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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Jul. 02, 2022
Jul. 03, 2021
Sales $ 9,460,842 $ 8,562,631 $ 18,534,967 $ 16,948,550
Cost of sales 8,224,628 7,562,526 16,091,249 15,018,335
Gross profit 1,236,214 1,000,105 2,443,718 1,930,215
Operating expenses:        
Selling, general, and administrative expenses 653,640 602,084 1,297,565 1,176,651
Depreciation and amortization 47,252 48,539 95,557 98,870
Restructuring, integration, and other charges 2,494 8,960 7,392 14,669
Total operating expenses 703,386 659,583 1,400,514 1,290,190
Operating income 532,828 340,522 1,043,204 640,025
Equity in earnings of affiliated companies 2,165 190 3,008 1,034
Gain (loss) on investments, net (9,744) 6,726 (7,733) 9,519
Employee benefit plan expense, net (835) (1,438) (1,724) (2,668)
Interest and other financing expense, net (38,506) (30,685) (72,491) (64,341)
Income before income taxes 485,908 315,315 964,264 583,569
Provision for income taxes 114,413 74,113 226,773 135,139
Consolidated net income 371,495 241,202 737,491 448,430
Noncontrolling interests 1,161 561 2,408 1,468
Net income attributable to shareholders $ 370,334 $ 240,641 $ 735,083 $ 446,962
Net income per share:        
Basic $ 5.60 $ 3.27 $ 10.98 $ 6.02
Diluted [1] $ 5.54 $ 3.23 $ 10.84 $ 5.94
Weighted-average shares outstanding:        
Basic 66,078 73,693 66,964 74,294
Diluted 66,851 74,611 67,797 75,197
[1] Stock-based compensation awards for the issuance of 177 and 49 shares for the second quarter and first six months of 2022 and 2 and 3 shares for the second quarter and first six months of 2021, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.