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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 25, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
Condensed Consolidated Statements of Earnings
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net sales
$
290,171

 
$
97,159

 
$
300,911

 
$
(47,992
)
 
$
640,249

Cost of sales
211,675

 
71,234

 
229,248

 
(47,025
)
 
465,132

Gross profit
78,496

 
25,925

 
71,663

 
(967
)
 
175,117

Selling, general and administrative expenses
44,530

 
11,080

 
47,701

 

 
103,311

Operating income
33,966

 
14,845

 
23,962

 
(967
)
 
71,806

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(10,918
)
 
(3
)
 
(201
)
 

 
(11,122
)
Interest income
46

 
14

 
647

 

 
707

Other
699

 
15

 
538

 

 
1,252

 
(10,173
)
 
26

 
984

 

 
(9,163
)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
23,793

 
14,871

 
24,946

 
(967
)
 
62,643

Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current
10,391

 
6,242

 
6,521

 
(409
)
 
22,745

Deferred
1,068

 
(2,149
)
 
(2,463
)
 

 
(3,544
)
 
11,459

 
4,093

 
4,058

 
(409
)
 
19,201

Earnings before equity in earnings of nonconsolidated subsidiaries
12,334

 
10,778

 
20,888

 
(558
)
 
43,442

Equity in earnings of nonconsolidated subsidiaries
29,692

 
5,746

 

 
(35,438
)
 

Net earnings
42,026

 
16,524

 
20,888

 
(35,996
)
 
43,442

Less: Earnings attributable to noncontrolling interests

 

 
(1,416
)
 

 
(1,416
)
Net earnings attributable to Valmont Industries, Inc
$
42,026

 
$
16,524

 
$
19,472

 
$
(35,996
)
 
$
42,026

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six weeks ended June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net sales
$
575,209

 
$
188,685

 
$
573,025

 
$
(100,065
)
 
$
1,236,854

Cost of sales
419,536

 
139,096

 
440,641

 
(98,505
)
 
900,768

Gross profit
155,673

 
49,589

 
132,384

 
(1,560
)
 
336,086

Selling, general and administrative expenses
87,024

 
22,510

 
92,381

 

 
201,915

Operating income
68,649

 
27,079

 
40,003

 
(1,560
)
 
134,171

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(21,848
)
 
(3
)
 
(325
)
 

 
(22,176
)
Interest income
113

 
39

 
1,366

 

 
1,518

Other
324

 
27

 
(777
)
 

 
(426
)
 
(21,411
)
 
63

 
264

 

 
(21,084
)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
47,238

 
27,142

 
40,267

 
(1,560
)
 
113,087

Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current
15,974

 
8,814

 
9,000

 
(529
)
 
33,259

Deferred
3,487

 

 
(1,272
)
 
 
 
2,215

 
19,461

 
8,814

 
7,728

 
(529
)
 
35,474

Earnings before equity in earnings of nonconsolidated subsidiaries
27,777

 
18,328

 
32,539

 
(1,031
)
 
77,613

Equity in earnings of nonconsolidated subsidiaries
47,218

 
7,859

 
 
 
(55,077
)
 

Net earnings
74,995

 
26,187

 
32,539

 
(56,108
)
 
77,613

Less: Earnings attributable to noncontrolling interests

 

 
(2,618
)
 

 
(2,618
)
Net earnings attributable to Valmont Industries, Inc
$
74,995

 
$
26,187

 
$
29,921

 
$
(56,108
)
 
$
74,995



(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 27, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net sales
$
311,156

 
$
102,090

 
$
322,555

 
$
(53,678
)
 
$
682,123

Cost of sales
232,779

 
78,149

 
254,666

 
(53,019
)
 
512,575

Gross profit
78,377

 
23,941

 
67,889

 
(659
)
 
169,548

Selling, general and administrative expenses
50,913

 
11,091

 
53,544

 

 
115,548

Operating income
27,464

 
12,850

 
14,345

 
(659
)
 
54,000

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(10,894
)
 

 
(338
)
 

 
(11,232
)
Interest income
4

 
2

 
610

 

