The selected historical financial information set forth below as of and for the years then ended December 31 is derived from our 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”).
2019
2018
2017
2016
2015
Statement of Operations Data:
Net sales
$
3,008,652
$
2,935,586
$
2,725,053
$
2,508,257
$
2,395,447
Cost of sales
1,267,441
1,251,208
1,149,302
1,070,525
1,040,510
Gross profit
1,741,211
1,684,378
1,575,751
1,437,732
1,354,937
Research and development
143,950
141,071
128,308
119,196
118,557
Selling, general, and administrative
819,183
812,802
794,861
745,358
717,022
Amortization
49,690
47,524
42,671
36,052
30,951
Interest expense
37,411
34,511
32,785
28,026
27,451
Restructuring charges(a)
15,760
18,420
12,772
6,235
11,148
Other charges (income), net(b)
(6,177
)
(21,808
)
(9,868
)
(1,328
)
(13,616
)
Earnings before taxes
681,394
651,858
574,222
504,193
463,424
Provision for taxes(c)
120,285
139,247
198,250
119,823
110,604
Net earnings
$
561,109
$
512,611
$
375,972
$
384,370
$
352,820
Basic earnings per common share:
Net earnings
$
22.84
$
20.33
$
14.62
$
14.49
$
12.75
Weighted average number of common shares
24,567,609
25,215,674
25,713,575
26,517,768
27,680,918
Diluted earnings per common share:
Net earnings
$
22.47
$
19.88
$
14.24
$
14.22
$
12.48
Weighted average number of common and common equivalent shares
24,974,457
25,781,324
26,393,783
27,023,905
28,269,615
Balance Sheet Data:
Cash and cash equivalents
$
207,785
$
178,110
$
148,687
$
158,674
$
98,887
Working capital(d)(e)
203,218
182,987
188,040
169,569
152,721
Total assets(e)
2,789,321
2,618,847
2,549,805
2,166,777
1,959,335
Long-term debt(d)
1,235,350
985,021
960,170
875,056
575,138
Other non-current liabilities(e)(f)
333,412
260,511
301,452
204,957
194,552
Shareholders’ equity(g)
420,780
590,063
547,280
434,943
580,457
(a)
Restructuring charges primarily relate to our global cost reduction programs. See Note 15 and Note 19 to the consolidated financial statements.
(b)
Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related 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.
(c)
Provision for taxes for 2019 includes a non-cash net benefit of $15.8 million related to the enactment of Swiss tax reform. Provision for taxes for 2018 and 2017 includes charges of $3.6 million and $72 million, respectively, for the enactment 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 consolidated financial statements.
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)
Includes a lease right-of-use asset of $87.3 million, a short-term lease liability of $27.6 million, and a long-term lease liability of $60.9 million in accordance with ASC 842 - Leases that went into effect on January 1, 2019.
(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, 2019 and 2018 related to the Tax Cuts and Jobs Act, plus certain other non-current liabilities. See Note 13 to the consolidated financial statements for pension and other post-retirement disclosures.
(g)
No dividends were paid during the five-year period endedDecember 31, 2019*.*
filings.tools