XML 12 R3.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net sales $ 597,580 $ 593,232 $ 1,132,010 $ 1,086,802
Cost of sales 310,114 333,899 591,669 590,688
Gross profit 287,466 259,333 540,341 496,114
Operating expenses:        
Research and development and other engineering 21,538 16,943 42,284 32,809
Selling 50,438 45,074 99,106 81,910
General and administrative 68,767 58,419 132,474 112,192
Total operating expenses 140,743 120,436 273,864 226,911
Acquisition and integration related costs 1,859 5,864 3,301 12,815
Net gain on disposal of assets (157) (43) (207) (1,126)
Income from operations 145,021 133,076 263,383 257,514
Interest expense, net and other finance costs (705) (3,372) (1,274) (3,585)
Other & foreign exchange loss, net 357 (1,890) (42) (2,107)
Income before taxes 144,673 127,814 262,067 251,822
Provision for income taxes 37,462 34,244 66,903 63,677
Net income 107,211 93,570 195,164 188,145
Other comprehensive income        
Translation adjustment (48) (27,817) 4,509 (27,819)
Unamortized pension adjustments 180 860 400 689
Cash flow hedge adjustment, net of tax (5,259) 18,489 (9,963) 8,542
Comprehensive net income $ 102,084 $ 85,102 $ 190,110 $ 169,557
Net income per common share:        
Basic $ 2.51 $ 2.17 $ 4.58 $ 4.36
Diluted $ 2.50 $ 2.16 $ 4.55 $ 4.34
Weighted average number of shares outstanding        
Basic 42,669 43,145 42,640 43,162
Diluted 42,813 43,240 42,857 43,306
Cash dividends declared per common share $ 0.27 $ 0.26 $ 0.53 $ 0.51