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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
 3 Months Ended
Mar. 29, 2014
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.

        In 2014, the Company classified "Equity in earnings of nonconsolidated subsidiaries" as an adjustment to reconcile net earnings to operating cash flows, as part of "Net cash flows from operating activities" in the Condensed Consolidating Statement of Cash Flows. In the 2013 Condensed Consolidating Statement of Cash Flows, these amounts were classified within "Other, net", as part of "Net cash flows from investing activities". The Company revised its presentation for 2013 with respect to the supplemental information included in this footnote in order to achieve comparability in the Condensed Consolidating Statements of Cash Flows.

        The revisions consisted of recording the amounts previously reported in "Other, net" in cash flows from investing activities that were related to earnings from subsidiaries to "Equity in earnings of nonconsolidated subsidiaries" in cash flows from operating activities. Accordingly, the eliminations to reconcile consolidated net earnings are contained in the "Net cash flows from operating activities".

        The "Non-Guarantor" and "Total" columns were not affected by any of these revisions. There was also no effect on the consolidated (total) net cash flows or any other statements in this footnote. The following is a reconciliation of the columns affected for 2013.

 
   Parent   Parent   Guarantor   Guarantor   Eliminations   Eliminations  
 
   As previously
reported		   As revised   As
previously
reported		   As revised   As previously
reported		   As revised  

2013

                                      

Cash flows from operating activities:

                                      

Equity in earnings of nonconsolidated subsidiaries

   $ 3   $ (37,423 ) $ —   $ (19,151 ) $ —   $ 56,577  

Net cash flows from operating activities

     99,749     62,323     13,036     (6,115 )   (56,018 )   559  

Cash flows from investing activities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Other, net

     (39,236 )   (1,810 )   (54,761 )   (35,610 )   56,018     (559 )

Net cash flows from investing activities

     (48,790 )   (11,364 )   (61,845 )   (42,694 )   56,018     (559 )

        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 March 29, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 376,642   $ 135,897   $ 300,281   $ (61,080 ) $ 751,740  

Cost of sales

     271,759     99,816     234,634     (61,451 )   544,758  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     104,883     36,081     65,647     371     206,982  

Selling, general and administrative expenses

     47,790     12,991     47,353     —     108,134  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     57,093     23,090     18,294     371     98,848  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (7,675 )   (10,880 )   (522 )   10,880     (8,197 )

Interest income

     20     183     12,416     (10,880 )   1,739  

Other

     67     (492 )   (5,387 )   —     (5,812 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (7,588 )   (11,189 )   6,507     —     (12,270 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     49,505     11,901     24,801     371     86,578  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     19,878     5,587     7,369     104     32,938  

Deferred

     (1,843 )   (412 )   (668 )   —     (2,923 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     18,035     5,175     6,701     104     30,015  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     31,470     6,726     18,100     267     56,563  

Equity in earnings of nonconsolidated subsidiaries

    
24,510		    
8,939		    
—		    
(33,449
)		  
—		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     55,980     15,665     18,100     (33,182 )   56,563  

Less: Earnings attributable to noncontrolling interests

     —     —     (583 )   —     (583 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 55,980   $ 15,665   $ 17,517   $ (33,182 ) $ 55,980  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended March 30, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 416,613   $ 170,849   $ 325,409   $ (93,241 ) $ 819,630  

Cost of sales

     300,680     128,998     248,383     (93,800 )   584,261  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     115,933     41,851     77,026     559     235,369  

Selling, general and administrative expenses

     50,026     13,994     53,159     —     117,179  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     65,907     27,857     23,867     559     118,190  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (7,755 )   (12,630 )   (434 )   12,629     (8,190 )

Interest income

     7     253     13,722     (12,629 )   1,353  

Other

     1,408     15     133     —     1,556  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (6,340 )   (12,362 )   13,421     —     (5,281 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     59,567     15,495     37,288     559     112,909  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     21,175     6,836     10,470     179     38,660  

Deferred

     (1,754 )   303     (2,236 )   —     (3,687 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     19,421     7,139     8,234     179     34,973  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     40,146     8,356     29,054     380     77,936  

Equity in earnings of nonconsolidated subsidiaries

    
37,423		    
19,151		    
207		    
(56,577
)		  
204		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     77,569     27,507     29,261     (56,197 )   78,140  