 
616

Other
(248
)
 
24

 
196

 

 
(28
)
 
(11,138
)
 
26

 
468

 

 
(10,644
)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
16,326

 
12,876

 
14,813

 
(659
)
 
43,356

Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current
7,545

 
5,223

 
6,547

 
(179
)
 
19,136

Deferred
(1,650
)
 
(51
)
 
(3,518
)
 

 
(5,219
)
 
5,895

 
5,172

 
3,029

 
(179
)
 
13,917

Earnings before equity in earnings of nonconsolidated subsidiaries
10,431

 
7,704

 
11,784

 
(480
)
 
29,439

Equity in earnings of nonconsolidated subsidiaries
17,442

 
876

 

 
(18,318
)
 

Net earnings
27,873

 
8,580

 
11,784

 
(18,798
)
 
29,439

Less: Earnings attributable to noncontrolling interests

 

 
(1,566
)
 

 
(1,566
)
Net earnings attributable to Valmont Industries, Inc
$
27,873

 
$
8,580

 
$
10,218

 
$
(18,798
)
 
$
27,873


(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six weeks ended June 27, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net sales
$
640,287

 
$
198,038

 
$
624,791

 
$
(110,595
)
 
$
1,352,521

Cost of sales
482,646

 
153,045

 
491,651

 
(109,823
)
 
1,017,519

Gross profit
157,641

 
44,993

 
133,140

 
(772
)
 
335,002

Selling, general and administrative expenses
98,955

 
22,388

 
101,976

 

 
223,319

Operating income
58,686

 
22,605

 
31,164

 
(772
)
 
111,683

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(21,726
)
 

 
(634
)
 

 
(22,360
)
Interest income
13

 
4

 
1,473

 

 
1,490

Other
(897
)
 

 
1,885

 

 
988

 
(22,610
)
 
4

 
2,724

 

 
(19,882
)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
36,076

 
22,609

 
33,888

 
(772
)
 
91,801

Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current
8,937

 
9,850

 
12,344

 
(221
)
 
30,910

Deferred
3,819

 
(584
)
 
(3,290
)
 

 
(55
)
 
12,756

 
9,266

 
9,054

 
(221
)
 
30,855

Earnings before equity in earnings of nonconsolidated subsidiaries
23,320

 
13,343

 
24,834

 
(551
)
 
60,946

Equity in earnings of nonconsolidated subsidiaries
35,292

 
5,181

 

 
(40,473
)
 

Net earnings
58,612

 
18,524

 
24,834

 
(41,024
)
 
60,946

Less: Earnings attributable to noncontrolling interests

 

 
(2,334
)
 

 
(2,334
)
Net earnings attributable to Valmont Industries, Inc
$
58,612

 
$
18,524

 
$
22,500

 
$
(41,024
)
 
$
58,612




Condensed Consolidated Statements of Comprehensive Income
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net earnings
$
42,026

 
$
16,524

 
$
20,888

 
$
(35,996
)
 
$
43,442

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
        Unrealized translation gain (loss)
2,925

 
29

 
(5,250
)
 

 
(2,296
)
Unrealized loss on cash flow hedge:
 
 
 
 
 
 
 
 
 
     Amortization cost included in interest expense
19

 

 

 

 
19

Equity in other comprehensive income
(5,592
)
 

 

 
5,592

 

Other comprehensive income (loss)
(2,648
)
 
29

 
(5,250
)
 
5,592

 
(2,277
)
Comprehensive income (loss)
39,378

 
16,553

 
15,638

 
(30,404
)
 
41,165

Comprehensive income attributable to noncontrolling interests

 

 
(1,787
)
 

 
(1,787
)
Comprehensive income (loss) attributable to Valmont Industries, Inc.
$
39,378

 
$
16,553

 
$
13,851

 
$
(30,404
)
 
$
39,378



(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six weeks ended June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net earnings
$
74,995

 
$
26,187

 
$
32,539

 
$
(56,108
)
 
$
77,613

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
        Unrealized translation gain (loss)
2,925

