XML 74 R64.htm IDEA: XBRL DOCUMENT v3.19.2
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Current assets:            
Cash and cash equivalents $ 256,944   $ 313,210      
Receivables, net 507,061   483,963      
Inventories 406,546   383,566      
Contract asset - costs and profits in excess of billings 123,926   112,525      
Prepaid expenses and other assets 44,942   42,800      
Refundable income taxes 8,579   4,576      
Total current assets 1,347,998   1,340,640      
Property, plant and equipment, at cost 1,225,838   1,160,865      
Less accumulated depreciation and amortization 682,281   646,873      
Net property, plant and equipment 543,557   513,992      
Goodwill 424,188   385,207      
Other intangible assets 189,014   175,956      
Investment in subsidiaries and intercompany accounts 0   0      
Other assets 206,982   114,479      
Total assets 2,711,739   2,530,274      
Current liabilities:            
Current installments of long-term debt 774   779      
Notes payable to banks 20,375   10,678      
Accounts payable 228,137   218,115      
Accrued employee compensation and benefits 65,723   79,291      
Accrued expenses 174,163   91,942      
Dividends payable 8,129   8,230      
Total current liabilities 497,301   409,035      
Deferred income taxes 43,774   43,489      
Long-term debt, excluding current installments 765,558   741,822      
Defined benefit pension liability 130,210   143,904      
Deferred compensation 49,445   46,107      
Other noncurrent liabilities 147,882   56,501      
Shareholders’ equity:            
Common stock of $1 par value 27,900   27,900      
Additional paid-in capital 0   0      
Retained earnings 2,085,594   2,027,596      
Accumulated other comprehensive loss (303,072)   (303,185)      
Treasury stock (728,680)   (692,549)      
Total Valmont Industries, Inc. shareholders’ equity 1,081,742   1,059,762      
Noncontrolling interest in consolidated subsidiaries 45,272   75,761      
Total shareholders’ equity 1,127,014 $ 1,131,215 1,135,523 $ 1,149,824 $ 1,185,356 $ 1,151,795
Total liabilities and shareholders’ equity 2,711,739   2,530,274      
Eliminations            
Current assets:            
Cash and cash equivalents 0   0      
Receivables, net 0   0      
Inventories (2,576)   (2,402)      
Contract asset - costs and profits in excess of billings 0   0      
Prepaid expenses and other assets 0   0      
Refundable income taxes 0   0      
Total current assets (2,576)   (2,402)      
Property, plant and equipment, at cost 0   0      
Less accumulated depreciation and amortization 0   0      
Net property, plant and equipment 0   0      
Goodwill 0   0      
Other intangible assets 0   0      
Investment in subsidiaries and intercompany accounts (3,296,509)   (3,381,139)      
Other assets 0   0      
Total assets (3,299,085)   (3,383,541)      
Current liabilities:            
Current installments of long-term debt 0   0      
Notes payable to banks 0   0      
Accounts payable 0   0      
Accrued employee compensation and benefits 0   0      
Accrued expenses (909)   0      
Dividends payable 0   0      
Total current liabilities (909)   0      
Deferred income taxes 0   0      
Long-term debt, excluding current installments (124,233)   (166,729)      
Defined benefit pension liability 0   0      
Other noncurrent liabilities 0   0      
Shareholders’ equity:            
Common stock of $1 par value (1,106,907)   (1,106,632)      
Additional paid-in capital (1,270,442)   (1,270,442)      
Retained earnings (1,096,017)   (1,092,093)      
Accumulated other comprehensive loss 299,423   252,355      
Treasury stock 0   0      
Total Valmont Industries, Inc. shareholders’ equity (3,173,943)   (3,216,812)      
Noncontrolling interest in consolidated subsidiaries 0   0      
Total shareholders’ equity (3,173,943)   (3,216,812)      
Total liabilities and shareholders’ equity (3,299,085)   (3,383,541)      
Parent            
Current assets:            
Cash and cash equivalents 87,608   104,256      
Receivables, net 152,234   134,943      
Inventories 141,709   138,158      
Contract asset - costs and profits in excess of billings 61,754   50,271      
Prepaid expenses and other assets 6,757   21,858      
Refundable income taxes 8,579   4,576      
Total current assets 458,641   454,062      
Property, plant and equipment, at cost 601,146   579,046      
Less accumulated depreciation and amortization 405,799   390,438      
Net property, plant and equipment 195,347   188,608      
Goodwill 20,108   20,108      
Other intangible assets 49   76      
Investment in subsidiaries and intercompany accounts 1,359,065   1,286,545      
Other assets 94,400   47,674      
Total assets 2,127,610   1,997,073      
Current liabilities:            
Current installments of long-term debt 0   0      
