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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 26, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 285,038 |  |  | $ | 91,526 |  |  | $ | 272,114 |  |  | $ | (52,073 | ) |  | $ | 596,605 |
Cost of sales | 207,861 |  |  | 67,862 |  |  | 211,393 |  |  | (51,480 | ) |  | 435,636 |
Gross profit | 77,177 |  |  | 23,664 |  |  | 60,721 |  |  | (593 | ) |  | 160,969 |
Selling, general and administrative expenses | 42,494 |  |  | 11,430 |  |  | 44,680 |  |  | — |  |  | 98,604 |
Operating income | 34,683 |  |  | 12,234 |  |  | 16,041 |  |  | (593 | ) |  | 62,365 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,930 | ) |  | — |  |  | (124 | ) |  | — |  |  | (11,054 | )
Interest income | 67 |  |  | 25 |  |  | 719 |  |  | — |  |  | 811 |
Other | (375 | ) |  | 12 |  |  | (1,315 | ) |  | — |  |  | (1,678 | )
| (11,238 | ) |  | 37 |  |  | (720 | ) |  | — |  |  | (11,921 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 23,445 |  |  | 12,271 |  |  | 15,321 |  |  | (593 | ) |  | 50,444 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 5,583 |  |  | 2,572 |  |  | 2,479 |  |  | (120 | ) |  | 10,514 |
Deferred | 2,419 |  |  | 2,149 |  |  | 1,191 |  |  | — |  |  | 5,759 |
| 8,002 |  |  | 4,721 |  |  | 3,670 |  |  | (120 | ) |  | 16,273 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 15,443 |  |  | 7,550 |  |  | 11,651 |  |  | (473 | ) |  | 34,171 |
Equity in earnings of nonconsolidated subsidiaries | 17,526 |  |  | 2,113 |  |  | — |  |  | (19,639 | ) |  | — |
Net earnings | 32,969 |  |  | 9,663 |  |  | 11,651 |  |  | (20,112 | ) |  | 34,171 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,202 | ) |  | — |  |  | (1,202 | )
Net earnings attributable to Valmont Industries, Inc | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 10,449 |  |  | $ | (20,112 | ) |  | $ | 32,969 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 329,131 |  |  | $ | 95,948 |  |  | $ | 302,236 |  |  | $ | (56,917 | ) |  | $ | 670,398 |
Cost of sales | 249,867 |  |  | 74,896 |  |  | 236,985 |  |  | (56,804 | ) |  | 504,944 |
Gross profit | 79,264 |  |  | 21,052 |  |  | 65,251 |  |  | (113 | ) |  | 165,454 |
Selling, general and administrative expenses | 48,042 |  |  | 11,297 |  |  | 48,432 |  |  | — |  |  | 107,771 |
Operating income | 31,222 |  |  | 9,755 |  |  | 16,819 |  |  | (113 | ) |  | 57,683 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,832 | ) |  | — |  |  | (296 | ) |  | — |  |  | (11,128 | )
Interest income | 9 |  |  | 2 |  |  | 863 |  |  | — |  |  | 874 |
Other | (649 | ) |  | (24 | ) |  | 1,689 |  |  | — |  |  | 1,016 |
| (11,472 | ) |  | (22 | ) |  | 2,256 |  |  | — |  |  | (9,238 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 19,750 |  |  | 9,733 |  |  | 19,075 |  |  | (113 | ) |  | 48,445 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 1,392 |  |  | 4,627 |  |  | 5,797 |  |  | (42 | ) |  | 11,774 |
Deferred | 5,469 |  |  | (533 | ) |  | 228 |  |  | — |  |  | 5,164 |
| 6,861 |  |  | 4,094 |  |  | 6,025 |  |  | (42 | ) |  | 16,938 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 12,889 |  |  | 5,639 |  |  | 13,050 |  |  | (71 | ) |  | 31,507 |
Equity in earnings of nonconsolidated subsidiaries | 17,850 |  |  | 4,305 |  |  | — |  |  | (22,155 | ) |  | — |
Net earnings | 30,739 |  |  | 9,944 |  |  | 13,050 |  |  | (22,226 | ) |  | 31,507 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (768 | ) |  | — |  |  | (768 | )
Net earnings attributable to Valmont Industries, Inc | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 12,282 |  |  | $ | (22,226 | ) |  | $ | 30,739 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 11,651 |  |  | $ | (20,112 | ) |  | $ | 34,171 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (178 | ) |  | 2,691 |  |  | — |  |  | 2,513 |
