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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 284,538 |  |  | $ | 113,243 |  |  | $ | 343,818 |  |  | $ | (60,820 | ) |  | $ | 680,779 |
Cost of sales | 216,039 |  |  | 88,757 |  |  | 272,959 |  |  | (60,570 | ) |  | 517,185 |
Gross profit | 68,499 |  |  | 24,486 |  |  | 70,859 |  |  | (250 | ) |  | 163,594 |
Selling, general and administrative expenses | 46,451 |  |  | 12,046 |  |  | 45,174 |  |  | — |  |  | 103,671 |
Operating income | 22,048 |  |  | 12,440 |  |  | 25,685 |  |  | (250 | ) |  | 59,923 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,884 | ) |  | (3,989 | ) |  | (306 | ) |  | 3,989 |  |  | (11,190 | )
Interest income | 268 |  |  | 9 |  |  | 5,023 |  |  | (3,989 | ) |  | 1,311 |
Other | 1,379 |  |  | 11 |  |  | (873 | ) |  | — |  |  | 517 |
| (9,237 | ) |  | (3,969 | ) |  | 3,844 |  |  | — |  |  | (9,362 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 12,811 |  |  | 8,471 |  |  | 29,529 |  |  | (250 | ) |  | 50,561 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 9,030 |  |  | 3,082 |  |  | 9,059 |  |  | (8 | ) |  | 21,163 |
Deferred | (3,474 | ) |  | — |  |  | (3,794 | ) |  | — |  |  | (7,268 | )
| 5,556 |  |  | 3,082 |  |  | 5,265 |  |  | (8 | ) |  | 13,895 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 7,255 |  |  | 5,389 |  |  | 24,264 |  |  | (242 | ) |  | 36,666 |
Equity in earnings of nonconsolidated subsidiaries | 27,953 |  |  | 9,965 |  |  | — |  |  | (37,918 | ) |  | — |
Net earnings | 35,208 |  |  | 15,354 |  |  | 24,264 |  |  | (38,160 | ) |  | 36,666 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,458 | ) |  | — |  |  | (1,458 | )
Net earnings attributable to Valmont Industries, Inc | $ | 35,208 |  |  | $ | 15,354 |  |  | $ | 22,806 |  |  | $ | (38,160 | ) |  | $ | 35,208 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine Weeks Ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 893,988 |  |  | $ | 352,827 |  |  | $ | 967,130 |  |  | $ | (182,956 | ) |  | $ | 2,030,989 |
Cost of sales | 666,060 |  |  | 271,620 |  |  | 764,607 |  |  | (182,777 | ) |  | 1,519,510 |
Gross profit | 227,928 |  |  | 81,207 |  |  | 202,523 |  |  | (179 | ) |  | 511,479 |
Selling, general and administrative expenses | 143,590 |  |  | 35,555 |  |  | 129,619 |  |  | — |  |  | 308,764 |
Operating income | 84,338 |  |  | 45,652 |  |  | 72,904 |  |  | (179 | ) |  | 202,715 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (32,672 | ) |  | (10,040 | ) |  | (640 | ) |  | 10,040 |  |  | (33,312 | )
Interest income | 563 |  |  | 33 |  |  | 12,649 |  |  | (10,040 | ) |  | 3,205 |
Other | 3,900 |  |  | 42 |  |  | (2,258 | ) |  | — |  |  | 1,684 |
| (28,209 | ) |  | (9,965 | ) |  | 9,751 |  |  | — |  |  | (28,423 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 56,129 |  |  | 35,687 |  |  | 82,655 |  |  | (179 | ) |  | 174,292 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 19,487 |  |  | 13,184 |  |  | 17,612 |  |  | (19 | ) |  | 50,264 |
Deferred | 2,065 |  |  | — |  |  | (1,986 | ) |  | — |  |  | 79 |
| 21,552 |  |  | 13,184 |  |  | 15,626 |  |  | (19 | ) |  | 50,343 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 34,577 |  |  | 22,503 |  |  | 67,029 |  |  | (160 | ) |  | 123,949 |
Equity in earnings of nonconsolidated subsidiaries | 85,274 |  |  | 15,281 |  |  | — |  |  | (100,555 | ) |  | — |
Net earnings | 119,851 |  |  | 37,784 |  |  | 67,029 |  |  | (100,715 | ) |  | 123,949 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (4,098 | ) |  | — |  |  | (4,098 | )
