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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 297,916 |  |  | $ | 133,563 |  |  | $ | 315,499 |  |  | $ | (64,573 | ) |  | $ | 682,405 |
Cost of sales | 220,677 |  |  | 98,649 |  |  | 252,185 |  |  | (64,105 | ) |  | 507,406 |
Gross profit | 77,239 |  |  | 34,914 |  |  | 63,314 |  |  | (468 | ) |  | 174,999 |
Selling, general and administrative expenses | 50,259 |  |  | 12,535 |  |  | 48,535 |  |  | — |  |  | 111,329 |
Operating income | 26,980 |  |  | 22,379 |  |  | 14,779 |  |  | (468 | ) |  | 63,670 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (11,396 | ) |  | (3,749 | ) |  | (395 | ) |  | 3,749 |  |  | (11,791 | )
Interest income | 305 |  |  | 5 |  |  | 4,885 |  |  | (3,749 | ) |  | 1,446 |
Loss from divestiture of grinding media business | (2,518 | ) |  | — |  |  | (3,566 | ) |  | — |  |  | (6,084 | )
Other | 616 |  |  | 14 |  |  | 1,214 |  |  | — |  |  | 1,844 |
| (12,993 | ) |  | (3,730 | ) |  | 2,138 |  |  | — |  |  | (14,585 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 13,987 |  |  | 18,649 |  |  | 16,917 |  |  | (468 | ) |  | 49,085 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 4,566 |  |  | 4,851 |  |  | 7,356 |  |  | (49 | ) |  | 16,724 |
Deferred | (2,248 | ) |  | — |  |  | (71 | ) |  | — |  |  | (2,319 | )
| 2,318 |  |  | 4,851 |  |  | 7,285 |  |  | (49 | ) |  | 14,405 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 11,669 |  |  | 13,798 |  |  | 9,632 |  |  | (419 | ) |  | 34,680 |
Equity in earnings of nonconsolidated subsidiaries | 21,291 |  |  | 31,169 |  |  | — |  |  | (52,460 | ) |  | — |
Net earnings | 32,960 |  |  | 44,967 |  |  | 9,632 |  |  | (52,879 | ) |  | 34,680 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,720 | ) |  | — |  |  | (1,720 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 32,960 |  |  | $ | 44,967 |  |  | $ | 7,912 |  |  | $ | (52,879 | ) |  | $ | 32,960 |
(10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 613,908 |  |  | $ | 254,734 |  |  | $ | 647,635 |  |  | $ | (135,188 | ) |  | $ | 1,381,089 |
Cost of sales | 456,273 |  |  | 193,108 |  |  | 523,901 |  |  | (136,432 | ) |  | 1,036,850 |
Gross profit | 157,635 |  |  | 61,626 |  |  | 123,734 |  |  | 1,244 |  |  | 344,239 |
Selling, general and administrative expenses | 96,790 |  |  | 24,452 |  |  | 95,367 |  |  | — |  |  | 216,609 |
Operating income | 60,845 |  |  | 37,174 |  |  | 28,367 |  |  | 1,244 |  |  | 127,630 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (22,277 | ) |  | (7,629 | ) |  | (588 | ) |  | 7,629 |  |  | (22,865 | )
Interest income | 481 |  |  | 15 |  |  | 9,846 |  |  | (7,629 | ) |  | 2,713 |
Loss from divestiture of grinding media business | (2,518 | ) |  | — |  |  | (3,566 | ) |  | — |  |  | (6,084 | )
Other | 510 |  |  | 26 |  |  | 167 |  |  | — |  |  | 703 |
| (23,804 | ) |  | (7,588 | ) |  | 5,859 |  |  | — |  |  | (25,533 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 37,041 |  |  | 29,586 |  |  | 34,226 |  |  | 1,244 |  |  | 102,097 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 7,335 |  |  | 5,737 |  |  | 11,277 |  |  | 88 |  |  | 24,437 |
Deferred | 3,343 |  |  | 1,791 |  |  | (2,634 | ) |  | — |  |  | 2,500 |
| 10,678 |  |  | 7,528 |  |  | 8,643 |  |  | 88 |  |  | 26,937 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 26,363 |  |  | 22,058 |  |  | 25,583 |  |  | 1,156 |  |  | 75,160 |
Equity in earnings of nonconsolidated subsidiaries | 45,878 |  |  | 33,898 |  |  | — |  |  | (79,776 | ) |  | — |
Net earnings | 72,241 |  |  | 55,956 |  |  | 25,583 |  |  | (78,620 | ) |  | 75,160 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (2,919 | ) |  | — |  |  | (2,919 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 22,664 |  |  | $ | (78,620 | ) |  | $ | 72,241 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 32,960 |  |  | $ | 44,967 |  |  | $ | 9,632 |  |  | $ | (52,879 | ) |  | $ | 34,680 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 6,513 |  |  | (53,466 | ) |  | — |  |  | (46,953 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | 9,203 |  |  | — |  |  | 9,203 |
