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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sales [1] $ 28,673,363 $ 28,916,847 $ 29,676,768
Cost of sales 25,482,233 25,618,466 25,975,856
Gross profit 3,191,130 3,298,381 3,700,912
Operating expenses:      
Selling, general, and administrative expenses 2,087,050 2,191,612 2,303,051
Depreciation and amortization 189,058 189,790 186,384
Loss on disposition of businesses, net (Note 2) 0 21,252 3,604
Impairments (Notes 2 and 3) 7,223 698,246 0
Restructuring, integration, and other charges 13,288 89,785 60,361
Total operating expenses 2,296,619 3,190,685 2,553,400
Operating income 894,511 107,696 1,147,512
Equity in (losses) of affiliated companies (531) (2,765) (2,332)
Gain (loss) on investments, net 5,348 11,831 (14,166)
Employee benefit plan expense, net (2,859) (24,849) (6,870)
Interest and other financing expense, net (137,210) (203,743) (214,771)
Income (loss) before income taxes 759,259 (111,830) 909,373
Provision for income taxes 172,795 88,338 187,799
Consolidated net income (loss) 586,464 (200,168) 721,574
Noncontrolling interests 2,026 3,919 5,379
Net income (loss) attributable to shareholders $ 584,438 $ (204,087) $ 716,195
Net income (loss) per share:      
Basic $ 7.49 $ (2.44) $ 8.19
Diluted [2] $ 7.43 $ (2.44) $ 8.10
Weighted-average shares outstanding:      
Basic 77,992 83,568 87,476
Diluted 78,635 83,568 88,444
[1] Includes sales related to the United States of $10,162,989, $11,511,611, and $12,157,306 for 2020, 2019, and 2018, respectively.
[2] Stock-based compensation awards for the issuance of 1,143 shares, 1,614 shares, and 651 shares for the years ended December 31, 2020, 2019, and 2018, respectively, were excluded from the computation of net income (loss) per share on a diluted basis as their effect was anti-dilutive. As the company reported a net loss attributable to shareholders for 2019, basic and diluted net loss per share attributable to shareholders are the same.