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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 28, 2014
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION  
Schedule of reconciliation of the Parent, Guarantor and Eliminations columns affected

 

 

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

2013

                                      

Cash flows from operating activities:

                                      

Equity in earnings of nonconsolidated subsidiaries

   $ (266 ) $ (85,146 ) $ —   $ (42,385 ) $ —   $ 127,265  

Net cash flows from operating activities

     180,493     95,613     68,144     25,759     (124,172 )   3,093  

Cash flows from investing activities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Other, net

     (53,317 )   31,563     (99,472 )   (57,087 )   124,172     (3,093 )

Net cash flows from investing activities

     (74,677 )   10,203     (118,009 )   (75,624 )   124,172     (3,093 )

       
Condensed Consolidated Statements of Earnings

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 28, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 378,642   $ 124,414   $ 387,715   $ (48,172 ) $ 842,599  

Cost of sales

     280,054     91,536     298,764     (48,232 )   622,122  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     98,588     32,878     88,951     60     220,477  

Selling, general and administrative expenses

     50,164     12,670     52,867     —     115,701  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     48,424     20,208     36,084     60     104,776  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (7,691 )   (11,337 )   (613 )   11,337     (8,304 )

Interest income

     6     152     12,756     (11,337 )   1,577  

Other

     1,754     140     9     —     1,903  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (5,931 )   (11,045 )   12,152     —     (4,824 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     42,493     9,163     48,236     60     99,952  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     9,315     2,626     14,148     28     26,117  

Deferred

     7,672     2,079     (1,798 )   —     7,953  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     16,987     4,705     12,350     28     34,070  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     25,506     4,458     35,886     32     65,882  

Equity in earnings of nonconsolidated subsidiaries

    
38,470		    
16,964		    
—		    
(55,464
)		  
(30
)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     63,976     21,422     35,886     (55,432 )   65,852  

Less: Earnings attributable to noncontrolling interests

     —     —     (1,876 )   —     (1,876 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 63,976   $ 21,422   $ 34,010   $ (55,432 ) $ 63,976  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six weeks ended June 28, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net sales

   $ 755,284   $ 260,311   $ 687,996   $ (109,252 ) $ 1,594,339  

Cost of sales

     551,813     191,352     533,398     (109,683 )   1,166,880  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     203,471     68,959     154,598     431     427,459  

Selling, general and administrative expenses

     97,954     25,661     100,220     —     223,835  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     105,517     43,298     54,378     431     203,624  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other income (expense):

                                

Interest expense

     (15,366 )   (22,217 )   (1,135 )   22,217     (16,501 )

Interest income

     26     335     25,172     (22,217 )   3,316  

Other

     1,821     (352 )   (5,378 )   —     (3,909 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     (13,519 )   (22,234 )   18,659     —     (17,094 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

     91,998     21,064     73,037     431     186,530  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income tax expense (benefit):

                                

Current

     29,193     8,213     21,517     132     59,055  

Deferred

     5,829     1,667     (2,466 )   —     5,030  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     35,022     9,880     19,051     132     64,085  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before equity in earnings of nonconsolidated subsidiaries

     56,976     11,184     53,986     299     122,445  

Equity in earnings of nonconsolidated subsidiaries

    
62,980		    
25,903		    
—		    
(88,913
)		  
(30
)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings

     119,956     37,087     53,986     (88,614 )   122,415  

Less: Earnings attributable to noncontrolling interests

     —     —     (2,459 )   —     (2,459 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net earnings attributable to Valmont Industries, Inc

   $ 119,956   $ 37,087   $ 51,527   $ (88,614 ) $ 119,956  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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 Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 28, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 63,976   $ 21,422   $ 35,886   $ (55,432 ) $ 65,852  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:          

                                

Unrealized gains (losses) arising during the period

     —     (8,954 )   22,823     —     13,869  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (8,954 )   22,823     —     13,869  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized loss on cash flow hedge:

                                

Amortization cost included in interest expense

     100     —     (133 )   —     (33 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     100     —     (133 )   —     (33 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Actuarial gain (loss) in defined benefit pension plan liability

     —     —     (614 )   —     (614 )

