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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 31, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 315,992 |  |  | $ | 121,171 |  |  | $ | 332,136 |  |  | $ | (70,615 | ) |  | $ | 698,684 |
Cost of sales | 235,596 |  |  | 94,459 |  |  | 271,716 |  |  | (72,327 | ) |  | 529,444 |
Gross profit | 80,396 |  |  | 26,712 |  |  | 60,420 |  |  | 1,712 |  |  | 169,240 |
Selling, general and administrative expenses | 46,531 |  |  | 11,917 |  |  | 46,832 |  |  | — |  |  | 105,280 |
Operating income | 33,865 |  |  | 14,795 |  |  | 13,588 |  |  | 1,712 |  |  | 63,960 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,881 | ) |  | (3,880 | ) |  | (193 | ) |  | 3,880 |  |  | (11,074 | )
Interest income | 176 |  |  | 10 |  |  | 4,961 |  |  | (3,880 | ) |  | 1,267 |
Other | (106 | ) |  | 12 |  |  | (1,047 | ) |  | — |  |  | (1,141 | )
| (10,811 | ) |  | (3,858 | ) |  | 3,721 |  |  | — |  |  | (10,948 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 23,054 |  |  | 10,937 |  |  | 17,309 |  |  | 1,712 |  |  | 53,012 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 2,769 |  |  | 886 |  |  | 3,921 |  |  | 137 |  |  | 7,713 |
Deferred | 5,591 |  |  | 1,791 |  |  | (2,563 | ) |  | — |  |  | 4,819 |
| 8,360 |  |  | 2,677 |  |  | 1,358 |  |  | 137 |  |  | 12,532 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 14,694 |  |  | 8,260 |  |  | 15,951 |  |  | 1,575 |  |  | 40,480 |
Equity in earnings of nonconsolidated subsidiaries | 24,587 |  |  | 2,729 |  |  | — |  |  | (27,316 | ) |  | — |
Net earnings | 39,281 |  |  | 10,989 |  |  | 15,951 |  |  | (25,741 | ) |  | 40,480 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,199 | ) |  | — |  |  | (1,199 | )
Net earnings attributable to Valmont Industries, Inc | $ | 39,281 |  |  | $ | 10,989 |  |  | $ | 14,752 |  |  | $ | (25,741 | ) |  | $ | 39,281 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 31, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 39,281 |  |  | $ | 10,989 |  |  | $ | 15,951 |  |  | $ | (25,741 | ) |  | $ | 40,480 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (8,680 | ) |  | 15,484 |  |  | — |  |  | 6,804 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (789 | ) |  | — |  |  | — |  |  | — |  |  | (789 | )
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Cash flow hedges | (93 | ) |  | — |  |  | — |  |  | — |  |  | (93 | )
Equity in other comprehensive income | 3,256 |  |  | — |  |  | — |  |  | (3,256 | ) |  | — |
Other comprehensive income (loss) | 2,393 |  |  | (8,680 | ) |  | 15,484 |  |  | (3,256 | ) |  | 5,941 |
Comprehensive income (loss) | 41,674 |  |  | 2,309 |  |  | 31,435 |  |  | (28,997 | ) |  | 46,421 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (4,747 | ) |  | — |  |  | (4,747 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 41,674 |  |  | $ | 2,309 |  |  | $ | 26,688 |  |  | $ | (28,997 | ) |  | $ | 41,674 |
(9) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 71,423 |  |  | $ | 3,409 |  |  | $ | 404,831 |  |  | $ | — |  |  | $ | 479,663 |
Receivables, net | 139,677 |  |  | 67,545 |  |  | 259,788 |  |  | — |  |  | 467,010 |
Inventories | 135,973 |  |  | 38,734 |  |  | 197,998 |  |  | (2,700 | ) |  | 370,005 |
Prepaid expenses and other assets | 42,926 |  |  | 37,527 |  |  | 46,798 |  |  | — |  |  | 127,251 |
Assets held for sale | — |  |  | — |  |  | 72,665 |  |  | — |  |  | 72,665 |
Refundable income taxes | 6,749 |  |  | — |  |  | — |  |  | — |  |  | 6,749 |
Total current assets | 396,748 |  |  | 147,215 |  |  | 982,080 |  |  | (2,700 | ) |  | 1,523,343 |
