Item 6. SELECTED FINANCIAL DATA

3K characters. Original on sec.gov · Markdown

Item 6. SELECTED FINANCIAL DATA

(millions of dollars, except per common share data)



	2016		2015		2014		2013		2012
Operations
Net sales	$	11,856	$	11,339	$	11,130	$	10,186	$	9,534
Net income	1,133		1,054		866		753		631

Financial Position
Total assets	$	6,753	$	5,779	$	5,699	$	6,383	$	6,235
Long-term debt	1,211		1,907		1,116		1,122		1,632
Ratio of earnings to fixed charges (1)	6.5x		9.1x		7.7x		7.4x		7.2x

Per Common Share Data
Net income — basic (2)	$	12.33	$	11.43	$	9.00	$	7.46	$	6.20
Net income — diluted (2)	11.99		11.15		8.77		7.25		6.02
Cash dividends	3.36		2.68		2.20		2.00		1.56


(1)	For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes plus fixed charges. Fixed charges consist of interest expense, net, including amortization of discount and financing costs and the portion of operating rental expense which management believes is representative of the interest component of rent expense. The following schedule includes the figures used to calculate the ratios:

(1)

For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes plus fixed charges. Fixed charges consist of interest expense, net, including amortization of discount and financing costs and the portion of operating rental expense which management believes is representative of the interest component of rent expense. The following schedule includes the figures used to calculate the ratios:



	2016		2015		2014		2013		2012
Income before income taxes	$	1,595	$	1,549	$	1,258	$	1,086	$	907
Fixed charges:
Interest expense, net	154		62		64		63		43
Interest component of rent expense	138		130		125		108		103
Total fixed charges	292		192		189		171		146
Earnings	$	1,887	$	1,741	$	1,447	$	1,257	$	1,053


(2)	Presented under the treasury stock method.

Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS