GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
|
Condensed Consolidated Statements of Earnings |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended April 1, 2017 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | Net sales | $ | 293,265 |
| | $ | 117,225 |
| | $ | 295,296 |
| | $ | (68,313 | ) | | $ | 637,473 |
| Cost of sales | 216,486 |
| | 91,489 |
| | 232,490 |
| | (67,597 | ) | | 472,868 |
| Gross profit | 76,779 |
| | 25,736 |
| | 62,806 |
| | (716 | ) | | 164,605 |
| Selling, general and administrative expenses | 50,217 |
| | 11,660 |
| | 38,226 |
| | — |
| | 100,103 |
| Operating income | 26,562 |
| | 14,076 |
| | 24,580 |
| | (716 | ) | | 64,502 |
| Other income (expense): | | | | | | | | | | Interest expense | (11,142 | ) | | (2,266 | ) | | (162 | ) | | 2,266 |
| | (11,304 | ) | Interest income | 151 |
| | 14 |
| | 3,028 |
| | (2,266 | ) | | 927 |
| Other | 1,354 |
| | 16 |
| | (171 | ) | | — |
| | 1,199 |
| | (9,637 | ) | | (2,236 | ) | | 2,695 |
| | — |
| | (9,178 | ) | Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 16,925 |
| | 11,840 |
| | 27,275 |
| | (716 | ) | | 55,324 |
| Income tax expense (benefit): | | | | | | | | | | Current | (4,887 | ) | | 5,320 |
| | 1,109 |
| | (244 | ) | | 1,298 |
| Deferred | 11,327 |
| | — |
| | 2,738 |
| | — |
| | 14,065 |
| | 6,440 |
| | 5,320 |
| | 3,847 |
| | (244 | ) | | 15,363 |
| Earnings before equity in earnings of nonconsolidated subsidiaries | 10,485 |
| | 6,520 |
| | 23,428 |
| | (472 | ) | | 39,961 |
| Equity in earnings of nonconsolidated subsidiaries | 28,494 |
| | (980 | ) | | — |
| | (27,514 | ) | | — |
| Net earnings | 38,979 |
| | 5,540 |
| | 23,428 |
| | (27,986 | ) | | 39,961 |
| Less: Earnings attributable to noncontrolling interests | — |
| | — |
| | (982 | ) | | — |
| | (982 | ) | Net earnings attributable to Valmont Industries, Inc | $ | 38,979 |
| | $ | 5,540 |
| | $ | 22,446 |
| | $ | (27,986 | ) | | $ | 38,979 |
|
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | Net sales | $ | 285,038 |
| | $ | 91,526 |
| | $ | 272,114 |
| | $ | (52,073 | ) | | $ | 596,605 |
| Cost of sales | 207,861 |
| | 67,862 |
| | 211,393 |
| | (51,480 | ) | | 435,636 |
| Gross profit | 77,177 |
| | 23,664 |
| | 60,721 |
| | (593 | ) | | 160,969 |
| Selling, general and administrative expenses | 42,494 |
| | 11,430 |
| | 44,680 |
| | — |
| | 98,604 |
| Operating income | 34,683 |
| | 12,234 |
| | 16,041 |
| | (593 | ) | | 62,365 |
| Other income (expense): | | | | | | | | | | Interest expense | (10,930 | ) | | — |
| | (124 | ) | | — |
| | (11,054 | ) | Interest income | 67 |
| | 25 |
| | 719 |
| | — |
| | 811 |
| Other | (375 | ) | | 12 |
| | (1,315 | ) | | — |
| | (1,678 | ) | | (11,238 | ) | | 37 |
| | (720 | ) | | — |
| | (11,921 | ) | Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 23,445 |
| | 12,271 |
| | 15,321 |
| | (593 | ) | | 50,444 |
| Income tax expense (benefit): | | | | | | | | | | Current | 5,583 |
| | 2,572 |
| | 2,479 |
| | (120 | ) | | 10,514 |
| Deferred | 2,419 |
| | 2,149 |
| | 1,191 |
| | — |
| | 5,759 |
| | 8,002 |
| | 4,721 |
| | 3,670 |
| | (120 | ) | | 16,273 |
