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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 02, 2021
Sep. 26, 2020
Oct. 02, 2021
Sep. 26, 2020
Sales [1] $ 8,512,391 $ 7,231,260 $ 25,460,941 $ 20,219,171
Cost of sales 7,436,619 6,442,670 22,454,954 17,951,727
Gross profit 1,075,772 788,590 3,005,987 2,267,444
Operating expenses:        
Selling, general, and administrative expenses 625,883 504,211 1,802,534 1,539,520
Depreciation and amortization 48,054 46,732 146,924 140,654
Impairments 0 2,305 4,482 7,223
Restructuring, integration, and other charges (credits) (3,030) (2,840) 7,157 6,948
Total operating expenses 670,907 550,408 1,961,097 1,694,345
Operating income 404,865 238,182 1,044,890 573,099
Equity in earnings of affiliated companies 1,151 61 2,185 308
Gain (loss) on investments, net 1,386 2,726 10,905 (3,183)
Employee benefit plan (expense) credit, net (1,256) 595 (3,924) (1,687)
Interest and other financing expense, net (32,667) (30,461) (97,008) (105,596)
Income before income taxes 373,479 211,103 957,048 462,941
Provision for income taxes 82,929 44,707 218,068 113,453
Consolidated net income 290,550 166,396 738,980 349,488
Noncontrolling interests 523 336 1,991 1,121
Net income attributable to shareholders $ 290,027 $ 166,060 $ 736,989 $ 348,367
Net income per share:        
Basic $ 4.05 $ 2.15 $ 10.04 $ 4.42
Diluted [2] $ 4.00 $ 2.13 $ 9.92 $ 4.39
Weighted-average shares outstanding:        
Basic 71,671 77,390 73,426 78,807
Diluted 72,571 78,086 74,313 79,404
[1] Includes sales related to the United States of $2,940,312 and $8,268,381 for the third quarter and first nine months of 2021 and $2,524,988 and $7,400,960 for the third quarter and first nine months of 2020, respectively.
[2] Stock-based compensation awards for the issuance of 3,300 and 2,586 shares for the third quarter and first nine months of 2021 and 1,267 and 1,456 shares for the third quarter and first nine months of 2020, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.