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”).
2015
2014
2013
2012
2011
Statement of Operations Data:
Net sales
$
2,395,447
$
2,485,983
$
2,378,972
$
2,341,528
$
2,309,328
Cost of sales
1,043,454
1,127,233
1,097,041
1,100,473
1,091,054
Gross profit
1,351,993
1,358,750
1,281,931
1,241,055
1,218,274
Research and development
119,076
123,297
116,346
112,530
116,139
Selling, general, and administrative
700,810
728,582
692,693
684,026
703,632
Amortization
30,951
29,185
24,539
21,357
17,808
Interest expense
27,451
24,537
22,711
22,764
23,226
Restructuring charges(a)
11,148
5,915
19,830
16,687
5,912
Other charges (income), net(b)
(867
)
2,230
3,103
1,090
2,380
Earnings before taxes
463,424
445,004
402,709
382,601
349,177
Provision for taxes(c)
110,604
106,763
96,615
91,754
79,684
Net earnings
$
352,820
$
338,241
$
306,094
$
290,847
$
269,493
Basic earnings per common share:
Net earnings
$
12.75
$
11.71
$
10.22
$
9.37
$
8.45
Weighted average number of common shares
27,680,918
28,890,771
29,945,954
31,044,532
31,897,779
Diluted earnings per common share:
Net earnings
$
12.48
$
11.44
$
9.96
$
9.14
$
8.21
Weighted average number of common and common equivalent shares
28,269,615
29,571,308
30,728,482
31,824,077
32,839,365
Balance Sheet Data:
Cash and cash equivalents
$
98,887
$
85,263
$
111,874
$
101,702
$
235,601
Working capital(d)
183,289
201,441
254,992
242,141
201,718
Total assets
2,018,485
2,009,110
2,152,819
2,022,288
2,114,910
Long-term debt
576,984
335,790
395,960
347,131
476,715
Other non-current liabilities(e)
194,552
218,108
193,170
240,886
209,945
Shareholders’ equity(f)
580,457
719,595
935,052
827,219
781,137
(a)
Restructuring charges primarily relate to our global cost reduction programs. See Note 14 to the audited consolidated financial statements.
(b)
Other charges (income), net consists primarily of interest income, (gains) losses from foreign currency transactions and hedging activity, and other items.
(c)
The provision for taxes for 2011 includes discrete tax items resulting in a net tax benefit of $3.8 million, 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 12 to the audited consolidated financial statements for pension and other post-retirement disclosures.
(f)
No dividends were paid during the five-year period ended December 31, 2015.
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