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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 26, 2015
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 1,169,674 |  |  | $ | 423,928 |  |  | $ | 1,238,609 |  |  | $ | (213,287 | ) |  | $ | 2,618,924 |
Cost of sales | 890,242 |  |  | 332,847 |  |  | 987,729 |  |  | (212,927 | ) |  | 1,997,891 |
Gross profit | 279,432 |  |  | 91,081 |  |  | 250,880 |  |  | (360 | ) |  | 621,033 |
Selling, general and administrative expenses | 194,335 |  |  | 45,549 |  |  | 207,484 |  |  | — |  |  | 447,368 |
Impairment of goodwill and intangible assets | — |  |  | — |  |  | 41,970 |  |  | — |  |  | 41,970 |
Operating income | 85,097 |  |  | 45,532 |  |  | 1,426 |  |  | (360 | ) |  | 131,695 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (43,552 | ) |  | — |  |  | (1,069 | ) |  | — |  |  | (44,621 | )
Interest income | 9 |  |  | 103 |  |  | 3,184 |  |  | — |  |  | 3,296 |
Other | (2,374 | ) |  | 60 |  |  | 4,951 |  |  | — |  |  | 2,637 |
| (45,917 | ) |  | 163 |  |  | 7,066 |  |  | — |  |  | (38,688 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 39,180 |  |  | 45,695 |  |  | 8,492 |  |  | (360 | ) |  | 93,007 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 863 |  |  | 23,261 |  |  | 18,446 |  |  | (1 | ) |  | 42,569 |
Deferred | 10,042 |  |  | (6,224 | ) |  | 1,040 |  |  | — |  |  | 4,858 |
| 10,905 |  |  | 17,037 |  |  | 19,486 |  |  | (1 | ) |  | 47,427 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 28,275 |  |  | 28,658 |  |  | (10,994 | ) |  | (359 | ) |  | 45,580 |
Equity in earnings of nonconsolidated subsidiaries | 11,842 |  |  | (39,418 | ) |  | (247 | ) |  | 27,576 |  |  | (247 | )
Net earnings | 40,117 |  |  | (10,760 | ) |  | (11,241 | ) |  | 27,217 |  |  | 45,333 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (5,216 | ) |  | — |  |  | (5,216 | )
Net earnings attributable to Valmont Industries, Inc | $ | 40,117 |  |  | $ | (10,760 | ) |  | $ | (16,457 | ) |  | $ | 27,217 |  |  | $ | 40,117 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 1,392,509 |  |  | $ | 496,326 |  |  | $ | 1,456,053 |  |  | $ | (221,745 | ) |  | $ | 3,123,143 |
Cost of sales | 1,040,808 |  |  | 371,639 |  |  | 1,124,813 |  |  | (222,234 | ) |  | 2,315,026 |
Gross profit | 351,701 |  |  | 124,687 |  |  | 331,240 |  |  | 489 |  |  | 808,117 |
Selling, general and administrative expenses | 196,987 |  |  | 49,171 |  |  | 204,243 |  |  | — |  |  | 450,401 |
Operating income | 154,714 |  |  | 75,516 |  |  | 126,997 |  |  | 489 |  |  | 357,716 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (34,267 | ) |  | (5 | ) |  | (2,518 | ) |  | — |  |  | (36,790 | )
Interest income | 38 |  |  | 359 |  |  | 5,649 |  |  | — |  |  | 6,046 |
Costs associated with refinancing of debt | (38,705 | ) |  | — |  |  | — |  |  | — |  |  | (38,705 | )
Other | 2,021 |  |  | (511 | ) |  | (5,594 | ) |  | — |  |  | (4,084 | )
| (70,913 | ) |  | (157 | ) |  | (2,463 | ) |  | — |  |  | (73,533 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 83,801 |  |  | 75,359 |  |  | 124,534 |  |  | 489 |  |  | 284,183 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 30,330 |  |  | 25,277 |  |  | 33,898 |  |  | 138 |  |  | 89,643 |
Deferred | (1,474 | ) |  | 1,866 |  |  | 4,859 |  |  | — |  |  | 5,251 |
| 28,856 |  |  | 27,143 |  |  | 38,757 |  |  | 138 |  |  | 94,894 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 54,945 |  |  | 48,216 |  |  | 85,777 |  |  | 351 |  |  | 189,289 |
Equity in earnings of nonconsolidated subsidiaries | 129,031 |  |  | 19,509 |  |  | 63 |  |  | (148,574 | ) |  | 29 |
