GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

The Company had three tranches of senior unsecured notes at June 30, 2018. One of the tranches of senior unsecured notes was subsequently redeemed in the third quarter of 2018. 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:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirteen weeks ended June 30, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	297,916		$	133,563		$	315,499		$	(64,573	)	$	682,405
Cost of sales	220,677			98,649			252,185			(64,105		)	507,406
Gross profit	77,239			34,914			63,314			(468		)	174,999
Selling, general and administrative expenses	50,259			12,535			48,535			—			111,329
Operating income	26,980			22,379			14,779			(468		)	63,670
Other income (expense):
Interest expense	(11,396		)	(3,749		)	(395		)	3,749			(11,791		)
Interest income	305			5			4,885			(3,749		)	1,446
Loss from divestiture of grinding media business	(2,518		)	—			(3,566		)	—			(6,084		)
Other	616			14			1,214			—			1,844
	(12,993		)	(3,730		)	2,138			—			(14,585		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	13,987			18,649			16,917			(468		)	49,085
Income tax expense (benefit):
Current	4,566			4,851			7,356			(49		)	16,724
Deferred	(2,248		)	—			(71		)	—			(2,319		)
	2,318			4,851			7,285			(49		)	14,405
Earnings before equity in earnings of nonconsolidated subsidiaries	11,669			13,798			9,632			(419		)	34,680
Equity in earnings of nonconsolidated subsidiaries	21,291			31,169			—			(52,460		)	—
Net earnings	32,960			44,967			9,632			(52,879		)	34,680
Less: Earnings attributable to noncontrolling interests	—			—			(1,720		)	—			(1,720		)
Net earnings attributable to Valmont Industries, Inc.	$	32,960		$	44,967		$	7,912		$	(52,879	)	$	32,960

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Twenty-six weeks ended June 30, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	613,908		$	254,734		$	647,635		$	(135,188	)	$	1,381,089
Cost of sales	456,273			193,108			523,901			(136,432		)	1,036,850
Gross profit	157,635			61,626			123,734			1,244			344,239
Selling, general and administrative expenses	96,790			24,452			95,367			—			216,609
Operating income	60,845			37,174			28,367			1,244			127,630
Other income (expense):
Interest expense	(22,277		)	(7,629		)	(588		)	7,629			(22,865		)
Interest income	481			15			9,846			(7,629		)	2,713
Loss from divestiture of grinding media business	(2,518		)	—			(3,566		)	—			(6,084		)
Other	510			26			167			—			703
	(23,804		)	(7,588		)	5,859			—			(25,533		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	37,041			29,586			34,226			1,244			102,097
Income tax expense (benefit):
Current	7,335			5,737			11,277			88			24,437
Deferred	3,343			1,791			(2,634		)	—			2,500
	10,678			7,528			8,643			88			26,937
Earnings before equity in earnings of nonconsolidated subsidiaries	26,363			22,058			25,583			1,156			75,160
Equity in earnings of nonconsolidated subsidiaries	45,878			33,898			—			(79,776		)	—
Net earnings	72,241			55,956			25,583			(78,620		)	75,160
Less: Earnings attributable to noncontrolling interests	—			—			(2,919		)	—			(2,919		)
Net earnings attributable to Valmont Industries, Inc.	$	72,241		$	55,956		$	22,664		$	(78,620	)	$	72,241

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirteen weeks ended July 1, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	316,185		$	122,359		$	328,016		$	(53,823	)	$	712,737
Cost of sales	233,535			91,374			259,158			(54,610		)	529,457
Gross profit	82,650			30,985			68,858			787			183,280
Selling, general and administrative expenses	46,922			11,849			46,059			—			104,830
Operating income	35,728			19,136			22,799			787			78,450
Other income (expense):
Interest expense	(10,646		)	(3,785		)	(172		)	3,785			(10,818		)
Interest income	144			10			4,598			(3,785		)	967
Other	1,167			15			(1,374		)	—			(192		)
	(9,335		)	(3,760		)	3,052			—			(10,043		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	26,393			15,376			25,851			787			68,407
Income tax expense (benefit):
Current	15,344			4,782			7,444			233			27,803
Deferred	(5,788		)	—			(930		)	—			(6,718		)
	9,556			4,782			6,514			233			21,085
Earnings before equity in earnings of nonconsolidated subsidiaries	16,837			10,594			19,337			554			47,322
Equity in earnings of nonconsolidated subsidiaries	28,827			6,296			—			(35,123		)	—
Net earnings	45,664			16,890			19,337			(34,569		)	47,322
Less: Earnings attributable to noncontrolling interests	—			—			(1,658		)	—			(1,658		)
Net earnings attributable to Valmont Industries, Inc.	$	45,664		$	16,890		$	17,679		$	(34,569	)	$	45,664

