Item 6. Selected Financial Data

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Item 6. Selected Financial Data



	Fiscal Year
	2019 (1)			2018 (1)			2017 (1)			2016 (1)(2)			2015 (1)
	(In thousands except for per share data)
Sales	$	60,113,922		$	58,727,324		$	55,371,139		$	50,366,919		$	48,680,752

Operating income (3)	2,330,150			2,314,056			2,054,616			1,841,875			1,203,164

Earnings before income taxes	2,005,836			1,956,224			1,766,230			1,433,007			1,008,147
Income taxes	331,565			525,458			623,727			483,385			321,374
Net earnings	$	1,674,271		$	1,430,766		$	1,142,503		$	949,622		$	686,773

Net earnings:
Basic earnings per share	$	3.24		$	2.74		$	2.10		$	1.66		$	1.16
Diluted earnings per share	3.20			2.70			2.08			1.64			1.15

Dividends declared per share	$	1.53		$	1.41		$	1.30		$	1.23		$	1.19

Total assets	$	17,966,522		$	18,070,404		$	17,756,655		$	16,721,804		$	17,989,281
Capital expenditures	692,391			687,815			686,378			527,346			542,830

Current maturities of long-term debt (4)	$	37,322		$	782,329		$	530,075		$	8,909		$	4,979,301
Long-term debt	8,122,058			7,540,765			7,660,877			7,336,930			2,271,825
Total long-term debt	8,159,380			8,323,094			8,190,952			7,345,839			7,251,126
Shareholders’ equity	2,502,603			2,506,957			2,381,516			3,479,608			5,260,224
Total capitalization	$	10,661,983		$	10,830,051		$	10,572,468		$	10,825,447		$	12,511,350
Ratio of long-term debt to capitalization (4)	76.5		%	76.9		%	77.5		%	67.9		%	58.0		%


(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 ended July 2, 2016 for fiscal 2016.


(3)	In fiscal 2019, Sysco adopted Accounting Standards Update 2017-07, which requires that an employer report all of the components, except the service cost component, of pension and postretirement benefits outside of operating income. This was applied retroactively, and as a result, the company has restated prior year amounts to include net periodic income (expense) in other income (expense) that were previously included in operating expense.

(3)

In fiscal 2019, Sysco adopted Accounting Standards Update 2017-07, which requires that an employer report all of the components, except the service cost component, of pension and postretirement benefits outside of operating income. This was applied retroactively, and as a result, the company has restated prior year amounts to include net periodic income (expense) in other income (expense) that were previously included in operating expense.


(4)	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.

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