GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

12 Months Ended

Dec. 28, 2019

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

(22) 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 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,207,865		$	563,935		$	1,242,812		$	(247,636	)	$	2,766,976
Cost of sales	887,403			420,287			1,014,071			(247,281		)	2,074,480
Gross profit	320,462			143,648			228,741			(355		)	692,496
Selling, general and administrative expenses	236,574			38,732			179,470			—			454,776
Operating income	83,888			104,916			49,271			(355		)	237,720
Other income (expense):
Interest expense	(37,984		)	(11,150		)	(2,249		)	11,230			(40,153		)
Interest income	1,676			37			13,459			(11,230		)	3,942
Other	7,805			44			315			—			8,164
	(28,503		)	(11,069		)	11,525			—			(28,047		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	55,385			93,847			60,796			(355		)	209,673
Income tax expense (benefit):
Current	8,918			26,166			11,181			2			46,267
Deferred	(3,120		)	—			7,060			—			3,940
	5,798			26,166			18,241			2			50,207
Earnings before equity in earnings of nonconsolidated subsidiaries	49,587			67,681			42,555			(357		)	159,466
Equity in earnings of nonconsolidated subsidiaries	104,182			7,900			—			(112,082		)	—
Net earnings	153,769			75,581			42,555			(112,439		)	159,466
Less: Earnings attributable to noncontrolling interests	—			—			(5,697		)	—			(5,697		)
Net earnings attributable to Valmont Industries, Inc	$	153,769		$	75,581		$	36,858		$	(112,439	)	$	153,769

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

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

(22) 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

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year ended December 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	153,769		$	75,581		$	42,555		$	(112,439	)	$	159,466
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gains (losses)	—			(1,564		)	(942		)	—			(2,506		)
Realized loss on divestiture of grinding media business recorded in earnings	—			—			—			—			—
Gain (loss) on hedging activities	2,905			—			—			—			2,905
Actuarial gain (loss) in defined benefit pension plan liability	—			—			(10,828		)	—			(10,828		)
Equity in other comprehensive income	(13,142		)	—			—			13,142			—
Other comprehensive income (loss)	(10,237		)	(1,564		)	(11,770		)	13,142			(10,429		)
Comprehensive income (loss)	143,532			74,017			30,785			(99,297		)	149,037
Comprehensive income attributable to noncontrolling interests	—			—			(5,505		)	—			(5,505		)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	143,532		$	74,017		$	25,280		$	(99,297	)	$	143,532

(22) 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

(22) 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	183,577			191,357		(11,018		)	(174,810		)	189,106
Comprehensive income attributable to noncontrolling interests	—			—		(5,529		)	—			(5,529		)
Comprehensive income attributable to Valmont Industries, Inc.	$	183,577		$	191,357	$	(16,547	)	$	(174,810	)	$	183,577

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

CONDENSED CONSOLIDATED BALANCE SHEETS

December 28, 2019

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	182,453		$	6,169	$	164,920		$	—		$	353,542
Receivables, net	134,972			94,090		250,938			—			480,000
Inventories	130,686			45,673		200,963			(2,757		)	374,565
Contra asset - costs and profits in excess of billings	65,528			47,402		28,392			—			141,322
Prepaid expenses, restricted cash, and other assets	13,820			717		17,506			—			32,043
Refundable income taxes	6,947			—		—			—			6,947
Total current assets	534,406			194,051		662,719			(2,757		)	1,388,419
Property, plant and equipment, at cost	635,322			175,862		434,077			—			1,245,261
Less accumulated depreciation and amortization	413,054			90,384		183,694			—			687,132
Net property, plant and equipment	222,268			85,478		250,383			—			558,129
Goodwill	20,108			141,581		267,175			—			428,864
Other intangible assets	763			43,933		131,046			—			175,742
Investment in subsidiaries and intercompany accounts	1,339,206			1,150,458		908,212			(3,397,876		)	—
Other assets	88,549			4,323		119,385			—			212,257
Total assets	$	2,205,300		$	1,619,824	$	2,338,920		$	(3,400,633	)	$	2,763,411
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	—		$	—	$	760		$	—		$	760
Notes payable to banks	—			—		21,774			—			21,774
Accounts payable	68,677			21,464		107,816			—			197,957
Accrued employee compensation and benefits	45,294			6,344		31,890			—			83,528
Accrued expenses	147,498			11,353		42,830			—			201,681
Dividends payable	8,079			—		—			—			8,079
Total current liabilities	269,548			39,161		205,070			—			513,779
Deferred income taxes	16,925			—		31,030			—			47,955
Long-term debt, excluding current installments	734,571			123,560		30,373			(123,560		)	764,944
Defined benefit pension liability	—			—		140,007			—			140,007
Other noncurrent liabilities	72,772			3,168		63,895			—			139,835
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	2,140,948			753,652		400,933			(1,154,585		)	2,140,948
Accumulated other comprehensive income (loss)	(313,422		)	79,427		(334,288		)	254,861			(313,422		)
Treasury stock	(743,942		)	—		—			—			(743,942		)
Total Valmont Industries, Inc. shareholders’ equity	1,111,484			1,453,935		1,823,138			(3,277,073		)	1,111,484
Noncontrolling interest in consolidated subsidiaries	—			—		45,407			—			45,407
Total shareholders’ equity	1,111,484			1,453,935		1,868,545			(3,277,073		)	1,156,891
Total liabilities and shareholders’ equity	$	2,205,300		$	1,619,824	$	2,338,920		$	(3,400,633	)	$	2,763,411

