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. The Company is the issuer.

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 Year ended December 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,192,134		$	522,366		$	1,303,323		$	(260,679	)	$	2,757,144
Cost of sales	906,646			399,451			1,055,215			(262,448		)	2,098,864
Gross profit	285,488			122,915			248,108			1,769			658,280
Selling, general and administrative expenses	192,343			51,127			212,530			—			456,000
Operating income	93,145			71,788			35,578			1,769			202,280
Other income (expense):
Interest expense	(42,524		)	(14,815		)	(1,713		)	14,815			(44,237		)
Interest income	791			82			18,610			(14,815		)	4,668
Other	(17,602		)	59			(1,727		)	—			(19,270		)
	(59,335		)	(14,674		)	15,170			—			(58,839		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	33,810			57,114			50,748			1,769			143,441
Income tax expense (benefit):
Current	6,310			14,948			23,290			246			44,794
Deferred	1,532			1,791			(4,982		)	—			(1,659		)
	7,842			16,739			18,308			246			43,135
Earnings before equity in earnings of nonconsolidated subsidiaries	25,968			40,375			32,440			1,523			100,306
Equity in earnings of nonconsolidated subsidiaries	68,383			37,304			—			(105,687		)	—
Net earnings	94,351			77,679			32,440			(104,164		)	100,306
Less: Earnings attributable to noncontrolling interests	—			—			(5,955		)	—			(5,955		)
Net earnings attributable to Valmont Industries, Inc	$	94,351		$	77,679		$	26,485		$	(104,164	)	$	94,351

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Year ended December 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,200,181		$	485,448		$	1,312,214		$	(251,876	)	$	2,745,967
Cost of sales	898,799			375,383			1,042,199			(252,182		)	2,064,199
Gross profit	301,382			110,065			270,015			306			681,768
Selling, general and administrative expenses	192,182			47,955			174,551			—			414,688
Operating income	109,200			62,110			95,464			306			267,080
Other income (expense):
Interest expense	(43,642		)	(13,866		)	(1,003		)	13,866			(44,645		)
Interest income	838			42			17,723			(13,866		)	4,737
Other	5,681			58			(4,447		)	—			1,292
	(37,123		)	(13,766		)	12,273			—			(38,616		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	72,077			48,344			107,737			306			228,464
Income tax expense (benefit):
Current	29,407			17,928			18,920			135			66,390
Deferred	10,307			—			29,448			—			39,755
	39,714			17,928			48,368			135			106,145
Earnings before equity in earnings of nonconsolidated subsidiaries	32,363			30,416			59,369			171			122,319
Equity in earnings of nonconsolidated subsidiaries	83,877			22,146			—			(106,023		)	—
Net earnings	116,240			52,562			59,369			(105,852		)	122,319
Less: Earnings attributable to noncontrolling interests	—			—			(6,079		)	—			(6,079		)
Net earnings attributable to Valmont Industries, Inc	$	116,240		$	52,562		$	53,290		$	(105,852	)	$	116,240

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Year ended December 31, 2016



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,126,985		$	390,756		$	1,195,812		$	(191,877	)	$	2,521,676
Cost of sales	837,616			285,924			932,609			(190,716		)	1,865,433
Gross profit	289,369			104,832			263,203			(1,161		)	656,243
Selling, general and administrative expenses	184,493			46,244			180,132			—			410,869
Operating income	104,876			58,588			83,071			(1,161		)	245,374
Other income (expense):
Interest expense	(43,703		)	(10		)	(696		)	—			(44,409		)
Interest income	273			112			2,720			—			3,105
Other	1,480			77			14,827			—			16,384
	(41,950		)	179			16,851			—			(24,920		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	62,926			58,767			99,922			(1,161		)	220,454
Income tax expense (benefit):
Current	24,539			20,270			21,262			(323		)	65,748
Deferred	6,216			—			(29,901		)	—			(23,685		)
	30,755			20,270			(8,639		)	(323		)	42,063
Earnings before equity in earnings of nonconsolidated subsidiaries	32,171			38,497			108,561			(838		)	178,391
Equity in earnings of nonconsolidated subsidiaries	141,061			66,128			—			(207,189		)	—
Net earnings	173,232			104,625			108,561			(208,027		)	178,391
Less: Earnings attributable to noncontrolling interests	—			—			(5,159		)	—			(5,159		)
Net earnings attributable to Valmont Industries, Inc	$	173,232		$	104,625		$	103,402		$	(208,027	)	$	173,232

