GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

The Company has two 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:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirteen weeks ended September 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	293,070		$	132,059		$	319,129		$	(65,566	)	$	678,692
Cost of sales	227,467			100,130			252,353			(65,598		)	514,352
Gross profit	65,603			31,929			66,776			32			164,340
Selling, general and administrative expenses	51,159			12,908			61,913			—			125,980
Operating income	14,444			19,021			4,863			32			38,360
Other income (expense):
Interest expense	(10,511		)	(3,600		)	(443		)	3,600			(10,954		)
Interest income	174			47			4,379			(3,600		)	1,000
Other	(13,765		)	15			1,426			—			(12,324		)
	(24,102		)	(3,538		)	5,362			—			(22,278		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	(9,658		)	15,483			10,225			32			16,082
Income tax expense (benefit)	(4,497		)	4,732			8,882			(26		)	9,091
Earnings before equity in earnings of nonconsolidated subsidiaries	(5,161		)	10,751			1,343			58			6,991
Equity in earnings of nonconsolidated subsidiaries	9,609			4,041			—			(13,650		)	—
Net earnings	4,448			14,792			1,343			(13,592		)	6,991
Less: Earnings attributable to noncontrolling interests	—			—			(2,543		)	—			(2,543		)
Net earnings attributable to Valmont Industries, Inc.	$	4,448		$	14,792		$	(1,200	)	$	(13,592	)	$	4,448

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirty-nine weeks ended September 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	906,978		$	386,793		$	966,764		$	(200,754	)	$	2,059,781
Cost of sales	683,740			293,238			776,254			(202,030		)	1,551,202
Gross profit	223,238			93,555			190,510			1,276			508,579
Selling, general and administrative expenses	147,949			37,360			157,280			—			342,589
Operating income	75,289			56,195			33,230			1,276			165,990
Other income (expense):
Interest expense	(32,788		)	(11,229		)	(1,031		)	11,229			(33,819		)
Interest income	655			62			14,225			(11,229		)	3,713
Other	(15,773		)	41			(1,973		)	—			(17,705		)
	(47,906		)	(11,126		)	11,221			—			(47,811		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	27,383			45,069			44,451			1,276			118,179
Income tax expense (benefit)	6,181			12,260			17,525			62			36,028
Earnings before equity in earnings of nonconsolidated subsidiaries	21,202			32,809			26,926			1,214			82,151
Equity in earnings of nonconsolidated subsidiaries	55,487			37,939			—			(93,426		)	—
Net earnings	76,689			70,748			26,926			(92,212		)	82,151
Less: Earnings attributable to noncontrolling interests	—			—			(5,462		)	—			(5,462		)
Net earnings attributable to Valmont Industries, Inc.	$	76,689		$	70,748		$	21,464		$	(92,212	)	$	76,689

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirteen weeks ended September 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	284,538		$	113,243		$	343,818		$	(60,820	)	$	680,779
Cost of sales	216,039			88,757			272,959			(60,570		)	517,185
Gross profit	68,499			24,486			70,859			(250		)	163,594
Selling, general and administrative expenses	46,451			12,046			45,007			—			103,504
Operating income	22,048			12,440			25,852			(250		)	60,090
Other income (expense):
Interest expense	(10,884		)	(3,989		)	(306		)	3,989			(11,190		)
Interest income	268			9			5,023			(3,989		)	1,311
Other	1,379			11			(1,040		)	—			350
	(9,237		)	(3,969		)	3,677			—			(9,529		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	12,811			8,471			29,529			(250		)	50,561
Income tax expense (benefit)	5,556			3,082			5,265			(8		)	13,895
Earnings before equity in earnings of nonconsolidated subsidiaries	7,255			5,389			24,264			(242		)	36,666
Equity in earnings of nonconsolidated subsidiaries	27,953			9,965			—			(37,918		)	—
Net earnings	35,208			15,354			24,264			(38,160		)	36,666
Less: Earnings attributable to noncontrolling interests	—			—			(1,458		)	—			(1,458		)
Net earnings attributable to Valmont Industries, Inc.	$	35,208		$	15,354		$	22,806		$	(38,160	)	$	35,208

