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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
12 Months Ended
Dec. 29, 2012
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

(18) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

        On April 8, 2010, the Company issued $300,000 of senior unsecured notes at a coupon interest rate of 6.625% per annum. In June 2011, the Company issued an additional $150,000 principal amount of these notes to redeem the senior subordinated notes. The notes are guaranteed, jointly, severally, fully and unconditionally by certain of the Company's current and future direct and indirect domestic and foreign subsidiaries (collectively the "Guarantors"), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the "Non-Guarantors"). All Guarantors are 100% owned by the parent company. Subsequent to the issuance of the 2011 financial statements, the comprehensive income information presented below was added to reflect our retrospective adoption of ASU Nos. 2011-05 and 2011-12, Comprehensive Income in 2011 and 2010.

        Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows:


CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 29, 2012

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net sales

  $ 1,375,238   $ 620,338   $ 1,331,827   $ (297,862 ) $ 3,029,541  

Cost of sales

    1,008,087     489,560     1,026,037     (296,599 )   2,227,085  
                       

Gross profit

    367,151     130,778     305,790     (1,263 )   802,456  

Selling, general and administrative expenses

    178,669     55,488     186,003         420,160  
                       

Operating income

    188,482     75,290     119,787     (1,263 )   382,296  
                       

Other income (expense):

                               

Interest expense

    (31,121 )   (49,762 )   (504 )   49,762     (31,625 )

Interest income

    45     1,131     56,858     (49,762 )   8,272  

Other

    1,938     55     (1,646 )       347  
                       

 

    (29,138 )   (48,576 )   54,708         (23,006 )
                       

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

    159,344     26,714     174,495     (1,263 )   359,290  
                       

Income tax expense (benefit):

                               

Current

    59,648     16,398     47,375     (639 )   122,782  

Deferred

    (4,721 )   (496 )   8,937         3,720  
                       

 

    54,927     15,902     56,312     (639 )   126,502  
                       

Earnings before equity in earnings of nonconsolidated subsidiaries

    104,417     10,812     118,183     (624 )   232,788  

Equity in earnings of nonconsolidated subsidiaries

    129,655     86,170     5,150     (214,847 )   6,128  
                       

Net earnings

    234,072     96,982     123,333     (215,471 )   238,916  

Less: Earnings attributable to noncontrolling interests

            (4,844 )       (4,844 )
                       

Net earnings attributable to Valmont Industries, Inc

  $ 234,072   $ 96,982   $ 118,489   $ (215,471 ) $ 234,072  
                       

CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 31, 2011

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net sales

  $ 1,164,400   $ 401,443   $ 1,305,424   $ (209,787 ) $ 2,661,480  

Cost of sales

    863,269     323,812     1,016,305     (208,716 )   1,994,670  
                       

Gross profit

    301,131     77,631     289,119     (1,071 )   666,810  

Selling, general and administrative expenses

    166,964     50,783     185,753         403,500  
                       

Operating income

    134,167     26,848     103,366     (1,071 )   263,310  
                       

Other income (expense):

                               

Interest expense

    (35,456 )       (719 )       (36,175 )

Interest income

    59     331     8,875         9,265  

Other

    (311 )   59     (2,391 )       (2,643 )
                       

 

    (35,708 )   390     5,765         (29,553 )
                       

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

    98,459     27,238     109,131     (1,071 )   233,757  
                       

Income tax expense (benefit):

                               

Current

    48,243     10,571     30,738         89,552  

Deferred

    (4,787 )   (964 )   (79,211 )       (84,962 )
                       

 

    43,456     9,607     (48,473 )       4,590  
                       

Earnings before equity in earnings of nonconsolidated subsidiaries

    55,003     17,631     157,604     (1,071 )   229,167  

Equity in earnings of nonconsolidated subsidiaries

    173,305     125,269     6,818     (297,333 )   8,059  
                       

Net earnings

    228,308     142,900     164,422     (298,404 )   237,226  

Less: Earnings attributable to noncontrolling interests

            (8,918 )       (8,918 )
                       