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | 1,388 |  |  | — |  |  | — |  |  | (1,388 | ) |  | — |
Other comprehensive income (loss) | 1,407 |  |  | (178 | ) |  | 2,691 |  |  | (1,388 | ) |  | 2,532 |
Comprehensive income (loss) | 34,376 |  |  | 9,485 |  |  | 14,342 |  |  | (21,500 | ) |  | 36,703 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,327 | ) |  | — |  |  | (2,327 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 34,376 |  |  | $ | 9,485 |  |  | $ | 12,015 |  |  | $ | (21,500 | ) |  | $ | 34,376 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 13,050 |  |  | $ | (22,226 | ) |  | $ | 31,507 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (8,888 | ) |  | (49,290 | ) |  | — |  |  | (58,178 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Actuarial gain (loss) in defined benefit pension plan liability | 92 |  |  | — |  |  | 202 |  |  | — |  |  | 294 |
Equity in other comprehensive income | (55,881 | ) |  | — |  |  | — |  |  | 55,881 |  |  | — |
Other comprehensive income (loss) | (55,771 | ) |  | (8,888 | ) |  | (49,088 | ) |  | 55,881 |  |  | (57,866 | )
Comprehensive income (loss) | (25,032 | ) |  | 1,056 |  |  | (36,038 | ) |  | 33,655 |  |  | (26,359 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 1,327 |  |  | — |  |  | 1,327 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (25,032 | ) |  | $ | 1,056 |  |  | $ | (34,711 | ) |  | $ | 33,655 |  |  | $ | (25,032 | )
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 76,634 |  |  | $ | 4,566 |  |  | $ | 306,514 |  |  | $ | — |  |  | $ | 387,714 |
Receivables, net | 128,713 |  |  | 54,384 |  |  | 266,282 |  |  | — |  |  | 449,379 |
Inventories | 138,589 |  |  | 40,782 |  |  | 174,983 |  |  | (3,586 | ) |  | 350,768 |
Prepaid expenses | 5,435 |  |  | 804 |  |  | 39,841 |  |  | — |  |  | 46,080 |
Refundable income taxes | 18,897 |  |  | — |  |  | — |  |  | — |  |  | 18,897 |
Total current assets | 368,268 |  |  | 100,536 |  |  | 787,620 |  |  | (3,586 | ) |  | 1,252,838 |
Property, plant and equipment, at cost | 537,701 |  |  | 142,955 |  |  | 420,148 |  |  | — |  |  | 1,100,804 |
Less accumulated depreciation and amortization | 338,782 |  |  | 74,063 |  |  | 155,452 |  |  | — |  |  | 568,297 |
Net property, plant and equipment | 198,919 |  |  | 68,892 |  |  | 264,696 |  |  | — |  |  | 532,507 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 203,599 |  |  | — |  |  | 334,269 |
Other intangible assets | 225 |  |  | 39,710 |  |  | 124,602 |  |  | — |  |  | 164,537 |
Investment in subsidiaries and intercompany accounts | 1,250,625 |  |  | 837,066 |  |  | 1,096,458 |  |  | (3,184,149 | ) |  | — |
Other assets | 39,645 |  |  | — |  |  | 76,066 |  |  | — |  |  | 115,711 |
Total assets | $ | 1,877,790 |  |  | $ | 1,156,766 |  |  | $ | 2,553,041 |  |  | $ | (3,187,735 | ) |  | $ | 2,399,862 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 215 |  |  | $ | — |  |  | $ | 895 |  |  | $ | — |  |  | $ | 1,110 |
Notes payable to banks | — |  |  | — |  |  | 2,402 |  |  | — |  |  | 2,402 |
Accounts payable | 58,622 |  |  | 14,148 |  |  | 110,289 |  |  | — |  |  | 183,059 |
Accrued employee compensation and benefits | 21,357 |  |  | 4,665 |  |  | 31,980 |  |  | — |  |  | 58,002 |
Accrued expenses | 42,241 |  |  | 16,752 |  |  | 52,484 |  |  | — |  |  | 111,477 |
Dividends payable | 8,527 |  |  | — |  |  | — |  |  | — |  |  | 8,527 |
Total current liabilities | 130,962 |  |  | 35,565 |  |  | 198,050 |  |  | — |  |  | 364,577 |
Deferred income taxes | 15,874 |  |  | — |  |  | 23,770 |  |  | — |  |  | 39,644 |
Long-term debt, excluding current installments | 751,541 |  |  | — |  |  | 5,337 |  |  | — |  |  | 756,878 |
Defined benefit pension liability | — |  |  | — |  |  | 170,203 |  |  | — |  |  | 170,203 |
