XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.4.0.3

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | 3 Months Ended
--- | ---
Mar. 26, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | 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 (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) 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. 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 March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 285,038 |  |  | $ | 91,526 |  |  | $ | 272,114 |  |  | $ | (52,073 | ) |  | $ | 596,605 |
Cost of sales | 207,861 |  |  | 67,862 |  |  | 211,393 |  |  | (51,480 | ) |  | 435,636 |
Gross profit | 77,177 |  |  | 23,664 |  |  | 60,721 |  |  | (593 | ) |  | 160,969 |
Selling, general and administrative expenses | 42,494 |  |  | 11,430 |  |  | 44,680 |  |  | — |  |  | 98,604 |
Operating income | 34,683 |  |  | 12,234 |  |  | 16,041 |  |  | (593 | ) |  | 62,365 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,930 | ) |  | — |  |  | (124 | ) |  | — |  |  | (11,054 | )
Interest income | 67 |  |  | 25 |  |  | 719 |  |  | — |  |  | 811 |
Other | (375 | ) |  | 12 |  |  | (1,315 | ) |  | — |  |  | (1,678 | )
| (11,238 | ) |  | 37 |  |  | (720 | ) |  | — |  |  | (11,921 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 23,445 |  |  | 12,271 |  |  | 15,321 |  |  | (593 | ) |  | 50,444 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 5,583 |  |  | 2,572 |  |  | 2,479 |  |  | (120 | ) |  | 10,514 |
Deferred | 2,419 |  |  | 2,149 |  |  | 1,191 |  |  | — |  |  | 5,759 |
| 8,002 |  |  | 4,721 |  |  | 3,670 |  |  | (120 | ) |  | 16,273 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 15,443 |  |  | 7,550 |  |  | 11,651 |  |  | (473 | ) |  | 34,171 |
Equity in earnings of nonconsolidated subsidiaries | 17,526 |  |  | 2,113 |  |  | — |  |  | (19,639 | ) |  | — |
Net earnings | 32,969 |  |  | 9,663 |  |  | 11,651 |  |  | (20,112 | ) |  | 34,171 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,202 | ) |  | — |  |  | (1,202 | )
Net earnings attributable to Valmont Industries, Inc | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 10,449 |  |  | $ | (20,112 | ) |  | $ | 32,969 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 329,131 |  |  | $ | 95,948 |  |  | $ | 302,236 |  |  | $ | (56,917 | ) |  | $ | 670,398 |
Cost of sales | 249,867 |  |  | 74,896 |  |  | 236,985 |  |  | (56,804 | ) |  | 504,944 |
Gross profit | 79,264 |  |  | 21,052 |  |  | 65,251 |  |  | (113 | ) |  | 165,454 |
Selling, general and administrative expenses | 48,042 |  |  | 11,297 |  |  | 48,432 |  |  | — |  |  | 107,771 |
Operating income | 31,222 |  |  | 9,755 |  |  | 16,819 |  |  | (113 | ) |  | 57,683 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,832 | ) |  | — |  |  | (296 | ) |  | — |  |  | (11,128 | )
Interest income | 9 |  |  | 2 |  |  | 863 |  |  | — |  |  | 874 |
Other | (649 | ) |  | (24 | ) |  | 1,689 |  |  | — |  |  | 1,016 |
| (11,472 | ) |  | (22 | ) |  | 2,256 |  |  | — |  |  | (9,238 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 19,750 |  |  | 9,733 |  |  | 19,075 |  |  | (113 | ) |  | 48,445 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 1,392 |  |  | 4,627 |  |  | 5,797 |  |  | (42 | ) |  | 11,774 |
Deferred | 5,469 |  |  | (533 | ) |  | 228 |  |  | — |  |  | 5,164 |
| 6,861 |  |  | 4,094 |  |  | 6,025 |  |  | (42 | ) |  | 16,938 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 12,889 |  |  | 5,639 |  |  | 13,050 |  |  | (71 | ) |  | 31,507 |
Equity in earnings of nonconsolidated subsidiaries | 17,850 |  |  | 4,305 |  |  | — |  |  | (22,155 | ) |  | — |