Net earnings | 183,976 |  |  | 67,725 |  |  | 85,840 |  |  | (148,223 | ) |  | 189,318 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (5,342 | ) |  | — |  |  | (5,342 | )
Net earnings attributable to Valmont Industries, Inc | $ | 183,976 |  |  | $ | 67,725 |  |  | $ | 80,498 |  |  | $ | (148,223 | ) |  | $ | 183,976 |
Condensed Consolidated Statements of Comprehensive Income | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 40,117 |  |  | $ | (10,760 | ) |  | $ | (11,241 | ) |  | $ | 27,217 |  |  | $ | 45,333 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gains (losses) | — |  |  | (15,166 | ) |  | (81,528 | ) |  | — |  |  | (96,694 | )
| — |  |  | (15,166 | ) |  | (81,528 | ) |  | — |  |  | (96,694 | )
Gain (loss) on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 74 |  |  | — |  |  | — |  |  | — |  |  | 74 |
Realized (gain) loss included in net earnings | (3,130 | ) |  | — |  |  | — |  |  | — |  |  | (3,130 | )
Unrealized gain on cash flow hedges | 2,855 |  |  | — |  |  | — |  |  | — |  |  | 2,855 |
| (201 | ) |  | — |  |  | — |  |  | — |  |  | (201 | )
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | (40,274 | ) |  | — |  |  | (40,274 | )
Equity in other comprehensive income | (132,584 | ) |  | — |  |  | — |  |  | 132,584 |  |  | — |
Other comprehensive income (loss) | (132,785 | ) |  | (15,166 | ) |  | (121,802 | ) |  | 132,584 |  |  | (137,169 | )
Comprehensive income (loss) | (92,668 | ) |  | (25,926 | ) |  | (133,043 | ) |  | 159,801 |  |  | (91,836 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (832 | ) |  | — |  |  | (832 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (92,668 | ) |  | $ | (25,926 | ) |  | $ | (133,875 | ) |  | $ | 159,801 |  |  | $ | (92,668 | )
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 183,976 |  |  | $ | 67,725 |  |  | $ | 85,840 |  |  | $ | (148,223 | ) |  | $ | 189,318 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gains (losses) | — |  |  | (51,536 | ) |  | (30,739 | ) |  | — |  |  | (82,275 | )
| — |  |  | (51,536 | ) |  | (30,739 | ) |  | — |  |  | (82,275 | )
Gain (loss) on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 594 |  |  | — |  |  | — |  |  | — |  |  | 594 |
Realized (gain) loss included in net earnings | 983 |  |  | — |  |  | — |  |  | — |  |  | 983 |
Unrealized gain on cash flow hedges | 4,837 |  |  | — |  |  | — |  |  | — |  |  | 4,837 |
| 6,414 |  |  | — |  |  | — |  |  | — |  |  | 6,414 |
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | (13,709 | ) |  | — |  |  | (13,709 | )
Equity in other comprehensive income | (93,162 | ) |  | — |  |  | — |  |  | 93,162 |  |  | — |
Other comprehensive income (loss) | (86,748 | ) |  | (51,536 | ) |  | (44,448 | ) |  | 93,162 |  |  | (89,570 | )
Comprehensive income | 97,228 |  |  | 16,189 |  |  | 41,392 |  |  | (55,061 | ) |  | 99,748 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,520 | ) |  | — |  |  | (2,520 | )
Comprehensive income attributable to Valmont Industries, Inc. | $ | 97,228 |  |  | $ | 16,189 |  |  | $ | 38,872 |  |  | $ | (55,061 | ) |  | $ | 97,228 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 28, 2013
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 278,489 |  |  | $ | 97,955 |  |  | $ | 68,597 |  |  | $ | (164,581 | ) |  | $ | 280,460 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gains (losses) | — |  |  | (4,772 | ) |  | (66,926 | ) |  | — |  |  | (71,698 | )
Realized loss on sale of investment in foreign entity included in other expense | — |  |  | — |  |  | 5,194 |  |  | — |  |  | 5,194 |
Realized loss on deconsolidation of subsidiary | — |  |  | — |  |  | 8,559 |  |  | — |  |  | 8,559 |
