GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

The Company has three tranches of senior unsecured notes. All of the senior 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 the fourth quarter of 2014, a subsidiary of the Company was removed as a guarantor of our revolving credit facility, and consequently was removed as a guarantor of the notes. All prior year consolidated financial information has been recast to reflect the current guarantor structure. 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 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	249,121		$	114,766		$	321,726		$	(53,038	)	$	632,575
Cost of sales	191,143			82,848			255,424			(53,591		)	475,824
Gross profit	57,978			31,918			66,302			553			156,751
Selling, general and administrative expenses	44,432			11,154			48,953			—			104,539
Impairment of goodwill and intangible assets	—			—			15,200			—			15,200
Operating income	13,546			20,764			2,149			553			37,012
Other income (expense):
Interest expense	(10,822		)	—			(298		)	—			(11,120		)
Interest income	(9		)	2			912			—			905
Other	(2,123		)	31			862			—			(1,230		)
	(12,954		)	33			1,476			—			(11,445		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	592			20,797			3,625			553			25,567
Income tax expense (benefit):
Current	(9,059		)	8,423			7,226			156			6,746
Deferred	7,909			(478		)	(2,159		)	—			5,272
	(1,150		)	7,945			5,067			156			12,018
Earnings before equity in earnings of nonconsolidated subsidiaries	1,742			12,852			(1,442		)	397			13,549
Equity in earnings of nonconsolidated subsidiaries	10,324			1,254			—			(11,578		)	—
Net earnings	12,066			14,106			(1,442		)	(11,181		)	13,549
Less: Earnings attributable to noncontrolling interests	—			—			(1,483		)	—			(1,483		)
Net earnings attributable to Valmont Industries, Inc	$	12,066		$	14,106		$	(2,925	)	$	(11,181	)	$	12,066

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirty-nine weeks ended September 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	889,408		$	312,804		$	946,517		$	(163,633	)	$	1,985,096
Cost of sales	673,789			235,893			747,075			(163,414		)	1,493,343
Gross profit	215,619			76,911			199,442			(219		)	491,753
Selling, general and administrative expenses	143,387			33,542			150,929			—			327,858
Impairment of goodwill and intangible assets	—			—			15,200			—			15,200
Operating income	72,232			43,369			33,313			(219		)	148,695
Other income (expense):
Interest expense	(32,548		)	—			(932		)	—			(33,480		)
Interest income	4			6			2,385			—			2,395
Other	(3,020		)	31			2,747			—			(242		)
	(35,564		)	37			4,200			—			(31,327		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	36,668			43,406			37,513			(219		)	117,368
Income tax expense (benefit):
Current	(122		)	18,273			19,570			(65		)	37,656
Deferred	11,728			(1,062		)	(5,449		)	—			5,217
	11,606			17,211			14,121			(65		)	42,873
Earnings before equity in earnings of nonconsolidated subsidiaries	25,062			26,195			23,392			(154		)	74,495
Equity in earnings of nonconsolidated subsidiaries	45,616			6,435			—			(52,051		)	—
Net earnings	70,678			32,630			23,392			(52,205		)	74,495
Less: Earnings attributable to noncontrolling interests	—			—			(3,817		)	—			(3,817		)
Net earnings attributable to Valmont Industries, Inc	$	70,678		$	32,630		$	19,575		$	(52,205	)	$	70,678

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirteen weeks ended September 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	313,775		$	120,016		$	384,564		$	(52,687	)	$	765,668
Cost of sales	234,085			92,091			292,722			(52,730		)	566,168
Gross profit	79,690			27,925			91,842			43			199,500
Selling, general and administrative expenses	48,560			12,145			50,992			—			111,697
Operating income	31,130			15,780			40,850			43			87,803
Other income (expense):
Interest expense	(8,061		)	—			(655		)	—			(8,716		)
Interest income	2			60			1,415			—			1,477
Costs associated with refinancing of debt	(38,705		)	—			—			—			(38,705		)
Other	(196		)	(149		)	(1,999		)	—			(2,344		)
	(46,960		)	(89		)	(1,239		)	—			(48,288		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	(15,830		)	15,691			39,611			43			39,515
Income tax expense (benefit):
Current	9,296			6,206			7,791			(3		)	23,290
Deferred	(12,430		)	(342		)	3,708			—			(9,064		)
	(3,134		)	5,864			11,499			(3		)	14,226
Earnings before equity in earnings of nonconsolidated subsidiaries	(12,696		)	9,827			28,112			46			25,289
Equity in earnings of nonconsolidated subsidiaries	36,255			8,446			—			(44,705		)	(4		)
Net earnings	23,559			18,273			28,112			(44,659		)	25,285
Less: Earnings attributable to noncontrolling interests	—			—			(1,726		)	—			(1,726		)
Net earnings attributable to Valmont Industries, Inc	$	23,559		$	18,273		$	26,386		$	(44,659	)	$	23,559

