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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
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Sep. 26, 2015
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 249,121 |  |  | $ | 114,766 |  |  | $ | 321,726 |  |  | $ | (53,038 | ) |  | $ | 632,575 |
Cost of sales | 191,143 |  |  | 82,848 |  |  | 255,424 |  |  | (53,591 | ) |  | 475,824 |
Gross profit | 57,978 |  |  | 31,918 |  |  | 66,302 |  |  | 553 |  |  | 156,751 |
Selling, general and administrative expenses | 44,432 |  |  | 11,154 |  |  | 48,953 |  |  | — |  |  | 104,539 |
Impairment of goodwill and intangible assets | — |  |  | — |  |  | 15,200 |  |  | — |  |  | 15,200 |
Operating income | 13,546 |  |  | 20,764 |  |  | 2,149 |  |  | 553 |  |  | 37,012 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,822 | ) |  | — |  |  | (298 | ) |  | — |  |  | (11,120 | )
Interest income | (9 | ) |  | 2 |  |  | 912 |  |  | — |  |  | 905 |
Other | (2,123 | ) |  | 31 |  |  | 862 |  |  | — |  |  | (1,230 | )
| (12,954 | ) |  | 33 |  |  | 1,476 |  |  | — |  |  | (11,445 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 592 |  |  | 20,797 |  |  | 3,625 |  |  | 553 |  |  | 25,567 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | (9,059 | ) |  | 8,423 |  |  | 7,226 |  |  | 156 |  |  | 6,746 |
Deferred | 7,909 |  |  | (478 | ) |  | (2,159 | ) |  | — |  |  | 5,272 |
| (1,150 | ) |  | 7,945 |  |  | 5,067 |  |  | 156 |  |  | 12,018 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 1,742 |  |  | 12,852 |  |  | (1,442 | ) |  | 397 |  |  | 13,549 |
Equity in earnings of nonconsolidated subsidiaries | 10,324 |  |  | 1,254 |  |  | — |  |  | (11,578 | ) |  | — |
Net earnings | 12,066 |  |  | 14,106 |  |  | (1,442 | ) |  | (11,181 | ) |  | 13,549 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,483 | ) |  | — |  |  | (1,483 | )
Net earnings attributable to Valmont Industries, Inc | $ | 12,066 |  |  | $ | 14,106 |  |  | $ | (2,925 | ) |  | $ | (11,181 | ) |  | $ | 12,066 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 889,408 |  |  | $ | 312,804 |  |  | $ | 946,517 |  |  | $ | (163,633 | ) |  | $ | 1,985,096 |
Cost of sales | 673,789 |  |  | 235,893 |  |  | 747,075 |  |  | (163,414 | ) |  | 1,493,343 |
Gross profit | 215,619 |  |  | 76,911 |  |  | 199,442 |  |  | (219 | ) |  | 491,753 |
Selling, general and administrative expenses | 143,387 |  |  | 33,542 |  |  | 150,929 |  |  | — |  |  | 327,858 |
Impairment of goodwill and intangible assets | — |  |  | — |  |  | 15,200 |  |  | — |  |  | 15,200 |
Operating income | 72,232 |  |  | 43,369 |  |  | 33,313 |  |  | (219 | ) |  | 148,695 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (32,548 | ) |  | — |  |  | (932 | ) |  | — |  |  | (33,480 | )
Interest income | 4 |  |  | 6 |  |  | 2,385 |  |  | — |  |  | 2,395 |
Other | (3,020 | ) |  | 31 |  |  | 2,747 |  |  | — |  |  | (242 | )
| (35,564 | ) |  | 37 |  |  | 4,200 |  |  | — |  |  | (31,327 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 36,668 |  |  | 43,406 |  |  | 37,513 |  |  | (219 | ) |  | 117,368 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | (122 | ) |  | 18,273 |  |  | 19,570 |  |  | (65 | ) |  | 37,656 |
Deferred | 11,728 |  |  | (1,062 | ) |  | (5,449 | ) |  | — |  |  | 5,217 |
| 11,606 |  |  | 17,211 |  |  | 14,121 |  |  | (65 | ) |  | 42,873 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 25,062 |  |  | 26,195 |  |  | 23,392 |  |  | (154 | ) |  | 74,495 |
