GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

9 Months Ended

Sep. 28, 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 September 28, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	331,525		$	161,432		$	366,522		$	(81,447	)	$	778,032
Cost of sales		238,692			121,870			273,317			(81,411	)		552,468
Gross profit		92,833			39,562			93,205			(36	)		225,564
Selling, general and administrative expenses		51,621			14,530			49,512			—			115,663
Operating income		41,212			25,032			43,693			(36	)		109,901
Other income (expense):
Interest expense		(7,724	)		(11,122	)		(425	)		11,122			(8,149	)
Interest income		18			242			12,422			(11,122	)		1,560
Other		1,422			9			(2,015	)		—			(584	)
		(6,284	)		(10,871	)		9,982			—			(7,173	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		34,928			14,161			53,675			(36	)		102,728
Income tax expense (benefit):
Current		19,473			7,419			13,631			(65	)		40,458
Deferred		(4,969	)		(360	)		8,783			—			3,454
		14,504			7,059			22,414			(65	)		43,912
Earnings before equity in earnings of nonconsolidated subsidiaries		20,424			7,102			31,261			29			58,816
Equity in earnings of nonconsolidated subsidiaries		36,065			6,542			—			(42,532	)		75
Net earnings		56,489			13,644			31,261			(42,503	)		58,891
Less: Earnings attributable to noncontrolling interests		—			—			(2,402	)		—			(2,402	)
Net earnings attributable to Valmont Industries, Inc	$	56,489		$	13,644		$	28,859		$	(42,503	)	$	56,489

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirty-nine Weeks Ended September 28, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	1,174,955		$	501,308		$	1,052,733		$	(252,675	)	$	2,476,321
Cost of sales		837,321			377,158			795,182			(255,744	)		1,753,917
Gross profit		337,634			124,150			257,551			3,069			722,404
Selling, general and administrative expenses		157,367			42,871			149,810			—			350,048
Operating income		180,267			81,279			107,741			3,069			372,356
Other income (expense):
Interest expense		(23,115	)		(35,696	)		(1,249	)		35,696			(24,364	)
Interest income		33			732			39,696			(35,696	)		4,765
Other		3,224			55			(2,184	)		—			1,095
		(19,858	)		(34,909	)		36,263			—			(18,504	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		160,409			46,370			144,004			3,069			353,852
Income tax expense (benefit):
Current		65,472			20,801			40,283			772			127,328
Deferred		(7,473	)		1,342			4,856			—			(1,275	)
		57,999			22,143			45,139			772			126,053
Earnings before equity in earnings of nonconsolidated subsidiaries		102,410			24,227			98,865			2,297			227,799
Equity in earnings of nonconsolidated subsidiaries		121,211			48,927			207			(169,797	)		548
Net earnings		223,621			73,154			99,072			(167,500	)		228,347
Less: Earnings attributable to noncontrolling interests		—			—			(4,726	)		—			(4,726	)
Net earnings attributable to Valmont Industries, Inc	$	223,621		$	73,154		$	94,346		$	(167,500	)	$	223,621

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended September 29, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	301,667		$	160,318		$	350,837		$	(82,983	)	$	729,839
Cost of sales		226,539			127,116			266,532			(82,750	)		537,437
Gross profit		75,128			33,202			84,305			(233	)		192,402
Selling, general and administrative expenses		41,747			13,449			46,824			—			102,020
Operating income		33,381			19,753			37,481			(233	)		90,382
Other income (expense):
Interest expense		(8,215	)		(12,635	)		(213	)		12,634			(8,429	)
Interest income		15			398			14,314			(12,634	)		2,093
Other		883			15			409			—			1,307
		(7,317	)		(12,222	)		14,510			—			(5,029	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		26,064			7,531			51,991			(233	)		85,353
Income tax expense (benefit):
Current		8,096			4,786			15,701			(655	)		27,928
Deferred		(1,063	)		(558	)		2,140			—			519
		7,033			4,228			17,841			(655	)		28,447
Earnings before equity in earnings of nonconsolidated subsidiaries		19,031			3,303			34,150			422			56,906
Equity in earnings of nonconsolidated subsidiaries		37,700			18,557			918			(55,639	)		1,536
Net earnings		56,731			21,860			35,068			(55,217	)		58,442
Less: Earnings attributable to noncontrolling interests		—			—			(1,711	)		—			(1,711	)
Net earnings attributable to Valmont Industries, Inc	$	56,731		$	21,860		$	33,357		$	(55,217	)	$	56,731