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

For the Thirty-nine weeks ended September 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	1,069,059		$	380,327		$	1,072,560		$	(161,939	)	$	2,360,007
Cost of sales	785,898			283,443			826,120			(162,413		)	1,733,048
Gross profit	283,161			96,884			246,440			474			626,959
Selling, general and administrative expenses	146,514			37,806			151,212			—			335,532
Operating income	136,647			59,078			95,228			474			291,427
Other income (expense):
Interest expense	(23,427		)	—			(1,790		)	—			(25,217		)
Interest income	28			356			4,409			—			4,793
Costs associated with refinancing of debt	(38,705		)	—			—			—			(38,705		)
Other	1,625			(501		)	(7,377		)	—			(6,253		)
	(60,479		)	(145		)	(4,758		)	—			(65,382		)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	76,168			58,933			90,470			474			226,045
Income tax expense (benefit):
Current	38,489			19,718			24,009			129			82,345
Deferred	(6,601		)	1,325			1,242			—			(4,034		)
	31,888			21,043			25,251			129			78,311
Earnings before equity in earnings of nonconsolidated subsidiaries	44,280			37,890			65,219			345			147,734
Equity in earnings of nonconsolidated subsidiaries	99,235			17,469			—			(116,738		)	(34		)
Net earnings	143,515			55,359			65,219			(116,393		)	147,700
Less: Earnings attributable to noncontrolling interests	—			—			(4,185		)	—			(4,185		)
Net earnings attributable to Valmont Industries, Inc	$	143,515		$	55,359		$	61,034		$	(116,393	)	$	143,515

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended September 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	12,066		$	14,106		$	(1,442	)	$	(11,181	)	$	13,549
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(6,168		)	(47,350		)	—			(53,518		)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense	18			—			—			—			18
Realized (gain) loss included in net earnings during the period	—			—			(439		)	—			(439		)
Gain on cash flow hedges	(33		)	—			143			—			110
Equity in other comprehensive income	(51,484		)	—			—			51,484			—
Other comprehensive income (loss)	(51,499		)	(6,168		)	(47,646		)	51,484			(53,829		)
Comprehensive income (loss)	(39,433		)	7,938			(49,088		)	40,303			(40,280		)
Comprehensive income attributable to noncontrolling interests	—			—			847			—			847
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(39,433	)	$	7,938		$	(48,241	)	$	40,303		$	(39,433	)

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirty-nine weeks ended September 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	70,678		$	32,630		$	23,392		$	(52,205	)	$	74,495
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(14,980		)	(78,388		)	—			(93,368		)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense	55			—			—			—			55
Realized loss included in net earnings during the period	—			—			(439		)	—			(439		)
Gain on cash flow hedges	(242		)	—			1,397			—			1,155
Equity in other comprehensive income	(88,387		)	—			—			88,387			—
Other comprehensive income (loss)	(88,574		)	(14,980		)	(77,430		)	88,387			(92,597		)
Comprehensive income (loss)	(17,896		)	17,650			(54,038		)	36,182			(18,102		)
Comprehensive income attributable to noncontrolling interests	—			—			206			—			206
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(17,896	)	$	17,650		$	(53,832	)	$	36,182		$	(17,896	)

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirteen weeks ended September 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	23,559		$	18,273		$	28,112		$	(44,659	)	$	25,285
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(53,168		)	(5,833		)	—			(59,001		)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense	100			—			283			—			383
Realized loss included in net earnings during the period	983			—			—			—			983
Gain on cash flow hedges	4,837			—			—			—			4,837
Actuarial gain (loss) in defined benefit pension plan liability	—			—			1,116			—			1,116
Equity in other comprehensive income	(55,787		)	—			—			55,787			—
Other comprehensive income (loss)	(49,867		)	(53,168		)	(4,434		)	55,787			(51,682		)
Comprehensive income (loss)	(26,308		)	(34,895		)	23,678			11,128			(26,397		)
Comprehensive income attributable to noncontrolling interests	—			—			89			—			89
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$	(26,308	)	$	(34,895	)	$	23,767		$	11,128		$	(26,308	)

