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”).
2018
2017
2016
2015
2014
Statement of Operations Data:
Net sales
$
2,935,586
$
2,725,053
$
2,508,257
$
2,395,447
$
2,485,983
Cost of sales(a)
1,251,208
1,149,302
1,070,525
1,040,510
1,123,780
Gross profit
1,684,378
1,575,751
1,437,732
1,354,937
1,362,203
Research and development(a)
141,071
128,308
119,196
118,557
122,688
Selling, general, and administrative(a)
812,802
794,861
745,358
717,022
747,597
Amortization
47,524
42,671
36,052
30,951
29,185
Interest expense
34,511
32,785
28,026
27,451
24,537
Restructuring charges(b)
18,420
12,772
6,235
11,148
5,915
Other charges (income), net(a)(c)
(21,808
)
(9,868
)
(1,328
)
(13,616
)
(12,723
)
Earnings before taxes
651,858
574,222
504,193
463,424
445,004
Provision for taxes(d)
139,247
198,250
119,823
110,604
106,763
Net earnings
$
512,611
$
375,972
$
384,370
$
352,820
$
338,241
Basic earnings per common share:
Net earnings
$
20.33
$
14.62
$
14.49
$
12.75
$
11.71
Weighted average number of common shares
25,215,674
25,713,575
26,517,768
27,680,918
28,890,771
Diluted earnings per common share:
Net earnings
$
19.88
$
14.24
$
14.22
$
12.48
$
11.44
Weighted average number of common and common equivalent shares
25,781,324
26,393,783
27,023,905
28,269,615
29,571,308
Balance Sheet Data:
Cash and cash equivalents
$
178,110
$
148,687
$
158,674
$
98,887
$
85,263
Working capital(e)
182,987
188,040
169,569
152,721
172,380
Total assets
2,618,847
2,549,805
2,166,777
1,959,335
1,973,532
Long-term debt(e)
985,021
960,170
875,056
575,138
334,134
Other non-current liabilities(f)
260,511
301,452
204,957
194,552
218,108
Shareholders’ equity(g)
590,063
547,280
434,943
580,457
719,595
(a)
In accordance with the new accounting rules that went into effect on January 1, 2018, we reclassified a net pension benefit of $6.2 million, $4.0 million, $9.8 million, $12.7 million, and $15.0 million into other charges (income) from other income statement categories for the years ended December 31, 2018, 2017, 2016, 2015, and 2014, respectively, to be consistent with 2018 presentation.
(b)
Restructuring charges primarily relate to our global cost reduction programs. See Note 15 and Note 18 to the audited consolidated financial statements.
(c)
Other charges (income), net includes (gains) losses from foreign currency transactions and hedging activities, interest income, and other items. Other charges (income), net for 2018 includes a one-time gain of $18.7 million associated with the settlement of the Biotix acquisition contingent consideration, as well as a one-time legal charge of $3 million. 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.
(d)
Provision for taxes for 2018 and 2017 includes charges of $3.6 million and $72 million, respectively, for the implementation of the Tax Cuts and Jobs Act. Of this aggregate amount, $62 million is expected to be paid over a period of up to eight years beginning in 2018. See Note 14 to the audited consolidated financial statements.
(e)
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.
(f)
Other non-current liabilities consist of pension and other post-retirement liabilities, the long-term taxes payable of $45 million and $48 million as of December 31, 2018 and 2017 related to the Tax Cuts and Jobs Act, plus certain other non-current liabilities. See Note 13 to the audited consolidated financial statements for pension and other post-retirement disclosures.
(g)
No dividends were paid during the five-year period ended December 31, 2018.
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