(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION

The Company has three tranches of senior unsecured notes. All of the senior 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 the fourth quarter of 2014, a subsidiary of the Company was removed as a guarantor of our revolving credit facility, and consequently was removed as a guarantor of the notes. All prior year consolidated financial information has been recast to reflect the current guarantor structure. Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Thirteen weeks ended June 27, 2015

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	311,156		$	102,090		$	322,555		$	(53,678	)	$	682,123
Cost of sales		232,779			78,149			254,666			(53,019	)		512,575

Gross profit		78,377			23,941			67,889			(659	)		169,548
Selling, general and administrative expenses		50,913			11,091			53,544			—			115,548

Operating income		27,464			12,850			14,345			(659	)		54,000

Other income (expense):
Interest expense		(10,894	)		—			(338	)		—			(11,232	)
Interest income		4			2			610			—			616
Other		(248	)		24			196			—			(28	)

		(11,138	)		26			468			—			(10,644	)

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		16,326			12,876			14,813			(659	)		43,356

Income tax expense (benefit):
Current		7,545			5,223			6,547			(179	)		19,136
Deferred		(1,650	)		(51	)		(3,518	)		—			(5,219	)

		5,895			5,172			3,029			(179	)		13,917

Earnings before equity in earnings of nonconsolidated subsidiaries		10,431			7,704			11,784			(480	)		29,439
Equity in earnings of nonconsolidated subsidiaries		17,442			876			—			(18,318	)		—

Net earnings		27,873			8,580			11,784			(18,798	)		29,439
Less: Earnings attributable to noncontrolling interests		—			—			(1,566	)		—			(1,566	)

Net earnings attributable to Valmont Industries, Inc	$	27,873		$	8,580		$	10,218		$	(18,798	)	$	27,873

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Twenty-six weeks ended June 27, 2015

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	640,287		$	198,038		$	624,791		$	(110,595	)	$	1,352,521
Cost of sales		482,646			153,045			491,651			(109,823	)		1,017,519

Gross profit		157,641			44,993			133,140			(772	)		335,002
Selling, general and administrative expenses		98,955			22,388			101,976			—			223,319

Operating income		58,686			22,605			31,164			(772	)		111,683

Other income (expense):
Interest expense		(21,726	)		—			(634	)		—			(22,360	)
Interest income		13			4			1,473			—			1,490
Other		(897	)		—			1,885			—			988

		(22,610	)		4			2,724			—			(19,882	)

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		36,076			22,609			33,888			(772	)		91,801

Income tax expense (benefit):
Current		8,937			9,850			12,344			(221	)		30,910
Deferred		3,819			(584	)		(3,290	)		—			(55	)

		12,756			9,266			9,054			(221	)		30,855

Earnings before equity in earnings of nonconsolidated subsidiaries		23,320			13,343			24,834			(551	)		60,946
Equity in earnings of nonconsolidated subsidiaries		35,292			5,181			—			(40,473	)		—

Net earnings		58,612			18,524			24,834			(41,024	)		60,946
Less: Earnings attributable to noncontrolling interests		—			—			(2,334	)		—			(2,334	)

Net earnings attributable to Valmont Industries, Inc	$	58,612		$	18,524		$	22,500		$	(41,024	)	$	58,612

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	)		—		(613	)		—			(8,304	)
Interest income		6			113		1,458			—			1,577
Other		1,754			140		9			—			1,903

		(5,931	)		253		854			—			(4,824	)

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		42,493			20,461		36,938			60			99,952

Income tax expense (benefit):
Current		9,315			5,458		11,316			28			26,117
Deferred		7,672			2,079		(1,798	)		—			7,953

		16,987			7,537		9,518			28			34,070

Earnings before equity in earnings of nonconsolidated subsidiaries		25,506			12,924		27,420			32			65,882
Equity in earnings of nonconsolidated subsidiaries		38,470			8,478		—			(46,978	)		(30	)

Net earnings		63,976			21,402		27,420			(46,946	)		65,852
Less: Earnings attributable to noncontrolling interests		—			—		(1,876	)		—			(1,876	)

Net earnings attributable to Valmont Industries, Inc	$	63,976		$	21,402	$	25,544		$	(46,946	)	$	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	)		—			(1,135	)		—			(16,501	)
Interest income		26			296			2,994			—			3,316
Other		1,821			(352	)		(5,378	)		—			(3,909	)

		(13,519	)		(56	)		(3,519	)		—			(17,094	)

