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
2020
2019
2018
2017
2016(1)
(in millions, except per share data)
Statement of Operations Data
Net sales
$
12,172
$
13,448
$
13,988
$
12,185
$
11,352
Acquisition and integration costs
36
27
14
6
22
Restructuring and other charges (credits), net(2)
257
255
126
147
(2)
Impairment of goodwill(3)
900
—
—
—
—
Other income (expense), net(4)
20
2
1
(42)
(677)
Income tax (expense) benefit(5)
(783)
15
344
(180)
826
Income (loss) from continuing operations
(259)
1,946
2,584
1,540
1,847
Income (loss) from discontinued operations, net of income taxes(6)
18
(102)
(19)
143
162
Net income (loss)
(241)
1,844
2,565
1,683
2,009
Per Share Data
Basic earnings (loss) per share:
Income (loss) from continuing operations
$
(0.78)
$
5.76
$
7.38
$
4.34
$
5.05
Net income (loss)
(0.73)
5.46
7.33
4.74
5.49
Diluted earnings (loss) per share:
Income (loss) from continuing operations
$
(0.78)
$
5.72
$
7.32
$
4.30
$
5.01
Net income (loss)
(0.73)
5.42
7.27
4.70
5.44
Dividends paid per common share
$
1.88
$
1.80
$
1.68
$
1.54
$
1.40
Balance Sheet Data
Total assets
$
19,242
$
19,694
$
20,386
$
19,403
$
17,608
Long-term liabilities
6,057
5,584
5,145
5,805
6,057
Total shareholders’ equity
9,383
10,570
10,831
9,751
8,485
(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 2020 included a goodwill impairment charge related to the Sensors reporting unit in our Transportation Solutions segment. See Note 8 to the Consolidated Financial Statements for additional information regarding the impairment of goodwill.
(4)
Fiscal 2016 net other income (expense) was recorded primarily pursuant to the Tax Sharing Agreement with Tyco International plc and Covidien plc and 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.
(5)
For fiscal 2020, 2019, and 2018, see Note 16 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.
(6)
Fiscal 2019 included a pre-tax loss of $86 million on the sale of our Subsea Communications business. For additional information regarding discontinued operations, see Note 4 to the Consolidated Financial Statements.
filings.tools