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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 29, 2018
Sep. 30, 2017
Sep. 29, 2018
Sep. 30, 2017
Net sales $ 678,692 $ 680,779 $ 2,059,781 $ 2,030,989
Total cost of sales 514,352 517,185 1,551,202 1,519,510
Gross profit 164,340 163,594 508,579 511,479
Selling, general and administrative expenses 110,200 103,504 326,809 308,283
Impairment of goodwill and intangible assets 15,780 0 15,780 0
Operating income 38,360 60,090 165,990 203,196
Other income (expenses):        
Interest expense (10,954) (11,190) (33,819) (33,312)
Interest income 1,000 1,311 3,713 3,205
Costs associated with refinancing of debt (14,820) 0 (14,820) 0
Loss from divestiture of grinding media business 0 0 (6,084) 0
Other 2,496 350 3,199 1,203
Total other income (expenses) (22,278) (9,529) (47,811) (28,904)
Earnings before income taxes 16,082 50,561 118,179 174,292
Income tax expense (benefit):        
Current 10,777 21,163 35,214 50,264
Deferred (1,686) (7,268) 814 79
Total income tax expense (benefit) 9,091 13,895 36,028 50,343
Net earnings 6,991 36,666 82,151 123,949
Less: Earnings attributable to noncontrolling interests (2,543) (1,458) (5,462) (4,098)
Net earnings attributable to Valmont Industries, Inc. $ 4,448 $ 35,208 $ 76,689 $ 119,851
Earnings per share:        
Basic (in dollars per share) $ 0.20 $ 1.56 $ 3.42 $ 5.33
Diluted (in dollars per share) 0.20 1.55 3.40 5.28
Cash dividends declared per share (in dollars per share) $ 0.375 $ 0.375 $ 1.125 $ 1.125
Weighted average number of shares of common stock outstanding - Basic (in shares) 22,215 22,527 22,421 22,505
Weighted average number of shares of common stock outstanding - Diluted (in shares) 22,352 22,751 22,574 22,717
Product sales        
Net sales $ 597,469 $ 602,080 $ 1,816,597 $ 1,807,539
Total cost of sales 460,547 462,854 1,389,832 1,366,875
Services sales        
Net sales 81,223 78,699 243,184 223,450
Total cost of sales $ 53,805 $ 54,331 $ 161,370 $ 152,635