GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

The Company has three tranches of senior unsecured notes. All of the senior notes are guaranteed, jointly, severally, fully and unconditionally (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) by certain of the Company’s current and future direct and indirect domestic and foreign subsidiaries (collectively the “Guarantors”), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the “Non-Guarantors”). All Guarantors are 100% owned by the parent company.

Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows:

CONSOLIDATED STATEMENTS OF EARNINGS

For the Year ended December 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,169,674		$	423,928		$	1,238,609		$	(213,287	)	$	2,618,924
Cost of sales	890,242			332,847			987,729			(212,927		)	1,997,891
Gross profit	279,432			91,081			250,880			(360		)	621,033
Selling, general and administrative expenses	194,335			45,549			207,484			—			447,368
Impairment of goodwill and intangible assets	—			—			41,970			—			41,970
Operating income	85,097			45,532			1,426			(360		)	131,695
Other income (expense):
Interest expense	(43,552		)	—			(1,069		)	—			(44,621		)
Interest income	9			103			3,184			—			3,296
Other	(2,374		)	60			4,951			—			2,637
	(45,917		)	163			7,066			—			(38,688		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	39,180			45,695			8,492			(360		)	93,007
Income tax expense (benefit):
Current	863			23,261			18,446			(1		)	42,569
Deferred	10,042			(6,224		)	1,040			—			4,858
	10,905			17,037			19,486			(1		)	47,427
Earnings before equity in earnings of nonconsolidated subsidiaries	28,275			28,658			(10,994		)	(359		)	45,580
Equity in earnings of nonconsolidated subsidiaries	11,842			(39,418		)	(247		)	27,576			(247		)
Net earnings	40,117			(10,760		)	(11,241		)	27,217			45,333
Less: Earnings attributable to noncontrolling interests	—			—			(5,216		)	—			(5,216		)
Net earnings attributable to Valmont Industries, Inc	$	40,117		$	(10,760	)	$	(16,457	)	$	27,217		$	40,117

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF EARNINGS

For the Year ended December 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,392,509		$	496,326		$	1,456,053		$	(221,745	)	$	3,123,143
Cost of sales	1,040,808			371,639			1,124,813			(222,234		)	2,315,026
Gross profit	351,701			124,687			331,240			489			808,117
Selling, general and administrative expenses	196,987			49,171			204,243			—			450,401
Operating income	154,714			75,516			126,997			489			357,716
Other income (expense):
Interest expense	(34,267		)	(5		)	(2,518		)	—			(36,790		)
Interest income	38			359			5,649			—			6,046
Costs associated with refinancing of debt	(38,705		)	—			—			—			(38,705		)
Other	2,021			(511		)	(5,594		)	—			(4,084		)
	(70,913		)	(157		)	(2,463		)	—			(73,533		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	83,801			75,359			124,534			489			284,183
Income tax expense (benefit):
Current	30,330			25,277			33,898			138			89,643
Deferred	(1,474		)	1,866			4,859			—			5,251
	28,856			27,143			38,757			138			94,894
Earnings before equity in earnings of nonconsolidated subsidiaries	54,945			48,216			85,777			351			189,289
Equity in earnings of nonconsolidated subsidiaries	129,031			19,509			63			(148,574		)	29
Net earnings	183,976			67,725			85,840			(148,223		)	189,318
Less: Earnings attributable to noncontrolling interests	—			—			(5,342		)	—			(5,342		)
Net earnings attributable to Valmont Industries, Inc	$	183,976		$	67,725		$	80,498		$	(148,223	)	$	183,976

