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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME    
Net sales (Note 2) $ 757,021 $ 701,991
Cost of goods sold 503,254 464,669
Gross profit 253,767 237,322
Selling, general & administrative expenses 145,676 149,727
Rationalization and asset impairment charges (Note 6) 4,163 6,521
Operating income 103,928 81,074
Interest expense, net 5,359 5,458
Other income (expense) (Note 14) (1,416) 309
Income before income taxes 97,153 75,925
Income taxes (Note 15) 23,020 20,370
Net income including non-controlling interests 74,133 55,555
Non-controlling interests in subsidiaries' income (loss) (44) (7)
Net income $ 74,177 $ 55,562
Basic earnings per share (Note 3) $ 1.24 $ 0.92
Diluted earnings per share (Note 3) 1.23 0.91
Cash dividends declared per share $ 0.51 $ 0.49