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	94,351		$	77,679		$	32,440		$	(104,164	)	$	100,306
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			(6,509		)	(58,927		)	—			(65,436		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—			9,203			—			9,203
Gain (loss) on hedging activities	4,814			—			—			—			4,814
Actuarial gain (loss) in defined benefit pension plan liability	—			—			29,885			—			29,885
Equity in other comprehensive income	(28,977		)	—			—			28,977			—
Other comprehensive income (loss)	(24,163		)	(6,509		)	(19,839		)	28,977			(21,534		)
Comprehensive income (loss)	70,188			71,170			12,601			(75,187		)	78,772
Comprehensive income attributable to noncontrolling interests	—			—			(8,584		)	—			(8,584		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	70,188		$	71,170		$	4,017		$	(75,187	)	$	70,188

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 30, 2017



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	116,240		$	52,562	$	59,369		$	(105,852	)	$	122,319
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			138,795		(59,516		)	—			79,279
Gain (loss) on hedging activities	(1,621		)	—		—			—			(1,621		)
Actuarial gain (loss) in defined benefit pension plan liability	—			—		(10,871		)	—			(10,871		)
Equity in other comprehensive income	68,958			—		—			(68,958		)	—
Other comprehensive income (loss)	67,337			138,795		(70,387		)	(68,958		)	66,787
Comprehensive income (loss)	183,577			191,357		(11,018		)	(174,810		)	189,106
Comprehensive income attributable to noncontrolling interests	—			—		(5,529		)	—			(5,529		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	183,577		$	191,357	$	(16,547	)	$	(174,810	)	$	183,577

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 31, 2016



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	173,232		$	104,625	$	108,561		$	(208,027	)	$	178,391
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			49		(58,364		)	—			(58,315		)
Gain (loss) on hedging activities	4,300			—		—			—			4,300
Actuarial gain (loss) in defined benefit pension plan liability	—			—		(24,141		)	—			(24,141		)
Equity in other comprehensive income	(83,252		)	—		—			83,252			—
Other comprehensive income (loss)	(78,952		)	49		(82,505		)	83,252			(78,156		)
Comprehensive income	94,280			104,674		26,056			(124,775		)	100,235
Comprehensive income attributable to noncontrolling interests	—			—		(6,144		)	—			(6,144		)
Comprehensive income attributable to Valmont Industries, Inc.	$	94,280		$	104,674	$	19,912		$	(124,775	)	$	94,091

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

CONDENSED CONSOLIDATED BALANCE SHEETS

December 29, 2018



	Parent			Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	104,256		$	5,518	$	203,436		$	—		$	313,210
Receivables, net	134,943			75,204		273,816			—			483,963
Inventories	138,158			37,019		210,791			(2,402		)	383,566
Contra asset - costs and profits in excess of billings	50,271			35,200		27,054			—			112,525
Prepaid expenses, restricted cash, and other assets	21,858			746		20,196			—			42,800
Refundable income taxes	4,576			—		—			—			4,576
Total current assets	454,062			153,687		735,293			(2,402		)	1,340,640
Property, plant and equipment, at cost	579,046			172,050		409,769			—			1,160,865
Less accumulated depreciation and amortization	390,438			93,374		163,061			—			646,873
Net property, plant and equipment	188,608			78,676		246,708			—			513,992
Goodwill	20,108			110,562		254,537			—			385,207
Other intangible assets	76			27,452		148,428			—			175,956
Investment in subsidiaries and intercompany accounts	1,286,545			1,161,612		932,982			(3,381,139		)	—
Other assets	47,674			—		66,805			—			114,479
Total assets	$	1,997,073		$	1,531,989	$	2,384,753		$	(3,383,541	)	$	2,530,274
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	—		$	—	$	779		$	—		$	779
Notes payable to banks	—			—		10,678			—			10,678
Accounts payable	68,304			21,081		128,730			—			218,115
Accrued employee compensation and benefits	41,418			7,186		30,687			—			79,291
Accrued expenses	25,936			10,132		55,874			—			91,942
Dividends payable	8,230			—		—			—			8,230
Total current liabilities	143,888			38,399		226,748			—			409,035
Deferred income taxes	14,376			—		29,113			—			43,489
Long-term debt, excluding current installments	733,964			166,729		7,858			(166,729		)	741,822
Defined benefit pension liability	—			—		143,904			—			143,904
Deferred compensation	41,496			—		4,611			—			46,107
Other noncurrent liabilities	3,587			620		6,187			—			10,394
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	2,027,596			624,394		467,699			(1,092,093		)	2,027,596
Accumulated other comprehensive income (loss)	(303,185		)	80,991		(333,346		)	252,355			(303,185		)
Treasury stock	(692,549		)	—		—			—			(692,549		)
Total Valmont Industries, Inc. shareholders’ equity	1,059,762			1,326,241		1,890,571			(3,216,812		)	1,059,762
Noncontrolling interest in consolidated subsidiaries	—			—		75,761			—			75,761
Total shareholders’ equity	1,059,762			1,326,241		1,966,332			(3,216,812		)	1,135,523
Total liabilities and shareholders’ equity	$	1,997,073		$	1,531,989	$	2,384,753		$	(3,383,541	)	$	2,530,274

