Item 6. Selected Financial Data.(1) Copy as markdown (dollars in thousands, except per share data) 2012(2) 2011 2010 2009 2008(2) RESULTS OF OPERATIONS Net sales $ 1,954,258 $ 1,838,451 $ 1,513,073 $ 1,329,661 $ 1,489,471 Gross profit 803,700 738,673 618,483 522,386 597,433 Selling, general and administrative expenses 444,490 421,703 358,272 325,453 343,392 Asset impairments 198,519 — — — 30,090 Restructuring expenses 32,473 12,314 11,095 12,079 17,995 Operating income 128,218 304,656 249,116 184,854 205,956 Other income (expense) — net 236 (1,443 ) (1,092 ) 1,151 5,123 Interest expense 42,250 29,332 16,150 17,178 18,852 Provision for income taxes 48,574 80,024 74,774 55,436 65,201 Net income 37,630 193,857 157,100 113,391 127,026 FINANCIAL POSITION Current assets $ 881,865 $ 789,161 $ 692,758 $ 451,712 $ 480,688 Current liabilities 291,427 258,278 353,668 189,682 219,869 Working capital 590,438 530,883 339,090 262,030 260,819 Current ratio 3.0 3.1 2.0 2.4 2.2 Capital expenditures 35,520 34,548 32,769 25,525 28,358 Depreciation and amortization 78,312 72,386 58,108 56,346 48,599 Total assets 2,785,390 2,836,107 2,381,695 2,098,157 2,151,800 Total borrowings 786,576 808,810 527,895 400,100 554,000 Shareholders’ equity 1,464,998 1,513,135 1,375,660 1,268,104 1,144,783 PERFORMANCE MEASURES Percent of net sales: Gross profit 41.1 % 40.2 % 40.9 % 39.3 % 40.1 % SG&A expenses 22.7 22.9 23.7 24.5 23.1 Operating income 6.6 16.6 16.5 13.9 13.8 Income before income taxes 4.4 14.9 15.3 12.7 12.9 Net income 1.9 10.5 10.4 8.5 8.5 Effective tax rate 56.3 29.2 32.2 32.8 33.9 Return on average assets 1.3 7.4 7.0 5.3 6.2 Borrowings as a percent of capitalization 34.9 34.8 27.7 24.0 32.6 Return on average shareholders’ equity 2.5 13.4 11.9 9.4 11.1 PER SHARE DATA(3) Basic — net income $ 0.45 $ 2.34 $ 1.93 $ 1.41 $ 1.55 Diluted — net income 0.45 2.32 1.90 1.40 1.53 Cash dividends declared .80 .68 .60 .48 .48 Shareholders’ equity 17.71 18.18 16.76 15.66 14.26 Stock price — high 46.69 47.50 40.29 32.85 40.75 — low 34.06 29.29 27.54 16.67 17.70 — close 46.53 37.11 39.12 31.15 24.15 Price/earnings ratio at year end 103 16 21 22 16 Other Data Employees at year end 6,717 6,814 5,966 5,300 5,813 Shareholders at year end 6,700 7,000 7,000 7,000 7,000 Shares outstanding (in 000s): Weighted average — basic 82,689 82,145 80,466 79,716 81,123 — diluted 83,641 83,543 81,983 80,727 82,320 At year end 82,727 83,234 82,070 80,970 80,302
(1) For additional detail, see Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data.”
(2) Fiscal year 2012 includes an impairment charge for goodwill and intangible assets within the IOP platform and an impairment charge for goodwill and long-lived assets within the WST platform. Fiscal year 2008 includes a goodwill impairment charge within our Dispensing Equipment reporting unit.
(3) 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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