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF EARNINGS

For the Year ended December 28, 2013



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,540,266		$	689,230		$	1,402,191		$	(327,476	)	$	3,304,211
Cost of sales	1,107,020			503,431			1,078,695			(330,163		)	2,358,983
Gross profit	433,246			185,799			323,496			2,687			945,228
Selling, general and administrative expenses	209,350			59,368			203,441			—			472,159
Operating income	223,896			126,431			120,055			2,687			473,069
Other income (expense):
Interest expense	(30,801		)	(2		)	(1,699		)	—			(32,502		)
Interest income	55			1,032			5,390			—			6,477
Other	4,791			9			(2,427		)	—			2,373
	(25,955		)	1,039			1,264			—			(23,652		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	197,941			127,470			121,319			2,687			449,417
Income tax expense (benefit):
Current	78,912			45,951			42,379			680			167,922
Deferred	(8,948		)	(19		)	(1,174		)	—			(10,141		)
	69,964			45,932			41,205			680			157,781
Earnings before equity in earnings of nonconsolidated subsidiaries	127,977			81,538			80,114			2,007			291,636
Equity in earnings of nonconsolidated subsidiaries	150,512			16,417			494			(166,588		)	835
Loss from deconsolidation of subsidiary	—			—			(12,011		)	—			(12,011		)
Net earnings	278,489			97,955			68,597			(164,581		)	280,460
Less: Earnings attributable to noncontrolling interests	—			—			(1,971		)	—			(1,971		)
Net earnings attributable to Valmont Industries, Inc	$	278,489		$	97,955		$	66,626		$	(164,581	)	$	278,489

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations		Total
Net earnings	$	40,117		$	(10,760	)	$	(11,241	)	$	27,217	$	45,333
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			(15,166		)	(81,528		)	—		(96,694		)
	—			(15,166		)	(81,528		)	—		(96,694		)
Gain (loss) on cash flow hedge:
Amortization cost included in interest expense	74			—			—			—		74
Realized (gain) loss included in net earnings	(3,130		)	—			—			—		(3,130		)
Unrealized gain on cash flow hedges	2,855			—			—			—		2,855
	(201		)	—			—			—		(201		)
Actuarial gain (loss) in defined benefit pension plan liability	—			—			(40,274		)	—		(40,274		)
Equity in other comprehensive income	(132,584		)	—			—			132,584		—
Other comprehensive income (loss)	(132,785		)	(15,166		)	(121,802		)	132,584		(137,169		)
Comprehensive income (loss)	(92,668		)	(25,926		)	(133,043		)	159,801		(91,836		)
Comprehensive income attributable to noncontrolling interests	—			—			(832		)	—		(832		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(92,668	)	$	(25,926	)	$	(133,875	)	$	159,801	$	(92,668	)

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	183,976		$	67,725		$	85,840		$	(148,223	)	$	189,318
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			(51,536		)	(30,739		)	—			(82,275		)
	—			(51,536		)	(30,739		)	—			(82,275		)
Gain (loss) on cash flow hedge:
Amortization cost included in interest expense	594			—			—			—			594
Realized (gain) loss included in net earnings	983			—			—			—			983
Unrealized gain on cash flow hedges	4,837			—			—			—			4,837
	6,414			—			—			—			6,414
Actuarial gain (loss) in defined benefit pension plan liability	—			—			(13,709		)	—			(13,709		)
Equity in other comprehensive income	(93,162		)	—			—			93,162			—
Other comprehensive income (loss)	(86,748		)	(51,536		)	(44,448		)	93,162			(89,570		)
Comprehensive income	97,228			16,189			41,392			(55,061		)	99,748
Comprehensive income attributable to noncontrolling interests	—			—			(2,520		)	—			(2,520		)
Comprehensive income attributable to Valmont Industries, Inc.	$	97,228		$	16,189		$	38,872		$	(55,061	)	$	97,228

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 28, 2013



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	278,489		$	97,955		$	68,597		$	(164,581	)	$	280,460
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			(4,772		)	(66,926		)	—			(71,698		)
Realized loss on sale of investment in foreign entity included in other expense	—			—			5,194			—			5,194
Realized loss on deconsolidation of subsidiary	—			—			8,559			—			8,559
	—			(4,772		)	(53,173		)	—			(57,945		)
Gain (loss) on cash flow hedge:
Amortization cost included in interest expense	400			—			—			—			400
	400			—			—			—			400
Actuarial gain (loss) in defined benefit pension plan liability	—			—			(41,282		)	—			(41,282		)
Equity in other comprehensive income	(106,430		)	—			—			106,430			—
Other comprehensive income (loss)	(106,030		)	(4,772		)	(94,455		)	106,430			(98,827		)
Comprehensive income	172,459			93,183			(25,858		)	(58,151		)	181,633
Comprehensive income attributable to noncontrolling interests	—			—			(9,174		)	—			(9,174		)
Comprehensive income attributable to Valmont Industries, Inc.	$	172,459		$	93,183		$	(35,032	)	$	(58,151	)	$	172,459