(21) 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
Contra asset - costs and profits in excess of billings	—			—		16,165			—			16,165
Prepaid expenses, restricted cash, 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 (loss)	(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

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 29, 2018



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	94,351		$	77,679		$	32,440		$	(104,164	)	$	100,306
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	26,155			13,959			42,713			—			82,827
Noncash loss on trading securities	—			—			(62		)	—			(62		)
Contribution to defined benefit pension plan	—			—			(1,537		)	—			(1,537		)
Impairment of property, plant and equipment	—			—			5,000			—			5,000
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	10,392			—			—			—			10,392
Defined benefit pension plan (benefit)	—			—			(2,251		)	—			(2,251		)
(Gain) loss on sale of property, plant and equipment	57			(37		)	(245		)	—			(225		)
Equity in earnings in nonconsolidated subsidiaries	(68,383		)	(37,304		)	—			105,687			—
Deferred income taxes	1,532			1,791			(4,982		)	—			(1,659		)
Changes in assets and liabilities (net of acquisitions):
Net working capital	(17,681		)	(13,962		)	(13,208		)	(1,769		)	(46,620		)
Other noncurrent liabilities	(7,345		)	615			(4,158		)	—			(10,888		)
Income taxes payable (refundable)	(6,176		)	(1,303		)	3,340			—			(4,139		)
Net cash flows from operating activities	35,420			41,438			76,396			(246		)	153,008
Cash flows from investing activities:
Purchase of property, plant and equipment	(25,255		)	(13,115		)	(33,615		)	—			(71,985		)
Proceeds from sale of assets	44			268			62,791			—			63,103
Acquisitions, net of cash acquired	(57,805		)	—			(85,215		)	—			(143,020		)
Proceeds from settlement of net investment hedge	(1,621		)	—			—			—			(1,621		)
Other, net	69,714			(42,667		)	(29,215		)	246			(1,922		)
Net cash flows from investing activities	(14,923		)	(55,514		)	(85,254		)	246			(155,445		)
Cash flows from financing activities:
Borrowings under short-term agreements	—			—			10,543			—			10,543
Proceeds from long-term borrowings	245,936			—			5,719			—			251,655
Principal payments on long-term borrowings	(261,219		)	—			(972		)	—			(262,191		)
Settlement of financial derivative	(2,467		)	—			—			—			(2,467		)
Debt issuance costs	(2,322		)	—			—			—			(2,322		)
Dividends paid	(33,726		)	—			—			—			(33,726		)
Dividends to noncontrolling interest	—			—			(7,055		)	—			(7,055		)
Intercompany dividends	168,757			11,296			(180,053		)	—			—
Intercompany capital contribution	(3,492		)	3,492			—			—			—
Purchase of noncontrolling interest	—			—			(5,510		)	—			(5,510		)
Proceeds from exercises under stock plans	7,357			—			—			—			7,357
Purchase of treasury shares	(114,805		)	—			—			—			(114,805		)
Purchase of common treasury shares - stock plan exercises	(3,589		)	—			—			—			(3,589		)
Net cash flows from financing activities	430			14,788			(177,328		)	—			(162,110		)
Effect of exchange rate changes on cash and cash equivalents	—			(498		)	(14,550		)	—			(15,048		)
Net change in cash and cash equivalents	20,927			214			(200,736		)	—			(179,595		)
Cash, cash equivalents, and restricted cash—beginning of year	83,329			5,304			404,172			—			492,805
Cash, cash equivalents, and restricted cash—end of period	$	104,256		$	5,518		$	203,436		$	—		$	313,210

