filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
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”).
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| Statement of Operations Data: | |||||||||||||||||||||||||||||
| Net sales | $ | 3,085,177 | $ | 3,008,652 | $ | 2,935,586 | $ | 2,725,053 | $ | 2,508,257 | |||||||||||||||||||
| Cost of sales | 1,284,146 | 1,267,441 | 1,251,208 | 1,149,302 | 1,070,525 | ||||||||||||||||||||||||
| Gross profit | 1,801,031 | 1,741,211 | 1,684,378 | 1,575,751 | 1,437,732 | ||||||||||||||||||||||||
| Research and development | 140,102 | 143,950 | 141,071 | 128,308 | 119,196 | ||||||||||||||||||||||||
| Selling, general, and administrative | 820,221 | 819,183 | 812,802 | 794,861 | 745,358 | ||||||||||||||||||||||||
| Amortization | 56,665 | 49,690 | 47,524 | 42,671 | 36,052 | ||||||||||||||||||||||||
| Interest expense | 38,616 | 37,411 | 34,511 | 32,785 | 28,026 | ||||||||||||||||||||||||
| Restructuring charges(a) | 10,516 | 15,760 | 18,420 | 12,772 | 6,235 | ||||||||||||||||||||||||
| Other income, net(b) | (13,832) | (6,177) | (21,808) | (9,868) | (1,328) | ||||||||||||||||||||||||
| Earnings before taxes | 748,743 | 681,394 | 651,858 | 574,222 | 504,193 | ||||||||||||||||||||||||
| Provision for taxes(c) | 146,004 | 120,285 | 139,247 | 198,250 | 119,823 | ||||||||||||||||||||||||
| Net earnings | $ | 602,739 | $ | 561,109 | $ | 512,611 | $ | 375,972 | $ | 384,370 | |||||||||||||||||||
| Basic earnings per common share: | |||||||||||||||||||||||||||||
| Net earnings | $ | 25.24 | $ | 22.84 | $ | 20.33 | $ | 14.62 | $ | 14.49 | |||||||||||||||||||
| Weighted average number of common shares | 23,882,648 | 24,567,609 | 25,215,674 | 25,713,575 | 26,517,768 | ||||||||||||||||||||||||
| Diluted earnings per common share: | |||||||||||||||||||||||||||||
| Net earnings | $ | 24.91 | $ | 22.47 | $ | 19.88 | $ | 14.24 | $ | 14.22 | |||||||||||||||||||
| Weighted average number of common and common equivalent shares | 24,199,230 | 24,974,457 | 25,781,324 | 26,393,783 | 27,023,905 | ||||||||||||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 94,254 | $ | 207,785 | $ | 178,110 | $ | 148,687 | $ | 158,674 | |||||||||||||||||||
| Working capital(d) | 201,857 | 230,271 | 182,987 | 188,040 | 169,569 | ||||||||||||||||||||||||
| Total assets(e) | 2,814,549 | 2,789,321 | 2,618,847 | 2,549,805 | 2,166,777 | ||||||||||||||||||||||||
| Long-term debt(d) | 1,284,174 | 1,235,350 | 985,021 | 960,170 | 875,056 | ||||||||||||||||||||||||
| Other non-current liabilities(e)(f) | 372,925 | 333,412 | 260,511 | 301,452 | 204,957 | ||||||||||||||||||||||||
| Shareholders’ equity(g) | 282,675 | 420,780 | 590,063 | 547,280 | 434,943 |
*(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), losses (gains) 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.
*(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 and short-term lease liabilities.
*(e)*Includes a lease right-of-use asset of $98.6 million and $87.3 million, a short-term lease liability of $29.2 million and $27.6 million, and a long-term lease liability of $69.8 million and $60.9 million as of December 31, 2020 and 2019, respectively, 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, long-term taxes payable of $37 million, $41 million, $45 million, and $48 million as of December 31, 2020, 2019, 2018, and 2017 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 ended December 31, 2020.
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