Gain (loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedges | 2,396 |  |  | — |  |  | — |  |  | — |  |  | 2,396 |
Loss on net investment hedge for grinding media business recorded in earnings | 1,215 |  |  | — |  |  | — |  |  | — |  |  | 1,215 |
Amortization cost included in interest expense | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |
Loss (deferred) on interest rate hedges | (2,467 | ) |  | — |  |  | — |  |  | — |  |  | (2,467 | )
Commodity hedges | 1,438 |  |  | — |  |  | — |  |  | — |  |  | 1,438 |
Equity in other comprehensive income | (37,144 | ) |  | — |  |  | — |  |  | 37,144 |  |  | — |
Other comprehensive income (loss) | (34,537 | ) |  | 6,513 |  |  | (44,263 | ) |  | 37,144 |  |  | (35,143 | )
Comprehensive income (loss) | (1,577 | ) |  | 51,480 |  |  | (34,631 | ) |  | (15,735 | ) |  | (463 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,114 | ) |  | — |  |  | (1,114 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (1,577 | ) |  | $ | 51,480 |  |  | $ | (35,745 | ) |  | $ | (15,735 | ) |  | $ | (1,577 | )
(10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 25,583 |  |  | $ | (78,620 | ) |  | $ | 75,160 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (2,167 | ) |  | (37,982 | ) |  | — |  |  | (40,149 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | 9,203 |  |  | — |  |  | 9,203 |
Gain (loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedges | 1,607 |  |  | — |  |  | — |  |  | — |  |  | 1,607 |
Loss on net investment hedge for grinding media business recorded in earnings | 1,215 |  |  | — |  |  | — |  |  | — |  |  | 1,215 |
Amortization cost included in interest expense | 44 |  |  | — |  |  | — |  |  | — |  |  | 44 |
Loss (deferred) on interest rate hedges | (2,467 | ) |  | — |  |  | — |  |  | — |  |  | (2,467 | )
Commodity hedges | 1,345 |  |  | — |  |  | — |  |  | — |  |  | 1,345 |
Equity in other comprehensive income | (33,888 | ) |  | — |  |  | — |  |  | 33,888 |  |  | — |
Other comprehensive income (loss) | (32,144 | ) |  | (2,167 | ) |  | (28,779 | ) |  | 33,888 |  |  | (29,202 | )
Comprehensive income (loss) | 40,097 |  |  | 53,789 |  |  | (3,196 | ) |  | (44,732 | ) |  | 45,958 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (5,861 | ) |  | — |  |  | (5,861 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 40,097 |  |  | $ | 53,789 |  |  | $ | (9,057 | ) |  | $ | (44,732 | ) |  | $ | 40,097 |
(10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 45,664 |  |  | $ | 16,890 |  |  | $ | 19,337 |  |  | $ | (34,569 | ) |  | $ | 47,322 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (1,359 | ) |  | 22,910 |  |  | — |  |  | 21,551 |
Gain (loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedges | (550 | ) |  | — |  |  | — |  |  | — |  |  | (550 | )
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Equity in other comprehensive income | 20,986 |  |  | — |  |  | — |  |  | (20,986 | ) |  | — |
Other comprehensive income (loss) | 20,454 |  |  | (1,359 | ) |  | 22,910 |  |  | (20,986 | ) |  | 21,019 |
Comprehensive income (loss) | 66,118 |  |  | 15,531 |  |  | 42,247 |  |  | (55,555 | ) |  | 68,341 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,223 | ) |  | — |  |  | (2,223 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 66,118 |  |  | $ | 15,531 |  |  | $ | 40,024 |  |  | $ | (55,555 | ) |  | $ | 66,118 |
(10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 84,643 |  |  | $ | 22,430 |  |  | $ | 42,765 |  |  | $ | (62,555 | ) |  | $ | 87,283 |
