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BUSINESS SEGMENTS | 12 Months Ended
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Dec. 28, 2013
BUSINESS SEGMENTS |
BUSINESS SEGMENTS | (17) BUSINESS SEGMENTS The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars. Reportable segments are as follows: ENGINEERED INFRASTRUCTURE PRODUCTS: This segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, roadway safety and access systems applications; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility industry; COATINGS: This segment consists of galvanizing, anodizing and powder coating services on a global basis; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment and related parts and services for the global agricultural industry. In addition to these four reportable segments, the Company has other businesses and activities that individually are not more than 10% of consolidated sales. These include the manufacture of forged steel grinding media for the mining industry, tubular products for industrial customers, and the distribution of industrial fasteners and are reported in the "Other" category. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income and deductions, or income taxes to its business segments. In 2013, the Company changed its presentation of certain intersegment utility structure sales to align with management's current reporting structure. Fiscal 2012 and 2011 reporting was reclassified to conform with the 2013 presentation. Accordingly, fiscal 2012 and 2011 EIP segment sales (and the associated intersegment sales elimination) for 2012 increased by $49,427 and $21,657, respectively. Fiscal 2012 and 2011 segment sales (after intersegment sales eliminations) and operating income were unchanged from amounts previously reported. Summary by Business Segments
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
SALES: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products segment: |  |  |  |  |  |  |  |  |  |
Lighting, Traffic, and Roadway Products |  | $ | 660,423 |  | $ | 637,082 |  | $ | 595,048 |
Communication Products |  |  | 139,888 |  |  | 134,711 |  |  | 109,131 |
Access Systems |  |  | 201,498 |  |  | 159,740 |  |  | 135,341 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Engineered Infrastructure Products segment |  |  | 1,001,809 |  |  | 931,533 |  |  | 839,520 |
Utility Support Structures segment: |  |  |  |  |  |  |  |  |  |
Steel |  |  | 853,459 |  |  | 752,621 |  |  | 546,926 |
Concrete |  |  | 108,579 |  |  | 120,899 |  |  | 77,944 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Utility Support Structures segment |  |  | 962,038 |  |  | 873,520 |  |  | 624,870 |
Coatings segment |  |  | 357,635 |  |  | 334,552 |  |  | 327,322 |
Irrigation segment |  |  | 882,179 |  |  | 750,641 |  |  | 666,007 |
Other |  |  | 303,595 |  |  | 328,737 |  |  | 331,986 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 3,507,256 |  |  | 3,218,983 |  |  | 2,789,705 |
INTERSEGMENT SALES: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products segment |  |  | 104,306 |  |  | 98,220 |  |  | 46,923 |
Utility Support Structures segment |  |  | 2,343 |  |  | 3,857 |  |  | 4,105 |
Coatings segment |  |  | 56,649 |  |  | 52,478 |  |  | 46,534 |
Irrigation segment |  |  | 5 |  |  | 49 |  |  | 111 |
Other |  |  | 39,742 |  |  | 34,838 |  |  | 30,552 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 203,045 |  |  | 189,442 |  |  | 128,225 |
NET SALES: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products segment |  |  | 897,503 |  |  | 833,313 |  |  | 792,597 |
Utility Support Structures segment |  |  | 959,695 |  |  | 869,663 |  |  | 620,765 |
Coatings segment |  |  | 300,986 |  |  | 282,074 |  |  | 280,788 |
Irrigation segment |  |  | 882,174 |  |  | 750,592 |  |  | 665,896 |
Other |  |  | 263,853 |  |  | 293,899 |  |  | 301,434 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 3,304,211 |  | $ | 3,029,541 |  | $ | 2,661,480 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
OPERATING INCOME (LOSS): |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products |  | $ | 87,647 |  | $ | 54,013 |  | $ | 40,753 |
Utility Support Structures |  |  | 174,740 |  |  | 129,025 |  |  | 70,643 |
