XML 41 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 28, 2014
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
Schedule of reconciliation of the Parent, Guarantor and Eliminations columns affected

 

 

 
  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

  $ (266 ) $ (85,146 ) $   $ (42,385 ) $   $ 127,265  

Net cash flows from operating activities

    180,493     95,613     68,144     25,759     (124,172 )   3,093  

Cash flows from investing activities:

   
 
   
 
   
 
   
 
   
 
   
 
 

Other, net

    (53,317 )   31,563     (99,472 )   (57,087 )   124,172     (3,093 )

Net cash flows from investing activities

    (74,677 )   10,203     (118,009 )   (75,624 )   124,172     (3,093 )

       

Condensed Consolidated Statements of Earnings

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 28, 2014

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net sales

  $ 378,642   $ 124,414   $ 387,715   $ (48,172 ) $ 842,599  

Cost of sales

    280,054     91,536     298,764     (48,232 )   622,122  
                       

Gross profit

    98,588     32,878     88,951     60     220,477  

Selling, general and administrative expenses

    50,164     12,670     52,867         115,701  
                       

Operating income

    48,424     20,208     36,084     60     104,776  
                       

Other income (expense):

                               

Interest expense

    (7,691 )   (11,337 )   (613 )   11,337     (8,304 )

Interest income

    6     152     12,756     (11,337 )   1,577  

Other

    1,754     140     9         1,903  
                       

 

    (5,931 )   (11,045 )   12,152         (4,824 )
                       

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

    42,493     9,163     48,236     60     99,952  
                       

Income tax expense (benefit):

                               

Current

    9,315     2,626     14,148     28     26,117  

Deferred

    7,672     2,079     (1,798 )       7,953  
                       

 

    16,987     4,705     12,350     28     34,070  
                       

Earnings before equity in earnings of nonconsolidated subsidiaries

    25,506     4,458     35,886     32     65,882  

Equity in earnings of nonconsolidated subsidiaries

   
38,470
   
16,964
   
   
(55,464

)
 
(30

)
                       

Net earnings

    63,976     21,422     35,886     (55,432 )   65,852  

Less: Earnings attributable to noncontrolling interests

            (1,876 )       (1,876 )
                       

Net earnings attributable to Valmont Industries, Inc

  $ 63,976   $ 21,422   $ 34,010   $ (55,432 ) $ 63,976  
                       
                       

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six weeks ended June 28, 2014

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net sales

  $ 755,284   $ 260,311   $ 687,996   $ (109,252 ) $ 1,594,339  

Cost of sales

    551,813     191,352     533,398     (109,683 )   1,166,880  
                       

Gross profit

    203,471     68,959     154,598     431     427,459  

Selling, general and administrative expenses

    97,954     25,661     100,220         223,835  
                       

Operating income

    105,517     43,298     54,378     431     203,624  
                       

Other income (expense):

                               

Interest expense

    (15,366 )   (22,217 )   (1,135 )   22,217     (16,501 )

Interest income

    26     335     25,172     (22,217 )   3,316  

Other

    1,821     (352 )   (5,378 )       (3,909 )
                       

 

    (13,519 )   (22,234 )   18,659         (17,094 )
                       

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

    91,998     21,064     73,037     431     186,530  
                       

Income tax expense (benefit):

                               

Current

    29,193     8,213     21,517     132     59,055  

Deferred

    5,829     1,667     (2,466 )       5,030  
                       

 

    35,022     9,880     19,051     132     64,085  
                       

Earnings before equity in earnings of nonconsolidated subsidiaries

    56,976     11,184     53,986     299     122,445  

Equity in earnings of nonconsolidated subsidiaries

   
62,980
   
25,903
   
   
(88,913

)
 
(30

)
                       

Net earnings

    119,956     37,087     53,986     (88,614 )   122,415  

Less: Earnings attributable to noncontrolling interests

            (2,459 )       (2,459 )
                       

Net earnings attributable to Valmont Industries, Inc

  $ 119,956   $ 37,087   $ 51,527   $ (88,614 ) $ 119,956  
                       
                       

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 Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 28, 2014

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net earnings

  $ 63,976   $ 21,422   $ 35,886   $ (55,432 ) $ 65,852  
                       

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustments:          

                               

Unrealized gains (losses) arising during the period

        (8,954 )   22,823         13,869  
                       

 