Other comprehensive income (loss), net of tax: |  |  |  |  | — |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  | — |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 68,024 |  |  | (27,083 | ) |  | — |  |  | 40,941 |
Gain (loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedges | (1,076 | ) |  | — |  |  | — |  |  | — |  |  | (1,076 | )
Amortization cost included in interest expense | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Equity in other comprehensive income | 41,599 |  |  | — |  |  | — |  |  | (41,599 | ) |  | — |
Other comprehensive income (loss) | 40,560 |  |  | 68,024 |  |  | (27,083 | ) |  | (41,599 | ) |  | 39,902 |
Comprehensive income (loss) | 125,203 |  |  | 90,454 |  |  | 15,682 |  |  | (104,154 | ) |  | 127,185 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,982 | ) |  | — |  |  | (1,982 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 125,203 |  |  | $ | 90,454 |  |  | $ | 13,700 |  |  | $ | (104,154 | ) |  | $ | 125,203 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 349,906 |  |  | $ | 12,698 |  |  | $ | 359,984 |  |  | $ | — |  |  | $ | 722,588 |
Receivables, net | 135,850 |  |  | 86,036 |  |  | 250,963 |  |  | — |  |  | 472,849 |
Inventories | 140,600 |  |  | 38,888 |  |  | 205,410 |  |  | (2,927 | ) |  | 381,971 |
Prepaid expenses and other assets | 49,748 |  |  | 39,066 |  |  | 39,029 |  |  | — |  |  | 127,843 |
Refundable income taxes | 9,841 |  |  | — |  |  | — |  |  | — |  |  | 9,841 |
Total current assets | 685,945 |  |  | 176,688 |  |  | 855,386 |  |  | (2,927 | ) |  | 1,715,092 |
Property, plant and equipment, at cost | 566,962 |  |  | 166,690 |  |  | 398,422 |  |  | — |  |  | 1,132,074 |
Less accumulated depreciation and amortization | 380,864 |  |  | 89,134 |  |  | 169,388 |  |  | — |  |  | 639,386 |
Net property, plant and equipment | 186,098 |  |  | 77,556 |  |  | 229,034 |  |  | — |  |  | 492,688 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 190,692 |  |  | — |  |  | 321,362 |
Other intangible assets | 103 |  |  | 29,164 |  |  | 95,282 |  |  | — |  |  | 124,549 |
Investment in subsidiaries and intercompany accounts | 1,342,466 |  |  | 1,118,506 |  |  | 990,137 |  |  | (3,451,109 | ) |  | — |
Other assets | 50,346 |  |  | — |  |  | 75,324 |  |  | — |  |  | 125,670 |
Total assets | $ | 2,285,066 |  |  | $ | 1,512,476 |  |  | $ | 2,435,855 |  |  | $ | (3,454,036 | ) |  | $ | 2,779,361 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 252,218 |  |  | $ | — |  |  | $ | 863 |  |  | $ | — |  |  | $ | 253,081 |
Notes payable to banks | — |  |  | — |  |  | 271 |  |  | — |  |  | 271 |
Accounts payable | 55,865 |  |  | 12,342 |  |  | 125,405 |  |  | — |  |  | 193,612 |
Accrued employee compensation and benefits | 37,484 |  |  | 5,888 |  |  | 28,441 |  |  | — |  |  | 71,813 |
Accrued expenses | 31,803 |  |  | 5,963 |  |  | 41,597 |  |  | — |  |  | 79,363 |
Dividends payable | 8,412 |  |  | — |  |  | — |  |  | — |  |  | 8,412 |
Total current liabilities | 385,782 |  |  | 24,193 |  |  | 196,577 |  |  | — |  |  | 606,552 |
Deferred income taxes | (1,652 | ) |  | 16,883 |  |  | 19,261 |  |  | — |  |  | 34,492 |
Long-term debt, excluding current installments | 733,709 |  |  | 175,549 |  |  | 9,012 |  |  | (181,968 | ) |  | 736,302 |
Defined benefit pension liability | — |  |  | — |  |  | 183,688 |  |  | — |  |  | 183,688 |
Deferred compensation | 43,413 |  |  | — |  |  | 4,705 |  |  | — |  |  | 48,118 |
Other noncurrent liabilities | 11,648 |  |  | 5 |  |  | 8,732 |  |  | — |  |  | 20,385 |
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 | 2,023,919 |  |  | 602,675 |  |  | 552,173 |  |  | (1,154,848 | ) |  | 2,023,919 |
Accumulated other comprehensive income (loss) | (311,166 | ) |  | 72,315 |  |  | (332,169 | ) |  | 259,854 |  |  | (311,166 | )