Net earnings attributable to Valmont Industries, Inc | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 62,931 |  |  | $ | (100,715 | ) |  | $ | 119,851 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 35,208 |  |  | $ | 15,354 |  |  | $ | 24,264 |  |  | $ | (38,160 | ) |  | $ | 36,666 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (3,613 | ) |  | 23,143 |  |  | — |  |  | 19,530 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (740 | ) |  | — |  |  | — |  |  | — |  |  | (740 | )
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | 18,418 |  |  | — |  |  | — |  |  | (18,418 | ) |  | — |
Other comprehensive income (loss) | 17,697 |  |  | (3,613 | ) |  | 23,143 |  |  | (18,418 | ) |  | 18,809 |
Comprehensive income (loss) | 52,905 |  |  | 11,741 |  |  | 47,407 |  |  | (56,578 | ) |  | 55,475 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,570 | ) |  | — |  |  | (2,570 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 52,905 |  |  | $ | 11,741 |  |  | $ | 44,837 |  |  | $ | (56,578 | ) |  | $ | 52,905 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine Weeks Ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 67,029 |  |  | $ | (100,715 | ) |  | $ | 123,949 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 64,411 |  |  | (3,940 | ) |  | — |  |  | 60,471 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (1,816 | ) |  |  |  | — |  |  | — |  |  | (1,816 | )
Amortization cost included in interest expense | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Equity in other comprehensive income | 60,017 |  |  | — |  |  | — |  |  | (60,017 | ) |  | — |
Other comprehensive income (loss) | 58,257 |  |  | 64,411 |  |  | (3,940 | ) |  | (60,017 | ) |  | 58,711 |
Comprehensive income (loss) | 178,108 |  |  | 102,195 |  |  | 63,089 |  |  | (160,732 | ) |  | 182,660 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (4,552 | ) |  | — |  |  | (4,552 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 178,108 |  |  | $ | 102,195 |  |  | $ | 58,537 |  |  | $ | (160,732 | ) |  | $ | 178,108 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 28,173 |  |  | $ | 6,754 |  |  | $ | 17,239 |  |  | $ | (22,645 | ) |  | $ | 29,521 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (114 | ) |  | 884 |  |  | — |  |  | 770 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | 1,972 |  |  | — |  |  | — |  |  | — |  |  | 1,972 |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Equity in other comprehensive income | 500 |  |  | — |  |  | — |  |  | (500 | ) |  | — |
Other comprehensive income (loss) | 2,490 |  |  | (114 | ) |  | 884 |  |  | (500 | ) |  | 2,760 |
Comprehensive income (loss) | 30,663 |  |  | 6,640 |  |  | 18,123 |  |  | (23,145 | ) |  | 32,281 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,618 | ) |  | — |  |  | (1,618 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 30,663 |  |  | $ | 6,640 |  |  | $ | 16,505 |  |  | $ | (23,145 | ) |  | $ | 30,663 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine Weeks Ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 103,168 |  |  | $ | 32,941 |  |  | $ | 49,778 |  |  | $ | (78,753 | ) |  | $ | 107,134 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (263 | ) |  | (1,675 | ) |  | — |  |  | (1,938 | )
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net Investment Hedge | 4,897 |  |  | — |  |  | — |  |  | — |  |  | 4,897 |
Amortization cost included in interest expense | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Equity in other comprehensive income | (3,704 | ) |  | — |  |  | — |  |  | 3,704 |  |  | — |
Other comprehensive income (loss) | 1,249 |  |  | (263 | ) |  | (1,675 | ) |  | 3,704 |  |  | 3,015 |
