Delaware (State or Other Jurisdiction of Incorporation or Organization) | 47-0351813 (I.R.S. Employer Identification No.) |
One Valmont Plaza, Omaha, Nebraska (Address of Principal Executive Offices) | 68154-5215 (Zip Code) |
Large accelerated filer x | Accelerated filer o | Non‑accelerated filer o | Smaller reporting company o |
Emerging growth company o | (Do not check if a smaller reporting company) |
Page No. | ||
PART I. FINANCIAL INFORMATION | ||
Financial Statements (unaudited): | ||
ended April 1, 2017 and March 26, 2016 | ||
weeks ended April 1, 2017 and March 26, 2016 | ||
Condensed Consolidated Balance Sheets as of April 1, 2017 and December 31, | ||
2016 | ||
Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended | ||
April 1, 2017 and March 26, 2016 | ||
Condensed Consolidated Statements of Shareholders' Equity for the thirteen | ||
weeks ended April 1, 2017 and March 26, 2016 | ||
Notes to Condensed Consolidated Financial Statements | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 5. | Other Information | |
Item 6. | ||
Thirteen Weeks Ended | |||||||
April 1, 2017 | March 26, 2016 | ||||||
Product sales | $ | 572,952 | $ | 532,940 | |||
Services sales | 64,521 | 63,665 | |||||
Net sales | 637,473 | 596,605 | |||||
Product cost of sales | 426,847 | 393,492 | |||||
Services cost of sales | 46,021 | 42,144 | |||||
Total cost of sales | 472,868 | 435,636 | |||||
Gross profit | 164,605 | 160,969 | |||||
Selling, general and administrative expenses | 100,103 | 98,604 | |||||
Operating income | 64,502 | 62,365 | |||||
Other income (expenses): | |||||||
Interest expense | (11,304 | ) | (11,054 | ) | |||
Interest income | 927 | 811 | |||||
Other | 1,199 | (1,678 | ) | ||||
(9,178 | ) | (11,921 | ) | ||||
Earnings before income taxes | 55,324 | 50,444 | |||||
Income tax expense: | |||||||
Current | 1,298 | 10,514 | |||||
Deferred | 14,065 | 5,759 | |||||
15,363 | 16,273 | ||||||
Net earnings | 39,961 | 34,171 | |||||
Less: Earnings attributable to noncontrolling interests | (982 | ) | (1,202 | ) | |||
Net earnings attributable to Valmont Industries, Inc. | $ | 38,979 | $ | 32,969 | |||
Earnings per share: | |||||||
Basic | $ | 1.73 | $ | 1.45 | |||
Diluted | $ | 1.72 | $ | 1.45 | |||
Cash dividends declared per share | $ | 0.375 | $ | 0.375 | |||
Weighted average number of shares of common stock outstanding - Basic (000 omitted) | 22,472 | 22,700 | |||||
Weighted average number of shares of common stock outstanding - Diluted (000 omitted) | 22,660 | 22,816 |
Thirteen Weeks Ended | |||||||
April 1, 2017 | March 26, 2016 | ||||||
Net earnings | $ | 39,961 | $ | 34,171 | |||
Other comprehensive income (loss), net of tax: | |||||||
Foreign currency translation adjustments: | |||||||
Unrealized translation gain (loss) | 19,390 | 2,513 | |||||
Unrealized gain/(loss) on hedging activities: | |||||||
Net investment hedge | (526 | ) | — | ||||
Amortization cost included in interest expense | 19 | 19 | |||||
Other comprehensive income (loss) | 18,883 | 2,532 | |||||
Comprehensive income | 58,844 | 36,703 | |||||
Comprehensive loss (income) attributable to noncontrolling interests | 241 | (2,327 | ) | ||||
Comprehensive income attributable to Valmont Industries, Inc. | $ | 59,085 | $ | 34,376 |
April 1, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 425,216 | $ | 399,948 | |||
Receivables, net | 455,044 | 439,342 | |||||
Inventories | 389,156 | 350,028 | |||||
Prepaid expenses, restricted cash, and other assets | 54,532 | 57,297 | |||||
Refundable income taxes | 7,325 | 6,601 | |||||
Total current assets | 1,331,273 | 1,253,216 | |||||
Property, plant and equipment, at cost | 1,129,787 | 1,105,736 | |||||
Less accumulated depreciation and amortization | 610,129 | 587,401 | |||||
Net property, plant and equipment | 519,658 | 518,335 | |||||
Goodwill | 324,061 | 321,110 | |||||
Other intangible assets, net | 142,000 | 144,378 | |||||
Other assets | 149,896 | 154,692 | |||||
Total assets | $ | 2,466,888 | $ | 2,391,731 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Current installments of long-term debt | $ | 860 | $ | 851 | |||
Notes payable to banks | 957 | 746 | |||||
Accounts payable | 194,525 | 177,488 | |||||
Accrued employee compensation and benefits | 65,663 | 72,404 | |||||
Accrued expenses | 112,231 | 89,914 | |||||
Dividends payable | 8,468 | 8,445 | |||||
Total current liabilities | 382,704 | 349,848 | |||||
Deferred income taxes | 39,030 | 35,803 | |||||
Long-term debt, excluding current installments | 754,523 | 754,795 | |||||
Defined benefit pension liability | 187,276 | 209,470 | |||||
Deferred compensation | 46,567 | 44,319 | |||||
Other noncurrent liabilities | 15,508 | 14,910 | |||||
Shareholders’ equity: | |||||||
Preferred stock of $1 par value - | |||||||
Authorized 500,000 shares; none issued | — | — | |||||
Common stock of $1 par value - | |||||||
Authorized 75,000,000 shares; 27,900,000 issued | 27,900 | 27,900 | |||||
Retained earnings | 1,906,161 | 1,874,722 | |||||
Accumulated other comprehensive loss | (326,253 | ) | (346,359 | ) | |||
Treasury stock | (604,969 | ) | (612,781 | ) | |||
Total Valmont Industries, Inc. shareholders’ equity | 1,002,839 | 943,482 | |||||
Noncontrolling interest in consolidated subsidiaries | 38,441 | 39,104 | |||||
Total shareholders’ equity | 1,041,280 | 982,586 | |||||
Total liabilities and shareholders’ equity | $ | 2,466,888 | $ | 2,391,731 |
Thirteen Weeks Ended | |||||||
April 1, 2017 | March 26, 2016 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 39,961 | $ | 34,171 | |||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||||
Depreciation and amortization | 20,827 | 20,598 | |||||
Noncash loss on trading securities | 70 | 995 | |||||
Stock-based compensation | 2,494 | 2,049 | |||||
Defined benefit pension plan expense (benefit) | 154 | 384 | |||||
Contribution to defined benefit pension plan | (25,379 | ) | — | ||||
Change in restricted cash - pension plan trust | 12,568 | — | |||||
(Gain)/loss on sale of property, plant and equipment | (102 | ) | 144 | ||||
Deferred income taxes | 14,065 | 5,759 | |||||
Changes in assets and liabilities: | |||||||
Receivables | (12,729 | ) | 20,344 | ||||
Inventories | (34,817 | ) | (8,022 | ) | |||
