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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net Sales $ 3,003,272 $ 3,028,674 $ 2,624,431
Cost of Goods and Services Sold 1,995,685 2,000,153 1,749,324
Gross profit 1,007,587 1,028,521 875,107
Selling, general & administrative expenses 621,489 627,697 541,225
Rationalization and asset impairment charges (Notes 5 and 7) 15,188 25,285 6,590
Bargain purchase gain (Note 4) 0 0 (49,650)
Operating income 370,910 375,539 376,942
Other income (expense):      
Interest income 2,527 6,938 4,788
Interest expense (25,942) (24,503) (24,220)
Total other income (expense) 20,998 10,686 8,726
Interest Income (Expense), Net 23,415 17,565 19,432
Income before income taxes 368,493 368,660 366,236
Income taxes (Note 14) 75,410 81,667 118,761
Net income including non-controlling interests 293,083 286,993 247,475
Non-controlling interests in subsidiaries' loss (26) (73) (28)
Net income $ 293,109 $ 287,066 $ 247,503
Basic earnings per share (Note 3) $ 4.73 $ 4.42 $ 3.76
Diluted earnings per share (Note 3) 4.68 4.37 3.71
Cash dividends declared per share $ 1.90 $ 1.64 $ 1.44