XML 103 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Net Sales $ 4,489,927 $ 4,448,875 $ 4,089,854
Cost of Goods Sold [1] 3,776,183 3,759,112 3,455,306
Gross profit 713,744 689,763 634,548
Selling, general and administrative expenses [1] 315,703 308,376 305,173
Rationalization charges 56,351 6,253 5,826
Other pension and postretirement income [1] (17,796) (36,966) (33,441)
Income Before Interest and Income Taxes 359,486 412,100 356,990
Interest and other debt expense before loss on early extinguishment of debt 105,674 116,306 110,257
Loss on early extinguishment of debt 1,676 2,493 7,052
Interest and other debt expense 107,350 118,799 117,309
Income before income taxes 252,136 293,301 239,681
Provision (benefit) for income taxes 58,322 69,307 (29,978)
Net income $ 193,814 $ 223,994 $ 269,659
Basic net income per share (in dollars per share) $ 1.75 $ 2.03 $ 2.44
Diluted net income per share (in dollars per share) $ 1.74 $ 2.01 $ 2.42
[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 these items have been reclassified from cost of goods sold and selling, general and administrative expenses to other pension and postretirement income.