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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
 12 Months Ended
Dec. 28, 2013
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

(19) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

        On April 8, 2010, the Company issued $300,000 of senior unsecured notes at a coupon interest rate of 6.625% per annum. In June 2011, the Company issued an additional $150,000 principal amount of these notes to redeem senior subordinated notes. The notes are guaranteed, jointly, severally, fully and unconditionally by certain of the Company's current and future direct and indirect domestic and foreign subsidiaries (collectively the "Guarantors"), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the "Non-Guarantors"). All Guarantors are 100% owned by the parent company.

        In 2013, the Company classified "Equity in earnings of nonconsolidated subsidiaries" as an adjustment to reconcile net earnings to operating cash flows, as part of "Net cash flows from operating activities" in the Consolidating Statement of Cash Flows. In the 2012 and 2011 Consolidating Statements of Cash Flows, these amounts were classified within "Other, net", as part of "Net cash flows from investing activities". The Company revised its presentation for 2012 and 2011 with respect to the supplemental information included in this footnote in order to achieve comparability in the Consolidating Statements of Cash Flows.

        The revisions consisted of recording the amounts previously reported in "Other, net" in cash flows from investing activities that were related to earnings from subsidiaries to 'Equity in earnings of nonconsolidated subsidiaries' in cash flows from operating activities. Accordingly, the eliminations to reconcile consolidated net earnings are contained in the "Net cash flows from operating activities".

        The "Non-Guarantor" and "Total" columns were not affected by any of these revisions. There was also no effect on the consolidated (total) net cash flows or any other statements in this footnote. The following is a reconciliation of the columns affected for 2011 and 2012:

 
   Parent    
   Guarantor    
   Eliminations    
  
 
   Parent   Guarantor   Eliminations  
 
   As previously
reported		   As previously
reported		   As previously
reported		  
 
   As revised   As revised   As revised  

2011

                                      

Cash flows from operating activities:

                                      

Equity in earnings of nonconsolidated subsidiaries

   $ (1,241 ) $ (173,305 ) $ —   $ (125,269 ) $ —   $ 297,333  

Net cash flows from operating activities

     233,161     61,097     121,137     (4,132 )   (298,404 )   (1,071 )

Cash flows from investing activities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Other, net

     (190,242 )   (18,178 )   (109,457 )   15,812     298,404     1,071  

Net cash flows from investing activities

     (209,376 )   (37,312 )   (121,229 )   4,040     298,404     1,071  

2012

    
 		    
 		    
 		    
 		    
 		    
 		  

Cash flows from operating activities:

                                      

Equity in earnings of nonconsolidated subsidiaries

   $ (978 ) $ (129,655 ) $ —   $ (86,170 ) $ —   $ 214,847  

Net cash flows from operating activities

     213,129     84,452     84,262     (1,908 )   (216,171 )   (1,324 )

Cash flows from investing activities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Other, net

     (138,869 )   (10,192 )   (63,791 )   22,379     216,171     1,324  

Net cash flows from investing activities

     (182,346 )   (53,669 )   (85,949 )   221     216,171     1,324  

        Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows:

CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 28, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 1,540,266   $ 689,230   $ 1,402,191   $ (327,476 ) $ 3,304,211  

Cost of sales

     1,107,020     503,431     1,078,695     (330,163 )   2,358,983  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     433,246     185,799     323,496     2,687     945,228  

Selling, general and administrative expenses

     209,350     59,370     203,439     —     472,159  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     223,896     126,429     120,057     2,687     473,069  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (30,801 )   (46,999 )   (1,699 )   46,997     (32,502 )

Interest income

     55     1,032     52,387     (46,997 )   6,477  

Other

     4,791     9     (2,427 )   —     2,373  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (25,955 )   (45,958 )   48,261     —     (23,652 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     197,941     80,471     168,318     2,687     449,417  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     78,912     35,772     52,558     680     167,922  

Deferred

     (8,948 )   (19 )   (1,174 )   —     (10,141 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     69,964     35,753     51,384     680     157,781  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     127,977     44,718     116,934     2,007     291,636  

Equity in earnings of nonconsolidated subsidiaries

     150,512     53,236     494     (203,407 )   835  

Loss from deconsolidation of subsidiary

     —     —     (12,011 )   —     (12,011 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     278,489     97,954     105,417     (201,400 )   280,460  

Less: Earnings attributable to noncontrolling interests

     —     —     (1,971 )   —     (1,971 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 278,489   $ 97,954   $ 103,446   $ (201,400 ) $ 278,489  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 29, 2012

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 1,375,238   $ 620,338   $ 1,331,827   $ (297,862 ) $ 3,029,541  

