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”).
2017
2016
2015
2014
2013
Statement of Operations Data:
Net sales
$
2,725,053
$
2,508,257
$
2,395,447
$
2,485,983
$
2,378,972
Cost of sales
1,151,740
1,072,670
1,043,454
1,127,233
1,097,041
Gross profit
1,573,313
1,435,587
1,351,993
1,358,750
1,281,931
Research and development
129,265
119,968
119,076
123,297
116,346
Selling, general, and administrative
787,464
732,622
700,810
728,582
692,693
Amortization
42,671
36,052
30,951
29,185
24,539
Interest expense
32,785
28,026
27,451
24,537
22,711
Restructuring charges(a)
12,772
6,235
11,148
5,915
19,830
Other charges (income), net(b)
(5,866
)
8,491
(867
)
2,230
3,103
Earnings before taxes
574,222
504,193
463,424
445,004
402,709
Provision for taxes(c)
198,250
119,823
110,604
106,763
96,615
Net earnings
$
375,972
$
384,370
$
352,820
$
338,241
$
306,094
Basic earnings per common share:
Net earnings
$
14.62
$
14.49
$
12.75
$
11.71
$
10.22
Weighted average number of common shares
25,713,575
26,517,768
27,680,918
28,890,771
29,945,954
Diluted earnings per common share:
Net earnings
$
14.24
$
14.22
$
12.48
$
11.44
$
9.96
Weighted average number of common and common equivalent shares
26,393,783
27,023,905
28,269,615
29,571,308
30,728,482
Balance Sheet Data:
Cash and cash equivalents
$
148,687
$
158,674
$
98,887
$
85,263
$
111,874
Working capital(d)
188,040
169,569
152,721
172,380
225,551
Total assets
2,549,805
2,166,777
1,959,335
1,973,532
2,120,755
Long-term debt(d)
960,170
875,056
575,138
334,134
395,102
Other non-current liabilities(e)
301,452
204,957
194,552
218,108
193,170
Shareholders’ equity(f)
547,280
434,943
580,457
719,595
935,052
(a)
Restructuring charges primarily relate to our global cost reduction programs. See Note 14 and Note 17 to the audited consolidated financial statements.
(b)
Other charges (income), net includes $1.7 million and $1.1 million of acquisition costs for 2017 and 2016, respectively. Other charges (income), net for 2017 also includes a one-time gain of $3.4 million relating to the sale of a facility in Switzerland in connection with our initiative to consolidate certain Swiss operations into a new facility, while 2016 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. Other charges (income), net also includes (gains) losses from foreign currency transactions and hedging activities, interest income, and other items.
(c)
Provision for taxes for 2017 includes a provisional one-time charge of $72 million for the implementation of the Tax Cuts and Jobs Act. Of this amount, $59 million is expected to be paid over a period of up to eight years. The estimated charge may change with the finalization of implementation. See Note 13 to the audited consolidated financial statements.
(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, the long-term taxes payable of $48 million related to the Tax Cuts and Jobs Act, 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, 2017.
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