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”).
2016
2015
2014
2013
2012
Statement of Operations Data:
Net sales
$
2,508,257
$
2,395,447
$
2,485,983
$
2,378,972
$
2,341,528
Cost of sales
1,072,670
1,043,454
1,127,233
1,097,041
1,100,473
Gross profit
1,435,587
1,351,993
1,358,750
1,281,931
1,241,055
Research and development
119,968
119,076
123,297
116,346
112,530
Selling, general, and administrative
732,622
700,810
728,582
692,693
684,026
Amortization
36,052
30,951
29,185
24,539
21,357
Interest expense
28,026
27,451
24,537
22,711
22,764
Restructuring charges(a)
6,235
11,148
5,915
19,830
16,687
Other charges (income), net(b)
8,491
(867
)
2,230
3,103
1,090
Earnings before taxes
504,193
463,424
445,004
402,709
382,601
Provision for taxes
119,823
110,604
106,763
96,615
91,754
Net earnings
$
384,370
$
352,820
$
338,241
$
306,094
$
290,847
Basic earnings per common share:
Net earnings
$
14.49
$
12.75
$
11.71
$
10.22
$
9.37
Weighted average number of common shares
26,517,768
27,680,918
28,890,771
29,945,954
31,044,532
Diluted earnings per common share:
Net earnings
$
14.22
$
12.48
$
11.44
$
9.96
$
9.14
Weighted average number of common and common equivalent shares
27,023,905
28,269,615
29,571,308
30,728,482
31,824,077
Balance Sheet Data:
Cash and cash equivalents
$
158,674
$
98,887
$
85,263
$
111,874
$
101,702
Working capital(c)(d)
169,569
152,721
172,380
225,551
211,768
Total assets(d)
2,166,777
1,959,335
1,973,532
2,120,755
2,006,009
Long-term debt(d)
875,056
575,138
334,134
395,102
346,503
Other non-current liabilities(e)
204,957
194,552
218,108
193,170
240,886
Shareholders’ equity(f)
434,943
580,457
719,595
935,052
827,219
(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, interest income, and other items. Other charges (income), net for 2016 also includes a one-time non-cash pension settlement charge of $8.2 million related to a lump sum offering to former employees of our U.S. pension plan, and acquisition transaction costs of $1.1 million.
(c)
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.
(d)
Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
(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, 2016.
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