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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 31, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 1,126,985 |  |  | $ | 390,756 |  |  | $ | 1,195,812 |  |  | $ | (191,877 | ) |  | $ | 2,521,676 |
Cost of sales | 837,616 |  |  | 285,924 |  |  | 932,609 |  |  | (190,716 | ) |  | 1,865,433 |
Gross profit | 289,369 |  |  | 104,832 |  |  | 263,203 |  |  | (1,161 | ) |  | 656,243 |
Selling, general and administrative expenses | 184,493 |  |  | 46,244 |  |  | 182,002 |  |  | — |  |  | 412,739 |
Operating income | 104,876 |  |  | 58,588 |  |  | 81,201 |  |  | (1,161 | ) |  | 243,504 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (43,703 | ) |  | (10 | ) |  | (696 | ) |  | — |  |  | (44,409 | )
Interest income | 273 |  |  | 112 |  |  | 2,720 |  |  | — |  |  | 3,105 |
Other | 1,480 |  |  | 77 |  |  | 16,697 |  |  | — |  |  | 18,254 |
| (41,950 | ) |  | 179 |  |  | 18,721 |  |  | — |  |  | (23,050 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 62,926 |  |  | 58,767 |  |  | 99,922 |  |  | (1,161 | ) |  | 220,454 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 24,539 |  |  | 20,270 |  |  | 21,262 |  |  | (323 | ) |  | 65,748 |
Deferred | 6,216 |  |  | — |  |  | (29,901 | ) |  | — |  |  | (23,685 | )
| 30,755 |  |  | 20,270 |  |  | (8,639 | ) |  | (323 | ) |  | 42,063 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 32,171 |  |  | 38,497 |  |  | 108,561 |  |  | (838 | ) |  | 178,391 |
Equity in earnings of nonconsolidated subsidiaries | 141,061 |  |  | 66,128 |  |  | — |  |  | (207,189 | ) |  | — |
Net earnings | 173,232 |  |  | 104,625 |  |  | 108,561 |  |  | (208,027 | ) |  | 178,391 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (5,159 | ) |  | — |  |  | (5,159 | )
Net earnings attributable to Valmont Industries, Inc | $ | 173,232 |  |  | $ | 104,625 |  |  | $ | 103,402 |  |  | $ | (208,027 | ) |  | $ | 173,232 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED 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 |
Condensed Consolidated Statements of Comprehensive Income | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 31, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 173,232 |  |  | $ | 104,625 |  |  | $ | 108,561 |  |  | $ | (208,027 | ) |  | $ | 178,391 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gains (losses) | — |  |  | 49 |  |  | (58,364 | ) |  | — |  |  | (58,315 | )
Gain (loss) on hedging activity: |  |  |  |  |  |  |  |  |
Unrealized gain on net investment hedge | 4,226 |  |  | — |  |  | — |  |  | — |  |  | 4,226 |
Amortization cost included in interest expense | 74 |  |  | — |  |  | — |  |  | — |  |  | 74 |
| 4,300 |  |  | — |  |  | — |  |  | — |  |  | 4,300 |
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | (24,141 | ) |  | — |  |  | (24,141 | )
Equity in other comprehensive income | (83,252 | ) |  | — |  |  | — |  |  | 83,252 |  |  | — |
Other comprehensive income (loss) | (78,952 | ) |  | 49 |  |  | (82,505 | ) |  | 83,252 |  |  | (78,156 | )
Comprehensive income (loss) | 94,280 |  |  | 104,674 |  |  | 26,056 |  |  | (124,775 | ) |  | 100,235 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (6,144 | ) |  | — |  |  | (6,144 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 94,280 |  |  | $ | 104,674 |  |  | $ | 19,912 |  |  | $ | (124,775 | ) |  | $ | 94,091 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED 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) CONDENSED 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 |
Condensed Consolidated Balance Sheets | CONSOLIDATED BALANCE SHEETS December 31, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 67,225 |  |  | $ | 6,071 |  |  | $ | 326,652 |  |  | $ | — |  |  | $ | 399,948 |