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries		91,998			43,242			50,859			431			186,530

Income tax expense (benefit):
Current		29,193			13,512			16,218			132			59,055
Deferred		5,829			1,667			(2,466	)		—			5,030

		35,022			15,179			13,752			132			64,085

Earnings before equity in earnings of nonconsolidated subsidiaries		56,976			28,063			37,107			299			122,445
Equity in earnings of nonconsolidated subsidiaries		62,980			9,023			—			(72,033	)		(30	)

Net earnings		119,956			37,086			37,107			(71,734	)		122,415
Less: Earnings attributable to noncontrolling interests		—			—			(2,459	)		—			(2,459	)

Net earnings attributable to Valmont Industries, Inc	$	119,956		$	37,086		$	34,648		$	(71,734	)	$	119,956

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Thirteen weeks ended June 27, 2015

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings	$	27,873		$	8,580	$	11,784		$	(18,798	)	$	29,439

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			76		18,252			—			18,328
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		19			—		—			—			19
Gain on cash flow hedges		(301	)		—		1,052			—			751
Equity in other comprehensive income		18,978			—		—			(18,978	)		—

Other comprehensive income (loss)		18,696			76		19,304			(18,978	)		19,098

Comprehensive income		46,569			8,656		31,088			(37,776	)		48,537
Comprehensive income attributable to noncontrolling interests		—			—		(1,968	)		—			(1,968	)

Comprehensive income attributable to Valmont Industries, Inc.	$	46,569		$	8,656	$	29,120		$	(37,776	)	$	46,569

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Twenty-six weeks ended June 27, 2015

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	58,612		$	18,524		$	24,834		$	(41,024	)	$	60,946

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—			(8,812	)		(31,038	)		—			(39,850	)
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		37			—			—			—			37
Gain on cash flow hedges		(209	)		—			1,254			—			1,045
Equity in other comprehensive income		(36,903	)		—			—			36,903			—

Other comprehensive income (loss)		(37,075	)		(8,812	)		(29,784	)		36,903			(38,768	)

Comprehensive income		21,537			9,712			(4,950	)		(4,121	)		22,178
Comprehensive income attributable to noncontrolling interests		—			—			(641	)		—			(641	)

Comprehensive income attributable to Valmont Industries, Inc.	$	21,537		$	9,712		$	(5,591	)	$	(4,121	)	$	21,537

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

	Parent		Guarantors			Non- Guarantors			Eliminations			Total
Net earnings	$	63,976	$	21,402		$	27,420		$	(46,946	)	$	65,852

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		(126	)		13,995			—			13,869
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		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		(126	)		13,248			(13,206	)		13,222

Comprehensive income		77,282		21,276			40,668			(60,152	)		79,074
Comprehensive income attributable to noncontrolling interests		—		—			(1,792	)		—			(1,792	)

Comprehensive income attributable to Valmont Industries, Inc.	$	77,282	$	21,276		$	38,876		$	(60,152	)	$	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	$	37,086	$	37,107		$	(71,734	)	$	122,415

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized gains (losses) arising during the period		—		1,063		24,443			—			25,506
Unrealized loss on cash flow hedge:
Amortization cost included in interest expense		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		1,063		23,463			(25,281	)		24,726

Comprehensive income		145,437		38,149		60,570			(97,015	)		147,141
Comprehensive income attributable to noncontrolling interests		—		—		(1,704	)		—			(1,704	)

Comprehensive income attributable to Valmont Industries, Inc.	$	145,437	$	38,149	$	58,866		$	(97,015	)	$	145,437

CONDENSED CONSOLIDATED BALANCE SHEETS
June 27, 2015

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	12,453		$	1,800		$	303,270		$	—		$	317,523
Receivables, net		146,163			54,606			290,937			—			491,706
Inventories		133,029			51,821			198,598			(3,551	)		379,897
Prepaid expenses		6,782			662			49,209			—			56,653
Refundable and deferred income taxes		29,974			6,089			8,009			—			44,072

Total current assets		328,401			114,978			850,023			(3,551	)		1,289,851

Property, plant and equipment, at cost		561,190			125,366			437,329			—			1,123,885
Less accumulated depreciation and amortization		334,149			67,516			151,243			—			552,908

