| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | ||||||||||||
19,392 | 18,735 | 16,308 | 15,339 | 15,280 | 15,341 | 14,077 | 13,013 | 12,458 | 11,207 | 10,057 | 11,015 | 10,843 |
Cost of goods sold | ||||||||||||
13,076 | 12,751 | 11,402 | 10,740 | 10,724 | 10,747 | 9,857 | 9,235 | 8,852 | 7,954 | 7,047 | 7,742 | 7,625 |
Gross profit | ||||||||||||
6,316 | 5,983 | 4,906 | 4,599 | 4,555 | 4,593 | 4,219 | 3,778 | 3,606 | 3,252 | 3,009 | 3,272 | 3,217 |
Operating expenses: | ||||||||||||
Selling, administrative and other expenses | ||||||||||||
4,934 | 4,615 | 3,726 | 3,391 | 3,277 | 3,314 | 3,028 | 2,656 | 2,594 | 2,366 | 2,219 | 2,359 | 2,278 |
Depreciation and amortization | ||||||||||||
270 | 241 | 167 | 147 | 141 | 148 | 133 | 98 | 88 | 89 | 90 | 88 | 87 |
Provision for doubtful accounts | ||||||||||||
14 | 17 | 13 | 11 | 12 | 7 | 8 | 8 | 13 | 10 | 28 | 23 | 13 |
Business Exit Costs | ||||||||||||
112 | 0 | 0 | - | - | - | - | - | - | - | - | - | - |
Goodwill impairment charge | ||||||||||||
81 | 0 | 0 | - | - | - | - | - | - | - | - | - | - |
Total operating expenses | ||||||||||||
5,413 | 4,874 | 3,907 | 3,550 | 3,431 | 3,469 | 3,170 | 2,762 | 2,696 | 2,466 | 2,338 | 2,472 | 2,379 |
Non-operating (income) expenses: | ||||||||||||
Interest expense | ||||||||||||
95 | 101 | 41 | 21 | 21 | 25 | 26 | 20 | 27 | 28 | 27 | 31 | 31 |
Other | ||||||||||||
66 | 67 | 52 | 46 | 20 | 18 | 22 | 24 | 8 | 3 | 1 | 0 | 10 |
Special termination costs | ||||||||||||
42 | 0 | 0 | - | - | - | - | - | - | - | - | - | - |
Total non-operating (income) expenses | ||||||||||||
-72 | -34 | 10 | 25 | -0 | -6 | -4 | 3 | -18 | -24 | -26 | -31 | -21 |
Income before income taxes | ||||||||||||
830 | 1,075 | 1,009 | 1,074 | 1,123 | 1,117 | 1,044 | 1,018 | 890 | 761 | 644 | 768 | 816 |
Income taxes | ||||||||||||
209 | 265 | 392 | 387 | 418 | 406 | 359 | 370 | 325 | 286 | 244 | 293 | 310 |
Net income | ||||||||||||
621 | 810 | 616 | 687 | 705 | 711 | 684 | 648 | 565 | 475 | 399 | 475 | 506 |
Basic net income per common share (usd per share) | ||||||||||||
4.26 | 5.53 | 4.19 | 4.61 | 4.65 | 4.64 | 4.43 | 4.17 | 3.61 | 3.01 | 2.51 | 2.93 | 2.99 |
Diluted net income per common share (usd per share) | ||||||||||||
4.24 | 5.50 | 4.18 | 4.59 | 4.63 | 4.61 | 4.40 | 4.14 | 3.58 | 3.00 | 2.50 | 2.92 | 2.98 |
Weighted average common shares outstanding (in shares) | ||||||||||||
145 | 146 | 147 | 149 | 151 | 153 | 154 | 155 | 156 | 0 | 159 | 162 | 169 |
Dilutive effect of stock options and non-vested restricted stock awards (in shares) | ||||||||||||
0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 |
Weighted average common shares outstanding - assuming dilution (in shares) | ||||||||||||
146 | 147 | 147 | 149 | 152 | 154 | 155 | 156 | 157 | 0 | 159 | 162 | 170 |
Other comprehensive income (loss), net of tax: | ||||||||||||
Foreign currency translation adjustments, net of income taxes in 2020 and 2019 — $15,560 and $7,710 respectively | ||||||||||||
38 | -233 | 137 | -8 | -207 | -149 | -168 | 23 | -22 | 33 | - | - | - |
Cash flow hedge adjustments, net of income taxes in 2020 and 2019 — $6,604 and $1,915, respectively | ||||||||||||
13 | 28 | -17 | 0 | 0 | - | - | - | - | - | - | - | - |
Pension and postretirement benefit adjustments, net of income taxes in 2020 and 2019 — $3,017 and $1,788, respectively | ||||||||||||
-44 | 57 | -40 | 73 | 2 | 173 | -272 | 43 | 161 | 22 | - | - | - |
Other comprehensive income (loss), net of income taxes | ||||||||||||
96 | -262 | 160 | -82 | -210 | -322 | 103 | -19 | -183 | 11 | - | - | - |
Comprehensive income (loss) | ||||||||||||
717 | 547 | 777 | 604 | 495 | 388 | 788 | 628 | 381 | 487 | - | - | - |