Equity in earnings of nonconsolidated subsidiaries | 45,616 |  |  | 6,435 |  |  | — |  |  | (52,051 | ) |  | — |
Net earnings | 70,678 |  |  | 32,630 |  |  | 23,392 |  |  | (52,205 | ) |  | 74,495 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (3,817 | ) |  | — |  |  | (3,817 | )
Net earnings attributable to Valmont Industries, Inc | $ | 70,678 |  |  | $ | 32,630 |  |  | $ | 19,575 |  |  | $ | (52,205 | ) |  | $ | 70,678 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 313,775 |  |  | $ | 120,016 |  |  | $ | 384,564 |  |  | $ | (52,687 | ) |  | $ | 765,668 |
Cost of sales | 234,085 |  |  | 92,091 |  |  | 292,722 |  |  | (52,730 | ) |  | 566,168 |
Gross profit | 79,690 |  |  | 27,925 |  |  | 91,842 |  |  | 43 |  |  | 199,500 |
Selling, general and administrative expenses | 48,560 |  |  | 12,145 |  |  | 50,992 |  |  | — |  |  | 111,697 |
Operating income | 31,130 |  |  | 15,780 |  |  | 40,850 |  |  | 43 |  |  | 87,803 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (8,061 | ) |  | — |  |  | (655 | ) |  | — |  |  | (8,716 | )
Interest income | 2 |  |  | 60 |  |  | 1,415 |  |  | — |  |  | 1,477 |
Costs associated with refinancing of debt | (38,705 | ) |  | — |  |  | — |  |  | — |  |  | (38,705 | )
Other | (196 | ) |  | (149 | ) |  | (1,999 | ) |  | — |  |  | (2,344 | )
| (46,960 | ) |  | (89 | ) |  | (1,239 | ) |  | — |  |  | (48,288 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | (15,830 | ) |  | 15,691 |  |  | 39,611 |  |  | 43 |  |  | 39,515 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 9,296 |  |  | 6,206 |  |  | 7,791 |  |  | (3 | ) |  | 23,290 |
Deferred | (12,430 | ) |  | (342 | ) |  | 3,708 |  |  | — |  |  | (9,064 | )
| (3,134 | ) |  | 5,864 |  |  | 11,499 |  |  | (3 | ) |  | 14,226 |
Earnings before equity in earnings of nonconsolidated subsidiaries | (12,696 | ) |  | 9,827 |  |  | 28,112 |  |  | 46 |  |  | 25,289 |
Equity in earnings of nonconsolidated subsidiaries | 36,255 |  |  | 8,446 |  |  | — |  |  | (44,705 | ) |  | (4 | )
Net earnings | 23,559 |  |  | 18,273 |  |  | 28,112 |  |  | (44,659 | ) |  | 25,285 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,726 | ) |  | — |  |  | (1,726 | )
Net earnings attributable to Valmont Industries, Inc | $ | 23,559 |  |  | $ | 18,273 |  |  | $ | 26,386 |  |  | $ | (44,659 | ) |  | $ | 23,559 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 1,069,059 |  |  | $ | 380,327 |  |  | $ | 1,072,560 |  |  | $ | (161,939 | ) |  | $ | 2,360,007 |
Cost of sales | 785,898 |  |  | 283,443 |  |  | 826,120 |  |  | (162,413 | ) |  | 1,733,048 |
Gross profit | 283,161 |  |  | 96,884 |  |  | 246,440 |  |  | 474 |  |  | 626,959 |
Selling, general and administrative expenses | 146,514 |  |  | 37,806 |  |  | 151,212 |  |  | — |  |  | 335,532 |
Operating income | 136,647 |  |  | 59,078 |  |  | 95,228 |  |  | 474 |  |  | 291,427 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (23,427 | ) |  | — |  |  | (1,790 | ) |  | — |  |  | (25,217 | )
Interest income | 28 |  |  | 356 |  |  | 4,409 |  |  | — |  |  | 4,793 |
Costs associated with refinancing of debt | (38,705 | ) |  | — |  |  | — |  |  | — |  |  | (38,705 | )
Other | 1,625 |  |  | (501 | ) |  | (7,377 | ) |  | — |  |  | (6,253 | )
