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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 29, 2013
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
Condensed Consolidated Statements of Earnings

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 Comprehensive Income

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

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

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