Cost of sales

     1,008,087     489,560     1,026,037     (296,599 )   2,227,085  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     367,151     130,778     305,790     (1,263 )   802,456  

Selling, general and administrative expenses

     178,669     55,488     186,003     —     420,160  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     188,482     75,290     119,787     (1,263 )   382,296  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (31,121 )   (49,762 )   (504 )   49,762     (31,625 )

Interest income

     45     1,131     56,858     (49,762 )   8,272  

Other

     1,938     55     (1,646 )   —     347  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (29,138 )   (48,576 )   54,708     —     (23,006 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     159,344     26,714     174,495     (1,263 )   359,290  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     59,648     16,398     47,375     (639 )   122,782  

Deferred

     (4,721 )   (496 )   8,937     —     3,720  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     54,927     15,902     56,312     (639 )   126,502  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     104,417     10,812     118,183     (624 )   232,788  

Equity in earnings of nonconsolidated subsidiaries

     129,655     86,170     5,150     (214,847 )   6,128  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     234,072     96,982     123,333     (215,471 )   238,916  

Less: Earnings attributable to noncontrolling interests

     —     —     (4,844 )   —     (4,844 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 234,072   $ 96,982   $ 118,489   $ (215,471 ) $ 234,072  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF EARNINGS
For the Year ended December 31, 2011

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 1,164,400   $ 401,443   $ 1,305,424   $ (209,787 ) $ 2,661,480  

Cost of sales

     863,269     323,812     1,016,305     (208,716 )   1,994,670  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     301,131     77,631     289,119     (1,071 )   666,810  

Selling, general and administrative expenses

     166,964     50,783     185,753     —     403,500  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     134,167     26,848     103,366     (1,071 )   263,310  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (35,456 )   —     (719 )   —     (36,175 )

Interest income

     59     331     8,875     —     9,265  

Other

     (311 )   59     (2,391 )   —     (2,643 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (35,708 )   390     5,765     —     (29,553 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     98,459     27,238     109,131     (1,071 )   233,757  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     48,243     10,571     30,738     —     89,552  

Deferred

     (4,787 )   (964 )   (79,211 )   —     (84,962 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     43,456     9,607     (48,473 )   —     4,590  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     55,003     17,631     157,604     (1,071 )   229,167  

Equity in earnings of nonconsolidated subsidiaries

     173,305     125,269     6,818     (297,333 )   8,059  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     228,308     142,900     164,422     (298,404 )   237,226  

Less: Earnings attributable to noncontrolling interests

     —     —     (8,918 )   —     (8,918 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 228,308   $ 142,900   $ 155,504   $ (298,404 ) $ 228,308  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 28, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 278,489   $ 97,954   $ 105,417   $ (201,400 ) $ 280,460  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     81,824     (153,522 )   —     (71,698 )

Realized loss on sale of foreign entity investment included in other expense

     —     —     5,194           5,194  

Realized loss on deconsolidation of subsidiary

     —     —     8,559     —     8,559  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     81,824     (139,769 )   —     (57,945 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized loss on cash flow hedge:

                                

Amortization cost included in interest expense

     400     —     —     —     400  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     400     —     —     —     400  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Actuarial gain (loss) in defined benefit pension plan liability

     —     —     (41,282 )   —     (41,282 )

Equity in other comprehensive income

     (106,430 )   —     —     106,430     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     (106,030 )   81,824     (181,051 )   106,430     (98,827 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     172,459     179,778     (75,634 )   (94,970 )   181,633  

Comprehensive income attributable to noncontrolling interests

     —     —     (9,174 )   —     (9,174 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 172,459   $ 179,778   $ (84,808 ) $ (94,970 ) $ 172,459  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 29, 2012

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 234,072   $ 96,982   $ 123,333   $ (215,471 ) $ 238,916  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     (14,422 )   30,163     —     15,741  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (14,422 )   30,163     —     15,741  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized loss on cash flow hedge:

                                

Amortization cost included in interest expense

     400     —     —     —     400  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     400     —     —     —     400  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Actuarial gain (loss) in defined benefit pension plan liability

     —     —     (35,020 )   —     (35,020 )

Equity in other comprehensive income

     (20,514 )   —     —     20,514     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     (20,114 )   (14,422 )   (4,857 )   20,514     (18,879 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     213,958     82,560     118,476     (194,957 )   220,037  

Comprehensive income attributable to noncontrolling interests

     —     —     (6,079 )   —     (6,079 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 213,958   $ 82,560   $ 112,397   $ (194,957 ) $ 213,958  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year ended December 31, 2011