Equity in other comprehensive income

    
13,206		    
—		    
—		    
(13,206
)		  
—		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     13,306     (8,954 )   22,076     (13,206 )   13,222  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     77,282     12,468     57,962     (68,638 )   79,074  

Comprehensive income attributable to noncontrolling interests

     —     —     (1,792 )   —     (1,792 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 77,282   $ 12,468   $ 56,170   $ (68,638 ) $ 77,282  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six weeks ended June 28, 2014

 
   Parent   Guarantors   Non-
Guarantors		   Eliminations   Total  

Net earnings

   $ 119,956   $ 37,087   $ 53,986   $ (88,614 ) $ 122,415  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of tax:

                                

Foreign currency translation adjustments:

                                

Unrealized gains (losses) arising during the period

     —     (29,315 )   54,821     —     25,506  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     (29,315 )   54,821     —     25,506  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized loss on cash flow hedge:

                                

Amortization cost included in interest expense

     200     —     (133 )   —     67  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     200     —     (133 )   —     67  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Actuarial gain (loss) in defined benefit pension plan liability

     —     —     (847 )   —     (847 )

Equity in other comprehensive income          

    
25,281		    
—		    
—		    
(25,281
)		  
—		  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss)

     25,481     (29,315 )   53,841     (25,281 )   24,726  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     145,437     7,772     107,827     (113,895 )   147,141  

Comprehensive income attributable to noncontrolling interests

     —     —     (1,704 )   —     (1,704 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Valmont Industries, Inc. 

   $ 145,437   $ 7,772   $ 106,123   $ (113,895 ) $ 145,437  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     —     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 Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
June 28, 2014

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 63,127   $ 49,455   $ 343,345   $ —   $ 455,927  

Receivables, net

     148,649     73,846     321,113     —     543,608  

Inventories

     123,369     59,580     198,994     —     381,943  

Prepaid expenses

     6,606     690     59,620     —     66,916  

Refundable and deferred income taxes

     51,058     6,285     13,991     —     71,334  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     392,809     189,856     937,063     —     1,519,728  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property, plant and equipment, at cost

     548,424     126,706     485,012     —     1,160,142  

Less accumulated depreciation and amortization

     311,358     65,166     144,764     —     521,288  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net property, plant and equipment

     237,066     61,540     340,248     —     638,854  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill

     20,108     107,542     240,755     —     368,405  

Other intangible assets

     319     46,052     148,988     —     195,359  

Investment in subsidiaries and intercompany accounts

     1,578,856     1,445,118     509,824     (3,533,798 )   —  

Other assets

     40,228     —     96,030     —     136,258  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 2,269,386   $ 1,850,108   $ 2,272,908   $ (3,533,798 ) $ 2,858,604  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                                

Current liabilities:

                                

Current installments of long-term debt

   $ 188   $ —   $ —   $ —   $ 188  

Notes payable to banks

     —     —     17,485     —     17,485  

Accounts payable

     63,503     16,471     128,860     —     208,834  

Accrued employee compensation and benefits

     46,513     6,332     42,520     —     95,365  

Accrued expenses

     33,746     6,284     51,601     —     91,631  

Dividends payable

     9,930     —     —     —     9,930  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     153,880     29,087     240,466     —     423,433  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deferred income taxes

     13,406     28,879     53,389     —     95,674  

Long-term debt, excluding current installments

     469,216     544,497     9,282     (544,497 )   478,498  

Defined benefit pension liability

     —     —     143,114     —     143,114  

Deferred compensation

     41,134     —     7,158     —     48,292  

Other noncurrent liabilities

     9,481     —     45,022     —     54,503  

Shareholders' equity:

                                

Common stock of $1 par value

     27,900     457,950     254,982     (712,932 )   27,900  

Additional paid-in capital

     —     150,286     1,034,236     (1,184,522 )   —  

Retained earnings

     1,672,287     602,280     522,868     (1,125,148 )   1,672,287  

Accumulated other comprehensive income (loss)

     (22,204 )   37,129     (70,430 )   33,301     (22,204 )

Treasury stock

     (95,714 )   —     —     —     (95,714 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Valmont Industries, Inc. shareholders' equity

     1,582,269     1,247,645     1,741,656     (2,989,301 )   1,582,269  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Noncontrolling interest in consolidated subsidiaries