 
(149
)
 
(2,559
)
 

 
217

Unrealized loss on cash flow hedge:
 
 
 
 
 
 
 
 
 
     Amortization cost included in interest expense
38

 

 

 

 
38

Equity in other comprehensive income
(1,279
)
 

 

 
1,279

 

Other comprehensive income (loss)
1,684

 
(149
)
 
(2,559
)
 
1,279

 
255

Comprehensive income (loss)
76,679

 
26,038

 
29,980

 
(54,829
)
 
77,868

Comprehensive income attributable to noncontrolling interests

 

 
(4,114
)
 

 
(4,114
)
Comprehensive income (loss) attributable to Valmont Industries, Inc.
$
76,679

 
$
26,038

 
$
25,866

 
$
(54,829
)
 
$
73,754



(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 27, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net earnings
$
27,873

 
$
8,580

 
$
11,784

 
$
(18,798
)
 
$
29,439

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
        Unrealized translation gain (loss)

 
76

 
18,252

 

 
18,328

Unrealized loss on cash flow hedge:
 
 
 
 
 
 
 
 
 
     Amortization cost included in interest expense
19

 

 

 

 
19

Actuarial gain (loss) in defined benefit pension plan liability
(301
)
 

 
1,052

 

 
751

Equity in other comprehensive income
18,978

 

 

 
(18,978
)
 

Other comprehensive income (loss)
18,696

 
76

 
19,304

 
(18,978
)
 
19,098

Comprehensive income (loss)
46,569

 
8,656

 
31,088

 
(37,776
)
 
48,537

Comprehensive income attributable to noncontrolling interests

 

 
(1,968
)
 

 
(1,968
)
Comprehensive income (loss) attributable to Valmont Industries, Inc.
$
46,569

 
$
8,656

 
$
29,120

 
$
(37,776
)
 
$
46,569


(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six weeks ended June 27, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Net earnings
$
58,612

 
$
18,524

 
$
24,834

 
$
(41,024
)
 
$
60,946

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
        Unrealized translation gain (loss)

 
(8,812
)
 
(31,038
)
 

 
(39,850
)
Unrealized loss on cash flow hedge:
 
 
 
 
 
 
 
 
 
     Amortization cost included in interest expense
37

 

 

 

 
37

Actuarial gain (loss) in defined benefit pension plan liability
(209
)
 

 
1,254

 

 
1,045

Equity in other comprehensive income
(36,903
)
 

 

 
36,903

 

Other comprehensive income (loss)
(37,075
)
 
(8,812
)
 
(29,784
)
 
36,903

 
(38,768
)
Comprehensive income (loss)
21,537

 
9,712

 
(4,950
)
 
(4,121
)
 
22,178

Comprehensive income attributable to noncontrolling interests

 

 
(641
)
 

 
(641
)
Comprehensive income (loss) attributable to Valmont Industries, Inc.
$
21,537

 
$
9,712

 
$
(5,591
)
 
$
(4,121
)
 
$
21,537


Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS
June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
62,149

 
$
4,022

 
$
278,175

 
$

 
$
344,346

Receivables, net
130,354

 
58,203

 
278,192

 

 
466,749

Inventories
140,981

 
38,542

 
197,137

 
(4,554
)
 
372,106

Prepaid expenses, restricted cash, and other assets
11,405

 
730

 
51,515

 

 
63,650

Refundable income taxes
20,441

 

 

 

 
20,441

Total current assets
365,330

 
101,497

 
805,019

 
(4,554
)
 
1,267,292

Property, plant and equipment, at cost
540,415

 
145,857

 
419,683

 

 
1,105,955

Less accumulated depreciation and amortization
345,295

 
74,076

 
160,237

 

 
579,608

Net property, plant and equipment
195,120

 
71,781

 
259,446

 

 
526,347

Goodwill
20,108

 
110,562

 
200,933

 

 
331,603

Other intangible assets
211

 
38,460

 
120,143

 

 
158,814

Investment in subsidiaries and intercompany accounts
1,268,543

 
852,048

 
1,090,615

 
(3,211,206
)
 