Less: Earnings attributable to noncontrolling interests

     —     —     (571 )   —     (571 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 77,569   $ 27,507   $ 28,690   $ (56,197 ) $ 77,569  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended March 29, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 55,980   $ 15,665   $ 18,100   $ (33,182 ) $ 56,563  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     (20,361 )   31,998     —     11,637  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (20,361 )   31,998     —     11,637  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     —     —     (233 )   —     (233 )

Equity in other comprehensive income

    
12,075		    
—		    
—		    
(12,075
)		  
—		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     12,175     (20,361 )   31,765     (12,075 )   11,504  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     68,155     (4,696 )   49,865     (45,257 )   68,067  

Comprehensive income attributable to noncontrolling interests

     —     —     88     —     88  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 68,155   $ (4,696 ) $ 49,953   $ (45,257 ) $ 68,155  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended March 30, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 77,569   $ 27,507   $ 29,261   $ (56,197 ) $ 78,140  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     (38,321 )   28,701     —     (9,620 )

Realized (loss) included in net earnings during the period

     —     —     (5,194 )   —     (5,194 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (38,321 )   23,507     —     (14,814 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     —     —     (936 )   —     (936 )

Equity in other comprehensive income

    
(13,539
)		  
—		    
—		    
13,539		    
—		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     (13,439 )   (38,321 )   22,571     13,539     (15,650 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     64,130     (10,814 )   51,832     (42,658 )   62,490  

Comprehensive income attributable to noncontrolling interests

     —     —     1,640     —     1,640  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 64,130   $ (10,814 ) $ 53,472   $ (42,658 ) $ 64,130  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED BALANCE SHEETS
March 29, 2014

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 81,941   $ 29,825   $ 376,429   $ —   $ 488,195  

Receivables, net

     153,129     84,621     291,943     —     529,693  

Inventories

     153,676     67,478     203,671     —     424,825  

Prepaid expenses

     4,449     843     52,621     —     57,913  

Refundable and deferred income taxes

     34,436     8,558     14,941     —     57,935  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     427,631     191,325     939,605     —     1,558,561  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property, plant and equipment, at cost

     533,430     127,203     511,281     —     1,171,914  

Less accumulated depreciation and amortization

     305,571     63,265     190,875     —     559,711  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net property, plant and equipment

     227,859     63,938     320,406     —     612,203  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill

     20,108     107,542     228,194     —     355,844  

Other intangible assets

     333     47,257     178,879     —     226,469  

Investment in subsidiaries and intercompany accounts

     1,579,856     1,419,723     494,656     (3,494,235 )   —  

Other assets

     38,829     —     93,960     —     132,789  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 2,294,616   $ 1,829,785   $ 2,255,700   $ (3,494,235 ) $ 2,885,866  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                                

Current liabilities:

                                

Current installments of long-term debt

   $ 188   $ —   $ —   $ —   $ 188  

Notes payable to banks

     —     —     14,860     —     14,860  

Accounts payable

     71,447     19,188     143,583     —     234,218  

Accrued employee compensation and benefits                  

     42,853     5,157     38,317     —     86,327  

Accrued expenses

     37,997     5,928     47,185     —     91,110  

Income taxes payable

     9,561     (9 )   415     —     9,967  

Dividends payable

     6,721     —     —     —     6,721  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     168,767     30,264     244,360     —     443,391  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deferred income taxes

     18,763     29,074     56,805     —     104,642  

Long-term debt, excluding current installments

     469,796     535,270     9,345     (535,270 )   479,141  

Defined benefit pension liability

     —     —     139,047     —     139,047  

Deferred compensation

     39,420     —     7,082     —     46,502  

Other noncurrent liabilities

     9,681     —     43,659     —     53,340  

Shareholders' equity:

                                

Common stock of $1 par value

     27,900     457,950     254,982     (712,932 )   27,900  

Additional paid-in capital

     —     150,286     1,034,236     (1,184,522 )   —  

Retained earnings

     1,615,696     580,858     535,220     (1,116,078 )   1,615,696  

Accumulated other comprehensive income (loss)

     (35,510 )   46,083     (100,650 )   54,567     (35,510 )

Treasury stock

     (19,897 )   —     —     —     (19,897 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Valmont Industries, Inc. shareholders' equity

     1,588,189     1,235,177     1,723,788     (2,958,965 )   1,588,189  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Noncontrolling interest in consolidated subsidiaries

     —     —     31,614     —     31,614  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     1,588,189     1,235,177     1,755,402     (2,958,965 )   1,619,803  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 2,294,616   $ 1,829,785   $ 2,255,700   $ (3,494,235 ) $ 2,885,866  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED BALANCE SHEETS
December 28, 2013