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 228,308   $ 142,900   $ 164,422   $ (298,404 ) $ 237,226  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     (958 )   (21,018 )   —     (21,976 )

Realized loss on sale of foreign entity investment included in other
expense

     —     —     1,446     —     1,446  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (958 )   (19,572 )   —     (20,530 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized loss on cash flow hedge:

                                

Loss arising during the period

     (3,568 )   —     —     —     (3,568 )

Amortization cost included in interest expense

     233     —     —     —     233  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (3,335 )   —     —     —     (3,335 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Actuarial gain (loss) in defined benefit pension plan liability

     —     —     22,365     —     22,365  

Equity in other comprehensive income

     3,742     —     —     (3,742 )   —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     407     (958 )   2,793     (3,742 )   (1,500 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     228,715     141,942     167,215     (302,146 )   235,726  

Comprehensive income attributable to noncontrolling interests

     —     —     (7,011 )   —     (7,011 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 228,715   $ 141,942   $ 160,204   $ (302,146 ) $ 228,715  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED BALANCE SHEETS
December 28, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 215,576   $ 49,053   $ 349,077   $ —   $ 613,706  

Receivables, net

     139,179     108,646     267,615     —     515,440  

Inventories

     132,953     70,231     176,816     —     380,000  

Prepaid expenses

     4,735     932     17,330     —     22,997  

Refundable and deferred income taxes

     41,167     8,351     16,179     —     65,697  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     533,610     237,213     827,017     —     1,597,840  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property, plant and equipment, at cost

     522,734     125,764     368,628     —     1,017,126  

Less accumulated depreciation and amortization

     300,066     61,520     121,330     —     482,916  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net property, plant and equipment

     222,668     64,244     247,298     —     534,210  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill

     20,108     107,542     221,982     —     349,632  

Other intangible assets

     346     48,461     122,110     —     170,917  

Investment in subsidiaries and intercompany accounts

     1,417,425     1,367,308     518,059     (3,302,792 )   —  

Other assets

     30,759     —     93,136     —     123,895  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 2,224,916   $ 1,824,768   $ 2,029,602   $ (3,302,792 ) $ 2,776,494  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                                

Current liabilities:

                                

Current installments of long-term debt

   $ 188   $ —   $ 14   $ —   $ 202  

Notes payable to banks

     —     —     19,024     —     19,024  

Accounts payable

     62,153     20,365     133,603     —     216,121  

Accrued employee compensation and benefits

     76,370     13,713     32,884     —     122,967  

Accrued expenses

     28,362     7,315     35,883     —     71,560  

Dividends payable

     6,706     —     —     —     6,706  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     173,779     41,393     221,408     —     436,580  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deferred income taxes

     18,983     29,279     30,662     —     78,924  

Long-term debt, excluding current installments

     470,175     514,223     732     (514,223 )   470,907  

Defined benefit pension liability

     —     —     154,397     —     154,397  

Deferred compensation

     32,339     —     6,770     —     39,109  

Other noncurrent liabilities

     7,615     —     44,116     —     51,731  

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     891,236     (1,041,522 )   —  

Retained earnings

     1,562,670     565,193     517,703     (1,082,896 )   1,562,670  

Accumulated other comprehensive income

     (47,685 )   66,444     (115,225 )   48,781     (47,685 )

Treasury stock

     (20,860 )   —     —     —     (20,860 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Valmont Industries, Inc. shareholders' equity

     1,522,025     1,239,873     1,548,696     (2,788,569 )   1,522,025  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Noncontrolling interest in consolidated subsidiaries

     —     —     22,821           22,821  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     1,522,025     1,239,873     1,571,517     (2,788,569 )   1,544,846  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 2,224,916   $ 1,824,768   $ 2,029,602   $ (3,302,792 ) $ 2,776,494  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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 Tax 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  

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     893,274     (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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 28, 2013

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Cash flows from operating activities:

                                

Net earnings

   $ 278,489   $ 97,954   $ 105,417   $ (201,400 ) $ 280,460  

Adjustments to reconcile net earnings to net cash flows from operations:

                                

Depreciation and amortization

     21,270     12,862     43,304     —     77,436  

Deconsolidation of subsidiary

     —     —     12,011     —     12,011  

Impairment of property, plant and equipment

     —     —     12,161     —     12,161  

Stock-based compensation

     6,513     —     —     —     6,513  

Defined benefit pension plan expense

     —     —     6,569     —     6,569  

Contribution to defined benefit pension plan

     —     —     (17,619 )   —     (17,619 )

(Gain) loss on sale of property, plant and equipment

     885     42     (5,245 )   —     (4,318 )