| (60,479 | ) |  | (145 | ) |  | (4,758 | ) |  | — |  |  | (65,382 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 76,168 |  |  | 58,933 |  |  | 90,470 |  |  | 474 |  |  | 226,045 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 38,489 |  |  | 19,718 |  |  | 24,009 |  |  | 129 |  |  | 82,345 |
Deferred | (6,601 | ) |  | 1,325 |  |  | 1,242 |  |  | — |  |  | (4,034 | )
| 31,888 |  |  | 21,043 |  |  | 25,251 |  |  | 129 |  |  | 78,311 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 44,280 |  |  | 37,890 |  |  | 65,219 |  |  | 345 |  |  | 147,734 |
Equity in earnings of nonconsolidated subsidiaries | 99,235 |  |  | 17,469 |  |  | — |  |  | (116,738 | ) |  | (34 | )
Net earnings | 143,515 |  |  | 55,359 |  |  | 65,219 |  |  | (116,393 | ) |  | 147,700 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (4,185 | ) |  | — |  |  | (4,185 | )
Net earnings attributable to Valmont Industries, Inc | $ | 143,515 |  |  | $ | 55,359 |  |  | $ | 61,034 |  |  | $ | (116,393 | ) |  | $ | 143,515 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 12,066 |  |  | $ | 14,106 |  |  | $ | (1,442 | ) |  | $ | (11,181 | ) |  | $ | 13,549 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (6,168 | ) |  | (47,350 | ) |  | — |  |  | (53,518 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Realized (gain) loss included in net earnings during the period | — |  |  | — |  |  | (439 | ) |  | — |  |  | (439 | )
Gain on cash flow hedges | (33 | ) |  | — |  |  | 143 |  |  | — |  |  | 110 |
Equity in other comprehensive income | (51,484 | ) |  | — |  |  | — |  |  | 51,484 |  |  | — |
Other comprehensive income (loss) | (51,499 | ) |  | (6,168 | ) |  | (47,646 | ) |  | 51,484 |  |  | (53,829 | )
Comprehensive income (loss) | (39,433 | ) |  | 7,938 |  |  | (49,088 | ) |  | 40,303 |  |  | (40,280 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 847 |  |  | — |  |  | 847 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (39,433 | ) |  | $ | 7,938 |  |  | $ | (48,241 | ) |  | $ | 40,303 |  |  | $ | (39,433 | )
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 70,678 |  |  | $ | 32,630 |  |  | $ | 23,392 |  |  | $ | (52,205 | ) |  | $ | 74,495 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (14,980 | ) |  | (78,388 | ) |  | — |  |  | (93,368 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |
Realized loss included in net earnings during the period | — |  |  | — |  |  | (439 | ) |  | — |  |  | (439 | )
Gain on cash flow hedges | (242 | ) |  | — |  |  | 1,397 |  |  | — |  |  | 1,155 |
Equity in other comprehensive income | (88,387 | ) |  | — |  |  | — |  |  | 88,387 |  |  | — |
Other comprehensive income (loss) | (88,574 | ) |  | (14,980 | ) |  | (77,430 | ) |  | 88,387 |  |  | (92,597 | )
Comprehensive income (loss) | (17,896 | ) |  | 17,650 |  |  | (54,038 | ) |  | 36,182 |  |  | (18,102 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 206 |  |  | — |  |  | 206 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (17,896 | ) |  | $ | 17,650 |  |  | $ | (53,832 | ) |  | $ | 36,182 |  |  | $ | (17,896 | )
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 23,559 |  |  | $ | 18,273 |  |  | $ | 28,112 |  |  | $ | (44,659 | ) |  | $ | 25,285 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (53,168 | ) |  | (5,833 | ) |  | — |  |  | (59,001 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 100 |  |  | — |  |  | 283 |  |  | — |  |  | 383 |
Realized loss included in net earnings during the period | 983 |  |  | — |  |  | — |  |  | — |  |  | 983 |