Prepaid expenses and other assets | (9,798 | ) | 910 | ||||
Accounts payable | 14,124 | 1,383 | |||||
Accrued expenses | 14,020 | (7,178 | ) | ||||
Other noncurrent liabilities | 612 | (823 | ) | ||||
Income taxes refundable | (87 | ) | 9,813 | ||||
Net cash flows from operating activities | 35,983 | 80,527 | |||||
Cash flows from investing activities: | |||||||
Purchase of property, plant and equipment | (14,168 | ) | (13,961 | ) | |||
Proceeds from sale of assets | 302 | 142 | |||||
Other, net | (1,715 | ) | (2,322 | ) | |||
Net cash flows from investing activities | (15,581 | ) | (16,141 | ) | |||
Cash flows from financing activities: | |||||||
Net borrowings under short-term agreements | 198 | 1,352 | |||||
Principal payments on long-term borrowings | (215 | ) | (220 | ) | |||
Dividends paid | (8,445 | ) | (8,571 | ) | |||
Dividends to noncontrolling interest | (422 | ) | — | ||||
Purchase of treasury shares | — | (16,939 | ) | ||||
Proceeds from exercises under stock plans | 8,894 | 1,289 | |||||
Excess tax benefits from stock option exercises | — | (66 | ) | ||||
Purchase of common treasury shares—stock plan exercises | (2,870 | ) | (219 | ) | |||
Net cash flows from financing activities | (2,860 | ) | (23,374 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 7,726 | (2,372 | ) | ||||
Net change in cash and cash equivalents | 25,268 | 38,640 | |||||
Cash and cash equivalents—beginning of year | 399,948 | 349,074 | |||||
Cash and cash equivalents—end of period | $ | 425,216 | $ | 387,714 |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interest in consolidated subsidiaries | Total shareholders’ equity | |||||||||||||||||||||
Balance at December 26, 2015 | $ | 27,900 | $ | — | $ | 1,729,679 | $ | (267,218 | ) | $ | (571,920 | ) | $ | 46,770 | $ | 965,211 | |||||||||||
Net earnings | — | — | 32,969 | — | — | 1,202 | 34,171 | ||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 1,407 | — | 1,125 | 2,532 | ||||||||||||||||||||
Cash dividends declared | — | — | (8,527 | ) | — | — | — | (8,527 | ) | ||||||||||||||||||
Purchase of treasury shares; 153,962 shares acquired | — | — | — | — | (16,939 | ) | — | (16,939 | ) | ||||||||||||||||||
Stock plan exercises; 1,895 shares acquired | — | — | — | — | (219 | ) | — | (219 | ) | ||||||||||||||||||
Stock options exercised; 12,771 shares issued | — | (1,983 | ) | 1,961 | — | 1,311 | — | 1,289 | |||||||||||||||||||
Tax benefit from stock option exercises | — | (66 | ) | — | — | — | — | (66 | ) | ||||||||||||||||||
Stock option expense | — | 1,491 | — | — | — | — | 1,491 | ||||||||||||||||||||
Stock awards; 4,540 shares issued | — | 558 | — | — | 650 | — | 1,208 | ||||||||||||||||||||
Balance at March 26, 2016 | $ | 27,900 | $ | — | $ | 1,756,082 | $ | (265,811 | ) | $ | (587,117 | ) | $ | 49,097 | $ | 980,151 | |||||||||||
Balance at December 31, 2016 | $ | 27,900 | $ | — | $ | 1,874,722 | $ | (346,359 | ) | $ | (612,781 | ) | $ | 39,104 | $ | 982,586 | |||||||||||
Net earnings | — | — | 38,979 | — | — | 982 | 39,961 | ||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 20,106 | — | (1,223 | ) | 18,883 | |||||||||||||||||||
Cash dividends declared | — | — | (8,468 | ) | — | — | — | (8,468 | ) | ||||||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | — | (422 | ) | (422 | ) | ||||||||||||||||||
Stock plan exercises; 17,985 shares acquired | — | — | — | — | (2,870 | ) | — | (2,870 | ) | ||||||||||||||||||
Stock options exercised; 77,336 shares issued | — | (2,494 | ) | 928 | — | 10,460 | — | 8,894 | |||||||||||||||||||
Stock option expense | — | 1,289 | — | — | — | — | 1,289 | ||||||||||||||||||||
Stock awards; 1,583 shares issued | — | 1,205 | — | — | 222 | — | 1,427 | ||||||||||||||||||||
Balance at April 1, 2017 | $ | 27,900 | $ | — | $ | 1,906,161 | $ | (326,253 | ) | $ | (604,969 | ) | $ | 38,441 | $ | 1,041,280 |
April 1, 2017 | December 31, 2016 | ||||||
Raw materials and purchased parts | $ | 162,627 | $ | 143,659 | |||
Work-in-process | 32,560 | 27,291 | |||||
Finished goods and manufactured goods | 232,795 | 217,125 | |||||
Subtotal | 427,982 | 388,075 | |||||
Less: LIFO reserve | 38,826 | 38,047 | |||||
$ | 389,156 | $ | 350,028 |
Thirteen Weeks Ended | |||||||
2017 | 2016 | ||||||
United States | $ | 35,424 | $ | 39,600 | |||
Foreign | 19,900 | 10,844 | |||||
$ | 55,324 | $ | 50,444 |
Thirteen Weeks Ended | |||||||
Net periodic (benefit) expense: | 2017 | 2016 | |||||
Interest cost | $ | 4,321 | $ | 6,448 | |||
Expected return on plan assets | (4,877 | ) | (6,064 | ) | |||
Amortization of actuarial loss | 710 | — | |||||
Net periodic expense | $ | 154 | $ | 384 |
Thirteen Weeks Ended | |||||||
2017 | 2016 | ||||||
Compensation expense | $ | 1,289 | $ | 1,491 | |||
Income tax benefits | 496 | 574 |
Fair Value Measurement Using: | |||||||||||||||
Carrying Value April 1, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Trading Securities | $ | 39,578 | $ | 39,578 | $ | — | $ | — |
Fair Value Measurement Using: | |||||||||||||||
Carrying Value December 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Trading Securities | $ | 37,800 | $ | 37,800 | $ | — | $ | — |
Foreign Currency Translation Adjustments | Gain on Hedging Activities | Defined Benefit Pension Plan | Accumulated Other Comprehensive Income | ||||||||||||
Balance at December 31, 2016 | $ | (251,228 | ) | $ | 7,978 | $ | (103,109 | ) | $ | (346,359 | ) | ||||
Current-period comprehensive income (loss) | 20,613 | (507 | ) | — | 20,106 | ||||||||||
Balance at April 1, 2017 | $ | (230,615 | ) | $ | 7,471 | $ | (103,109 | ) | $ | (326,253 | ) |
Balance at December 31, 2016 | Recognized Restructuring Expense | Costs Paid or Otherwise Settled | Balance at April 1, 2017 | |||||||||||||
Severance | $ | 1,597 | $ | — | $ | (1,597 | ) | $ | — | |||||||
Other cash restructuring expenses | 4,581 | — | (726 | ) | 3,855 | |||||||||||
Total | $ | 6,178 | $ | — | $ | (2,323 | ) | $ | 3,855 |
April 1, 2017 | |||||||||
Gross Carrying Amount | Accumulated Amortization | Weighted Average Life | |||||||
Customer Relationships | $ | 192,743 | $ | 115,792 | 13 years | ||||
Proprietary Software & Database | 3,671 | 3,089 | 8 years | ||||||
Patents & Proprietary Technology | 6,485 | 3,566 | 11 years | ||||||
Other | 3,749 | 3,713 | 3 years | ||||||