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Twenty-six weeks ended July 1, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	609,450		$	239,584		$	623,312		$	(122,136	)	$	1,350,210
Cost of sales	450,021			182,863			491,648			(122,207		)	1,002,325
Gross profit	159,429			56,721			131,664			71			347,885
Selling, general and administrative expenses	97,139			23,509			84,131			—			204,779
Operating income	62,290			33,212			47,533			71			143,106
Other income (expense):
Interest expense	(21,788		)	(6,051		)	(334		)	6,051			(22,122		)
Interest income	295			24			7,626			(6,051		)	1,894
Other	2,521			31			(1,699		)	—			853
	(18,972		)	(5,996		)	5,593			—			(19,375		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	43,318			27,216			53,126			71			123,731
Income tax expense (benefit):
Current	10,457			10,102			8,553			(11		)	29,101
Deferred	5,539			—			1,808			—			7,347
	15,996			10,102			10,361			(11		)	36,448
Earnings before equity in earnings of nonconsolidated subsidiaries	27,322			17,114			42,765			82			87,283
Equity in earnings of nonconsolidated subsidiaries	57,321			5,316			—			(62,637		)	—
Net earnings	84,643			22,430			42,765			(62,555		)	87,283
Less: Earnings attributable to noncontrolling interests	—			—			(2,640		)	—			(2,640		)
Net earnings attributable to Valmont Industries, Inc.	$	84,643		$	22,430		$	40,125		$	(62,555	)	$	84,643

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended June 30, 2018



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	32,960		$	44,967	$	9,632		$	(52,879	)	$	34,680
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			6,513		(53,466		)	—			(46,953		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—		9,203			—			9,203
Gain (loss) on hedging activities:
Net investment hedges	2,396			—		—			—			2,396
Loss on net investment hedge for grinding media business recorded in earnings	1,215			—		—			—			1,215
Amortization cost included in interest expense	25			—		—			—			25
Loss (deferred) on interest rate hedges	(2,467		)	—		—			—			(2,467		)
Commodity hedges	1,438			—		—			—			1,438
Equity in other comprehensive income	(37,144		)	—		—			37,144			—
Other comprehensive income (loss)	(34,537		)	6,513		(44,263		)	37,144			(35,143		)
Comprehensive income (loss)	(1,577		)	51,480		(34,631		)	(15,735		)	(463		)
Comprehensive income attributable to noncontrolling interests	—			—		(1,114		)	—			(1,114		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(1,577	)	$	51,480	$	(35,745	)	$	(15,735	)	$	(1,577	)

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Twenty-six weeks ended June 30, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	72,241		$	55,956		$	25,583		$	(78,620	)	$	75,160
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(2,167		)	(37,982		)	—			(40,149		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—			9,203			—			9,203
Gain (loss) on hedging activities:
Net investment hedges	1,607			—			—			—			1,607
Loss on net investment hedge for grinding media business recorded in earnings	1,215			—			—			—			1,215
Amortization cost included in interest expense	44			—			—			—			44
Loss (deferred) on interest rate hedges	(2,467		)	—			—			—			(2,467		)
Commodity hedges	1,345			—			—			—			1,345
Equity in other comprehensive income	(33,888		)	—			—			33,888			—
Other comprehensive income (loss)	(32,144		)	(2,167		)	(28,779		)	33,888			(29,202		)
Comprehensive income (loss)	40,097			53,789			(3,196		)	(44,732		)	45,958
Comprehensive income attributable to noncontrolling interests	—			—			(5,861		)	—			(5,861		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	40,097		$	53,789		$	(9,057	)	$	(44,732	)	$	40,097