Notes payable to banks 0   0      
Accounts payable 67,877   68,304      
Accrued employee compensation and benefits 32,552   41,418      
Accrued expenses 101,998   25,936      
Dividends payable 8,129   8,230      
Total current liabilities 210,556   143,888      
Deferred income taxes 14,402   14,376      
Long-term debt, excluding current installments 734,265   733,964      
Defined benefit pension liability 0   0      
Other noncurrent liabilities 86,645   45,083      
Shareholders’ equity:            
Common stock of $1 par value 27,900   27,900      
Additional paid-in capital 0   0      
Retained earnings 2,085,594   2,027,596      
Accumulated other comprehensive loss (303,072)   (303,185)      
Treasury stock (728,680)   (692,549)      
Total Valmont Industries, Inc. shareholders’ equity 1,081,742   1,059,762      
Noncontrolling interest in consolidated subsidiaries 0   0      
Total shareholders’ equity 1,081,742   1,059,762      
Total liabilities and shareholders’ equity 2,127,610   1,997,073      
Guarantors            
Current assets:            
Cash and cash equivalents 5,615   5,518      
Receivables, net 88,774   75,204      
Inventories 44,033   37,019      
Contract asset - costs and profits in excess of billings 38,180   35,200      
Prepaid expenses and other assets 8,736   746      
Refundable income taxes 0   0      
Total current assets 185,338   153,687      
Property, plant and equipment, at cost 192,902   172,050      
Less accumulated depreciation and amortization 98,864   93,374      
Net property, plant and equipment 94,038   78,676      
Goodwill 140,924   110,562      
Other intangible assets 47,206   27,452      
Investment in subsidiaries and intercompany accounts 1,097,380   1,161,612      
Other assets 4,029   0      
Total assets 1,568,915   1,531,989      
Current liabilities:            
Current installments of long-term debt 0   0      
Notes payable to banks 0   0      
Accounts payable 21,285   21,081      
Accrued employee compensation and benefits 4,856   7,186      
Accrued expenses 11,746   10,132      
Dividends payable 0   0      
Total current liabilities 37,887   38,399      
Deferred income taxes 0   0      
Long-term debt, excluding current installments 124,233   166,729      
Defined benefit pension liability 0   0      
Other noncurrent liabilities 3,214   620      
Shareholders’ equity:            
Common stock of $1 par value 457,950   457,950      
Additional paid-in capital 162,906   162,906      
Retained earnings 705,955   624,394      
Accumulated other comprehensive loss 76,770   80,991      
Treasury stock 0   0      
Total Valmont Industries, Inc. shareholders’ equity 1,403,581   1,326,241      
Noncontrolling interest in consolidated subsidiaries 0   0      
Total shareholders’ equity 1,403,581   1,326,241      
Total liabilities and shareholders’ equity 1,568,915   1,531,989      
Non- Guarantors            
Current assets:            
Cash and cash equivalents 163,721   203,436      
Receivables, net 266,053   273,816      
Inventories 223,380   210,791      
Contract asset - costs and profits in excess of billings 23,992   27,054      
Prepaid expenses and other assets 29,449   20,196      
Refundable income taxes 0   0      
Total current assets 706,595   735,293      
Property, plant and equipment, at cost 431,790   409,769      
Less accumulated depreciation and amortization 177,618   163,061      
Net property, plant and equipment 254,172   246,708      
Goodwill 263,156   254,537      
Other intangible assets 141,759   148,428      
Investment in subsidiaries and intercompany accounts 840,064   932,982      
Other assets 108,553   66,805      
Total assets 2,314,299   2,384,753      
Current liabilities:            
Current installments of long-term debt 774   779      
Notes payable to banks 20,375   10,678      
Accounts payable 138,975   128,730      
Accrued employee compensation and benefits 28,315   30,687      
Accrued expenses 61,328   55,874      
Dividends payable 0   0      
Total current liabilities 249,767   226,748      
Deferred income taxes 29,372   29,113      
Long-term debt, excluding current installments 31,293   7,858      
Defined benefit pension liability 130,210   143,904      
Other noncurrent liabilities 58,023   10,798      
Shareholders’ equity:            
Common stock of $1 par value 648,957   648,682      
Additional paid-in capital 1,107,536   1,107,536      
Retained earnings 390,062   467,699      
Accumulated other comprehensive loss (376,193)   (333,346)      
Treasury stock 0   0      
Total Valmont Industries, Inc. shareholders’ equity 1,770,362   1,890,571      
Noncontrolling interest in consolidated subsidiaries 45,272   75,761      
Total shareholders’ equity 1,815,634   1,966,332      
Total liabilities and shareholders’ equity $ 2,314,299   $ 2,384,753