ITEM 6: SELECTED FINANCIAL DATA The following selected consolidated financial data should be read in conjunction with the consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report on Form 10-K.
The consolidated statement of income data for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 are derived from our audited consolidated financial statements.
The consolidated balance sheet data as of December 31, 2017, 2016, 2015 and 2014 are derived from our audited consolidated financial statements and the consolidated balance sheet data as of December 31, 2013 is derived from our unaudited consolidated financial statements.
## Table 0 ##
As of December 31,
## Table 1 ##
eBay Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Under the new standard, we identified one performance obligation related to the core service offered to sellers on our Marketplace platform and believe additional services, mainly to promote or feature listings at the option of sellers, are not distinct within the context of the contract.
Accordingly, certain fees paid by sellers for these services will be recognized when the single performance obligation is satisfied or when the contract expires resulting, in some cases, in a change in the timing of recognition.
In addition, we made the policy election to consider delivery of tickets in our StubHub business to be fulfillment activities and, consequently, the performance obligation is considered to be satisfied upon payment to sellers.
The impact of this policy election will allow an acceleration of revenue recognition for certain users.
The total impact resulting from the change in timing of recognition for both the Marketplace and StubHub platforms was an immaterial net change in transaction revenue for both the twelve month periods ended December 31, 2017 and 2016, and an increase in deferred revenue of $20 million and $19 million as of December 31, 2017 and 2016, respectively.
Further, certain incentives, such as coupons and rewards provided to certain users from which we do not earn revenue within the context of the identified contract, of $363 million and $323 million for the twelve months ended December 31, 2017 and 2016, respectively, was recognized as sales and marketing expenses, which historically was recorded as a reduction of revenue.
Adoption of this guidance impacted our previously reported results as follows (in millions, except per share data):
## Table 2 ##
In 2016, the FASB issued new guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.
In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities.
In 2018, the FASB issued certain clarifications related to the application of the new guidance.
We adopted this guidance in the first quarter of 2018 with no material impact on our consolidated financial statements at adoption.
We anticipate that the standard will increase the volatility of our other income (expense), net, as a result of the remeasurement of equity investments.
In 2016, the FASB issued new guidance that clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees.
Additionally, the FASB issued new guidance to include restricted cash with cash and cash equivalents when reconciling the beginning-of-the-period and end-of-theperiod total amounts shown on the statement of cash flows.
The new standards are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017.
We adopted this guidance in the first quarter of 2018 with no material impact on our consolidated financial statements at adoption.
In 2016, the FASB issued new guidance that requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs.
This removes the exception
SCHEDULE III Page 6 of 6 HOST HOTELS & RESORTS, INC. , AND SUBSIDIARIES HOST HOTELS & RESORTS, L. P. , AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in millions)

<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2017<sup>-4</sup></td><td>2016<sup>-5</sup></td><td>2015</td><td>2014<sup>-6</sup></td><td>2013</td></tr><tr><td></td><td colspan="5">(In millions, except per share amounts)</td></tr><tr><td>Consolidated Statement of Income Data:<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net revenues</td><td>$9,567</td><td>$8,979</td><td>$8,592</td><td>$8,790</td><td>$8,257</td></tr><tr><td>Gross profit</td><td>7,345</td><td>6,972</td><td>6,821</td><td>7,127</td><td>6,765</td></tr><tr><td>Income from operations</td><td>2,265</td><td>2,325</td><td>2,197</td><td>2,476</td><td>2,454</td></tr><tr><td>Income from continuing operations before income taxes</td><td>2,276</td><td>3,651</td><td>2,406</td><td>2,515</td><td>2,571</td></tr><tr><td>Income (loss) from continuing operations</td><td>-1,012</td><td>7,285</td><td>1,947</td><td>-865</td><td>2,067</td></tr><tr><td>Income (loss) per share from continuing operations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$-0.95</td><td>$6.43</td><td>$1.61</td><td>$-0.69</td><td>$1.60</td></tr><tr><td>Diluted</td><td>$-0.95</td><td>$6.37</td><td>$1.60</td><td>$-0.69</td><td>$1.57</td></tr><tr><td>Weighted average shares:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1,064</td><td>1,133</td><td>1,208</td><td>1,251</td><td>1,295</td></tr><tr><td>Diluted</td><td>1,064</td><td>1,144</td><td>1,220</td><td>1,251</td><td>1,313</td></tr></table>
<table><tr><td></td><td colspan="5">As of December 31,</td></tr><tr><td></td><td>2017<sup>-4</sup></td><td>2016<sup>-5</sup></td><td>2015</td><td>2014<sup>-6</sup></td><td>2013</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Consolidated Balance Sheet Data:<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$2,120</td><td>$1,816</td><td>$1,832</td><td>$4,105</td><td>$2,848</td></tr><tr><td>Short-term investments</td><td>3,743</td><td>5,333</td><td>4,299</td><td>3,730</td><td>4,204</td></tr><tr><td>Long-term investments</td><td>6,331</td><td>3,969</td><td>3,391</td><td>5,736</td><td>4,747</td></tr><tr><td>Working capital - continuing operations</td><td>4,204</td><td>5,028</td><td>5,641</td><td>4,463</td><td>6,649</td></tr><tr><td>Working capital - discontinued operations</td><td>—</td><td>—</td><td>—</td><td>4,537</td><td>3,995</td></tr><tr><td>Working capital total<sup>-2</sup></td><td>4,204</td><td>5,028</td><td>5,641</td><td>9,000</td><td>10,644</td></tr><tr><td>Total assets - continuing operations</td><td>25,981</td><td>23,847</td><td>17,785</td><td>21,716</td><td>20,236</td></tr><tr><td>Total assets - discontinued operations</td><td>—</td><td>—</td><td>—</td><td>23,416</td><td>21,252</td></tr><tr><td>Total assets</td><td>25,981</td><td>23,847</td><td>17,785</td><td>45,132</td><td>41,488</td></tr><tr><td>Short-term debt</td><td>781</td><td>1,451</td><td>—</td><td>850</td><td>2</td></tr><tr><td>Long-term debt</td><td>9,234</td><td>7,509</td><td>6,779</td><td>6,777</td><td>4,106</td></tr><tr><td>Total stockholders’ equity<sup>-3</sup></td><td>8,063</td><td>10,539</td><td>6,576</td><td>19,906</td><td>23,647</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31, 2017</td><td colspan="2">Year Ended December 31, 2016</td></tr><tr><td></td><td>As Reported</td><td>As Adjusted</td><td>As Reported</td><td>As Adjusted</td></tr><tr><td>Net revenues</td><td>$9,567</td><td>$9,927</td><td>$8,979</td><td>$9,298</td></tr><tr><td>Cost of net revenues</td><td>$2,222</td><td>$2,221</td><td>$2,007</td><td>$2,004</td></tr><tr><td>Sales and marketing</td><td>$2,515</td><td>$2,878</td><td>$2,368</td><td>$2,691</td></tr><tr><td>Net income (loss)</td><td>$- 1,016</td><td>$- 1,017</td><td>$7,266</td><td>$7,266</td></tr><tr><td>Net income (loss) per share - basic</td><td>$- 0.95</td><td>$- 0.95</td><td>$6.41</td><td>$6.41</td></tr><tr><td>Net income (loss) per share - diluted</td><td>$- 0.95</td><td>$- 0.95</td><td>$6.35</td><td>$6.35</td></tr></table>

Question: Which year is Net revenues in terms of Consolidated Statement of Income Data the highest?