Gain on cash flow hedges | 4,837 |  |  | — |  |  | — |  |  | — |  |  | 4,837 |
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | 1,116 |  |  | — |  |  | 1,116 |
Equity in other comprehensive income | (55,787 | ) |  | — |  |  | — |  |  | 55,787 |  |  | — |
Other comprehensive income (loss) | (49,867 | ) |  | (53,168 | ) |  | (4,434 | ) |  | 55,787 |  |  | (51,682 | )
Comprehensive income (loss) | (26,308 | ) |  | (34,895 | ) |  | 23,678 |  |  | 11,128 |  |  | (26,397 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 89 |  |  | — |  |  | 89 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (26,308 | ) |  | $ | (34,895 | ) |  | $ | 23,767 |  |  | $ | 11,128 |  |  | $ | (26,308 | )
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 143,515 |  |  | $ | 55,359 |  |  | $ | 65,219 |  |  | $ | (116,393 | ) |  | $ | 147,700 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (52,105 | ) |  | 18,610 |  |  | — |  |  | (33,495 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 300 |  |  | — |  |  | 150 |  |  | — |  |  | 450 |
Realized loss included in net earnings during the period | 983 |  |  | — |  |  | — |  |  | — |  |  | 983 |
Gain on cash flow hedges | 4,837 |  |  | — |  |  | — |  |  | — |  |  | 4,837 |
Actuarial gain (loss) in defined benefit pension plan liability | — |  |  | — |  |  | 269 |  |  | — |  |  | 269 |
Equity in other comprehensive income | (30,506 | ) |  | — |  |  | — |  |  | 30,506 |  |  | — |
Other comprehensive income (loss) | (24,386 | ) |  | (52,105 | ) |  | 19,029 |  |  | 30,506 |  |  | (26,956 | )
Comprehensive income | 119,129 |  |  | 3,254 |  |  | 84,248 |  |  | (85,887 | ) |  | 120,744 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,615 | ) |  | — |  |  | (1,615 | )
Comprehensive income attributable to Valmont Industries, Inc. | $ | 119,129 |  |  | $ | 3,254 |  |  | $ | 82,633 |  |  | $ | (85,887 | ) |  | $ | 119,129 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 21,227 |  |  | $ | 1,641 |  |  | $ | 289,983 |  |  | $ | — |  |  | $ | 312,851 |
Receivables, net | 137,255 |  |  | 68,885 |  |  | 295,263 |  |  | — |  |  | 501,403 |
Inventories | 144,751 |  |  | 46,820 |  |  | 179,894 |  |  | (3,175 | ) |  | 368,290 |
Prepaid expenses | 11,397 |  |  | 612 |  |  | 40,199 |  |  | — |  |  | 52,208 |
Refundable and deferred income taxes | 30,001 |  |  | 6,262 |  |  | 8,473 |  |  | — |  |  | 44,736 |
Total current assets | 344,631 |  |  | 124,220 |  |  | 813,812 |  |  | (3,175 | ) |  | 1,279,488 |
Property, plant and equipment, at cost | 544,933 |  |  | 127,761 |  |  | 410,517 |  |  | — |  |  | 1,083,211 |
Less accumulated depreciation and amortization | 330,102 |  |  | 69,069 |  |  | 140,805 |  |  | — |  |  | 539,976 |
Net property, plant and equipment | 214,831 |  |  | 58,692 |  |  | 269,712 |  |  | — |  |  | 543,235 |
Goodwill | 20,108 |  |  | 107,542 |  |  | 235,033 |  |  | — |  |  | 362,683 |
Other intangible assets | 252 |  |  | 40,031 |  |  | 134,874 |  |  | — |  |  | 175,157 |
Investment in subsidiaries and intercompany accounts | 1,356,897 |  |  | 848,126 |  |  | 921,673 |  |  | (3,126,696 | ) |  | — |
Other assets | 47,404 |  |  | 16 |  |  | 81,718 |  |  | — |  |  | 129,138 |
Total assets | $ | 1,984,123 |  |  | $ | 1,178,627 |  |  | $ | 2,456,822 |  |  | $ | (3,129,871 | ) |  | $ | 2,489,701 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 215 |  |  | $ | — |  |  | $ | 884 |  |  | $ | — |  |  | $ | 1,099 |
