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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