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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net sales (Note 2) $ 701,991 $ 759,174
Cost of goods sold 464,669 500,753
Gross profit 237,322 258,421
Selling, general & administrative expenses 149,727 160,408
Rationalization and asset impairment charges (Note 6) 6,521 3,535
Operating income 81,074 94,478
Interest Income (Expense), Net (5,458) (5,323)
Other income (expense) (Note 14) 309 3,763
Income before income taxes 75,925 92,918
Income taxes (Note 15) 20,370 21,452
Net income including non-controlling interests 55,555 71,466
Non-controlling interests in subsidiaries’ earnings (loss) (7) (14)
Net income $ 55,562 $ 71,480
Basic earnings per share (Note 3) $ 0.92 $ 1.13
Diluted earnings per share (Note 3) 0.91 1.12
Cash dividends declared per share $ 0.49 $ 0.47