        (8,954 )   22,823         13,869  
                       

Unrealized loss on cash flow hedge:

                               

Amortization cost included in interest expense

    100         (133 )       (33 )
                       

 

    100         (133 )       (33 )
                       

Actuarial gain (loss) in defined benefit pension plan liability

            (614 )       (614 )

Equity in other comprehensive income

   
13,206
   
   
   
(13,206

)
 
 
                       

Other comprehensive income (loss)

    13,306     (8,954 )   22,076     (13,206 )   13,222  
                       

Comprehensive income

    77,282     12,468     57,962     (68,638 )   79,074  

Comprehensive income attributable to noncontrolling interests

            (1,792 )       (1,792 )
                       

Comprehensive income attributable to Valmont Industries, Inc. 

  $ 77,282   $ 12,468   $ 56,170   $ (68,638 ) $ 77,282  
                       
                       

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six weeks ended June 28, 2014

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net earnings

  $ 119,956   $ 37,087   $ 53,986   $ (88,614 ) $ 122,415  
                       

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustments:

                               

Unrealized gains (losses) arising during the period

        (29,315 )   54,821         25,506  
                       

 

        (29,315 )   54,821         25,506  
                       

Unrealized loss on cash flow hedge:

                               

Amortization cost included in interest expense

    200         (133 )       67  
                       

 

    200         (133 )       67  
                       

Actuarial gain (loss) in defined benefit pension plan liability

            (847 )       (847 )

Equity in other comprehensive income          

   
25,281
   
   
   
(25,281

)
 
 
                       

Other comprehensive income (loss)

    25,481     (29,315 )   53,841     (25,281 )   24,726  
                       

Comprehensive income

    145,437     7,772     107,827     (113,895 )   147,141  

Comprehensive income attributable to noncontrolling interests

            (1,704 )       (1,704 )
                       

Comprehensive income attributable to Valmont Industries, Inc. 

  $ 145,437   $ 7,772   $ 106,123   $ (113,895 ) $ 145,437  
                       
                       

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 )
                       

 

        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 Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
June 28, 2014

 
  Parent   Guarantors   Non-Guarantors   Eliminations   Total  

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

  $ 63,127   $ 49,455   $ 343,345   $   $ 455,927  

Receivables, net

    148,649     73,846     321,113         543,608  

Inventories

    123,369     59,580     198,994         381,943  

Prepaid expenses

    6,606     690     59,620         66,916  

Refundable and deferred income taxes

    51,058     6,285     13,991         71,334  
                       

Total current assets

    392,809     189,856     937,063         1,519,728  
                       

Property, plant and equipment, at cost

    548,424     126,706     485,012         1,160,142  

Less accumulated depreciation and amortization

    311,358     65,166     144,764         521,288  
                       

Net property, plant and equipment

    237,066     61,540     340,248         638,854  
                       

Goodwill

    20,108     107,542     240,755         368,405  

Other intangible assets

    319     46,052     148,988         195,359  

Investment in subsidiaries and intercompany accounts

    1,578,856     1,445,118     509,824     (3,533,798 )    

Other assets

    40,228         96,030         136,258  
                       

Total assets

  $ 2,269,386   $ 1,850,108   $ 2,272,908   $ (3,533,798 ) $ 2,858,604  
                       
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                               

Current liabilities:

                               

Current installments of long-term debt

  $ 188   $   $   $   $ 188  

Notes payable to banks

            17,485         17,485  

Accounts payable

    63,503     16,471     128,860         208,834  

Accrued employee compensation and benefits

    46,513     6,332     42,520         95,365  

Accrued expenses

    33,746     6,284     51,601         91,631  

Dividends payable

    9,930                 9,930  
                       

Total current liabilities

    153,880     29,087     240,466         423,433  
                       

Deferred income taxes

    13,406     28,879     53,389         95,674  

Long-term debt, excluding current installments

    469,216     544,497     9,282     (544,497 )   478,498  

Defined benefit pension liability

            143,114         143,114  

Deferred compensation

    41,134         7,158         48,292  

Other noncurrent liabilities

    9,481         45,022         54,503  

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

    1,672,287     602,280     522,868     (1,125,148 )   1,672,287  

Accumulated other comprehensive income (loss)

    (22,204 )   37,129     (70,430 )   33,301     (22,204 )

Treasury stock

    (95,714 )               (95,714 )
                       