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 215,576   $ 49,053   $ 349,077   $ —   $ 613,706  

Receivables, net

     139,179     108,646     267,615     —     515,440  

Inventories

     132,953     70,231     176,816     —     380,000  

Prepaid expenses

     4,735     932     17,330     —     22,997  

Refundable and deferred income taxes

     41,167     8,351     16,179     —     65,697  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     533,610     237,213     827,017     —     1,597,840  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property, plant and equipment, at cost

     522,734     125,764     368,628     —     1,017,126  

Less accumulated depreciation and amortization

     300,066     61,520     121,330     —     482,916  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net property, plant and equipment

     222,668     64,244     247,298     —     534,210  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill

     20,108     107,542     221,982     —     349,632  

Other intangible assets

     346     48,461     122,110     —     170,917  

Investment in subsidiaries and intercompany accounts

     1,417,425     1,367,308     518,059     (3,302,792 )   —  

Other assets

     30,759     —     93,136     —     123,895  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 2,224,916   $ 1,824,768   $ 2,029,602   $ (3,302,792 ) $ 2,776,494  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                                

Current liabilities:

                                

Current installments of long-term debt

   $ 188   $ —   $ 14   $ —   $ 202  

Notes payable to banks

     —     —     19,024     —     19,024  

Accounts payable

     62,153     20,365     133,603     —     216,121  

Accrued employee compensation and benefits                  

     76,370     13,713     32,884     —     122,967  

Accrued expenses

     28,362     7,315     35,883     —     71,560  

Income Taxes Payable

     —     —     —     —     —  

Dividends payable

     6,706     —     —     —     6,706  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     173,779     41,393     221,408     —     436,580  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deferred income taxes

     18,983     29,279     30,662     —     78,924  

Long-term debt, excluding current installments

     470,175     514,223     732     (514,223 )   470,907  

Defined benefit pension liability

     —     —     154,397     —     154,397  

Deferred compensation

     32,339     —     6,770     —     39,109  

Other noncurrent liabilities

     7,615     —     44,116     —     51,731  

Shareholders' equity:

                                

Common stock of $1 par value

     27,900     457,950     254,982     (712,932 )   27,900  

Additional paid-in capital

     —     150,286     891,236     (1,041,522 )   —  

Retained earnings

     1,562,670     565,193     517,703     (1,082,896 )   1,562,670  

Accumulated other comprehensive income

     (47,685 )   66,444     (115,225 )   48,781     (47,685 )

Treasury stock

     (20,860 )   —     —     —     (20,860 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Valmont Industries, Inc. shareholders' equity

     1,522,025     1,239,873     1,548,696     (2,788,569 )   1,522,025  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Noncontrolling interest in consolidated subsidiaries

     —     —     22,821     —     22,821  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     1,522,025     1,239,873     1,571,517     (2,788,569 )   1,544,846  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 2,224,916   $ 1,824,768   $ 2,029,602   $ (3,302,792 ) $ 2,776,494  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirteen Weeks Ended March 29, 2014

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operating activities:

                                

Net earnings

   $ 55,980   $ 15,665   $ 18,100   $ (33,182 ) $ 56,563  

Adjustments to reconcile net earnings to net cash flows from operations:

                                

Depreciation and amortization

     6,041     3,278     10,282     —     19,601  

Loss on investment

     —     —     3,386     —     3,386  

Stock-based compensation

     1,880     —     —     —     1,880  

Defined benefit pension plan expense

     —     —     662     —     662  

Contribution to defined benefit pension plan

     —     —     (17,484 )   —     (17,484 )

Gain on sale of property, plant and equipment

     (9 )   (77 )   (41 )   —     (127 )

Equity in earnings in nonconsolidated subsidiaries            

     (24,510 )   (8,939 )   —     33,449     —  

Deferred income taxes

     (1,843 )   (412 )   (668 )   —     (2,923 )

Changes in assets and liabilities (net of acquisitions):

                                

Receivables

     (13,949 )   24,027     21,590     —     31,668  

Inventories

     (20,723 )   2,753     (19,941 )   —     (37,911 )

Prepaid expenses

     286     89     (9,523 )   —     (9,148 )

Accounts payable

     9,294     (1,175 )   (20,590 )   —     (12,471 )

Accrued expenses

     (22,614 )   (9,943 )   2,668     —     (29,889 )

Other noncurrent liabilities

     2,104     —     (553 )   —     1,551  

Income taxes payable (refundable)

