Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table sets forth selected consolidated financial data for the five years ended December 31, 2016. This selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included in this Report.



	Year Ended December 31,
(in millions, except per share data)	2016 (a)			2015			2014			2013			2012
Results of Operations Data:
Revenue	$	3,771		$	3,653		$	3,916		$	3,837		$	3,791
Gross profit	1,461			1,404			1,513			1,499			1,502
Gross margin	38.7		%	38.4		%	38.6		%	39.1		%	39.6		%
Operating income	406			449			463			363			443
Operating margin	10.8		%	12.3		%	11.8		%	9.5		%	11.7		%
Net income	260			340			337			228			297
Per Share Data:
Earnings per share:
Basic	$	1.45		$	1.88		$	1.84		$	1.23		$	1.60
Diluted	1.45			1.87			1.83			1.22			1.59
Basic shares outstanding	179.1			180.9			183.1			185.2			185.8
Diluted shares outstanding	180.0			181.7			184.2			186.0			186.2
Cash dividends per share	$	0.6196		$	0.5632		$	0.5120		$	0.4656		$	0.4048
Balance Sheet Data (at period end):
Cash and cash equivalents	$	308		$	680		$	663		$	533		$	504
Working capital*	878			810			882			930			859
Total assets	6,474			4,657			4,833			4,857			4,639
Total debt	2,368			1,274			1,284			1,235			1,197


*	The Company calculates Working capital as follows: net accounts receivable + inventories - accounts payable - customer advances.


(a)	The amounts for the year ended December 31, 2016 reflect the acquisition of Sensus. Refer to Notes 3 and 20 to Consolidated Financial Statements for further information regarding Sensus.

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