Item 6. Selected Financial Data


	Fiscal Year
	2020 (1)			2019 (1)			2018 (1)			2017 (1)			2016 (1)(2)
	(In thousands except for per share data)
Sales	$	52,893,310		$	60,113,922		$	58,727,324		$	55,371,139		$	50,366,919

Operating income (3)	749,505			2,330,150			2,314,056			2,054,616			1,841,875

Earnings before income taxes	293,384			2,005,836			1,956,224			1,766,230			1,433,007
Income taxes	77,909			331,565			525,458			623,727			483,385
Net earnings	$	215,475		$	1,674,271		$	1,430,766		$	1,142,503		$	949,622

Net earnings:
Basic earnings per share	$	0.42		$	3.24		$	2.74		$	2.10		$	1.66
Diluted earnings per share	0.42			3.20			2.70			2.08			1.64

Dividends declared per share	$	1.74		$	1.53		$	1.41		$	1.30		$	1.23

Total assets	$	22,628,266		$	17,966,522		$	18,070,404		$	17,756,655		$	16,721,804
Capital expenditures	720,423			692,391			687,815			686,378			527,346

Current maturities of long-term debt	$	1,542,128		$	37,322		$	782,329		$	530,075		$	8,909
Long-term debt	12,902,485			8,122,058			7,540,765			7,660,877			7,336,930
Total long-term debt	14,444,613			8,159,380			8,323,094			8,190,952			7,345,839
Shareholders’ equity	1,158,613			2,502,603			2,506,957			2,381,516			3,479,608
Total capitalization	$	15,603,226		$	10,661,983		$	10,830,051		$	10,572,468		$	10,825,447
Ratio of long-term debt to capitalization	92.6		%	76.5		%	76.9		%	77.5		%	67.9		%

(1)Our results of operations are impacted by Certain Items that have resulted in reduced earnings on a generally accepted accounting principles (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.

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