Comprehensive income (loss) | 104,417 |  |  | 32,678 |  |  | 48,103 |  |  | (75,049 | ) |  | 110,149 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (5,732 | ) |  | — |  |  | (5,732 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 104,417 |  |  | $ | 32,678 |  |  | $ | 42,371 |  |  | $ | (75,049 | ) |  | $ | 104,417 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 118,499 |  |  | $ | 4,167 |  |  | $ | 370,824 |  |  | $ | — |  |  | $ | 493,490 |
Receivables, net | 152,290 |  |  | 69,781 |  |  | 270,771 |  |  | — |  |  | 492,842 |
Inventories | 141,774 |  |  | 46,747 |  |  | 219,046 |  |  | (4,333 | ) |  | 403,234 |
Prepaid expenses, restricted cash, and other assets | 8,903 |  |  | 1,023 |  |  | 40,138 |  |  | — |  |  | 50,064 |
Refundable income taxes | 8,493 |  |  | — |  |  | — |  |  | — |  |  | 8,493 |
Total current assets | 429,959 |  |  | 121,718 |  |  | 900,779 |  |  | (4,333 | ) |  | 1,448,123 |
Property, plant and equipment, at cost | 558,484 |  |  | 158,087 |  |  | 453,283 |  |  | — |  |  | 1,169,854 |
Less accumulated depreciation and amortization | 369,620 |  |  | 82,708 |  |  | 195,102 |  |  | — |  |  | 647,430 |
Net property, plant and equipment | 188,864 |  |  | 75,379 |  |  | 258,181 |  |  | — |  |  | 522,424 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 206,084 |  |  | — |  |  | 336,754 |
Other intangible assets | 144 |  |  | 32,204 |  |  | 109,742 |  |  | — |  |  | 142,090 |
Investment in subsidiaries and intercompany accounts | 1,392,533 |  |  | 1,180,732 |  |  | 1,029,831 |  |  | (3,603,096 | ) |  | — |
Other assets | 47,613 |  |  | — |  |  | 113,167 |  |  | — |  |  | 160,780 |
Total assets | $ | 2,079,221 |  |  | $ | 1,520,595 |  |  | $ | 2,617,784 |  |  | $ | (3,607,429 | ) |  | $ | 2,610,171 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 949 |  |  | $ | — |  |  | $ | 949 |
Notes payable to banks | — |  |  | — |  |  | 197 |  |  | — |  |  | 197 |
Accounts payable | 59,467 |  |  | 8,032 |  |  | 148,605 |  |  | — |  |  | 216,104 |
Accrued employee compensation and benefits | 40,760 |  |  | 8,293 |  |  | 32,441 |  |  | — |  |  | 81,494 |
Accrued expenses | 44,896 |  |  | 9,222 |  |  | 52,120 |  |  | — |  |  | 106,238 |
Dividends payable | 8,478 |  |  | — |  |  | — |  |  | — |  |  | 8,478 |
Total current liabilities | 153,601 |  |  | 25,547 |  |  | 234,312 |  |  | — |  |  | 413,460 |
Deferred income taxes | 15,617 |  |  | — |  |  | 12,566 |  |  | — |  |  | 28,183 |
Long-term debt, excluding current installments | 750,933 |  |  | 185,674 |  |  | 10,060 |  |  | (192,465 | ) |  | 754,202 |
Defined benefit pension liability | — |  |  | — |  |  | 199,562 |  |  | — |  |  | 199,562 |
Deferred compensation | 43,077 |  |  | — |  |  | 5,535 |  |  | — |  |  | 48,612 |
Other noncurrent liabilities | 3,159 |  |  | 5 |  |  | 10,393 |  |  | — |  |  | 13,557 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,682 |  |  | (1,106,632 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 166,789 |  |  | 1,107,536 |  |  | (1,274,325 | ) |  | — |
Retained earnings | 1,974,601 |  |  | 684,532 |  |  | 636,283 |  |  | (1,320,815 | ) |  | 1,974,601 |
Accumulated other comprehensive income (loss) | (288,102 | ) |  | 98 |  |  | (286,906 | ) |  | 286,808 |  |  | (288,102 | )
Treasury stock | (601,565 | ) |  | — |  |  | — |  |  | — |  |  | (601,565 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,112,834 |  |  | 1,309,369 |  |  | 2,105,595 |  |  | (3,414,964 | ) |  | 1,112,834 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 39,761 |  |  | — |  |  | 39,761 |
Total shareholders’ equity | 1,112,834 |  |  | 1,309,369 |  |  | 2,145,356 |  |  | (3,414,964 | ) |  | 1,152,595 |
Total liabilities and shareholders’ equity | $ | 2,079,221 |  |  | $ | 1,520,595 |  |  | $ | 2,617,784 |  |  | $ | (3,607,429 | ) |  | $ | 2,610,171 |
