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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Apr. 01, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended April 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 293,265 |  |  | $ | 117,225 |  |  | $ | 295,296 |  |  | $ | (68,313 | ) |  | $ | 637,473 |
Cost of sales | 216,486 |  |  | 91,489 |  |  | 232,490 |  |  | (67,597 | ) |  | 472,868 |
Gross profit | 76,779 |  |  | 25,736 |  |  | 62,806 |  |  | (716 | ) |  | 164,605 |
Selling, general and administrative expenses | 50,217 |  |  | 11,660 |  |  | 38,226 |  |  | — |  |  | 100,103 |
Operating income | 26,562 |  |  | 14,076 |  |  | 24,580 |  |  | (716 | ) |  | 64,502 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (11,142 | ) |  | (2,266 | ) |  | (162 | ) |  | 2,266 |  |  | (11,304 | )
Interest income | 151 |  |  | 14 |  |  | 3,028 |  |  | (2,266 | ) |  | 927 |
Other | 1,354 |  |  | 16 |  |  | (171 | ) |  | — |  |  | 1,199 |
| (9,637 | ) |  | (2,236 | ) |  | 2,695 |  |  | — |  |  | (9,178 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 16,925 |  |  | 11,840 |  |  | 27,275 |  |  | (716 | ) |  | 55,324 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | (4,887 | ) |  | 5,320 |  |  | 1,109 |  |  | (244 | ) |  | 1,298 |
Deferred | 11,327 |  |  | — |  |  | 2,738 |  |  | — |  |  | 14,065 |
| 6,440 |  |  | 5,320 |  |  | 3,847 |  |  | (244 | ) |  | 15,363 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 10,485 |  |  | 6,520 |  |  | 23,428 |  |  | (472 | ) |  | 39,961 |
Equity in earnings of nonconsolidated subsidiaries | 28,494 |  |  | (980 | ) |  | — |  |  | (27,514 | ) |  | — |
Net earnings | 38,979 |  |  | 5,540 |  |  | 23,428 |  |  | (27,986 | ) |  | 39,961 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (982 | ) |  | — |  |  | (982 | )
Net earnings attributable to Valmont Industries, Inc | $ | 38,979 |  |  | $ | 5,540 |  |  | $ | 22,446 |  |  | $ | (27,986 | ) |  | $ | 38,979 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended April 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 38,979 |  |  | $ | 5,540 |  |  | $ | 23,428 |  |  | $ | (27,986 | ) |  | $ | 39,961 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 69,383 |  |  | (49,993 | ) |  | — |  |  | 19,390 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (526 | ) |  | — |  |  | — |  |  | — |  |  | (526 | )
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | 20,613 |  |  | — |  |  | — |  |  | (20,613 | ) |  | — |
Other comprehensive income (loss) | 20,106 |  |  | 69,383 |  |  | (49,993 | ) |  | (20,613 | ) |  | 18,883 |
Comprehensive income (loss) | 59,085 |  |  | 74,923 |  |  | (26,565 | ) |  | (48,599 | ) |  | 58,844 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 241 |  |  | — |  |  | 241 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 59,085 |  |  | $ | 74,923 |  |  | $ | (26,324 | ) |  | $ | (48,599 | ) |  | $ | 59,085 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
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 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 93,149 |  |  | $ | 5,479 |  |  | $ | 326,588 |  |  | $ | — |  |  | $ | 425,216 |
Receivables, net | 133,907 |  |  | 74,221 |  |  | 246,916 |  |  | — |  |  | 455,044 |
Inventories | 143,773 |  |  | 49,322 |  |  | 200,930 |  |  | (4,869 | ) |  | 389,156 |
Prepaid expenses, restricted cash, and other assets | 8,913 |  |  | 852 |  |  | 44,767 |  |  | — |  |  | 54,532 |