| — |  |  | (4,772 | ) |  | (53,173 | ) |  | — |  |  | (57,945 | )
Gain (loss) on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 400 |  |  | — |  |  | — |  |  | — |  |  | 400 |
| 400 |  |  | — |  |  | — |  |  | — |  |  | 400 |
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | (41,282 | ) |  | — |  |  | (41,282 | )
Equity in other comprehensive income | (106,430 | ) |  | — |  |  | — |  |  | 106,430 |  |  | — |
Other comprehensive income (loss) | (106,030 | ) |  | (4,772 | ) |  | (94,455 | ) |  | 106,430 |  |  | (98,827 | )
Comprehensive income | 172,459 |  |  | 93,183 |  |  | (25,858 | ) |  | (58,151 | ) |  | 181,633 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (9,174 | ) |  | — |  |  | (9,174 | )
Comprehensive income attributable to Valmont Industries, Inc. | $ | 172,459 |  |  | $ | 93,183 |  |  | $ | (35,032 | ) |  | $ | (58,151 | ) |  | $ | 172,459 |
Condensed Consolidated Balance Sheets | 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 and deferred 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 | 47,113 |  |  | — |  |  | 85,861 |  |  | — |  |  | 132,974 |
Total assets | $ | 1,873,422 |  |  | $ | 1,137,748 |  |  | $ | 2,383,435 |  |  | $ | (2,995,177 | ) |  | $ | 2,399,428 |
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 | 758,811 |  |  | — |  |  | 5,153 |  |  | — |  |  | 763,964 |
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 (loss) | (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 | $ | 1,873,422 |  |  | $ | 1,137,748 |  |  | $ | 2,383,435 |  |  | $ | (2,995,177 | ) |  | $ | 2,399,428 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 | CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 40,117 |  |  | $ | (10,760 | ) |  | $ | (11,241 | ) |  | $ | 27,217 |  |  | $ | 45,333 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 29,433 |  |  | 12,611 |  |  | 49,100 |  |  | — |  |  | 91,144 |
Noncash loss on trading securities | — |  |  | — |  |  | 4,555 |  |  | — |  |  | 4,555 |
Impairment of property, plant and equipment | 7,486 |  |  | 542 |  |  | 11,808 |  |  | — |  |  | 19,836 |
Impairment of goodwill & intangibles assets | — |  |  | — |  |  | 41,970 |  |  | — |  |  | 41,970 |
Stock-based compensation | 7,244 |  |  | — |  |  | — |  |  | — |  |  | 7,244 |
Defined benefit pension plan expense (benefit) | — |  |  | — |  |  | (610 | ) |  | — |  |  | (610 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (16,500 | ) |  | — |  |  | (16,500 | )
(Gain) loss on sale of property, plant and equipment | 983 |  |  | 319 |  |  | 1,025 |  |  | — |  |  | 2,327 |
Equity in earnings in nonconsolidated subsidiaries | (11,842 | ) |  | 39,418 |  |  | 247 |  |  | (27,576 | ) |  | 247 |
Deferred income taxes | 10,042 |  |  | (6,224 | ) |  | 1,040 |  |  | — |  |  | 4,858 |
Changes in assets and liabilities (net of acquisitions): |  |  |  |  |  |  |  |  |
Receivables | 27,576 |  |  | 3,547 |  |  | 19,144 |  |  | — |  |  | 50,267 |
Inventories | (4,364 | ) |  | 18,130 |  |  | (12,698 | ) |  | 2,228 |  |  | 3,296 |
Prepaid expenses | 2,337 |  |  | (172 | ) |  | 8,679 |  |  | — |  |  | 10,844 |
Accounts payable | 6,831 |  |  | (1,970 | ) |  | (11,666 | ) |  | — |  |  | (6,805 | )
Accrued expenses | (16,485 | ) |  | 17,713 |  |  | 7,366 |  |  | 324 |  |  | 8,918 |
Other noncurrent liabilities | 177 |  |  | — |  |  | (1,941 | ) |  | — |  |  | (1,764 | )
Income taxes payable (refundable) | 7,895 |  |  | (306 | ) |  | (482 | ) |  | — |  |  | 7,107 |
Net cash flows from operating activities | 107,430 |  |  | 72,848 |  |  | 89,796 |  |  | 2,193 |  |  | 272,267 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (14,362 | ) |  | (7,718 | ) |  | (23,388 | ) |  | — |  |  | (45,468 | )
