GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2012

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
For the Thirteen Weeks ended March 31, 2012

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	364,840		$	128,712		$	293,942		$	(70,144	)	$	717,350
Cost of sales		267,512			103,642			229,923			(70,041	)		531,036
Gross profit		97,328			25,070			64,019			(103	)		186,314
Selling, general and administrative expenses		43,272			13,788			46,436			—			103,496
Operating income		54,056			11,282			17,583			(103	)		82,818
Other income (expense):
Interest expense		(7,682	)		(12,257	)		(125	)		12,257			(7,807	)
Interest income		9			194			14,132			(12,257	)		2,078
Other		1,459			14			104			—			1,577
		(6,214	)		(12,049	)		14,111			—			(4,152	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		47,842			(767	)		31,694			(103	)		78,666
Income tax expense (benefit):
Current		17,185			(901	)		10,745			—			27,029
Deferred		194			1,170			(627	)		—			737
		17,379			269			10,118			—			27,766
Earnings before equity in earnings of nonconsolidated subsidiaries		30,463			(1,036	)		21,576			(103	)		50,900
Equity in earnings of nonconsolidated subsidiaries		21,862			23,108			1,656			(44,938	)		1,688
Net earnings		52,325			22,072			23,232			(45,041	)		52,588
Other comprehensive income		26,782			(16,367	)		47,800			(26,682	)		31,533
Comprehensive income		79,107			5,705			71,032			(71,723	)		84,121
Less: Comprehensive income attributable to noncontrolling interests		—			—			(5,014	)		—			(5,014	)
Comprehensive income attributable to Valmont Industries, Inc	$	79,107		$	5,705		$	66,018		$	(71,723	)	$	79,107

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
For the Thirteen Weeks Ended March 26, 2011

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	262,646		$	73,841		$	270,069		$	(38,607	)	$	567,949
Cost of sales		198,303			58,306			213,385			(38,538	)		431,456
Gross profit		64,343			15,535			56,684			(69	)		136,493
Selling, general and administrative expenses		37,109			10,751			43,332			—			91,192
Operating income		27,234			4,784			13,352			(69	)		45,301
Other income (expense):
Interest expense		(8,189	)		—			(82	)		—			(8,271	)
Interest income		5			—			1,782			—			1,787
Other		371			11			8			—			390
		(7,813	)		11			1,708			—			(6,094	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		19,421			4,795			15,060			(69	)		39,207
Income tax expense (benefit):
Current		6,489			2,104			3,911			—			12,504
Deferred		60			(261	)		985			—			784
		6,549			1,843			4,896			—			13,288
Earnings before equity in earnings of nonconsolidated subsidiaries		12,872			2,952			10,164			(69	)		25,919
Equity in earnings of nonconsolidated subsidiaries		12,737			6,367			886			(19,036	)		954
Net earnings		25,609			9,319			11,050			(19,105	)		26,873
Other comprehensive income		21,504			—			23,482			(21,504	)		23,482
Comprehensive income		47,113			9,319			34,532			(40,609	)		50,355
Less: Comprehensive income attributable to noncontrolling interests		—			—			(3,242	)		—			(3,242	)
Comprehensive income attributable to Valmont Industries, Inc.	$	47,113		$	9,319		$	31,290		$	(40,609	)	$	47,113

Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2012

	Parent			Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	24,482		$	16,405		$	298,681	$	—		$	339,568
Receivables, net		139,551			59,989			250,740		—			450,280
Inventories		128,643			83,101			228,856		—			440,600
Prepaid expenses		1,966			945			24,970		—			27,881
Refundable and deferred income taxes		20,889			5,051			16,323		—			42,263
Total current assets		315,531			165,491			819,570		—			1,300,592
Property, plant and equipment, at cost		435,785			110,066			399,606		—			945,457
Less accumulated depreciation and amortization		287,559			56,418			132,148		—			476,125
Net property, plant and equipment		148,226			53,648			267,458		—			469,332
Goodwill		20,108			107,542			192,967		—			320,617
Other intangible assets		620			57,921			109,718		—			168,259
Investment in subsidiaries and intercompany accounts		1,401,488			1,256,907			612,826		(3,271,221	)		—
Other assets		32,349			—			91,820		—			124,169
Total assets	$	1,918,322		$	1,641,509		$	2,094,359	$	(3,271,221	)	$	2,382,969
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	187		$	—		$	77	$	—		$	264
Notes payable to banks		—			—			12,293		—			12,293
Accounts payable		87,990			21,299			126,454		—			235,743
Accrued expenses		73,720			8,996			68,670		—			151,386
Dividends payable		4,778			—			—		—			4,778
Total current liabilities		166,675			30,295			207,494		—			404,464
Deferred income taxes		20,922			27,664			38,212		—			86,798
Long-term debt, excluding current installments		473,077			600,309			938		(600,309	)		474,015
Other noncurrent liabilities		32,177			—			104,512		—			136,689
Commitments and contingencies
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			254,982		(712,932	)		27,900
Additional paid-in capital		—			150,286			893,884		(1,044,170	)		—
Retained earnings		1,130,655			392,330			430,646		(822,976	)		1,130,655
Accumulated other comprehensive income		90,834			(17,325	)		108,159		(90,834	)		90,834
Treasury stock		(23,918	)		—			—		—			(23,918	)
Total Valmont Industries, Inc. shareholders' equity		1,225,471			983,241			1,687,671		(2,670,912	)		1,225,471
Noncontrolling interest in consolidated subsidiaries		—			—			55,532		—			55,532
Total shareholders' equity		1,225,471			983,241			1,743,203		(2,670,912	)		1,281,003
Total liabilities and shareholders' equity	$	1,918,322		$	1,641,509		$	2,094,359	$	(3,271,221	)	$	2,382,969

CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2011

	Parent			Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	27,545		$	18,257		$	317,092	$	—		$	362,894
Receivables, net		122,409			53,567			250,707		—			426,683
Inventories		125,862			77,838			190,082		—			393,782
Prepaid expenses		3,448			1,009			21,308		—			25,765
Refundable and deferred income taxes		22,053			6,218			15,548		—			43,819
Total current assets		301,317			156,889			794,737		—			1,252,943
Property, plant and equipment, at cost		427,398			107,315			376,929		—			911,642
Less accumulated depreciation and amortization		283,786			54,740			118,239		—			456,765
Net property, plant and equipment		143,612			52,575			258,690		—			454,877
Goodwill		20,108			107,542			187,012		—			314,662
Other intangible assets		661			59,389			108,033		—			168,083
Investment in subsidiaries and intercompany accounts		1,338,299			695,745			596,301		(2,630,345	)		—
Other assets		30,192			—			85,319		—			115,511
Total assets	$	1,834,189		$	1,072,140		$	2,030,092	$	(2,630,345	)	$	2,306,076
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	187		$	—		$	48	$	—		$	235
Notes payable to banks		—			—			11,403		—			11,403
Accounts payable		85,974			21,428			127,135		—			234,537
Accrued expenses		72,341			14,259			70,528		—			157,128
Dividends payable		4,767			—			—		—			4,767
Total current liabilities		163,269			35,687			209,114		—			408,070
Deferred income taxes		21,891			27,661			35,945		—			85,497
Long-term debt, excluding current installments		473,419			—			996		—			474,415
Other noncurrent liabilities		28,648			—			111,535		—			140,183
Commitments and contingencies
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			254,982		(712,932	)		27,900
Additional paid-in capital		—			181,542			893,884		(1,075,426	)		—
Retained earnings		1,079,698			370,258			407,677		(777,935	)		1,079,698
Accumulated other comprehensive income		64,052			(958	)		65,010		(64,052	)		64,052
Treasury stock		(24,688	)		—			—		—			(24,688	)
Total Valmont Industries, Inc. shareholders' equity		1,146,962			1,008,792			1,621,553		(2,630,345	)		1,146,962
Noncontrolling interest in consolidated subsidiaries		—			—			50,949		—			50,949
Total shareholders' equity		1,146,962			1,008,792			1,672,502		(2,630,345	)		1,197,911
Total liabilities and shareholders' equity	$	1,834,189		$	1,072,140		$	2,030,092	$	(2,630,345	)	$	2,306,076

Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirteen Weeks Ended March 31, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	52,325		$	22,072		$	23,232		$	(45,041	)	$	52,588
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		4,595			3,171			9,574			—			17,340
Stock-based compensation		1,563			—			—			—			1,563
Defined benefit pension plan expense		—			—			1,021			—			1,021
Contribution to defined benefit pension plan		—			—			(10,750	)		—			(10,750	)
Loss (gain) on sale of property, plant and equipment		(9	)		7			1			—			(1	)
Equity in earnings of nonconsolidated subsidiaries		(32	)		—			(1,656	)		—			(1,688	)
Deferred income taxes		194			1,170			(627	)		—			737
Changes in assets and liabilities:
Receivables		(17,142	)		(6,418	)		858			—			(22,702	)
Inventories		(2,780	)		(5,263	)		(32,167	)		(822	)		(41,032	)
Prepaid expenses		1,482			64			(2,598	)		—			(1,052	)
Accounts payable		(1,667	)		(129	)		(3,649	)		—			(5,445	)
Accrued expenses		1,379			(5,264	)		(3,532	)		—			(7,417	)
Other noncurrent liabilities		1,190			—			(872	)		—			318
Income taxes payable (refundable)		3,684			10			(46	)					3,648
Net cash flows from operating activities		44,782			9,420			(21,211	)		(45,863	)		(12,872	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(9,189	)		(2,784	)		(8,161	)		—			(20,134	)
Proceeds from sale of assets		11			1			33			—			45
Other, net		(36,517	)		(8,934	)		2,261			45,863			2,673
Net cash flows from investing activities		(45,695	)		(11,717	)		(5,867	)		45,863			(17,416	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			725			—			725
Proceeds from long-term borrowings		3,000			—			—			—			3,000
Principal payments on long-term borrowings		(3,000	)		—			(35	)		—			(3,035	)
Dividends paid		(4,767	)		—			—			—			(4,767	)
Dividends to noncontrolling interest		—			—			(431	)		—			(431	)
Proceeds from exercises under stock plans		8,230			—			—			—			8,230
Excess tax benefits from stock option exercises		2,134			—			—			—			2,134
Purchase of common treasury shares—stock plan exercises:		(7,747	)		—			—			—			(7,747	)
Net cash flows from financing activities		(2,150	)		—			259			—			(1,891	)
Effect of exchange rate changes on cash and cash equivalents		—			445			8,408			—			8,853
Net change in cash and cash equivalents		(3,063	)		(1,852	)		(18,411	)		—			(23,326	)
Cash and cash equivalents—beginning of year		27,545			18,257			317,092			—			362,894
Cash and cash equivalents—end of period	$	24,482		$	16,405		$	298,681		$	—		$	339,568

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirteen Weeks Ended March 26, 2011

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operations:
Net earnings	$	25,609		$	9,319		$	11,050		$	(19,105	)	$	26,873
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		5,002			3,130			9,033			—			17,165
Stock-based compensation		1,312			—			—			—			1,312
Defined benefit pension plan expense		—			—			1,497			—			1,497
Loss (gain) on sale of property, plant and equipment		(13	)		(13	)		93			—			67
Equity in earnings of nonconsolidated subsidiaries		(67	)		—			(887	)		—			(954	)
Deferred income taxes		60			(261	)		985			—			784
Changes in assets and liabilities:
Receivables		(23,752	)		13,939			(37	)		—			(9,850	)
Inventories		(19,368	)		(5,276	)		(15,400	)		—			(40,044	)
Prepaid expenses		(602	)		(89	)		(4,055	)		—			(4,746	)
Accounts payable		11,238			216			11,498			—			22,952
Accrued expenses		4,418			229			(16,098	)		—			(11,451	)
Other noncurrent liabilities		(1,063	)		—			(427	)		—			(1,490	)
Income taxes payable (refundable)		15,143			—			(11,571	)					3,572
Net cash flows from operations		17,917			21,194			(14,319	)		(19,105	)		5,687
Cash flows from investing activities:
Purchase of property, plant and equipment		(2,024	)		(4,133	)		(6,452	)		—			(12,609	)
Proceeds from sale of assets		14			13			72			—			99
Other, net		(15,881	)		(16,512	)		14,287			19,105			999
Net cash flows from investing activities		(17,891	)		(20,632	)		7,907			19,105			(11,511	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			816			—			816
Proceeds from long-term borrowings		23,000			—			—			—			23,000
Principal payments on long-term borrowings		(7,000	)		—			(40	)		—			(7,040	)
Dividends paid		(4,358	)		—			—			—			(4,358	)
Proceeds from exercises under stock plans		15,993			—			—			—			15,993
Excess tax benefits from stock option exercises		2,659			—			—			—			2,659
Purchase of treasury shares		(4,802	)		—			—			—			(4,802	)
Purchase of common treasury shares—stock plan exercises		(18,153	)		—			—			—			(18,153	)
Net cash flows from financing activities		7,339			—			776			—			8,115
Effect of exchange rate changes on cash and cash equivalents		—			—			9,076			—			9,076
Net change in cash and cash equivalents		7,365			562			3,440			—			11,367
Cash and cash equivalents—beginning of year		8,015			619			338,270			—			346,904
Cash and cash equivalents—end of period	$	15,380		$	1,181		$	341,710		$	—		$	358,271