Net property, plant and equipment		227,041			57,850			286,086			—			570,977

Goodwill		20,108			107,542			252,436			—			380,086
Other intangible assets		265			41,235			148,392			—			189,892
Investment in subsidiaries and intercompany accounts		1,405,594			854,867			899,268			(3,159,729	)		—
Other assets		49,438			—			87,148			—			136,586

Total assets	$	2,030,847		$	1,176,472		$	2,523,353		$	(3,163,280	)	$	2,567,392


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	215		$	—		$	881		$	—		$	1,096
Notes payable to banks		—			—			7,914			—			7,914
Accounts payable		51,355			15,355			119,711			—			186,421
Accrued employee compensation and benefits		33,728			5,209			36,218			—			75,155
Accrued expenses		32,928			6,182			50,873			—			89,983
Dividends payable		8,733			—			—			—			8,733

Total current liabilities		126,959			26,746			215,597			—			369,302

Deferred income taxes		1,085			28,299			33,575			—			62,959
Long-term debt, excluding current installments		759,251			—			6,021			—			765,272
Defined benefit pension liability		—			—			135,068			—			135,068
Deferred compensation		45,231			—			5,825			—			51,056
Other noncurrent liabilities		5,272			—			37,870			—			43,142
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			648,682			(1,106,632	)		27,900
Additional paid-in capital		—			150,286			1,098,408			(1,248,694	)		—
Retained earnings		1,762,534			571,199			420,383			(991,582	)		1,762,534
Accumulated other comprehensive income (loss)		(171,508	)		(58,008	)		(125,620	)		183,628			(171,508	)
Treasury stock		(525,877	)		—			—			—			(525,877	)

Total Valmont Industries, Inc. shareholders' equity		1,093,049			1,121,427			2,041,853			(3,163,280	)		1,093,049

Noncontrolling interest in consolidated subsidiaries		—			—			47,544			—			47,544

Total shareholders' equity		1,093,049			1,121,427			2,089,397			(3,163,280	)		1,140,593

Total liabilities and shareholders' equity	$	2,030,847		$	1,176,472		$	2,523,353		$	(3,163,280	)	$	2,567,392

CONDENSED CONSOLIDATED BALANCE SHEETS
December 27, 2014

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
ASSETS
Current assets:
Cash and cash equivalents	$	69,869		$	2,157		$	299,553		$	—		$	371,579
Receivables, net		158,316			68,414			310,188			—			536,918
Inventories		127,859			54,914			177,512			(763	)		359,522
Prepaid expenses		7,087			502			49,323			—			56,912
Refundable and deferred income taxes		53,307			6,194			8,509			—			68,010

Total current assets		416,438			132,181			845,085			(763	)		1,392,941

Property, plant and equipment, at cost		556,658			124,182			458,729			—			1,139,569
Less accumulated depreciation and amortization		319,899			65,493			147,724			—			533,116

Net property, plant and equipment		236,759			58,689			311,005			—			606,453

Goodwill		20,108			107,542			257,461			—			385,111
Other intangible assets		292			43,644			158,068			—			202,004
Investment in subsidiaries and intercompany accounts		1,446,989			825,236			887,055			(3,159,280	)		—
Other assets		46,587			—			96,572			—			143,159

Total assets	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	213		$	—		$	968		$	—		$	1,181
Notes payable to banks		—			—			13,952			—			13,952
Accounts payable		59,893			15,151			121,521			—			196,565
Accrued employee compensation and benefits		48,169			5,385			34,396			—			87,950
Accrued expenses		32,616			6,052			49,812			—			88,480
Dividends payable		9,086			—			—			—			9,086

Total current liabilities		149,977			26,588			220,649			—			397,214

Deferred income taxes		5,584			28,988			37,225			—			71,797
Long-term debt, excluding current installments		759,895			—			6,759			—			766,654
Defined benefit pension liability		—			—			150,124			—			150,124
Deferred compensation		41,803			—			6,129			—			47,932
Other noncurrent liabilities		8,081			—			37,461			—			45,542
Shareholders' equity:
Common stock of $1 par value		27,900			457,950			648,682			(1,106,632	)		27,900
Additional paid-in capital		—			150,286			1,098,408			(1,248,694	)		—
Retained earnings		1,718,662			552,676			397,302			(949,978	)		1,718,662
Accumulated other comprehensive income		(134,433	)		(49,196	)		(96,065	)		145,261			(134,433	)
Treasury stock		(410,296	)		—			—			—			(410,296	)

Total Valmont Industries, Inc. shareholders' equity		1,201,833			1,111,716			2,048,327			(3,160,043	)		1,201,833

