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FORM 10-K
47
Consolidated Statements of Income
(In thousands, except per share data)
For the Year Ended December 31,
2013 2012 2011
Sales $ 6,649,237 $ 6,182,184 $ 5,788,816
Cost of goods sold, including warehouse and distribution expenses 3,280,236 3,084,766 2,951,467
Gross profit 3,369,001 3,097,418 2,837,349
Selling, general and administrative expenses 2,265,516 2,120,025 1,973,381
Former CSK officer clawback —— (2,798)
Operating income 1,103,485 977,393 866,766
Other income (expense):
Interest expense (49,074)(40,200) (28,165)
Interest income 1,992 2,441 2,245
Write-off of asset-based revolving credit facility debt issuance costs —— (21,626)
Termination of interest rate swap agreements —— (4,237)
Other, net 2,539 1,887 790
Total other expense (44,543)(35,872) (50,993)
Income before income taxes 1,058,942 941,521 815,773
Provision for income taxes 388,650 355,775 308,100
Net income $ 670,292 $ 585,746 $ 507,673
Earnings per share-basic:
Earnings per share $ 6.14 $ 4.83 $ 3.77
Weighted-average common shares outstanding – basic 109,244 121,182 134,667
Earnings per share-assuming dilution:
Earnings per share $ 6.03 $ 4.75 $ 3.71
Weighted-average common shares outstanding – assuming dilution 111,101 123,314 136,983
See accompanying Notes to consolidated financial statements.