Treasury stock | (628,487 | ) |  | — |  |  | — |  |  | — |  |  | (628,487 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,112,166 |  |  | 1,295,846 |  |  | 1,976,222 |  |  | (3,272,068 | ) |  | 1,112,166 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 37,658 |  |  | — |  |  | 37,658 |
Total shareholders’ equity | 1,112,166 |  |  | 1,295,846 |  |  | 2,013,880 |  |  | (3,272,068 | ) |  | 1,149,824 |
Total liabilities and shareholders’ equity | $ | 2,285,066 |  |  | $ | 1,512,476 |  |  | $ | 2,435,855 |  |  | $ | (3,454,036 | ) |  | $ | 2,779,361 |
(10) 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 Twenty-six Weeks Ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 25,583 |  |  | $ | (78,620 | ) |  | $ | 75,160 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 12,871 |  |  | 7,063 |  |  | 21,723 |  |  | — |  |  | 41,657 |
Noncash loss on trading securities | — |  |  | — |  |  | 229 |  |  | — |  |  | 229 |
Impairment of property, plant and equipment | — |  |  | — |  |  | 2,791 |  |  | — |  |  | 2,791 |
Loss on divestiture of grinding media business | 2,518 |  |  | — |  |  | 3,566 |  |  | — |  |  | 6,084 |
Stock-based compensation | 5,374 |  |  | — |  |  | — |  |  | — |  |  | 5,374 |
Defined benefit pension plan expense | — |  |  | — |  |  | (1,159 | ) |  | — |  |  | (1,159 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (731 | ) |  | — |  |  | (731 | )
Loss (gain) on sale of property, plant and equipment | 10 |  |  | (7 | ) |  | (290 | ) |  | — |  |  | (287 | )
Equity in earnings in nonconsolidated subsidiaries | (45,878 | ) |  | (33,898 | ) |  | — |  |  | 79,776 |  |  | — |
Deferred income taxes | 3,343 |  |  | 1,791 |  |  | (2,634 | ) |  | — |  |  | 2,500 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (15,781 | ) |  | (43,990 | ) |  | (12,177 | ) |  | (1,244 | ) |  | (73,192 | )
Other noncurrent liabilities | 640 |  |  | — |  |  | (1,120 | ) |  | — |  |  | (480 | )
Income taxes payable (refundable) | (11,054 | ) |  | (843 | ) |  | 7,609 |  |  | — |  |  | (4,288 | )
Net cash flows from operating activities | 24,284 |  |  | (13,928 | ) |  | 43,390 |  |  | (88 | ) |  | 53,658 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (10,051 | ) |  | (6,770 | ) |  | (14,995 | ) |  | — |  |  | (31,816 | )
Proceeds from sale of assets | 5 |  |  | 209 |  |  | 64,179 |  |  | — |  |  | 64,393 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (9,300 | ) |  | — |  |  | (9,300 | )
Settlement of net investment hedge | (1,621 | ) |  | — |  |  | — |  |  | — |  |  | (1,621 | )
Other, net | 6,335 |  |  | 13,752 |  |  | (17,771 | ) |  | 88 |  |  | 2,404 |
Net cash flows from investing activities | (5,332 | ) |  | 7,191 |  |  | 22,113 |  |  | 88 |  |  | 24,060 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from short-term agreements | — |  |  | — |  |  | 130 |  |  | — |  |  | 130 |
Proceeds from long-term borrowings | 237,641 |  |  | — |  |  | — |  |  | — |  |  | 237,641 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (495 | ) |  | — |  |  | (495 | )
Settlement of financial derivative | (2,467 | ) |  | — |  |  | — |  |  | — |  |  | (2,467 | )
Debt issuance costs | (2,322 | ) |  | — |  |  | — |  |  | — |  |  | (2,322 | )
Dividends paid | (17,003 | ) |  | — |  |  | — |  |  | — |  |  | (17,003 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (4,852 | ) |  | — |  |  | (4,852 | )
Intercompany dividends | 75,325 |  |  | 11,296 |  |  | (86,621 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | — |  |  | — |  |  | (5,510 | ) |  | — |  |  | (5,510 | )
Intercompany capital contribution | (3,492 | ) |  | 3,492 |  |  | — |  |  | — |  |  | — |
Purchase of treasury shares | (43,999 | ) |  | — |  |  | — |  |  | — |  |  | (43,999 | )
Proceeds from exercises under stock plans | 5,711 |  |  | — |  |  | — |  |  | — |  |  | 5,711 |
Purchase of common treasury shares - stock plan exercises | (1,769 | ) |  | — |  |  | — |  |  | — |  |  | (1,769 | )
