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Consolidated Statements of Income
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
$ / shares
Dec. 31, 2017
USD ($)
$ / shares
Dec. 31, 2016
USD ($)
$ / shares
Income Statement [Abstract]      
Net Sales $ 4,448,875 $ 4,089,854 $ 3,612,914
Cost of Goods Sold [1] 3,759,112 3,455,306 3,101,065
Gross profit 689,763 634,548 511,849
Selling, general and administrative expenses [1] 308,376 305,173 219,926
Rationalization charges 6,253 5,826 19,061
Other pension and postretirement income [1] (36,966) (33,441) (26,868)
Income Before Interest and Income Taxes 412,100 356,990 299,730
Interest and other debt expense before loss on early extinguishment of debt 116,306 110,257 67,813
Loss on early extinguishment of debt 2,493 7,052 0
Interest and other debt expense 118,799 117,309 67,813
Income before income taxes 293,301 239,681 231,917
Provision (benefit) for income taxes 69,307 (29,978) 78,566
Net income $ 223,994 $ 269,659 $ 153,351
Basic net income per share (in dollars per share) | $ / shares [2] $ 2.03 $ 2.44 $ 1.28
Diluted net income per share (in dollars per share) | $ / shares [2] $ 2.01 $ 2.42 $ 1.27
Stock split ratio (in shares)     2
[1] Cost of goods sold, selling, general and administrative expenses and other pension and postretirement income include the impact of the Accounting Standards Update issued by the Financial Accounting Standards Board which amended the presentation of net periodic pension and postretirement benefit costs to report certain components, including interest cost, expected return on the plan assets, amortization of prior service cost or credits and actuarial gains and losses, separately. For 2017 and 2016, these items have been reclassified from cost of goods sold and selling, general and administrative expenses to other pension and postretirement income.
[2] Per share amounts for 2016 have been retroactively adjusted for the two-for-one stock split discussed in Note 1.