$ | 206,648 | $ | 126,160 |
December 31, 2016 | |||||||||
Gross Carrying Amount | Accumulated Amortization | Weighted Average Life | |||||||
Customer Relationships | $ | 191,316 | $ | 111,342 | 13 years | ||||
Proprietary Software & Database | 3,616 | 3,056 | 8 years | ||||||
Patents & Proprietary Technology | 6,434 | 3,420 | 11 years | ||||||
Other | 3,713 | 3,668 | 3 years | ||||||
$ | 205,079 | $ | 121,486 |
Thirteen Weeks Ended | ||||||
2017 | 2016 | |||||
$ | 3,863 | $ | 3,995 |
Estimated Amortization Expense | |||
2017 | $ | 15,243 | |
2018 | 13,560 | ||
2019 | 12,819 | ||
2020 | 11,749 | ||
2021 | 9,690 |
April 1, 2017 | December 31, 2016 | Year Acquired | |||||||
Webforge | $ | 8,770 | $ | 8,624 | 2010 | ||||
Valmont SM | 8,874 | 8,765 | 2014 | ||||||
Newmark | 11,111 | 11,111 | 2004 | ||||||
Ingal EPS/Ingal Civil Products | 7,150 | 7,032 | 2010 | ||||||
Donhad | 5,394 | 5,305 | 2010 | ||||||
Shakespeare | 4,000 | 4,000 | 2014 | ||||||
Industrial Galvanizers | 2,238 | 2,201 | 2010 | ||||||
Other | 13,975 | 13,747 | |||||||
$ | 61,512 | $ | 60,785 |
Engineered Support Structures Segment | Energy & Mining Segment | Utility Support Structures Segment | Coatings Segment | Irrigation Segment | Total | |||||||||||||||||||
Balance at December 31, 2016 | $ | 94,314 | $ | 72,212 | $ | 75,404 | $ | 59,569 | $ | 19,611 | $ | 321,110 | ||||||||||||
Foreign currency translation | 765 | 1,946 | — | 127 | 113 | 2,951 | ||||||||||||||||||
Balance at April 1, 2017 | $ | 95,079 | $ | 74,158 | $ | 75,404 | $ | 59,696 | $ | 19,724 | $ | 324,061 |
2017 | 2016 | ||||||
Interest | $ | 925 | $ | 559 | |||
Income taxes | 1,898 | 4,788 |
Basic EPS | Dilutive Effect of Stock Options | Diluted EPS | |||||||||
Thirteen weeks ended April 1, 2017: | |||||||||||
Net earnings attributable to Valmont Industries, Inc. | $ | 38,979 | $ | — | $ | 38,979 | |||||
Shares outstanding (000 omitted) | 22,472 | 188 | 22,660 | ||||||||
Per share amount | $ | 1.73 | $ | (0.01 | ) | $ | 1.72 | ||||
Thirteen weeks ended March 26, 2016: | |||||||||||
Net earnings attributable to Valmont Industries, Inc. | $ | 32,969 | $ | — | $ | 32,969 | |||||
Shares outstanding (000 omitted) | 22,700 | 116 | 22,816 | ||||||||
Per share amount | $ | 1.45 | $ | — | $ | 1.45 |
Thirteen Weeks Ended | |||||||
April 1, 2017 | March 26, 2016 | ||||||
SALES: | |||||||
Engineered Support Structures segment: | |||||||
Lighting, Traffic, and Roadway Products | $ | 149,082 | $ | 146,302 | |||
Communication Products | 31,476 | 30,669 | |||||
Engineered Support Structures segment | 180,558 | 176,971 | |||||
Energy and Mining segment: | |||||||
Offshore and Other Complex Steel Structures | 25,707 | 22,969 | |||||
Grinding Media | 19,594 | 19,490 | |||||
Access Systems | 32,671 | 29,990 | |||||
Energy and Mining segment | 77,972 | 72,449 | |||||
Utility Support Structures segment: | |||||||
Steel | 148,408 | 121,971 | |||||
Concrete | 26,204 | 22,549 | |||||
Utility Support Structures segment | 174,612 | 144,520 | |||||
Coatings segment | 73,468 | 68,581 | |||||
Irrigation segment | 167,224 | 158,514 | |||||
Total | 673,834 | 621,035 | |||||
INTERSEGMENT SALES: | |||||||
Engineered Support Structures segment | 20,207 | 11,012 | |||||
Energy & Mining segment | — | 1,658 | |||||
Utility Support Structures segment | 235 | 176 | |||||
Coatings segment | 14,136 | 9,813 | |||||
Irrigation segment | 1,783 | 1,771 | |||||
Total | 36,361 | 24,430 | |||||
NET SALES: | |||||||
Engineered Support Structures segment | 160,351 | 165,959 | |||||
Energy & Mining segment | 77,972 | 70,791 | |||||
Utility Support Structures segment | 174,377 | 144,344 | |||||
Coatings segment | 59,332 | 58,768 | |||||
Irrigation segment | 165,441 | 156,743 | |||||
Total | $ | 637,473 | $ | 596,605 | |||
OPERATING INCOME: | |||||||
Engineered Support Structures segment | 9,213 | 12,475 | |||||
Energy & Mining segment | 3,837 | 1,902 | |||||
Utility Support Structures segment | 22,708 | 14,424 | |||||
Coatings segment | 9,406 | 11,413 | |||||
Irrigation segment | 30,291 | 28,895 | |||||
Adjustment to LIFO inventory valuation method | (779 | ) | 2,027 | ||||
Corporate | (10,174 | ) | (8,771 | ) | |||
Total | $ | 64,502 | $ | 62,365 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Thirteen Weeks Ended | ||||||||||
April 1, 2017 | March 26, 2016 | % Incr. (Decr.) | ||||||||
Consolidated | ||||||||||
Net sales | $ | 637.5 | $ | 596.6 | 6.9 | % | ||||
Gross profit | 164.6 | 161.0 | 2.2 | % | ||||||
as a percent of sales | 25.8 | % | 27.0 | % | ||||||
SG&A expense | 100.1 | 98.6 | 1.5 | % | ||||||
as a percent of sales | 15.7 | % | 16.5 | % | ||||||
Operating income | 64.5 | 62.4 | 3.4 | % | ||||||
as a percent of sales | 10.1 | % | 10.5 | % | ||||||
Net interest expense | 10.4 | 10.2 | 2.0 | % | ||||||
Effective tax rate | 27.8 | % | 32.3 | % | ||||||
Net earnings | $ | 39.0 | $ | 33.0 | 18.2 | % | ||||
Diluted earnings per share | $ | 1.72 | $ | 1.45 | 18.6 | % | ||||
Engineered Support Structures | ||||||||||
Net sales | $ | 160.4 | $ | 166.0 | (3.4 | )% | ||||
Gross profit | 41.3 | 46.0 | (10.2 | )% | ||||||
SG&A expense | 32.1 | 33.5 | (4.2 | )% | ||||||
Operating income | 9.2 | 12.5 | (26.4 | )% | ||||||
Energy and Mining | ||||||||||
Net sales | $ | 78.0 | $ | 70.8 | 10.2 | % | ||||
Gross profit | 14.5 | 12.2 | 18.9 | % | ||||||
SG&A expense | 10.7 | 10.3 | 3.9 | % | ||||||
Operating income | 3.8 | 1.9 | 100.0 | % | ||||||
Utility Support Structures | ||||||||||
Net sales | $ | 174.4 | $ | 144.3 | 20.9 | % | ||||
Gross profit | 39.1 | 30.1 | 29.9 | % | ||||||
SG&A expense | 16.4 | 15.7 | 4.5 | % | ||||||
Operating income | 22.7 | 14.4 | 57.6 | % | ||||||
Coatings | ||||||||||
Net sales | $ | 59.3 | $ | 58.8 | 0.9 | % | ||||
Gross profit | 17.7 | 19.7 | (10.2 | )% | ||||||
SG&A expense | 8.3 | 8.3 | — | % | ||||||
Operating income | 9.4 | 11.4 | (17.5 | )% | ||||||
Irrigation | ||||||||||
Net sales | $ | 165.4 | $ | 156.7 | 5.6 | % | ||||
Gross profit | 52.8 | 50.5 | 4.6 | % | ||||||
SG&A expense | 22.5 | 21.6 | 4.2 | % | ||||||
Operating income | 30.3 | 28.9 | 4.8 | % | ||||||
Adjustment to LIFO inventory valuation method | ||||||||||
Gross profit | $ | (0.8 | ) | $ | 2.0 | NM | ||||
Operating income | (0.8 | ) | 2.0 | NM | ||||||