Property, plant and equipment, at cost | 560,719 |  |  | 165,996 |  |  | 410,437 |  |  | — |  |  | 1,137,152 |
Less accumulated depreciation and amortization | 374,716 |  |  | 87,080 |  |  | 171,644 |  |  | — |  |  | 633,440 |
Net property, plant and equipment | 186,003 |  |  | 78,916 |  |  | 238,793 |  |  | — |  |  | 503,712 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 197,204 |  |  | — |  |  | 327,874 |
Other intangible assets | 117 |  |  | 30,057 |  |  | 99,366 |  |  | — |  |  | 129,540 |
Investment in subsidiaries and intercompany accounts | 1,430,127 |  |  | 1,178,134 |  |  | 947,570 |  |  | (3,555,831 | ) |  | — |
Other assets | 50,467 |  |  | — |  |  | 83,128 |  |  | — |  |  | 133,595 |
Total assets | $ | 2,083,570 |  |  | $ | 1,544,884 |  |  | $ | 2,548,141 |  |  | $ | (3,558,531 | ) |  | $ | 2,618,064 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 951 |  |  | $ | — |  |  | $ | 951 |
Notes payable to banks | — |  |  | — |  |  | 377 |  |  | — |  |  | 377 |
Accounts payable | 51,996 |  |  | 14,047 |  |  | 124,859 |  |  | — |  |  | 190,902 |
Accrued employee compensation and benefits | 33,685 |  |  | 5,623 |  |  | 28,620 |  |  | — |  |  | 67,928 |
Accrued expenses | 37,633 |  |  | 6,571 |  |  | 48,447 |  |  | — |  |  | 92,651 |
Liabilities held for sale | — |  |  | — |  |  | 12,960 |  |  | — |  |  | 12,960 |
Dividends payable | 8,493 |  |  | — |  |  | — |  |  | — |  |  | 8,493 |
Total current liabilities | 131,807 |  |  | 26,241 |  |  | 216,214 |  |  | — |  |  | 374,262 |
Deferred income taxes | 925 |  |  | 16,883 |  |  | 21,861 |  |  | — |  |  | 39,669 |
Long-term debt, excluding current installments | 750,705 |  |  | 182,065 |  |  | 9,601 |  |  | (188,724 | ) |  | 753,647 |
Defined benefit pension liability | — |  |  | — |  |  | 195,490 |  |  | — |  |  | 195,490 |
Deferred compensation | 42,988 |  |  | — |  |  | 5,609 |  |  | — |  |  | 48,597 |
Other noncurrent liabilities | 11,904 |  |  | 5 |  |  | 9,134 |  |  | — |  |  | 21,043 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,682 |  |  | (1,106,632 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 162,906 |  |  | 1,107,536 |  |  | (1,270,442 | ) |  | — |
Retained earnings | 1,996,474 |  |  | 633,032 |  |  | 630,982 |  |  | (1,264,014 | ) |  | 1,996,474 |
Accumulated other comprehensive income (loss) | (276,629 | ) |  | 65,802 |  |  | (337,083 | ) |  | 271,281 |  |  | (276,629 | )
Treasury stock | (602,504 | ) |  | — |  |  | — |  |  | — |  |  | (602,504 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,145,241 |  |  | 1,319,690 |  |  | 2,050,117 |  |  | (3,369,807 | ) |  | 1,145,241 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 40,115 |  |  | — |  |  | 40,115 |
Total shareholders’ equity | 1,145,241 |  |  | 1,319,690 |  |  | 2,090,232 |  |  | (3,369,807 | ) |  | 1,185,356 |
Total liabilities and shareholders’ equity | $ | 2,083,570 |  |  | $ | 1,544,884 |  |  | $ | 2,548,141 |  |  | $ | (3,558,531 | ) |  | $ | 2,618,064 |
(9) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 83,329 |  |  | $ | 5,304 |  |  | $ | 404,172 |  |  | $ | — |  |  | $ | 492,805 |
Receivables, net | 149,221 |  |  | 82,995 |  |  | 271,461 |  |  | — |  |  | 503,677 |
Inventories | 160,444 |  |  | 46,801 |  |  | 217,551 |  |  | (3,848 | ) |  | 420,948 |
Prepaid expenses and other assets | 8,607 |  |  | 970 |  |  | 34,066 |  |  | — |  |  | 43,643 |
Refundable income taxes | 11,492 |  |  | — |  |  | — |  |  | — |  |  | 11,492 |
Total current assets | 413,093 |  |  | 136,070 |  |  | 927,250 |  |  | (3,848 | ) |  | 1,472,565 |