Other assets
40,034

 
3

 
71,780

 

 
111,817

Total assets
$
1,889,346

 
$
1,174,351

 
$
2,547,936

 
$
(3,215,760
)
 
$
2,395,873

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Current installments of long-term debt
$

 
$

 
$
889

 
$

 
$
889

Notes payable to banks

 

 
3,735

 

 
3,735

Accounts payable
53,254

 
13,601

 
116,271

 

 
183,126

Accrued employee compensation and benefits
26,945

 
5,919

 
33,762

 

 
66,626

Accrued expenses
31,118

 
17,073

 
46,967

 

 
95,158

Dividends payable
8,505

 

 

 

 
8,505

Total current liabilities
119,822

 
36,593

 
201,624

 

 
358,039

Deferred income taxes
13,173

 

 
22,368

 

 
35,541

Long-term debt, excluding current installments
751,448

 

 
5,095

 

 
756,543

Defined benefit pension liability

 

 
164,329

 

 
164,329

Deferred compensation
43,887

 

 
5,078

 

 
48,965

Other noncurrent liabilities
4,934

 
5

 
33,346

 

 
38,285

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
1,790,120

 
584,900

 
530,930

 
(1,115,830
)
 
1,790,120

Accumulated other comprehensive income (loss)
(268,459
)
 
(64,511
)
 
(209,141
)
 
273,652

 
(268,459
)
Treasury stock
(593,479
)
 

 

 

 
(593,479
)
Total Valmont Industries, Inc. shareholders’ equity
956,082

 
1,137,753

 
2,078,007

 
(3,215,760
)
 
956,082

Noncontrolling interest in consolidated subsidiaries

 

 
38,089

 

 
38,089

Total shareholders’ equity
956,082

 
1,137,753

 
2,116,096

 
(3,215,760
)
 
994,171

Total liabilities and shareholders’ equity
$
1,889,346

 
$
1,174,351

 
$
2,547,936

 
$
(3,215,760
)
 
$
2,395,873

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED BALANCE SHEETS
December 26, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
62,281

 
$
4,008

 
$
282,785

 
$

 
$
349,074

Receivables, net
130,741

 
66,387

 
269,315

 

 
466,443

Inventories
132,222

 
38,379

 
173,064

 
(2,993
)
 
340,672

Prepaid expenses
9,900

 
766

 
35,471

 

 
46,137

Refundable income taxes
24,526

 

 

 

 
24,526

Total current assets
359,670

 
109,540

 
760,635

 
(2,993
)
 
1,226,852

Property, plant and equipment, at cost
541,536

 
132,864

 
406,656

 

 
1,081,056

Less accumulated depreciation and amortization
334,471

 
69,956

 
144,140

 

 
548,567

Net property, plant and equipment
207,065

 
62,908

 
262,516

 

 
532,489

Goodwill
20,108

 
110,562

 
206,246

 

 
336,916

Other intangible assets
238

 
40,959

 
129,000

 

 
170,197

Investment in subsidiaries and intercompany accounts
1,239,228

 
813,779

 
939,177

 
(2,992,184
)
 

Other assets
40,067

 

 
85,861

 

 
125,928

Total assets
$
1,866,376

 
$
1,137,748

 
$
2,383,435

 
$
(2,995,177
)
 
$
2,392,382

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Current installments of long-term debt
$
215

 
$

 
$
862

 
$

 
$
1,077

Notes payable to banks

 

 
976

 

 
976

Accounts payable
66,723

 
13,680

 
99,580

 

 
179,983

Accrued employee compensation and benefits
32,272

 
6,347

 
31,735

 

 
70,354

Accrued expenses
31,073

 
22,802

 
51,718

 

 
105,593

Dividends payable
8,571

 

 

 

 
8,571

Total current liabilities
138,854

 
42,829

 
184,871

 

 
366,554

Deferred income taxes
9,686

 

 
25,983

 

 
35,669

Long-term debt, excluding current installments
751,765

 

 
5,153

 

 
756,918

Defined benefit pension liability

 