     —     —     32,821     —     32,821  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     1,582,269     1,247,645     1,774,477     (2,989,301 )   1,615,090  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 2,269,386   $ 1,850,108   $ 2,272,908   $ (3,533,798 ) $ 2,858,604  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED 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  

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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 28, 2014

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operating activities:

                                

Net earnings

   $ 119,956   $ 37,087   $ 53,986   $ (88,614 ) $ 122,415  

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

                                

Depreciation and amortization

     12,539     6,584     24,245     —     43,368  

Loss on investment

                 3,501     —     3,501  

Stock-based compensation

     3,686     —     —     —     3,686  

Defined benefit pension plan expense

     —     —     1,334     —     1,334  

Contribution to defined benefit pension plan

     —     —     (17,484 )   —     (17,484 )

Gain on sale of property, plant and equipment

     7     (74 )   (35 )   —     (102 )

Equity in earnings in nonconsolidated subsidiaries

     (62,980 )   (25,903 )   —     88,913     30  

Deferred income taxes

     5,829     1,667     (2,466 )   —     5,030  

Changes in assets and liabilities (net of acquisitions):

                                

Receivables

     (9,471 )   34,803     (4,249 )   —     21,083  

Inventories

     9,584     10,651     (13,611 )   —     6,624  

Prepaid expenses

     (1,870 )   241     (16,660 )   —     (18,289 )

Accounts payable

     1,352     (3,892 )   (26,093 )   —     (28,633 )

Accrued expenses

     (23,205 )   (8,411 )   1,201     —     (30,415 )

Other noncurrent liabilities

     1,941     —     (175 )   —     1,766  

Income taxes payable (refundable)

     (22,572 )   1,071     (562 )   —     (22,063 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from operating activities

     34,796     53,824     2,932     299     91,851  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities:

                                

Purchase of property, plant and equipment              

     (27,046 )   (1,486 )   (18,459 )   —     (46,991 )

Proceeds from sale of assets

     21     88     1,042     —     1,151  

Acquisitions, net of cash acquired

     —     —     (120,483 )   —     (120,483 )

Other, net

     49,004     (25,784 )   (25,861 )   (299 )   (2,940 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities              

     21,979     (27,182 )   (163,761 )   (299 )   (169,263 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities:

                                

Net borrowings under short-term agreements

     —     —     (1,861 )   —     (1,861 )

Principal payments on long-term borrowings

     (196 )   —     (63 )   —     (259 )

Dividends paid

     (13,427 )   —     —     —     (13,427 )

Intercompany dividends

     20,895     25,467     (46,362 )   —     —  

Dividends to noncontrolling interest

     —     —     (1,340 )   —     (1,340 )

Intercompany interest on long-term note

     —     (54,398 )   54,398     —     —  

Intercompany capital contribution

     (143,000 )         143,000           —  

Proceeds from exercises under stock plans              

     11,996     —     —     —     11,996  

Excess tax benefits from stock option exercises

     3,576     —     —     —     3,576  

Purchase of treasury shares

     (77,084 )   —     —     —     (77,084 )

Purchase of common treasury shares—stock plan exercises:

     (11,984 )   —     —     —     (11,984 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from financing activities              

     (209,224 )   (28,931 )   147,772     —     (90,383 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash and cash equivalents

     —     2,691     7,325     —     10,016  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     (152,449 )   402     (5,732 )   —     (157,779 )

Cash and cash equivalents—beginning of year

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

Cash and cash equivalents—end of period

   $ 63,127   $ 49,455   $ 343,345   $ —   $ 455,927  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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

 
   Parent   Guarantors   Non-Guarantors   Eliminations   Total  

Cash flows from operations:

                                

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 of nonconsolidated subsidiaries            

     (85,146 )   (42,385 )   (207 )   127,265     (473 )

Deferred income taxes

     (2,504 )   1,702     (3,927 )   —     (4,729 )

Changes in assets and liabilities:

                                

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 operations

     95,613     25,759     51,128     3,093     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

     31,563     (57,087 )   28,484     (3,093 )   (133 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash flows from investing activities

     10,203     (75,624 )   25     (3,093 )   (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 )

Dividend to noncontrolling interests

     —     —     (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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​