Notes payable to banks | — |  |  | — |  |  | 1,496 |  |  | — |  |  | 1,496 |
Accounts payable | 64,931 |  |  | 14,213 |  |  | 107,437 |  |  | — |  |  | 186,581 |
Accrued employee compensation and benefits | 30,576 |  |  | 5,151 |  |  | 34,522 |  |  | — |  |  | 70,249 |
Accrued expenses | 44,031 |  |  | 6,145 |  |  | 54,603 |  |  | — |  |  | 104,779 |
Dividends payable | 8,649 |  |  | — |  |  | — |  |  | — |  |  | 8,649 |
Total current liabilities | 148,402 |  |  | 25,509 |  |  | 198,942 |  |  | — |  |  | 372,853 |
Deferred income taxes | 8,220 |  |  | 27,994 |  |  | 29,986 |  |  | — |  |  | 66,200 |
Long-term debt, excluding current installments | 759,033 |  |  | — |  |  | 5,790 |  |  | — |  |  | 764,823 |
Defined benefit pension liability | — |  |  | — |  |  | 129,600 |  |  | — |  |  | 129,600 |
Deferred compensation | 43,485 |  |  | — |  |  | 5,152 |  |  | — |  |  | 48,637 |
Other noncurrent liabilities | 5,249 |  |  | — |  |  | 36,562 |  |  | — |  |  | 41,811 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,682 |  |  | (1,106,632 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 159,414 |  |  | 1,107,536 |  |  | (1,266,950 | ) |  | — |
Retained earnings | 1,767,621 |  |  | 571,936 |  |  | 416,341 |  |  | (988,277 | ) |  | 1,767,621 |
Accumulated other comprehensive income (loss) | (223,007 | ) |  | (64,176 | ) |  | (167,812 | ) |  | 231,988 |  |  | (223,007 | )
Treasury stock | (552,780 | ) |  | — |  |  | — |  |  | — |  |  | (552,780 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,019,734 |  |  | 1,125,124 |  |  | 2,004,747 |  |  | (3,129,871 | ) |  | 1,019,734 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 46,043 |  |  | — |  |  | 46,043 |
Total shareholders’ equity | 1,019,734 |  |  | 1,125,124 |  |  | 2,050,790 |  |  | (3,129,871 | ) |  | 1,065,777 |
Total liabilities and shareholders’ equity | $ | 1,984,123 |  |  | $ | 1,178,627 |  |  | $ | 2,456,822 |  |  | $ | (3,129,871 | ) |  | $ | 2,489,701 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine Weeks Ended September 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 70,678 |  |  | $ | 32,630 |  |  | $ | 23,392 |  |  | $ | (52,205 | ) |  | $ | 74,495 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 22,373 |  |  | 9,372 |  |  | 39,114 |  |  | — |  |  | 70,859 |
Noncash loss on trading securities | — |  |  | — |  |  | 5,020 |  |  | — |  |  | 5,020 |
Impairment of assets - restructuring activities | 4,092 |  |  | 258 |  |  | 8,309 |  |  | — |  |  | 12,659 |
Impairment of Goodwill & Intangibles | — |  |  | — |  |  | 15,200 |  |  | — |  |  | 15,200 |
Stock-based compensation | 9,620 |  |  | — |  |  | (3,953 | ) |  | — |  |  | 5,667 |
Defined benefit pension plan expense | — |  |  | — |  |  | (460 | ) |  | — |  |  | (460 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (15,735 | ) |  | — |  |  | (15,735 | )
Gain on sale of property, plant and equipment | 333 |  |  | 267 |  |  | 663 |  |  | — |  |  | 1,263 |
Equity in earnings in nonconsolidated subsidiaries | (45,616 | ) |  | (6,435 | ) |  | — |  |  | 52,051 |  |  | — |
Deferred income taxes | 11,728 |  |  | (1,062 | ) |  | (5,449 | ) |  | — |  |  | 5,217 |
Changes in assets and liabilities (net of acquisitions): |  |  |  |  |  |  |  |  |
Receivables | 21,061 |  |  | (471 | ) |  | (15,039 | ) |  | — |  |  | 5,551 |
