## Table

|  |  |  | For the Years Ended December 31, |  |  |
|---|---|---|---|---|---|
|  | 2019 | 2018(6) | 2017 | 2016 | 2015 |
| Statement of Operations Data (1): |  |  |  |  |  |
| Net revenues | $6,489 | $7,500 | $7,017 | $6,608 | $4,664 |
| Net income (2) | 1,503 | 1,848 | 273 | 966 | 892 |
| Basic net income per share | 1.96 | 2.43 | 0.36 | 1.30 | 1.21 |
| Diluted net income per share | 1.95 | 2.40 | 0.36 | 1.28 | 1.19 |
| Cash dividends declared per share | 0.37 | 0.34 | 0.30 | 0.26 | 0.23 |
| Operating cash flows | $1,831 | $1,790 | $2,213 | $2,155 | $1,259 |
| Balance Sheet Data: |  |  |  |  |  |
| Cash and investments (3) | $5,863 | $4,380 | $4,775 | $3,271 | $1,840 |
| Total assets | 19,845 | 17,890 | 18,668 | 17,452 | 15,246 |
| Long-term debt, net (4) | 2,675 | 2,671 | 4,390 | 4,887 | 4,074 |
| Long-term debt, gross | 2,700 | 2,700 | 4,440 | 4,940 | 4,119 |
| Net debt (5) | — | — | — | 1,669 | 2,279 |



## Text

Item 6. SELECTED FINANCIAL DATA


The following table summarizes certain selected consolidated financial data, which should be read in conjunction with our consolidated financial statements and notes thereto in Item 8 and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included under Item 7 in this Annual Report on Form 10-K. The selected consolidated financial data presented below at and for each of the years in the five-year period ended December 31, 2019, is derived from our consolidated financial statements and include the operations of King commencing on February 23, 2016. All amounts set forth in the following tables are in millions, except per share data.


(1) On January 1, 2018, we adopted a new revenue accounting standard utilizing the modified retrospective method of transition. As a result, periods prior to January 1, 2018 have not been restated to reflect the new accounting standard and continue to be reported under the accounting standards that were in effect for those periods.


(2) Net income for 2019, 2018, and 2017 includes the impact of significant discrete tax-related impacts, including incremental income tax expense and benefits in 2017 and 2018 due to the application of the U.S. Tax Reform Act. See further discussion in Note 19 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.


(3) Cash and investments consists of cash and cash equivalents along with short-term and long-term investments. We had total investments of $69 million, $155 million, $62 million, $26 million, and $17 million, as of December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, and December 31, 2015, respectively. Cash and investments as of December 31, 2015, excludes $3,561 million of cash placed in escrow for the acquisition of King.


(4) For discussion on our debt obligations, see Note 13 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.


(5) Net debt is defined as long-term debt, gross less cash and investments


(6) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our selected financial data for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.