| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | |||||||||||
6,964 | 7,014 | 6,444 | 5,779 | 5,741 | 5,852 | 3,665 | 2,843 | 2,620 | 2,435 | 2,147 | 2,360 |
Cost of sales | |||||||||||
5,320 | 5,369 | 4,974 | 4,502 | 4,533 | 4,623 | 2,797 | 2,209 | 2,076 | 1,903 | 1,721 | 1,869 |
Gross profit | |||||||||||
1,644 | 1,645 | 1,470 | 1,276 | 1,208 | 1,229 | 867 | 634 | 543 | 532 | 426 | 491 |
Selling, general and administrative expenses | |||||||||||
557 | 536 | 519 | 468 | 451 | 469 | 326 | 280 | 258 | 182 | 173 | 173 |
Alternative energy tax credits | |||||||||||
- | - | - | - | - | - | - | 95 | 0 | -86 | 168 | - |
Corporate overhead | |||||||||||
- | - | - | - | - | - | - | - | - | 58 | 54 | 61 |
Other expense, net | |||||||||||
32 | 41 | 18 | 24 | 6 | -57 | -59 | -11 | -10 | -19 | 14 | 15 |
Income from operations | |||||||||||
1,053 | 1,067 | 932 | 783 | 750 | 702 | 481 | 437 | 274 | 185 | 352 | 241 |
Non-operating pension income (expense) | |||||||||||
7 | 2 | 1 | - | - | - | - | - | - | - | - | - |
Interest expense, net | |||||||||||
-128 | -95 | -102 | -94 | -85 | -88 | -58 | -62 | -29 | 32 | 35 | 31 |
Income before taxes | |||||||||||
917 | 970 | 828 | 688 | 664 | 614 | 423 | 374 | 244 | 153 | 316 | 210 |
Provision for income taxes | |||||||||||
220 | 232 | 160 | 238 | 227 | 221 | -17 | 214 | 85 | -52 | 51 | 74 |
Net income | |||||||||||
- | - | - | - | 436 | - | - | - | - | - | - | - |
Net income | |||||||||||
696 | 738 | 668 | 449 | - | 392 | 441 | 160 | 158 | 205 | 265 | 135 |
Weighted average common shares outstanding | |||||||||||
Basic | |||||||||||
- | - | - | - | - | - | - | - | 99 | 101 | 101 | 102 |
Diluted | |||||||||||
- | - | - | - | - | - | - | - | 100 | 102 | 102 | 103 |
Net income per common share: | |||||||||||
Basic | |||||||||||
7.36 | 7.82 | 7.09 | 4.76 | 4.47 | 3.99 | 4.57 | 1.66 | 1.60 | 2.02 | 2.62 | 1.32 |
Diluted | |||||||||||
7.34 | 7.80 | 7.07 | 4.75 | 4.47 | 3.99 | 4.52 | 1.64 | 1.58 | 2.00 | 2.60 | 1.31 |
Dividends declared per common share | |||||||||||
3.16 | 3.00 | 2.52 | 2.36 | 2.20 | 1.60 | 1.51 | 1.00 | 0.80 | 0.60 | 0.60 | 1.20 |
Statements of Comprehensive Income: | |||||||||||
Net income | |||||||||||
696 | 738 | 668 | 449 | 436 | 392 | 441 | 160 | 158 | 205 | 265 | 135 |
Foreign currency translation adjustment | |||||||||||
- | -0 | -0 | - | 2 | -2 | -0 | 0 | 0 | - | - | - |
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.0 million and $0.3 million | |||||||||||
-10 | -4 | -3 | -3 | -3 | -3 | -3 | -1 | 1 | -1 | - | - |
Fair value adjustments to cash flow hedges, net of tax of $6.5 million for 2012 | |||||||||||
- | - | - | - | - | - | - | -10 | -24 | -1 | - | - |
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $0.9 million and $0.8 million | |||||||||||
9 | 11 | 8 | 6 | 8 | 4 | 13 | 6 | -3 | -3 | - | - |
Changes in unfunded employee benefit obligations, net of tax of $13.6 million, ($0.8) million, and $18.0 million for 2019, 2018, and 2017, respectively | |||||||||||
-40 | 2 | -28 | -24 | 14 | -94 | 32 | -14 | -31 | -8 | - | - |
Other comprehensive income | |||||||||||
-20 | 18 | -17 | -14 | 29 | -88 | 49 | -16 | -53 | -8 | - | - |
Comprehensive income | |||||||||||
675 | 756 | 651 | 434 | 465 | 303 | 490 | 144 | 105 | 197 | - | - |