     16,640     586     (667 )   —     16,559  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operating activities

     8,577     25,852     (12,779 )   267     21,917  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment

     (11,282 )   (1,767 )   (10,477 )   —     (23,526 )

Proceeds from sale of assets

     19     77     1,295     —     1,391  

Acquisitions, net of cash acquired

     —     —     (120,483 )   —     (120,483 )

Other, net

     17,175     3,630     (21,528 )   (267 )   (990 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     5,912     1,940     (151,193 )   (267 )   (143,608 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     (4,056 )   —     (4,056 )

Principal payments on long-term borrowings

     —     —     (63 )   —     (63 )

Dividends paid

     (6,706 )   —     —     —     (6,706 )

Dividends to noncontrolling interest

     —     —     (351 )   —     (351 )

Intercompany interest on long-term note

     —     (48,174 )   48,174     —     —  

Intercompany capital contribution

     (143,000 )   —     143,000     —     —  

Proceeds from exercises under stock plans

     7,860     —     —     —     7,860  

Excess tax benefits from stock option exercises

     2,296     —     —     —     2,296  

Purchase of common treasury shares—stock plan exercises:

     (8,574 )   —     —     —     (8,574 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities

     (148,124 )   (48,174 )   186,704     —     (9,594 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     1,154     4,620     —     5,774  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     (133,635 )   (19,228 )   27,352     —     (125,511 )

Cash and cash equivalents—beginning of year

     215,576     49,053     349,077     —     613,706  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents—end of period

   $ 81,941   $ 29,825   $ 376,429   $ —   $ 488,195  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirteen Weeks Ended March 30, 2013

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operations:

                                

Net earnings

   $ 77,569   $ 27,507   $ 29,261   $ (56,197 ) $ 78,140  

Adjustments to reconcile net earnings to net cash flows from operations:

                                

Depreciation and amortization

     4,787     3,318     11,103     —     19,208  

Stock-based compensation

     1,675     —     —     —     1,675  

Defined benefit pension plan expense

     —     —     1,633     —     1,633  

Contribution to defined benefit pension plan

     —     —     (10,346 )   —     (10,346 )

Gain on sale of property, plant and equipment

     19     4     (89 )   —     (66 )

Equity in earnings of nonconsolidated subsidiaries            

     (37,423 )   (19,151 )   (207 )   56,577     (204 )

Deferred income taxes

     (1,754 )   303     (2,236 )   —     (3,687 )

Changes in assets and liabilities:

                                

Receivables

     7,323     701     10,982     —     19,006  

Inventories

     (2,938 )   (8,666 )   (18,786 )   —     (30,390 )

Prepaid expenses

     1,249     194     (4,229 )   —     (2,786 )

Accounts payable

     (1,634 )   (5,014 )   1,345     —     (5,303 )

Accrued expenses

     (6,374 )   (5,328 )   (6,106 )   —     (17,808 )

Other noncurrent liabilities

     2,592     —     (1,462 )   —     1,130  

Income taxes payable (refundable)

     17,232     17     (3,018 )   179     14,410  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operations

     62,323     (6,115 )   7,845     559     64,612  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment

     (9,589 )   (7,084 )   (5,172 )   —     (21,845 )

Proceeds from sale of assets

     35     —     29,380     —     29,415  

Acquisitions, net of cash acquired

     —     —     (54,714 )   —     (54,714 )

Other, net

     (1,810 )   (35,610 )   40,768     (559 )   2,789  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     (11,364 )   (42,694 )   10,262     (559 )   (44,355 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     (573 )   —     (573 )

Principal payments on long-term borrowings

     —     —     (16 )   —     (16 )

Dividends paid

     (6,001 )   —     —     —     (6,001 )

Dividend to noncontrolling interests

     —     —     (1,476 )   —     (1,476 )

Proceeds from exercises under stock plans

     11,697     —     —     —     11,697  

Excess tax benefits from stock option exercises

     226     —     —     —     226  

Purchase of common treasury shares—stock plan exercises

     (12,375 )   —     —     —     (12,375 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities

     (6,453 )   —     (2,065 )   —     (8,518 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     107     (5,979 )   —     (5,872 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     44,506     (48,702 )   10,063     —     5,867  

Cash and cash equivalents—beginning of year

     40,926     83,203     290,000     —     414,129  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents—end of period

   $ 85,432   $ 34,501   $ 300,063   $ —   $ 419,996  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​