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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Sales [1] $ 6,381,417 $ 7,155,991
Cost of sales 5,653,026 6,294,303
Gross profit 728,391 861,688
Operating expenses:    
Selling, general, and administrative expenses 533,839 556,076
Depreciation and amortization 47,110 47,526
Loss on disposition of businesses, net 0 866
Restructuring, integration, and other charges 9,138 11,660
Total operating expenses 590,087 616,128
Operating income 138,304 245,560
Equity in earnings (losses) of affiliated companies 530 (1,467)
Gain (loss) on investments, net (16,810) 5,348
Employee benefit plan expense (1,109) (1,139)
Interest and other financing expense, net (43,268) (51,981)
Income before income taxes 77,647 196,321
Provision for income taxes 27,892 53,907
Consolidated net income 49,755 142,414
Noncontrolling interests 252 1,679
Net income attributable to shareholders $ 49,503 $ 140,735
Net income per share:    
Basic $ 0.62 $ 1.65
Diluted [2] $ 0.61 $ 1.63
Weighted-average shares outstanding:    
Basic 80,407 85,400
Diluted 81,108 86,319
[1]
Includes sales related to the United States of $2,412,087 and $2,782,035 for the first quarter of 2020 and 2019, respectively.
[2]
Stock-based compensation awards for the issuance of 1,307 and 903 shares for the first quarter of 2020 and 2019, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.