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 30, 2017



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	116,240		$	52,562		$	59,369		$	(105,852	)	$	122,319
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	26,237			15,003			43,717			—			84,957
Noncash loss on trading securities	—			—			237			—			237
Stock-based compensation	10,706			—			—			—			10,706
Defined benefit pension plan expense (benefit)	—			—			648			—			648
Contribution to defined benefit pension plan	—			—			(40,245		)	—			(40,245		)
(Gain) loss on sale of property, plant and equipment	(664		)	8			(3,268		)	—			(3,924		)
Equity in earnings in nonconsolidated subsidiaries	(83,877		)	(22,146		)	—			106,023			—
Deferred income taxes	10,307			—			29,448			—			39,755
Changes in assets and liabilities (net of acquisitions):
Net working capital	(23,943		)	(25,717		)	(25,219		)	(306		)	(75,185		)
Other noncurrent liabilities	(140		)	—			(7,088		)	—			(7,228		)
Income taxes payable (refundable)	(11,837		)	728			12,217			—			1,108
Net cash flows from operating activities	43,029			20,438			69,816			(135		)	133,148
Cash flows from investing activities:
Purchase of property, plant and equipment	(20,460		)	(9,454		)	(25,352		)	—			(55,266		)
Proceeds from sale of assets	748			3			7,434			—			8,185
Acquisitions, net of cash acquired	—			—			(5,362		)	—			(5,362		)
Proceeds from settlement of net investment hedge	5,123			—			—			—			5,123
Other, net	684			(22,777		)	19,663			135			(2,295		)
Net cash flows from investing activities	(13,905		)	(32,228		)	(3,617		)	135			(49,615		)
Cash flows from financing activities:
Payments under short-term agreements	—			—			(585		)	—			(585		)
Principal payments on long-term borrowings	—			—			(887		)	—			(887		)
Dividends paid	(33,862		)	—			—			—			(33,862		)
Dividends to noncontrolling interest	—			—			(5,674		)	—			(5,674		)
Intercompany dividends	22,662			—			(22,662		)	—			—
Intercompany capital contribution	(10,818		)	10,818			—			—			—
Proceeds from exercises under stock plans	35,159			—			—			—			35,159
Purchase of common treasury shares - stock plan exercises	(26,161		)	—			—			—			(26,161		)
Net cash flows from financing activities	(13,020		)	10,818			(29,808		)	—			(32,010		)
Effect of exchange rate changes on cash and cash equivalents	—			205			27,477			—			27,682
Net change in cash and cash equivalents	16,104			(767		)	63,868			—			79,205
Cash, cash equivalents, and restricted cash—beginning of year	67,225			6,071			340,304			—			413,600
Cash, cash equivalents, and restricted cash—end of period	$	83,329		$	5,304		$	404,172		$	—		$	492,805

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 31, 2016



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	173,232		$	104,625		$	108,561		$	(208,027	)	$	178,391
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	27,096			13,316			42,005			—			82,417
Noncash loss on trading securities	—			—			586			—			586
Impairment of property, plant and equipment	—			—			1,099			—			1,099
Stock-based compensation	9,931			—			—			—			9,931
Change in fair value of contingent consideration	—			—			(3,242		)	—			(3,242		)
Defined benefit pension plan expense (benefit)	—			—			1,870			—			1,870
Contribution to defined benefit pension plan	—			—			(1,488		)	—			(1,488		)
(Gain) loss on sale of property, plant and equipment	165			103			363			—			631
Equity in earnings in nonconsolidated subsidiaries	(141,061		)	(66,128		)	—			207,189			—
Deferred income taxes	6,216			—			(29,901		)	—			(23,685		)
Changes in assets and liabilities (net of acquisitions):
Net working capital	(12,335		)	(5,939		)	19,310			1,160			2,196
Other noncurrent liabilities	(2,333		)	5			(21,552		)	—			(23,880		)
Income taxes payable (refundable)	32,873			(16,567		)	(8,312		)	—			7,994
Net cash flows from operating activities	93,784			29,415			109,299			322			232,820
Cash flows from investing activities:
Purchase of property, plant and equipment	(9,031		)	(22,320		)	(26,569		)	—			(57,920		)
Proceeds from sale of assets	44			102			4,980			—			5,126
Other, net	(633		)	(5,085		)	5,785			(322		)	(255		)
Net cash flows from investing activities	(9,620		)	(27,303		)	(15,804		)	(322		)	(53,049		)
Cash flows from financing activities:
Payments under short-term agreements	—			—			(200		)	—			(200		)
Principal payments on long-term borrowings	(215		)	—			(1,791		)	—			(2,006		)
Dividends paid	(34,053		)	—			—			—			(34,053		)
Purchase of noncontrolling interest	—			—			(11,009		)	—			(11,009		)
Dividends to noncontrolling interest	—			—			(2,938		)	—			(2,938		)
Proceeds from exercises under stock plans	11,153			—			—			—			11,153
Purchase of treasury shares	(53,800		)	—			—			—			(53,800		)
Purchase of common treasury shares - stock plan exercises	(2,305		)	—			—			—			(2,305		)
Net cash flows from financing activities	(79,220		)	—			(15,938		)	—			(95,158		)
Effect of exchange rate changes on cash and cash equivalents	—			(49		)	(20,038		)	—			(20,087		)
Net change in cash and cash equivalents	4,944			2,063			57,519			—			64,526
Cash, cash equivalents, and restricted cash—beginning of year	62,281			4,008			282,785			—			349,074
Cash, cash equivalents, and restricted cash—end of period	$	67,225		$	6,071		$	340,304		$	—		$	413,600