The following table presents selected consolidated financial data. The data presented should be read in conjunction with our Consolidated Financial Statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report. Our consolidated financial information may not be indicative of our future performance.
As of or for Fiscal
2019
2018
2017
2016(1)
2015
(in millions, except per share data)
Statement of Operations Data
Net sales
$
13,448
$
13,988
$
12,185
$
11,352
$
11,524
Acquisition and integration costs
27
14
6
22
55
Restructuring and other charges (credits), net(2)
255
126
147
(2)
152
Other income (expense), net(3)
2
1
(42)
(677)
(55)
Income tax (expense) benefit(4)
15
344
(180)
826
(306)
Income from continuing operations
1,946
2,584
1,540
1,847
1,180
Income (loss) from discontinued operations, net of income taxes(5)
(102)
(19)
143
162
1,240
Net income
1,844
2,565
1,683
2,009
2,420
Per Share Data
Basic earnings per share:
Income from continuing operations
$
5.76
$
7.38
$
4.34
$
5.05
$
2.91
Net income
5.46
7.33
4.74
5.49
5.98
Diluted earnings per share:
Income from continuing operations
$
5.72
$
7.32
$
4.30
$
5.01
$
2.87
Net income
5.42
7.27
4.70
5.44
5.89
Dividends paid per common share
$
1.80
$
1.68
$
1.54
$
1.40
$
1.24
Balance Sheet Data
Total assets
$
19,694
$
20,386
$
19,403
$
17,608
$
20,589
Long-term liabilities
5,584
5,145
5,805
6,057
7,429
Total shareholders’ equity
10,570
10,831
9,751
8,485
9,585
(1)
Fiscal 2016 was a 53-week year.
(2)
Fiscal 2016 included a pre-tax gain of $144 million on the sale of our Circuit Protection Devices business.
(3)
Fiscal 2016 and 2015 net other income (expense) was recorded primarily pursuant to the Tax Sharing Agreement with Tyco International plc and Covidien plc. Fiscal 2016 included $604 million of other expense related to the effective settlement of tax matters for the years 1997 through 2000 and $46 million of other expense related to a tax settlement in another tax jurisdiction. Fiscal 2015 included $84 million of other expense related to the effective settlement of all undisputed tax matters for the years 2001 through 2007.
(4)
For fiscal 2019, 2018, and 2017, see Note 15 to the Consolidated Financial Statements for additional information. Fiscal 2016 included a $1,135 million income tax benefit related to the effective settlement of tax matters for the years 1997 through 2000, partially offset by a $91 million income tax charge related to an increase to the valuation allowance for certain U.S. deferred tax assets. Additionally, fiscal 2016 included an $83 million net income tax benefit related to tax settlements in certain other tax jurisdictions, partially offset by an income tax charge related to certain legal entity restructurings. Fiscal 2015 included a $216 million income tax charge associated with the tax impacts of certain intercompany legal entity restructurings made in connection with our integration of Measurement Specialties, Inc; a $201 million income tax benefit related to the effective settlement of all undisputed tax matters for the years 2001 through 2007; and a $63 million income tax benefit associated with the effective settlement of all undisputed tax matters for the years 2008 through 2010.
(5)
Fiscal 2019 included a pre-tax loss of $86 million on the sale of our Subsea Communications business. Fiscal 2015 included a pre-tax gain of $1.1 billion on the sale of our Broadband Network Solutions business. For additional information regarding discontinued operations, see Note 4 to the Consolidated Financial Statements.
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