GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 29, 2013

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

Condensed Consolidated Statements of Earnings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	426,817		$	169,027		$	360,802		$	(77,987	)	$	878,659
Cost of sales		297,949			126,290			273,482			(80,533	)		617,188
Gross profit		128,868			42,737			87,320			2,546			261,471
Selling, general and administrative expenses		55,720			14,347			47,139			—			117,206
Operating income		73,148			28,390			40,181			2,546			144,265
Other income (expense):
Interest expense		(7,636	)		(11,944	)		(390	)		11,945			(8,025	)
Interest income		8			237			13,552			(11,945	)		1,852
Other		394			31			(302	)		—			123
		(7,234	)		(11,676	)		12,860			—			(6,050	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		65,914			16,714			53,041			2,546			138,215
Income tax expense (benefit):
Current		24,824			6,546			16,182			658			48,210
Deferred		(750	)		1,399			(1,691	)		—			(1,042	)
		24,074			7,945			14,491			658			47,168
Earnings before equity in earnings of nonconsolidated subsidiaries		41,840			8,769			38,550			1,888			91,047
Equity in earnings of nonconsolidated subsidiaries		47,723			23,234			—			(70,688	)		269
Net earnings		89,563			32,003			38,550			(68,800	)		91,316
Less: Earnings attributable to noncontrolling interests		—			—			(1,753	)		—			(1,753	)
Net earnings attributable to Valmont Industries, Inc	$	89,563		$	32,003		$	36,797		$	(68,800	)	$	89,563

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	843,430		$	339,876		$	686,211		$	(171,228	)	$	1,698,289
Cost of sales		598,629			255,288			521,865			(174,333	)		1,201,449
Gross profit		244,801			84,588			164,346			3,105			496,840
Selling, general and administrative expenses		105,746			28,341			100,298			—			234,385
Operating income		139,055			56,247			64,048			3,105			262,455
Other income (expense):
Interest expense		(15,391	)		(24,574	)		(824	)		24,574			(16,215	)
Interest income		15			490			27,274			(24,574	)		3,205
Other		1,802			46			(169	)		—			1,679
		(13,574	)		(24,038	)		26,281			—			(11,331	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		125,481			32,209			90,329			3,105			251,124
Income tax expense (benefit):
Current		45,999			13,382			26,652			837			86,870
Deferred		(2,504	)		1,702			(3,927	)		—			(4,729	)
		43,495			15,084			22,725			837			82,141
Earnings before equity in earnings of nonconsolidated subsidiaries		81,986			17,125			67,604			2,268			168,983
Equity in earnings of nonconsolidated subsidiaries		85,146			42,385			207			(127,265	)		473
Net earnings		167,132			59,510			67,811			(124,997	)		169,456
Less: Earnings attributable to noncontrolling interests		—			—			(2,324	)		—			(2,324	)
Net earnings attributable to Valmont Industries, Inc		167,132			59,510			65,487			(124,997	)		167,132

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	347,643		$	152,159		$	333,171		$	(65,658	)	$	767,315
Cost of sales		249,557			121,658			261,374			(64,669	)		567,920
Gross profit		98,086			30,501			71,797			(989	)		199,395
Selling, general and administrative expenses		43,762			13,177			45,104			—			102,043
Operating income		54,324			17,324			26,693			(989	)		97,352
Other income (expense):
Interest expense		(7,573	)		(12,244	)		152			12,244			(7,421	)
Interest income		5			129			14,020			(12,244	)		1,910
Other		(454	)		11			(1,534	)		—			(1,977	)
		(8,022	)		(12,104	)		12,638			—			(7,488	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		46,302			5,220			39,331			(989	)		89,864
Income tax expense (benefit):
Current		19,363			6,197			10,425			—			35,985
Deferred		(2,963	)		(1,031	)		(1,199	)		—			(5,193	)
		16,400			5,166			9,226			—			30,792
Earnings before equity in earnings of nonconsolidated subsidiaries		29,902			54			30,105			(989	)		59,072
Equity in earnings of nonconsolidated subsidiaries		30,078			23,253			2,276			(53,520	)		2,087
Net earnings	$	59,980		$	23,307		$	32,381		$	(54,509	)	$	61,159
Less: Earnings attributable to noncontrolling interests		—			—			(1,179	)		—			(1,179	)
Net earnings attributable to Valmont Industries, Inc	$	59,980		$	23,307		$	31,202		$	(54,509	)	$	59,980