(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 Thirty-nine Weeks Ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 67,029 |  |  | $ | (100,715 | ) |  | $ | 123,949 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 19,600 |  |  | 11,130 |  |  | 32,770 |  |  | — |  |  | 63,500 |
Noncash loss on trading securities | — |  |  | — |  |  | 395 |  |  | — |  |  | 395 |
Stock-based compensation | 7,300 |  |  | — |  |  | — |  |  | — |  |  | 7,300 |
Defined benefit pension plan expense | — |  |  | — |  |  | 481 |  |  | — |  |  | 481 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (26,064 | ) |  | — |  |  | (26,064 | )
Decrease in restricted cash - pension plan trust | — |  |  | — |  |  | 12,568 |  |  | — |  |  | 12,568 |
Loss (gain) on sale of property, plant and equipment | (725 | ) |  | 59 |  |  | (66 | ) |  | — |  |  | (732 | )
Equity in earnings in nonconsolidated subsidiaries | (85,274 | ) |  | (15,281 | ) |  | — |  |  | 100,555 |  |  | — |
Deferred income taxes | 2,065 |  |  | — |  |  | (1,986 | ) |  | — |  |  | 79 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (16,190 | ) |  | (9,259 | ) |  | (14,135 | ) |  | — |  |  | (39,584 | )
Inventories | (15,105 | ) |  | (1,290 | ) |  | (25,329 | ) |  | 179 |  |  | (41,545 | )
Prepaid expenses and other assets | (2,501 | ) |  | (144 | ) |  | (8,991 | ) |  | — |  |  | (11,636 | )
Accounts payable | 7,196 |  |  | (7,700 | ) |  | 29,399 |  |  | — |  |  | 28,895 |
Accrued expenses | 20,887 |  |  | (4,971 | ) |  | 4,241 |  |  | — |  |  | 20,157 |
Other noncurrent liabilities | (381 | ) |  | — |  |  | (1,246 | ) |  | — |  |  | (1,627 | )
Income taxes payable (refundable) | (11,403 | ) |  | 802 |  |  | 8,869 |  |  | — |  |  | (1,732 | )
Net cash flows from operating activities | 45,320 |  |  | 11,130 |  |  | 77,935 |  |  | 19 |  |  | 134,404 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (14,046 | ) |  | (5,952 | ) |  | (19,900 | ) |  | — |  |  | (39,898 | )
Proceeds from sale of assets | 745 |  |  | (48 | ) |  | 878 |  |  | — |  |  | 1,575 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (5,362 | ) |  | — |  |  | (5,362 | )
Proceeds from settlement of net investment hedge | 5,123 |  |  | — |  |  | — |  |  | — |  |  | 5,123 |
Other, net | 15,714 |  |  | (8,985 | ) |  | (10,172 | ) |  | (19 | ) |  | (3,462 | )
Net cash flows from investing activities | 7,536 |  |  | (14,985 | ) |  | (34,556 | ) |  | (19 | ) |  | (42,024 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (549 | ) |  | — |  |  | (549 | )
Principal payments on long-term borrowings |  |  |  | — |  |  | (658 | ) |  | — |  |  | (658 | )
Dividends paid | (25,386 | ) |  | — |  |  | — |  |  | — |  |  | (25,386 | )
Dividends to noncontrolling interest | — |  |  |  |  |  | (3,895 | ) |  | — |  |  | (3,895 | )
Intercompany dividends | 22,662 |  |  | — |  |  | (22,662 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | (5,669 | ) |  | 5,669 |  |  | — |  |  | — |
Intercompany capital contribution | (7,375 | ) |  | 7,375 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 12,446 |  |  | — |  |  | — |  |  | — |  |  | 12,446 |
Purchase of common treasury shares - stock plan exercises | (3,929 | ) |  | — |  |  | — |  |  | — |  |  | (3,929 | )
Net cash flows from financing activities | (1,582 | ) |  | 1,706 |  |  | (22,095 | ) |  | — |  |  | (21,971 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 245 |  |  | 22,888 |  |  | — |  |  | 23,133 |
Net change in cash and cash equivalents | 51,274 |  |  | (1,904 | ) |  | 44,172 |  |  | — |  |  | 93,542 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 326,652 |  |  | — |  |  | 399,948 |
Cash and cash equivalents—end of period | $ | 118,499 |  |  | $ | 4,167 |  |  | $ | 370,824 |  |  | $ | — |  |  | $ | 493,490 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine Weeks Ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 103,168 |  |  | $ | 32,941 |  |  | $ | 49,778 |  |  | $ | (78,753 | ) |  | $ | 107,134 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 20,482 |  |  | 9,897 |  |  | 30,863 |  |  | — |  |  | 61,242 |
