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CONSOLIDATED AND COMBINED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015
Income Statement [Abstract] |  |  |
Net sales | $ 10,767,863 | $ 9,878,564 | $ 8,752,672
Cost of sales | 9,296,249 | 8,774,581 | 7,453,948
Gross profit | 1,471,614 | 1,103,983 | 1,298,724
Selling, general and administrative expense | 389,517 | 310,832 | 231,838
Administrative restructuring charges | 9,775 | 1,069 | 5,754
Operating income | 1,072,322 | 792,082 | 1,061,132
Interest expense, net of capitalized interest | 107,183 | 75,636 | 46,549
Interest income | (7,730) | (2,301) | (3,828)
Foreign currency transaction losses (gains) | (2,659) | 4,055 | 26,148
Miscellaneous, net | (6,538) | (9,344) | (9,061)
Income before income taxes | 982,066 | 724,036 | 1,001,324
Income tax expense | 263,899 | 243,919 | 338,352
Net income | 718,167 | 480,117 | 662,972
Less: Net income from Granite Holdings Sàrl prior to acquisition by Pilgrim’s Pride Corporation | 23,486 | 40,388 | 17,010
Less: Net income (loss) attributable to noncontrolling interest | 102 | (803) | 48
Net income attributable to Pilgrim’s Pride Corporation | $ 694,579 | $ 440,532 | $ 645,914
Weighted average shares of common stock outstanding: |  |  |
Basic (in shares) | 248,738 | 253,669 | 258,442
Effect of dilutive common stock equivalents (in shares) | 233 | 457 | 234
Diluted (in shares) | 248,971 | 254,126 | 258,676
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding: |  |  |
Basic (in dollars per share) | $ 2.79 | $ 1.74 | $ 2.50
Diluted (in dollars per share) | $ 2.79 | $ 1.73 | $ 2.50

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