Refundable income taxes | 7,325 |  |  | — |  |  | — |  |  | — |  |  | 7,325 |
Total current assets | 387,067 |  |  | 129,874 |  |  | 819,201 |  |  | (4,869 | ) |  | 1,331,273 |
Property, plant and equipment, at cost | 551,491 |  |  | 155,330 |  |  | 422,966 |  |  | — |  |  | 1,129,787 |
Less accumulated depreciation and amortization | 359,317 |  |  | 79,023 |  |  | 171,789 |  |  | — |  |  | 610,129 |
Net property, plant and equipment | 192,174 |  |  | 76,307 |  |  | 251,177 |  |  | — |  |  | 519,658 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 193,391 |  |  | — |  |  | 324,061 |
Other intangible assets | 171 |  |  | 34,703 |  |  | 107,126 |  |  | — |  |  | 142,000 |
Investment in subsidiaries and intercompany accounts | 1,319,342 |  |  | 1,171,413 |  |  | 1,299,723 |  |  | (3,790,478 | ) |  | — |
Other assets | 45,976 |  |  | — |  |  | 103,920 |  |  | — |  |  | 149,896 |
Total assets | $ | 1,964,838 |  |  | $ | 1,522,859 |  |  | $ | 2,774,538 |  |  | $ | (3,795,347 | ) |  | $ | 2,466,888 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 860 |  |  | $ | — |  |  | $ | 860 |
Notes payable to banks | — |  |  | — |  |  | 957 |  |  | — |  |  | 957 |
Accounts payable | 54,551 |  |  | 17,559 |  |  | 122,415 |  |  | — |  |  | 194,525 |
Accrued employee compensation and benefits | 32,084 |  |  | 5,774 |  |  | 27,805 |  |  | — |  |  | 65,663 |
Accrued expenses | 45,272 |  |  | 13,014 |  |  | 53,945 |  |  | — |  |  | 112,231 |
Dividends payable | 8,468 |  |  | — |  |  | — |  |  | — |  |  | 8,468 |
Total current liabilities | 140,375 |  |  | 36,347 |  |  | 205,982 |  |  | — |  |  | 382,704 |
Deferred income taxes | 24,693 |  |  | — |  |  | 14,337 |  |  | — |  |  | 39,030 |
Long-term debt, excluding current installments | 751,148 |  |  | 180,863 |  |  | 10,339 |  |  | (187,827 | ) |  | 754,523 |
Defined benefit pension liability | — |  |  | — |  |  | 187,276 |  |  | — |  |  | 187,276 |
Deferred compensation | 41,327 |  |  | — |  |  | 5,240 |  |  | — |  |  | 46,567 |
Other noncurrent liabilities | 4,456 |  |  | 5 |  |  | 11,047 |  |  | — |  |  | 15,508 |
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 |  |  | 1,107,531 |  |  | (1,266,945 | ) |  | — |
Retained earnings | 1,906,161 |  |  | 683,203 |  |  | 880,319 |  |  | (1,563,522 | ) |  | 1,906,161 |
Accumulated other comprehensive income (loss) | (326,253 | ) |  | 5,077 |  |  | (334,656 | ) |  | 329,579 |  |  | (326,253 | )
Treasury stock | (604,969 | ) |  | — |  |  | — |  |  | — |  |  | (604,969 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,002,839 |  |  | 1,305,644 |  |  | 2,301,876 |  |  | (3,607,520 | ) |  | 1,002,839 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 38,441 |  |  | — |  |  | 38,441 |
Total shareholders’ equity | 1,002,839 |  |  | 1,305,644 |  |  | 2,340,317 |  |  | (3,607,520 | ) |  | 1,041,280 |
Total liabilities and shareholders’ equity | $ | 1,964,838 |  |  | $ | 1,522,859 |  |  | $ | 2,774,538 |  |  | $ | (3,795,347 | ) |  | $ | 2,466,888 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED 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 | 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 | (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 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended April 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 38,979 |  |  | $ | 5,540 |  |  | $ | 23,428 |  |  | $ | (27,986 | ) |  | $ | 39,961 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 6,536 |  |  | 3,557 |  |  | 10,734 |  |  | — |  |  | 20,827 |