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirty-nine Weeks Ended September 29, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	1,014,150		$	441,189		$	977,950		$	(218,785	)	$	2,214,504
Cost of sales		743,608			352,416			757,829			(217,460	)		1,636,393
Gross profit		270,542			88,773			220,121			(1,325	)		578,111
Selling, general and administrative expenses		128,781			40,414			138,364			—			307,559
Operating income		141,761			48,359			81,757			(1,325	)		270,552
Other income (expense):
Interest expense		(23,470	)		(37,136	)		(186	)		37,135			(23,657	)
Interest income		29			721			42,466			(37,135	)		6,081
Other		1,888			40			(1,021	)		—			907
		(21,553	)		(36,375	)		41,259			—			(16,669	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		120,208			11,984			123,016			(1,325	)		253,883
Income tax expense (benefit):
Current		44,644			10,082			36,871			(655	)		90,942
Deferred		(3,832	)		(419	)		314			—			(3,937	)
		40,812			9,663			37,185			(655	)		87,005
Earnings before equity in earnings of nonconsolidated subsidiaries		79,396			2,321			85,831			(670	)		166,878
Equity in earnings of nonconsolidated subsidiaries		89,640			64,918			4,850			(154,097	)		5,311
Net earnings		169,036			67,239			90,681			(154,767	)		172,189
Less: Earnings attributable to noncontrolling interests		—			—			(3,153	)		—			(3,153	)
Net earnings attributable to Valmont Industries, Inc	$	169,036		$	67,239		$	87,528		$	(154,767	)	$	169,036

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended September 28, 2013

	Parent		Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	56,489	$	13,644	$	31,261		$	(42,503	)	$	58,891
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		30,221		(12,097	)		—			18,124
		—		30,221		(12,097	)		—			18,124
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		—		—		857			—			857
Equity in other comprehensive income		19,227		—		—			(19,227	)		—
Other comprehensive income (loss)		19,327		30,221		(11,240	)		(19,227	)		19,081
Comprehensive income		75,816		43,865		20,021			(61,730	)		77,972
Comprehensive income attributable to noncontrolling interests		—		—		(2,156	)		—			(2,156	)
Comprehensive income attributable to Valmont Industries, Inc.	$	75,816	$	43,865	$	17,865		$	(61,730	)	$	75,816

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirty-nine Weeks Ended September 28, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	223,621		$	73,154	$	99,072		$	(167,500	)	$	228,347
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			57,707		(102,165	)		—			(44,458	)
Realized (loss) included in net earnings during the period		—			—		(5,194	)		—			(5,194	)
		—			57,707		(107,359	)		—			(49,652	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		300			—		—			—			300
		300			—		—			—			300
Actuarial gain (loss) in defined benefit pension plan liability		—			—		(37	)		—			(37	)
Equity in other comprehensive income		(43,930	)		—					43,930			—
Other comprehensive income (loss)		(43,630	)		57,707		(107,396	)		43,930			(49,389	)
Comprehensive income		179,991			130,861		(8,324	)		(123,570	)		178,958
Comprehensive income attributable to noncontrolling interests		—			—		1,033			—			1,033
Comprehensive income attributable to Valmont Industries, Inc.	$	179,991		$	130,861	$	(7,291	)	$	(123,570	)	$	179,991

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended September 29, 2012

	Parent		Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	56,731	$	21,860		$	35,068		$	(55,217	)	$	58,442
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		(14,977	)		39,084			(360	)		23,747
		—		(14,977	)		39,084			(360	)		23,747
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		—		—			1,962			—			1,962
Equity in other comprehensive income		24,462		—			—			(24,462	)		—
Other comprehensive income (loss)		24,562		(14,977	)		41,046			(24,822	)		25,809
Comprehensive income		81,293		6,883			76,114			(80,039	)		84,251
Comprehensive income attributable to noncontrolling interests		—		—			(2,958	)		—			(2,958	)
Comprehensive income attributable to Valmont Industries, Inc.	$	81,293	$	6,883		$	73,156		$	(80,039	)	$	81,293

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirty-nine Weeks Ended September 29, 2012

	Parent		Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	169,036	$	67,239		$	90,681		$	(154,767	)	$	172,189
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		(17,221	)		46,580			(6,871	)		22,488
		—		(17,221	)		46,580			(6,871	)		22,488
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		300		—			—			—			300
		300		—			—			—			300
Actuarial gain in defined benefit pension plan liability		—		—			2,595			—			2,595
Equity in other comprehensive income		22,797		—			—			(22,797	)		—
Other comprehensive income (loss)		23,097		(17,221	)		49,175			(29,668	)		25,383
Comprehensive income		192,133		50,018			139,856			(184,435	)		197,572
Comprehensive income attributable to noncontrolling interests		—		—			(5,439	)		—			(5,439	)
Comprehensive income attributable to Valmont Industries, Inc.	$	192,133	$	50,018		$	134,417		$	(184,435	)	$	192,133