| Earnings before equity in earnings of nonconsolidated subsidiaries | 15,443 |
| | 7,550 |
| | 11,651 |
| | (473 | ) | | 34,171 |
| Equity in earnings of nonconsolidated subsidiaries | 17,526 |
| | 2,113 |
| | — |
| | (19,639 | ) | | — |
| Net earnings | 32,969 |
| | 9,663 |
| | 11,651 |
| | (20,112 | ) | | 34,171 |
| Less: Earnings attributable to noncontrolling interests | — |
| | — |
| | (1,202 | ) | | — |
| | (1,202 | ) | Net earnings attributable to Valmont Industries, Inc | $ | 32,969 |
| | $ | 9,663 |
| | $ | 10,449 |
| | $ | (20,112 | ) | | $ | 32,969 |
|
|
Condensed Consolidated Statements of Comprehensive Income |
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 |
|
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | Net earnings | $ | 32,969 |
| | $ | 9,663 |
| | $ | 11,651 |
| | $ | (20,112 | ) | | $ | 34,171 |
| Other comprehensive income (loss), net of tax: | | | | | | | | | | Foreign currency translation adjustments: | | | | | | | | | | Unrealized translation gain (loss) | — |
| | (178 | ) | | 2,691 |
| | — |
| | 2,513 |
| Unrealized gain/(loss) on hedging activities: | | | | | | | | | | Amortization cost included in interest expense | 19 |
| | — |
| | — |
| | — |
| | 19 |
| Equity in other comprehensive income | 1,388 |
| | — |
| | — |
| | (1,388 | ) | | — |
| Other comprehensive income (loss) | 1,407 |
| | (178 | ) | | 2,691 |
| | (1,388 | ) | | 2,532 |
| Comprehensive income (loss) | 34,376 |
| | 9,485 |
| | 14,342 |
| | (21,500 | ) | | 36,703 |
| Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (2,327 | ) | | — |
| | (2,327 | ) | Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 34,376 |
| | $ | 9,485 |
| | $ | 12,015 |
| | $ | (21,500 | ) | | $ | 34,376 |
|
|
Condensed Consolidated Balance Sheets |
CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | ASSETS | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | 93,149 |
| | $ | 5,479 |
| | $ | 326,588 |
| | $ | — |
| | $ | 425,216 |
| Receivables, net | 133,907 |
| | 74,221 |
| | 246,916 |
| | — |
| | 455,044 |
| Inventories | 143,773 |
| | 49,322 |
| | 200,930 |
| | (4,869 | ) | | 389,156 |
| Prepaid expenses, restricted cash, and other assets | 8,913 |
| | 852 |
| | 44,767 |
| | — |
| | 54,532 |
| Refundable income taxes | 7,325 |
| | — |
| | — |
| | — |
| | 7,325 |
| Total current assets | 387,067 |
| | 129,874 |
| | 819,201 |
| | (4,869 | ) | | 1,331,273 |
| Property, plant and equipment, at cost | 551,491 |
| | 155,330 |
| | 422,966 |
| | — |
| | 1,129,787 |
| Less accumulated depreciation and amortization | 359,317 |
| | 79,023 |
| | 171,789 |
| | — |
| | 610,129 |
| Net property, plant and equipment | 192,174 |
| | 76,307 |
| | 251,177 |
| | — |
| | 519,658 |
| Goodwill | 20,108 |
| | 110,562 |
| | 193,391 |
| | — |
| | 324,061 |
| Other intangible assets | 171 |
| | 34,703 |
| | 107,126 |
| | — |
| | 142,000 |
| Investment in subsidiaries and intercompany accounts | 1,319,342 |
| | 1,171,413 |
| | 1,299,723 |
| | (3,790,478 | ) | | — |
| Other assets | 45,976 |
| | — |
| | 103,920 |
| | — |
| | 149,896 |
| Total assets | $ | 1,964,838 |
| | $ | 1,522,859 |
| | $ | 2,774,538 |
