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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 30, 2019
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 30, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 299,002 |  |  | $ | 139,507 |  |  | $ | 312,291 |  |  | $ | (58,661 | ) |  | $ | 692,139 |
Cost of sales | 225,127 |  |  | 103,312 |  |  | 257,607 |  |  | (59,036 | ) |  | 527,010 |
Gross profit | 73,875 |  |  | 36,195 |  |  | 54,684 |  |  | 375 |  |  | 165,129 |
Selling, general and administrative expenses | 57,846 |  |  | 7,109 |  |  | 45,070 |  |  | — |  |  | 110,025 |
Operating income | 16,029 |  |  | 29,086 |  |  | 9,614 |  |  | 375 |  |  | 55,104 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (9,583 | ) |  | (3,541 | ) |  | (295 | ) |  | 3,541 |  |  | (9,878 | )
Interest income | 111 |  |  | 12 |  |  | 4,228 |  |  | (3,541 | ) |  | 810 |
Other | 3,537 |  |  | 10 |  |  | 299 |  |  |  |  |  | 3,846 |
| (5,935 | ) |  | (3,519 | ) |  | 4,232 |  |  | — |  |  | (5,222 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 10,094 |  |  | 25,567 |  |  | 13,846 |  |  | 375 |  |  | 49,882 |
Income tax expense (benefit) | 462 |  |  | 5,950 |  |  | 5,959 |  |  | 56 |  |  | 12,427 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 9,632 |  |  | 19,617 |  |  | 7,887 |  |  | 319 |  |  | 37,455 |
Equity in earnings of nonconsolidated subsidiaries | 26,849 |  |  | 3,944 |  |  | — |  |  | (30,793 | ) |  | — |
Net earnings | 36,481 |  |  | 23,561 |  |  | 7,887 |  |  | (30,474 | ) |  | 37,455 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (974 | ) |  | — |  |  | (974 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 36,481 |  |  | $ | 23,561 |  |  | $ | 6,913 |  |  | $ | (30,474 | ) |  | $ | 36,481 |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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) | 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 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) | 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 30, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 36,481 |  |  | $ | 23,561 |  |  | $ | 7,887 |  |  | $ | (30,474 | ) |  | $ | 37,455 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 5,629 |  |  | (3,363 | ) |  | — |  |  | 2,266 |
Gain (loss) on hedging activities | 2,314 |  |  | — |  |  | — |  |  | — |  |  | 2,314 |
Equity in other comprehensive income | 2,131 |  |  | — |  |  | — |  |  | (2,131 | ) |  | — |
Other comprehensive income (loss) | 4,445 |  |  | 5,629 |  |  | (3,363 | ) |  | (2,131 | ) |  | 4,580 |
Comprehensive income (loss) | 40,926 |  |  | 29,190 |  |  | 4,524 |  |  | (32,605 | ) |  | 42,035 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,109 | ) |  | — |  |  | (1,109 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 40,926 |  |  | $ | 29,190 |  |  | $ | 3,415 |  |  | $ | (32,605 | ) |  | $ | 40,926 |
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 |
Gain (loss) on hedging activities | (863 | ) |  | — |  |  | — |  |  | — |  |  | (863 | )
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 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS March 30, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 58,146 |  |  | $ | 7,731 |  |  | $ | 145,360 |  |  | $ | — |  |  | $ | 211,237 |
Receivables, net | 148,952 |  |  | 91,153 |  |  | 272,747 |  |  | — |  |  | 512,852 |
Inventories | 133,792 |  |  | 38,993 |  |  | 225,041 |  |  | (2,027 | ) |  | 395,799 |
Contract asset - costs and profits in excess of billings | 58,485 |  |  | 35,086 |  |  | 26,315 |  |  | — |  |  | 119,886 |
