GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

9 Months Ended

Sep. 28, 2019

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

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 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	302,461		$	135,392		$	310,676		$	(58,189	)	$	690,340
Cost of sales	223,949			96,566			251,561			(57,822		)	514,254
Gross profit	78,512			38,826			59,115			(367		)	176,086
Selling, general and administrative expenses	67,366			2,325			42,532			—			112,223
Operating income	11,146			36,501			16,583			(367		)	63,863
Other income (expense):
Interest expense	(9,471		)	(2,544		)	(504		)	2,543			(9,976		)
Interest income	607			2			2,903			(2,543		)	969
Other	849			12			309			—			1,170
	(8,015		)	(2,530		)	2,708			—			(7,837		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	3,131			33,971			19,291			(367		)	56,026
Income tax expense (benefit)	2,084			8,834			2,930			(85		)	13,763
Earnings before equity in earnings of nonconsolidated subsidiaries	1,047			25,137			16,361			(282		)	42,263
Equity in earnings of nonconsolidated subsidiaries	39,097			2,017			—			(41,114		)	—
Net earnings	40,144			27,154			16,361			(41,396		)	42,263
Less: Earnings attributable to noncontrolling interests	—			—			(2,119		)	—			(2,119		)
Net earnings attributable to Valmont Industries, Inc.	$	40,144		$	27,154		$	14,242		$	(41,396	)	$	40,144

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirty-nine weeks ended September 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	915,436		$	413,050		$	939,484		$	(184,620	)	$	2,083,350
Cost of sales	675,093			307,209			763,499			(184,080		)	1,561,721
Gross profit	240,343			105,841			175,985			(540		)	521,629
Selling, general and administrative expenses	175,000			28,301			135,649			—			338,950
Operating income	65,343			77,540			40,336			(540		)	182,679
Other income (expense):
Interest expense	(28,638		)	(8,583		)	(1,333		)	8,583			(29,971		)
Interest income	1,060			32			10,306			(8,583		)	2,815
Other	6,264			33			395			—			6,692
	(21,314		)	(8,518		)	9,368			—			(20,464		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	44,029			69,022			49,704			(540		)	162,215
Income tax expense (benefit)	9,856			16,691			13,680			(76		)	40,151
Earnings before equity in earnings of nonconsolidated subsidiaries	34,173			52,331			36,024			(464		)	122,064
Equity in earnings of nonconsolidated subsidiaries	83,849			8,843			—			(92,692		)	—
Net earnings	118,022			61,174			36,024			(93,156		)	122,064
Less: Earnings attributable to noncontrolling interests	—			—			(4,042		)	—			(4,042		)
Net earnings attributable to Valmont Industries, Inc.	$	118,022		$	61,174		$	31,982		$	(93,156	)	$	118,022

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

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

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

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended September 28, 2019

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	40,144		$	27,154	$	16,361		$	(41,396	)	$	42,263
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			4,512		(28,293		)	—			(23,781		)
Gain (loss) on hedging activities	9,315			—		—			—			9,315
Equity in other comprehensive income	(22,959		)	—		—			22,959			—
Other comprehensive income (loss)	(13,644		)	4,512		(28,293		)	22,959			(14,466		)
Comprehensive income (loss)	26,500			31,666		(11,932		)	(18,437		)	27,797
Comprehensive income attributable to noncontrolling interests	—			—		(1,297		)	—			(1,297		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	26,500		$	31,666	$	(13,229	)	$	(18,437	)	$	26,500

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirty-nine weeks ended September 28, 2019

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	118,022		$	61,174	$	36,024		$	(93,156	)	$	122,064
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			291		(20,757		)	—			(20,466		)
Gain (loss) on hedging activities	6,282			—		—			—			6,282
Equity in other comprehensive income	(19,814		)	—		—			19,814			—
Other comprehensive income (loss)	(13,532		)	291		(20,757		)	19,814			(14,184		)
Comprehensive income (loss)	104,490			61,465		15,267			(73,342		)	107,880
Comprehensive income attributable to noncontrolling interests	—			—		(3,390		)	—			(3,390		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	104,490		$	61,465	$	11,877		$	(73,342	)	$	104,490