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirty-nine weeks ended September 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	893,988		$	352,827		$	967,130		$	(182,956	)	$	2,030,989
Cost of sales	666,060			271,620			764,607			(182,777		)	1,519,510
Gross profit	227,928			81,207			202,523			(179		)	511,479
Selling, general and administrative expenses	143,590			35,555			129,138			—			308,283
Operating income	84,338			45,652			73,385			(179		)	203,196
Other income (expense):
Interest expense	(32,672		)	(10,040		)	(640		)	10,040			(33,312		)
Interest income	563			33			12,649			(10,040		)	3,205
Other	3,900			42			(2,739		)	—			1,203
	(28,209		)	(9,965		)	9,270			—			(28,904		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	56,129			35,687			82,655			(179		)	174,292
Income tax expense (benefit)	21,552			13,184			15,626			(19		)	50,343
Earnings before equity in earnings of nonconsolidated subsidiaries	34,577			22,503			67,029			(160		)	123,949
Equity in earnings of nonconsolidated subsidiaries	85,274			15,281			—			(100,555		)	—
Net earnings	119,851			37,784			67,029			(100,715		)	123,949
Less: Earnings attributable to noncontrolling interests	—			—			(4,098		)	—			(4,098		)
Net earnings attributable to Valmont Industries, Inc.	$	119,851		$	37,784		$	62,931		$	(100,715	)	$	119,851

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended September 29, 2018



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	4,448		$	14,792	$	1,343		$	(13,592	)	$	6,991
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			4,289		(14,921		)	—			(10,632		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—		—			—			—
Gain (loss) on hedging activities	(910		)	—		—			—			(910		)
Equity in other comprehensive income	(10,478		)	—		—			10,478			—
Other comprehensive income (loss)	(11,388		)	4,289		(14,921		)	10,478			(11,542		)
Comprehensive income (loss)	(6,940		)	19,081		(13,578		)	(3,114		)	(4,551		)
Comprehensive income attributable to noncontrolling interests	—			—		(2,389		)	—			(2,389		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(6,940	)	$	19,081	$	(15,967	)	$	(3,114	)	$	(6,940	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirty-nine weeks ended September 29, 2018



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	76,689		$	70,748	$	26,926		$	(92,212	)	$	82,151
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			2,122		(52,903		)	—			(50,781		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—		9,203			—			9,203
Gain (loss) on hedging activities	834			—		—			—			834
Equity in other comprehensive income	(44,366		)	—		—			44,366			—
Other comprehensive income (loss)	(43,532		)	2,122		(43,700		)	44,366			(40,744		)
Comprehensive income (loss)	33,157			72,870		(16,774		)	(47,846		)	41,407
Comprehensive income attributable to noncontrolling interests	—			—		(8,250		)	—			(8,250		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	33,157		$	72,870	$	(25,024	)	$	(47,846	)	$	33,157

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended September 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	35,208		$	15,354		$	24,264		$	(38,160	)	$	36,666
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(3,613		)	23,143			—			19,530
Gain (loss) on hedging activities	(721		)	—			—			—			(721		)
Equity in other comprehensive income	18,418			—			—			(18,418		)	—
Other comprehensive income (loss)	17,697			(3,613		)	23,143			(18,418		)	18,809
Comprehensive income (loss)	52,905			11,741			47,407			(56,578		)	55,475
Comprehensive income attributable to noncontrolling interests	—			—			(2,570		)	—			(2,570		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	52,905		$	11,741		$	44,837		$	(56,578	)	$	52,905

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirty-nine weeks ended September 30, 2017



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	119,851		$	37,784	$	67,029		$	(100,715	)	$	123,949
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			64,411		(3,940		)	—			60,471
Gain (loss) on hedging activities	(1,760		)	—		—			—			(1,760		)
Equity in other comprehensive income	60,017			—		—			(60,017		)	—
Other comprehensive income (loss)	58,257			64,411		(3,940		)	(60,017		)	58,711
Comprehensive income (loss)	178,108			102,195		63,089			(160,732		)	182,660
Comprehensive income attributable to noncontrolling interests	—			—		(4,552		)	—			(4,552		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	178,108		$	102,195	$	58,537		$	(160,732	)	$	178,108

