Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

(millions of dollars, except per common share data)



	2018		2017		2016		2015		2014
Operations
Net sales	$	17,534	$	14,984	$	11,856	$	11,339	$	11,130
Net income from continuing operations	1,109		1,769		1,133		1,054		866

Financial Position
Total assets	$	19,134	$	19,900	$	6,753	$	5,779	$	5,699
Long-term debt	8,708		9,886		1,211		1,907		1,116
Ratio of earnings to fixed charges (1)	3.6x		4.5x		6.5x		9.1x		7.7x

Per Common Share Data
Net income from continuing operations — diluted (2)	11.67		18.64		11.99		11.15		8.77
Cash dividends	3.44		3.40		3.36		2.68		2.20


(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:



	2018		2017		2016		2015		2014
Income before income taxes	$	1,360	$	1,469	$	1,595	$	1,549	$	1,258
Fixed charges:
Interest expense, net	367		263		154		62		64
Interest component of rent expense	165		153		138		130		125
Total fixed charges	532		416		292		192		189
Earnings	$	1,892	$	1,885	$	1,887	$	1,741	$	1,447


(2)	Presented under the treasury stock method.

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