GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 28, 2019

Dec. 30, 2017

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

Condensed Consolidated Statements of Earnings

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

	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

Condensed Consolidated Statements of Comprehensive Income

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

Condensed Consolidated Balance Sheets

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

Condensed Consolidated Statements of Cash Flows

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