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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
Net sales | $ 2,274,614 | $ 2,535,791 | $ 2,813,324
Cost of goods sold | 1,485,316 | 1,694,647 | 1,864,027
Gross profit | 789,298 | 841,144 | 949,297
Selling, general & administrative expenses | 466,676 | 496,748 | 545,497
Rationalization and asset impairment charges (Note 6) | 0 | 19,958 | 30,053
Pension settlement charges (Note 11) | 0 | (142,738) | 0
Loss on deconsolidation of Venezuelan subsidiary | 34,348 | 0 | 0
Operating income | 288,274 | 181,700 | 373,747
Other income (expense): |  |  |
Interest income | 2,092 | 2,714 | 3,093
Equity earnings in affiliates | 2,928 | 3,015 | 5,412
Other income | 3,173 | 4,182 | 3,995
Interest expense | (19,079) | (21,824) | (10,434)
Total other income (expense) | (10,886) | (11,913) | 2,066
Income before income taxes | 277,388 | 169,787 | 375,813
Income taxes (Note 12) | 79,015 | 42,375 | 121,933
Net income including non-controlling interests | 198,373 | 127,412 | 253,880
Non-controlling interests in subsidiaries' (loss) earnings | (26) | (66) | (806)
Net income | $ 198,399 | $ 127,478 | $ 254,686
Basic earnings per share (in dollars per share) | $ 2.94 | $ 1.72 | $ 3.22
Diluted earnings per share (in dollars per share) | 2.91 | 1.70 | 3.18
Cash dividends declared per share (in dollars per share) | $ 1.31 | $ 1.19 | $ 0.98

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