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended July 1, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	45,664		$	16,890		$	19,337		$	(34,569	)	$	47,322
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(1,359		)	22,910			—			21,551
Gain (loss) on hedging activities:
Net investment hedges	(550		)	—			—			—			(550		)
Amortization cost included in interest expense	18			—			—			—			18
Equity in other comprehensive income	20,986			—			—			(20,986		)	—
Other comprehensive income (loss)	20,454			(1,359		)	22,910			(20,986		)	21,019
Comprehensive income (loss)	66,118			15,531			42,247			(55,555		)	68,341
Comprehensive income attributable to noncontrolling interests	—			—			(2,223		)	—			(2,223		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	66,118		$	15,531		$	40,024		$	(55,555	)	$	66,118

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Twenty-six weeks ended July 1, 2017



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	84,643		$	22,430	$	42,765		$	(62,555	)	$	87,283
Other comprehensive income (loss), net of tax:						—
Foreign currency translation adjustments:						—
Unrealized translation gain (loss)	—			68,024		(27,083		)	—			40,941
Gain (loss) on hedging activities:
Net investment hedges	(1,076		)	—		—			—			(1,076		)
Amortization cost included in interest expense	37			—		—			—			37
Equity in other comprehensive income	41,599			—		—			(41,599		)	—
Other comprehensive income (loss)	40,560			68,024		(27,083		)	(41,599		)	39,902
Comprehensive income (loss)	125,203			90,454		15,682			(104,154		)	127,185
Comprehensive income attributable to noncontrolling interests	—			—		(1,982		)	—			(1,982		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	125,203		$	90,454	$	13,700		$	(104,154	)	$	125,203

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

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2018



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	349,906		$	12,698	$	359,984		$	—		$	722,588
Receivables, net	135,850			86,036		250,963			—			472,849
Inventories	140,600			38,888		205,410			(2,927		)	381,971
Prepaid expenses and other assets	49,748			39,066		39,029			—			127,843
Refundable income taxes	9,841			—		—			—			9,841
Total current assets	685,945			176,688		855,386			(2,927		)	1,715,092
Property, plant and equipment, at cost	566,962			166,690		398,422			—			1,132,074
Less accumulated depreciation and amortization	380,864			89,134		169,388			—			639,386
Net property, plant and equipment	186,098			77,556		229,034			—			492,688
Goodwill	20,108			110,562		190,692			—			321,362
Other intangible assets	103			29,164		95,282			—			124,549
Investment in subsidiaries and intercompany accounts	1,342,466			1,118,506		990,137			(3,451,109		)	—
Other assets	50,346			—		75,324			—			125,670
Total assets	$	2,285,066		$	1,512,476	$	2,435,855		$	(3,454,036	)	$	2,779,361
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	252,218		$	—	$	863		$	—		$	253,081
Notes payable to banks	—			—		271			—			271
Accounts payable	55,865			12,342		125,405			—			193,612
Accrued employee compensation and benefits	37,484			5,888		28,441			—			71,813
Accrued expenses	31,803			5,963		41,597			—			79,363
Dividends payable	8,412			—		—			—			8,412
Total current liabilities	385,782			24,193		196,577			—			606,552
Deferred income taxes	(1,652		)	16,883		19,261			—			34,492
Long-term debt, excluding current installments	733,709			175,549		9,012			(181,968		)	736,302
Defined benefit pension liability	—			—		183,688			—			183,688
Deferred compensation	43,413			—		4,705			—			48,118
Other noncurrent liabilities	11,648			5		8,732			—			20,385
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950		648,682			(1,106,632		)	27,900
Additional paid-in capital	—			162,906		1,107,536			(1,270,442		)	—
Retained earnings	2,023,919			602,675		552,173			(1,154,848		)	2,023,919
Accumulated other comprehensive income (loss)	(311,166		)	72,315		(332,169		)	259,854			(311,166		)
Treasury stock	(628,487		)	—		—			—			(628,487		)
Total Valmont Industries, Inc. shareholders’ equity	1,112,166			1,295,846		1,976,222			(3,272,068		)	1,112,166
Noncontrolling interest in consolidated subsidiaries	—			—		37,658			—			37,658
Total shareholders’ equity	1,112,166			1,295,846		2,013,880			(3,272,068		)	1,149,824
Total liabilities and shareholders’ equity	$	2,285,066		$	1,512,476	$	2,435,855		$	(3,454,036	)	$	2,779,361

