XML 20 R2.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]      
Net sales [1] $ 1,128,588 $ 1,137,913 $ 1,092,051
Cost of sales 791,933 806,113 779,264
Gross profit 336,655 331,800 312,787
Selling, general and administrative expenses 224,670 234,715 231,336
Intangible asset impairment 2,600 0 0
Restructuring and integration expenses 464 [2] 2,585 [2] 4,510
Other income (expense), net (26) (5) 4,327
Operating income 108,895 94,495 81,268
Other non-operating income (expense), net 812 2,587 (411)
Interest expense 2,328 5,286 4,026
Earnings from continuing operations before taxes 107,379 91,796 76,831
Provision for income taxes 26,962 22,745 19,977
Earnings from continuing operations 80,417 69,051 56,854
Loss from discontinued operations, net of income tax benefit of $8,089, $3,912 and $4,866 (23,024) (11,134) (13,851)
Net earnings $ 57,393 $ 57,917 $ 43,003
Net earnings per common share - Basic:      
Earnings from continuing operations (in dollars per share) $ 3.59 $ 3.09 $ 2.53
Discontinued operations (in dollars per share) (1.02) (0.50) (0.62)
Net earnings per common share - Basic (in dollars per share) 2.57 2.59 1.91
Net earnings per common share - Diluted:      
Earnings from continuing operations (in dollars per share) 3.52 3.03 2.48
Discontinued operations (in dollars per share) (1.01) (0.49) (0.60)
Net earnings per common share - Diluted (in dollars per share) 2.51 2.54 1.88
Dividends declared per share (in dollars per share) $ 0.50 $ 0.92 $ 0.84
Average number of common shares (in shares) 22,374,123 22,378,414 22,456,480
Average number of common shares and dilutive common shares (in shares) 22,825,885 22,818,451 22,931,723
[1] Segment net sales include intersegment sales in our Engine Management and Temperature Control segments.
[2] Included in restructuring and integration costs in 2020 and 2019 is a $0.3 million and $0.4 million increase, respectively, in environmental cleanup costs related to ongoing monitoring and remediation in connection with the prior closure of our manufacturing operations at our Long Island City, New York location.  The environmental liability has been reclassed to accrued liabilities as of December 31, 2020 and 2019, respectively.