
$
32,954
$
27,950
Total assets(2)
$
134,991
$
112,180
$
110,903
$
90,266
$
81,745
Notes payable and other borrowings(3)
$
57,909
$
43,855
$
41,958
$
24,097
$
18,427
(1)
Our results of operations for fiscal 2016 compared to fiscal 2015 were significantly impacted by movements in international currencies relative to the U.S. Dollar, which decreased our fiscal 2016 total revenues by 5 percentage points and total operating income by 7 percentage points in comparison to the corresponding prior year period.
(2)
Total working capital and total assets sequentially increased in nearly all periods presented primarily due to the favorable impacts to our net current assets resulting from our net income generated during all periods presented and the issuances of long-term senior notes of $14.0 billion in fiscal 2017, $20.0 billion in fiscal 2015, €2.0 billion and $3.0 billion in fiscal 2014 and $5.0 billion in fiscal 2013. Our total assets were also favorably impacted by the issuance of $3.8 billion of short-term borrowings in both fiscal 2017 and fiscal 2016. These increases were partially offset by cash used for acquisitions, repurchases of our common stock and dividend payments made in all periods presented, repayments of certain of our senior notes in fiscal 2016, 2015 and 2013, and the repayment of $3.8 billion of short-term borrowings in fiscal 2017. In fiscal 2016, we adopted Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes on a retrospective basis. Pursuant to the new accounting standard, all deferred tax assets and liabilities are classified as non-current in our consolidated balance sheets and the working capital amounts presented above for fiscal 2015, 2014 and 2013 have been recast accordingly.
(3)
Our notes payable and other borrowings, which represented the summation of our notes payable and other borrowings, current, and notes payable and other borrowings, non-current, as reported per our consolidated balance sheets as of the dates listed in the table above, increased between fiscal 2013 and fiscal 2017 primarily due to the fiscal 2017 issuance of long-term senior notes of $14.0 billion and short-term borrowings of $3.8 billion, the fiscal 2016 issuance of $3.8 billion of short-term borrowings, and the issuances of long-term senior notes of $20.0 billion in fiscal 2015, €2.0 billion and $3.0 billion in fiscal 2014, and $5.0 billion in fiscal 2013. See Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report for additional information regarding our notes payable and other borrowings.
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