(22) 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
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 (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

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year ended December 28, 2019

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	153,769		$	75,581		$	42,555		$	(112,439	)	$	159,466
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	26,734			13,518			42,012			—			82,264
Noncash loss on trading securities	—			—			(172		)	—			(172		)
Contribution to defined benefit pension plan	—			—			(18,461		)	—			(18,461		)
Stock-based compensation	11,587			—			—			—			11,587
Defined benefit pension plan (benefit)	—			—			(513		)	—			(513		)
(Gain) loss on sale of property, plant and equipment	133			240			(2,886		)	—			(2,513		)
Equity in earnings in nonconsolidated subsidiaries	(104,182		)	(7,900		)	—			112,082			—
Deferred income taxes	(3,120		)	—			7,060			—			3,940
Changes in assets and liabilities (net of acquisitions):
Net working capital	103,019			(36,781		)	13,641			355			80,234
Other noncurrent liabilities	(505		)	(5		)	(764		)	—			(1,274		)
Income taxes payable (refundable)	1,714			(2,012		)	(6,646		)	—			(6,944		)
Net cash flows from operating activities	189,149			42,641			75,826			(2		)	307,614
Cash flows from investing activities:
Purchase of property, plant and equipment	(59,394		)	(1,592		)	(36,439		)	—			(97,425		)
Proceeds from sale of assets	87			48			5,421			—			5,556
Acquisitions, net of cash acquired	—			(63,141		)	(18,700		)	—			(81,841		)
Proceeds from settlement of net investment hedge	11,184			—			—			—			11,184
Investments in nonconsolidated subsidiaries	(3,500		)	—			(2,669		)	—			(6,169		)
Other, net	(14,964		)	14,210			1,297			2			545
Net cash flows from investing activities	(66,587		)	(50,475		)	(51,090		)	2			(168,150		)
Cash flows from financing activities:
Borrowings under short-term agreements	—			—			11,327			—			11,327
Proceeds from long-term borrowings	31,000			—			—			—			31,000
Principal payments on long-term borrowings	(10,000		)	—			(768		)	—			(10,768		)
Dividends paid	(32,642		)	—			—			—			(32,642		)
Dividends to noncontrolling interest	—			—			(7,737		)	—			(7,737		)
Intercompany dividends	65,651			53,676			(119,327		)	—			—
Purchase of noncontrolling interest	(22,805		)	—			(5,040		)	—			(27,845		)
Intercompany capital contribution	(13,284		)	—			13,284			—			—
Intercompany interest on long-term note	—			(45,155		)	45,155			—			—
Proceeds from exercises under stock plans	13,619			—			—			—			13,619
Purchase of treasury shares	(62,915		)	—			—			—			(62,915		)
Purchase of common treasury shares - stock plan exercises	(12,989		)	—			—			—			(12,989		)
Net cash flows from financing activities	(44,365		)	8,521			(63,106		)	—			(98,950		)
Effect of exchange rate changes on cash and cash equivalents	—			(36		)	(146		)	—			(182		)
Net change in cash and cash equivalents	78,197			651			(38,516		)	—			40,332
Cash, cash equivalents, and restricted cash—beginning of year	104,256			5,518			203,436			—			313,210
Cash, cash equivalents, and restricted cash—end of period	$	182,453		$	6,169		$	164,920		$	—		$	353,542

(22) 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 expense (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:
Payments 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

(22) 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