Prepaid expenses and other assets | 12,288 |  |  | 13,079 |  |  | 29,012 |  |  | — |  |  | 54,379 |
Refundable income taxes | 4,747 |  |  | — |  |  | — |  |  | — |  |  | 4,747 |
Total current assets | 416,410 |  |  | 186,042 |  |  | 698,475 |  |  | (2,027 | ) |  | 1,298,900 |
Property, plant and equipment, at cost | 590,577 |  |  | 188,120 |  |  | 417,936 |  |  | — |  |  | 1,196,633 |
Less accumulated depreciation and amortization | 398,031 |  |  | 101,322 |  |  | 169,951 |  |  | — |  |  | 669,304 |
Net property, plant and equipment | 192,546 |  |  | 86,798 |  |  | 247,985 |  |  | — |  |  | 527,329 |
Goodwill | 20,108 |  |  | 140,775 |  |  | 256,113 |  |  | — |  |  | 416,996 |
Other intangible assets | 63 |  |  | 47,561 |  |  | 145,273 |  |  | — |  |  | 192,897 |
Investment in subsidiaries and intercompany accounts | 1,336,332 |  |  | 1,031,430 |  |  | 1,277,773 |  |  | (3,645,535 | ) |  | — |
Other assets | 99,721 |  |  | 4,028 |  |  | 106,116 |  |  | — |  |  | 209,865 |
Total assets | $ | 2,065,180 |  |  | $ | 1,496,634 |  |  | $ | 2,731,735 |  |  | $ | (3,647,562 | ) |  | $ | 2,645,987 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 764 |  |  | $ | — |  |  | $ | 764 |
Notes payable to banks | — |  |  | — |  |  | 19,816 |  |  | — |  |  | 19,816 |
Accounts payable | 63,348 |  |  | 22,967 |  |  | 133,145 |  |  | — |  |  | 219,460 |
Accrued employee compensation and benefits | 30,829 |  |  | 4,633 |  |  | 27,963 |  |  | — |  |  | 63,425 |
Accrued expenses | 44,779 |  |  | 9,516 |  |  | 74,866 |  |  | — |  |  | 129,161 |
Dividends payable | 8,213 |  |  | — |  |  | — |  |  | — |  |  | 8,213 |
Total current liabilities | 147,169 |  |  | 37,116 |  |  | 256,554 |  |  | — |  |  | 440,839 |
Deferred income taxes | 18,505 |  |  | — |  |  | 27,935 |  |  | — |  |  | 46,440 |
Long-term debt, excluding current installments | 734,114 |  |  | 125,685 |  |  | 7,515 |  |  | (125,685 | ) |  | 741,629 |
Defined benefit pension liability | — |  |  | — |  |  | 133,761 |  |  | — |  |  | 133,761 |
Other noncurrent liabilities | 87,127 |  |  | 3,440 |  |  | 61,536 |  |  | — |  |  | 152,103 |
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 | 2,049,438 |  |  | 634,175 |  |  | 810,599 |  |  | (1,444,774 | ) |  | 2,049,438 |
Accumulated other comprehensive income (loss) | (298,740 | ) |  | 75,362 |  |  | (375,333 | ) |  | 299,971 |  |  | (298,740 | )
Treasury stock | (700,333 | ) |  | — |  |  | — |  |  | — |  |  | (700,333 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,078,265 |  |  | 1,330,393 |  |  | 2,191,484 |  |  | (3,521,877 | ) |  | 1,078,265 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 52,950 |  |  | — |  |  | 52,950 |
Total shareholders’ equity | 1,078,265 |  |  | 1,330,393 |  |  | 2,244,434 |  |  | (3,521,877 | ) |  | 1,131,215 |
Total liabilities and shareholders’ equity | $ | 2,065,180 |  |  | $ | 1,496,634 |  |  | $ | 2,731,735 |  |  | $ | (3,647,562 | ) |  | $ | 2,645,987 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 104,256 |  |  | $ | 5,518 |  |  | $ | 203,436 |  |  | $ | — |  |  | $ | 313,210 |
Receivables, net | 134,943 |  |  | 75,204 |  |  | 273,816 |  |  | — |  |  | 483,963 |
Inventories | 138,158 |  |  | 37,019 |  |  | 210,791 |  |  | (2,402 | ) |  | 383,566 |
Contract asset - costs and profits in excess of billings | 50,271 |  |  | 35,200 |  |  | 27,054 |  |  | — |  |  | 112,525 |
Prepaid expenses and other assets | 21,858 |  |  | 746 |  |  | 20,196 |  |  | — |  |  | 42,800 |
Refundable income taxes | 4,576 |  |  | — |  |  | — |  |  | — |  |  | 4,576 |
Total current assets | 454,062 |  |  | 153,687 |  |  | 735,293 |  |  | (2,402 | ) |  | 1,340,640 |
