GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 30, 2013

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

Condensed Consolidated Statements of Earnings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen Weeks Ended March 30, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	416,613		$	170,849		$	325,409		$	(93,241	)	$	819,630
Cost of sales		300,680			128,998			248,383			(93,800	)		584,261
Gross profit		115,933			41,851			77,026			559			235,369
Selling, general and administrative expenses		50,026			13,994			53,159			—			117,179
Operating income		65,907			27,857			23,867			559			118,190
Other income (expense):
Interest expense		(7,755	)		(12,630	)		(434	)		12,629			(8,190	)
Interest income		7			253			13,722			(12,629	)		1,353
Other		1,408			15			133			—			1,556
		(6,340	)		(12,362	)		13,421			—			(5,281	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		59,567			15,495			37,288			559			112,909
Income tax expense (benefit):
Current		21,175			6,836			10,470			179			38,660
Deferred		(1,754	)		303			(2,236	)		—			(3,687	)
		19,421			7,139			8,234			179			34,973
Earnings before equity in earnings of nonconsolidated subsidiaries		40,146			8,356			29,054			380			77,936
Equity in earnings of nonconsolidated subsidiaries		37,423			19,151			207			(56,577	)		204
Net earnings	$	77,569		$	27,507		$	29,261		$	(56,197	)	$	78,140

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
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

Condensed Consolidated Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen Weeks Ended March 30, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	77,569		$	27,507		$	29,261		$	(56,197	)	$	78,140
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			(38,321	)		28,701			—			(9,620	)
Realized (loss) included in net earnings during the period		—			—			(5,194	)		—			(5,194	)
		—			(38,321	)		23,507			—			(14,814	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		100			—			—			—			100
		100			—			—			—			100
Actuarial gain (loss) in defined benefit pension plan liability		—			—			(936	)		—			(936	)
Equity in other comprehensive income		(13,539	)		—			—			13,539			—
Other comprehensive income (loss)		(13,439	)		(38,321	)		22,571			13,539			(15,650	)
Comprehensive income		64,130			(10,814	)		51,832			(42,658	)		62,490
Comprehensive income attributable to noncontrolling interests		—			—			1,640			—			1,640
Comprehensive income attributable to Valmont Industries, Inc.	$	64,130		$	(10,814	)	$	53,472		$	(42,658	)	$	64,130

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen Weeks Ended March 31, 2012

	Parent		Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	52,325	$	22,072		$	23,232		$	(45,041	)	$	52,588
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		(16,367	)		45,929			—			29,562
		—		(16,367	)		45,929			—			29,562
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		100		—			—			—			100
		100		—			—			—			100
Actuarial gain (loss) in defined benefit pension plan liability		—		—			1,871			—			1,871
Equity in other comprehensive income		26,682		—			—			(26,682	)		—
Other comprehensive income (loss)		26,782		(16,367	)		47,800			(26,682	)		31,533
Comprehensive income		79,107		5,705			71,032			(71,723	)		84,121
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 Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
March 30, 2013

	Parent			Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	85,432		$	34,501		$	300,063	$	—		$	419,996
Receivables, net		136,838			85,702			281,393		—			503,933
Inventories		149,557			80,654			221,046		—			451,257
Prepaid expenses		5,903			835			26,817		—			33,555
Refundable and deferred income taxes		29,118			7,082			25,545		—			61,745
Total current assets		406,848			208,774			854,864		—			1,470,486
Property, plant and equipment, at cost		465,837			129,868			429,298		—			1,025,003
Less accumulated depreciation and amortization		292,741			56,968			140,944		—			490,653
Net property, plant and equipment		173,096			72,900			288,354		—			534,350
Goodwill		20,108			107,542			212,168		—			339,818
Other intangible assets		458			52,074			119,232		—			171,764
Investment in subsidiaries and intercompany accounts		1,427,044			1,309,613			586,377		(3,323,034	)		—
Other assets		36,246			—			64,580		—			100,826
Total assets	$	2,063,800		$	1,750,903		$	2,125,575	$	(3,323,034	)	$	2,617,244
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	189		$	—		$	—	$	—		$	189
Notes payable to banks		—			—			13,324		—			13,324
Accounts payable		70,976			16,992			123,604		—			211,572
Accrued employee compensation and benefits		44,181			6,249			27,682		—			78,112
Accrued expenses		41,337			3,628			40,539		—			85,504
Income taxes payable		16,061			—			647		(647	)		16,061
Dividends payable		6,020			—			—		—			6,020
Total current liabilities		178,764			26,869			205,796		(647	)		410,782
Deferred income taxes		22,482			28,332			35,777		—			86,591
Long-term debt, excluding current installments		471,468			601,872			781		(601,872	)		472,249
Defined benefit pension liability		—			—			96,841		—			96,841
Deferred compensation		29,160			—			8,533		—			37,693
Other noncurrent liabilities		7,123			—			42,040		—			49,163
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			254,982		(712,932	)		27,900
Additional paid-in capital		—			150,286			893,274		(1,043,560	)		—
Retained earnings		1,306,299			539,295			441,195		(914,052	)		1,372,737
Accumulated other comprehensive income		42,122			(53,701	)		92,049		(49,971	)		30,499
Treasury stock		(21,518	)		—			—		—			(21,518	)
Total Valmont Industries, Inc. shareholders' equity		1,354,803			1,093,830			1,681,500		(2,720,515	)		1,409,618
Noncontrolling interest in consolidated subsidiaries		—			—			54,307		—			54,307
Total shareholders' equity		1,354,803			1,093,830			1,735,807		(2,720,515	)		1,463,925
Total liabilities and shareholders' equity	$	2,063,800		$	1,750,903		$	2,125,575	$	(3,323,034	)	$	2,617,244

