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v3.3.1.900

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
Net sales | $ 2,535,791 | $ 2,813,324 | $ 2,852,671
Cost of goods sold | 1,694,647 | 1,864,027 | 1,910,017
Gross profit | 841,144 | 949,297 | 942,654
Selling, general & administrative expenses | 496,748 | 545,497 | 527,206
Rationalization and asset impairment charges (gains) | 19,958 | 30,053 | 8,463
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (142,738) | 0 | 0
Operating income | 181,700 | 373,747 | 406,985
Other income (expense): |  |  |
Interest income | 2,714 | 3,093 | 3,320
Equity earnings in affiliates | 3,015 | 5,412 | 4,806
Other income | 4,182 | 3,995 | 4,194
Interest expense | (21,824) | (10,434) | (2,864)
Total other income (expense) | (11,913) | 2,066 | 9,456
Income before income taxes | 169,787 | 375,813 | 416,441
Income taxes | 42,375 | 121,933 | 124,754
Net income including non-controlling interests | 127,412 | 253,880 | 291,687
Non-controlling interests in subsidiaries' (loss) earnings | (66) | (806) | (2,093)
Net income | $ 127,478 | $ 254,686 | $ 293,780
Basic earnings per share (in dollars per share) | $ 1.72 | $ 3.22 | $ 3.58
Diluted earnings per share (in dollars per share) | 1.70 | 3.18 | 3.54
Cash dividends declared per share (in dollars per share) | $ 1.19 | $ 0.98 | $ 0.83

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