Property, plant and equipment, at cost | 579,046 |  |  | 172,050 |  |  | 409,769 |  |  | — |  |  | 1,160,865 |
Less accumulated depreciation and amortization | 390,438 |  |  | 93,374 |  |  | 163,061 |  |  | — |  |  | 646,873 |
Net property, plant and equipment | 188,608 |  |  | 78,676 |  |  | 246,708 |  |  | — |  |  | 513,992 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 254,537 |  |  | — |  |  | 385,207 |
Other intangible assets | 76 |  |  | 27,452 |  |  | 148,428 |  |  | — |  |  | 175,956 |
Investment in subsidiaries and intercompany accounts | 1,286,545 |  |  | 1,161,612 |  |  | 932,982 |  |  | (3,381,139 | ) |  | — |
Other assets | 47,674 |  |  | — |  |  | 66,805 |  |  | — |  |  | 114,479 |
Total assets | $ | 1,997,073 |  |  | $ | 1,531,989 |  |  | $ | 2,384,753 |  |  | $ | (3,383,541 | ) |  | $ | 2,530,274 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 779 |  |  | $ | — |  |  | $ | 779 |
Notes payable to banks | — |  |  | — |  |  | 10,678 |  |  | — |  |  | 10,678 |
Accounts payable | 68,304 |  |  | 21,081 |  |  | 128,730 |  |  | — |  |  | 218,115 |
Accrued employee compensation and benefits | 41,418 |  |  | 7,186 |  |  | 30,687 |  |  | — |  |  | 79,291 |
Accrued expenses | 25,936 |  |  | 10,132 |  |  | 55,874 |  |  | — |  |  | 91,942 |
Dividends payable | 8,230 |  |  | — |  |  | — |  |  | — |  |  | 8,230 |
Total current liabilities | 143,888 |  |  | 38,399 |  |  | 226,748 |  |  | — |  |  | 409,035 |
Deferred income taxes | 14,376 |  |  | — |  |  | 29,113 |  |  | — |  |  | 43,489 |
Long-term debt, excluding current installments | 733,964 |  |  | 166,729 |  |  | 7,858 |  |  | (166,729 | ) |  | 741,822 |
Defined benefit pension liability | — |  |  | — |  |  | 143,904 |  |  | — |  |  | 143,904 |
Other noncurrent liabilities | 45,083 |  |  | 620 |  |  | 10,798 |  |  | — |  |  | 56,501 |
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 | 2,027,596 |  |  | 624,394 |  |  | 467,699 |  |  | (1,092,093 | ) |  | 2,027,596 |
Accumulated other comprehensive income | (303,185 | ) |  | 80,991 |  |  | (333,346 | ) |  | 252,355 |  |  | (303,185 | )
Treasury stock | (692,549 | ) |  | — |  |  | — |  |  | — |  |  | (692,549 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,059,762 |  |  | 1,326,241 |  |  | 1,890,571 |  |  | (3,216,812 | ) |  | 1,059,762 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 75,761 |  |  | — |  |  | 75,761 |
Total shareholders’ equity | 1,059,762 |  |  | 1,326,241 |  |  | 1,966,332 |  |  | (3,216,812 | ) |  | 1,135,523 |
Total liabilities and shareholders’ equity | $ | 1,997,073 |  |  | $ | 1,531,989 |  |  | $ | 2,384,753 |  |  | $ | (3,383,541 | ) |  | $ | 2,530,274 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen weeks ended March 30, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 36,481 |  |  | $ | 23,561 |  |  | $ | 7,887 |  |  | $ | (30,474 | ) |  | $ | 37,455 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 6,476 |  |  | 3,390 |  |  | 10,387 |  |  | — |  |  | 20,253 |
Noncash gain on trading securities | — |  |  | — |  |  | 87 |  |  | — |  |  | 87 |
Stock-based compensation | 3,670 |  |  | — |  |  | — |  |  | — |  |  | 3,670 |
Defined benefit pension plan benefit | — |  |  | — |  |  | (132 | ) |  | — |  |  | (132 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (13,943 | ) |  | — |  |  | (13,943 | )
Loss (gain) on sale of property, plant and equipment | 132 |  |  | (2 | ) |  | (357 | ) |  | — |  |  | (227 | )
Equity in earnings in nonconsolidated subsidiaries | (26,849 | ) |  | (3,944 | ) |  | — |  |  | 30,793 |  |  | — |