| | $ | (3,795,347 | ) | | $ | 2,466,888 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Current installments of long-term debt | $ | — |
| | $ | — |
| | $ | 860 |
| | $ | — |
| | $ | 860 |
| Notes payable to banks | — |
| | — |
| | 957 |
| | — |
| | 957 |
| Accounts payable | 54,551 |
| | 17,559 |
| | 122,415 |
| | — |
| | 194,525 |
| Accrued employee compensation and benefits | 32,084 |
| | 5,774 |
| | 27,805 |
| | — |
| | 65,663 |
| Accrued expenses | 45,272 |
| | 13,014 |
| | 53,945 |
| | — |
| | 112,231 |
| Dividends payable | 8,468 |
| | — |
| | — |
| | — |
| | 8,468 |
| Total current liabilities | 140,375 |
| | 36,347 |
| | 205,982 |
| | — |
| | 382,704 |
| Deferred income taxes | 24,693 |
| | — |
| | 14,337 |
| | — |
| | 39,030 |
| Long-term debt, excluding current installments | 751,148 |
| | 180,863 |
| | 10,339 |
| | (187,827 | ) | | 754,523 |
| Defined benefit pension liability | — |
| | — |
| | 187,276 |
| | — |
| | 187,276 |
| Deferred compensation | 41,327 |
| | — |
| | 5,240 |
| | — |
| | 46,567 |
| Other noncurrent liabilities | 4,456 |
| | 5 |
| | 11,047 |
| | — |
| | 15,508 |
| 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 |
| | 1,107,531 |
| | (1,266,945 | ) | | — |
| Retained earnings | 1,906,161 |
| | 683,203 |
| | 880,319 |
| | (1,563,522 | ) | | 1,906,161 |
| Accumulated other comprehensive income (loss) | (326,253 | ) | | 5,077 |
| | (334,656 | ) | | 329,579 |
| | (326,253 | ) | Treasury stock | (604,969 | ) | | — |
| | — |
| | — |
| | (604,969 | ) | Total Valmont Industries, Inc. shareholders’ equity | 1,002,839 |
| | 1,305,644 |
| | 2,301,876 |
| | (3,607,520 | ) | | 1,002,839 |
| Noncontrolling interest in consolidated subsidiaries | — |
| | — |
| | 38,441 |
| | — |
| | 38,441 |
| Total shareholders’ equity | 1,002,839 |
| | 1,305,644 |
| | 2,340,317 |
| | (3,607,520 | ) | | 1,041,280 |
| Total liabilities and shareholders’ equity | $ | 1,964,838 |
| | $ | 1,522,859 |
| | $ | 2,774,538 |
| | $ | (3,795,347 | ) | | $ | 2,466,888 |
|
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | ASSETS | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | 67,225 |
| | $ | 6,071 |
| | $ | 326,652 |
| | $ | — |
| | $ | 399,948 |
| Receivables, net | 134,351 |
| | 60,522 |
| | 244,469 |
| | — |
| | 439,342 |
| Inventories | 126,669 |
| | 45,457 |
| | 182,056 |
| | (4,154 | ) | | 350,028 |
| Prepaid expenses | 13,271 |
| | 880 |
| | 43,146 |
| | — |
| | 57,297 |
| Refundable income taxes | 6,601 |
| | — |
| | — |
| | — |
| | 6,601 |
| Total current assets | 348,117 |
| | 112,930 |
| | 796,323 |
| | (4,154 | ) | | 1,253,216 |
| Property, plant and equipment, at cost | 547,076 |
| | 153,596 |
| | 405,064 |
| | — |
| | 1,105,736 |
| Less accumulated depreciation and amortization | 352,960 |
| | 76,776 |
| | 157,665 |
| | — |
| | 587,401 |
| Net property, plant and equipment | 194,116 |
| | 76,820 |
| | 247,399 |
| | — |
| | 518,335 |
| Goodwill | 20,108 |
| | 110,561 |
| | 190,441 |
| | — |
| | 321,110 |
| Other intangible assets | 184 |
| | 35,953 |
| | 108,241 |
| | — |
| | 144,378 |
| Investment in subsidiaries and intercompany accounts | 1,279,413 |
| | 901,758 |
| | 1,089,369 |
| | (3,270,540 | ) | | — |
| Other assets | 43,880 |