Net corporate expense | ||||||||||
Gross profit | $ | — | $ | 0.4 | NM | |||||
SG&A expense | 10.2 | 9.2 | 10.9 | % | ||||||
Operating loss | (10.2 | ) | (8.8 | ) | (15.9 | )% |
First quarter | ||||||||||||||||||
Total | ESS | Energy & Mining | Utility | Coatings | Irrigation | |||||||||||||
Sales - 2016 | $ | 596.6 | $ | 166.0 | $ | 70.8 | $ | 144.3 | $ | 58.8 | $ | 156.7 | ||||||
Volume | 30.2 | (4.6 | ) | 5.1 | 28.1 | (4.0 | ) | 5.6 | ||||||||||
Pricing/mix | 6.8 | 1.0 | 1.3 | 2.0 | 4.1 | (1.6 | ) | |||||||||||
Currency translation | 3.9 | (2.0 | ) | 0.8 | — | 0.4 | 4.7 | |||||||||||
Sales - 2017 | 637.5 | 160.4 | 78.0 | 174.4 | 59.3 | 165.4 |
Total | ESS | Energy & Mining | Utility | Coatings | Irrigation | Corporate | |||||||||||||||
First quarter | $ | 0.7 | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | 0.8 | $ | — |
• | $250.2 million face value ($253.5 million carrying value) of senior unsecured notes that bear interest at 6.625% per annum and are due in April 2020. |
• | $250 million face value ($248.9 million carrying value) of senior unsecured notes that bear interest at 5.00% per annum and are due in October 2044. |
• | $250 million face value ($246.8 million carrying value) of unsecured notes that bear interest at 5.25% per annum and are due in October 2054. |
• | We are allowed to repurchase the notes at specified prepayment premiums. All three tranches of these notes are guaranteed by certain of our subsidiaries. |
• | Interest-bearing debt is not to exceed 3.5X Adjusted EBITDA of the prior four quarters; and |
• | Adjusted EBITDA over the prior four quarters must be at least 2.5X our interest expense over the same period. |
Interest-bearing debt | $ | 756,340 | |
Adjusted EBITDA-last four quarters | 329,937 | ||
Leverage ratio | 2.29 | ||
Adjusted EBITDA-last four quarters | $ | 329,937 | |
Interest expense-last four quarters | 42,386 | ||
Interest earned ratio | 7.78 |
Net cash flows from operations | $ | 174,624 | |
Interest expense | 42,386 | ||
Income tax expense | 41,156 | ||
Impairment of property, plant and equipment | (1,099 | ) | |
Loss on investment | 339 | ||
Change in fair value of contingent consideration | 3,242 | ||
Deferred income tax benefit | 15,379 | ||
Noncontrolling interest | (4,940 | ) | |
Stock-based compensation | (10,376 | ) | |
Pension plan expense | (1,640 | ) | |
Contribution to pension plan | 26,867 | ||
Changes in assets and liabilities | 58,792 | ||
Other | 699 | ||
EBITDA | 345,429 | ||
Reversal of contingent liability | (16,591 | ) | |
Impairment of property, plant and equipment | 1,099 | ||
Adjusted EBITDA | $ | 329,937 |
Net earnings attributable to Valmont Industries, Inc. | $ | 179,242 | |
Interest expense | 42,386 | ||
Income tax expense | 41,156 | ||
Depreciation and amortization expense | 82,645 | ||
EBITDA | 345,429 | ||
Reversal of contingent liability | (16,591 | ) | |
Impairment of property, plant, and equipment | 1,099 | ||
Adjusted EBITDA | $ | 329,937 |
Period | Total Number of Shares Purchased | Average Price paid per share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Maximum Number of Shares that may yet be Purchased under the Program (1) | ||||||||||
January 1, 2017 to January 28, 2017 | — | $ | — | — | $ | 132,172,000 | ||||||||
January 29, 2017 to March 4, 2017 | — | — | — | 132,172,000 | ||||||||||
March 5, 2017 to April 1, 2017 | — | — | — | 132,172,000 | ||||||||||
Total | — | $ | — | — | $ | 132,172,000 |
For | Withheld | Broker Non-Votes | ||||||
Mogens C. Bay | 18,063,565 | 628,215 | 2,324,444 | |||||
Walter Scott, Jr. | 17,782,121 | 909,659 | 2,324,444 | |||||
Clark T. Randt, Jr. | 18,350,473 | 341,307 | 2,324,444 |
For | 18,366,915 | |
Against | 228,458 | |
Abstain | 96,407 | |
Broker non-votes | 2,324,444 |
1 year | 16,111,924 | |
2 years | 12,590 | |
3 years | 2,481,656 | |
Abstain | 85,610 | |
Broker non-votes | 2,324,444 |
For | 20,644,518 | |
Against | 265,312 | |
Abstain | 106,394 |
(a) | Exhibits |
Exhibit No. | Description | |
31.1 | Section 302 Certificate of Chief Executive Officer | |
31.2 | Section 302 Certificate of Chief Financial Officer | |
32.1 | Section 906 Certifications of Chief Executive Officer and Chief Financial Officer | |
101 | The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended April 1, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information. |
VALMONT INDUSTRIES, INC. (Registrant) | |
/s/ MARK C. JAKSICH | |
Mark C. Jaksich Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
31.1 | Section 302 Certificate of Chief Executive Officer | |
31.2 | Section 302 Certificate of Chief Financial Officer | |
32.1 | Section 906 Certifications of Chief Executive Officer and Chief Financial Officer | |
101 | The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended April 1, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information. |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended April 1, 2017 of Valmont Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MOGENS C. BAY | |
Mogens C. Bay Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended April 1, 2017 of Valmont Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report)that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MARK C. JAKSICH | |
Mark C. Jaksich Executive Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Mogens C. Bay | |
Mogens C. Bay Chairman and Chief Executive Officer |
3. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
4. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ MARK C. JAKSICH | |
Mark C. Jaksich Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Apr. 24, 2017 |
|
Document and Entity Information | ||
Entity Registrant Name | VALMONT INDUSTRIES INC | |
Entity Central Index Key | 0000102729 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 01, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,584,613 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 39,961 | $ 34,171 |
Foreign currency translation adjustments: | ||
Unrealized translation gain (loss) | 19,390 | 2,513 |
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease) | (526) | 0 |
Unrealized gain/(loss) on hedging activities: | ||
Amortization cost included in interest expense | 19 | 19 |
Other comprehensive income (loss) | 18,883 | 2,532 |
