filings.toolsItem 6. . SELECTED FINANCIAL DATA.
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Item 6. . SELECTED FINANCIAL DATA.
The following table sets forth certain selected historical financial and operating data of the Company as of the dates and for the periods indicated. The following selected financial data are qualified by reference to, and should be read in conjunction with, the consolidated financial statements, related notes and other financial information, as well as in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report.
| Year Ended December 31, | ||||||||||||||||||||
| (In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Net sales | $ | 19,392,305 | $ | 18,735,073 | $ | 16,308,801 | $ | 15,339,713 | $ | 15,280,044 | ||||||||||
| Cost of goods sold | $ | 13,076,036 | $ | 12,751,286 | $ | 11,402,403 | $ | 10,740,106 | $ | 10,724,192 | ||||||||||
| Operating and non-operating expenses, net | $ | 5,485,969 | $ | 4,908,175 | $ | 3,897,130 | $ | 3,525,267 | $ | 3,432,171 | ||||||||||
| Income before taxes | $ | 830,300 | $ | 1,075,612 | $ | 1,009,268 | $ | 1,074,340 | $ | 1,123,681 | ||||||||||
| Income taxes | $ | 209,215 | $ | 265,138 | $ | 392,511 | $ | 387,100 | $ | 418,009 | ||||||||||
| Net income | $ | 621,085 | $ | 810,474 | $ | 616,757 | $ | 687,240 | $ | 705,672 | ||||||||||
| Weighted average common shares outstanding during year — assuming dilution | 146,417 | 147,241 | 147,701 | 149,804 | 152,496 | |||||||||||||||
| Per common share: | ||||||||||||||||||||
| Diluted net income | $ | 4.24 | $ | 5.50 | $ | 4.18 | $ | 4.59 | $ | 4.63 | ||||||||||
| Dividends declared | $ | 3.05 | $ | 2.88 | $ | 2.70 | $ | 2.63 | $ | 2.46 | ||||||||||
| December 31 closing stock price | $ | 106.23 | $ | 96.02 | $ | 95.01 | $ | 95.54 | $ | 85.89 | ||||||||||
| Total debt, less current maturities | $ | 2,802,056 | $ | 2,432,133 | $ | 2,550,020 | $ | 550,000 | $ | 250,000 | ||||||||||
| Total equity | $ | 3,695,500 | $ | 3,471,991 | $ | 3,464,156 | $ | 3,207,356 | $ | 3,159,242 | ||||||||||
| Total assets | $ | 14,645,629 | $ | 12,683,040 | $ | 12,412,381 | $ | 8,859,400 | $ | 8,144,771 |
During the fourth quarter of 2019, we approved and began to implement the 2019 Cost Savings Plan, which resulted in recognizing $154.9 million in total restructuring costs and special termination costs primarily related to planned workforce reductions and facility closures and consolidations. Also in the fourth quarter of 2019, we recorded a goodwill impairment charge related to the Business Products reporting unit totaling $82.0 million. Refer to the restructuring footnote and the goodwill and other intangible assets footnote in the Notes to Consolidated Financial Statements for additional information.
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