XML 73 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]      
Net sales [1],[2] $ 1,137,913 $ 1,092,051 $ 1,116,143 [3],[4]
Cost of sales 806,113 779,264 789,487
Gross profit 331,800 312,787 326,656
Selling, general and administrative expenses 234,715 231,336 224,237
Restructuring and integration expenses 2,585 4,510 6,173
Other income (expense), net (5) 4,327 1,275
Operating income 94,495 81,268 97,521
Other non-operating income (expense), net 2,587 (411) 1,250
Interest expense 5,286 4,026 2,329
Earnings from continuing operations before taxes 91,796 76,831 96,442
Provision for income taxes 22,745 19,977 52,812
Earnings from continuing operations 69,051 56,854 43,630
Loss from discontinued operations, net of income tax benefit of $3,912, $4,866 and $3,769 (11,134) (13,851) (5,654)
Net earnings $ 57,917 $ 43,003 $ 37,976
Net earnings per common share - Basic:      
Earnings from continuing operations (in dollars per share) $ 3.09 $ 2.53 $ 1.92
Discontinued operations (in dollars per share) (0.50) (0.62) (0.25)
Net earnings per common share - Basic (in dollars per share) 2.59 1.91 1.67
Net earnings per common share - Diluted:      
Earnings from continuing operations (in dollars per share) 3.03 2.48 1.88
Discontinued operations (in dollars per share) (0.49) (0.60) (0.24)
Net earnings per common share - Diluted (in dollars per share) 2.54 1.88 1.64
Dividends declared per share (in dollars per share) $ 0.92 $ 0.84 $ 0.76
Average number of common shares (in shares) 22,378,414 22,456,480 22,726,491
Average number of common shares and dilutive common shares (in shares) 22,818,451 22,931,723 23,198,392
[1] Revenues are attributed to countries based upon the location of the customer.
[2] Segment net sales include intersegment sales in our Engine Management and Temperature Control segments.
[3] Net sales and intersegment sales for 2017 have not been restated and are reported under accounting standards in effect in the period presented, as we adopted ASU 2014-09, Revenue from Contracts with Customers, on January 1, 2018 using the modified retrospective method.
[4] Revenues for 2017 have not been restated and are reported under accounting standards in effect in the period presented, as we adopted ASU 2014-09, Revenue from Contracts with Customers, on January 1, 2018 using the modified retrospective method.