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net sales		712,483			280,871			627,113			(135,802	)		1,484,665
Cost of sales		517,069			225,300			491,297			(134,710	)		1,098,956
Gross profit		195,414			55,571			135,816			(1,092	)		385,709
Selling, general and administrative expenses		87,034			26,965			91,540			—			205,539
Operating income		108,380			28,606			44,276			(1,092	)		180,170
Other income (expense):
Interest expense		(15,255	)		(24,501	)		27			24,501			(15,228	)
Interest income		14			323			28,152			(24,501	)		3,988
Other		1,005			25			(1,430	)		—			(400	)
		(14,236	)		(24,153	)		26,749			—			(11,640	)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		94,144			4,453			71,025			(1,092	)		168,530
Income tax expense (benefit):
Current		36,548			5,296			21,170			—			63,014
Deferred		(2,769	)		139			(1,826	)		—			(4,456	)
		33,779			5,435			19,344			—			58,558
Earnings before equity in earnings of nonconsolidated subsidiaries		60,365			(982	)		51,681			(1,092	)		109,972
Equity in earnings of nonconsolidated subsidiaries		51,940			46,361			3,932			(98,458	)		3,775
Net earnings		112,305			45,379			55,613			(99,550	)		113,747
Less: Earnings attributable to noncontrolling interests		—			—			(1,442	)		—			(1,442	)
Net earnings attributable to Valmont Industries, Inc	$	112,305		$	45,379		$	54,171		$	(99,550	)	$	112,305

Condensed Consolidated Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	89,563		$	32,003	$	38,550		$	(68,800	)	$	91,316
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			65,807		(118,769	)		—			(52,962	)
Realized (loss) included in net earnings during the period		—			—		—			—			—
		—			65,807		(118,769	)		—			(52,962	)
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		—			—		42			—			42
Equity in other comprehensive income		(49,618	)		—		—			49,618			—
Other comprehensive income (loss)		(49,518	)		65,807		(118,727	)		49,618			(52,820	)
Comprehensive income		40,045			97,810		(80,177	)		(19,182	)		38,496
Comprehensive income attributable to noncontrolling interests		—			—		1,549			—			1,549
Comprehensive income attributable to Valmont Industries, Inc.	$	40,045		$	97,810	$	(78,628	)	$	(19,182	)	$	40,045

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	167,132		$	59,510	$	67,811		$	(124,997	)	$	169,456
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			27,486		(90,068	)		—			(62,582	)
Realized (loss) included in net earnings during the period		—			—		(5,194	)		—			(5,194	)
		—			27,486		(95,262	)		—			(67,776	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		200			—		—			—			200
		200			—		—			—			200
Actuarial gain (loss) in defined benefit pension plan liability		—			—		(894	)		—			(894	)
Equity in other comprehensive income		(63,157	)		—					63,157			—
Other comprehensive income (loss)		(62,957	)		27,486		(96,156	)		63,157			(68,470	)
Comprehensive income		104,175			86,996		(28,345	)		(61,840	)		100,986
Comprehensive income attributable to noncontrolling interests		—			—		3,189			—			3,189
Comprehensive income attributable to Valmont Industries, Inc.	$	104,175		$	86,996	$	(25,156	)	$	(61,840	)	$	104,175

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 30, 2012

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
Net earnings	$	59,980		$	23,307	$	32,381		$	(54,509	)	$	61,159
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			14,123		(38,433	)		(6,511	)		(30,821	)
		—			14,123		(38,433	)		(6,511	)		(30,821	)
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		—			—		(1,238	)		—			(1,238	)
Equity in other comprehensive income		(28,347	)		—		—			28,347			—
Other comprehensive income (loss)		(28,247	)		14,123		(39,671	)		21,836			(31,959	)
Comprehensive income		31,733			37,430		(7,290	)		(32,673	)		29,200
Comprehensive income attributable to noncontrolling interests		—			—		2,533			—			2,533
Comprehensive income attributable to Valmont Industries, Inc.	$	31,733		$	37,430	$	(4,757	)	$	(32,673	)	$	31,733

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Net earnings	$	112,305		$	45,379		$	55,613		$	(99,550	)	$	113,747
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			(2,244	)		7,496			(6,511	)		(1,259	)
		—			(2,244	)		7,496			(6,511	)		(1,259	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		200			—			—			—			200
		200			—			—			—			200
Actuarial gain in defined benefit pension plan liability		—			—			633			—			633
Equity in other comprehensive income		(1,665	)		—			—			1,665			—
Other comprehensive income (loss)		(1,465	)		(2,244	)		8,129			(4,846	)		(426	)
Comprehensive income		110,840			43,135			63,742			(104,396	)		113,321
Comprehensive income attributable to noncontrolling interests		—			—			(2,481	)		—			(2,481	)
Comprehensive income attributable to Valmont Industries, Inc.	$	110,840		$	43,135		$	61,261		$	(104,396	)	$	110,840

Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
June 29, 2013

	Parent			Guarantors		Non-Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	135,336		$	29,738	$	325,403		$	—		$	490,477
Receivables, net		143,707			81,159		288,900			—			513,766
Inventories		135,396			70,345		207,667			—			413,408
Prepaid expenses		6,573			712		26,302			—			33,587
Refundable and deferred income taxes		38,155			5,605		24,408			—			68,168
Total current assets		459,167			187,559		872,680			—			1,519,406
Property, plant and equipment, at cost		476,731			141,114		401,143			—			1,018,988
Less accumulated depreciation and amortization		296,524			58,723		133,259			—			488,506
Net property, plant and equipment		180,207			82,391		267,884			—			530,482
Goodwill		20,108			107,542		204,717			—			332,367
Other intangible assets		419			50,869		117,182			—			168,470
Investment in subsidiaries and intercompany accounts		1,446,491			1,348,693		556,568			(3,351,752	)		—
Other assets		36,588			—		64,310			—			100,898
Total assets	$	2,142,980		$	1,777,054	$	2,083,341		$	(3,351,752	)	$	2,651,623
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	188		$	—	$	269		$	—		$	457
Notes payable to banks		—			—		16,004			—			16,004
Accounts payable		66,559			19,128		126,410			—			212,097
Accrued employee compensation and benefits		58,734			9,046		32,756			—			100,536
Accrued expenses		37,575			4,227		39,186			—			80,988
Dividends payable		6,693			—		—			—			6,693
Total current liabilities		169,749			32,401		214,625			—			416,775
Deferred income taxes		19,182			28,254		32,715			—			80,151
Long-term debt, excluding current installments		470,919			532,852		743			(532,852	)		471,662
Defined benefit pension liability		—			—		98,707			—			98,707
Deferred compensation		29,689			—		7,428			—			37,117
Other noncurrent liabilities		7,551			—		41,303			—			48,854
Shareholders' equity:
Common stock of $1 par value		27,900			457,950		254,982			(712,932	)		27,900
Additional paid-in capital		—			150,286		894,239			(1,044,525	)		—
Retained earnings		1,458,326			526,750		505,878			(1,032,628	)		1,458,326
Accumulated other comprehensive income (loss)		(19,019	)		48,561		(19,746	)		(28,815	)		(19,019	)
Treasury stock		(21,317	)		—		—			—			(21,317	)
Total Valmont Industries, Inc. shareholders' equity		1,445,890			1,183,547		1,635,353			(2,818,900	)		1,445,890
Noncontrolling interest in consolidated subsidiaries		—			—		52,467			—			52,467
Total shareholders' equity		1,445,890			1,183,547		1,687,820			(2,818,900	)		1,498,357
Total liabilities and shareholders' equity	$	2,142,980		$	1,777,054	$	2,083,341		$	(3,351,752	)	$	2,651,623

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 Twenty-six Weeks Ended June 29, 2013