Deferred compensation | 43,338 |  |  | — |  |  | 5,118 |  |  | — |  |  | 48,456 |
Other noncurrent liabilities | 5,021 |  |  | — |  |  | 34,932 |  |  | — |  |  | 39,953 |
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 | 1,756,082 |  |  | 568,377 |  |  | 513,246 |  |  | (1,081,623 | ) |  | 1,756,082 |
Accumulated other comprehensive income (loss) | (265,811 | ) |  | (64,540 | ) |  | (202,930 | ) |  | 267,470 |  |  | (265,811 | )
Treasury stock | (587,117 | ) |  | — |  |  | — |  |  | — |  |  | (587,117 | )
Total Valmont Industries, Inc. shareholders’ equity | 931,054 |  |  | 1,121,201 |  |  | 2,066,534 |  |  | (3,187,735 | ) |  | 931,054 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 49,097 |  |  | — |  |  | 49,097 |
Total shareholders’ equity | 931,054 |  |  | 1,121,201 |  |  | 2,115,631 |  |  | (3,187,735 | ) |  | 980,151 |
Total liabilities and shareholders’ equity | $ | 1,877,790 |  |  | $ | 1,156,766 |  |  | $ | 2,553,041 |  |  | $ | (3,187,735 | ) |  | $ | 2,399,862 |
(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 Thirteen Weeks Ended March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 11,651 |  |  | $ | (20,112 | ) |  | $ | 34,171 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 6,857 |  |  | 3,277 |  |  | 10,464 |  |  | — |  |  | 20,598 |
Noncash loss on trading securities | — |  |  | — |  |  | 995 |  |  | — |  |  | 995 |
Stock-based compensation | 2,049 |  |  | — |  |  | — |  |  | — |  |  | 2,049 |
Defined benefit pension plan expense | — |  |  | — |  |  | 384 |  |  | — |  |  | 384 |
Loss (gain) on sale of property, plant and equipment | (3 | ) |  | 52 |  |  | 95 |  |  | — |  |  | 144 |
Equity in earnings in nonconsolidated subsidiaries | (17,526 | ) |  | (2,113 | ) |  | — |  |  | 19,639 |  |  | — |
Deferred income taxes | 2,419 |  |  | 2,149 |  |  | 1,191 |  |  | — |  |  | 5,759 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 2,027 |  |  | 12,003 |  |  | 6,314 |  |  | — |  |  | 20,344 |
Inventories | (6,367 | ) |  | (2,403 | ) |  | 155 |  |  | 593 |  |  | (8,022 | )
Prepaid expenses | 4,465 |  |  | (38 | ) |  | (3,517 | ) |  | — |  |  | 910 |
Accounts payable | (8,102 | ) |  | 468 |  |  | 9,017 |  |  | — |  |  | 1,383 |
Accrued expenses | 843 |  |  | (7,732 | ) |  | (289 | ) |  | — |  |  | (7,178 | )
Other noncurrent liabilities | 916 |  |  | — |  |  | (1,739 | ) |  | — |  |  | (823 | )
Income taxes payable (refundable) | 5,628 |  |  | 85 |  |  | 4,100 |  |  | — |  |  | 9,813 |
Net cash flows from operating activities | 26,175 |  |  | 15,411 |  |  | 38,821 |  |  | 120 |  |  | 80,527 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | 1,248 |  |  | (8,630 | ) |  | (6,579 | ) |  | — |  |  | (13,961 | )
Proceeds from sale of assets | 104 |  |  | (51 | ) |  | 89 |  |  | — |  |  | 142 |
Other, net | 11,332 |  |  | (6,286 | ) |  | (7,248 | ) |  | (120 | ) |  | (2,322 | )
Net cash flows from investing activities | 12,684 |  |  | (14,967 | ) |  | (13,738 | ) |  | (120 | ) |  | (16,141 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 1,352 |  |  | — |  |  | 1,352 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (220 | ) |  | — |  |  | (220 | )
Dividends paid | (8,571 | ) |  | — |  |  | — |  |  | — |  |  | (8,571 | )
Proceeds from exercises under stock plans | 1,289 |  |  | — |  |  | — |  |  | — |  |  | 1,289 |
Excess tax benefits from stock option exercises | (66 | ) |  | — |  |  | — |  |  | — |  |  | (66 | )
Purchase of treasury shares | (16,939 | ) |  | — |  |  | — |  |  | — |  |  | (16,939 | )
Purchase of common treasury shares - stock plan exercises | (219 | ) |  | — |  |  | — |  |  | — |  |  | (219 | )
Net cash flows from financing activities | (24,506 | ) |  | — |  |  | 1,132 |  |  | — |  |  | (23,374 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 114 |  |  | (2,486 | ) |  | — |  |  | (2,372 | )
