GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

6 Months Ended

Jun. 29, 2013

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

(7) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

        The Company has $450,000 principal amount of senior unsecured notes outstanding at a coupon interest rate of 6.625% per annum. The notes are guaranteed, jointly, severally, fully and unconditionally 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 June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	426,817		$	169,027		$	360,802		$	(77,987	)	$	878,659
Cost of sales		297,949			126,290			273,482			(80,533	)		617,188
Gross profit		128,868			42,737			87,320			2,546			261,471
Selling, general and administrative expenses		55,720			14,347			47,139			—			117,206
Operating income		73,148			28,390			40,181			2,546			144,265
Other income (expense):
Interest expense		(7,636	)		(11,944	)		(390	)		11,945			(8,025	)
Interest income		8			237			13,552			(11,945	)		1,852
Other		394			31			(302	)		—			123
		(7,234	)		(11,676	)		12,860			—			(6,050	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		65,914			16,714			53,041			2,546			138,215
Income tax expense (benefit):
Current		24,824			6,546			16,182			658			48,210
Deferred		(750	)		1,399			(1,691	)		—			(1,042	)
		24,074			7,945			14,491			658			47,168
Earnings before equity in earnings of nonconsolidated subsidiaries		41,840			8,769			38,550			1,888			91,047
Equity in earnings of nonconsolidated subsidiaries		47,723			23,234			—			(70,688	)		269
Net earnings		89,563			32,003			38,550			(68,800	)		91,316
Less: Earnings attributable to noncontrolling interests		—			—			(1,753	)		—			(1,753	)
Net earnings attributable to Valmont Industries, Inc	$	89,563		$	32,003		$	36,797		$	(68,800	)	$	89,563

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	843,430		$	339,876		$	686,211		$	(171,228	)	$	1,698,289
Cost of sales		598,629			255,288			521,865			(174,333	)		1,201,449
Gross profit		244,801			84,588			164,346			3,105			496,840
Selling, general and administrative expenses		105,746			28,341			100,298			—			234,385
Operating income		139,055			56,247			64,048			3,105			262,455
Other income (expense):
Interest expense		(15,391	)		(24,574	)		(824	)		24,574			(16,215	)
Interest income		15			490			27,274			(24,574	)		3,205
Other		1,802			46			(169	)		—			1,679
		(13,574	)		(24,038	)		26,281			—			(11,331	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		125,481			32,209			90,329			3,105			251,124
Income tax expense (benefit):
Current		45,999			13,382			26,652			837			86,870
Deferred		(2,504	)		1,702			(3,927	)		—			(4,729	)
		43,495			15,084			22,725			837			82,141
Earnings before equity in earnings of nonconsolidated subsidiaries		81,986			17,125			67,604			2,268			168,983
Equity in earnings of nonconsolidated subsidiaries		85,146			42,385			207			(127,265	)		473
Net earnings		167,132			59,510			67,811			(124,997	)		169,456
Less: Earnings attributable to noncontrolling interests		—			—			(2,324	)		—			(2,324	)
Net earnings attributable to Valmont Industries, Inc		167,132			59,510			65,487			(124,997	)		167,132

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	347,643		$	152,159		$	333,171		$	(65,658	)	$	767,315
Cost of sales		249,557			121,658			261,374			(64,669	)		567,920
Gross profit		98,086			30,501			71,797			(989	)		199,395
Selling, general and administrative expenses		43,762			13,177			45,104			—			102,043
Operating income		54,324			17,324			26,693			(989	)		97,352
Other income (expense):
Interest expense		(7,573	)		(12,244	)		152			12,244			(7,421	)
Interest income		5			129			14,020			(12,244	)		1,910
Other		(454	)		11			(1,534	)		—			(1,977	)
		(8,022	)		(12,104	)		12,638			—			(7,488	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		46,302			5,220			39,331			(989	)		89,864
Income tax expense (benefit):
Current		19,363			6,197			10,425			—			35,985
Deferred		(2,963	)		(1,031	)		(1,199	)		—			(5,193	)
		16,400			5,166			9,226			—			30,792
Earnings before equity in earnings of nonconsolidated subsidiaries		29,902			54			30,105			(989	)		59,072
Equity in earnings of nonconsolidated subsidiaries		30,078			23,253			2,276			(53,520	)		2,087
Net earnings	$	59,980		$	23,307		$	32,381		$	(54,509	)	$	61,159
Less: Earnings attributable to noncontrolling interests		—			—			(1,179	)		—			(1,179	)
Net earnings attributable to Valmont Industries, Inc	$	59,980		$	23,307		$	31,202		$	(54,509	)	$	59,980

