FIVE YEAR SUMMARY OF SELECTED CONSOLIDATED FINANCIAL DATA
(In millions, except shares and per share amounts)
Year Ended December 31,
Net (Loss)/Income(1)
2016
2015
2014
2013
2012
Net sales
$
3,574
$
3,650
$
1,671
$
1,038
$
996
Cost of sales
1,932
2,006
893
535
505
Gross profit
1,642
1,644
778
503
491
Acquisition and integration costs
125
145
127
5
3
Exit and restructuring costs
19
40
6
6
1
Other operating expenses
1,418
1,422
556
332
323
Total operating expenses
1,562
1,607
689
343
327
Operating income
80
37
89
160
164
(Loss) income from continuing operations before income taxes
(129
)
(2)
(180
)
(2)
17
(2)
164
164
(Loss) income from continuing operations, net of tax
(137
)
(158
)
32
134
122
Income from discontinued operations, net of tax(3)
—
—
—
—
1
Net (loss) income
$
(137
)
$
(158
)
$
32
$
134
$
123
Basic earnings per share:
(Loss) income from continuing operations
$
(2.65
)
$
(3.10
)
$
0.64
$
2.65
$
2.36
Income from discontinued operations(3)
—
—
—
—
0.02
Net (loss) income
$
(2.65
)
$
(3.10
)
$
0.64
$
2.65
$
2.38
Diluted earnings per share:
(Loss) income from continuing operations
$
(2.65
)
$
(3.10
)
$
0.63
$
2.63
$
2.35
Income from discontinued operations(3)
—
—
—
—
0.02
Net (loss) income
$
(2.65
)
$
(3.10
)
$
0.63
$
2.63
$
2.37
Weighted average shares outstanding
Basic
51,579,112
50,996,297
50,789,173
50,692,942
51,566,468
Diluted
51,579,112
50,996,297
51,379,698
51,063,189
51,843,051
December 31,
Balance Sheet(1)
2016
2015
2014
2013
2012
Cash and cash equivalents, investments and marketable securities
$
156
$
192
$
418
$
416
$
394
Working capital(4)
273
439
719
635
616
Total assets
4,632
5,040
5,539
1,120
968
Long-term liabilities
2,891
3,252
3,346
15
14
Stockholders’ equity
792
893
1,040
959
857
(1)
Includes the Enterprise business from its date of acquisition, October 27, 2014.
(2)
2016 includes interest expense of $193 million, accelerated loan discount amortization of $3 million due to debt refinancing, and a minimal impact from forward swaps. See Note 9 Long-Term Debt for further information on debt refinancing amendments. 2015 includes interest expense of $197 million and forward swaps gain of $4 million. 2014 includes interest expense of $57 million and forward swaps loss of $5 million.
(3)
Income from discontinued operations is related to a reversal of amounts previously reserved, which were part of the finalization of the accounting for the sale of Navis, LLC and Proveo AG during 2011.
(4)
Calculated as current assets minus current liabilities.
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