Napa Auto Parts 2015 Annual Report Download - page 49

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Genuine Parts Company and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
Year Ended December 31
2015 2014 2013
(In Thousands, Except per Share Amounts)
Net sales ............................................... $15,280,044 $15,341,647 $14,077,843
Cost of goods sold ........................................ 10,724,192 10,747,886 9,857,923
Gross margin ............................................ 4,555,852 4,593,761 4,219,920
Operating expenses:
Selling, administrative, and other expenses .................. 3,277,390 3,314,030 3,028,028
Depreciation and amortization ............................ 141,675 148,313 133,957
Provision for doubtful accounts ........................... 12,373 7,192 8,691
Total operating expenses ................................... 3,431,438 3,469,535 3,170,676
Non-operating expenses (income):
Interest expense ........................................ 21,662 25,088 26,971
Other ................................................ (20,929) (18,601) (22,031)
Total non-operating expenses ............................... 733 6,487 4,940
Income before income taxes ................................ 1,123,681 1,117,739 1,044,304
Income taxes ............................................ 418,009 406,453 359,345
Net income ............................................. $ 705,672 $ 711,286 $ 684,959
Basic net income per common share .......................... $ 4.65 $ 4.64 $ 4.43
Diluted net income per common share ........................ $ 4.63 $ 4.61 $ 4.40
Weighted average common shares outstanding ................. 151,667 153,299 154,636
Dilutive effect of stock options and nonvested restricted stock
awards ............................................... 829 1,076 1,078
Weighted average common shares outstanding — assuming
dilution .............................................. 152,496 154,375 155,714
Net income ............................................. $ 705,672 $ 711,286 $ 684,959
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment ..................... (207,986) (149,379) (168,703)
Pension and postretirement benefit adjustments, net of income
taxes of 2015 — $5,335, 2014 — $112,993, and
2013 — ($175,297) ................................... (2,421) (173,177) 272,540
Other comprehensive (loss) income, net of tax .................. (210,407) (322,556) 103,837
Comprehensive income .................................... $ 495,265 $ 388,730 $ 788,796
See accompanying notes.
F-6