Receivables, net | 134,351 |  |  | 60,522 |  |  | 244,469 |  |  | — |  |  | 439,342 |
Inventories | 126,669 |  |  | 45,457 |  |  | 182,056 |  |  | (4,154 | ) |  | 350,028 |
Prepaid expenses, restricted cash, and other assets | 13,271 |  |  | 880 |  |  | 43,146 |  |  | — |  |  | 57,297 |
Refundable income taxes | 6,601 |  |  | — |  |  | — |  |  | — |  |  | 6,601 |
Total current assets | 348,117 |  |  | 112,930 |  |  | 796,323 |  |  | (4,154 | ) |  | 1,253,216 |
Property, plant and equipment, at cost | 547,076 |  |  | 153,596 |  |  | 405,064 |  |  | — |  |  | 1,105,736 |
Less accumulated depreciation and amortization | 352,960 |  |  | 76,776 |  |  | 157,665 |  |  | — |  |  | 587,401 |
Net property, plant and equipment | 194,116 |  |  | 76,820 |  |  | 247,399 |  |  | — |  |  | 518,335 |
Goodwill | 20,108 |  |  | 110,561 |  |  | 190,441 |  |  | — |  |  | 321,110 |
Other intangible assets | 184 |  |  | 35,953 |  |  | 108,241 |  |  | — |  |  | 144,378 |
Investment in subsidiaries and intercompany accounts | 1,279,413 |  |  | 901,758 |  |  | 1,089,369 |  |  | (3,270,540 | ) |  | — |
Other assets | 43,880 |  |  | — |  |  | 110,812 |  |  | — |  |  | 154,692 |
Total assets | $ | 1,885,818 |  |  | $ | 1,238,022 |  |  | $ | 2,542,585 |  |  | $ | (3,274,694 | ) |  | $ | 2,391,731 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 851 |  |  | $ | — |  |  | $ | 851 |
Notes payable to banks | — |  |  | — |  |  | 746 |  |  | — |  |  | 746 |
Accounts payable | 52,272 |  |  | 15,732 |  |  | 109,484 |  |  | — |  |  | 177,488 |
Accrued employee compensation and benefits | 34,508 |  |  | 7,243 |  |  | 30,653 |  |  | — |  |  | 72,404 |
Accrued expenses | 30,261 |  |  | 15,242 |  |  | 44,411 |  |  | — |  |  | 89,914 |
Dividends payable | 8,445 |  |  | — |  |  | — |  |  | — |  |  | 8,445 |
Total current liabilities | 125,486 |  |  | 38,217 |  |  | 186,145 |  |  | — |  |  | 349,848 |
Deferred income taxes | 22,481 |  |  | — |  |  | 13,322 |  |  | — |  |  | 35,803 |
Long-term debt, excluding current installments | 751,251 |  |  | — |  |  | 3,544 |  |  | — |  |  | 754,795 |
Defined benefit pension liability | — |  |  | — |  |  | 209,470 |  |  | — |  |  | 209,470 |
Deferred compensation | 39,476 |  |  | — |  |  | 4,843 |  |  | — |  |  | 44,319 |
Other noncurrent liabilities | 3,642 |  |  | 5 |  |  | 11,263 |  |  | — |  |  | 14,910 |
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 | 1,874,722 |  |  | 646,749 |  |  | 603,338 |  |  | (1,250,087 | ) |  | 1,874,722 |
Accumulated other comprehensive income (loss) | (346,359 | ) |  | (64,313 | ) |  | (284,663 | ) |  | 348,976 |  |  | (346,359 | )
Treasury stock | (612,781 | ) |  | — |  |  | — |  |  | — |  |  | (612,781 | )
Total Valmont Industries, Inc. shareholders’ equity | 943,482 |  |  | 1,199,800 |  |  | 2,074,894 |  |  | (3,274,694 | ) |  | 943,482 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 39,104 |  |  | — |  |  | 39,104 |
Total shareholders’ equity | 943,482 |  |  | 1,199,800 |  |  | 2,113,998 |  |  | (3,274,694 | ) |  | 982,586 |
Total liabilities and shareholders’ equity | $ | 1,885,818 |  |  | $ | 1,238,022 |  |  | $ | 2,542,585 |  |  | $ | (3,274,694 | ) |  | $ | 2,391,731 |
(20) 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, restricted cash, and other assets | 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 | CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 31, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 173,232 |  |  | $ | 104,625 |  |  | $ | 108,561 |  |  | $ | (208,027 | ) |  | $ | 178,391 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 27,096 |  |  | 13,316 |  |  | 42,005 |  |  | — |  |  | 82,417 |
Noncash loss on trading securities | — |  |  | — |  |  | 586 |  |  | — |  |  | 586 |