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED BALANCE SHEETS

December 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	62,281		$	4,008		$	282,785		$	—		$	349,074
Receivables, net	130,741			66,387			269,315			—			466,443
Inventories	132,222			38,379			173,064			(2,993		)	340,672
Prepaid expenses	9,900			766			35,471			—			46,137
Refundable and deferred income taxes	24,526			—			—			—			24,526
Total current assets	359,670			109,540			760,635			(2,993		)	1,226,852
Property, plant and equipment, at cost	541,536			132,864			406,656			—			1,081,056
Less accumulated depreciation and amortization	334,471			69,956			144,140			—			548,567
Net property, plant and equipment	207,065			62,908			262,516			—			532,489
Goodwill	20,108			110,562			206,246			—			336,916
Other intangible assets	238			40,959			129,000			—			170,197
Investment in subsidiaries and intercompany accounts	1,239,228			813,779			939,177			(2,992,184		)	—
Other assets	47,113			—			85,861			—			132,974
Total assets	$	1,873,422		$	1,137,748		$	2,383,435		$	(2,995,177	)	$	2,399,428
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	215		$	—		$	862		$	—		$	1,077
Notes payable to banks	—			—			976			—			976
Accounts payable	66,723			13,680			99,580			—			179,983
Accrued employee compensation and benefits	32,272			6,347			31,735			—			70,354
Accrued expenses	31,073			22,802			51,718			—			105,593
Dividends payable	8,571			—			—			—			8,571
Total current liabilities	138,854			42,829			184,871			—			366,554
Deferred income taxes	9,686			—			25,983			—			35,669
Long-term debt, excluding current installments	758,811			—			5,153			—			763,964
Defined benefit pension liability	—			—			179,323			—			179,323
Deferred compensation	43,485			—			4,932			—			48,417
Other noncurrent liabilities	4,145			—			36,145			—			40,290
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950			648,683			(1,106,633		)	27,900
Additional paid-in capital	—			159,414			1,107,536			(1,266,950		)	—
Retained earnings	1,729,679			541,917			354,727			(896,644		)	1,729,679
Accumulated other comprehensive income (loss)	(267,218		)	(64,362		)	(210,688		)	275,050			(267,218		)
Treasury stock	(571,920		)	—			—			—			(571,920		)
Total Valmont Industries, Inc. shareholders’ equity	918,441			1,094,919			1,900,258			(2,995,177		)	918,441
Noncontrolling interest in consolidated subsidiaries	—			—			46,770			—			46,770
Total shareholders’ equity	918,441			1,094,919			1,947,028			(2,995,177		)	965,211
Total liabilities and shareholders’ equity	$	1,873,422		$	1,137,748		$	2,383,435		$	(2,995,177	)	$	2,399,428

