Item 6. SELECTED FINANCIAL DATA

(millions of dollars, except per common share data)



	2017		2016		2015		2014		2013
Operations
Net sales	$	14,984	$	11,856	$	11,339	$	11,130	$	10,186
Net income	1,814		1,133		1,054		866		753

Financial Position
Total assets	$	19,958	$	6,753	$	5,779	$	5,699	$	6,383
Long-term debt	9,886		1,211		1,907		1,116		1,122
Ratio of earnings to fixed charges (1)	4.7x		6.5x		9.1x		7.7x		7.4x

Per Common Share Data
Net income from continuing operations — basic (2)	$	19.52	$	12.33	$	11.43	$	9.00	$	7.46
Net income from continuing operations — diluted (2)	19.11		11.99		11.15		8.77		7.25
Cash dividends	3.40		3.36		2.68		2.20		2.00


(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:



	2017		2016		2015		2014		2013
Income before income taxes	$	1,528	$	1,595	$	1,549	$	1,258	$	1,086
Fixed charges:
Interest expense, net	263		154		62		64		63
Interest component of rent expense	153		138		130		125		108
Total fixed charges	416		292		192		189		171
Earnings	$	1,944	$	1,887	$	1,741	$	1,447	$	1,257


(2)	Presented under the treasury stock method.

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