CONDENSED CONSOLIDATED BALANCE SHEETS
December 29, 2012

	Parent			Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	40,926		$	83,203		$	290,000	$	—		$	414,129
Receivables, net		144,161			86,403			285,338		—			515,902
Inventories		146,619			71,988			193,777		—			412,384
Prepaid expenses		7,153			1,029			16,962		—			25,144
Refundable and deferred income taxes		29,359			6,904			22,118		—			58,381
Total current assets		368,218			249,527			808,195		—			1,425,940
Property, plant and equipment, at cost		456,497			122,937			415,340		—			994,774
Less accumulated depreciation and amortization		288,226			55,239			138,697		—			482,162
Net property, plant and equipment		168,271			67,698			276,643		—			512,612
Goodwill		20,108			107,542			203,141		—			330,791
Other intangible assets		499			53,517			118,254		—			172,270
Investment in subsidiaries and intercompany accounts		1,456,159			1,246,777			615,152		(3,318,088	)		—
Other assets		32,511			—			94,427		—			126,938
Total assets	$	2,045,766		$	1,725,061		$	2,115,812	$	(3,318,088	)	$	2,568,551
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	189		$	—		$	35	$	—		$	224
Notes payable to banks		—			—			13,375		—			13,375
Accounts payable		72,610			22,006			117,808		—			212,424
Accrued employee compensation and benefits		61,572			10,530			29,803					101,905
Accrued expenses		30,641			4,674			43,188		—			78,503
Income taxes payable		—			31			669		(700	)		—
Dividends payable		6,002			—			—		—			6,002
Total current liabilities		171,014			37,241			204,878		(700	)		412,433
Deferred income taxes		23,305			27,851			37,144		—			88,300
Long-term debt, excluding current installments		471,828			599,873			765		(599,873	)		472,593
Defined benefit pension liability		—			—			112,043		—			112,043
Deferred compensation		25,200			—			6,720		—			31,920
Other noncurrent liabilities		4,507			—			39,745		—			44,252
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			254,982		(712,932	)		27,900
Additional paid-in capital		—			150,286			893,274		(1,043,560	)		—
Retained earnings		1,300,529			467,240			443,337		(910,577	)		1,300,529
Accumulated other comprehensive income		43,938			(15,380	)		65,826		(50,446	)		43,938
Treasury stock		(22,455	)		—			—		—			(22,455	)
Total Valmont Industries, Inc. shareholders' equity		1,349,912			1,060,096			1,657,419		(2,717,515	)		1,349,912
Noncontrolling interest in consolidated subsidiaries		—			—			57,098		—			57,098
Total shareholders' equity		1,349,912			1,060,096			1,714,517		(2,717,515	)		1,407,010
Total liabilities and shareholders' equity	$	2,045,766		$	1,725,061		$	2,115,812	$	(3,318,088	)	$	2,568,551

Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Thirteen Weeks Ended March 30, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	77,569		$	27,507		$	29,261		$	(56,197	)	$	78,140
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		4,787			3,318			11,103			—			19,208
Stock-based compensation		1,675			—			—			—			1,675
Defined benefit pension plan expense		—			—			1,633			—			1,633
Contribution to defined benefit pension plan		—			—			(10,346	)		—			(10,346	)
Gain on sale of property, plant and equipment		19			4			(89	)		—			(66	)
Equity in earnings in nonconsolidated subsidiaries		3			—			(207	)		—			(204	)
Deferred income taxes		(1,754	)		303			(2,236	)		—			(3,687	)
Changes in assets and liabilities (net of acquisitions):
Receivables		7,323			701			10,982			—			19,006
Inventories		(2,938	)		(8,666	)		(18,786	)		—			(30,390	)
Prepaid expenses		1,249			194			(4,229	)		—			(2,786	)
Accounts payable		(1,634	)		(5,014	)		1,345			—			(5,303	)
Accrued expenses		(6,374	)		(5,328	)		(6,106	)		—			(17,808	)
Other noncurrent liabilities		2,592			—			(1,462	)		—			1,130
Income taxes payable (refundable)		17,232			17			(3,018	)		179			14,410
Net cash flows from operating activities		99,749			13,036			7,845			(56,018	)		64,612
Cash flows from investing activities:
Purchase of property, plant and equipment		(9,589	)		(7,084	)		(5,172	)		—			(21,845	)
Proceeds from sale of assets		35			—			29,380			—			29,415
Acquisitions, net of cash aquired		—			—			(54,714	)					(54,714	)
Other, net		(39,236	)		(54,761	)		40,768			56,018			2,789
Net cash flows from investing activities		(48,790	)		(61,845	)		10,262			56,018			(44,355	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			(573	)		—			(573	)
Proceeds from long-term borrowings		—			—			—			—			—
Principal payments on long-term borrowings		—			—			(16	)		—			(16	)
Dividends paid		(6,001	)		—			—			—			(6,001	)
Dividends to noncontrolling interest		—			—			(1,476	)		—			(1,476	)
Proceeds from exercises under stock plans		11,697			—			—			—			11,697
Excess tax benefits from stock option exercises		226			—			—			—			226
Purchase of common treasury shares—stock plan exercises:		(12,375	)		—			—			—			(12,375	)
Net cash flows from financing activities		(6,453	)		—			(2,065	)		—			(8,518	)
Effect of exchange rate changes on cash and cash equivalents		—			107			(5,979	)		—			(5,872	)
Net change in cash and cash equivalents		44,506			(48,702	)		10,063			—			5,867
Cash and cash equivalents—beginning of year		40,926			83,203			290,000			—			414,129
Cash and cash equivalents—end of period	$	85,432		$	34,501		$	300,063		$	—		$	419,996

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

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operations:
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 operations		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	)
Dividend to noncontrolling interests		—			—			(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