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales		712,483			280,871			627,113			(135,802	)		1,484,665
Cost of sales		517,069			225,300			491,297			(134,710	)		1,098,956
Gross profit		195,414			55,571			135,816			(1,092	)		385,709
Selling, general and administrative expenses		87,034			26,965			91,540			—			205,539
Operating income		108,380			28,606			44,276			(1,092	)		180,170
Other income (expense):
Interest expense		(15,255	)		(24,501	)		27			24,501			(15,228	)
Interest income		14			323			28,152			(24,501	)		3,988
Other		1,005			25			(1,430	)		—			(400	)
		(14,236	)		(24,153	)		26,749			—			(11,640	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		94,144			4,453			71,025			(1,092	)		168,530
Income tax expense (benefit):
Current		36,548			5,296			21,170			—			63,014
Deferred		(2,769	)		139			(1,826	)		—			(4,456	)
		33,779			5,435			19,344			—			58,558
Earnings before equity in earnings of nonconsolidated subsidiaries		60,365			(982	)		51,681			(1,092	)		109,972
Equity in earnings of nonconsolidated subsidiaries		51,940			46,361			3,932			(98,458	)		3,775
Net earnings		112,305			45,379			55,613			(99,550	)		113,747
Less: Earnings attributable to noncontrolling interests		—			—			(1,442	)		—			(1,442	)
Net earnings attributable to Valmont Industries, Inc	$	112,305		$	45,379		$	54,171		$	(99,550	)	$	112,305

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	89,563		$	32,003	$	38,550		$	(68,800	)	$	91,316
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			65,807		(118,769	)		—			(52,962	)
Realized (loss) included in net earnings during the period		—			—		—			—			—
		—			65,807		(118,769	)		—			(52,962	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		100			—		—			—			100
		100			—		—			—			100
Actuarial gain (loss) in defined benefit pension plan liability		—			—		42			—			42
Equity in other comprehensive income		(49,618	)		—		—			49,618			—
Other comprehensive income (loss)		(49,518	)		65,807		(118,727	)		49,618			(52,820	)
Comprehensive income		40,045			97,810		(80,177	)		(19,182	)		38,496
Comprehensive income attributable to noncontrolling interests		—			—		1,549			—			1,549
Comprehensive income attributable to Valmont Industries, Inc.	$	40,045		$	97,810	$	(78,628	)	$	(19,182	)	$	40,045

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	167,132		$	59,510	$	67,811		$	(124,997	)	$	169,456
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			27,486		(90,068	)		—			(62,582	)
Realized (loss) included in net earnings during the period		—			—		(5,194	)		—			(5,194	)
		—			27,486		(95,262	)		—			(67,776	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		200			—		—			—			200
		200			—		—			—			200
Actuarial gain (loss) in defined benefit pension plan liability		—			—		(894	)		—			(894	)
Equity in other comprehensive income		(63,157	)		—					63,157			—
Other comprehensive income (loss)		(62,957	)		27,486		(96,156	)		63,157			(68,470	)
Comprehensive income		104,175			86,996		(28,345	)		(61,840	)		100,986
Comprehensive income attributable to noncontrolling interests		—			—		3,189			—			3,189
Comprehensive income attributable to Valmont Industries, Inc.	$	104,175		$	86,996	$	(25,156	)	$	(61,840	)	$	104,175

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 30, 2012

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	59,980		$	23,307	$	32,381		$	(54,509	)	$	61,159
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			14,123		(38,433	)		(6,511	)		(30,821	)
		—			14,123		(38,433	)		(6,511	)		(30,821	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		100			—		—			—			100
		100			—		—			—			100
Actuarial gain (loss) in defined benefit pension plan liability		—			—		(1,238	)		—			(1,238	)
Equity in other comprehensive income		(28,347	)		—		—			28,347			—
Other comprehensive income (loss)		(28,247	)		14,123		(39,671	)		21,836			(31,959	)
Comprehensive income		31,733			37,430		(7,290	)		(32,673	)		29,200
Comprehensive income attributable to noncontrolling interests		—			—		2,533			—			2,533
Comprehensive income attributable to Valmont Industries, Inc.	$	31,733		$	37,430	$	(4,757	)	$	(32,673	)	$	31,733

