GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 26, 2015

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

Condensed Consolidated Statements of Earnings

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

Condensed Consolidated Statements of Comprehensive Income

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

Condensed Consolidated Balance Sheets

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

Condensed Consolidated Statements of Cash Flows

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