 
179,323

 

 
179,323

Deferred compensation
43,485

 

 
4,932

 

 
48,417

Other noncurrent liabilities
4,145

 

 
36,145

 

 
40,290

Shareholders’ equity:
 
 
 
 
 
 
 
 


Common stock of $1 par value
27,900

 
457,950

 
648,683

 
(1,106,633
)
 
27,900

Additional paid-in capital

 
159,414

 
1,107,536

 
(1,266,950
)
 

Retained earnings
1,729,679

 
541,917

 
354,727

 
(896,644
)
 
1,729,679

Accumulated other comprehensive income
(267,218
)
 
(64,362
)
 
(210,688
)
 
275,050

 
(267,218
)
Treasury stock
(571,920
)
 

 

 

 
(571,920
)
Total Valmont Industries, Inc. shareholders’ equity
918,441

 
1,094,919

 
1,900,258

 
(2,995,177
)
 
918,441

Noncontrolling interest in consolidated subsidiaries

 

 
46,770

 

 
46,770

Total shareholders’ equity
918,441

 
1,094,919

 
1,947,028

 
(2,995,177
)
 
965,211

Total liabilities and shareholders’ equity
$
1,866,376


$
1,137,748

 
$
2,383,435

 
$
(2,995,177
)
 
$
2,392,382

Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 25, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings
$
74,995

 
$
26,187

 
$
32,539

 
$
(56,108
)
 
$
77,613

Adjustments to reconcile net earnings to net cash flows from operations:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
13,705

 
6,591

 
20,508

 

 
40,804

Noncash loss on trading securities

 

 
1,035

 

 
1,035

  Stock-based compensation
4,201

 

 

 

 
4,201

Defined benefit pension plan expense

 

 
959

 

 
959

Contribution to defined benefit pension plan

 

 
(712
)
 

 
(712
)
Increase in restricted cash - pension plan trust

 

 
(13,652
)
 

 
(13,652
)
Loss (gain) on sale of property, plant and equipment
(6
)
 
60

 
1,020

 

 
1,074

Equity in earnings in nonconsolidated subsidiaries
(47,218
)
 
(7,859
)
 

 
55,077

 

Deferred income taxes
3,487

 

 
(1,272
)
 

 
2,215

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
Receivables
386

 
8,185

 
(5,629
)
 

 
2,942

Inventories
(8,757
)
 
(164
)
 
(21,974
)
 
1,560

 
(29,335
)
Prepaid expenses and other assets
(1,504
)
 
35

 
(3,390
)
 

 
(4,859
)
Accounts payable
(13,469
)
 
(79
)
 
14,978

 

 
1,430

Accrued expenses
(4,040
)
 
(6,158
)
 
(3,438
)
 

 
(13,636
)
Other noncurrent liabilities
868

 
5

 
(546
)
 

 
327

Income taxes payable (refundable)
19,033

 
(16,499
)
 
6,982

 

 
9,516

Net cash flows from operating activities
41,681

 
10,304

 
27,408

 
529

 
79,922

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
(1,240
)
 
(13,167
)
 
(11,612
)
 

 
(26,019
)
Proceeds from sale of assets
58

 
141

 
1,628

 

 
1,827

Other, net
918

 
2,641

 
(4,638
)
 
(529
)
 
(1,608
)
Net cash flows from investing activities
(264
)
 
(10,385
)
 
(14,622
)
 
(529
)
 
(25,800
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under short-term agreements

 

 
2,593

 

 
2,593

Principal payments on long-term borrowings
(215
)
 

 
(444
)
 

 
(659
)
Dividends paid
(17,098
)
 

 

 

 
(17,098
)
Dividends to noncontrolling interest

 

 
(1,923
)
 

 
(1,923
)
Purchase of noncontrolling interest
(137
)
 

 
(10,872
)
 

 
(11,009
)
Proceeds from exercises under stock plans
5,975

 

 

 

 
5,975

Purchase of treasury shares
(28,621
)
 

 

 

 
(28,621
)
Purchase of common treasury shares - stock plan exercises
(1,453
)
 