Noncash loss on trading securities | — |  |  | — |  |  | 973 |  |  | — |  |  | 973 |
Impairment of assets - restructuring activities | — |  |  | — |  |  | 618 |  |  | — |  |  | 618 |
Stock-based compensation | 6,572 |  |  | — |  |  | — |  |  | — |  |  | 6,572 |
Change in fair value of contingent consideration | — |  |  | — |  |  | (3,527 | ) |  | — |  |  | (3,527 | )
Defined benefit pension plan expense | — |  |  | — |  |  | 1,486 |  |  | — |  |  | 1,486 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (712 | ) |  | — |  |  | (712 | )
Increase in restricted cash - pension plan trust | — |  |  | — |  |  | (13,652 | ) |  | — |  |  | (13,652 | )
Loss (gain) on sale of property, plant and equipment | 2 |  |  | 117 |  |  | 131 |  |  | — |  |  | 250 |
Equity in earnings in nonconsolidated subsidiaries | (69,876 | ) |  | (7,859 | ) |  | — |  |  | 77,735 |  |  | — |
Deferred income taxes | (1,834 | ) |  | — |  |  | 300 |  |  | — |  |  | (1,534 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (10,501 | ) |  | 14,969 |  |  | 11,968 |  |  | — |  |  | 16,436 |
Inventories | (11,847 | ) |  | (5,024 | ) |  | (19,041 | ) |  | 1,499 |  |  | (34,413 | )
Prepaid expenses | (4,526 | ) |  | 76 |  |  | (6,174 | ) |  | — |  |  | (10,624 | )
Accounts payable | (16,605 | ) |  | 2,530 |  |  | 2,737 |  |  | — |  |  | (11,338 | )
Accrued expenses | 11,179 |  |  | (7,218 | ) |  | (689 | ) |  | — |  |  | 3,272 |
Other noncurrent liabilities | (252 | ) |  | 5 |  |  | 487 |  |  | — |  |  | 240 |
Income taxes payable (refundable) | 19,132 |  |  | (16,444 | ) |  | 2,143 |  |  | — |  |  | 4,831 |
Net cash flows from operating activities | 45,094 |  |  | 23,990 |  |  | 57,689 |  |  | 481 |  |  | 127,254 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (5,699 | ) |  | (17,944 | ) |  | (18,590 | ) |  | — |  |  | (42,233 | )
Proceeds from sale of assets | 36 |  |  | 84 |  |  | 3,818 |  |  | — |  |  | 3,938 |
Other, net | 13,070 |  |  | (4,488 | ) |  | (10,925 | ) |  | (481 | ) |  | (2,824 | )
Net cash flows from investing activities | 7,407 |  |  | (22,348 | ) |  | (25,697 | ) |  | (481 | ) |  | (41,119 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (128 | ) |  | — |  |  | (128 | )
Principal payments on long-term borrowings | (215 | ) |  | — |  |  | (1,348 | ) |  | — |  |  | (1,563 | )
Dividends paid | (25,604 | ) |  | — |  |  | — |  |  | — |  |  | (25,604 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,527 | ) |  | — |  |  | (2,527 | )
Purchase of noncontrolling interest | (137 | ) |  | — |  |  | (10,872 | ) |  | — |  |  | (11,009 | )
Proceeds from exercises under stock plans | 6,509 |  |  | — |  |  | — |  |  | — |  |  | 6,509 |
Purchase of treasury shares | (46,581 | ) |  | — |  |  | — |  |  | — |  |  | (46,581 | )
Purchase of common treasury shares - stock plan exercises | (1,453 | ) |  | — |  |  | — |  |  | — |  |  | (1,453 | )
Net cash flows from financing activities | (67,481 | ) |  | — |  |  | (14,875 | ) |  | — |  |  | (82,356 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 168 |  |  | (3,646 | ) |  | — |  |  | (3,478 | )
Net change in cash and cash equivalents | (14,980 | ) |  | 1,810 |  |  | 13,471 |  |  | — |  |  | 301 |
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 47,301 |  |  | $ | 5,818 |  |  | $ | 296,256 |  |  | $ | — |  |  | $ | 349,375 |

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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- References No definition available. + Details
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