Net earnings | 30,739 |  |  | 9,944 |  |  | 13,050 |  |  | (22,226 | ) |  | 31,507 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (768 | ) |  | — |  |  | (768 | )
Net earnings attributable to Valmont Industries, Inc | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 12,282 |  |  | $ | (22,226 | ) |  | $ | 30,739 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 11,651 |  |  | $ | (20,112 | ) |  | $ | 34,171 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (178 | ) |  | 2,691 |  |  | — |  |  | 2,513 |
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | 1,388 |  |  | — |  |  | — |  |  | (1,388 | ) |  | — |
Other comprehensive income (loss) | 1,407 |  |  | (178 | ) |  | 2,691 |  |  | (1,388 | ) |  | 2,532 |
Comprehensive income (loss) | 34,376 |  |  | 9,485 |  |  | 14,342 |  |  | (21,500 | ) |  | 36,703 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,327 | ) |  | — |  |  | (2,327 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 34,376 |  |  | $ | 9,485 |  |  | $ | 12,015 |  |  | $ | (21,500 | ) |  | $ | 34,376 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 13,050 |  |  | $ | (22,226 | ) |  | $ | 31,507 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (8,888 | ) |  | (49,290 | ) |  | — |  |  | (58,178 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Actuarial gain (loss) in defined benefit pension plan liability | 92 |  |  | — |  |  | 202 |  |  | — |  |  | 294 |
Equity in other comprehensive income | (55,881 | ) |  | — |  |  | — |  |  | 55,881 |  |  | — |
Other comprehensive income (loss) | (55,771 | ) |  | (8,888 | ) |  | (49,088 | ) |  | 55,881 |  |  | (57,866 | )
Comprehensive income (loss) | (25,032 | ) |  | 1,056 |  |  | (36,038 | ) |  | 33,655 |  |  | (26,359 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 1,327 |  |  | — |  |  | 1,327 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (25,032 | ) |  | $ | 1,056 |  |  | $ | (34,711 | ) |  | $ | 33,655 |  |  | $ | (25,032 | )
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 76,634 |  |  | $ | 4,566 |  |  | $ | 306,514 |  |  | $ | — |  |  | $ | 387,714 |
Receivables, net | 128,713 |  |  | 54,384 |  |  | 266,282 |  |  | — |  |  | 449,379 |
Inventories | 138,589 |  |  | 40,782 |  |  | 174,983 |  |  | (3,586 | ) |  | 350,768 |
Prepaid expenses | 5,435 |  |  | 804 |  |  | 39,841 |  |  | — |  |  | 46,080 |
Refundable income taxes | 18,897 |  |  | — |  |  | — |  |  | — |  |  | 18,897 |
Total current assets | 368,268 |  |  | 100,536 |  |  | 787,620 |  |  | (3,586 | ) |  | 1,252,838 |
Property, plant and equipment, at cost | 537,701 |  |  | 142,955 |  |  | 420,148 |  |  | — |  |  | 1,100,804 |
Less accumulated depreciation and amortization | 338,782 |  |  | 74,063 |  |  | 155,452 |  |  | — |  |  | 568,297 |
Net property, plant and equipment | 198,919 |  |  | 68,892 |  |  | 264,696 |  |  | — |  |  | 532,507 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 203,599 |  |  | — |  |  | 334,269 |
Other intangible assets | 225 |  |  | 39,710 |  |  | 124,602 |  |  | — |  |  | 164,537 |
Investment in subsidiaries and intercompany accounts | 1,250,625 |  |  | 837,066 |  |  | 1,096,458 |  |  | (3,184,149 | ) |  | — |
Other assets | 39,645 |  |  | — |  |  | 76,066 |  |  | — |  |  | 115,711 |
Total assets | $ | 1,877,790 |  |  | $ | 1,156,766 |  |  | $ | 2,553,041 |  |  | $ | (3,187,735 | ) |  | $ | 2,399,862 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 215 |  |  | $ | — |  |  | $ | 895 |  |  | $ | — |  |  | $ | 1,110 |
Notes payable to banks | — |  |  | — |  |  | 2,402 |  |  | — |  |  | 2,402 |
Accounts payable | 58,622 |  |  | 14,148 |  |  | 110,289 |  |  | — |  |  | 183,059 |
Accrued employee compensation and benefits | 21,357 |  |  | 4,665 |  |  | 31,980 |  |  | — |  |  | 58,002 |