Net cash flows from financing activities | 247,625 |  |  | 14,788 |  |  | (97,348 | ) |  | — |  |  | 165,065 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (657 | ) |  | (12,343 | ) |  | — |  |  | (13,000 | )
Net change in cash and cash equivalents | 266,577 |  |  | 7,394 |  |  | (44,188 | ) |  | — |  |  | 229,783 |
Cash and cash equivalents—beginning of year | 83,329 |  |  | 5,304 |  |  | 404,172 |  |  | — |  |  | 492,805 |
Cash and cash equivalents—end of period | $ | 349,906 |  |  | $ | 12,698 |  |  | $ | 359,984 |  |  | $ | — |  |  | $ | 722,588 |
(10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 84,643 |  |  | $ | 22,430 |  |  | $ | 42,765 |  |  | $ | (62,555 | ) |  | $ | 87,283 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13,048 |  |  | 7,113 |  |  | 21,593 |  |  | — |  |  | 41,754 |
Noncash loss on trading securities | — |  |  | — |  |  | 188 |  |  | — |  |  | 188 |
Stock-based compensation | 4,590 |  |  | — |  |  | — |  |  | — |  |  | 4,590 |
Defined benefit pension plan expense | — |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (25,379 | ) |  | — |  |  | (25,379 | )
Loss (gain) on sale of property, plant and equipment | (20 | ) |  | — |  |  | (44 | ) |  | — |  |  | (64 | )
Equity in earnings in nonconsolidated subsidiaries | (57,321 | ) |  | (5,316 | ) |  | — |  |  | 62,637 |  |  | — |
Deferred income taxes | 5,539 |  |  | — |  |  | 1,808 |  |  | — |  |  | 7,347 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (14,523 | ) |  | (28,010 | ) |  | (21,840 | ) |  | 69 |  |  | (64,304 | )
Other noncurrent liabilities | 874 |  |  | — |  |  | 1,099 |  |  | — |  |  | 1,973 |
Income taxes payable (refundable) | (7,737 | ) |  | 542 |  |  | 9,223 |  |  | — |  |  | 2,028 |
Net cash flows from operating activities | 29,093 |  |  | (3,241 | ) |  | 29,727 |  |  | 151 |  |  | 55,730 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (8,126 | ) |  | (3,351 | ) |  | (14,706 | ) |  | — |  |  | (26,183 | )
Proceeds from sale of assets | 21 |  |  | 11 |  |  | 858 |  |  | — |  |  | 890 |
Settlement of net investment hedge | 5,123 |  |  | — |  |  | — |  |  | — |  |  | 5,123 |
Other, net | (8,313 | ) |  | 6,604 |  |  | (607 | ) |  | (151 | ) |  | (2,467 | )
Net cash flows from investing activities | (11,295 | ) |  | 3,264 |  |  | (14,455 | ) |  | (151 | ) |  | (22,637 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Payments under short-term agreements | — |  |  | — |  |  | (369 | ) |  | — |  |  | (369 | )
Principal payments on long-term borrowings | — |  |  | — |  |  | (434 | ) |  | — |  |  | (434 | )
Dividends paid | (16,913 | ) |  | — |  |  | — |  |  | — |  |  | (16,913 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,889 | ) |  | — |  |  | (2,889 | )
Intercompany dividends | 22,662 |  |  | — |  |  | (22,662 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | (5,669 | ) |  | 5,669 |  |  | — |  |  | — |
Intercompany capital contribution | (3,785 | ) |  | 3,785 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 10,168 |  |  | — |  |  | — |  |  | — |  |  | 10,168 |
Purchase of common treasury shares - stock plan exercises | (3,056 | ) |  | — |  |  | — |  |  | — |  |  | (3,056 | )
Net cash flows from financing activities | 9,076 |  |  | (1,884 | ) |  | (20,685 | ) |  | — |  |  | (13,493 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 212 |  |  | 15,894 |  |  | — |  |  | 16,106 |
Net change in cash and cash equivalents | 26,874 |  |  | (1,649 | ) |  | 10,481 |  |  | — |  |  | 35,706 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 339,220 |  |  | — |  |  | 412,516 |
Cash and cash equivalents—end of period | $ | 94,099 |  |  | $ | 4,422 |  |  | $ | 349,701 |  |  | $ | — |  |  | $ | 448,222 |

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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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