Comprehensive income | 58,844 | 36,703 |
Comprehensive loss (income) attributable to noncontrolling interests | 241 | (2,327) |
Comprehensive income attributable to Valmont Industries, Inc. | $ 59,085 | $ 34,376 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Apr. 01, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares (in shares) | 500,000 | 500,000 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 75,000,000 | 75,000,000 |
Common stock, issued shares (in shares) | 27,900,000 | 27,900,000 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Noncontrolling interest in consolidated subsidiaries |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 26, 2015 | $ 965,211 | $ 27,900 | $ 0 | $ 1,729,679 | $ (267,218) | $ (571,920) | $ 46,770 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings | 34,171 | 32,969 | 1,202 | ||||
Other comprehensive income (loss) | 2,532 | 1,407 | 1,125 | ||||
Cash dividends declared | (8,527) | (8,527) | 0 | ||||
Purchase of treasury shares | (16,939) | (16,939) | |||||
Stock plan exercises | (219) | (219) | |||||
Stock options exercised | 1,289 | (1,983) | 1,961 | 1,311 | |||
Tax benefit from stock option exercises | (66) | (66) | |||||
Stock option expense | 1,491 | 1,491 | |||||
Stock awards | 1,208 | 558 | 650 | ||||
Ending balance at Mar. 26, 2016 | 980,151 | 27,900 | 0 | 1,756,082 | (265,811) | (587,117) | 49,097 |
Beginning balance at Dec. 31, 2016 | 982,586 | 27,900 | 0 | 1,874,722 | (346,359) | (612,781) | 39,104 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings | 39,961 | 38,979 | 982 | ||||
Other comprehensive income (loss) | 18,883 | 20,106 | (1,223) | ||||
Cash dividends declared | (8,468) | (8,468) | 0 | ||||
Dividends to noncontrolling interests | (422) | (422) | |||||
Stock plan exercises | (2,870) | (2,870) | |||||
Stock options exercised | 8,894 | (2,494) | 928 | 10,460 | |||
Stock option expense | 1,289 | 1,289 | |||||
Stock awards | 1,427 | 1,205 | 222 | ||||
Ending balance at Apr. 01, 2017 | $ 1,041,280 | $ 27,900 | $ 0 | $ 1,906,161 | $ (326,253) | $ (604,969) | $ 38,441 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury shares, shares acquired (in shares) | 153,962 | |
Stock plan exercises; shares acquired (in shares) | 17,985 | 1,895 |
Stock options exercised; shares issued (in shares) | 77,336 | 12,771 |
Stock awards; shares issued (in shares) | 1,583 | 4,540 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Apr. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of April 1, 2017, the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended April 1, 2017 and March 26, 2016, and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of April 1, 2017 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 31, 2016. The results of operations for the period ended April 1, 2017 are not necessarily indicative of the operating results for the full year. Inventories Approximately 36% and 38% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of April 1, 2017 and December 31, 2016. All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. The excess of replacement cost of inventories over the LIFO value is approximately $38,826 and $38,047 at April 1, 2017 and December 31, 2016, respectively. Inventories consisted of the following:
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016, were as follows:
Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows:
Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At April 1, 2017, 709,037 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant. The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended April 1, 2017 and March 26, 2016, respectively, were as follows:
Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The assets and liabilities recorded for the investments held in the Valmont Deferred Compensation Plan of $37,602 ($35,784 at December 31, 2016) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification 320, Accounting for Certain Investments in Debt and Equity Securities, considering the employee's ability to change investment allocation of their deferred compensation at any time. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. The shares are valued at $1,976 and $2,016 as of April 1, 2017 and December 31, 2016, respectively, which is the estimated fair value. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input.
Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) consisted of the following at April 1, 2017 and December 31, 2016:
Net Investment Hedge In the second quarter of 2016, the Company entered into a one-year foreign currency forward contract which qualified as a net investment hedge, in order to mitigate foreign currency risk on a portion of our investments denominated in British pounds. The forward contract has a maturity date of May 2017 and a notional amount to sell British pounds and receive $44,000. No ineffectiveness resulted from the hedge and the balance is recorded in the Condensed Consolidated Statements of Other Comprehensive Income within gain/(loss) on hedging activities. The realized gain/(loss) will be deferred in other comprehensive income where it will remain until the net investments in our British subsidiaries are divested. The unrealized gain recorded at April 1, 2017 is $6,346 and is included in Other Current Assets on the Condensed Consolidated Balance Sheets. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, and can be adopted either retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. One area under assessment is the timing of revenue recognition for the Company’s product lines that are custom engineered to a single customer’s specifications resulting in limited ability that the asset can be used for another customer. These product lines reside in the Utility and Engineered Support Structures segments. When the terms and conditions allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, revenue will be recognized over the production period and not the current practice which is upon shipment or time of delivery to the customer. The Company is also evaluating the necessary changes to its internal control processes to recognize revenue over time using an inputs based model after adoption. Based on the current status of the evaluation, the adoption of the standard is not expected to have a material effect on the amounts or timing of revenue recognition for the Company’s other segments. The Company expects to adopt the new standard as a cumulative effect adjustment in fiscal 2018. |