Accrued expenses | 42,241 |  |  | 16,752 |  |  | 52,484 |  |  | — |  |  | 111,477 |
Dividends payable | 8,527 |  |  | — |  |  | — |  |  | — |  |  | 8,527 |
Total current liabilities | 130,962 |  |  | 35,565 |  |  | 198,050 |  |  | — |  |  | 364,577 |
Deferred income taxes | 15,874 |  |  | — |  |  | 23,770 |  |  | — |  |  | 39,644 |
Long-term debt, excluding current installments | 751,541 |  |  | — |  |  | 5,337 |  |  | — |  |  | 756,878 |
Defined benefit pension liability | — |  |  | — |  |  | 170,203 |  |  | — |  |  | 170,203 |
Deferred compensation | 43,338 |  |  | — |  |  | 5,118 |  |  | — |  |  | 48,456 |
Other noncurrent liabilities | 5,021 |  |  | — |  |  | 34,932 |  |  | — |  |  | 39,953 |
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 | 1,756,082 |  |  | 568,377 |  |  | 513,246 |  |  | (1,081,623 | ) |  | 1,756,082 |
Accumulated other comprehensive income (loss) | (265,811 | ) |  | (64,540 | ) |  | (202,930 | ) |  | 267,470 |  |  | (265,811 | )
Treasury stock | (587,117 | ) |  | — |  |  | — |  |  | — |  |  | (587,117 | )
Total Valmont Industries, Inc. shareholders’ equity | 931,054 |  |  | 1,121,201 |  |  | 2,066,534 |  |  | (3,187,735 | ) |  | 931,054 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 49,097 |  |  | — |  |  | 49,097 |
Total shareholders’ equity | 931,054 |  |  | 1,121,201 |  |  | 2,115,631 |  |  | (3,187,735 | ) |  | 980,151 |
Total liabilities and shareholders’ equity | $ | 1,877,790 |  |  | $ | 1,156,766 |  |  | $ | 2,553,041 |  |  | $ | (3,187,735 | ) |  | $ | 2,399,862 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 26, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 62,281 |  |  | $ | 4,008 |  |  | $ | 282,785 |  |  | $ | — |  |  | $ | 349,074 |
Receivables, net | 130,741 |  |  | 66,387 |  |  | 269,315 |  |  | — |  |  | 466,443 |
Inventories | 132,222 |  |  | 38,379 |  |  | 173,064 |  |  | (2,993 | ) |  | 340,672 |
Prepaid expenses | 9,900 |  |  | 766 |  |  | 35,471 |  |  | — |  |  | 46,137 |
Refundable income taxes | 24,526 |  |  | — |  |  | — |  |  | — |  |  | 24,526 |
Total current assets | 359,670 |  |  | 109,540 |  |  | 760,635 |  |  | (2,993 | ) |  | 1,226,852 |
Property, plant and equipment, at cost | 541,536 |  |  | 132,864 |  |  | 406,656 |  |  | — |  |  | 1,081,056 |
Less accumulated depreciation and amortization | 334,471 |  |  | 69,956 |  |  | 144,140 |  |  | — |  |  | 548,567 |
Net property, plant and equipment | 207,065 |  |  | 62,908 |  |  | 262,516 |  |  | — |  |  | 532,489 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 206,246 |  |  | — |  |  | 336,916 |
Other intangible assets | 238 |  |  | 40,959 |  |  | 129,000 |  |  | — |  |  | 170,197 |
Investment in subsidiaries and intercompany accounts | 1,239,228 |  |  | 813,779 |  |  | 939,177 |  |  | (2,992,184 | ) |  | — |
Other assets | 40,067 |  |  | — |  |  | 85,861 |  |  | — |  |  | 125,928 |
Total assets | $ | 1,866,376 |  |  | $ | 1,137,748 |  |  | $ | 2,383,435 |  |  | $ | (2,995,177 | ) |  | $ | 2,392,382 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 215 |  |  | $ | — |  |  | $ | 862 |  |  | $ | — |  |  | $ | 1,077 |
Notes payable to banks | — |  |  | — |  |  | 976 |  |  | — |  |  | 976 |
Accounts payable | 66,723 |  |  | 13,680 |  |  | 99,580 |  |  | — |  |  | 179,983 |
Accrued employee compensation and benefits | 32,272 |  |  | 6,347 |  |  | 31,735 |  |  | — |  |  | 70,354 |
Accrued expenses | 31,073 |  |  | 22,802 |  |  | 51,718 |  |  | — |  |  | 105,593 |
Dividends payable | 8,571 |  |  | — |  |  | — |  |  | — |  |  | 8,571 |
Total current liabilities | 138,854 |  |  | 42,829 |  |  | 184,871 |  |  | — |  |  | 366,554 |
Deferred income taxes | 9,686 |  |  | — |  |  | 25,983 |  |  | — |  |  | 35,669 |