Deferred income taxes | 5,320 |  |  | — |  |  | 4,342 |  |  | — |  |  | 9,662 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (8,136 | ) |  | (28,699 | ) |  | (6,621 | ) |  | (374 | ) |  | (43,830 | )
Other noncurrent liabilities | 2,046 |  |  | (5,461 | ) |  | 3,181 |  |  | — |  |  | (234 | )
Income taxes payable (refundable) | (1,440 | ) |  | (1,819 | ) |  | (1,589 | ) |  | — |  |  | (4,848 | )
Net cash flows from operating activities | 17,700 |  |  | (12,974 | ) |  | 3,242 |  |  | (55 | ) |  | 7,913 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (10,214 | ) |  | (1,854 | ) |  | (9,041 | ) |  | — |  |  | (21,109 | )
Proceeds from sale of assets | 1 |  |  | 2 |  |  | 419 |  |  | — |  |  | 422 |
Acquisitions, net of cash acquired | — |  |  | (57,106 | ) |  | — |  |  | — |  |  | (57,106 | )
Settlement of net investment hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other, net | (60,869 | ) |  | 69,124 |  |  | (9,977 | ) |  | 55 |  |  | (1,667 | )
Net cash flows from investing activities | (71,082 | ) |  | 10,166 |  |  | (18,599 | ) |  | 55 |  |  | (79,460 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from short-term agreements | — |  |  | — |  |  | 9,327 |  |  | — |  |  | 9,327 |
Proceeds from long-term borrowings | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |
Principal payments on long-term borrowings | (10,000 | ) |  | — |  |  | (194 | ) |  | — |  |  | (10,194 | )
Principal payments on long-term intercompany note | — |  |  | (42,575 | ) |  | 42,575 |  |  | — |  |  | — |
Dividends paid | (8,213 | ) |  | — |  |  | — |  |  | — |  |  | (8,213 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (838 | ) |  | — |  |  | (838 | )
Intercompany dividends | 60,845 |  |  | 47,541 |  |  | (108,386 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | (23,082 | ) |  | — |  |  | — |  |  | — |  |  | (23,082 | )
Intercompany capital contribution | (13,284 | ) |  | — |  |  | 13,284 |  |  | — |  |  | — |
Purchase of treasury shares | (9,421 | ) |  | — |  |  | — |  |  | — |  |  | (9,421 | )
Proceeds from exercises under stock plans | 1,174 |  |  | — |  |  | — |  |  | — |  |  | 1,174 |
Purchase of common treasury shares - stock plan exercises | (747 | ) |  | — |  |  | — |  |  | — |  |  | (747 | )
Net cash flows from financing activities | 7,272 |  |  | 4,966 |  |  | (44,232 | ) |  | — |  |  | (31,994 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 55 |  |  | 1,513 |  |  | — |  |  | 1,568 |
Net change in cash and cash equivalents | (46,110 | ) |  | 2,213 |  |  | (58,076 | ) |  | — |  |  | (101,973 | )
Cash and cash equivalents—beginning of year | 104,256 |  |  | 5,518 |  |  | 203,436 |  |  | — |  |  | 313,210 |
Cash and cash equivalents—end of period | $ | 58,146 |  |  | $ | 7,731 |  |  | $ | 145,360 |  |  | $ | — |  |  | $ | 211,237 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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: |  |  |  |  |  |  |  |  |
Net working capital | (8,850 | ) |  | (21,761 | ) |  | (7,529 | ) |  | (1,148 | ) |  | (39,288 | )
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 | )
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: |  |  |  |  |  |  |  |  |
Payments 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 | )
Purchase of treasury shares | (14,790 | ) |  | — |  |  | — |  |  | — |  |  | (14,790 | )
Intercompany capital contribution | (3,492 | ) |  | 3,492 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 2,972 |  |  | — |  |  | — |  |  | — |  |  | 2,972 |
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 |

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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