filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
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The following table sets forth selected historical financial data of PCA (dollars and shares in millions, except per share data). The information contained in the table should be read in conjunction with the disclosures in “Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8. Financial Statements and Supplementary Data” of this Form 10-K.
| Year Ended December 31, | ||||||||||||||||||||
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| 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
| Statement of Income Data (a): | ||||||||||||||||||||
| Net Sales | $ | 7,014.6 | $ | 6,444.9 | $ | 5,779.0 | $ | 5,741.7 | $ | 5,852.6 | ||||||||||
| Net Income | 738.0 | 668.6 | 449.6 | 436.8 | 392.6 | |||||||||||||||
| Net income per common share: | ||||||||||||||||||||
| — basic | 7.82 | 7.09 | 4.76 | 4.47 | 3.99 | |||||||||||||||
| — diluted | 7.80 | 7.07 | 4.75 | 4.47 | 3.99 | |||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| — basic | 93.7 | 93.5 | 93.5 | 96.6 | 97.0 | |||||||||||||||
| — diluted | 93.9 | 93.7 | 93.7 | 96.7 | 97.1 | |||||||||||||||
| Cash dividends declared per common share | 3.00 | 2.52 | 2.36 | 2.20 | 1.60 | |||||||||||||||
| Balance Sheet Data (a): | ||||||||||||||||||||
| Total assets | $ | 6,569.7 | $ | 6,197.5 | $ | 5,777.0 | $ | 5,272.3 | $ | 5,258.7 | ||||||||||
| Total debt obligations | 2,502.7 | 2,650.7 | 2,667.4 | 2,319.7 | 2,365.2 | |||||||||||||||
| Stockholders' equity | 2,672.4 | 2,182.6 | 1,759.8 | 1,633.3 | 1,521.4 |
| (a) | Effective January 1, 2016, the Company adopted Accounting Standards Update (ASU) 2015-03 (Topic 835): Simplifying the Presentation of Debt Issuance Costs. We applied this guidance retrospectively, as required, and reclassified the debt issuance costs from “Other long-term assets” to “Long-term debt” on our Consolidated Balance Sheet to conform with current period presentation. Total assets for all periods presented have been updated to reflect this adoption. |
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Effective December 31, 2015, the Company adopted Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes. The guidance eliminates the requirement to classify deferred taxes between current and noncurrent and requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Our total assets for all periods presented have been updated to reflect this adoption.
Effective January 1, 2014, the Company changed its method of accounting for inventories from lower of cost, as determined by the LIFO method, or market, to lower of cost, as determined by the average cost method, or market. The Company applied the change retrospectively to all prior periods presented herein in accordance with US generally accepted accounting principles (GAAP) relating to accounting changes.
Net income and net income per common share are impacted by a lower U.S. corporate federal statutory income tax rate of 21% in 2018 and 35% in in all prior years presented in this table. In addition, both 2018 and 2017 include a tax benefit of $2.0 million and $122.1 million, respectively, related to the enactment in December 2017 of the Tax Cuts and Jobs Act (H.R.1). See Note 7, Income Taxes, for more information.
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