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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Sales [1] $ 7,231,260 $ 7,078,118 $ 20,219,171 $ 21,578,657
Cost of sales 6,442,670 6,279,277 17,951,727 19,103,219
Gross profit 788,590 798,841 2,267,444 2,475,438
Operating expenses:        
Selling, general, and administrative expenses 504,211 522,446 1,539,520 1,677,734
Depreciation and amortization 46,732 45,231 140,654 139,739
Loss on disposition of businesses, net 0 14,573 0 15,439
Impairments 2,305 253 7,223 698,246
Restructuring, integration, and other charges (credits) (2,840) 43,120 6,948 74,692
Costs and expenses, total 550,408 625,623 1,694,345 2,605,850
Operating income (loss) 238,182 173,218 573,099 (130,412)
Equity in earnings (losses) of affiliated companies 61 (1,070) 308 (2,155)
Gain (loss) on investments, net 2,726 1,126 (3,183) 7,864
Employee benefit plan (expense) credit 595 (1,071) (1,687) (3,349)
Interest and other financing expense, net (30,461) (49,882) (105,596) (153,426)
Income (loss) before income taxes 211,103 122,321 462,941 (281,478)
Provision for income taxes 44,707 29,340 113,453 30,878
Consolidated net income (loss) 166,396 92,981 349,488 (312,356)
Noncontrolling interests 336 850 1,121 3,744
Net income (loss) attributable to shareholders $ 166,060 $ 92,131 $ 348,367 $ (316,100)
Net income (loss) per share:        
Basic $ 2.15 $ 1.11 $ 4.42 $ (3.75)
Diluted [2] $ 2.13 $ 1.10 $ 4.39 $ (3.75)
Weighted-average shares outstanding:        
Basic 77,390 82,711 78,807 84,246
Diluted 78,086 83,397 79,404 84,246
[1] Includes sales related to the United States of $2,524,988 and $7,400,960 for the third quarter and first nine months of 2020 and $2,875,687 and $8,560,115 for the third quarter and first nine months 2019, respectively.
[2] Stock-based compensation awards for the issuance of 1,267 and 1,456 shares for the third quarter and first nine months of 2020, and 1,086 shares for the third quarter of 2019, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. As the company reported a net loss attributable to shareholders for the first nine months of 2019, basic and diluted net loss per share attributable to shareholders are the same and stock-based compensation awards for the issuance of 1,886 shares were excluded from the computation of net loss per share on a diluted basis as their effect was anti-dilutive.