The selected historical financial information set forth below as of and for the years then ended December 31 is derived from our audited consolidated financial statements. The financial information presented below, in thousands except share data, was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
2013
2012
2011
2010
2009
Statement of Operations Data:
Net sales
$
2,378,972
$
2,341,528
$
2,309,328
$
1,968,178
$
1,728,853
Cost of sales
1,096,946
1,100,473
1,091,054
930,982
839,516
Gross profit
1,282,026
1,241,055
1,218,274
1,037,196
889,337
Research and development
116,346
112,530
116,139
97,028
89,685
Selling, general and administrative
692,788
684,026
703,632
588,726
505,177
Amortization
24,539
21,357
17,808
14,842
11,844
Interest expense
22,711
22,764
23,226
20,057
25,117
Restructuring charges(a)
19,830
16,687
5,912
4,866
31,368
Other charges (income), net(b)
3,103
1,090
2,380
4,164
1,384
Earnings before taxes
402,709
382,601
349,177
307,513
224,762
Provision for taxes(c)
96,615
91,754
79,684
75,365
52,169
Net earnings
$
306,094
$
290,847
$
269,493
$
232,148
$
172,593
Basic earnings per common share:
Net earnings
$
10.22
$
9.37
$
8.45
$
6.98
$
5.12
Weighted average number of common shares
29,945,954
31,044,532
31,897,779
33,280,463
33,716,353
Diluted earnings per common share:
Net earnings
$
9.96
$
9.14
$
8.21
$
6.80
$
5.03
Weighted average number of common and common equivalent shares
30,728,482
31,824,077
32,839,365
34,140,097
34,290,771
Balance Sheet Data:
Cash and cash equivalents
$
111,874
$
101,702
$
235,601
$
447,577
$
85,031
Working capital(d)
263,572
242,141
201,718
166,034
156,369
Total assets
2,152,819
2,022,288
2,114,910
2,199,544
1,641,089
Long-term debt
395,960
347,131
476,715
670,301
203,590
Other non-current liabilities(e)
193,170
240,886
209,945
174,469
189,593
Shareholders’ equity(f)
935,052
827,219
781,137
771,584
711,138
(a)
Restructuring charges primarily relate to our global cost reduction program initiated in 2008 as well as additional cost reduction measures initiated during 2012 and 2013. See Note 15 to the audited consolidated financial statements.
(b)
Other charges (income), net consists primarily of interest income, (gains) losses from foreign currency transactions and other items. Other charges (income), net in 2010 also includes a $4.4 million ($3.8 million after-tax) charge associated with the sale of our retail software business for in-store item and inventory management solutions. This amount was partially offset by a benefit from unrealized contingent consideration from a previous acquisition totaling $1.2 million ($1.2 million after-tax).
(c)
The provision for taxes for 2011, 2010 and 2009 includes discrete tax items resulting in a net tax benefit of $3.8 million, $5.2 million, and $8.3 million, respectively, primarily related to the favorable resolution of certain prior year tax matters.
(d)
Working capital represents total current assets net of cash, less total current liabilities net of short-term borrowings and current maturities of long-term debt.
(e)
Other non-current liabilities consist of pension and other post-retirement liabilities, plus certain other non-current liabilities. See Note 13 to the audited consolidated financial statements.
(f)
No dividends were paid during the five-year period ended December 31, 2013.
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