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED BALANCE SHEETS

December 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	69,869		$	2,157		$	299,553		$	—		$	371,579
Receivables, net	158,316			68,414			310,188			—			536,918
Inventories	127,859			54,914			177,512			(763		)	359,522
Prepaid expenses	7,087			502			49,323			—			56,912
Refundable and deferred income taxes	53,307			6,194			8,509			—			68,010
Total current assets	416,438			132,181			845,085			(763		)	1,392,941
Property, plant and equipment, at cost	556,658			124,182			458,729			—			1,139,569
Less accumulated depreciation and amortization	319,899			65,493			147,724			—			533,116
Net property, plant and equipment	236,759			58,689			311,005			—			606,453
Goodwill	20,108			107,542			257,461			—			385,111
Other intangible assets	292			43,644			158,068			—			202,004
Investment in subsidiaries and intercompany accounts	1,446,989			825,236			887,055			(3,159,280		)	—
Other assets	46,587			—			96,572			—			143,159
Total assets	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	213		$	—		$	968		$	—		$	1,181
Notes payable to banks	—			—			13,952			—			13,952
Accounts payable	59,893			15,151			121,521			—			196,565
Accrued employee compensation and benefits	48,169			5,385			34,396			—			87,950
Accrued expenses	32,616			6,052			49,812			—			88,480
Dividends payable	9,086			—			—			—			9,086
Total current liabilities	149,977			26,588			220,649			—			397,214
Deferred income taxes	5,584			28,988			37,225			—			71,797
Long-term debt, excluding current installments	759,895			—			6,759			—			766,654
Defined benefit pension liability	—			—			150,124			—			150,124
Deferred compensation	41,803			—			6,129			—			47,932
Other noncurrent liabilities	8,081			—			37,461			—			45,542
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950			648,682			(1,106,632		)	27,900
Additional paid-in capital	—			150,286			1,098,408			(1,248,694		)	—
Retained earnings	1,718,662			552,676			397,302			(949,978		)	1,718,662
Accumulated other comprehensive income	(134,433		)	(49,196		)	(96,065		)	145,261			(134,433		)
Treasury stock	(410,296		)	—			—			—			(410,296		)
Total Valmont Industries, Inc. shareholders’ equity	1,201,833			1,111,716			2,048,327			(3,160,043		)	1,201,833
Noncontrolling interest in consolidated subsidiaries	—			—			48,572			—			48,572
Total shareholders’ equity	1,201,833			1,111,716			2,096,899			(3,160,043		)	1,250,405
Total liabilities and shareholders’ equity	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	40,117		$	(10,760	)	$	(11,241	)	$	27,217		$	45,333
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	29,433			12,611			49,100			—			91,144
Noncash loss on trading securities	—			—			4,555			—			4,555
Impairment of property, plant and equipment	7,486			542			11,808			—			19,836
Impairment of goodwill & intangibles assets	—			—			41,970			—			41,970
Stock-based compensation	7,244			—			—			—			7,244
Defined benefit pension plan expense (benefit)	—			—			(610		)	—			(610		)
Contribution to defined benefit pension plan	—			—			(16,500		)	—			(16,500		)
(Gain) loss on sale of property, plant and equipment	983			319			1,025			—			2,327
Equity in earnings in nonconsolidated subsidiaries	(11,842		)	39,418			247			(27,576		)	247
Deferred income taxes	10,042			(6,224		)	1,040			—			4,858
Changes in assets and liabilities (net of acquisitions):
Receivables	27,576			3,547			19,144			—			50,267
Inventories	(4,364		)	18,130			(12,698		)	2,228			3,296
Prepaid expenses	2,337			(172		)	8,679			—			10,844
Accounts payable	6,831			(1,970		)	(11,666		)	—			(6,805		)
Accrued expenses	(16,485		)	17,713			7,366			324			8,918
Other noncurrent liabilities	177			—			(1,941		)	—			(1,764		)
Income taxes payable (refundable)	7,895			(306		)	(482		)	—			7,107
Net cash flows from operating activities	107,430			72,848			89,796			2,193			272,267
Cash flows from investing activities:
Purchase of property, plant and equipment	(14,362		)	(7,718		)	(23,388		)	—			(45,468		)
Proceeds from sale of assets	3,996			302			(1,049		)	—			3,249
Acquisitions, net of cash acquired	—			(12,778		)	—			—			(12,778		)
Other, net	72,866			(50,447		)	(13,400		)	(2,193		)	6,826
Net cash flows from investing activities	62,500			(70,641		)	(37,837		)	(2,193		)	(48,171		)
Cash flows from financing activities:
Net borrowings under short-term agreements	—			—			(12,853		)	—			(12,853		)
Proceeds from long-term borrowings	68,000			—			—			—			68,000
Principal payments on long-term borrowings	(68,213		)	—			(885		)	—			(69,098		)
Dividends paid	(35,357		)	—			—			—			(35,357		)
Intercompany dividends	26,115			—			(26,115		)	—			—
Dividends to noncontrolling interest	—			—			(2,634		)	—			(2,634		)
Proceeds from exercises under stock plans	13,075			—			—			—			13,075
Excess tax benefits from stock option exercises	1,699			—			—			—			1,699
Purchase of treasury shares	(168,983		)	—			—			—			(168,983		)
Purchase of common treasury shares - stock plan exercises	(13,854		)	—			—			—			(13,854		)
Net cash flows from financing activities	(177,518		)	—			(42,487		)	—			(220,005		)
Effect of exchange rate changes on cash and cash equivalents	—			(356		)	(26,240		)	—			(26,596		)
Net change in cash and cash equivalents	(7,588		)	1,851			(16,768		)	—			(22,505		)
Cash and cash equivalents—beginning of year	69,869			2,157			299,553			—			371,579
Cash and cash equivalents—end of period	$	62,281		$	4,008		$	282,785		$	—		$	349,074

