Item 6. Selected Financial Data.(1) Copy as markdown (dollars in thousands, except per share data) 2011 2010 2009 2008 2007 RESULTS OF OPERATIONS Net sales $ 1,838,451 $ 1,513,073 $ 1,329,661 $ 1,489,471 $ 1,358,631 Gross profit 738,673 618,483 522,386 597,433 566,161 Selling, general and administrative expenses 421,703 358,272 325,453 343,392 313,366 Goodwill impairment — — — 30,090 — Restructuring expenses 12,314 11,095 12,079 17,995 — Operating income 304,656 249,116 184,854 205,956 252,795 Other income (expense) — net (1,443 ) (1,092 ) 1,151 5,123 3,434 Interest expense 29,332 16,150 17,178 18,852 23,353 Provision for income taxes 80,024 74,774 55,436 65,201 78,457 Income from continuing operations 193,857 157,100 113,391 127,026 154,419 Loss from discontinued operations-net of tax — — — — (719 ) Net income 193,857 157,100 113,391 127,026 153,700 FINANCIAL POSITION Current assets $ 789,161 $ 692,758 $ 451,712 $ 480,688 $ 617,622 Current liabilities 258,278 353,668 189,682 219,869 198,953 Working capital 530,883 339,090 262,030 260,819 418,669 Current ratio 3.1 2.0 2.4 2.2 3.1 Capital expenditures 34,548 32,769 25,525 28,358 26,496 Depreciation and amortization 72,386 58,108 56,346 48,599 38,038 Total assets 2,836,107 2,381,695 2,098,157 2,151,800 1,970,078 Total borrowings 808,810 527,895 400,100 554,000 454,731 Shareholders’ equity 1,513,135 1,375,660 1,268,104 1,144,783 1,143,207 PERFORMANCE MEASURES Percent of net sales: Gross profit 40.2 % 40.9 % 39.3 % 40.1 % 41.7 % SG&A expenses 22.9 23.7 24.5 23.1 23.1 Operating income 16.6 16.5 13.9 13.8 18.6 Income before income taxes 14.9 15.3 12.7 12.9 17.1 Income from continuing operations 10.5 10.4 8.5 8.5 11.4 Effective tax rate 29.2 32.2 32.8 33.9 33.7 Return on average assets(2) 7.4 7.0 5.3 6.2 8.5 Borrowings as a percent of capitalization 34.8 27.7 24.0 32.6 28.5 Return on average shareholders’ equity(2) 13.4 11.9 9.4 11.1 14.7 PER SHARE DATA(3)(4) Basic — income from continuing operations $ 2.34 $ 1.93 $ 1.41 $ 1.55 $ 1.90 — net income 2.34 1.93 1.41 1.55 1.89 Diluted — income from continuing operations 2.32 1.90 1.40 1.53 1.88 — net income 2.32 1.90 1.40 1.53 1.87 Cash dividends declared .68 .60 .48 .48 .48 Shareholders’ equity 18.18 16.76 15.66 14.26 14.01 Stock price — high 47.50 40.29 32.85 40.75 44.99 — low 29.29 27.54 16.67 17.70 30.41 — close 37.11 39.12 31.15 24.15 36.13 Price/earnings ratio at year end 16 21 22 16 19 Other Data Employees at year end 6,814 5,966 5,300 5,813 5,009 Shareholders at year end 7,000 7,000 7,000 7,000 7,000 Shares outstanding (in 000s)(3): Weighted average — basic 82,145 80,466 79,716 81,123 80,666 — diluted 83,543 81,983 80,727 82,320 82,086 At year end 83,234 82,070 80,970 80,302 81,579
(1) For additional detail, see Notes to Consolidated Financial Statements in Part II. Item 8. “Financial Statements and Supplementary Data.”
(2) Return calculated based on income from continuing operations.
(3) All share and per share data has been restated to reflect the three-for-two stock split effected in the form of a 50% stock dividend in May 2007.
(4) Calculated by applying the two-class method of allocating earnings to common stock and participating securities as required by ASC 260, Earnings Per Share.
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