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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015
Income Statement [Abstract] |  |  |  |
Net sales | $ 592,418 | $ 664,740 | $ 1,143,140 | $ 1,322,640
Cost of goods sold | 389,491 | 438,959 | 751,111 | 876,469
Gross profit | 202,927 | 225,781 | 392,029 | 446,171
Selling, general & administrative expenses | 120,497 | 127,755 | 234,307 | 257,646
Restructuring, Settlement and Impairment Provisions | 0 | 1,239 | 0 | 1,239
Deconsolidation, (Gain) Loss, Amount | 34,348 | 0 | 34,348 | 0
Operating income | 48,082 | 96,787 | 123,374 | 187,286
Other income (expense): |  |  |  |
Interest income | 435 | 738 | 865 | 1,331
Equity earnings in affiliates | 839 | 979 | 1,465 | 1,828
Other income | 588 | 317 | 1,249 | 2,927
Interest expense | (4,186) | (4,387) | (8,013) | (6,231)
Total other income (expense) | (2,324) | (2,353) | (4,434) | (145)
Income before income taxes | 45,758 | 94,434 | 118,940 | 187,141
Income taxes | 14,449 | 23,558 | 34,007 | 47,947
Net income including non-controlling interests | 31,309 | 70,876 | 84,933 | 139,194
Non-controlling interests in subsidiaries’ loss | (8) | (22) | (22) | (58)
Net income | $ 31,317 | $ 70,898 | $ 84,955 | $ 139,252
Basic earnings (loss) per share (in dollars per share) | $ 0.46 | $ 0.95 | $ 1.23 | $ 1.84
Diluted earnings (loss) per share (in dollars per share) | 0.45 | 0.94 | 1.22 | 1.82
Cash dividends declared per share (in dollars per share) | $ 0.32 | $ 0.29 | $ 0.64 | $ 0.58

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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=63488584&loc=d3e20235-122688 + Details
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