Noncash loss on trading securities | — |  |  | — |  |  | 70 |  |  | — |  |  | 70 |
Stock-based compensation | 2,494 |  |  | — |  |  | — |  |  | — |  |  | 2,494 |
Defined benefit pension plan expense | — |  |  | — |  |  | 154 |  |  | — |  |  | 154 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (25,379 | ) |  | — |  |  | (25,379 | )
Decrease in restricted cash - pension plan trust | — |  |  | — |  |  | 12,568 |  |  | — |  |  | 12,568 |
Loss (gain) on sale of property, plant and equipment | (5 | ) |  | (2 | ) |  | (95 | ) |  | — |  |  | (102 | )
Equity in earnings in nonconsolidated subsidiaries | (28,494 | ) |  | 980 |  |  | — |  |  | 27,514 |  |  | — |
Deferred income taxes | 11,327 |  |  | — |  |  | 2,738 |  |  | — |  |  | 14,065 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 1,116 |  |  | (13,699 | ) |  | (146 | ) |  | — |  |  | (12,729 | )
Inventories | (17,105 | ) |  | (3,865 | ) |  | (14,563 | ) |  | 716 |  |  | (34,817 | )
Prepaid expenses and other assets | 3,688 |  |  | 27 |  |  | (13,513 | ) |  | — |  |  | (9,798 | )
Accounts payable | 2,278 |  |  | 1,826 |  |  | 10,020 |  |  | — |  |  | 14,124 |
Accrued expenses | 12,588 |  |  | (3,697 | ) |  | 5,129 |  |  | — |  |  | 14,020 |
Other noncurrent liabilities | 848 |  |  | — |  |  | (236 | ) |  | — |  |  | 612 |
Income taxes payable (refundable) | (9,839 | ) |  | 22 |  |  | 9,730 |  |  | — |  |  | (87 | )
Net cash flows from operating activities | 24,411 |  |  | (9,311 | ) |  | 20,639 |  |  | 244 |  |  | 35,983 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (4,547 | ) |  | (1,797 | ) |  | (7,824 | ) |  | — |  |  | (14,168 | )
Proceeds from sale of assets | 7 |  |  | 6 |  |  | 289 |  |  | — |  |  | 302 |
Other, net | 8,474 |  |  | 12,586 |  |  | (22,531 | ) |  | (244 | ) |  | (1,715 | )
Net cash flows from investing activities | 3,934 |  |  | 10,795 |  |  | (30,066 | ) |  | (244 | ) |  | (15,581 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 198 |  |  | — |  |  | 198 |
Principal payments on long-term borrowings |  |  |  | — |  |  | (215 | ) |  | — |  |  | (215 | )
Dividends paid | (8,445 | ) |  | — |  |  | — |  |  | — |  |  | (8,445 | )
Intercompany interest on long-term note | — |  |  | (2,263 | ) |  | 2,263 |  |  | — |  |  | — |
Dividends to noncontrolling interest | — |  |  | — |  |  | (422 | ) |  | — |  |  | (422 | )
Proceeds from exercises under stock plans | 8,894 |  |  | — |  |  | — |  |  | — |  |  | 8,894 |
Purchase of common treasury shares - stock plan exercises | (2,870 | ) |  | — |  |  | — |  |  | — |  |  | (2,870 | )
Net cash flows from financing activities | (2,421 | ) |  | (2,263 | ) |  | 1,824 |  |  | — |  |  | (2,860 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 187 |  |  | 7,539 |  |  | — |  |  | 7,726 |
Net change in cash and cash equivalents | 25,924 |  |  | (592 | ) |  | (64 | ) |  | — |  |  | 25,268 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 326,652 |  |  | — |  |  | 399,948 |
Cash and cash equivalents—end of period | $ | 93,149 |  |  | $ | 5,479 |  |  | $ | 326,588 |  |  | $ | — |  |  | $ | 425,216 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 |

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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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