| | — |
| | 110,812 |
| | — |
| | 154,692 |
| Total assets | $ | 1,885,818 |
| | $ | 1,238,022 |
| | $ | 2,542,585 |
| | $ | (3,274,694 | ) | | $ | 2,391,731 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Current installments of long-term debt | $ | — |
| | $ | — |
| | $ | 851 |
| | $ | — |
| | $ | 851 |
| Notes payable to banks | — |
| | — |
| | 746 |
| | — |
| | 746 |
| Accounts payable | 52,272 |
| | 15,732 |
| | 109,484 |
| | — |
| | 177,488 |
| Accrued employee compensation and benefits | 34,508 |
| | 7,243 |
| | 30,653 |
| | — |
| | 72,404 |
| Accrued expenses | 30,261 |
| | 15,242 |
| | 44,411 |
| | — |
| | 89,914 |
| Dividends payable | 8,445 |
| | — |
| | — |
| | — |
| | 8,445 |
| Total current liabilities | 125,486 |
| | 38,217 |
| | 186,145 |
| | — |
| | 349,848 |
| Deferred income taxes | 22,481 |
| | — |
| | 13,322 |
| | — |
| | 35,803 |
| Long-term debt, excluding current installments | 751,251 |
| | — |
| | 3,544 |
| | — |
| | 754,795 |
| Defined benefit pension liability | — |
| | — |
| | 209,470 |
| | — |
| | 209,470 |
| Deferred compensation | 39,476 |
| | — |
| | 4,843 |
| | — |
| | 44,319 |
| Other noncurrent liabilities | 3,642 |
| | 5 |
| | 11,263 |
| | — |
| | 14,910 |
| Shareholders’ equity: | | | | | | | | |
|
| Common stock of $1 par value | 27,900 |
| | 457,950 |
| | 648,683 |
| | (1,106,633 | ) | | 27,900 |
| Additional paid-in capital | — |
| | 159,414 |
| | 1,107,536 |
| | (1,266,950 | ) | | — |
| Retained earnings | 1,874,722 |
| | 646,749 |
| | 603,338 |
| | (1,250,087 | ) | | 1,874,722 |
| Accumulated other comprehensive income | (346,359 | ) | | (64,313 | ) | | (284,663 | ) | | 348,976 |
| | (346,359 | ) | Treasury stock | (612,781 | ) | | — |
| | — |
| | — |
| | (612,781 | ) | Total Valmont Industries, Inc. shareholders’ equity | 943,482 |
| | 1,199,800 |
| | 2,074,894 |
| | (3,274,694 | ) | | 943,482 |
| Noncontrolling interest in consolidated subsidiaries | — |
| | — |
| | 39,104 |
| | — |
| | 39,104 |
| Total shareholders’ equity | 943,482 |
| | 1,199,800 |
| | 2,113,998 |
| | (3,274,694 | ) | | 982,586 |
| Total liabilities and shareholders’ equity | $ | 1,885,818 |
|
| $ | 1,238,022 |
| | $ | 2,542,585 |
| | $ | (3,274,694 | ) | | $ | 2,391,731 |
|
|
Condensed Consolidated Statements of Cash Flows |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the 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 | ) | Decrease in restricted cash - pension plan trust | — |
| | — |
| | 12,568 |
| | — |
| | 12,568 |
| 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 | ) | | 20,639 |
| | 244 |
| | 35,983 |
| 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 | ) | | (64 | ) | | — |
| | 25,268 |
| Cash and cash equivalents—beginning of year | 67,225 |
| | 6,071 |
| | 326,652 |
| | — |
| | 399,948 |
| Cash and cash equivalents—end of period | $ | 93,149 |
| | $ | 5,479 |
| | $ | 326,588 |
| | $ | — |
| | $ | 425,216 |
|
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016 | | | | | | | | | | | | | | | | | | | | | | Parent | | Guarantors | | Non- Guarantors | | Eliminations | | Total | Cash flows from operating activities: | | | | | | | | | | Net earnings | $ | 32,969 |
