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14
Selected Consolidated Financial Data
(In thousands, except per share data)
Years ended December 31, 2007 2006 2005
INCOME STATEMENT DATA:
Sales $ 2,522,319 $ 2,283,222 $ 2,045,318
Cost of goods sold, including warehouse and distribution expenses 1,401,859 1,276,511 1,152,815
Gross profit 1,120,460 1,006,711 892,503
Operating, selling, general and administrative expenses 815,309 724,396 639,979
Operating income 305,151 282,315 252,524
Other income (expense), net 2,337 (50) (1,455)
Income before income taxes and cumulative effect of accounting change 307,488 282,265 251,069
Provision for income taxes 113,500 104,180 86,803
Income before cumulative effect of accounting change 193,988 178,085 164,266
Cumulative effect of accounting change, net of tax (a) -- -- --
Net income $ 193,988 $ 178,085 $ 164,266
BASIC EARNINGS PER COMMON SHARE:
Income before cumulative effect of accounting change $1.69 $ 1.57 $ 1.47
Cumulative effect of accounting change (a) -- -- --
Net income per share $ 1.69 $ 1.57 $ 1.47
Weighted-average common shares outstanding 114,667 113,253 111,613
EARNINGS PER COMMON SHARE-ASSUMING DILUTION:
Income before cumulative effect of accounting change $1.67 $ 1.55 $ 1.45
Cumulative effect of accounting change (a) -- -- --
Net income per share $1.67 $ 1.55 $ 1.45
Weighted-average common shares outstanding – adjusted 116,080 115,119 113,385
PRO FORMA INCOME STATEMENT DATA: (b)
Sales
Cost of goods sold, including warehouse and distribution expenses
Gross profit
Operating, selling, general and administrative expenses
Operating income
Other income (expense), net
Income before income taxes
Provision for income taxes
Net income
Net income per share
Net income per share – assuming dilution
(a) The cumulative change in accounting method, effective January 1, 2004, changed the method of applying LIFO accounting policy for certain inventory costs.
Under the new method, included in the value of inventory are certain procurement, warehousing and distribution center costs.
The previous method was to recognize those costs as incurred, reported as a component of costs of goods sold.
(b) The pro forma income statement reflects the retroactive application of the cumulative effect of the accounting change to historical periods.