Net earnings attributable to Valmont Industries, Inc

  $ 228,308   $ 142,900   $ 155,504   $ (298,404 ) $ 228,308  
                       


CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 25, 2010

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net sales

  $ 847,396   $ 304,309   $ 956,023   $ (132,223 ) $ 1,975,505  

Cost of sales

    622,018     231,696     735,195     (132,978 )   1,455,931  
                       

Gross profit

    225,378     72,613     220,828     755     519,574  

Selling, general and administrative expenses

    147,054     47,688     146,419         341,161  
                       

Operating income

    78,324     24,925     74,409     755     178,413  
                       

Other income (expense):

                               

Interest expense

    (30,282 )   (1 )   (664 )       (30,947 )

Interest income

    127     31     4,682         4,840  

Other

    995     (48 )   (271 )       676  
                       

 

    (29,160 )   (18 )   3,747         (25,431 )
                       

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

    49,164     24,907     78,156     755     152,982  
                       

Income tax expense (benefit):

                               

Current

    19,525     5,039     25,427         49,991  

Deferred

    722     4,984     (689 )       5,017  
                       

 

    20,247     10,023     24,738         55,008  
                       

Earnings before equity in earnings of nonconsolidated subsidiaries

    28,917     14,884     53,418     755     97,974  

Equity in earnings of nonconsolidated subsidiaries

    65,462     25,264     1,525     (89,812 )   2,439  
                       

Net earnings

    94,379     40,148     54,943     (89,057 )   100,413  

Less: Earnings attributable to noncontrolling interests

            (6,034 )       (6,034 )
                       

Net earnings attributable to Valmont Industries, Inc

  $ 94,379   $ 40,148   $ 48,909   $ (89,057 ) $ 94,379  
                       

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 29, 2012

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net earnings

  $ 234,072   $ 96,982   $ 123,333   $ (215,471 ) $ 238,916  
                       

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustments:

                               

Unrealized gains (losses) arising during the period

        (14,422 )   30,163         15,741  
                       

 

        (14,422 )   30,163         15,741  
                       

Unrealized loss on cash flow hedge:

                               

Amortization cost included in interest expense

    400                 400  
                       

 

    400                 400  
                       

Actuarial gain (loss) in defined benefit pension plan liability

            (35,020 )       (35,020 )

Equity in other comprehensive income

    (20,514 )           20,514      
                       

Other comprehensive income (loss)

    (20,114 )   (14,422 )   (4,857 )   20,514     (18,879 )
                       

Comprehensive income

    213,958     82,560     118,476     (194,957 )   220,037  

Comprehensive income attributable to noncontrolling interests

            (6,079 )       (6,079 )
                       

Comprehensive income attributable to Valmont Industries, Inc. 

  $ 213,958   $ 82,560   $ 112,397   $ (194,957 ) $ 213,958  
                       


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 31, 2011

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net earnings

  $ 228,308   $ 142,900   $ 164,422   $ (298,404 ) $ 237,226  
                       

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustments:

                               

Unrealized gains (losses) arising during the period

        (958 )   (21,018 )       (21,976 )

Realized loss on sale of investment in foreign entity included in other expense

            1,446         1,446  
                       

 

        (958 )   (19,572 )       (20,530 )
                       

Unrealized loss on cash flow hedge:

                               

Loss arising during the period

    (3,568 )               (3,568 )

Amortization cost included in interest expense

    233                 233  
                       

 

    (3,335 )               (3,335 )
                       

Actuarial gain (loss) in defined benefit pension plan liability

            22,365         22,365  

Equity in other comprehensive income

    3,742             (3,742 )    
                       

Other comprehensive income (loss)

    407     (958 )   2,793     (3,742 )   (1,500 )
                       

Comprehensive income

    228,715     141,942     167,215     (302,146 )   235,726  

Comprehensive income attributable to noncontrolling interests

            (7,011 )       (7,011 )
                       

Comprehensive income attributable to Valmont Industries, Inc. 

