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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 01, 2023
Jul. 02, 2022
Jul. 01, 2023
Jul. 02, 2022
Sales $ 8,514,516 $ 9,460,842 $ 17,250,944 $ 18,534,967
Cost of sales 7,448,467 8,224,628 15,071,073 16,091,249
Gross profit 1,066,049 1,236,214 2,179,871 2,443,718
Operating expenses:        
Selling, general, and administrative expenses 617,202 653,640 1,259,633 1,297,565
Depreciation and amortization 46,264 47,252 92,943 95,557
Restructuring, integration, and other charges 10,333 2,494 12,893 7,392
Total operating expenses 673,799 703,386 1,365,469 1,400,514
Operating income 392,250 532,828 814,402 1,043,204
Equity in earnings of affiliated companies 3,061 2,165 2,981 3,008
Gain (loss) on investments, net 497 (9,744) 10,808 (7,733)
Employee benefit plan expense, net (803) (835) (1,656) (1,724)
Interest and other financing expense, net (84,834) (38,506) (164,492) (72,491)
Income before income taxes 310,171 485,908 662,043 964,264
Provision for income taxes 72,380 114,413 148,927 226,773
Consolidated net income 237,791 371,495 513,116 737,491
Noncontrolling interests 1,232 1,161 2,807 2,408
Net income attributable to shareholders $ 236,559 $ 370,334 $ 510,309 $ 735,083
Net income per share:        
Basic $ 4.17 $ 5.60 $ 8.84 $ 10.98
Diluted [1] $ 4.12 $ 5.54 $ 8.74 $ 10.84
Weighted-average shares outstanding:        
Basic 56,720 66,078 57,726 66,964
Diluted 57,355 66,851 58,409 67,797
[1] For the second quarter of 2023 no stock-based compensation awards were excluded from computation of net income per share on a diluted basis. For the first six months of 2023 stock-based compensation awards of 1.6 thousand shares were excluded from computation of net income per share on a diluted basis as their effect was anti-dilutive. Stock-based compensation awards for the issuance of 176.8 thousand shares and 48.5 thousand shares for the second quarter and first six months of 2022, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.