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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net sales (Note 2) $ 668,888 $ 730,783 $ 1,961,606 $ 2,266,965
Cost of goods sold 453,501 492,432 1,319,519 1,500,312
Gross profit 215,387 238,351 642,087 766,653
Selling, general & administrative expenses 131,337 148,312 407,440 472,108
Rationalization and asset impairment charges (Note 6) 6,257 1,495 36,016 6,337
Operating income 77,793 88,544 198,631 288,208
Interest Income (Expense), Net (5,552) (6,400) (16,891) (17,621)
Other income (expense) (Note 14) 1,062 9,653 1,168 17,612
Income before income taxes 73,303 91,797 182,908 288,199
Income taxes (Note 15) 14,797 19,340 41,834 58,832
Net income including non-controlling interests 58,506 72,457 141,074 229,367
Non-controlling interests in subsidiaries’ income (loss) 27 (4) 37 (26)
Net income $ 58,479 $ 72,461 $ 141,037 $ 229,393
Basic earnings per share (Note 3) $ 0.98 $ 1.18 $ 2.36 $ 3.68
Diluted earnings per share (Note 3) 0.97 1.17 2.34 3.64
Cash dividends declared per share $ 0.49 $ 0.47 $ 1.47 $ 1.41