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	183,976		$	67,725		$	85,840		$	(148,223	)	$	189,318
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	24,509			12,926			51,893			—			89,328
Loss on investment	—			—			3,795			—			3,795
Non-cash debt refinancing costs	(2,478		)	—			—			—			(2,478		)
Stock-based compensation	6,730			—			—			—			6,730
Defined benefit pension plan expense	—			—			2,638			—			2,638
Contribution to defined benefit pension plan	—			—			(18,173		)	—			(18,173		)
Change in fair value of contingent consideration	—			—			(4,300		)	—			(4,300		)
(Gain) loss on sale of property, plant and equipment	145			143			104			—			392
Equity in earnings in nonconsolidated subsidiaries	(129,031		)	(19,509		)	(63		)	148,574			(29		)
Deferred income taxes	(1,474		)	1,866			4,859			—			5,251
Changes in assets and liabilities (net of the effect from acquisitions):
Receivables	(19,136		)	40,186			(20,143		)	—			907
Inventories	5,094			15,317			1,047			—			21,458
Prepaid expenses	(2,352		)	429			(11,671		)	—			(13,594		)
Accounts payable	(2,260		)	(5,212		)	(26,849		)	—			(34,321		)
Accrued expenses	(21,448		)	(9,590		)	(3,740		)	—			(34,778		)
Other noncurrent liabilities	622			—			1,133			—			1,755
Income taxes payable	(24,945		)	(19,417		)	4,559			—			(39,803		)
Net cash flows from operating activities	17,952			84,864			70,929			351			174,096
Cash flows from investing activities:
Purchase of property, plant and equipment	(41,260		)	(2,823		)	(28,940		)	—			(73,023		)
Acquisitions, net of cash acquired	—			—			(185,710		)	—			(185,710		)
Proceeds from sale of assets	43			126			2,320			—			2,489
Other, net	34,735			(73,799		)	38,796			(351		)	(619		)
Net cash flows from investing activities	(6,482		)	(76,496		)	(173,534		)	(351		)	(256,863		)
Cash flows from financing activities:
Net borrowings under short-term agreements	—			—			(4,472		)	—			(4,472		)
Proceeds from long-term borrowings	652,540			—			(329		)	—			652,211
Principal payments on long-term obligations	(356,994		)	—			(864		)	—			(357,858		)
Settlement of financial derivative	4,981			—			—			—			4,981
Dividends paid	(32,443		)	—			—			—			(32,443		)
Intercompany dividends	116,995			(36,600		)	(80,395		)	—			—
Intercompany interest on long-term note	—			648			(648		)	—			—
Intercompany capital contribution	(143,000		)	—			143,000			—			—
Dividends to noncontrolling interest	—			—			(2,919		)	—			(2,919		)
Debt issuance fees	(7,644		)	—			—			—			(7,644		)
Proceeds from exercises under stock plans	14,572			—			—			—			14,572
Excess tax benefits from stock option exercises	4,264			—			—			—			4,264
Purchase of treasury shares	(395,045		)	—			—			—			(395,045		)
Purchase of common treasury shares - stock plan exercises	(15,403		)	—			—			—			(15,403		)
Net cash flows from financing activities	(157,177		)	(35,952		)	53,373			—			(139,756		)
Effect of exchange rate changes on cash and cash equivalents	—			(56		)	(19,548		)	—			(19,604		)
Net change in cash and cash equivalents	(145,707		)	(27,640		)	(68,780		)	—			(242,127		)
Cash and cash equivalents—beginning of year	215,576			29,797			368,333			—			613,706
Cash and cash equivalents—end of year	$	69,869		$	2,157		$	299,553		$	—		$	371,579