ACQUISITIONS |
3 Months Ended |
---|---|
Apr. 01, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Acquisitions of Noncontrolling Interests In April 2016, the Company acquired the remaining 30% of IGC Galvanizing Industries (M) Sdn Bhd that it did not own for $5,841. In June 2016, the Company acquired 5.2% of the remaining 10% of Valmont SM that it did not own for $5,168. As these transactions were for acquisitions of part or all of the remaining shares of consolidated subsidiaries with no change in control, they were recorded within shareholders' equity and as a financing cash flow in the Consolidated Statements of Cash Flows. |
RESTRUCTURING ACTIVITIES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES In April 2015, the Company's Board of Directors authorized a broad restructuring plan (the "2015 Plan") to respond to the market environment in certain businesses. During fiscal 2015, the Company substantially completed this 2015 Plan and recognized $21,708 of pre-tax restructuring expenses in cost of sales and $18,144 of pre-tax restructuring expenses in selling, general, and administrative expenses ("SG&A"). Within the total fiscal 2015 pre-tax restructuring expense of $39,852 were pre-tax asset impairments of $19,836. During fiscal 2016, the Company incurred pre-tax restructuring charges of $4,581 as it completed the 2015 Plan. In 2016, the Company identified and executed further region specific restructuring activities (the "2016 Plan") and incurred $5,045 of pre-tax restructuring expenses in cost of sales and $2,780 of pre-tax restructuring expense in SG&A in 2016. Within the total $7,825, were pre-tax asset impairments of $1,099. The 2016 Plan was primarily completed by year-end 2016. A significant change in market conditions in any of the Company's segments may affect of the Company's assessment of necessity for further restructuring activities. Liabilities recorded for the restructuring plans and changes therein for the first quarter of fiscal 2017 were as follows:
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at April 1, 2017 and December 31, 2016 were as follows:
(4) GOODWILL AND INTANGIBLE ASSETS (Continued) Amortization expense for intangible assets for the thirteen weeks ended April 1, 2017 and March 26, 2016, respectively was as follows:
Estimated annual amortization expense related to finite‑lived intangible assets is as follows:
The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at April 1, 2017 and December 31, 2016 were as follows:
In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. (4) GOODWILL AND INTANGIBLE ASSETS (Continued) The Company’s trade names were tested for impairment in the third quarter of 2016. The values of each trade name was determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired as of the third quarter of 2016. Goodwill The carrying amount of goodwill by segment as of April 1, 2017 and December 31, 2016 was as follows:
The Company’s annual impairment test of goodwill was performed during the third quarter of 2016, using the discounted cash flow method. As a result of that testing, the Company determined that its goodwill was not impaired, as the valuation of the reporting units exceeded their respective carrying values. The Company's offshore and other complex steel structures reporting unit with $13,209 of goodwill, is the reporting unit with the least amount of cushion between its estimated fair value and its carrying value. In the impairment model, the Company is forecasting steady growth in sales between 2018 to 2020 of the other complex steel structures to offset the significant decline in sales from offshore oil and gas structures realized in fiscal 2016. If this reporting unit is not able to build out a backlog of other product lines projects during 2017 to construct and deliver in fiscal 2018, an interim impairment test may be required before the next annual impairment test. The Company continues to monitor changes in the global economy that could impact future operating results of its reporting units. If such conditions arise, the Company will test a given reporting unit for impairment prior to the annual test. |
CASH FLOW SUPPLEMENTARY INFORMATION |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||
CASH FLOW SUPPLEMENTARY INFORMATION | CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows:
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS):
At April 1, 2017 and March 26, 2016, there were 0 and 403,407 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively. |
BUSINESS SEGMENTS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements as disclosed in Note 1, except that the segment assets and income reflect the FIFO basis of accounting for inventory. Certain inventories are accounted for using the LIFO basis in the consolidated financial statements. In the first quarter of 2017, the Company changed its reportable segment operating income to separate out the LIFO expense (benefit). Prior year financial information has been updated to reflect this change. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, and roadway safety industries; ENERGY AND MINING: This segment, all outside of the United States, consists of the manufacture of access systems applications, forged steel grinding media, on and off shore oil, gas, and wind energy structures; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility industry; COATINGS: This segment consists of galvanizing, anodizing and powder coating services on a global basis; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment and related parts and services for the global agricultural industry and tubular products for industrial customers. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate LIFO expense, interest expense, non-operating income and deductions, or income taxes to its business segments. (7) BUSINESS SEGMENTS (Continued) Summary by Business
