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”).
2014
2013
2012
2011
2010
Statement of Operations Data:
Net sales
$
2,485,983
$
2,378,972
$
2,341,528
$
2,309,328
$
1,968,178
Cost of sales
1,127,233
1,097,041
1,100,473
1,091,054
930,982
Gross profit
1,358,750
1,281,931
1,241,055
1,218,274
1,037,196
Research and development
123,297
116,346
112,530
116,139
97,028
Selling, general and administrative
728,582
692,693
684,026
703,632
588,726
Amortization
29,185
24,539
21,357
17,808
14,842
Interest expense
24,537
22,711
22,764
23,226
20,057
Restructuring charges(a)
5,915
19,830
16,687
5,912
4,866
Other charges (income), net(b)
2,230
3,103
1,090
2,380
4,164
Earnings before taxes
445,004
402,709
382,601
349,177
307,513
Provision for taxes(c)
106,763
96,615
91,754
79,684
75,365
Net earnings
$
338,241
$
306,094
$
290,847
$
269,493
$
232,148
Basic earnings per common share:
Net earnings
$
11.71
$
10.22
$
9.37
$
8.45
$
6.98
Weighted average number of common shares
28,890,771
29,945,954
31,044,532
31,897,779
33,280,463
Diluted earnings per common share:
Net earnings
$
11.44
$
9.96
$
9.14
$
8.21
$
6.80
Weighted average number of common and common equivalent shares
29,571,308
30,728,482
31,824,077
32,839,365
34,140,097
Balance Sheet Data:
Cash and cash equivalents
$
85,263
$
111,874
$
101,702
$
235,601
$
447,577
Working capital(d)
201,441
254,992
242,141
201,718
166,034
Total assets
2,009,110
2,152,819
2,022,288
2,114,910
2,199,544
Long-term debt
335,790
395,960
347,131
476,715
670,301
Other non-current liabilities(e)
218,108
193,170
240,886
209,945
174,469
Shareholders’ equity(f)
719,595
935,052
827,219
781,137
771,584
(a)
Restructuring charges primarily relate to our global cost reduction programs. See Note 13 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 and 2010 includes discrete tax items resulting in a net tax benefit of $3.8 million and $5.2 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 11 to the audited consolidated financial statements.
(f)
No dividends were paid during the five-year period ended December 31, 2014.
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