CONDENSED CONSOLIDATED BALANCE SHEETS
September 28, 2013

	Parent			Guarantors		Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	158,360		$	51,186	$	333,823	$	—		$	543,369
Receivables, net		135,423			82,840		295,569		—			513,832
Inventories		142,773			77,545		206,897		—			427,215
Prepaid expenses		8,301			740		26,030		—			35,071
Refundable and deferred income taxes		50,796			6,174		24,796		—			81,766
Total current assets		495,653			218,485		887,115		—			1,601,253
Property, plant and equipment, at cost		492,814			140,823		411,473		—			1,045,110
Less accumulated depreciation and amortization		299,858			60,595		143,627		—			504,080
Net property, plant and equipment		192,956			80,228		267,846		—			541,030
Goodwill		20,108			107,542		212,845		—			340,495
Other intangible assets		382			49,665		119,857		—			169,904
Investment in subsidiaries and intercompany accounts		1,477,628			1,337,088		585,304		(3,400,020	)		—
Other assets		38,147			—		57,691		—			95,838
Total assets	$	2,224,874		$	1,793,008	$	2,130,658	$	(3,400,020	)	$	2,748,520
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	188		$	—	$	77	$	—		$	265
Notes payable to banks		—			—		17,129		—			17,129
Accounts payable		60,642			19,014		134,532		—			214,188
Accrued employee compensation and benefits		65,924			10,542		32,308		—			108,774
Accrued expenses		43,610			4,514		39,490		—			87,614
Dividends payable		6,697			—		—		—			6,697
Total current liabilities		177,061			34,070		223,536		—			434,667
Deferred income taxes		17,437			28,464		33,404		—			79,305
Long-term debt, excluding current installments		470,549			539,517		745		(539,517	)		471,294
Defined benefit pension liability		—			—		99,135		—			99,135
Deferred compensation		31,456			—		7,461		—			38,917
Other noncurrent liabilities		7,209			—		42,208		—			49,417
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		1,514,099			540,393		514,611		(1,055,004	)		1,514,099
Accumulated other comprehensive income (loss)		308			42,328		6,679		(49,007	)		308
Treasury stock		(21,145	)		—		—		—			(21,145	)
Total Valmont Industries, Inc. shareholders' equity		1,521,162			1,190,957		1,669,546		(2,860,503	)		1,521,162
Noncontrolling interest in consolidated subsidiaries		—			—		54,623		—			54,623
Total shareholders' equity		1,521,162			1,190,957		1,724,169		(2,860,503	)		1,575,785
Total liabilities and shareholders' equity	$	2,224,874		$	1,793,008	$	2,130,658	$	(3,400,020	)	$	2,748,520