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

CONDENSED CONSOLIDATED BALANCE SHEETS

September 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	26,292		$	10,628		$	258,702		$	—		$	295,622
Receivables, net	154,551			72,521			273,334			—			500,406
Inventories	140,195			42,840			219,765			(2,895		)	399,905
Contract asset - costs and profits in excess of billings	49,509			39,583			23,528			—			112,620
Prepaid expenses and other assets	11,586			4,433			24,636			—			40,655
Refundable income taxes	13,182			—			—			—			13,182
Total current assets	395,315			170,005			799,965			(2,895		)	1,362,390
Property, plant and equipment, at cost	573,119			168,519			412,205			—			1,153,843
Less accumulated depreciation and amortization	386,282			90,810			169,030			—			646,122
Net property, plant and equipment	186,837			77,709			243,175			—			507,721
Goodwill	20,108			110,562			258,924			—			389,594
Other intangible assets	90			28,271			150,332			—			178,693
Investment in subsidiaries and intercompany accounts	1,345,874			1,123,215			933,195			(3,402,284		)	—
Other assets	49,952			—			74,728			—			124,680
Total assets	$	1,998,176		$	1,509,762		$	2,460,319		$	(3,405,179	)	$	2,563,078
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	—		$	—		$	829		$	—		$	829
Notes payable to banks	—			—			3,328			—			3,328
Accounts payable	58,896			18,050			123,522			—			200,468
Accrued employee compensation and benefits	42,381			7,253			31,209			—			80,843
Accrued expenses	40,948			(1,987		)	67,968			—			106,929
Dividends payable	8,310			—			—			—			8,310
Total current liabilities	150,535			23,316			226,856			—			400,707
Deferred income taxes	2,938			—			42,138			—			45,076
Long-term debt, excluding current installments	733,815			171,128			2,370			(171,128		)	736,185
Defined benefit pension liability	—			—			179,877			—			179,877
Deferred compensation	43,460			—			4,714			—			48,174
Other noncurrent liabilities	10,211			392			8,708			—			19,311
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	2,022,538			617,466			510,063			(1,127,529		)	2,022,538
Accumulated other comprehensive income (loss)	(322,554		)	76,604			(347,156		)	270,552			(322,554		)
Treasury stock	(670,667		)	—			—			—			(670,667		)
Total Valmont Industries, Inc. shareholders’ equity	1,057,217			1,314,926			1,919,125			(3,234,051		)	1,057,217
Noncontrolling interest in consolidated subsidiaries	—			—			76,531			—			76,531
Total shareholders’ equity	1,057,217			1,314,926			1,995,656			(3,234,051		)	1,133,748
Total liabilities and shareholders’ equity	$	1,998,176		$	1,509,762		$	2,460,319		$	(3,405,179	)	$	2,563,078

(11) 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
Contract asset - costs and profits in excess of billings	—			—		16,165			—			16,165
Prepaid expenses and other assets	8,607			970		17,901			—			27,478
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

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Thirty-nine Weeks Ended September 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	76,689		$	70,748		$	26,926		$	(92,212	)	$	82,151
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	19,498			10,564			31,956			—			62,018
Noncash gain on trading securities	—			—			(62		)	—			(62		)
Impairment of property, plant and equipment	—			—			4,197			—			4,197
Impairment of goodwill & intangible assets	—			—			15,780			—			15,780
Loss on divestiture of grinding media business	2,518			—			3,566			—			6,084
Stock-based compensation	8,076			—			—			—			8,076
Defined benefit pension plan expense	—			—			(1,713		)	—			(1,713		)
Contribution to defined benefit pension plan	—			—			(1,555		)	—			(1,555		)
Loss (gain) on sale of property, plant and equipment	7			(27		)	(333		)	—			(353		)
Equity in earnings in nonconsolidated subsidiaries	(55,487		)	(37,939		)	—			93,426			—
Deferred income taxes	729			1,791			(1,706		)	—			814
Changes in assets and liabilities:
Net working capital	(28,948		)	(40,255		)	(26,432		)	(1,277		)	(96,912		)
Other noncurrent liabilities	(762		)	387			(874		)	—			(1,249		)
Income taxes payable (refundable)	(23,256		)	(1,066		)	15,099			—			(9,223		)
Net cash flows from operating activities	(936		)	4,203			64,849			(63		)	68,053
Cash flows from investing activities:
Purchase of property, plant and equipment	(16,940		)	(9,546		)	(22,433		)	—			(48,919		)
Proceeds from sale of assets	39			232			64,515			—			64,786
Acquisitions, net of cash acquired	(57,805		)	—			(67,504		)	—			(125,309		)
Settlement of net investment hedge	(1,621		)	—			—			—			(1,621		)
Other, net	28,299			(3,683		)	(27,050		)	63			(2,371		)
Net cash flows from investing activities	(48,028		)	(12,997		)	(52,472		)	63			(113,434		)
Cash flows from financing activities:
Proceeds from short-term agreements	—			—			3,217			—			3,217
Proceeds from long-term borrowings	236,936			—			—			—			236,936
Principal payments on long-term borrowings	(252,219		)	—			(733		)	—			(252,952		)
Settlement of financial derivative	(2,467		)	—			—			—			(2,467		)
Debt issuance costs	(2,322		)	—			—			—			(2,322		)
Dividends paid	(25,415		)	—			—			—			(25,415		)
Dividends to noncontrolling interest	—			—			(5,737		)	—			(5,737		)
Intercompany dividends	123,363			11,296			(134,659		)	—			—
Purchase of noncontrolling interest	—			—			(5,510		)	—			(5,510		)
Intercompany capital contribution	(3,492		)	3,492			—			—			—
Purchase of treasury shares	(86,919		)	—			—			—			(86,919		)
Proceeds from exercises under stock plans	6,376			—			—			—			6,376
Purchase of common treasury shares - stock plan exercises	(1,914		)	—			—			—			(1,914		)
Net cash flows from financing activities	(8,073		)	14,788			(143,422		)	—			(136,707		)
Effect of exchange rate changes on cash and cash equivalents	—			(670		)	(14,425		)	—			(15,095		)
Net change in cash and cash equivalents	(57,037		)	5,324			(145,470		)	—			(197,183		)
Cash and cash equivalents—beginning of year	83,329			5,304			404,172			—			492,805
Cash and cash equivalents—end of period	$	26,292		$	10,628		$	258,702		$	—		$	295,622