(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 28, 2013



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	278,489		$	97,955		$	68,597		$	(164,581	)	$	280,460
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	21,270			12,862			43,304			—			77,436
Deconsolidation of subsidiary	—			—			12,011			—			12,011
Impairment of property, plant and equipment	—			—			12,161			—			12,161
Stock-based compensation	6,513			—			—			—			6,513
Defined benefit pension plan expense	—			—			6,569			—			6,569
Contribution to defined benefit pension plan	—			—			(17,619		)	—			(17,619		)
(Gain) loss on sale of property, plant and equipment	885			42			(5,245		)	—			(4,318		)
Equity in earnings in nonconsolidated subsidiaries	(150,512		)	(16,417		)	(494		)	166,588			(835		)
Deferred income taxes	(8,948		)	(19		)	(1,174		)	—			(10,141		)
Changes in assets and liabilities (net of the effect from acquisitions):
Receivables	6,181			(22,259		)	3,370			—			(12,708		)
Inventories	12,966			1,757			(1,292		)	—			13,431
Prepaid expenses	2,417			98			1,600			—			4,115
Accounts payable	(10,458		)	(1,643		)	24,549			—			12,448
Accrued expenses	19,191			5,824			(3,317		)	—			21,698
Other noncurrent liabilities	3,201			—			(4,675		)	—			(1,474		)
Income taxes payable	(5,908		)	(3,251		)	5,029			825			(3,305		)
Net cash flows from operating activities	175,287			74,949			143,374			2,832			396,442
Cash flows from investing activities:
Purchase of property, plant and equipment	(76,582		)	(4,439		)	(25,732		)	—			(106,753		)
Acquisitions, net of cash acquired	—			—			(63,152		)	—			(63,152		)
Proceeds from sale of assets	794			35			36,753			—			37,582
Other, net	86,258			(83,327		)	503			(2,832		)	602
Net cash flows from investing activities	10,470			(87,731		)	(51,628		)	(2,832		)	(131,721		)
Cash flows from financing activities:
Net borrowings under short-term agreements	—			—			5,510			—			5,510
Proceeds from long-term borrowings	—			—			274			—			274
Principal payments on long-term obligations	(187		)	—			(404		)	—			(591		)
Cash decrease due to deconsolidation of subsidiary	—			—			(11,615		)	—			(11,615		)
Dividends paid	(25,414		)	—			—			—			(25,414		)
Intercompany dividends	8,947			20,133			(29,080		)	—			—
Intercompany interest on long-term note	—			1,229			(1,229		)	—			—
Intercompany principal payment on long-term note	—			22,430			(22,430		)	—			—
Dividends to noncontrolling interest	—			—			(1,767		)	—			(1,767		)
Purchase of noncontrolling interest	—			—			(9,324		)	—			(9,324		)
Proceeds from exercises under stock plans	16,348			—			—			—			16,348
Excess tax benefits from stock option exercises	5,306			—			—			—			5,306
Purchase of common treasury shares - stock plan exercises	(16,107		)	—			—			—			(16,107		)
Net cash flows from financing activities	(11,107		)	43,792			(70,065		)	—			(37,380		)
Effect of exchange rate changes on cash and cash equivalents	—			(7,927		)	(19,837		)	—			(27,764		)
Net change in cash and cash equivalents	174,650			23,083			1,844			—			199,577
Cash and cash equivalents—beginning of year	40,926			6,714			366,489			—			414,129
Cash and cash equivalents—end of year	$	215,576		$	29,797		$	368,333		$	—		$	613,706