Proceeds from sale of assets | 3,996 |  |  | 302 |  |  | (1,049 | ) |  | — |  |  | 3,249 |
Acquisitions, net of cash acquired | — |  |  | (12,778 | ) |  | — |  |  | — |  |  | (12,778 | )
Other, net | 72,866 |  |  | (50,447 | ) |  | (13,400 | ) |  | (2,193 | ) |  | 6,826 |
Net cash flows from investing activities | 62,500 |  |  | (70,641 | ) |  | (37,837 | ) |  | (2,193 | ) |  | (48,171 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (12,853 | ) |  | — |  |  | (12,853 | )
Proceeds from long-term borrowings | 68,000 |  |  | — |  |  | — |  |  | — |  |  | 68,000 |
Principal payments on long-term borrowings | (68,213 | ) |  | — |  |  | (885 | ) |  | — |  |  | (69,098 | )
Dividends paid | (35,357 | ) |  | — |  |  | — |  |  | — |  |  | (35,357 | )
Intercompany dividends | 26,115 |  |  | — |  |  | (26,115 | ) |  | — |  |  | — |
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,634 | ) |  | — |  |  | (2,634 | )
Proceeds from exercises under stock plans | 13,075 |  |  | — |  |  | — |  |  | — |  |  | 13,075 |
Excess tax benefits from stock option exercises | 1,699 |  |  | — |  |  | — |  |  | — |  |  | 1,699 |
Purchase of treasury shares | (168,983 | ) |  | — |  |  | — |  |  | — |  |  | (168,983 | )
Purchase of common treasury shares - stock plan exercises | (13,854 | ) |  | — |  |  | — |  |  | — |  |  | (13,854 | )
Net cash flows from financing activities | (177,518 | ) |  | — |  |  | (42,487 | ) |  | — |  |  | (220,005 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (356 | ) |  | (26,240 | ) |  | — |  |  | (26,596 | )
Net change in cash and cash equivalents | (7,588 | ) |  | 1,851 |  |  | (16,768 | ) |  | — |  |  | (22,505 | )
Cash and cash equivalents—beginning of year | 69,869 |  |  | 2,157 |  |  | 299,553 |  |  | — |  |  | 371,579 |
Cash and cash equivalents—end of period | $ | 62,281 |  |  | $ | 4,008 |  |  | $ | 282,785 |  |  | $ | — |  |  | $ | 349,074 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 183,976 |  |  | $ | 67,725 |  |  | $ | 85,840 |  |  | $ | (148,223 | ) |  | $ | 189,318 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 24,509 |  |  | 12,926 |  |  | 51,893 |  |  | — |  |  | 89,328 |
Loss on investment | — |  |  | — |  |  | 3,795 |  |  | — |  |  | 3,795 |
Non-cash debt refinancing costs | (2,478 | ) |  | — |  |  | — |  |  | — |  |  | (2,478 | )
Stock-based compensation | 6,730 |  |  | — |  |  | — |  |  | — |  |  | 6,730 |
Defined benefit pension plan expense | — |  |  | — |  |  | 2,638 |  |  | — |  |  | 2,638 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (18,173 | ) |  | — |  |  | (18,173 | )
Change in fair value of contingent consideration | — |  |  | — |  |  | (4,300 | ) |  | — |  |  | (4,300 | )
(Gain) loss on sale of property, plant and equipment | 145 |  |  | 143 |  |  | 104 |  |  | — |  |  | 392 |
Equity in earnings in nonconsolidated subsidiaries | (129,031 | ) |  | (19,509 | ) |  | (63 | ) |  | 148,574 |  |  | (29 | )
Deferred income taxes | (1,474 | ) |  | 1,866 |  |  | 4,859 |  |  | — |  |  | 5,251 |
Changes in assets and liabilities (net of the effect from acquisitions): |  |  |  |  |  |  |  |  |
Receivables | (19,136 | ) |  | 40,186 |  |  | (20,143 | ) |  | — |  |  | 907 |
Inventories | 5,094 |  |  | 15,317 |  |  | 1,047 |  |  | — |  |  | 21,458 |
Prepaid expenses | (2,352 | ) |  | 429 |  |  | (11,671 | ) |  | — |  |  | (13,594 | )
Accounts payable | (2,260 | ) |  | (5,212 | ) |  | (26,849 | ) |  | — |  |  | (34,321 | )
Accrued expenses | (21,448 | ) |  | (9,590 | ) |  | (3,740 | ) |  | — |  |  | (34,778 | )