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

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED BALANCE SHEETS

September 28, 2019

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	179,765		$	1,963	$	145,472		$	—		$	327,200
Receivables, net	161,260			79,077		260,878			—			501,215
Inventories	125,240			46,133		208,869			(2,942		)	377,300
Contract asset - costs and profits in excess of billings	58,713			35,195		26,468			—			120,376
Prepaid expenses and other assets	15,569			4,866		29,985			—			50,420
Refundable income taxes	11,893			—		—			—			11,893
Total current assets	552,440			167,234		671,672			(2,942		)	1,388,404
Property, plant and equipment, at cost	614,979			199,176		419,607			—			1,233,762
Less accumulated depreciation and amortization	411,808			100,692		172,894			—			685,394
Net property, plant and equipment	203,171			98,484		246,713			—			548,368
Goodwill	20,108			140,095		261,476			—			421,679
Other intangible assets	36			46,758		130,940			—			177,734
Investment in subsidiaries and intercompany accounts	1,333,420			1,138,854		840,925			(3,313,199		)	—
Other assets	78,721			4,859		105,677			—			189,257
Total assets	$	2,187,896		$	1,596,284	$	2,257,403		$	(3,316,141	)	$	2,725,442
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	—		$	—	$	745		$	—		$	745
Notes payable to banks	—			—		19,324			—			19,324
Accounts payable	64,256			18,681		114,598			—			197,535
Accrued employee compensation and benefits	41,371			5,994		31,175			—			78,540
Accrued expenses	162,640			13,024		51,051			—			226,715
Dividends payable	8,088			—		—			—			8,088
Total current liabilities	276,355			37,699		216,893			—			530,947
Deferred income taxes	16,645			—		27,133			—			43,778
Long-term debt, excluding current installments	734,417			119,716		30,107			(119,716		)	764,524
Defined benefit pension liability	—			—		121,282			—			121,282
Other noncurrent liabilities	73,788			3,622		56,330			—			133,740
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950		648,957			(1,106,907		)	27,900
Additional paid-in capital	—			162,906		1,107,536			(1,270,442		)	—
Retained earnings	2,119,843			733,109		416,932			(1,150,041		)	2,119,843
Accumulated other comprehensive income (loss)	(316,717		)	81,282		(412,247		)	330,965			(316,717		)
Treasury stock	(744,335		)	—		—			—			(744,335		)
Total Valmont Industries, Inc. shareholders’ equity	1,086,691			1,435,247		1,761,178			(3,196,425		)	1,086,691
Noncontrolling interest in consolidated subsidiaries	—			—		44,480			—			44,480
Total shareholders’ equity	1,086,691			1,435,247		1,805,658			(3,196,425		)	1,131,171
Total liabilities and shareholders’ equity	$	2,187,896		$	1,596,284	$	2,257,403		$	(3,316,141	)	$	2,725,442

(11) 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
Contract asset - costs and profits in excess of billings	50,271			35,200		27,054			—			112,525
Prepaid expenses 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
Other noncurrent liabilities	45,083			620		10,798			—			56,501
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	(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

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Thirty-nine weeks ended September 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	118,022		$	61,174		$	36,024		$	(93,156	)	$	122,064
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	19,891			10,201			30,332			—			60,424
Noncash gain on trading securities	—			—			(48		)	—			(48		)
Stock-based compensation	8,889			—			—			—			8,889
Defined benefit pension plan benefit	—			—			(382		)	—			(382		)
Contribution to defined benefit pension plan	—			—			(17,426		)	—			(17,426		)
Loss (gain) on sale of property, plant and equipment	103			81			(649		)	—			(465		)
Equity in earnings in nonconsolidated subsidiaries	(83,849		)	(8,843		)	—			92,692			—
Deferred income taxes	3,869			—			3,229			—			7,098
Changes in assets and liabilities:
Net working capital	94,054			(15,715		)	(6,305		)	541			72,575
Other noncurrent liabilities	1,005			(5,461		)	(107		)	—			(4,563		)
Income taxes payable (refundable)	(4,488		)	(2,229		)	(2,219		)	—			(8,936		)
Net cash flows from operating activities	157,496			39,208			42,449			77			239,230
Cash flows from investing activities:
Purchase of property, plant and equipment	(33,321		)	(12,462		)	(26,198		)	—			(71,981		)
Proceeds from sale of assets	35			26			1,264			—			1,325
Acquisitions, net of cash acquired	—			(63,141		)	(18,700		)	—			(81,841		)
Settlement of net investment hedge	11,184			—			—			—			11,184
Other, net	(30,475		)	27,878			4,791			(77		)	2,117
Net cash flows from investing activities	(52,577		)	(47,699		)	(38,843		)	(77		)	(139,196		)
Cash flows from financing activities:
Proceeds from short-term agreements	—			—			9,284			—			9,284
Proceeds from long-term borrowings	31,000			—			—			—			31,000
Principal payments on long-term borrowings	(10,000		)	—			(578		)	—			(10,578		)
Principal payments on long-term intercompany note	—			(42,574		)	42,574			—			—
Dividends paid	(24,554		)	—			—			—			(24,554		)
Dividends to noncontrolling interest	—			—			(6,549		)	—			(6,549		)
Intercompany dividends	63,650			47,541			(111,191		)	—			—
Purchase of noncontrolling interest	(22,805		)	—			(5,040		)	—			(27,845		)
Intercompany capital contribution	(13,284		)	—			13,284			—			—
Purchase of treasury shares	(55,172		)	—			—			—			(55,172		)
Proceeds from exercises under stock plans	3,211			—			—			—			3,211
Purchase of common treasury shares - stock plan exercises	(1,456		)	—			—			—			(1,456		)
Net cash flows from financing activities	(29,410		)	4,967			(58,216		)	—			(82,659		)
Effect of exchange rate changes on cash and cash equivalents	—			(31		)	(3,354		)	—			(3,385		)
Net change in cash and cash equivalents	75,509			(3,555		)	(57,964		)	—			13,990
Cash and cash equivalents—beginning of year	104,256			5,518			203,436			—			313,210
Cash and cash equivalents—end of period	$	179,765		$	1,963		$	145,472		$	—		$	327,200

(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 loss on trading securities	—			—			(62		)	—			(62		)
Impairment of property, plant and equipment	—			—			4,197			—			4,197
Impairment of Goodwill & Intangibles	—			—			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:
Payments under 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		)
Purchase of treasury shares	(86,919		)	—			—			—			(86,919		)
Intercompany capital contribution	(3,492		)	3,492			—			—			—
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