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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net sales $ 3,028,674 $ 2,624,431 $ 2,274,614
Cost of goods sold 2,000,153 1,749,324 1,488,055
Gross profit 1,028,521 875,107 786,559
Selling, general & administrative expenses 627,697 541,225 468,597
Rationalization and asset impairment charges (Notes 5 and 7) 25,285 6,590 0
Loss on deconsolidation of Venezuelan subsidiary (Note 1) 0 0 34,348
Bargain purchase gain (Note 4) 0 (49,650) 0
Operating income 375,539 376,942 283,614
Other income (expense):      
Interest income 6,938 4,788 2,092
Interest expense (24,503) (24,220) (19,079)
Total other income (expense) 10,686 8,726 10,761
Interest Income (Expense), Net 17,565 19,432 16,987
Income before income taxes 368,660 366,236 277,388
Income taxes (Note 14) 81,667 118,761 79,015
Net income including non-controlling interests 286,993 247,475 198,373
Non-controlling interests in subsidiaries' loss (73) (28) (26)
Net income $ 287,066 $ 247,503 $ 198,399
Basic earnings per share $ 4.42 $ 3.76 $ 2.94
Diluted earnings per share 4.37 3.71 2.91
Cash dividends declared per share $ 1.64 $ 1.44 $ 1.31