Coatings |  |  | 74,917 |  |  | 71,641 |  |  | 58,656 |
Irrigation |  |  | 181,498 |  |  | 143,605 |  |  | 107,759 |
Other |  |  | 30,984 |  |  | 46,575 |  |  | 45,670 |
Corporate |  |  | (76,717 | ) |  | (62,563 | ) |  | (60,171 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 473,069 |  |  | 382,296 |  |  | 263,310 |
Interest expense, net |  |  | (26,025 | ) |  | (23,353 | ) |  | (26,910 | )
Other |  |  | 2,373 |  |  | 347 |  |  | (2,643 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries |  | $ | 449,417 |  | $ | 359,290 |  | $ | 233,757 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TOTAL ASSETS: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products |  | $ | 873,757 |  | $ | 784,659 |  | $ | 750,992 |
Utility Support Structures |  |  | 524,113 |  |  | 510,943 |  |  | 432,657 |
Coatings |  |  | 315,663 |  |  | 334,841 |  |  | 283,588 |
Irrigation |  |  | 323,435 |  |  | 287,354 |  |  | 267,615 |
Other |  |  | 126,337 |  |  | 202,289 |  |  | 203,185 |
Corporate |  |  | 613,189 |  |  | 448,465 |  |  | 368,039 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 2,776,494 |  | $ | 2,568,551 |  | $ | 2,306,076 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CAPITAL EXPENDITURES: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products |  | $ | 15,878 |  | $ | 20,244 |  | $ | 13,328 |
Utility Support Structures |  |  | 39,347 |  |  | 41,081 |  |  | 31,501 |
Coatings |  |  | 12,206 |  |  | 13,280 |  |  | 22,881 |
Irrigation |  |  | 21,416 |  |  | 12,618 |  |  | 8,766 |
Other |  |  | 6,270 |  |  | 4,428 |  |  | 4,501 |
Corporate |  |  | 11,636 |  |  | 5,423 |  |  | 2,092 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 106,753 |  | $ | 97,074 |  | $ | 83,069 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
DEPRECIATION AND AMORTIZATION: |  |  |  |  |  |  |  |  |  |
Engineered Infrastructure Products |  | $ | 31,057 |  | $ | 27,164 |  | $ | 30,637 |
Utility Support Structures |  |  | 14,375 |  |  | 13,284 |  |  | 12,548 |
Coatings |  |  | 14,656 |  |  | 12,015 |  |  | 12,175 |
Irrigation |  |  | 6,679 |  |  | 6,209 |  |  | 6,006 |
Other |  |  | 7,663 |  |  | 8,168 |  |  | 8,539 |
Corporate |  |  | 3,006 |  |  | 3,378 |  |  | 4,655 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 77,436 |  | $ | 70,218 |  | $ | 74,560 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary by Geographical Area by Location of Valmont Facilities:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
NET SALES: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,077,812 |  | $ | 1,870,703 |  | $ | 1,473,819 |
Australia |  |  | 492,698 |  |  | 499,025 |  |  | 491,395 |
China |  |  | 97,788 |  |  | 135,398 |  |  | 148,219 |
Other |  |  | 635,913 |  |  | 524,415 |  |  | 548,047 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 3,304,211 |  | $ | 3,029,541 |  | $ | 2,661,480 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LONG-LIVED ASSETS: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 530,042 |  | $ | 470,154 |  | $ | 439,147 |
Australia |  |  | 342,320 |  |  | 321,456 |  |  | 329,453 |
Canada |  |  | 71,512 |  |  | 77,945 |  |  | 36,979 |
Other |  |  | 234,780 |  |  | 273,056 |  |  | 247,554 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 1,178,654 |  | $ | 1,142,611 |  | $ | 1,053,133 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
No single customer accounted for more than 10% of net sales in 2013, 2012, or 2011. Net sales by geographical area are based on the location of the facility producing the sales and do not include sales to other operating units of the company. While Australia accounted for approximately 15% of the Company's net sales in 2013, no other foreign country accounted for more than 4% of the Company's net sales. Operating income by business segment and geographical areas are based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other operating units of the company. Long-lived assets consist of property, plant and equipment, net of depreciation, goodwill, other intangible assets and other assets. Long-lived assets by geographical area are based on location of facilities.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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