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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Net sales $ 4,934,260 $ 4,822,065 $ 9,671,093 $ 9,408,359
Cost of goods sold 3,335,679 3,300,479 6,564,344 6,450,966
Gross profit 1,598,581 1,521,586 3,106,749 2,957,393
Operating expenses:        
Selling, administrative and other expenses 1,216,913 1,148,217 2,414,133 2,281,988
Depreciation and amortization 66,154 58,451 128,131 116,814
Provision for doubtful accounts 5,962 3,666 9,931 6,367
Total operating expenses 1,289,029 1,210,334 2,552,195 2,405,169
Non-operating expenses (income):        
Interest expense 23,296 26,476 47,179 50,585
Other (15,873) (15,495) (6,266) (27,951)
Total non-operating expenses 7,423 10,981 40,913 22,634
Income before income taxes 302,129 300,271 513,641 529,590
Income taxes 77,699 73,299 128,961 126,042
Net income $ 224,430 $ 226,972 $ 384,680 $ 403,548
Basic net income per common share (usd per share) $ 1.54 $ 1.55 $ 2.63 $ 2.75
Diluted net income per common share (usd per share) 1.53 1.54 2.62 2.74
Dividends declared per common share (usd per share) $ 0.7625 $ 0.7200 $ 1.5250 $ 1.4400
Weighted average common shares outstanding (in shares) 146,075 146,748 146,029 146,738
Dilutive effect of stock options and non-vested restricted stock awards (in shares) 661 512 684 548
Weighted average common shares outstanding - assuming dilution (in shares) 146,736 147,260 146,713 147,286
Other comprehensive (loss) income, net of income taxes:        
Foreign currency translation adjustments $ 10,864 $ (163,993) $ 37,981 $ (121,113)
Cash flow and net investment hedge adjustments, net of income taxes in 2019 — $(7,726) and $(1,931); 2018 — $12,115 and $5,935 respectively (20,889) 32,755 (5,221) 16,045
Pension and postretirement benefit adjustments, net of income taxes in 2019 — $1,786 and $3,574; 2018 — $2,642 and $5,290 respectively 4,833 7,145 9,665 14,309
Other comprehensive (loss) income, net of income taxes (5,192) [1] (124,093) 42,425 [1] (90,759)
Comprehensive income $ 219,238 $ 102,879 $ 427,105 $ 312,789
[1]
Includes the effects of reclassifying realized currency losses of $27,037 out of accumulated other comprehensive loss into earnings in connection with the March 7, 2019 sale of Grupo Auto Todo. Refer to the accumulated other comprehensive loss footnote for further details.