Noncontrolling interest in consolidated subsidiaries		—			—			48,572			—			48,572

Total shareholders' equity		1,201,833			1,111,716			2,096,899			(3,160,043	)		1,250,405

Total liabilities and shareholders' equity	$	2,167,173		$	1,167,292		$	2,555,246		$	(3,160,043	)	$	2,729,668

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twenty-six Weeks Ended June 27, 2015

	Parent			Guarantors			Non-Guarantors			Eliminations			Total
Cash flows from operating activities:
Net earnings	$	58,612		$	18,524		$	24,834		$	(41,024	)	$	60,946
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		14,983			6,278			26,500			—			47,761
Noncash loss on trading securities		—			—			4,582			—			4,582
Impairment of assets		1,890			215			7,187			—			9,292
Stock-based compensation		7,466			—			(3,953	)		—			3,513
Defined benefit pension plan expense		—			—			(305	)		—			(305	)
Contribution to defined benefit pension plan		—			—			(15,735	)		—			(15,735	)
Gain on sale of property, plant and equipment		(8	)		97			453			—			542
Equity in earnings in nonconsolidated subsidiaries		(35,292	)		(5,181	)		—			40,473			—
Deferred income taxes		3,819			(584	)		(3,290	)		—			(55	)
Changes in assets and liabilities (net of acquisitions):
Receivables		12,153			13,807			6,551			—			32,511
Inventories		10,161			3,093			(41,000	)		—			(27,746	)
Prepaid expenses		305			(160	)		(3,232	)		—			(3,087	)
Accounts payable		(8,538	)		204			3,313			—			(5,021	)
Accrued expenses		(13,652	)		(46	)		7,267			—			(6,431	)
Other noncurrent liabilities		(2,729	)		—			4,490			—			1,761
Income taxes payable (refundable)		15,016			(5	)		806			—			15,817

Net cash flows from operating activities		64,186			36,242			18,468			(551	)		118,345

Cash flows from investing activities:
Purchase of property, plant and equipment		(7,065	)		(3,147	)		(14,546	)		—			(24,758	)
Proceeds from sale of assets		25			19			1,057			—			1,101
Other, net		24,268			(33,440	)		14,517			551			5,896

Net cash flows from investing activities		17,228			(36,568	)		1,028			551			(17,761	)

Cash flows from financing activities:
Net borrowings under short-term agreements		—			—			(5,890	)		—			(5,890	)
Proceeds from long-term borrowings		33,000			—			—			—			33,000
Principal payments on long-term borrowings		(33,212	)		—			(445	)		—			(33,657	)
Dividends paid		(17,956	)		—			—			—			(17,956	)
Dividends to noncontrolling interest		—			—			(1,669	)		—			(1,669	)
Proceeds from exercises under stock plans		9,454			—			—			—			9,454
Excess tax benefits from stock option exercises		1,394			—			—			—			1,394
Purchase of treasury shares		(121,020	)		—			—			—			(121,020	)
Purchase of common treasury shares—stock plan exercises		(10,490	)		—			—			—			(10,490	)

Net cash flows from financing activities		(138,830	)		—			(8,004	)		—			(146,834	)

Effect of exchange rate changes on cash and cash equivalents		—			(31	)		(7,775	)		—			(7,806	)

Net change in cash and cash equivalents		(57,416	)		(357	)		3,717			—			(54,056	)
Cash and cash equivalents—beginning of year		69,869			2,157			299,553			—			371,579

Cash and cash equivalents—end of period	$	12,453		$	1,800		$	303,270		$	—		$	317,523

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		$	37,086		$	37,107		$	(71,734	)	$	122,415
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization		12,539			6,584			24,245			—			43,368
Noncash loss on trading securities		—			—			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	)		(9,023	)		—			72,033			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			70,703			(13,947	)		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			(74,035	)		22,390			(299	)		(2,940	)

Net cash flows from investing activities		21,979			(75,433	)		(115,510	)		(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			—			(20,895	)		—			—
Dividends to noncontrolling interest		—			—			(1,340	)		—			(1,340	)
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	)		—			118,841			—			(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	)		(2,039	)		(3,291	)		—			(157,779	)
Cash and cash equivalents—beginning of year		215,576			29,797			368,333			—			613,706

Cash and cash equivalents—end of period	$	63,127		$	27,758		$	365,042		$	—		$	455,927