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 Thirty-nine Weeks Ended September 28, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	223,621		$	73,154		$	99,072		$	(167,500	)	$	228,347
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		15,252			9,620			32,545			—			57,417
Stock-based compensation		4,999			—			—			—			4,999
Defined benefit pension plan expense		—			—			4,870			—			4,870
Contribution to defined benefit pension plan		—			—			(16,755	)		—			(16,755	)
Gain on sale of property, plant and equipment		354			37			(5,451	)		—			(5,060	)
Equity in earnings in nonconsolidated subsidiaries		(341	)		—			(207	)		—			(548	)
Deferred income taxes		(7,473	)		1,342			4,856			—			(1,275	)
Changes in assets and liabilities (net of acquisitions):
Receivables		8,737			3,552			(13,046	)		—			(757	)
Inventories		3,146			(5,556	)		(12,164	)		—			(14,574	)
Prepaid expenses		(1,148	)		290			(6,183	)		—			(7,041	)
Accounts payable		(11,968	)		(2,992	)		16,121			—			1,161
Accrued expenses		17,944			(148	)		(865	)		—			16,931
Other noncurrent liabilities		5,987			—			(3,477	)					2,510
Income taxes payable (refundable)		(19,833	)		(2,035	)		(77	)		825			(21,120	)
Net cash flows from operating activities		239,277			77,264			99,239			(166,675	)		249,105
Cash flows from investing activities:
Purchase of property, plant and equipment		(41,034	)		(18,381	)		(15,657	)		—			(75,072	)
Proceeds from sale of assets		1,492			35			38,037			—			39,564
Acquisitions, net of cash acquired		—			—			(53,152	)		—			(53,152	)
Other, net		(68,447	)		(105,512	)		8,515			166,675			1,231
Net cash flows from investing activities		(107,989	)		(123,858	)		(22,257	)		166,675			(87,429	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			3,439			—			3,439
Proceeds from long-term borrowings		—			—			274			—			274
Principal payments on long-term borrowings		(187	)		—			(321	)		—			(508	)
Dividends paid		(18,717	)		—			—			—			(18,717	)
Intercompany dividends		—			20,133			(20,133	)		—			—
Dividends to noncontrolling interest		—			—			(1,767	)		—			(1,767	)
Proceeds from exercises under stock plans		15,064			—			—			—			15,064
Excess tax benefits from stock option exercises		4,630			—			—			—			4,630
Purchase of common treasury shares—stock plan exercises:		(14,644	)		—			—			—			(14,644	)
Net cash flows from financing activities		(13,854	)		20,133			(18,508	)		—			(12,229	)
Effect of exchange rate changes on cash and cash equivalents		—			(5,556	)		(14,651	)		—			(20,207	)
Net change in cash and cash equivalents		117,434			(32,017	)		43,823			—			129,240
Cash and cash equivalents—beginning of year		40,926			83,203			290,000			—			414,129
Cash and cash equivalents—end of period	$	158,360		$	51,186		$	333,823		$	—		$	543,369

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirty-nine Weeks Ended September 29, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operations:
Net earnings	$	169,036		$	67,239		$	90,681		$	(154,767	)	$	172,189
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		14,183			9,602			28,477			—			52,262
Stock-based compensation		4,517			—			—			—			4,517
Defined benefit pension plan expense		—			—			3,076			—			3,076
Contribution to defined benefit pension plan		—			—			(11,591	)		—			(11,591	)
Gain on sale of property, plant and equipment		(66	)		(58	)		(63	)		—			(187	)
Equity in earnings of nonconsolidated subsidiaries		(461	)		—			(4,850	)		—			(5,311	)
Deferred income taxes		(3,832	)		(419	)		314			—			(3,937	)
Changes in assets and liabilities:
Receivables		(5,806	)		(18,798	)		(22,059	)		—			(46,663	)
Inventories		1,705			(11,409	)		(26,803	)		—			(36,507	)
Prepaid expenses		(741	)		(43	)		(2,873	)		—			(3,657	)
Accounts payable		(14,260	)		3,280			10,945			—			(35	)
Accrued expenses		16,577			(607	)		19			—			15,989
Other noncurrent liabilities		532			—			(1,255	)		—			(723	)
Income taxes payable (refundable)		(19,897	)		273			(1,461	)		(655	)		(21,740	)
Net cash flows from operations		161,487			49,060			62,557			(155,422	)		117,682
Cash flows from investing activities:
Purchase of property, plant and equipment		(23,270	)		(10,885	)		(24,545	)		—			(58,700	)
Proceeds from sale of assets		112			71			5,414			—			5,597
Other, net		(77,917	)		(15,657	)		(61,768	)		155,422			80
Net cash flows from investing activities		(101,075	)		(26,471	)		(80,899	)		155,422			(53,023	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			4,096			—			4,096
Proceeds from long-term borrowings		39,000			—			126			—			39,126
Principal payments on long-term borrowings		(39,197	)		—			(83	)		—			(39,280	)
Proceeds from sale of partial ownership interest		—			—			1,404			—			1,404
Dividends paid		(15,530	)		—			—			—			(15,530	)
Dividend to noncontrolling interests		—			—			(1,379	)		—			(1,379	)
Debt issuance costs		(1,703	)		—			—			—			(1,703	)
Proceeds from exercises under stock plans		19,527			—			—			—			19,527
Excess tax benefits from stock option exercises		4,212			—			—			—			4,212
Purchase of common treasury shares—stock plan exercises		(19,116	)		—			—			—			(19,116	)
Net cash flows from financing activities		(12,807	)		—			4,164			—			(8,643	)
Effect of exchange rate changes on cash and cash equivalents		—			1,318			6,852			—			8,170
Net change in cash and cash equivalents		47,605			23,907			(7,326	)		—			64,186
Cash and cash equivalents—beginning of year		27,545			18,257			317,092			—			362,894
Cash and cash equivalents—end of period	$	75,150		$	42,164		$	309,766		$	—		$	427,080