  $ 228,715   $ 141,942   $ 160,204   $ (302,146 ) $ 228,715  
                       


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 25, 2010

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Net earnings

  $ 94,379   $ 40,148   $ 54,943   $ (89,057 ) $ 100,413  
                       

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustments:

                               

Unrealized gains (losses) arising during the period

            20,748         20,748  
                       

 

            20,748         20,748  
                       

Actuarial gain (loss) in defined benefit pension plan liability

            28,952         28,952  

Equity in other comprehensive income

    46,692             (46,692 )    
                       

Other comprehensive income (loss)

    46,692         49,700     (46,692 )   49,700  
                       

Comprehensive income

    141,071     40,148     104,643     (135,749 )   150,113  

Comprehensive income attributable to noncontrolling interests

            (9,042 )       (9,042 )
                       

Comprehensive income attributable to Valmont Industries, Inc. 

  $ 141,071   $ 40,148   $ 95,601   $ (135,749 ) $ 141,071  
                       

CONSOLIDATED BALANCE SHEETS
December 29, 2012

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

  $ 40,926   $ 83,203   $ 290,000   $   $ 414,129  

Receivables, net

    144,161     86,403     285,338         515,902  

Inventories

    146,619     71,988     193,777         412,384  

Prepaid expenses

    7,153     1,029     16,962         25,144  

Refundable and deferred income taxes

    29,359     6,904     22,118         58,381  
                       

Total current assets

    368,218     249,527     808,195         1,425,940  
                       

Property, plant and equipment, at cost

    456,497     122,937     415,340         994,774  

Less accumulated depreciation and amortization

    288,226     55,239     138,697         482,162  
                       

Net property, plant and equipment

    168,271     67,698     276,643         512,612  
                       

Goodwill

    20,108     107,542     203,141         330,791  

Other intangible assets

    499     53,517     118,254         172,270  

Investment in subsidiaries and intercompany accounts

    1,456,159     1,246,777     615,152     (3,318,088 )    

Other assets

    32,511         94,427         126,938  
                       

Total assets

  $ 2,045,766   $ 1,725,061   $ 2,115,812   $ (3,318,088 ) $ 2,568,551  
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                               

Current liabilities:

                               

Current installments of long-term debt

  $ 189   $   $ 35   $   $ 224  

Notes payable to banks

            13,375         13,375  

Accounts payable

    72,610     22,006     117,808         212,424  

Accrued employee compensation and benefits

    61,572     10,530     29,803           101,905  

Accrued expenses

    30,641     4,674     43,188         78,503  

Income Taxes Payable

        31     669     (700 )    

Dividends payable

    6,002                 6,002  
                       

Total current liabilities

    171,014     37,241     204,878     (700 )   412,433  
                       

Deferred income taxes

    23,305     27,851     37,144         88,300  

Long-term debt, excluding current installments

    471,828     599,873     765     (599,873 )   472,593  

Defined benefit pension liability

            112,043         112,043  

Deferred compensation

    25,200         6,720         31,920  

Other noncurrent liabilities

    4,507         39,745         44,252  

Commitments and contingencies

                               

Shareholders' equity:

                               

Common stock of $1 par value

    27,900     457,950     254,982     (712,932 )   27,900  

Additional paid-in capital

        150,286     893,274     (1,043,560 )    

Retained earnings

    1,300,529     467,240     443,337     (910,577 )   1,300,529  

Accumulated other comprehensive income

    43,938     (15,380 )   65,826     (50,446 )   43,938  

Treasury stock

    (22,455 )               (22,455 )
                       

Total Valmont Industries, Inc. shareholders' equity

    1,349,912     1,060,096     1,657,419     (2,717,515 )   1,349,912  
                       

Noncontrolling interest in consolidated subsidiaries

            57,098         57,098  
                       

Total shareholders' equity

    1,349,912     1,060,096     1,714,517     (2,717,515 )   1,407,010  
                       

Total liabilities and shareholders' equity

  $ 2,045,766   $ 1,725,061   $ 2,115,812   $ (3,318,088 ) $ 2,568,551  
                       

CONSOLIDATED BALANCE SHEETS
December 31, 2011

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

  $ 27,545   $ 18,257   $ 317,092   $   $ 362,894  

Receivables, net

    122,409     53,567     250,707         426,683  

Inventories

    125,862     77,838     190,082         393,782  

Prepaid expenses

    3,448     1,009     21,308         25,765  

Refundable and deferred income taxes

    22,053     6,218     15,548         43,819  
                       

Total current assets

    301,317     156,889     794,737         1,252,943  
                       

Property, plant and equipment, at cost

    427,398     107,315     376,929         911,642  

Less accumulated depreciation and amortization

    283,786     54,740     118,239         456,765  
                       

Net property, plant and equipment

    143,612     52,575     258,690         454,877  
                       

Goodwill

    20,108     107,542     187,012         314,662  

Other intangible assets

    661     59,389     108,033         168,083  

Investment in subsidiaries and intercompany accounts

    1,338,299     695,745     596,301     (2,630,345 )    

