XML 18 R62.htm IDEA: XBRL DOCUMENT v3.19.3
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 28, 2019
USD ($)
tranche
Sep. 29, 2018
USD ($)
Sep. 28, 2019
USD ($)
tranche
Sep. 29, 2018
USD ($)
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION        
Number of tranches of senior unsecured notes | tranche 2   2  
Parent company's percentage ownership of Guarantors 100.00%   100.00%  
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries        
Net sales $ 690,340 $ 678,692 $ 2,083,350 $ 2,059,781
Cost of sales 514,254 514,352 1,561,721 1,551,202
Gross profit 176,086 164,340 521,629 508,579
Selling, general and administrative expenses 112,223 125,980 338,950 342,589
Operating income 63,863 38,360 182,679 165,990
Other income (expense):        
Interest expense (9,976) (10,954) (29,971) (33,819)
Interest income 969 1,000 2,815 3,713
Other 1,170 (12,324) 6,692 (17,705)
Total other income (expenses) (7,837) (22,278) (20,464) (47,811)
Earnings before income taxes 56,026 16,082 162,215 118,179
Income tax expense (benefit):        
Deferred income taxes 1,388 (1,686) 7,098 814
Total income tax expense (benefit) 13,763 9,091 40,151 36,028
Earnings before equity in earnings of nonconsolidated subsidiaries 42,263 6,991 122,064 82,151
Equity in earnings in nonconsolidated subsidiaries 0 0 0 0
Net earnings 42,263 6,991 122,064 82,151
Less: Earnings attributable to noncontrolling interests (2,119) (2,543) (4,042) (5,462)
Net earnings attributable to Valmont Industries, Inc. 40,144 4,448 118,022 76,689
Eliminations        
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries        
Net sales (58,189) (65,566) (184,620) (200,754)
Cost of sales (57,822) (65,598) (184,080) (202,030)
Gross profit (367) 32 (540) 1,276
Selling, general and administrative expenses 0 0 0 0
Operating income (367) 32 (540) 1,276
Other income (expense):        
Interest expense 2,543 3,600 8,583 11,229
Interest income (2,543) (3,600) (8,583) (11,229)
Other 0 0 0 0
Total other income (expenses) 0 0 0 0
Earnings before income taxes (367) 32 (540) 1,276
Income tax expense (benefit):        
Deferred income taxes     0 0
Total income tax expense (benefit) (85) (26) (76) 62
Earnings before equity in earnings of nonconsolidated subsidiaries (282) 58 (464) 1,214
Equity in earnings in nonconsolidated subsidiaries (41,114) (13,650) (92,692) (93,426)
Net earnings (41,396) (13,592) (93,156) (92,212)
Less: Earnings attributable to noncontrolling interests 0 0 0 0
Net earnings attributable to Valmont Industries, Inc. (41,396) (13,592) (93,156) (92,212)
Parent        
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries        
Net sales 302,461 293,070 915,436 906,978
Cost of sales 223,949 227,467 675,093 683,740
Gross profit 78,512 65,603 240,343 223,238
Selling, general and administrative expenses 67,366 51,159 175,000 147,949
Operating income 11,146 14,444 65,343 75,289
Other income (expense):        
Interest expense (9,471) (10,511) (28,638) (32,788)
Interest income 607 174 1,060 655
Other 849 (13,765) 6,264 (15,773)
Total other income (expenses) (8,015) (24,102) (21,314) (47,906)
Earnings before income taxes 3,131 (9,658) 44,029 27,383
Income tax expense (benefit):        
Deferred income taxes     3,869 729
Total income tax expense (benefit) 2,084 (4,497) 9,856 6,181
Earnings before equity in earnings of nonconsolidated subsidiaries 1,047 (5,161) 34,173 21,202
Equity in earnings in nonconsolidated subsidiaries 39,097 9,609 83,849 55,487
Net earnings 40,144 4,448 118,022 76,689
Less: Earnings attributable to noncontrolling interests 0 0 0 0
Net earnings attributable to Valmont Industries, Inc. 40,144 4,448 118,022 76,689
Guarantors        
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries        
Net sales 135,392 132,059 413,050 386,793
Cost of sales 96,566 100,130 307,209 293,238
Gross profit 38,826 31,929 105,841 93,555
Selling, general and administrative expenses 2,325 12,908 28,301 37,360
Operating income 36,501 19,021 77,540 56,195
Other income (expense):        
Interest expense (2,544) (3,600) (8,583) (11,229)
Interest income 2 47 32 62
Other 12 15 33 41
Total other income (expenses) (2,530) (3,538) (8,518) (11,126)
Earnings before income taxes 33,971 15,483 69,022 45,069
Income tax expense (benefit):        
Deferred income taxes     0 1,791
Total income tax expense (benefit) 8,834 4,732 16,691 12,260
Earnings before equity in earnings of nonconsolidated subsidiaries 25,137 10,751 52,331 32,809
Equity in earnings in nonconsolidated subsidiaries 2,017 4,041 8,843 37,939
Net earnings 27,154 14,792 61,174 70,748
Less: Earnings attributable to noncontrolling interests 0 0 0 0
Net earnings attributable to Valmont Industries, Inc. 27,154 14,792 61,174 70,748
Non- Guarantors        
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries        
Net sales 310,676 319,129 939,484 966,764
Cost of sales 251,561 252,353 763,499 776,254
Gross profit 59,115 66,776 175,985 190,510
Selling, general and administrative expenses 42,532 61,913 135,649 157,280
Operating income 16,583 4,863 40,336 33,230
Other income (expense):        
Interest expense (504) (443) (1,333) (1,031)
Interest income 2,903 4,379 10,306 14,225
Other 309 1,426 395 (1,973)
Total other income (expenses) 2,708 5,362 9,368 11,221
Earnings before income taxes 19,291 10,225 49,704 44,451
Income tax expense (benefit):        
Deferred income taxes     3,229 (1,706)
Total income tax expense (benefit) 2,930 8,882 13,680 17,525
Earnings before equity in earnings of nonconsolidated subsidiaries 16,361 1,343 36,024 26,926
Equity in earnings in nonconsolidated subsidiaries 0 0 0 0
Net earnings 16,361 1,343 36,024 26,926
Less: Earnings attributable to noncontrolling interests (2,119) (2,543) (4,042) (5,462)
Net earnings attributable to Valmont Industries, Inc. $ 14,242 $ (1,200) $ 31,982 $ 21,464