Property, plant and equipment, at cost | 557,371 |  |  | 160,767 |  |  | 447,549 |  |  | — |  |  | 1,165,687 |
Less accumulated depreciation and amortization | 368,668 |  |  | 84,508 |  |  | 193,583 |  |  | — |  |  | 646,759 |
Net property, plant and equipment | 188,703 |  |  | 76,259 |  |  | 253,966 |  |  | — |  |  | 518,928 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 207,050 |  |  | — |  |  | 337,720 |
Other intangible assets | 130 |  |  | 30,955 |  |  | 107,514 |  |  | — |  |  | 138,599 |
Investment in subsidiaries and intercompany accounts | 1,416,446 |  |  | 1,181,537 |  |  | 927,179 |  |  | (3,525,162 | ) |  | — |
Other assets | 50,773 |  |  | — |  |  | 83,665 |  |  | — |  |  | 134,438 |
Total assets | $ | 2,089,253 |  |  | $ | 1,535,383 |  |  | $ | 2,506,624 |  |  | $ | (3,529,010 | ) |  | $ | 2,602,250 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 966 |  |  | $ | — |  |  | $ | 966 |
Notes payable to banks | — |  |  | — |  |  | 161 |  |  | — |  |  | 161 |
Accounts payable | 69,915 |  |  | 18,039 |  |  | 139,952 |  |  | — |  |  | 227,906 |
Accrued employee compensation and benefits | 44,086 |  |  | 8,749 |  |  | 31,591 |  |  | — |  |  | 84,426 |
Accrued expenses | 28,198 |  |  | 9,621 |  |  | 43,210 |  |  | — |  |  | 81,029 |
Dividends payable | 8,510 |  |  | — |  |  | — |  |  | — |  |  | 8,510 |
Total current liabilities | 150,709 |  |  | 36,409 |  |  | 215,880 |  |  | — |  |  | 402,998 |
Deferred income taxes | 20,885 |  |  | — |  |  | 14,021 |  |  | — |  |  | 34,906 |
Long-term debt, excluding current installments | 750,821 |  |  | 185,078 |  |  | 9,836 |  |  | (191,847 | ) |  | 753,888 |
Defined benefit pension liability | — |  |  | — |  |  | 189,552 |  |  | — |  |  | 189,552 |
Deferred compensation | 42,928 |  |  | — |  |  | 5,598 |  |  | — |  |  | 48,526 |
Other noncurrent liabilities | 11,074 |  |  | 6 |  |  | 9,505 |  |  | — |  |  | 20,585 |
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 | 1,954,344 |  |  | 622,044 |  |  | 619,622 |  |  | (1,241,666 | ) |  | 1,954,344 |
Accumulated other comprehensive income | (279,022 | ) |  | 74,482 |  |  | (352,567 | ) |  | 278,085 |  |  | (279,022 | )
Treasury stock | (590,386 | ) |  | — |  |  | — |  |  | — |  |  | (590,386 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,112,836 |  |  | 1,313,890 |  |  | 2,023,273 |  |  | (3,337,163 | ) |  | 1,112,836 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 38,959 |  |  | — |  |  | 38,959 |
Total shareholders’ equity | 1,112,836 |  |  | 1,313,890 |  |  | 2,062,232 |  |  | (3,337,163 | ) |  | 1,151,795 |
Total liabilities and shareholders’ equity | $ | 2,089,253 |  |  | $ | 1,535,383 |  |  | $ | 2,506,624 |  |  | $ | (3,529,010 | ) |  | $ | 2,602,250 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 31, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 39,281 |  |  | $ | 10,989 |  |  | $ | 15,951 |  |  | $ | (25,741 | ) |  | $ | 40,480 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 6,444 |  |  | 3,478 |  |  | 11,256 |  |  | — |  |  | 21,178 |
Noncash loss on trading securities | — |  |  | — |  |  | 71 |  |  | — |  |  | 71 |
Impairment of property, plant and equipment | — |  |  | — |  |  | 1,145 |  |  | — |  |  | 1,145 |
Stock-based compensation | 2,775 |  |  | — |  |  | — |  |  | — |  |  | 2,775 |
Defined benefit pension plan expense | — |  |  | — |  |  | (594 | ) |  | — |  |  | (594 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (731 | ) |  | — |  |  | (731 | )