Increase in restricted cash - pension plan trust | — |  |  | — |  |  | (13,652 | ) |  | — |  |  | (13,652 | )
Impairment of property, plant and equipment | — |  |  | — |  |  | 1,099 |  |  | — |  |  | 1,099 |
Stock-based compensation | 9,931 |  |  | — |  |  | — |  |  | — |  |  | 9,931 |
Change in fair value of contingent consideration | — |  |  | — |  |  | (3,242 | ) |  | — |  |  | (3,242 | )
Defined benefit pension plan expense (benefit) | — |  |  | — |  |  | 1,870 |  |  | — |  |  | 1,870 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (1,488 | ) |  | — |  |  | (1,488 | )
(Gain) loss on sale of property, plant and equipment | 165 |  |  | 103 |  |  | 363 |  |  | — |  |  | 631 |
Equity in earnings in nonconsolidated subsidiaries | (141,061 | ) |  | (66,128 | ) |  | — |  |  | 207,189 |  |  | — |
Deferred income taxes | 6,216 |  |  | — |  |  | (29,901 | ) |  | — |  |  | (23,685 | )
Changes in assets and liabilities (net of acquisitions): |  |  |  |  |  |  |  |  |
Receivables | (3,610 | ) |  | 5,865 |  |  | 22,367 |  |  | — |  |  | 24,622 |
Inventories | 5,554 |  |  | (7,078 | ) |  | (11,097 | ) |  | 1,160 |  |  | (11,461 | )
Prepaid expenses | (1,250 | ) |  | (114 | ) |  | 2,502 |  |  | — |  |  | 1,138 |
Accounts payable | (14,452 | ) |  | 2,052 |  |  | 12,504 |  |  | — |  |  | 104 |
Accrued expenses | 1,423 |  |  | (6,664 | ) |  | (6,966 | ) |  | — |  |  | (12,207 | )
Other noncurrent liabilities | (2,333 | ) |  | 5 |  |  | (21,552 | ) |  | — |  |  | (23,880 | )
Income taxes payable (refundable) | 32,873 |  |  | (16,567 | ) |  | (8,312 | ) |  | — |  |  | 7,994 |
Net cash flows from operating activities | 93,784 |  |  | 29,415 |  |  | 95,647 |  |  | 322 |  |  | 219,168 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (9,031 | ) |  | (22,320 | ) |  | (26,569 | ) |  | — |  |  | (57,920 | )
Proceeds from sale of assets | 44 |  |  | 102 |  |  | 4,980 |  |  | — |  |  | 5,126 |
Other, net | (633 | ) |  | (5,085 | ) |  | 5,785 |  |  | (322 | ) |  | (255 | )
Net cash flows from investing activities | (9,620 | ) |  | (27,303 | ) |  | (15,804 | ) |  | (322 | ) |  | (53,049 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net payments under short-term agreements | — |  |  | — |  |  | (200 | ) |  | — |  |  | (200 | )
Principal payments on long-term borrowings | (215 | ) |  | — |  |  | (1,791 | ) |  | — |  |  | (2,006 | )
Dividends paid | (34,053 | ) |  | — |  |  | — |  |  | — |  |  | (34,053 | )
Purchase of noncontrolling interest | — |  |  | — |  |  | (11,009 | ) |  | — |  |  | (11,009 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,938 | ) |  | — |  |  | (2,938 | )
Proceeds from exercises under stock plans | 11,153 |  |  | — |  |  | — |  |  | — |  |  | 11,153 |
Purchase of treasury shares | (53,800 | ) |  | — |  |  | — |  |  | — |  |  | (53,800 | )
Purchase of common treasury shares - stock plan exercises | (2,305 | ) |  | — |  |  | — |  |  | — |  |  | (2,305 | )
Net cash flows from financing activities | (79,220 | ) |  | — |  |  | (15,938 | ) |  | — |  |  | (95,158 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (49 | ) |  | (20,038 | ) |  | — |  |  | (20,087 | )
Net change in cash and cash equivalents | 4,944 |  |  | 2,063 |  |  | 43,867 |  |  | — |  |  | 50,874 |
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 67,225 |  |  | $ | 6,071 |  |  | $ | 326,652 |  |  | $ | — |  |  | $ | 399,948 |
(20) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED 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 payments 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) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 27, 2014

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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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