Other assets

    30,192         85,319         115,511  
                       

Total assets

  $ 1,834,189   $ 1,072,140   $ 2,030,092   $ (2,630,345 ) $ 2,306,076  
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                               

Current liabilities:

                               

Current installments of long-term debt

  $ 187   $   $ 48   $   $ 235  

Notes payable to banks

            11,403         11,403  

Accounts payable

    68,166     21,428     127,135         216,729  

Accrued expenses

    44,187     8,608     30,818         83,613  

Accrued expenses

    28,154     5,651     39,710         73,515  

Income Tax payable

    17,808                 17,808  

Dividends payable

    4,767                 4,767  
                       

Total current liabilities

    163,269     35,687     209,114         408,070  
                       

Deferred income taxes

    21,891     27,661     35,945         85,497  

Long-term debt, excluding current installments

    473,419         996         474,415  

Defined benefit pension liability

            68,024         68,024  

Deferred compensation

    24,142         6,599         30,741  

Other noncurrent liabilities

    4,506         36,912         41,418  

Commitments and contingencies

                               

Shareholders' equity:

                               

Common stock of $1 par value

    27,900     457,950     254,982     (712,932 )   27,900  

Additional paid-in capital

        181,542     893,884     (1,075,426 )    

Retained earnings

    1,079,698     370,258     407,677     (777,935 )   1,079,698  

Accumulated other comprehensive income

    64,052     (958 )   65,010     (64,052 )   64,052  

Treasury stock

    (24,688 )               (24,688 )
                       

Total Valmont Industries, Inc. shareholders' equity

    1,146,962     1,008,792     1,621,553     (2,630,345 )   1,146,962  
                       

Noncontrolling interest in consolidated subsidiaries

            50,949         50,949  
                       

Total shareholders' equity

    1,146,962     1,008,792     1,672,502     (2,630,345 )   1,197,911  
                       

Total liabilities and shareholders' equity

  $ 1,834,189   $ 1,072,140   $ 2,030,092   $ (2,630,345 ) $ 2,306,076  
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 29, 2012

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Cash flows from operating activities:

                               

Net earnings

  $ 234,072   $ 96,982   $ 123,333   $ (215,471 ) $ 238,916  

Adjustments to reconcile net earnings to net cash flows from operations:

                               

Depreciation and amortization

    19,121     12,923     38,174         70,218  

Stock-based compensation

    5,829                 5,829  

Defined benefit pension plan expense

            4,281         4,281  

Contribution to defined benefit pension plan

            (11,591 )       (11,591 )

Loss on sale of property, plant and equipment

    89     (17 )   249         321  

Equity in earnings in nonconsolidated subsidiaries

    (978 )       (5,150 )       (6,128 )

Deferred income taxes

    (4,721 )   (496 )   8,937         3,720  

Changes in assets and liabilities (net of the effect from acquisitions):

                               

Receivables

    (21,751 )   (32,833 )   (30,306 )       (84,890 )

Inventories

    (20,756 )   5,850     1,293         (13,613 )

Prepaid expenses

    (3,705 )   (20 )   4,968         1,243  

Accounts payable

    4,446     578     (11,273 )       (6,249 )

Accrued expenses

    20,339     945     (644 )       20,640  

Other noncurrent liabilities

    123         (4,473 )       (4,350 )

Income taxes payable

    (18,979 )   350     (1,921 )   (700 )   (21,250 )
                       

Net cash flows from operating activities

    213,129     84,262     115,877     (216,171 )   197,097  
                       

Cash flows from investing activities:

                               

Purchase of property, plant and equipment

    (43,590 )   (22,197 )   (31,287 )       (97,074 )

Acquisitions, net of cash acquired

            (45,687 )       (45,687 )