Other noncurrent liabilities | 622 |  |  | — |  |  | 1,133 |  |  | — |  |  | 1,755 |
Income taxes payable | (24,945 | ) |  | (19,417 | ) |  | 4,559 |  |  | — |  |  | (39,803 | )
Net cash flows from operating activities | 17,952 |  |  | 84,864 |  |  | 70,929 |  |  | 351 |  |  | 174,096 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (41,260 | ) |  | (2,823 | ) |  | (28,940 | ) |  | — |  |  | (73,023 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (185,710 | ) |  | — |  |  | (185,710 | )
Proceeds from sale of assets | 43 |  |  | 126 |  |  | 2,320 |  |  | — |  |  | 2,489 |
Other, net | 34,735 |  |  | (73,799 | ) |  | 38,796 |  |  | (351 | ) |  | (619 | )
Net cash flows from investing activities | (6,482 | ) |  | (76,496 | ) |  | (173,534 | ) |  | (351 | ) |  | (256,863 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (4,472 | ) |  | — |  |  | (4,472 | )
Proceeds from long-term borrowings | 652,540 |  |  | — |  |  | (329 | ) |  | — |  |  | 652,211 |
Principal payments on long-term obligations | (356,994 | ) |  | — |  |  | (864 | ) |  | — |  |  | (357,858 | )
Settlement of financial derivative | 4,981 |  |  | — |  |  | — |  |  | — |  |  | 4,981 |
Dividends paid | (32,443 | ) |  | — |  |  | — |  |  | — |  |  | (32,443 | )
Intercompany dividends | 116,995 |  |  | (36,600 | ) |  | (80,395 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | 648 |  |  | (648 | ) |  | — |  |  | — |
Intercompany capital contribution | (143,000 | ) |  | — |  |  | 143,000 |  |  | — |  |  | — |
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,919 | ) |  | — |  |  | (2,919 | )
Debt issuance fees | (7,644 | ) |  | — |  |  | — |  |  | — |  |  | (7,644 | )
Proceeds from exercises under stock plans | 14,572 |  |  | — |  |  | — |  |  | — |  |  | 14,572 |
Excess tax benefits from stock option exercises | 4,264 |  |  | — |  |  | — |  |  | — |  |  | 4,264 |
Purchase of treasury shares | (395,045 | ) |  | — |  |  | — |  |  | — |  |  | (395,045 | )
Purchase of common treasury shares - stock plan exercises | (15,403 | ) |  | — |  |  | — |  |  | — |  |  | (15,403 | )
Net cash flows from financing activities | (157,177 | ) |  | (35,952 | ) |  | 53,373 |  |  | — |  |  | (139,756 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (56 | ) |  | (19,548 | ) |  | — |  |  | (19,604 | )
Net change in cash and cash equivalents | (145,707 | ) |  | (27,640 | ) |  | (68,780 | ) |  | — |  |  | (242,127 | )
Cash and cash equivalents—beginning of year | 215,576 |  |  | 29,797 |  |  | 368,333 |  |  | — |  |  | 613,706 |
Cash and cash equivalents—end of year | $ | 69,869 |  |  | $ | 2,157 |  |  | $ | 299,553 |  |  | $ | — |  |  | $ | 371,579 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 28, 2013
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 278,489 |  |  | $ | 97,955 |  |  | $ | 68,597 |  |  | $ | (164,581 | ) |  | $ | 280,460 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 21,270 |  |  | 12,862 |  |  | 43,304 |  |  | — |  |  | 77,436 |
Deconsolidation of subsidiary | — |  |  | — |  |  | 12,011 |  |  | — |  |  | 12,011 |
Impairment of property, plant and equipment | — |  |  | — |  |  | 12,161 |  |  | — |  |  | 12,161 |
Stock-based compensation | 6,513 |  |  | — |  |  | — |  |  | — |  |  | 6,513 |
Defined benefit pension plan expense | — |  |  | — |  |  | 6,569 |  |  | — |  |  | 6,569 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (17,619 | ) |  | — |  |  | (17,619 | )
(Gain) loss on sale of property, plant and equipment | 885 |  |  | 42 |  |  | (5,245 | ) |  | — |  |  | (4,318 | )
Equity in earnings in nonconsolidated subsidiaries | (150,512 | ) |  | (16,417 | ) |  | (494 | ) |  | 166,588 |  |  | (835 | )