Loss (gain) on sale of property, plant and equipment | — |  |  | 4 |  |  | (284 | ) |  | — |  |  | (280 | )
Equity in earnings in nonconsolidated subsidiaries | (24,587 | ) |  | (2,729 | ) |  | — |  |  | 27,316 |  |  | — |
Deferred income taxes | 5,591 |  |  | 1,791 |  |  | (2,563 | ) |  | — |  |  | 4,819 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 10,407 |  |  | 15,450 |  |  | 3,937 |  |  | — |  |  | 29,794 |
Inventories | (934 | ) |  | 4,089 |  |  | (3,208 | ) |  | (1,148 | ) |  | (1,201 | )
Prepaid expenses and other assets | 2,202 |  |  | (31,130 | ) |  | (3,097 | ) |  | — |  |  | (32,025 | )
Accounts payable | (17,919 | ) |  | (3,992 | ) |  | (7,538 | ) |  | — |  |  | (29,449 | )
Accrued expenses | (2,606 | ) |  | (6,178 | ) |  | 2,377 |  |  | — |  |  | (6,407 | )
Other noncurrent liabilities | 861 |  |  | — |  |  | (421 | ) |  | — |  |  | 440 |
Income taxes payable (refundable) | (7,862 | ) |  | (514 | ) |  | 11,409 |  |  | — |  |  | 3,033 |
Net cash flows from operating activities | 13,653 |  |  | (8,742 | ) |  | 27,710 |  |  | 427 |  |  | 33,048 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (3,928 | ) |  | (5,241 | ) |  | (7,079 | ) |  | — |  |  | (16,248 | )
Proceeds from sale of assets | 5 |  |  | — |  |  | 709 |  |  | — |  |  | 714 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (4,800 | ) |  | — |  |  | (4,800 | )
Loss from settlement of net investment hedge | (863 | ) |  | — |  |  | — |  |  | — |  |  | (863 | )
Other, net | 4,551 |  |  | 8,633 |  |  | (14,539 | ) |  | (427 | ) |  | (1,782 | )
Net cash flows from investing activities | (235 | ) |  | 3,392 |  |  | (25,709 | ) |  | (427 | ) |  | (22,979 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 219 |  |  | — |  |  | 219 |
Principal payments on long-term borrowings |  |  |  | — |  |  | (249 | ) |  | — |  |  | (249 | )
Dividends paid | (8,510 | ) |  | — |  |  | — |  |  | — |  |  | (8,510 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,281 | ) |  | — |  |  | (1,281 | )
Purchase of noncontrolling interest | — |  |  | — |  |  | (5,510 | ) |  | — |  |  | (5,510 | )
Intercompany capital contribution | (3,492 | ) |  | 3,492 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 2,972 |  |  | — |  |  | — |  |  | — |  |  | 2,972 |
Purchase of treasury shares | (14,790 | ) |  | — |  |  | — |  |  | — |  |  | (14,790 | )
Purchase of common treasury shares - stock plan exercises | (1,504 | ) |  | — |  |  | — |  |  | — |  |  | (1,504 | )
Net cash flows from financing activities | (25,324 | ) |  | 3,492 |  |  | (6,821 | ) |  | — |  |  | (28,653 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (37 | ) |  | 5,479 |  |  | — |  |  | 5,442 |
Net change in cash and cash equivalents | (11,906 | ) |  | (1,895 | ) |  | 659 |  |  | — |  |  | (13,142 | )
Cash and cash equivalents—beginning of year | 83,329 |  |  | 5,304 |  |  | 404,172 |  |  | — |  |  | 492,805 |
Cash and cash equivalents—end of period | $ | 71,423 |  |  | $ | 3,409 |  |  | $ | 404,831 |  |  | $ | — |  |  | $ | 479,663 |
(9) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 | )
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 | ) |  | 8,071 |  |  | 244 |  |  | 23,415 |
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 | ) |  | (12,632 | ) |  | — |  |  | 12,700 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 339,220 |  |  | — |  |  | 412,516 |
Cash and cash equivalents—end of period | $ | 93,149 |  |  | $ | 5,479 |  |  | $ | 326,588 |  |  | $ | — |  |  | $ | 425,216 |

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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