Proceeds from sale of assets

    113     39     5,873         6,025  

Other, net

    (138,869 )   (63,791 )   (13,467 )   216,171     44  
                       

Net cash flows from investing activities

    (182,346 )   (85,949 )   (84,568 )   216,171     (136,692 )
                       

Cash flows from financing activities:

                               

Net borrowings under short-term agreements

            1,828         1,828  

Proceeds from long-term borrowings

    39,000         126         39,126  

Principal payments on long-term obligations

    (39,197 )       (367 )       (39,564 )

Dividends paid

    (21,520 )               (21,520 )

Intercompany dividends

        64,348     (64,348 )        

Sale of EMD shares

            1,404         1,404  

Dividends to noncontrolling interest

            (1,944 )       (1,944 )

Debt issuance fees

    (1,747 )               (1,747 )

Proceeds from exercises under stock plans

    21,827                 21,827  

Excess tax benefits from stock option exercises

    5,494                 5,494  

Purchase of treasury shares

                     

Purchase of common treasury shares—stock plan exercises:

    (21,259 )               (21,259 )
                       

Net cash flows from financing activities

    (17,402 )   64,348     (63,301 )       (16,355 )
                       

Effect of exchange rate changes on cash and cash equivalents

        2,285     4,900         7,185  
                       

Net change in cash and cash equivalents

    13,381     64,946     (27,092 )       51,235  

Cash and cash equivalents—beginning of year

    27,545     18,257     317,092         362,894  
                       

Cash and cash equivalents—end of year

  $ 40,926   $ 83,203   $ 290,000   $   $ 414,129  
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2011

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Cash flows from operating activities:

                               

Net earnings

  $ 228,308   $ 142,900   $ 164,422   $ (298,404 ) $ 237,226  

Adjustments to reconcile net earnings to net cash flows from operations:

                               

Depreciation and amortization

    20,570     15,593     38,397         74,560  

Stock-based compensation

    5,931                 5,931  

Defined benefit pension plan expense

            5,449         5,449  

Contribution to defined benefit pension plan

            (11,860 )       (11,860 )

Loss on sale of property, plant and equipment

    18     123     552         693  

Equity in earnings in nonconsolidated subsidiaries

    (1,241 )       (6,818 )       (8,059 )

Deferred income taxes

    (4,787 )   (964 )   (79,211 )       (84,962 )

Other

                               

Changes in assets and liabilities (net of the effect from acquisitions):

                               

Receivables

    (16,228 )   (2,904 )   1,702         (17,430 )

Inventories

    (61,976 )   (45,808 )   (11,082 )       (118,866 )

Prepaid expenses

    30     (89 )   (3,983 )       (4,042 )

Accounts payable

    22,311     6,174     14,152         42,637  

Accrued expenses

    18,298     6,112     (12,565 )       11,845  

Other noncurrent liabilities

    598         (6,479 )       (5,881 )

Income taxes payable

    21,329         1,101           22,430  
                       

Net cash flows from operating activities

    233,161     121,137     93,777     (298,404 )   149,671  
                       

Cash flows from investing activities:

                               

Purchase of property, plant and equipment

    (19,185 )   (12,180 )   (51,704 )       (83,069 )

Acquisitions, net of cash acquired

            (1,539 )       (1,539 )

Proceeds from sale of assets

    51     408     3,247         3,706  

Other, net

    (190,242 )   (109,457 )   (1,866 )   298,404     (3,161 )
                       

Net cash flows from investing activities

    (209,376 )   (121,229 )   (51,862 )   298,404     (84,063 )
                       

Cash flows from financing activities:

                               

Net borrowings under short-term agreements

            2,698         2,698  

Proceeds from long-term borrowings

    277,832                 277,832  

Principal payments on long-term obligations

    (271,192 )       (53 )       (271,245 )

Dividends paid

    (18,227 )               (18,227 )

Intercompany dividends

    14,090     17,730     (31,820 )        

Dividends to noncontrolling interest

            (4,958 )       (4,958 )

Purchase of noncontrolling interest

            (25,253 )       (25,253 )

Settlement of financial derivative

    (3,568 )               (3,568 )

Debt issuance fees

    (1,339 )               (1,339 )

