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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jul. 01, 2017
Apr. 01, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Sales $ 7,918,182 $ 7,490,445 $ 7,392,528 $ 6,875,613 $ 7,539,449 $ 6,856,108 $ 6,422,226 $ 5,736,780 $ 29,676,768 [1] $ 26,554,563 [1] $ 23,487,872 [1]
Cost of sales         6,610,269 6,013,541 5,598,202 4,975,583 25,975,856 23,197,595 20,343,550
Gross profit 975,370 923,778 932,820 868,944 929,180 842,567 824,024 761,197 3,700,912 3,356,968 3,144,322
Operating expenses:                      
Selling, general, and administrative expenses                 2,303,051 2,162,045 2,046,910
Depreciation and amortization                 186,384 153,599 159,195
Loss on disposition of businesses, net                 3,604 21,000 0
Restructuring, integration, and other charges                 60,361 74,588 61,391
Total operating expenses                 2,553,400 2,411,232 2,267,496
Operating income 334,380 290,310 286,827 235,995 286,824 235,441 230,446 193,025 1,147,512 945,736 876,826
Equity in earnings (losses) of affiliated companies                 (2,332) 3,424 7,573
Gain (loss) on investments, net                 (14,166) (6,577) 2,896
Loss on extinguishment of debt             58,800   0 59,545 0
Employee benefit plan expense                 6,870 23,869 20,464
Interest and other financing expense, net                 214,771 165,252 151,312
Income before income taxes                 909,373 693,917 715,519
Provision for income taxes                 187,799 286,541 190,731
Consolidated net income                 721,574 407,376 524,788
Noncontrolling interests                 5,379 5,200 1,973
Net income attributable to shareholders $ 230,653 [2] $ 176,533 $ 169,915 $ 139,094 $ 53,653 [2] $ 134,064 $ 99,722 [3] $ 114,737 $ 716,195 $ 402,176 $ 522,815
Net income per share:                      
Basic $ 2.66 [4] $ 2.02 [4] $ 1.94 [4] $ 1.58 [4] $ 0.61 [4] $ 1.52 [4] $ 1.12 [4] $ 1.29 [4] $ 8.19 $ 4.54 $ 5.75
Diluted $ 2.63 [4] $ 1.99 [4] $ 1.92 [4] $ 1.56 [4] $ 0.60 [4] $ 1.50 [4] $ 1.11 [4] $ 1.27 [4] $ 8.10 [5] $ 4.48 [5] $ 5.68 [5]
Weighted-average shares outstanding:                      
Basic                 87,476 88,681 90,960
Diluted                 88,444 89,766 92,033
[1] Includes sales related to the United States of $12,157,306, $11,038,930, and $10,137,041 for 2018, 2017, and 2016, respectively.
[2] Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively.
[3] Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million during the second quarter of 2017.
[4] Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year.
[5] Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018, 2017, and 2016, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.