Graco 2012 Annual Report Download - page 24

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18
ITEM 6. SELECTED FINANCIAL DATA
The following is a summary of certain consolidated financial information relating to the Company as of and for the year ended
December 31, (in millions, except per share data). The summary has been derived in part from, and should be read in conjunction
with, the Consolidated Financial Statements of the Company included elsewhere in this report and the schedules thereto.
2012(1) 2011(1) 2010(1) (2) 2009(2) 2008(2)
STATEMENTS OF OPERATIONS DATA
Net sales $ 5,902.7 $ 5,864.6 $ 5,658.2 $ 5,483.4 $ 6,340.9
Cost of products sold 3,673.6 3,659.4 3,509.5 3,453.3 4,245.8
Gross margin 2,229.1 2,205.2 2,148.7 2,030.1 2,095.1
Selling, general and administrative expenses 1,521.1 1,515.3 1,447.8 1,354.8 1,478.3
Impairment charges — 382.6 — — 296.3
Restructuring costs(3) 56.1 50.1 77.4 100.0 120.3
Operating income 651.9 257.2 623.5 575.3 200.2
Nonoperating expenses:
Interest expense, net 76.1 86.2 118.4 140.0 137.9
Losses related to extinguishments of debt 10.9 4.8 218.6 4.7 52.2
Other (income) expense, net (1.0) 13.7 (7.3) 2.0 6.9
Net nonoperating expenses 86.0 104.7 329.7 146.7 197.0
Income before income taxes 565.9 152.5 293.8 428.6 3.2
Income taxes 166.3 17.9 5.6 142.8 50.9
Income (loss) from continuing operations 399.6 134.6 288.2 285.8 (47.7)
Income (loss) from discontinued operations, net of
tax(4) 1.7 (9.4) 4.6 (0.3)(2.6)
Net income (loss) 401.3 125.2 292.8 285.5 (50.3)
Net income noncontrolling interests — — — — 2.0
Net income (loss) controlling interests $ 401.3 $ 125.2 $ 292.8 $ 285.5 $ (52.3)
Weighted-average shares outstanding:
Basic 291.2 293.6 282.4 280.8 279.9
Diluted 293.6 296.2 305.4 294.4 279.9
Earnings (loss) per share:
Basic:
Income (loss) from continuing operations $ 1.37 $ 0.46 $ 1.02 $ 1.02 $ (0.18)
Income (loss) from discontinued operations 0.01 (0.03) 0.02 — (0.01)
Net income (loss) controlling interests $ 1.38 $ 0.43 $ 1.04 $ 1.02 $ (0.18)
Diluted:
Income (loss) from continuing operations $ 1.36 $ 0.45 $ 0.94 $ 0.97 $ (0.18)
Income (loss) from discontinued operations 0.01 (0.03) 0.02 — (0.01)
Net income (loss) controlling interests $ 1.37 $ 0.42 $ 0.96 $ 0.97 $ (0.18)
Dividends $ 0.43 $ 0.29 $ 0.20 $ 0.26 $ 0.84
BALANCE SHEET DATA
Inventories, net $ 696.4 $ 699.9 $ 701.6 $ 688.2 $ 912.1
Working capital(5) 700.3 487.1 466.1 422.6 159.7
Total assets 6,222.0 6,160.9 6,405.3 6,423.9 6,792.5
Short-term debt, including current portion of long-
term debt 211.9 367.5 305.0 493.5 761.0
Long-term debt, net of current portion 1,706.5 1,809.3 2,063.9 2,015.3 2,118.3
Total stockholders’ equity $ 2,000.2 $ 1,852.6 $ 1,905.5 $ 1,782.2 $ 1,588.6
(1) Supplemental data regarding 2012, 2011 and 2010 is provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results
of Operations.