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	112,305		$	45,379		$	55,613		$	(99,550	)	$	113,747
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			(2,244	)		7,496			(6,511	)		(1,259	)
		—			(2,244	)		7,496			(6,511	)		(1,259	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		200			—			—			—			200
		200			—			—			—			200
Actuarial gain in defined benefit pension plan liability		—			—			633			—			633
Equity in other comprehensive income		(1,665	)		—			—			1,665			—
Other comprehensive income (loss)		(1,465	)		(2,244	)		8,129			(4,846	)		(426	)
Comprehensive income		110,840			43,135			63,742			(104,396	)		113,321
Comprehensive income attributable to noncontrolling interests		—			—			(2,481	)		—			(2,481	)
Comprehensive income attributable to Valmont Industries, Inc.	$	110,840		$	43,135		$	61,261		$	(104,396	)	$	110,840

CONDENSED CONSOLIDATED BALANCE SHEETS
June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	135,336		$	29,738	$	325,403		$	—		$	490,477
Receivables, net		143,707			81,159		288,900			—			513,766
Inventories		135,396			70,345		207,667			—			413,408
Prepaid expenses		6,573			712		26,302			—			33,587
Refundable and deferred income taxes		38,155			5,605		24,408			—			68,168
Total current assets		459,167			187,559		872,680			—			1,519,406
Property, plant and equipment, at cost		476,731			141,114		401,143			—			1,018,988
Less accumulated depreciation and amortization		296,524			58,723		133,259			—			488,506
Net property, plant and equipment		180,207			82,391		267,884			—			530,482
Goodwill		20,108			107,542		204,717			—			332,367
Other intangible assets		419			50,869		117,182			—			168,470
Investment in subsidiaries and intercompany accounts		1,446,491			1,348,693		556,568			(3,351,752	)		—
Other assets		36,588			—		64,310			—			100,898
Total assets	$	2,142,980		$	1,777,054	$	2,083,341		$	(3,351,752	)	$	2,651,623
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	188		$	—	$	269		$	—		$	457
Notes payable to banks		—			—		16,004			—			16,004
Accounts payable		66,559			19,128		126,410			—			212,097
Accrued employee compensation and benefits		58,734			9,046		32,756			—			100,536
Accrued expenses		37,575			4,227		39,186			—			80,988
Dividends payable		6,693			—		—			—			6,693
Total current liabilities		169,749			32,401		214,625			—			416,775
Deferred income taxes		19,182			28,254		32,715			—			80,151
Long-term debt, excluding current installments		470,919			532,852		743			(532,852	)		471,662
Defined benefit pension liability		—			—		98,707			—			98,707
Deferred compensation		29,689			—		7,428			—			37,117
Other noncurrent liabilities		7,551			—		41,303			—			48,854
Shareholders' equity:
Common stock of $1 par value		27,900			457,950		254,982			(712,932	)		27,900
Additional paid-in capital		—			150,286		894,239			(1,044,525	)		—
Retained earnings		1,458,326			526,750		505,878			(1,032,628	)		1,458,326
Accumulated other comprehensive income (loss)		(19,019	)		48,561		(19,746	)		(28,815	)		(19,019	)
Treasury stock		(21,317	)		—		—			—			(21,317	)
Total Valmont Industries, Inc. shareholders' equity		1,445,890			1,183,547		1,635,353			(2,818,900	)		1,445,890
Noncontrolling interest in consolidated subsidiaries		—			—		52,467			—			52,467
Total shareholders' equity		1,445,890			1,183,547		1,687,820			(2,818,900	)		1,498,357
Total liabilities and shareholders' equity	$	2,142,980		$	1,777,054	$	2,083,341		$	(3,351,752	)	$	2,651,623

