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. 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)
2018
2017
2016
2015
2014
Consolidated Statements of Operations Data:
Total revenues
$
39,831
$
37,728
$
37,047
$
38,226
$
38,275
Operating income
$
13,679
$
12,710
$
12,604
$
13,871
$
14,759
Net income(1)
$
3,825
$
9,335
$
8,901
$
9,938
$
10,955
Earnings per share—diluted(1)
$
0.90
$
2.21
$
2.07
$
2.21
$
2.38
Diluted weighted average common shares outstanding
4,238
4,217
4,305
4,503
4,604
Cash dividends declared per common share
$
0.76
$
0.64
$
0.60
$
0.51
$
0.48
Consolidated Balance Sheets Data:
Working capital(2)
$
56,769
$
50,337
$
47,105
$
47,314
$
32,954
Total assets(2)
$
137,264
$
134,991
$
112,180
$
110,903
$
90,266
Notes payable and other borrowings(3)
$
60,619
$
57,909
$
43,855
$
41,958
$
24,097
(1)
Our net income and diluted earnings per share were unfavorably impacted by a net charge of $7.0 billion during fiscal 2018 due to our preliminary assessment of the one-time effects of the U.S. Tax Cuts and Jobs Act of 2017 (the Tax Act). The more significant provisions of the Tax Act as applicable to us are described below under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”.
(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 $10.0 billion in fiscal 2018, $14.0 billion in fiscal 2017, $20.0 billion in fiscal 2015, and €2.0 billion and $3.0 billion in fiscal 2014. Our total assets were also favorably impacted by the issuance of $2.5 billion of short-term borrowings in fiscal 2018, and $3.8 billion of short-term borrowings in each of fiscal 2017 and 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 2018, 2017, 2016 and 2015, and the repayment of $3.8 billion of short-term borrowings in each of fiscal 2018 and 2017.
(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 2014 and fiscal 2018 primarily due to the fiscal 2018 issuance of long-term senior notes of $10.0 billion and short-term borrowings of $2.5 billion, 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, the issuances of long-term senior notes of $20.0 billion in fiscal 2015, and €2.0 billion and $3.0 billion in fiscal 2014. See Note 7 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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