Equity in earnings in nonconsolidated subsidiaries

     (150,512 )   (53,236 )   (494 )   203,407     (835 )

Deferred income taxes

     (8,948 )   (19 )   (1,174 )   —     (10,141 )

Changes in assets and liabilities (net of the effect from acquisitions):

                                

Receivables

     6,181     (22,259 )   3,370     —     (12,708 )

Inventories

     12,966     1,757     (1,292 )   —     13,431  

Prepaid expenses

     2,417     98     1,600     —     4,115  

Accounts payable

     (10,458 )   (1,643 )   24,549     —     12,448  

Accrued expenses

     19,191     5,824     (3,317 )   —     21,698  

Other noncurrent liabilities

     3,201     —     (4,675 )   —     (1,474 )

Income taxes payable

     (5,908 )   (3,251 )   5,029     825     (3,305 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operating activities

     175,287     38,129     180,194     2,832     396,442  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment

     (76,582 )   (4,439 )   (25,732 )   —     (106,753 )

Acquisitions, net of cash acquired

     —     —     (63,152 )   —     (63,152 )

Proceeds from sale of assets

     794     35     36,753     —     37,582  

Other, net

     86,258     (34,024 )   (48,800 )   (2,832 )   602  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     10,470     (38,428 )   (100,931 )   (2,832 )   (131,721 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     5,510     —     5,510  

Proceeds from long-term borrowings

     —     —     274     —     274  

Principal payments on long-term obligations

     (187 )   —     (404 )   —     (591 )

Cash decrease due to deconsolidation of subsidiary

     —     —     (11,615 )   —     (11,615 )

Dividends paid

     (25,414 )   —     —     —     (25,414 )

Intercompany dividends

     8,947     20,133     (29,080 )   —     —  

Intercompany interest on long-term note

     —     (46,057 )   46,057     —     —  

Dividends to noncontrolling interest

     —     —     (1,767 )   —     (1,767 )

Purchase of noncontrolling interest

     —     —     (9,324 )   —     (9,324 )

Proceeds from exercises under stock plans

     16,348     —     —     —     16,348  

Excess tax benefits from stock option exercises

     5,306     —     —     —     5,306  

Purchase of common treasury shares—stock plan exercises

     (16,107 )   —     —     —     (16,107 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities

     (11,107 )   (25,924 )   (349 )   —     (37,380 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     (7,927 )   (19,837 )   —     (27,764 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     174,650     (34,150 )   59,077     —     199,577  

Cash and cash equivalents—beginning of year

     40,926     83,203     290,000     —     414,129  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents—end of year

   $ 215,576   $ 49,053   $ 349,077   $ —   $ 613,706  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 29, 2012

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Cash flows from operating activities:

                                

Net earnings

   $ 234,072   $ 96,982   $ 123,333   $ (215,471 ) $ 238,916  

Adjustments to reconcile net earnings to net cash flows from operations:

                                

Depreciation and amortization

     19,121     12,923     38,174     —     70,218  

Stock-based compensation

     5,829     —     —     —     5,829  

Defined benefit pension plan expense

     —     —     4,281     —     4,281  

Contribution to defined benefit pension plan

     —     —     (11,591 )   —     (11,591 )

(Gain) loss on sale of property, plant and equipment

     89     (17 )   249     —     321  

Equity in earnings in nonconsolidated subsidiaries

     (129,655 )   (86,170 )   (5,150 )   214,847     (6,128 )

Deferred income taxes

     (4,721 )   (496 )   8,937     —     3,720  

Other

                                

Changes in assets and liabilities (net of the effect from acquisitions):

                                

Receivables

     (21,751 )   (32,833 )   (30,306 )   —     (84,890 )

Inventories

     (20,756 )   5,850     1,293     —     (13,613 )

Prepaid expenses

     (3,705 )   (20 )   4,968     —     1,243  

Accounts payable

     4,446     578     (11,273 )   —     (6,249 )

Accrued expenses

     20,339     945     (644 )   —     20,640  

Other noncurrent liabilities

     123     —     (4,473 )   —     (4,350 )

Income taxes payable

     (18,979 )   350     (1,921 )   (700 )   (21,250 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operating activities

     84,452     (1,908 )   115,877     (1,324 )   197,097  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment

     (43,590 )   (22,197 )   (31,287 )   —     (97,074 )

Acquisitions, net of cash acquired

     —     —     (45,687 )   —     (45,687 )

Proceeds from sale of assets

     113     39     5,873     —     6,025  

Other, net

     (10,192 )   22,379     (13,467 )   1,324     44  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     (53,669 )   221     (84,568 )   1,324     (136,692 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     1,828     —     1,828  