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	167,132		$	59,510		$	67,811		$	(124,997	)	$	169,456
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		9,834			6,452			21,900			—			38,186
Stock-based compensation		3,342			—			—			—			3,342
Defined benefit pension plan expense		—			—			3,245			—			3,245
Contribution to defined benefit pension plan		—			—			(10,346	)		—			(10,346	)
Gain on sale of property, plant and equipment		337			36			(5,444	)		—			(5,071	)
Equity in earnings in nonconsolidated subsidiaries		(266	)		—			(207	)		—			(473	)
Deferred income taxes		(2,504	)		1,702			(3,927	)		—			(4,729	)
Changes in assets and liabilities (net of acquisitions):
Receivables		453			5,235			(9,019	)		—			(3,331	)
Inventories		10,524			1,643			(14,658	)		—			(2,491	)
Prepaid expenses		579			318			(6,807	)		—			(5,910	)
Accounts payable		(6,052	)		(2,877	)		9,665			—			736
Accrued expenses		4,471			(1,932	)		377			—			2,916
Other noncurrent liabilities		3,058			—			(1,185	)		—			1,873
Income taxes payable (refundable)		(10,415	)		(1,943	)		(277	)		825			(11,810	)
Net cash flows from operating activities		180,493			68,144			51,128			(124,172	)		175,593
Cash flows from investing activities:
Purchase of property, plant and equipment		(22,826	)		(18,569	)		(12,863	)		—			(54,258	)
Proceeds from sale of assets		1,466			32			37,556			—			39,054
Acquisitions, net of cash acquired		—			—			(53,152	)		—			(53,152	)
Other, net		(53,317	)		(99,472	)		28,484			124,172			(133	)
Net cash flows from investing activities		(74,677	)		(118,009	)		25			124,172			(68,489	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			2,620			—			2,620
Proceeds from long-term borrowings		—			—			68			—			68
Principal payments on long-term borrowings		(186	)		—			(117	)		—			(303	)
Dividends paid		(12,021	)		—			—			—			(12,021	)
Dividends to noncontrolling interest		—			—			(1,767	)		—			(1,767	)
Proceeds from exercises under stock plans		14,098			—			—			—			14,098
Excess tax benefits from stock option exercises		305			—			—			—			305
Purchase of common treasury shares—stock plan exercises:		(13,602	)		—			—			—			(13,602	)
Net cash flows from financing activities		(11,406	)		—			804			—			(10,602	)
Effect of exchange rate changes on cash and cash equivalents		—			(3,600	)		(16,554	)		—			(20,154	)
Net change in cash and cash equivalents		94,410			(53,465	)		35,403			—			76,348
Cash and cash equivalents—beginning of year		40,926			83,203			290,000			—			414,129
Cash and cash equivalents—end of period	$	135,336		$	29,738		$	325,403		$	—		$	490,477

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 30, 2012

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operations:
Net earnings	$	112,305		$	45,379		$	55,613		$	(99,550	)	$	113,747
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		9,121			6,341			18,905			—			34,367
Stock-based compensation		3,067			—			—			—			3,067
Defined benefit pension plan expense		—			—			2,050			—			2,050
Contribution to defined benefit pension plan		—			—			(10,750	)		—			(10,750	)
Gain on sale of property, plant and equipment		(65	)		(44	)		(55	)		—			(164	)
Equity in earnings of nonconsolidated subsidiaries		157			—			(3,932	)		—			(3,775	)
Deferred income taxes		(2,769	)		139			(1,826	)		—			(4,456	)
Changes in assets and liabilities:
Receivables		(11,412	)		(27,844	)		(30,666	)		—			(69,922	)
Inventories		(10,063	)		(7,131	)		(31,471	)		167			(48,498	)
Prepaid expenses		(1,332	)		266			(2,994	)		—			(4,060	)
Accounts payable		(13,913	)		5,395			10,494			—			1,976
Accrued expenses		3,009			(1,227	)		(2,403	)		—			(621	)
Other noncurrent liabilities		719			—			(1,127	)		—			(408	)
Income taxes payable (refundable)		(13,249	)		38			(2,879	)		—			(16,090	)
Net cash flows from operations		75,575			21,312			(1,041	)		(99,383	)		(3,537	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(15,037	)		(6,017	)		(18,167	)		—			(39,221	)
Proceeds from sale of assets		98			52			4,717			—			4,867
Other, net		(59,181	)		6,599			(44,964	)		99,383			1,837
Net cash flows from investing activities		(74,120	)		634			(58,414	)		99,383			(32,517	)
Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			5,931			—			5,931
Proceeds from long-term borrowings		39,000			—			126			—			39,126
Principal payments on long-term borrowings		(39,191	)		—			(41	)		—			(39,232	)
Proceeds from sale of partial ownership interest		—			—			1,404			—			1,404
Dividends paid		(9,545	)		—			—			—			(9,545	)
Dividend to noncontrolling interests		—			—			(1,379	)		—			(1,379	)
Proceeds from exercises under stock plans		15,153			—			—			—			15,153
Excess tax benefits from stock option exercises		3,211			—			—			—			3,211
Purchase of common treasury shares—stock plan exercises		(14,086	)		—			—			—			(14,086	)
Net cash flows from financing activities		(5,458	)		—			6,041			—			583
Effect of exchange rate changes on cash and cash equivalents		—			270			688			—			958
Net change in cash and cash equivalents		(4,003	)		22,216			(52,726	)		—			(34,513	)
Cash and cash equivalents—beginning of year		27,545			18,257			317,092			—			362,894
Cash and cash equivalents—end of period	$	23,542		$	40,473		$	264,366		$	—		$	328,381