 

 

 
(1,453
)
Net cash flows from financing activities
(41,549
)
 

 
(10,646
)
 

 
(52,195
)
Effect of exchange rate changes on cash and cash equivalents

 
95

 
(6,750
)
 

 
(6,655
)
Net change in cash and cash equivalents
(132
)
 
14

 
(4,610
)
 

 
(4,728
)
Cash and cash equivalents—beginning of year
62,281

 
4,008

 
282,785

 

 
349,074

Cash and cash equivalents—end of period
$
62,149

 
$
4,022

 
$
278,175

 
$

 
$
344,346

(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 27, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings
$
58,612

 
$
18,524

 
$
24,834

 
$
(41,024
)
 
$
60,946

Adjustments to reconcile net earnings to net cash flows from operations:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
14,983

 
6,278

 
26,500

 

 
47,761

Noncash loss on trading securities

 

 
4,582

 

 
4,582

Impairment of assets - restructuring activities
1,890

 
215

 
7,187

 

 
9,292

  Stock-based compensation
7,466

 

 
(3,953
)
 

 
3,513

Defined benefit pension plan expense

 

 
(305
)
 

 
(305
)
Contribution to defined benefit pension plan

 

 
(15,735
)
 

 
(15,735
)
Gain on sale of property, plant and equipment
(8
)
 
97

 
453

 

 
542

Equity in earnings in nonconsolidated subsidiaries
(35,292
)
 
(5,181
)
 

 
40,473

 

Deferred income taxes
3,819

 
(584
)
 
(3,290
)
 

 
(55
)
Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
Receivables
12,153

 
13,807

 
6,551

 

 
32,511

Inventories
10,161

 
3,093

 
(41,000
)
 

 
(27,746
)
Prepaid expenses
305

 
(160
)
 
(3,232
)
 

 
(3,087
)
Accounts payable
(8,538
)
 
204

 
3,313

 

 
(5,021
)
Accrued expenses
(13,652
)
 
(46
)
 
7,267

 

 
(6,431
)
Other noncurrent liabilities
(2,729
)
 

 
4,490

 

 
1,761

Income taxes payable (refundable)
15,016

 
(5
)
 
806

 

 
15,817

Net cash flows from operating activities
64,186

 
36,242

 
18,468

 
(551
)
 
118,345

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
(7,065
)
 
(3,147
)
 
(14,546
)
 

 
(24,758
)
Proceeds from sale of assets
25

 
19

 
1,057

 

 
1,101

Other, net
24,268

 
(33,440
)
 
14,517

 
551

 
5,896

Net cash flows from investing activities
17,228

 
(36,568
)
 
1,028

 
551

 
(17,761
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under short-term agreements

 

 
(5,890
)
 

 
(5,890
)
Proceeds from long-term borrowings
33,000

 

 

 

 
33,000

Principal payments on long-term borrowings
(33,212
)
 

 
(445
)
 

 
(33,657
)
Dividends paid
(17,956
)
 

 

 

 
(17,956
)
Dividends to noncontrolling interest

 

 
(1,669
)
 

 
(1,669
)
Proceeds from exercises under stock plans
9,454

 

 

 

 
9,454

Excess tax benefits from stock option exercises
1,394

 

 

 

 
1,394

Purchase of treasury shares
(121,020
)
 

 

 

 
(121,020
)
Purchase of common treasury shares - stock plan exercises
(10,490
)
 

 

 

 
(10,490
)
Net cash flows from financing activities
(138,830
)
 

 
(8,004
)
 

 
(146,834
)
Effect of exchange rate changes on cash and cash equivalents

 
(31
)
 
(7,775
)
 

 
(7,806
)
Net change in cash and cash equivalents
(57,416
)
 
(357
)
 
3,717

 

 
(54,056
)
Cash and cash equivalents—beginning of year
69,869

 
2,157

 
299,553

 

 
371,579

Cash and cash equivalents—end of period
$
12,453

 
$
1,800

 
$
303,270

 
$

 
$
317,523