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

CONDENSED CONSOLIDATED BALANCE SHEETS

December 30, 2017



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	83,329		$	5,304	$	404,172		$	—		$	492,805
Receivables, net	149,221			82,995		271,461			—			503,677
Inventories	160,444			46,801		217,551			(3,848		)	420,948
Prepaid expenses and other assets	8,607			970		34,066			—			43,643
Refundable income taxes	11,492			—		—			—			11,492
Total current assets	413,093			136,070		927,250			(3,848		)	1,472,565
Property, plant and equipment, at cost	557,371			160,767		447,549			—			1,165,687
Less accumulated depreciation and amortization	368,668			84,508		193,583			—			646,759
Net property, plant and equipment	188,703			76,259		253,966			—			518,928
Goodwill	20,108			110,562		207,050			—			337,720
Other intangible assets	130			30,955		107,514			—			138,599
Investment in subsidiaries and intercompany accounts	1,416,446			1,181,537		927,179			(3,525,162		)	—
Other assets	50,773			—		83,665			—			134,438
Total assets	$	2,089,253		$	1,535,383	$	2,506,624		$	(3,529,010	)	$	2,602,250
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	—		$	—	$	966		$	—		$	966
Notes payable to banks	—			—		161			—			161
Accounts payable	69,915			18,039		139,952			—			227,906
Accrued employee compensation and benefits	44,086			8,749		31,591			—			84,426
Accrued expenses	28,198			9,621		43,210			—			81,029
Dividends payable	8,510			—		—			—			8,510
Total current liabilities	150,709			36,409		215,880			—			402,998
Deferred income taxes	20,885			—		14,021			—			34,906
Long-term debt, excluding current installments	750,821			185,078		9,836			(191,847		)	753,888
Defined benefit pension liability	—			—		189,552			—			189,552
Deferred compensation	42,928			—		5,598			—			48,526
Other noncurrent liabilities	11,074			6		9,505			—			20,585
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950		648,682			(1,106,632		)	27,900
Additional paid-in capital	—			159,414		1,107,536			(1,266,950		)	—
Retained earnings	1,954,344			622,044		619,622			(1,241,666		)	1,954,344
Accumulated other comprehensive income	(279,022		)	74,482		(352,567		)	278,085			(279,022		)
Treasury stock	(590,386		)	—		—			—			(590,386		)
Total Valmont Industries, Inc. shareholders’ equity	1,112,836			1,313,890		2,023,273			(3,337,163		)	1,112,836
Noncontrolling interest in consolidated subsidiaries	—			—		38,959			—			38,959
Total shareholders’ equity	1,112,836			1,313,890		2,062,232			(3,337,163		)	1,151,795
Total liabilities and shareholders’ equity	$	2,089,253		$	1,535,383	$	2,506,624		$	(3,529,010	)	$	2,602,250

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Twenty-six Weeks Ended June 30, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	72,241		$	55,956		$	25,583		$	(78,620	)	$	75,160
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	12,871			7,063			21,723			—			41,657
Noncash loss on trading securities	—			—			229			—			229
Impairment of property, plant and equipment	—			—			2,791			—			2,791
Loss on divestiture of grinding media business	2,518			—			3,566			—			6,084
Stock-based compensation	5,374			—			—			—			5,374
Defined benefit pension plan expense	—			—			(1,159		)	—			(1,159		)
Contribution to defined benefit pension plan	—			—			(731		)	—			(731		)
Loss (gain) on sale of property, plant and equipment	10			(7		)	(290		)	—			(287		)
Equity in earnings in nonconsolidated subsidiaries	(45,878		)	(33,898		)	—			79,776			—
Deferred income taxes	3,343			1,791			(2,634		)	—			2,500
Changes in assets and liabilities:
Net working capital	(15,781		)	(43,990		)	(12,177		)	(1,244		)	(73,192		)
Other noncurrent liabilities	640			—			(1,120		)	—			(480		)
Income taxes payable (refundable)	(11,054		)	(843		)	7,609			—			(4,288		)
Net cash flows from operating activities	24,284			(13,928		)	43,390			(88		)	53,658
Cash flows from investing activities:
Purchase of property, plant and equipment	(10,051		)	(6,770		)	(14,995		)	—			(31,816		)
Proceeds from sale of assets	5			209			64,179			—			64,393
Acquisitions, net of cash acquired	—			—			(9,300		)	—			(9,300		)
Settlement of net investment hedge	(1,621		)	—			—			—			(1,621		)
Other, net	6,335			13,752			(17,771		)	88			2,404
Net cash flows from investing activities	(5,332		)	7,191			22,113			88			24,060
Cash flows from financing activities:
Proceeds from short-term agreements	—			—			130			—			130
Proceeds from long-term borrowings	237,641			—			—			—			237,641
Principal payments on long-term borrowings	—			—			(495		)	—			(495		)
Settlement of financial derivative	(2,467		)	—			—			—			(2,467		)
Debt issuance costs	(2,322		)	—			—			—			(2,322		)
Dividends paid	(17,003		)	—			—			—			(17,003		)
Dividends to noncontrolling interest	—			—			(4,852		)	—			(4,852		)
Intercompany dividends	75,325			11,296			(86,621		)	—			—
Purchase of noncontrolling interest	—			—			(5,510		)	—			(5,510		)
Intercompany capital contribution	(3,492		)	3,492			—			—			—
Purchase of treasury shares	(43,999		)	—			—			—			(43,999		)
Proceeds from exercises under stock plans	5,711			—			—			—			5,711
Purchase of common treasury shares - stock plan exercises	(1,769		)	—			—			—			(1,769		)
Net cash flows from financing activities	247,625			14,788			(97,348		)	—			165,065
Effect of exchange rate changes on cash and cash equivalents	—			(657		)	(12,343		)	—			(13,000		)
Net change in cash and cash equivalents	266,577			7,394			(44,188		)	—			229,783
Cash and cash equivalents—beginning of year	83,329			5,304			404,172			—			492,805
Cash and cash equivalents—end of period	$	349,906		$	12,698		$	359,984		$	—		$	722,588