CONDENSED CONSOLIDATED BALANCE SHEETS
December 29, 2012

	Parent			Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	40,926		$	83,203		$	290,000	$	—		$	414,129
Receivables, net		144,161			86,403			285,338		—			515,902
Inventories		146,619			71,988			193,777		—			412,384
Prepaid expenses		7,153			1,029			16,962		—			25,144
Refundable and deferred income taxes		29,359			6,904			22,118		—			58,381
Total current assets		368,218			249,527			808,195		—			1,425,940
Property, plant and equipment, at cost		456,497			122,937			415,340		—			994,774
Less accumulated depreciation and amortization		288,226			55,239			138,697		—			482,162
Net property, plant and equipment		168,271			67,698			276,643		—			512,612
Goodwill		20,108			107,542			203,141		—			330,791
Other intangible assets		499			53,517			118,254		—			172,270
Investment in subsidiaries and intercompany accounts		1,456,159			1,246,777			615,152		(3,318,088	)		—
Other assets		32,511			—			94,427		—			126,938
Total assets	$	2,045,766		$	1,725,061		$	2,115,812	$	(3,318,088	)	$	2,568,551
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	189		$	—		$	35	$	—		$	224
Notes payable to banks		—			—			13,375		—			13,375
Accounts payable		72,610			22,006			117,808		—			212,424
Accrued employee compensation and benefits		61,572			10,530			29,803					101,905
Accrued expenses		30,641			4,674			43,188		—			78,503
Income taxes payable		—			31			669		(700	)		—
Dividends payable		6,002			—			—		—			6,002
Total current liabilities		171,014			37,241			204,878		(700	)		412,433
Deferred income taxes		23,305			27,851			37,144		—			88,300
Long-term debt, excluding current installments		471,828			599,873			765		(599,873	)		472,593
Defined benefit pension liability		—			—			112,043		—			112,043
Deferred compensation		25,200			—			6,720		—			31,920
Other noncurrent liabilities		4,507			—			39,745		—			44,252
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			254,982		(712,932	)		27,900
Additional paid-in capital		—			150,286			893,274		(1,043,560	)		—
Retained earnings		1,300,529			467,240			443,337		(910,577	)		1,300,529
Accumulated other comprehensive income		43,938			(15,380	)		65,826		(50,446	)		43,938
Treasury stock		(22,455	)		—			—		—			(22,455	)
Total Valmont Industries, Inc. shareholders' equity		1,349,912			1,060,096			1,657,419		(2,717,515	)		1,349,912
Noncontrolling interest in consolidated subsidiaries		—			—			57,098		—			57,098
Total shareholders' equity		1,349,912			1,060,096			1,714,517		(2,717,515	)		1,407,010
Total liabilities and shareholders' equity	$	2,045,766		$	1,725,061		$	2,115,812	$	(3,318,088	)	$	2,568,551

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	167,132		$	59,510		$	67,811		$	(124,997	)	$	169,456
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		9,834			6,452			21,900			—			38,186
Stock-based compensation		3,342			—			—			—			3,342
Defined benefit pension plan expense		—			—			3,245			—			3,245
Contribution to defined benefit pension plan		—			—			(10,346	)		—			(10,346	)
Gain on sale of property, plant and equipment		337			36			(5,444	)		—			(5,071	)
Equity in earnings in nonconsolidated subsidiaries		(266	)		—			(207	)		—			(473	)
Deferred income taxes		(2,504	)		1,702			(3,927	)		—			(4,729	)
Changes in assets and liabilities (net of acquisitions):
Receivables		453			5,235			(9,019	)		—			(3,331	)
Inventories		10,524			1,643			(14,658	)		—			(2,491	)
Prepaid expenses		579			318			(6,807	)		—			(5,910	)
Accounts payable		(6,052	)		(2,877	)		9,665			—			736
Accrued expenses		4,471			(1,932	)		377			—			2,916
Other noncurrent liabilities		3,058			—			(1,185	)		—			1,873
Income taxes payable (refundable)		(10,415	)		(1,943	)		(277	)		825			(11,810	)
Net cash flows from operating activities		180,493			68,144			51,128			(124,172	)		175,593
Cash flows from investing activities:
Purchase of property, plant and equipment		(22,826	)		(18,569	)		(12,863	)		—			(54,258	)
Proceeds from sale of assets		1,466			32			37,556			—			39,054
Acquisitions, net of cash acquired		—			—			(53,152	)		—			(53,152	)
Other, net		(53,317	)		(99,472	)		28,484			124,172			(133	)
Net cash flows from investing activities		(74,677	)		(118,009	)		25			124,172			(68,489	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			2,620			—			2,620
Proceeds from long-term borrowings		—			—			68			—			68
Principal payments on long-term borrowings		(186	)		—			(117	)		—			(303	)
Dividends paid		(12,021	)		—			—			—			(12,021	)
Dividends to noncontrolling interest		—			—			(1,767	)		—			(1,767	)
Proceeds from exercises under stock plans		14,098			—			—			—			14,098
Excess tax benefits from stock option exercises		305			—			—			—			305
Purchase of common treasury shares—stock plan exercises:		(13,602	)		—			—			—			(13,602	)
Net cash flows from financing activities		(11,406	)		—			804			—			(10,602	)
Effect of exchange rate changes on cash and cash equivalents		—			(3,600	)		(16,554	)		—			(20,154	)
Net change in cash and cash equivalents		94,410			(53,465	)		35,403			—			76,348
Cash and cash equivalents—beginning of year		40,926			83,203			290,000			—			414,129
Cash and cash equivalents—end of period	$	135,336		$	29,738		$	325,403		$	—		$	490,477

