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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2022
Oct. 02, 2021
Oct. 01, 2022
Oct. 02, 2021
Sales $ 9,266,432 $ 8,512,391 $ 27,801,399 $ 25,460,941
Cost of sales 8,079,520 7,436,619 24,170,769 22,454,954
Gross profit 1,186,912 1,075,772 3,630,630 3,005,987
Operating expenses:        
Selling, general, and administrative expenses 634,353 625,883 1,931,918 1,802,534
Depreciation and amortization 46,230 48,054 141,787 146,924
Restructuring, integration, and other charges (credits) 3,635 (3,030) 11,027 11,639
Total operating expenses 684,218 670,907 2,084,732 1,961,097
Operating income 502,694 404,865 1,545,898 1,044,890
Equity in earnings of affiliated companies 1,718 1,151 4,726 2,185
Gain (loss) on investments, net (3,480) 1,386 (11,213) 10,905
Employee benefit plan expense, net (890) (1,256) (2,614) (3,924)
Interest and other financing expense, net (50,936) (32,667) (123,427) (97,008)
Income before income taxes 449,106 373,479 1,413,370 957,048
Provision for income taxes 105,500 82,929 332,273 218,068
Consolidated net income 343,606 290,550 1,081,097 738,980
Noncontrolling interests 1,207 523 3,615 1,991
Net income attributable to shareholders $ 342,399 $ 290,027 $ 1,077,482 $ 736,989
Net income per share:        
Basic $ 5.33 $ 4.05 $ 16.31 $ 10.04
Diluted [1] $ 5.27 $ 4.00 $ 16.12 $ 9.92
Weighted-average shares outstanding:        
Basic 64,228 71,671 66,055 73,426
Diluted 64,979 72,571 66,845 74,313
[1] Stock-based compensation awards for the issuance of 203.0 thousand and 53.2 thousand shares for the third quarter and first nine months of 2022, respectively, and 3.3 thousand and 2.6 thousand shares for the third quarter and first nine months of 2021, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.