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Thirty-nine weeks ended September 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	143,515		$	55,359		$	65,219		$	(116,393	)	$	147,700
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)	—			(52,105		)	18,610			—			(33,495		)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense	300			—			150			—			450
Realized loss included in net earnings during the period	983			—			—			—			983
Gain on cash flow hedges	4,837			—			—			—			4,837
Actuarial gain (loss) in defined benefit pension plan liability	—			—			269			—			269
Equity in other comprehensive income	(30,506		)	—			—			30,506			—
Other comprehensive income (loss)	(24,386		)	(52,105		)	19,029			30,506			(26,956		)
Comprehensive income	119,129			3,254			84,248			(85,887		)	120,744
Comprehensive income attributable to noncontrolling interests	—			—			(1,615		)	—			(1,615		)
Comprehensive income attributable to Valmont Industries, Inc.	$	119,129		$	3,254		$	82,633		$	(85,887	)	$	119,129

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED BALANCE SHEETS

September 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	21,227		$	1,641		$	289,983		$	—		$	312,851
Receivables, net	137,255			68,885			295,263			—			501,403
Inventories	144,751			46,820			179,894			(3,175		)	368,290
Prepaid expenses	11,397			612			40,199			—			52,208
Refundable and deferred income taxes	30,001			6,262			8,473			—			44,736
Total current assets	344,631			124,220			813,812			(3,175		)	1,279,488
Property, plant and equipment, at cost	544,933			127,761			410,517			—			1,083,211
Less accumulated depreciation and amortization	330,102			69,069			140,805			—			539,976
Net property, plant and equipment	214,831			58,692			269,712			—			543,235
Goodwill	20,108			107,542			235,033			—			362,683
Other intangible assets	252			40,031			134,874			—			175,157
Investment in subsidiaries and intercompany accounts	1,356,897			848,126			921,673			(3,126,696		)	—
Other assets	47,404			16			81,718			—			129,138
Total assets	$	1,984,123		$	1,178,627		$	2,456,822		$	(3,129,871	)	$	2,489,701
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	215		$	—		$	884		$	—		$	1,099
Notes payable to banks	—			—			1,496			—			1,496
Accounts payable	64,931			14,213			107,437			—			186,581
Accrued employee compensation and benefits	30,576			5,151			34,522			—			70,249
Accrued expenses	44,031			6,145			54,603			—			104,779
Dividends payable	8,649			—			—			—			8,649
Total current liabilities	148,402			25,509			198,942			—			372,853
Deferred income taxes	8,220			27,994			29,986			—			66,200
Long-term debt, excluding current installments	759,033			—			5,790			—			764,823
Defined benefit pension liability	—			—			129,600			—			129,600
Deferred compensation	43,485			—			5,152			—			48,637
Other noncurrent liabilities	5,249			—			36,562			—			41,811
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950			648,682			(1,106,632		)	27,900
Additional paid-in capital	—			159,414			1,107,536			(1,266,950		)	—
Retained earnings	1,767,621			571,936			416,341			(988,277		)	1,767,621
Accumulated other comprehensive income (loss)	(223,007		)	(64,176		)	(167,812		)	231,988			(223,007		)
Treasury stock	(552,780		)	—			—			—			(552,780		)
Total Valmont Industries, Inc. shareholders’ equity	1,019,734			1,125,124			2,004,747			(3,129,871		)	1,019,734
Noncontrolling interest in consolidated subsidiaries	—			—			46,043			—			46,043
Total shareholders’ equity	1,019,734			1,125,124			2,050,790			(3,129,871		)	1,065,777
Total liabilities and shareholders’ equity	$	1,984,123		$	1,178,627		$	2,456,822		$	(3,129,871	)	$	2,489,701