| | $ | 9,663 |
| | $ | 11,651 |
| | $ | (20,112 | ) | | $ | 34,171 |
| Adjustments to reconcile net earnings to net cash flows from operations: | | | | | | | | | | Depreciation and amortization | 6,857 |
| | 3,277 |
| | 10,464 |
| | — |
| | 20,598 |
| Noncash loss on trading securities | — |
| | — |
| | 995 |
| | — |
| | 995 |
| Stock-based compensation | 2,049 |
| | — |
| | — |
| | — |
| | 2,049 |
| Defined benefit pension plan expense | — |
| | — |
| | 384 |
| | — |
| | 384 |
| Loss (gain) on sale of property, plant and equipment | (3 | ) | | 52 |
| | 95 |
| | — |
| | 144 |
| Equity in earnings in nonconsolidated subsidiaries | (17,526 | ) | | (2,113 | ) | | — |
| | 19,639 |
| | — |
| Deferred income taxes | 2,419 |
| | 2,149 |
| | 1,191 |
| | — |
| | 5,759 |
| Changes in assets and liabilities: | | | | | | | | | | Receivables | 2,027 |
| | 12,003 |
| | 6,314 |
| | — |
| | 20,344 |
| Inventories | (6,367 | ) | | (2,403 | ) | | 155 |
| | 593 |
| | (8,022 | ) | Prepaid expenses | 4,465 |
| | (38 | ) | | (3,517 | ) | | — |
| | 910 |
| Accounts payable | (8,102 | ) | | 468 |
| | 9,017 |
| | — |
| | 1,383 |
| Accrued expenses | 843 |
| | (7,732 | ) | | (289 | ) | | — |
| | (7,178 | ) | Other noncurrent liabilities | 916 |
| | — |
| | (1,739 | ) | | — |
| | (823 | ) | Income taxes payable (refundable) | 5,628 |
| | 85 |
| | 4,100 |
| | — |
| | 9,813 |
| Net cash flows from operating activities | 26,175 |
| | 15,411 |
| | 38,821 |
| | 120 |
| | 80,527 |
| Cash flows from investing activities: | | | | | | | | | | Purchase of property, plant and equipment | 1,248 |
| | (8,630 | ) | | (6,579 | ) | | — |
| | (13,961 | ) | Proceeds from sale of assets | 104 |
| | (51 | ) | | 89 |
| | — |
| | 142 |
| Other, net | 11,332 |
| | (6,286 | ) | | (7,248 | ) | | (120 | ) | | (2,322 | ) | Net cash flows from investing activities | 12,684 |
| | (14,967 | ) | | (13,738 | ) | | (120 | ) | | (16,141 | ) | Cash flows from financing activities: | | | | | | | | | | Net borrowings under short-term agreements | — |
| | — |
| | 1,352 |
| | — |
| | 1,352 |
| Principal payments on long-term borrowings | — |
| | — |
| | (220 | ) | | — |
| | (220 | ) | Dividends paid | (8,571 | ) | | — |
| | — |
| | — |
| | (8,571 | ) | Proceeds from exercises under stock plans | 1,289 |
| | — |
| | — |
| | — |
| | 1,289 |
| Excess tax benefits from stock option exercises | (66 | ) | | — |
| | — |
| | — |
| | (66 | ) | Purchase of treasury shares | (16,939 | ) | | — |
| | — |
| | — |
| | (16,939 | ) | Purchase of common treasury shares - stock plan exercises | (219 | ) | | — |
| | — |
| | — |
| | (219 | ) | Net cash flows from financing activities | (24,506 | ) | | — |
| | 1,132 |
| | — |
| | (23,374 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | 114 |
| | (2,486 | ) | | — |
| | (2,372 | ) | Net change in cash and cash equivalents | 14,353 |
| | 558 |
| | 23,729 |
| | — |
| | 38,640 |
| Cash and cash equivalents—beginning of year | 62,281 |
| | 4,008 |
| | 282,785 |
| | — |
| | 349,074 |
| Cash and cash equivalents—end of period | $ | 76,634 |
| | $ | 4,566 |
| | $ | 306,514 |
| | $ | — |
| | $ | 387,714 |
|
|