Financial Summary

Financial summary year selector:

	2020	2019	2018	2017 ^(a)	2016
Financial Results (in millions)
Sales	$92,400	$77,130	$74,433	$71,786	$69,414
Other revenue	1,161	982	923	928	857
Total revenue	93,561	78,112	75,356	72,714	70,271
Cost of sales	66,177	54,864	53,299	51,125	49,145
Selling, general and administrative expenses (SG&A)	18,615	16,233	15,723	15,140	14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,230	2,357	2,224	2,225	2,045
Operating income	6,539	4,658	4,110	4,224	4,864
Net interest expense ^(b)	977	477	461	653	991
Net other (income) / expense	16	(9)	(27)	(59)	(88)
Earnings from continuing operations before income taxes	5,546	4,190	3,676	3,630	3,961
Provision for income taxes ^(c)	1,178	921	746	722	1,295
Net earnings from continuing operations	4,368	3,269	2,930	2,908	2,666
Discontinued operations, net of tax	—	12	7	6	68
Net earnings	$4,368	$3,281	$2,937	$2,914	$2,734
Per Share
Basic earnings per share
Continuing operations	$8.72	$6.39	$5.54	$5.32	$4.61
Discontinued operations	—	0.02	0.01	0.01	0.12
Net earnings per share	$8.72	$6.42	$5.55	$5.32	$4.73
Diluted earnings per share
Continuing operations	$8.64	$6.34	$5.50	$5.29	$4.58
Discontinued operations	—	0.02	0.01	0.01	0.12
Net earnings per share	$8.64	$6.36	$5.51	$5.29	$4.69
Cash dividends declared	$2.70	$2.62	$2.54	$2.46	$2.36
FINANCIAL POSITION (in millions)
Total assets	$51,248	$42,779	$41,290	$40,303	$38,724
Capital expenditures	$2,649	$3,027	$3,516	$2,533	$1,547
Long-term debt, including current portion	$12,680	$11,499	$11,275	$11,398	$12,591
Net debt ^(d)	$5,036	$9,689	$10,506	$10,267	$11,481
Shareholders’ investment	$14,440	$11,833	$11,297	$11,651	$10,915
FINANCIAL RATIOS
Comparable sales growth ^(e)	19.3%	3.4%	5.0%	1.3%	(0.5)%
Gross margin (% of sales)	28.4%	28.9%	28.4%	28.8%	29.2%
SG&A expenses (% of total revenue)	19.9%	20.8%	20.9%	20.8%	20.2%
Operating income margin (% of total revenue)	7.0%	6.0%	5.5%	5.8%	6.9%
OTHER
Common shares outstanding (in millions)	500.9	504.2	517.8	541.7	556.2
Operating cash flow provided by continuing operations (in millions)	$10,525	$7,099	$5,970	$6,861	$5,337
Revenue per square foot ^(f)	$388	$326	$314	$298	$293
Retail square feet (in thousands)	241,648	240,516	239,581	239,355	239,502
Square footage growth	0.5%	0.4%	0.1%	(0.1)%	—%
Total number of stores	1,897	1,868	1,844	1,822	1,802
Total number of distribution centers	44	42	40	41	40

Consisted of 53 weeks.
Includes losses on early retirement of debt of $512 million, $10 million, $123 million, and $422 million for 2020, 2019, 2017, and 2016, respectively.
For 2018 and 2017, includes $36 million and $343 million, respectively, of discrete tax benefits related to the Tax Cuts and Jobs Act of 2017.
Including current portion of long-term debt and other borrowings, net of short-term investments of $7.6 billion, $1.8 billion, $769 million, $1.1 billion, and $1.1 billion in 2020, 2019, 2018, 2017, and 2016, respectively. Management believes this measure is an indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. For 2017 and earlier, only short-term investments held by U.S. entities were used to calculate net debt because amounts held by entities located outside the U.S. were restricted for use.
See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
Represents revenue per square foot which is calculated using rolling four quarters average square feet. In 2017, revenue per square foot was calculated excluding the 53rd week in order to provide a more useful comparison to other years. Using total reported revenue for 2017 (including the 53rd week) resulted in revenue per square foot of $303.

10-K Report

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