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED BALANCE SHEETS

December 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	69,869		$	2,157		$	299,553		$	—		$	371,579
Receivables, net	158,316			68,414			310,188			—			536,918
Inventories	127,859			54,914			177,512			(763		)	359,522
Prepaid expenses	7,087			502			49,323			—			56,912
Refundable and deferred income taxes	53,307			6,194			8,509			—			68,010
Total current assets	416,438			132,181			845,085			(763		)	1,392,941
Property, plant and equipment, at cost	556,658			124,182			458,729			—			1,139,569
Less accumulated depreciation and amortization	319,899			65,493			147,724			—			533,116
Net property, plant and equipment	236,759			58,689			311,005			—			606,453
Goodwill	20,108			107,542			257,461			—			385,111
Other intangible assets	292			43,644			158,068			—			202,004
Investment in subsidiaries and intercompany accounts	1,446,989			825,236			887,055			(3,159,280		)	—
Other assets	46,587			—			96,572			—			143,159
Total assets	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	213		$	—		$	968		$	—		$	1,181
Notes payable to banks	—			—			13,952			—			13,952
Accounts payable	59,893			15,151			121,521			—			196,565
Accrued employee compensation and benefits	48,169			5,385			34,396			—			87,950
Accrued expenses	32,616			6,052			49,812			—			88,480
Dividends payable	9,086			—			—			—			9,086
Total current liabilities	149,977			26,588			220,649			—			397,214
Deferred income taxes	5,584			28,988			37,225			—			71,797
Long-term debt, excluding current installments	759,895			—			6,759			—			766,654
Defined benefit pension liability	—			—			150,124			—			150,124
Deferred compensation	41,803			—			6,129			—			47,932
Other noncurrent liabilities	8,081			—			37,461			—			45,542
Shareholders’ equity:
Common stock of $1 par value	27,900			457,950			648,682			(1,106,632		)	27,900
Additional paid-in capital	—			150,286			1,098,408			(1,248,694		)	—
Retained earnings	1,718,662			552,676			397,302			(949,978		)	1,718,662
Accumulated other comprehensive income	(134,433		)	(49,196		)	(96,065		)	145,261			(134,433		)
Treasury stock	(410,296		)	—			—			—			(410,296		)
Total Valmont Industries, Inc. shareholders’ equity	1,201,833			1,111,716			2,048,327			(3,160,043		)	1,201,833
Noncontrolling interest in consolidated subsidiaries	—			—			48,572			—			48,572
Total shareholders’ equity	1,201,833			1,111,716			2,096,899			(3,160,043		)	1,250,405
Total liabilities and shareholders’ equity	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Thirty-nine Weeks Ended September 26, 2015



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	70,678		$	32,630		$	23,392		$	(52,205	)	$	74,495
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	22,373			9,372			39,114			—			70,859
Noncash loss on trading securities	—			—			5,020			—			5,020
Impairment of assets - restructuring activities	4,092			258			8,309			—			12,659
Impairment of Goodwill & Intangibles	—			—			15,200			—			15,200
Stock-based compensation	9,620			—			(3,953		)	—			5,667
Defined benefit pension plan expense	—			—			(460		)	—			(460		)
Contribution to defined benefit pension plan	—			—			(15,735		)	—			(15,735		)
Gain on sale of property, plant and equipment	333			267			663			—			1,263
Equity in earnings in nonconsolidated subsidiaries	(45,616		)	(6,435		)	—			52,051			—
Deferred income taxes	11,728			(1,062		)	(5,449		)	—			5,217
Changes in assets and liabilities (net of acquisitions):
Receivables	21,061			(471		)	(15,039		)	—			5,551
Inventories	(16,893		)	8,094			(16,648		)	—			(25,447		)
Prepaid expenses	840			(110		)	4,545			—			5,275
Accounts payable	5,038			(938		)	(3,268		)	—			832
Accrued expenses	(5,758		)	(140		)	13,266			—			7,368
Other noncurrent liabilities	(2,716		)	—			3,603			—			887
Income taxes payable (refundable)	14,216			(14		)	(31		)	—			14,171
Net cash flows from operating activities	88,996			41,451			52,529			(154		)	182,822
Cash flows from investing activities:
Purchase of property, plant and equipment	(9,547		)	(6,065		)	(18,835		)	—			(34,447		)
Proceeds from sale of assets	1,508			36			1,712			—			3,256
Other, net	45,326			(35,859		)	(3,641		)	154			5,980
Net cash flows from investing activities	37,287			(41,888		)	(20,764		)	154			(25,211		)
Cash flows from financing activities:
Net borrowings under short-term agreements	—			—			(12,322		)	—			(12,322		)
Proceeds from long-term borrowings	37,000			—			—			—			37,000
Principal payments on long-term borrowings	(37,222		)	—			(656		)	—			(37,878		)
Dividends paid	(26,708		)	—			—			—			(26,708		)
Dividends to noncontrolling interest	—			—			(2,323		)	—			(2,323		)
Proceeds from exercises under stock plans	10,902			—			—			—			10,902
Excess tax benefits from stock option exercises	1,458			—			—			—			1,458
Purchase of treasury shares	(148,220		)	—			—			—			(148,220		)
Purchase of common treasury shares - stock plan exercises	(12,135		)	—			—			—			(12,135		)
Net cash flows from financing activities	(174,925		)	—			(15,301		)	—			(190,226		)
Effect of exchange rate changes on cash and cash equivalents	—			(79		)	(26,034		)	—			(26,113		)
Net change in cash and cash equivalents	(48,642		)	(516		)	(9,570		)	—			(58,728		)
Cash and cash equivalents—beginning of year	69,869			2,157			299,553			—			371,579
Cash and cash equivalents—end of period	$	21,227		$	1,641		$	289,983		$	—		$	312,851

