Item 6. Selected Financial Data

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The following table sets forth selected historical consolidated financial and operating data for the periods indicated. The statement of operations and balance sheet data is derived from financial statements for the years 2018, 2017, 2016, 2015 and 2014. The Company’s financial statements as of December 31, 2018 and 2017, and for each of the three years in the period ended December 31, 2018 are included in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K.


In thousands, except per share and employees data	2018		2017		2016		2015		2014
STATEMENT OF OPERATIONS DATA:
Net sales	$	2,419,929	$	2,309,078	$	2,167,423	$	2,042,332	$	1,989,344
Income from operations before income taxes	$	682,146	$	641,097	$	600,114	$	541,918	$	490,740
Net income*	$	593,794	$	20,311	$	521,503	$	469,275	$	431,620
Net income per basic common share*	$	7.71	$	0.25	$	6.46	$	5.70	$	5.12
Weighted-average number of basic common shares		76,992		79,793		80,786		82,336		84,358
Net income per diluted common share*	$	7.65	$	0.25	$	6.41	$	5.65	$	5.07
Weighted-average number of diluted common shares and equivalents		77,618		80,604		81,417		83,087		85,151
BALANCE SHEET AND OTHER DATA:
Cash, cash equivalents and investments	$	1,735,224	$	3,393,701	$	2,813,032	$	2,399,263	$	2,055,388
Working capital, including current maturities of debt**	$	2,214,232	$	3,663,977	$	3,115,124	$	2,649,457	$	2,236,558
Total assets**	$	3,727,426	$	5,324,354	$	4,662,059	$	4,268,677	$	3,874,690
Long-term debt**	$	1,148,172	$	1,897,501	$	1,701,966	$	1,493,027	$	1,237,463
Stockholders’ equity***	$	1,567,258	$	2,233,788	$	2,301,949	$	2,058,851	$	1,894,666
Employees		7,246		7,020		6,899		6,594		6,161

The provision for income taxes for 2017 includes a $550 million estimate for the impact of the enactment of the 2017 Tax Act, which was signed into law on December 22, 2017. The $550 million income tax provision reduced net income per share by $6.82. The $550 million income tax provision primarily consists of an estimated transition tax, as well as estimated income tax provisions for state and withholding taxes and a provision associated with the remeasurement of the Company’s deferred tax assets and liabilities from 35% to the new U.S. corporate income tax rate of 21%.

The Company adopted new accounting guidance related to stock-based compensation in 2017. The new accounting guidance requires the excess tax benefits or deficiencies related to stock-based compensation to be reflected in the consolidated statements of operations as a component of the provision for income taxes, whereas they were previously recognized in equity. This aspect of the new accounting guidance was required to be adopted on a prospective basis for the statement of operations and retroactive restatement is not permitted. In 2018 and 2017, the Company recognized an excess tax benefit, which decreased income tax expense by $9 million and $20 million, respectively, and added $0.11 and $0.24, respectively, to net income per diluted share.

In addition, in December 2018, the Company settled a pension plan obligation by making lump-sum cash payments and purchasing annuity contracts for participants to permanently extinguish the pension plan’s obligations. As a result, the Company recorded a $46 million charge, which consisted of a $6 million cash contribution to the plan and a $40 million non-cash charge related to the reversal of unrecognized actuarial losses recorded in accumulated other comprehensive income in the stockholders’ equity. The $46 million pre-tax charge reduced net income per diluted share by $0.39.

In 2015, the Company adopted new accounting guidance related to the presentation of debt issuance costs and deferred income taxes, both standards have been applied above retrospectively. Certain debt issuance costs have been reclassified from intangible assets and are presented as a direct deduction from the carrying value of the associated debt. Current deferred tax assets and liabilities have been reclassified as non-current deferred tax assets and liabilities.

***	In 2018, the Company adopted new accounting guidance which eliminates the deferral of tax effects on intra-entity transfers other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. The Company adopted this standard as of January 1, 2018 with a $4 million charge to beginning retained earnings in the consolidated balance sheet.

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Item 6. Selected Financial Data

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