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operations:
Net earnings	$	112,305		$	45,379		$	55,613		$	(99,550	)	$	113,747
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		9,121			6,341			18,905			—			34,367
Stock-based compensation		3,067			—			—			—			3,067
Defined benefit pension plan expense		—			—			2,050			—			2,050
Contribution to defined benefit pension plan		—			—			(10,750	)		—			(10,750	)
Gain on sale of property, plant and equipment		(65	)		(44	)		(55	)		—			(164	)
Equity in earnings of nonconsolidated subsidiaries		157			—			(3,932	)		—			(3,775	)
Deferred income taxes		(2,769	)		139			(1,826	)		—			(4,456	)
Changes in assets and liabilities:
Receivables		(11,412	)		(27,844	)		(30,666	)		—			(69,922	)
Inventories		(10,063	)		(7,131	)		(31,471	)		167			(48,498	)
Prepaid expenses		(1,332	)		266			(2,994	)		—			(4,060	)
Accounts payable		(13,913	)		5,395			10,494			—			1,976
Accrued expenses		3,009			(1,227	)		(2,403	)		—			(621	)
Other noncurrent liabilities		719			—			(1,127	)		—			(408	)
Income taxes payable (refundable)		(13,249	)		38			(2,879	)		—			(16,090	)
Net cash flows from operations		75,575			21,312			(1,041	)		(99,383	)		(3,537	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(15,037	)		(6,017	)		(18,167	)		—			(39,221	)
Proceeds from sale of assets		98			52			4,717			—			4,867
Other, net		(59,181	)		6,599			(44,964	)		99,383			1,837
Net cash flows from investing activities		(74,120	)		634			(58,414	)		99,383			(32,517	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			5,931			—			5,931
Proceeds from long-term borrowings		39,000			—			126			—			39,126
Principal payments on long-term borrowings		(39,191	)		—			(41	)		—			(39,232	)
Proceeds from sale of partial ownership interest		—			—			1,404			—			1,404
Dividends paid		(9,545	)		—			—			—			(9,545	)
Dividend to noncontrolling interests		—			—			(1,379	)		—			(1,379	)
Proceeds from exercises under stock plans		15,153			—			—			—			15,153
Excess tax benefits from stock option exercises		3,211			—			—			—			3,211
Purchase of common treasury shares—stock plan exercises		(14,086	)		—			—			—			(14,086	)
Net cash flows from financing activities		(5,458	)		—			6,041			—			583
Effect of exchange rate changes on cash and cash equivalents		—			270			688			—			958
Net change in cash and cash equivalents		(4,003	)		22,216			(52,726	)		—			(34,513	)
Cash and cash equivalents—beginning of year		27,545			18,257			317,092			—			362,894
Cash and cash equivalents—end of period	$	23,542		$	40,473		$	264,366		$	—		$	328,381