Proceeds from long-term borrowings

     39,000     —     126     —     39,126  

Principal payments on long-term obligations

     (39,197 )   —     (367 )   —     (39,564 )

Dividends paid

     (21,520 )   —     —     —     (21,520 )

Intercompany dividends

     —     64,348     (64,348 )   —     —  

Proceeds from sale of partial ownership interest

     —     —     1,404     —     1,404  

Dividends to noncontrolling interest

     —     —     (1,944 )   —     (1,944 )

Debt issuance fees

     (1,747 )   —     —     —     (1,747 )

Proceeds from exercises under stock plans

     21,827     —     —     —     21,827  

Excess tax benefits from stock option exercises

     5,494     —     —     —     5,494  

Purchase of common treasury shares—stock plan exercises

     (21,259 )   —     —     —     (21,259 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities

     (17,402 )   64,348     (63,301 )   —     (16,355 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     2,285     4,900     —     7,185  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     13,381     64,946     (27,092 )   —     51,235  

Cash and cash equivalents—beginning of year

     27,545     18,257     317,092     —     362,894  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents—end of year

   $ 40,926   $ 83,203   $ 290,000   $ —   $ 414,129  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2011

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Cash flows from operations:

                                

Net earnings

   $ 228,308   $ 142,900   $ 164,422   $ (298,404 ) $ 237,226  

Adjustments to reconcile net earnings to net cash flows from operations:

                                

Depreciation and amortization

     20,570     15,593     38,397     —     74,560  

Stock-based compensation

     5,931     —     —     —     5,931  

Defined benefit pension plan expense

     —     —     5,449     —     5,449  

Contribution to defined benefit pension plan

     —     —     (11,860 )   —     (11,860 )

Loss on sale of property, plant and equipment

     18     123     552     —     693  

Equity in earnings in nonconsolidated subsidiaries

     (173,305 )   (125,269 )   (6,818 )   297,333     (8,059 )

Deferred income taxes

     (4,787 )   (964 )   (79,211 )   —     (84,962 )

Other

     —     —     —     —     —  

Changes in assets and liabilities, before acquisitions:

                                

Receivables

     (16,228 )   (2,904 )   1,702     —     (17,430 )

Inventories

     (61,976 )   (45,808 )   (11,082 )   —     (118,866 )

Prepaid expenses

     30     (89 )   (3,983 )   —     (4,042 )

Accounts payable

     22,311     6,174     14,152     —     42,637  

Accrued expenses

     18,298     6,112     (12,565 )   —     11,845  

Other noncurrent liabilities

     598     —     (6,479 )   —     (5,881 )

Income taxes payable (refundable)

     21,329     —     1,101     —     22,430  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operations

     61,097     (4,132 )   93,777     (1,071 )   149,671  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment

     (19,185 )   (12,180 )   (51,704 )   —     (83,069 )

Acquisitions, net of cash acquired

     —     —     (1,539 )   —     (1,539 )

Proceeds from sale of assets

     51     408     3,247     —     3,706  

Other, net

     (18,178 )   15,812     (1,866 )   1,071     (3,161 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     (37,312 )   4,040     (51,862 )   1,071     (84,063 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     2,698     —     2,698  

Proceeds from long-term borrowings

     277,832     —     —     —     277,832  

Principal payments on long-term obligations

     (271,192 )   —     (53 )   —     (271,245 )

Dividends paid

     (18,227 )   —     —     —     (18,227 )

Intercompany dividends

     14,090     17,730     (31,820 )   —     —  

Dividends to noncontrolling interest

     —     —     (4,958 )   —     (4,958 )

Purchase of noncontrolling interest

     —     —     (25,253 )   —     (25,253 )

Settlement of financial derivative

     (3,568 )   —     —     —     (3,568 )

Debt issuance fees

     (1,339 )   —     —     —     (1,339 )

Proceeds from exercises under stock plans

     20,008     —     —     —     20,008  

Excess tax benefits from stock option exercises

     3,033     —     —     —     3,033  

Purchase of treasury shares

     (4,802 )   —     —     —     (4,802 )

Purchase of common treasury shares—stock plan exercises

     (20,090 )   —     —     —     (20,090 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities

     (4,255 )   17,730     (59,386 )   —     (45,911 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     —     (3,707 )   —     (3,707 )
                       
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Net change in cash and cash equivalents

     19,530     17,638     (21,178 )   —     15,990  

Cash and cash equivalents—beginning of year

     8,015     619     338,270     —     346,904  
                       
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Cash and cash equivalents—end of year

   $ 27,545   $ 18,257   $ 317,092   $ —   $ 362,894  
                       
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