Napa Auto Parts 2014 Annual Report Download - page 50

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Genuine Parts Company and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
Year Ended December 31
2014 2013 2012
(In Thousands, Except per Share Amounts)
Net sales ............................................... $15,341,647 $14,077,843 $13,013,868
Cost of goods sold ........................................ 10,747,886 9,857,923 9,235,777
Gross margin ............................................ 4,593,761 4,219,920 3,778,091
Operating expenses:
Selling, administrative, and other expenses .................. 3,314,030 3,028,028 2,656,530
Depreciation and amortization ............................ 148,313 133,957 98,383
Provision for doubtful accounts ........................... 7,192 8,691 8,047
Total operating expenses ................................... 3,469,535 3,170,676 2,762,960
Non-operating expenses (income):
Interest expense ........................................ 25,088 26,971 20,482
Other ................................................ (18,601) (22,031) (24,283)
Total non-operating expenses (income) ....................... 6,487 4,940 (3,801)
Income before income taxes ................................ 1,117,739 1,044,304 1,018,932
Income taxes ............................................ 406,453 359,345 370,891
Net income ............................................. $ 711,286 $ 684,959 $ 648,041
Basic net income per common share .......................... $ 4.64 $ 4.43 $ 4.17
Diluted net income per common share ........................ $ 4.61 $ 4.40 $ 4.14
Weighted average common shares outstanding ................. 153,299 154,636 155,413
Dilutive effect of stock options and nonvested restricted stock
awards ............................................... 1,076 1,078 1,007
Weighted average common shares outstanding — assuming
dilution .............................................. 154,375 155,714 156,420
Net income ............................................. $ 711,286 $ 684,959 $ 648,041
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment ..................... (149,379) (168,703) 23,846
Pension and postretirement benefit adjustments, net of income
taxes of 2014 — $112,993, 2013 — ($175,297), and
2012 — $26,465 ..................................... (173,177) 272,540 (43,300)
Other comprehensive (loss) income, net of tax .................. (322,556) 103,837 (19,454)
Comprehensive income .................................... $ 388,730 $ 788,796 $ 628,587
See accompanying notes.
F-6