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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has three tranches of senior unsecured notes. All of the senior notes are guaranteed, jointly, severally, fully and unconditionally (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) 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. Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows: CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of April 1, 2017, the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended April 1, 2017 and March 26, 2016, and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of April 1, 2017 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 31, 2016. The results of operations for the period ended April 1, 2017 are not necessarily indicative of the operating results for the full year. |
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Inventories | Inventories Approximately 36% and 38% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of April 1, 2017 and December 31, 2016. All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. |
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Income Taxes | Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016, were as follows:
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Pension Benefits | Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. |
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Stock Plans | Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At April 1, 2017, 709,037 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant. |
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Fair Value | Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
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Comprehensive Income | Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. |
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Subsequent Events | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, and can be adopted either retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. One area under assessment is the timing of revenue recognition for the Company’s product lines that are custom engineered to a single customer’s specifications resulting in limited ability that the asset can be used for another customer. These product lines reside in the Utility and Engineered Support Structures segments. When the terms and conditions allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, revenue will be recognized over the production period and not the current practice which is upon shipment or time of delivery to the customer. The Company is also evaluating the necessary changes to its internal control processes to recognize revenue over time using an inputs based model after adoption. Based on the current status of the evaluation, the adoption of the standard is not expected to have a material effect on the amounts or timing of revenue recognition for the Company’s other segments. The Company expects to adopt the new standard as a cumulative effect adjustment in fiscal 2018. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of inventories | Inventories consisted of the following:
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Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016, were as follows:
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Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows:
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Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended April 1, 2017 and March 26, 2016, respectively, were as follows:
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Valuation methodologies used for assets and liabilities measured at fair value |
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Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at April 1, 2017 and December 31, 2016:
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RESTRUCTURING ACTIVITIES (Tables) |
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of liabilities recorded for the restructuring plan and changes | Liabilities recorded for the restructuring plans and changes therein for the first quarter of fiscal 2017 were as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of amortized intangible assets | he components of amortized intangible assets at April 1, 2017 and December 31, 2016 were as follows:
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Schedule of amortization expense for intangible assets | Amortization expense for intangible assets for the thirteen weeks ended April 1, 2017 and March 26, 2016, respectively was as follows:
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Schedule of future estimated amortization expense | Estimated annual amortization expense related to finite‑lived intangible assets is as follows:
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Schedule of non-amortized intangible assets | The carrying values of trade names at April 1, 2017 and December 31, 2016 were as follows:
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Schedule of carrying amount of goodwill | The carrying amount of goodwill by segment as of April 1, 2017 and December 31, 2016 was as follows:
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CASH FLOW SUPPLEMENTARY INFORMATION (Tables) |
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Apr. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Cash payments for interest and income taxes (net of refunds) | Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows:
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of basic and diluted earnings per share (EPS) | The following table provides a reconciliation between Basic and Diluted earnings per share (EPS):
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BUSINESS SEGMENTS (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting information of sales and operating income | (7) BUSINESS SEGMENTS (Continued) Summary by Business
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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) |
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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016
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Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016
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Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016