Net change in cash and cash equivalents | 14,353 |  |  | 558 |  |  | 23,729 |  |  | — |  |  | 38,640 |
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 76,634 |  |  | $ | 4,566 |  |  | $ | 306,514 |  |  | $ | — |  |  | $ | 387,714 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 13,050 |  |  | $ | (22,226 | ) |  | $ | 31,507 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 7,478 |  |  | 3,151 |  |  | 13,272 |  |  | — |  |  | 23,901 |
Loss on investment | — |  |  | — |  |  | 4,415 |  |  | — |  |  | 4,415 |
Stock-based compensation | 1,761 |  |  | — |  |  | — |  |  | — |  |  | 1,761 |
Defined benefit pension plan expense | — |  |  | — |  |  | (150 | ) |  | — |  |  | (150 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (15,735 | ) |  | — |  |  | (15,735 | )
Gain on sale of property, plant and equipment | (13 | ) |  | (10 | ) |  | (113 | ) |  | — |  |  | (136 | )
Equity in earnings in nonconsolidated subsidiaries | (17,850 | ) |  | (4,305 | ) |  | — |  |  | 22,155 |  |  | — |
Deferred income taxes | 5,469 |  |  | (533 | ) |  | 228 |  |  | — |  |  | 5,164 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (4,779 | ) |  | 6,595 |  |  | 16,768 |  |  | — |  |  | 18,584 |
Inventories | 4,897 |  |  | (10,307 | ) |  | (21,631 | ) |  | — |  |  | (27,041 | )
Prepaid expenses | 2,282 |  |  | (251 | ) |  | 2,923 |  |  | — |  |  | 4,954 |
Accounts payable | 4,358 |  |  | (1,442 | ) |  | (4,177 | ) |  | — |  |  | (1,261 | )
Accrued expenses | (2,966 | ) |  | (1,001 | ) |  | (1,357 | ) |  | — |  |  | (5,324 | )
Other noncurrent liabilities | 1,834 |  |  | — |  |  | (150 | ) |  | — |  |  | 1,684 |
Income taxes payable (refundable) | 6,252 |  |  | (4 | ) |  | 6,957 |  |  | — |  |  | 13,205 |
Net cash flows from operating activities | 39,462 |  |  | 1,837 |  |  | 14,300 |  |  | (71 | ) |  | 55,528 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (4,995 | ) |  | (1,492 | ) |  | (10,128 | ) |  | — |  |  | (16,615 | )
Proceeds from sale of assets | 15 |  |  | 19 |  |  | 151 |  |  | — |  |  | 185 |
Other, net | 3,257 |  |  | (1,130 | ) |  | 732 |  |  | 71 |  |  | 2,930 |
Net cash flows from investing activities | (1,723 | ) |  | (2,603 | ) |  | (9,245 | ) |  | 71 |  |  | (13,500 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 1,155 |  |  | — |  |  | 1,155 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (224 | ) |  | — |  |  | (224 | )
Dividends paid | (9,086 | ) |  | — |  |  | — |  |  | — |  |  | (9,086 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,290 | ) |  | — |  |  | (1,290 | )
Proceeds from exercises under stock plans | 1,760 |  |  | — |  |  | — |  |  | — |  |  | 1,760 |
Excess tax benefits from stock option exercises | 345 |  |  | — |  |  | — |  |  | — |  |  | 345 |
Purchase of treasury shares | (72,900 | ) |  | — |  |  | — |  |  | — |  |  | (72,900 | )
Purchase of common treasury shares - stock plan exercises | (2,156 | ) |  | — |  |  | — |  |  | — |  |  | (2,156 | )
Net cash flows from financing activities | (82,037 | ) |  | — |  |  | (359 | ) |  | — |  |  | (82,396 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (24 | ) |  | (12,821 | ) |  | — |  |  | (12,845 | )
Net change in cash and cash equivalents | (44,298 | ) |  | (790 | ) |  | (8,125 | ) |  | — |  |  | (53,213 | )
Cash and cash equivalents—beginning of year | 69,869 |  |  | 2,157 |  |  | 299,553 |  |  | — |  |  | 371,579 |
Cash and cash equivalents—end of period | $ | 25,571 |  |  | $ | 1,367 |  |  | $ | 291,428 |  |  | $ | — |  |  | $ | 318,366 |

X
- Definition This element represents the consolidated balance sheet 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 cash flow statement 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 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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