Deferred income taxes | (8,948 | ) |  | (19 | ) |  | (1,174 | ) |  | — |  |  | (10,141 | )
Changes in assets and liabilities (net of the effect from acquisitions): |  |  |  |  |  |  |  |  |  |
Receivables | 6,181 |  |  | (22,259 | ) |  | 3,370 |  |  | — |  |  | (12,708 | )
Inventories | 12,966 |  |  | 1,757 |  |  | (1,292 | ) |  | — |  |  | 13,431 |
Prepaid expenses | 2,417 |  |  | 98 |  |  | 1,600 |  |  | — |  |  | 4,115 |
Accounts payable | (10,458 | ) |  | (1,643 | ) |  | 24,549 |  |  | — |  |  | 12,448 |
Accrued expenses | 19,191 |  |  | 5,824 |  |  | (3,317 | ) |  | — |  |  | 21,698 |
Other noncurrent liabilities | 3,201 |  |  | — |  |  | (4,675 | ) |  | — |  |  | (1,474 | )
Income taxes payable | (5,908 | ) |  | (3,251 | ) |  | 5,029 |  |  | 825 |  |  | (3,305 | )
Net cash flows from operating activities | 175,287 |  |  | 74,949 |  |  | 143,374 |  |  | 2,832 |  |  | 396,442 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (76,582 | ) |  | (4,439 | ) |  | (25,732 | ) |  | — |  |  | (106,753 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (63,152 | ) |  | — |  |  | (63,152 | )
Proceeds from sale of assets | 794 |  |  | 35 |  |  | 36,753 |  |  | — |  |  | 37,582 |
Other, net | 86,258 |  |  | (83,327 | ) |  | 503 |  |  | (2,832 | ) |  | 602 |
Net cash flows from investing activities | 10,470 |  |  | (87,731 | ) |  | (51,628 | ) |  | (2,832 | ) |  | (131,721 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 5,510 |  |  | — |  |  | 5,510 |
Proceeds from long-term borrowings | — |  |  | — |  |  | 274 |  |  | — |  |  | 274 |
Principal payments on long-term obligations | (187 | ) |  | — |  |  | (404 | ) |  | — |  |  | (591 | )
Cash decrease due to deconsolidation of subsidiary | — |  |  | — |  |  | (11,615 | ) |  | — |  |  | (11,615 | )
Dividends paid | (25,414 | ) |  | — |  |  | — |  |  | — |  |  | (25,414 | )
Intercompany dividends | 8,947 |  |  | 20,133 |  |  | (29,080 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | 1,229 |  |  | (1,229 | ) |  | — |  |  | — |
Intercompany principal payment on long-term note | — |  |  | 22,430 |  |  | (22,430 | ) |  | — |  |  | — |
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,767 | ) |  | — |  |  | (1,767 | )
Purchase of noncontrolling interest | — |  |  | — |  |  | (9,324 | ) |  | — |  |  | (9,324 | )
Proceeds from exercises under stock plans | 16,348 |  |  | — |  |  | — |  |  | — |  |  | 16,348 |
Excess tax benefits from stock option exercises | 5,306 |  |  | — |  |  | — |  |  | — |  |  | 5,306 |
Purchase of common treasury shares - stock plan exercises | (16,107 | ) |  | — |  |  | — |  |  | — |  |  | (16,107 | )
Net cash flows from financing activities | (11,107 | ) |  | 43,792 |  |  | (70,065 | ) |  | — |  |  | (37,380 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (7,927 | ) |  | (19,837 | ) |  | — |  |  | (27,764 | )
Net change in cash and cash equivalents | 174,650 |  |  | 23,083 |  |  | 1,844 |  |  | — |  |  | 199,577 |
Cash and cash equivalents—beginning of year | 40,926 |  |  | 6,714 |  |  | 366,489 |  |  | — |  |  | 414,129 |
Cash and cash equivalents—end of year | $ | 215,576 |  |  | $ | 29,797 |  |  | $ | 368,333 |  |  | $ | — |  |  | $ | 613,706 |

X
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- Definition This element represents the consolidated comprehensive income segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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- Definition This element represents the consolidated results of operations segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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