Proceeds from exercises under stock plans

    20,008                 20,008  

Excess tax benefits from stock option exercises

    3,033                 3,033  

Purchase of treasury shares

    (4,802 )               (4,802 )

Purchase of common treasury shares—stock plan exercises:

    (20,090 )               (20,090 )
                       

Net cash flows from financing activities

    (4,255 )   17,730     (59,386 )       (45,911 )
                       

Effect of exchange rate changes on cash and cash equivalents

            (3,707 )       (3,707 )
                       

Net change in cash and cash equivalents

    19,530     17,638     (21,178 )       15,990  

Cash and cash equivalents—beginning of year

    8,015     619     338,270         346,904  
                       

Cash and cash equivalents—end of year

  $ 27,545   $ 18,257   $ 317,092   $   $ 362,894  
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 25, 2010

 
  Parent   Guarantors   Non-
Guarantors
  Eliminations   Total  

Cash flows from operations:

                               

Net earnings

  $ 94,379   $ 40,148   $ 54,943   $ (89,057 ) $ 100,413  

Adjustments to reconcile net earnings to net cash flows from operations:

                               

Depreciation and amortization

    20,069     12,749     26,845         59,663  

Stock-based compensation

    7,154                 7,154  

Defined benefit pension plan expense

            5,874         5,874  

Loss on sale of property, plant and equipment

    66     44     3,093         3,203  

Equity in earnings in nonconsolidated subsidiaries

    (914 )       (1,525 )       (2,439 )

Deferred income taxes

    (657 )   4,984     690         5,017  

Other

    (393 )               (393 )

Changes in assets and liabilities, before acquisitions:

                               

Receivables

    (30,979 )   (2,008 )   (18,806 )       (51,793 )

Inventories

    13,820     10,792     (2,291 )       22,321  

Prepaid expenses

    (169 )   (465 )   4,999         4,365  

Accounts payable

    9,246     1,643     (11,761 )       (872 )

Accrued expenses

    (6,108 )   (9,689 )   8,255         (7,542 )

Other noncurrent liabilities

    (598 )               (598 )

Income taxes payable (refundable)

    (10,395 )   14,923     3,319         7,847  
                       

Net cash flows from operations

    94,521     73,121     73,635     (89,057 )   152,220  
                       

Cash flows from investing activities:

                               

Purchase of property, plant and equipment

    (11,702 )   (4,815 )   (19,575 )       (36,092 )

Proceeds from sale of property, plant and equipment

    22     286     11,079         11,387  

Acquisitions (net of cash acquired, $198,810)

        (436,736 )   187,679         (249,057 )

Other, net

    (1,056 )   (76,593 )   (359 )   89,057     11,049  
                       

Net cash flows from investing activities

    (12,736 )   (517,858 )   178,824     89,057     (262,713 )
                       

Cash flows from financing activities:

                               

Net borrowings under short-term agreements

        (12 )   (3,063 )       (3,075 )

Proceeds from long-term borrowings

    491,000         680         491,680  

Principal payments on long-term obligations

    (183,188 )       (97 )       (183,285 )

Dividends paid

    (16,588 )               (16,588 )

Dividends to noncontrolling interest

            (13,071 )       (13,071 )

Retirement of Delta plc preference shares

            (4,467 )       (4,467 )

Debt issuance fees

    (3,858 )               (3,858 )

Intercompany loan activity

    (443,702 )   443,702              

Proceeds from exercises under stock plans

    4,464                 4,464  

Excess tax benefits from stock option exercises

    2,021                 2,021  

Purchase of treasury shares

    (2,676 )       1,800         (876 )

Purchase of common treasury shares—stock plan exercises

    (3,260 )               (3,260 )
                       

Net cash flows from financing activities

    (155,787 )   443,690     (18,218 )       269,685  
                       

Effect of exchange rate changes on cash and cash equivalents

            6,926         6,926  
                       

Net change in cash and cash equivalents

    (74,002 )   (1,047 )   241,167         166,118  

Cash and cash equivalents—beginning of year

    82,017     1,666     97,103         180,786  
                       

Cash and cash equivalents—end of year

  $ 8,015   $ 619   $ 338,270   $   $ 346,904