Total Valmont Industries, Inc. shareholders' equity

    1,582,269     1,247,645     1,741,656     (2,989,301 )   1,582,269  
                       

Noncontrolling interest in consolidated subsidiaries

            32,821         32,821  
                       

Total shareholders' equity

    1,582,269     1,247,645     1,774,477     (2,989,301 )   1,615,090  
                       

Total liabilities and shareholders' equity

  $ 2,269,386   $ 1,850,108   $ 2,272,908   $ (3,533,798 ) $ 2,858,604  
                       
                       

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  

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 28, 2014

 
  Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operating activities:

                               

Net earnings

  $ 119,956   $ 37,087   $ 53,986   $ (88,614 ) $ 122,415  

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

                               

Depreciation and amortization

    12,539     6,584     24,245         43,368  

Loss on investment

                3,501         3,501  

Stock-based compensation

    3,686                 3,686  

Defined benefit pension plan expense

            1,334         1,334  

Contribution to defined benefit pension plan

            (17,484 )       (17,484 )

Gain on sale of property, plant and equipment

    7     (74 )   (35 )       (102 )

Equity in earnings in nonconsolidated subsidiaries

    (62,980 )   (25,903 )       88,913     30  

Deferred income taxes

    5,829     1,667     (2,466 )       5,030  

Changes in assets and liabilities (net of acquisitions):

                               

Receivables

    (9,471 )   34,803     (4,249 )       21,083  

Inventories

    9,584     10,651     (13,611 )       6,624  

Prepaid expenses

    (1,870 )   241     (16,660 )       (18,289 )

Accounts payable

    1,352     (3,892 )   (26,093 )       (28,633 )

Accrued expenses

    (23,205 )   (8,411 )   1,201         (30,415 )

Other noncurrent liabilities

    1,941         (175 )       1,766  

Income taxes payable (refundable)

    (22,572 )   1,071     (562 )       (22,063 )
                       

Net cash flows from operating activities

    34,796     53,824     2,932     299     91,851  
                       

Cash flows from investing activities:

                               

Purchase of property, plant and equipment              

    (27,046 )   (1,486 )   (18,459 )       (46,991 )

Proceeds from sale of assets

    21     88     1,042         1,151  

Acquisitions, net of cash acquired

            (120,483 )       (120,483 )

Other, net

    49,004     (25,784 )   (25,861 )   (299 )   (2,940 )
                       

Net cash flows from investing activities              

    21,979     (27,182 )   (163,761 )   (299 )   (169,263 )
                       

Cash flows from financing activities:

                               

Net borrowings under short-term agreements

            (1,861 )       (1,861 )

Principal payments on long-term borrowings

    (196 )       (63 )       (259 )

Dividends paid

    (13,427 )               (13,427 )

Intercompany dividends

    20,895     25,467     (46,362 )        

Dividends to noncontrolling interest

            (1,340 )       (1,340 )

Intercompany interest on long-term note

        (54,398 )   54,398          

Intercompany capital contribution

    (143,000 )         143,000            

Proceeds from exercises under stock plans              

    11,996                 11,996  

Excess tax benefits from stock option exercises

    3,576                 3,576  

Purchase of treasury shares

    (77,084 )               (77,084 )

Purchase of common treasury shares—stock plan exercises:

    (11,984 )               (11,984 )
                       

Net cash flows from financing activities              

    (209,224 )   (28,931 )   147,772         (90,383 )
                       

Effect of exchange rate changes on cash and cash equivalents

        2,691     7,325         10,016  
                       

Net change in cash and cash equivalents

    (152,449 )   402     (5,732 )       (157,779 )

Cash and cash equivalents—beginning of year

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

Cash and cash equivalents—end of period

  $ 63,127   $ 49,455   $ 343,345   $   $ 455,927  
                       
                       

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

 
  Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operations:

                               

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 of nonconsolidated subsidiaries            

    (85,146 )   (42,385 )   (207 )   127,265     (473 )

Deferred income taxes

    (2,504 )   1,702     (3,927 )       (4,729 )

Changes in assets and liabilities:

                               

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 operations

    95,613     25,759     51,128     3,093     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

    31,563     (57,087 )   28,484     (3,093 )   (133 )
                       

Net cash flows from investing activities

    10,203     (75,624 )   25     (3,093 )   (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 )

Dividend to noncontrolling interests

            (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