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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands | 12 Months Ended
--- | ---
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016
Sales | $ 2,757,144,000 | $ 2,745,967,000 | $ 2,521,676,000
Cost of sales | 2,098,864,000 | 2,064,199,000 | 1,865,433,000
Gross profit | 658,280,000 | 681,768,000 | 656,243,000
Selling, general and administrative expenses | 440,220,000 | 414,688,000 | 410,869,000
Impairment of goodwill and intangible assets | 15,780,000 | 0 | 0
Operating income | 202,280,000 | 267,080,000 | 245,374,000
Other income (expenses): |  |  |
Interest expense | (44,237,000) | (44,645,000) | (44,409,000)
Interest income | 4,668,000 | 4,737,000 | 3,105,000
Costs associated with refinancing of debt | (14,820,000) | 0 | 0
Loss on divestiture of grinding media business | (6,084,000) | 0 | 0
Other Nonoperating Income (Expense) excluding Sale of Business and Debt Costs | 1,634,000 | 1,292,000 | 16,384,000
Total other income (expenses) | (58,839,000) | (38,616,000) | (24,920,000)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441,000 | 228,464,000 | 220,454,000
Income tax expense (benefit): |  |  |
Current | 44,794,000 | 66,390,000 | 65,748,000
Deferred | (1,659,000) | 39,755,000 | (23,685,000)
Total income tax expense (benefit) | 43,135,000 | 106,145,000 | 42,063,000
Comprehensive income | 78,772,000 | 189,106,000 | 100,235,000
Earnings before equity in earnings of nonconsolidated subsidiaries | 100,306,000 | 122,319,000 | 178,391,000
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0
Net earnings | 100,306,000 | 122,319,000 | 178,391,000
Less: Earnings attributable to noncontrolling interests | (5,955,000) | (6,079,000) | (5,159,000)
Net earnings attributable to Valmont Industries, Inc. | $ 94,351,000 | $ 116,240,000 | $ 173,232,000
Earnings per share: |  |  |
Basic (in dollars per share) | $ 4.23 | $ 5.16 | $ 7.68
Diluted (in dollars per share) | 4.20 | 5.11 | $ 7.63
Cash dividends declared per share (in dollars per share) | $ 1.500 | $ 1.500 |
Weighted average number of shares of common stock outstanding - Basic (in shares) | 22,306 | 22,520 | 22,562
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 22,446 | 22,738 | 22,709
Product |  |  |
Sales | $ 2,437,334,000 | $ 2,447,219,000 | $ 2,255,860,000
Cost of sales | 1,887,959,000 | 1,860,087,000 | 1,682,355,000
Service |  |  |
Sales | 319,810,000 | 298,748,000 | 265,816,000
Cost of sales | $ 210,905,000 | $ 204,112,000 | $ 183,078,000

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