Inventories | (16,893 | ) |  | 8,094 |  |  | (16,648 | ) |  | — |  |  | (25,447 | )
Prepaid expenses | 840 |  |  | (110 | ) |  | 4,545 |  |  | — |  |  | 5,275 |
Accounts payable | 5,038 |  |  | (938 | ) |  | (3,268 | ) |  | — |  |  | 832 |
Accrued expenses | (5,758 | ) |  | (140 | ) |  | 13,266 |  |  | — |  |  | 7,368 |
Other noncurrent liabilities | (2,716 | ) |  | — |  |  | 3,603 |  |  | — |  |  | 887 |
Income taxes payable (refundable) | 14,216 |  |  | (14 | ) |  | (31 | ) |  | — |  |  | 14,171 |
Net cash flows from operating activities | 88,996 |  |  | 41,451 |  |  | 52,529 |  |  | (154 | ) |  | 182,822 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (9,547 | ) |  | (6,065 | ) |  | (18,835 | ) |  | — |  |  | (34,447 | )
Proceeds from sale of assets | 1,508 |  |  | 36 |  |  | 1,712 |  |  | — |  |  | 3,256 |
Other, net | 45,326 |  |  | (35,859 | ) |  | (3,641 | ) |  | 154 |  |  | 5,980 |
Net cash flows from investing activities | 37,287 |  |  | (41,888 | ) |  | (20,764 | ) |  | 154 |  |  | (25,211 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (12,322 | ) |  | — |  |  | (12,322 | )
Proceeds from long-term borrowings | 37,000 |  |  | — |  |  | — |  |  | — |  |  | 37,000 |
Principal payments on long-term borrowings | (37,222 | ) |  | — |  |  | (656 | ) |  | — |  |  | (37,878 | )
Dividends paid | (26,708 | ) |  | — |  |  | — |  |  | — |  |  | (26,708 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,323 | ) |  | — |  |  | (2,323 | )
Proceeds from exercises under stock plans | 10,902 |  |  | — |  |  | — |  |  | — |  |  | 10,902 |
Excess tax benefits from stock option exercises | 1,458 |  |  | — |  |  | — |  |  | — |  |  | 1,458 |
Purchase of treasury shares | (148,220 | ) |  | — |  |  | — |  |  | — |  |  | (148,220 | )
Purchase of common treasury shares - stock plan exercises | (12,135 | ) |  | — |  |  | — |  |  | — |  |  | (12,135 | )
Net cash flows from financing activities | (174,925 | ) |  | — |  |  | (15,301 | ) |  | — |  |  | (190,226 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (79 | ) |  | (26,034 | ) |  | — |  |  | (26,113 | )
Net change in cash and cash equivalents | (48,642 | ) |  | (516 | ) |  | (9,570 | ) |  | — |  |  | (58,728 | )
Cash and cash equivalents—beginning of year | 69,869 |  |  | 2,157 |  |  | 299,553 |  |  | — |  |  | 371,579 |
Cash and cash equivalents—end of period | $ | 21,227 |  |  | $ | 1,641 |  |  | $ | 289,983 |  |  | $ | — |  |  | $ | 312,851 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine Weeks Ended September 27, 2014
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 143,515 |  |  | $ | 55,359 |  |  | $ | 65,219 |  |  | $ | (116,393 | ) |  | $ | 147,700 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 17,094 |  |  | 9,804 |  |  | 37,562 |  |  | — |  |  | 64,460 |
Loss on investment | — |  |  | — |  |  | 4,859 |  |  | — |  |  | 4,859 |
Non-cash debt refinancing costs | (2,478 | ) |  | — |  |  | — |  |  | — |  |  | (2,478 | )
Stock-based compensation | 5,444 |  |  | — |  |  | — |  |  | — |  |  | 5,444 |
Change in fair value of contingent consideration | — |  |  | — |  |  | 4,300 |  |  | — |  |  | 4,300 |
Defined benefit pension plan expense | — |  |  | — |  |  | 2,003 |  |  | — |  |  | 2,003 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (18,245 | ) |  | — |  |  | (18,245 | )
Gain on sale of property, plant and equipment | 37 |  |  | (30 | ) |  | 51 |  |  | — |  |  | 58 |
