Item 6. Selected Financial Data

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Item 6. Selected Financial Data



	Fiscal Year
	2018 (1)			2017 (1)			2016 (1)(2)			2015 (1)			2014 (1)
	(In thousands except for per share data)
Sales	$	58,727,324		$	55,371,139		$	50,366,919		$	48,680,752		$	46,516,712

Operating income	2,328,974			2,053,171			1,850,500			1,229,362			1,587,122

Earnings before income taxes	1,956,224			1,766,230			1,433,007			1,008,147			1,475,624
Income taxes	525,458			623,727			483,385			321,374			544,091
Net earnings	$	1,430,766		$	1,142,503		$	949,622		$	686,773		$	931,533

Net earnings:
Basic earnings per share	$	2.74		$	2.10		$	1.66		$	1.16		$	1.59
Diluted earnings per share	2.70			2.08			1.64			1.15			1.58

Dividends declared per share	$	1.41		$	1.30		$	1.23		$	1.19		$	1.15

Total assets	$	18,070,404		$	17,756,655		$	16,721,804		$	17,989,281		$	13,141,113
Capital expenditures	687,815			686,378			527,346			542,830			523,206

Current maturities of long-term debt (3)	$	782,329		$	530,075		$	8,909		$	4,979,301		$	304,777
Long-term debt	7,540,765			7,660,877			7,336,930			2,271,825			2,357,330
Total long-term debt	8,323,094			8,190,952			7,345,839			7,251,126			2,662,107
Shareholders’ equity	2,506,957			2,381,516			3,479,608			5,260,224			5,266,695
Total capitalization	$	10,830,051		$	10,572,468		$	10,825,447		$	12,511,350		$	7,928,802
Ratio of long-term debt to capitalization (3)	76.9		%	77.5		%	67.9		%	58.0		%	33.6		%

Supplemental Information:
Fiscal 2019 expected retroactive impact to other income (expense), historically included in operating expense (4)	$	15,003		$	(1,294	)	$	8,935		$	26,522		$	4,887


(1)	Our results of operations are impacted by Certain Items that have resulted in reduced earnings on a GAAP basis. See “Non-GAAP Reconciliations,” within Management’s Discussion and Analysis of Financial Condition and Results of Operations, for a description of these items and our results on an adjusted basis that exclude Certain Items.


(2)	Sysco’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 53-week year ending July 2, 2016 for fiscal 2016.


(3)	Specific to fiscal 2015, our current maturities of long-term debt included senior notes issued for the proposed merger with US Foods that were required to be redeemed due to the termination of the merger agreement. We redeemed these notes in July 2015.


(4)	In the first quarter of fiscal 2019, Sysco will adopt Accounting Standards Update 2017-07 requiring that an employer report all of the components except the service cost component of pension and postretirement benefits outside of operating income. This will be applied retroactively. As a result, the company expects to report amounts for net periodic income (expense) in other income (expense) that were previously included in operating expense.

(4)

In the first quarter of fiscal 2019, Sysco will adopt Accounting Standards Update 2017-07 requiring that an employer report all of the components except the service cost component of pension and postretirement benefits outside of operating income. This will be applied retroactively. As a result, the company expects to report amounts for net periodic income (expense) in other income (expense) that were previously included in operating expense.

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