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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014
Income Statement [Abstract] |  |  |  |
Net sales | $ 645,166 | $ 715,777 | $ 1,967,806 | $ 2,129,370
Cost of goods sold | 446,272 | 474,168 | 1,322,741 | 1,411,158
Gross profit | 198,894 | 241,609 | 645,065 | 718,212
Selling, general & administrative expenses | 128,299 | 136,424 | 385,945 | 419,495
Rationalization and asset impairment charges | 18,285 | 29,068 | 19,524 | 29,887
Pension settlement charges | 136,331 | 0 | 136,331 | 0
Operating income (loss) | (84,021) | 76,117 | 103,265 | 268,830
Other income (expense): |  |  |  |
Interest income | 692 | 627 | 2,023 | 2,465
Equity earnings in affiliates | 310 | 1,172 | 2,138 | 4,308
Other income | 296 | 1,043 | 3,223 | 3,204
Interest expense | (5,803) | (1,174) | (12,034) | (3,730)
Total other income (expense) | (4,505) | 1,668 | (4,650) | 6,247
Income (loss) before income taxes | (88,526) | 77,785 | 98,615 | 275,077
Income taxes | (28,045) | 32,953 | 19,902 | 96,532
Net income (loss) including non-controlling interests | (60,481) | 44,832 | 78,713 | 178,545
Non-controlling interests in subsidiaries’ loss | (15) | (857) | (73) | (929)
Net income (loss) | $ (60,466) | $ 45,689 | $ 78,786 | $ 179,474
Basic earnings (loss) per share (in dollars per share) | $ (0.82) | $ 0.58 | $ 1.05 | $ 2.25
Diluted earnings (loss) per share (in dollars per share) | (0.82) | 0.57 | 1.04 | 2.22
Cash dividends declared per share (in dollars per share) | $ 0.29 | $ 0.23 | $ 0.87 | $ 0.69

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- Definition Total costs related to goods produced and sold during the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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