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Twenty-six Weeks Ended July 1, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	84,643		$	22,430		$	42,765		$	(62,555	)	$	87,283
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	13,048			7,113			21,593			—			41,754
Noncash loss on trading securities	—			—			188			—			188
Stock-based compensation	4,590			—			—			—			4,590
Defined benefit pension plan expense	—			—			314			—			314
Contribution to defined benefit pension plan	—			—			(25,379		)	—			(25,379		)
Loss (gain) on sale of property, plant and equipment	(20		)	—			(44		)	—			(64		)
Equity in earnings in nonconsolidated subsidiaries	(57,321		)	(5,316		)	—			62,637			—
Deferred income taxes	5,539			—			1,808			—			7,347
Changes in assets and liabilities:
Net working capital	(14,523		)	(28,010		)	(21,840		)	69			(64,304		)
Other noncurrent liabilities	874			—			1,099			—			1,973
Income taxes payable (refundable)	(7,737		)	542			9,223			—			2,028
Net cash flows from operating activities	29,093			(3,241		)	29,727			151			55,730
Cash flows from investing activities:
Purchase of property, plant and equipment	(8,126		)	(3,351		)	(14,706		)	—			(26,183		)
Proceeds from sale of assets	21			11			858			—			890
Settlement of net investment hedge	5,123			—			—			—			5,123
Other, net	(8,313		)	6,604			(607		)	(151		)	(2,467		)
Net cash flows from investing activities	(11,295		)	3,264			(14,455		)	(151		)	(22,637		)
Cash flows from financing activities:
Payments under short-term agreements	—			—			(369		)	—			(369		)
Principal payments on long-term borrowings	—			—			(434		)	—			(434		)
Dividends paid	(16,913		)	—			—			—			(16,913		)
Dividends to noncontrolling interest	—			—			(2,889		)	—			(2,889		)
Intercompany dividends	22,662			—			(22,662		)	—			—
Intercompany interest on long-term note	—			(5,669		)	5,669			—			—
Intercompany capital contribution	(3,785		)	3,785			—			—			—
Proceeds from exercises under stock plans	10,168			—			—			—			10,168
Purchase of common treasury shares - stock plan exercises	(3,056		)	—			—			—			(3,056		)
Net cash flows from financing activities	9,076			(1,884		)	(20,685		)	—			(13,493		)
Effect of exchange rate changes on cash and cash equivalents	—			212			15,894			—			16,106
Net change in cash and cash equivalents	26,874			(1,649		)	10,481			—			35,706
Cash and cash equivalents—beginning of year	67,225			6,071			339,220			—			412,516
Cash and cash equivalents—end of period	$	94,099		$	4,422		$	349,701		$	—		$	448,222