Item 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,
	2020		2019		2018		2017		2016
Statement of Income Data (a):
Net sales	$	6,658.2	$	6,964.3	$	7,014.6	$	6,444.9	$	5,779.0
Net income		461.0		696.4		738.0		668.6		449.6
Net income per common share:
— basic		4.86		7.36		7.82		7.09		4.76
— diluted		4.84		7.34		7.80		7.07		4.75
Weighted average common shares outstanding:
— basic		94.1		93.8		93.7		93.5		93.5
— diluted		94.4		94.1		93.9		93.7		93.7
Cash dividends declared per common share		3.37		3.16		3.00		2.52		2.36
Balance Sheet Data (a):
Total assets	$	7,433.2	$	7,235.8	$	6,569.7	$	6,197.5	$	5,777.0
Total long-term obligations (b)		2,495.4		2,494.3		2,502.7		2,650.7		2,667.4
Stockholders' equity		3,246.3		3,071.0		2,672.4		2,182.6		1,759.8

(a)

Effective January 1, 2019, the Company adopted ASU 2016-02 (Topic 842): Leases, which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under the previous guidance. We elected to apply this guidance as of its effective date and did not restate comparative periods. See Note 2, Summary of Significant Accounting Policies, and Note 3, Leases, for more information.

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.

Net income and net income per common share are impacted by a lower U.S. corporate federal statutory income tax rate of 21% in 2020, 2019, and 2018 and 35% 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.

(b)	Includes long-term debt and finance lease obligations.

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