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Thirty-nine Weeks Ended September 27, 2014



	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	143,515		$	55,359		$	65,219		$	(116,393	)	$	147,700
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	17,094			9,804			37,562			—			64,460
Loss on investment	—			—			4,859			—			4,859
Non-cash debt refinancing costs	(2,478		)	—			—			—			(2,478		)
Stock-based compensation	5,444			—			—			—			5,444
Change in fair value of contingent consideration	—			—			4,300			—			4,300
Defined benefit pension plan expense	—			—			2,003			—			2,003
Contribution to defined benefit pension plan	—			—			(18,245		)	—			(18,245		)
Gain on sale of property, plant and equipment	37			(30		)	51			—			58
Equity in earnings in nonconsolidated subsidiaries	(99,235		)	(17,469		)	—			116,738			34
Deferred income taxes	(6,601		)	1,325			1,242			—			(4,034		)
Changes in assets and liabilities (net of acquisitions):
Receivables	(18,901		)	29,838			(30,888		)	—			(19,951		)
Inventories	2,914			5,036			(12,102		)	—			(4,152		)
Prepaid expenses	(2,213		)	173			(17,142		)	—			(19,182		)
Accounts payable	(2,788		)	(3,643		)	(14,651		)	—			(21,082		)
Accrued expenses	(18,654		)	(9,296		)	24			—			(27,926		)
Other noncurrent liabilities	2,061			—			(8,470		)	—			(6,409		)
Income taxes payable (refundable)	(16,149		)	(225		)	(6,328		)	—			(22,702		)
Net cash flows from operating activities	4,046			70,872			7,434			345			82,697
Cash flows from investing activities:
Purchase of property, plant and equipment	(35,925		)	(1,972		)	(25,515		)	—			(63,412		)
Proceeds from sale of assets	8			127			1,972			—			2,107
Acquisitions, net of cash acquired	—			—			(137,438		)	—			(137,438		)
Other, net	36,954			(53,129		)	19,512			(345		)	2,992
Net cash flows from investing activities	1,037			(54,974		)	(141,469		)	(345		)	(195,751		)
Cash flows from financing activities:
Net borrowings under short-term agreements	—			—			(1,065		)	—			(1,065		)
Proceeds from long-term borrowings	652,540			—			—			—			652,540
Principal payments on long-term borrowings	(356,994		)	—			(65		)	—			(357,059		)
Settlement of financial derivative	4,837			—			—			—			4,837
Dividends paid	(23,357		)	—			—			—			(23,357		)
Intercompany dividends	116,995			(44,000		)	(72,995		)	—			—
Dividends to noncontrolling interest	—			—			(1,340		)	—			(1,340		)
Debt issuance costs	(5,464		)	—			—			—			(5,464		)
Intercompany capital contribution	(143,000		)	—			143,000			—			—
Proceeds from exercises under stock plans	12,824			—			—			—			12,824
Excess tax benefits from stock option exercises	3,916			—			—			—			3,916
Purchase of treasury shares	(316,296		)	—			—			—			(316,296		)
Purchase of common treasury shares - stock plan exercises	(12,739		)	—			—			—			(12,739		)
Net cash flows from financing activities	(66,738		)	(44,000		)	67,535			—			(43,203		)
Effect of exchange rate changes on cash and cash equivalents	—			(36		)	(5,195		)	—			(5,231		)
Net change in cash and cash equivalents	(61,655		)	(28,138		)	(71,695		)	—			(161,488		)
Cash and cash equivalents—beginning of year	215,576			29,797			368,333			—			613,706
Cash and cash equivalents—end of period	$	153,921		$	1,659		$	296,638		$	—		$	452,218