Equity in earnings in nonconsolidated subsidiaries | (99,235 | ) |  | (17,469 | ) |  | — |  |  | 116,738 |  |  | 34 |
Deferred income taxes | (6,601 | ) |  | 1,325 |  |  | 1,242 |  |  | — |  |  | (4,034 | )
Changes in assets and liabilities (net of acquisitions): |  |  |  |  |  |  |  |  |
Receivables | (18,901 | ) |  | 29,838 |  |  | (30,888 | ) |  | — |  |  | (19,951 | )
Inventories | 2,914 |  |  | 5,036 |  |  | (12,102 | ) |  | — |  |  | (4,152 | )
Prepaid expenses | (2,213 | ) |  | 173 |  |  | (17,142 | ) |  | — |  |  | (19,182 | )
Accounts payable | (2,788 | ) |  | (3,643 | ) |  | (14,651 | ) |  | — |  |  | (21,082 | )
Accrued expenses | (18,654 | ) |  | (9,296 | ) |  | 24 |  |  | — |  |  | (27,926 | )
Other noncurrent liabilities | 2,061 |  |  | — |  |  | (8,470 | ) |  | — |  |  | (6,409 | )
Income taxes payable (refundable) | (16,149 | ) |  | (225 | ) |  | (6,328 | ) |  | — |  |  | (22,702 | )
Net cash flows from operating activities | 4,046 |  |  | 70,872 |  |  | 7,434 |  |  | 345 |  |  | 82,697 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (35,925 | ) |  | (1,972 | ) |  | (25,515 | ) |  | — |  |  | (63,412 | )
Proceeds from sale of assets | 8 |  |  | 127 |  |  | 1,972 |  |  | — |  |  | 2,107 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (137,438 | ) |  | — |  |  | (137,438 | )
Other, net | 36,954 |  |  | (53,129 | ) |  | 19,512 |  |  | (345 | ) |  | 2,992 |
Net cash flows from investing activities | 1,037 |  |  | (54,974 | ) |  | (141,469 | ) |  | (345 | ) |  | (195,751 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (1,065 | ) |  | — |  |  | (1,065 | )
Proceeds from long-term borrowings | 652,540 |  |  | — |  |  | — |  |  | — |  |  | 652,540 |
Principal payments on long-term borrowings | (356,994 | ) |  | — |  |  | (65 | ) |  | — |  |  | (357,059 | )
Settlement of financial derivative | 4,837 |  |  | — |  |  | — |  |  | — |  |  | 4,837 |
Dividends paid | (23,357 | ) |  | — |  |  | — |  |  | — |  |  | (23,357 | )
Intercompany dividends | 116,995 |  |  | (44,000 | ) |  | (72,995 | ) |  | — |  |  | — |
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,340 | ) |  | — |  |  | (1,340 | )
Debt issuance costs | (5,464 | ) |  | — |  |  | — |  |  | — |  |  | (5,464 | )
Intercompany capital contribution | (143,000 | ) |  | — |  |  | 143,000 |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 12,824 |  |  | — |  |  | — |  |  | — |  |  | 12,824 |
Excess tax benefits from stock option exercises | 3,916 |  |  | — |  |  | — |  |  | — |  |  | 3,916 |
Purchase of treasury shares | (316,296 | ) |  | — |  |  | — |  |  | — |  |  | (316,296 | )
Purchase of common treasury shares - stock plan exercises | (12,739 | ) |  | — |  |  | — |  |  | — |  |  | (12,739 | )
Net cash flows from financing activities | (66,738 | ) |  | (44,000 | ) |  | 67,535 |  |  | — |  |  | (43,203 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (36 | ) |  | (5,195 | ) |  | — |  |  | (5,231 | )
Net change in cash and cash equivalents | (61,655 | ) |  | (28,138 | ) |  | (71,695 | ) |  | — |  |  | (161,488 | )
Cash and cash equivalents—beginning of year | 215,576 |  |  | 29,797 |  |  | 368,333 |  |  | — |  |  | 613,706 |
Cash and cash equivalents—end of period | $ | 153,921 |  |  | $ | 1,659 |  |  | $ | 296,638 |  |  | $ | — |  |  | $ | 452,218 |

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