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Thirty-nine Weeks Ended September 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	119,851		$	37,784		$	67,029		$	(100,715	)	$	123,949
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	19,600			11,130			32,770			—			63,500
Noncash loss on trading securities	—			—			395			—			395
Stock-based compensation	7,300			—			—			—			7,300
Defined benefit pension plan expense	—			—			481			—			481
Contribution to defined benefit pension plan	—			—			(26,064		)	—			(26,064		)
Loss (gain) on sale of property, plant and equipment	(725		)	59			(66		)	—			(732		)
Equity in earnings in nonconsolidated subsidiaries	(85,274		)	(15,281		)	—			100,555			—
Deferred income taxes	2,065			—			(1,986		)	—			79
Changes in assets and liabilities:
Net working capital	(5,713		)	(23,364		)	(14,815		)	179			(43,713		)
Other noncurrent liabilities	(381		)	—			(1,246		)	—			(1,627		)
Income taxes payable (refundable)	(11,403		)	802			8,869			—			(1,732		)
Net cash flows from operating activities	45,320			11,130			65,367			19			121,836
Cash flows from investing activities:
Purchase of property, plant and equipment	(14,046		)	(5,952		)	(19,900		)	—			(39,898		)
Proceeds from sale of assets	745			(48		)	878			—			1,575
Acquisitions, net of cash acquired	—			—			(5,362		)	—			(5,362		)
Settlement of net investment hedge	5,123			—			—			—			5,123
Other, net	15,714			(8,985		)	(10,172		)	(19		)	(3,462		)
Net cash flows from investing activities	7,536			(14,985		)	(34,556		)	(19		)	(42,024		)
Cash flows from financing activities:
Payments under short-term agreements	—			—			(549		)	—			(549		)
Principal payments on long-term borrowings	—			—			(658		)	—			(658		)
Dividends paid	(25,386		)	—			—			—			(25,386		)
Dividends to noncontrolling interest	—			—			(3,895		)	—			(3,895		)
Intercompany dividends	22,662			—			(22,662		)	—			—
Intercompany interest on long-term note	—			(5,669		)	5,669			—			—
Intercompany capital contribution	(7,375		)	7,375			—			—			—
Proceeds from exercises under stock plans	12,446			—			—			—			12,446
Purchase of common treasury shares - stock plan exercises	(3,929		)	—			—			—			(3,929		)
Net cash flows from financing activities	(1,582		)	1,706			(22,095		)	—			(21,971		)
Effect of exchange rate changes on cash and cash equivalents	—			245			22,888			—			23,133
Net change in cash and cash equivalents	51,274			(1,904		)	31,604			—			80,974
Cash and cash equivalents—beginning of year	67,225			6,071			339,220			—			412,516
Cash and cash equivalents—end of period	$	118,499		$	4,167		$	370,824		$	—		$	493,490