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Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended April 1, 2017
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounting Policies [Abstract] | ||
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent) | 36.00% | 38.00% |
Excess of replacement cost of inventories over the LIFO value | $ 38,826 | $ 38,047 |
Inventory, Net [Abstract] | ||
Raw materials and purchased parts | 162,627 | 143,659 |
Work-in-process | 32,560 | 27,291 |
Finished goods and manufactured goods | 232,795 | 217,125 |
Subtotal | 427,982 | 388,075 |
Less: LIFO reserve | 38,826 | 38,047 |
Net inventory | $ 389,156 | $ 350,028 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Accounting Policies [Abstract] | ||
United States | $ 35,424 | $ 39,600 |
Foreign | 19,900 | 10,844 |
Earnings before income taxes | $ 55,324 | $ 50,444 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Net periodic (benefit) expense: | ||
Interest cost | $ 4,321 | $ 6,448 |
Expected return on plan assets | (4,877) | (6,064) |
Amortization of actuarial loss | 710 | 0 |
Net periodic expense | $ 154 | $ 384 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - Stock Option Plans - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Shares of common stock available for issuance (in shares) | 709,037 | |
Compensation expense | $ 1,289 | $ 1,491 |
Income tax benefits | $ 496 | $ 574 |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Vesting period of options | 3 years | |
Expiration period of grant | 6 years | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Vesting period of options | 7 years | |
Expiration period of grant | 10 years |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Investment Hedge (Details) $ in Thousands |
Apr. 01, 2017
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Unrealized gain on net investment hedge | $ 6,346 |
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2016 |
Apr. 30, 2016 |
Apr. 01, 2017 |
Dec. 31, 2016 |
May 31, 2016 |
|
Acquisitions | |||||
Goodwill | $ 324,061 | $ 321,110 | |||
Ownership percentage by noncontrolling owners | 10.00% | ||||
IGC Galvanizing Industries (M) Sdn Bhd | |||||
Acquisitions | |||||
Percentage acquired | 30.00% | ||||
Consideration transfered | $ 5,841 | ||||
Valmont SM | |||||
Acquisitions | |||||
Percentage acquired | 5.20% | ||||
Consideration transfered | $ 5,168 |
RESTRUCTURING ACTIVITIES - Narrative (Details) - Broad Restructuring Plan - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 26, 2015 |
|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 4,581 | $ 39,852,000 |
Asset impairments/net loss on disposals | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 19,836,000 | |
Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 21,708,000 | |
Selling, General and Administrative Expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 18,144,000 |
RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands |
3 Months Ended |
---|---|
Apr. 01, 2017
USD ($)
| |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | $ 6,178 |
Recognized Restructuring Expense | 0 |
Costs Paid or Otherwise Settled | (2,323) |
Ending balance | 3,855 |
Severance | |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | 1,597 |
Recognized Restructuring Expense | 0 |
Costs Paid or Otherwise Settled | (1,597) |
Ending balance | 0 |
Other cash restructuring expenses | |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | 4,581 |
Recognized Restructuring Expense | 0 |
Costs Paid or Otherwise Settled | (726) |
Ending balance | $ 3,855 |
GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
---|---|---|
Webforge | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 8,770 | $ 8,624 |
Valmont SM | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 8,874 | 8,765 |
Newmark | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 11,111 | 11,111 |
Ingal EPS/Ingal Civil Products | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 7,150 | 7,032 |
Donhad | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 5,394 | 5,305 |
Shakespeare | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 4,000 | 4,000 |
Industrial Galvanizers | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 2,238 | 2,201 |
Other | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 13,975 | 13,747 |
Trade Names | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 61,512 | $ 60,785 |
GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($) |
Apr. 01, 2017 |
Dec. 31, 2016 |
---|---|---|
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 324,061,000 | $ 321,110,000 |
ESS | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 95,079,000 | 94,314,000 |
Energy & Mining | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 74,158,000 | 72,212,000 |
Coatings Segment | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 59,696,000 | $ 59,569,000 |
Offshore Structures | Energy & Mining | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 13,209 |
CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Value of shares acquired under share repurchase program | $ 0 | $ 16,939 |
Supplemental Cash Flow Information [Abstract] | ||
Interest | 925 | 559 |
Income taxes | $ 1,898 | $ 4,788 |
EARNINGS PER SHARE (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Apr. 01, 2017 |
Mar. 26, 2016 |
|
Basic EPS | ||
Net earnings attributable to Valmont Industries, Inc. | $ 38,979,000 | $ 32,969,000 |
Shares outstanding basic (in shares) | 22,472,000 | 22,700,000 |
Per share amount basic (in dollars per share) | $ 1.73 | $ 1.45 |
Dilutive Effect of Stock Options | ||
Dilutive Effect of Stock Options | $ 0 | $ 0 |
Dilutive effect of stock options number of shares (in shares) | 188,000 | 116,000 |
Dilutive effect of stock options (in dollars per share) | $ (0.01) | $ 0.00 |
Diluted EPS | ||
Shares outstanding dilutive (in shares) | 22,660,000 | 22,816,000 |
Per share amount diluted (in dollars per share) | $ 1.72 | $ 1.45 |
Antidilutive Securities | ||
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares) | 0 | 403,407 |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares |
Apr. 01, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
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