Long-term debt, excluding current installments | 751,765 |  |  | — |  |  | 5,153 |  |  | — |  |  | 756,918 |
Defined benefit pension liability | — |  |  | — |  |  | 179,323 |  |  | — |  |  | 179,323 |
Deferred compensation | 43,485 |  |  | — |  |  | 4,932 |  |  | — |  |  | 48,417 |
Other noncurrent liabilities | 4,145 |  |  | — |  |  | 36,145 |  |  | — |  |  | 40,290 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,683 |  |  | (1,106,633 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 159,414 |  |  | 1,107,536 |  |  | (1,266,950 | ) |  | — |
Retained earnings | 1,729,679 |  |  | 541,917 |  |  | 354,727 |  |  | (896,644 | ) |  | 1,729,679 |
Accumulated other comprehensive income | (267,218 | ) |  | (64,362 | ) |  | (210,688 | ) |  | 275,050 |  |  | (267,218 | )
Treasury stock | (571,920 | ) |  | — |  |  | — |  |  | — |  |  | (571,920 | )
Total Valmont Industries, Inc. shareholders’ equity | 918,441 |  |  | 1,094,919 |  |  | 1,900,258 |  |  | (2,995,177 | ) |  | 918,441 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 46,770 |  |  | — |  |  | 46,770 |
Total shareholders’ equity | 918,441 |  |  | 1,094,919 |  |  | 1,947,028 |  |  | (2,995,177 | ) |  | 965,211 |
Total liabilities and shareholders’ equity | $ | 1,866,376 |  |  | $ | 1,137,748 |  |  | $ | 2,383,435 |  |  | $ | (2,995,177 | ) |  | $ | 2,392,382 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 32,969 |  |  | $ | 9,663 |  |  | $ | 11,651 |  |  | $ | (20,112 | ) |  | $ | 34,171 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 6,857 |  |  | 3,277 |  |  | 10,464 |  |  | — |  |  | 20,598 |
Noncash loss on trading securities | — |  |  | — |  |  | 995 |  |  | — |  |  | 995 |
Stock-based compensation | 2,049 |  |  | — |  |  | — |  |  | — |  |  | 2,049 |
Defined benefit pension plan expense | — |  |  | — |  |  | 384 |  |  | — |  |  | 384 |
Loss (gain) on sale of property, plant and equipment | (3 | ) |  | 52 |  |  | 95 |  |  | — |  |  | 144 |
Equity in earnings in nonconsolidated subsidiaries | (17,526 | ) |  | (2,113 | ) |  | — |  |  | 19,639 |  |  | — |
Deferred income taxes | 2,419 |  |  | 2,149 |  |  | 1,191 |  |  | — |  |  | 5,759 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 2,027 |  |  | 12,003 |  |  | 6,314 |  |  | — |  |  | 20,344 |
Inventories | (6,367 | ) |  | (2,403 | ) |  | 155 |  |  | 593 |  |  | (8,022 | )
Prepaid expenses | 4,465 |  |  | (38 | ) |  | (3,517 | ) |  | — |  |  | 910 |
Accounts payable | (8,102 | ) |  | 468 |  |  | 9,017 |  |  | — |  |  | 1,383 |
Accrued expenses | 843 |  |  | (7,732 | ) |  | (289 | ) |  | — |  |  | (7,178 | )
Other noncurrent liabilities | 916 |  |  | — |  |  | (1,739 | ) |  | — |  |  | (823 | )
Income taxes payable (refundable) | 5,628 |  |  | 85 |  |  | 4,100 |  |  | — |  |  | 9,813 |
Net cash flows from operating activities | 26,175 |  |  | 15,411 |  |  | 38,821 |  |  | 120 |  |  | 80,527 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | 1,248 |  |  | (8,630 | ) |  | (6,579 | ) |  | — |  |  | (13,961 | )
Proceeds from sale of assets | 104 |  |  | (51 | ) |  | 89 |  |  | — |  |  | 142 |
Other, net | 11,332 |  |  | (6,286 | ) |  | (7,248 | ) |  | (120 | ) |  | (2,322 | )
Net cash flows from investing activities | 12,684 |  |  | (14,967 | ) |  | (13,738 | ) |  | (120 | ) |  | (16,141 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 1,352 |  |  | — |  |  | 1,352 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (220 | ) |  | — |  |  | (220 | )
Dividends paid | (8,571 | ) |  | — |  |  | — |  |  | — |  |  | (8,571 | )
Proceeds from exercises under stock plans | 1,289 |  |  | — |  |  | — |  |  | — |  |  | 1,289 |
Excess tax benefits from stock option exercises | (66 | ) |  | — |  |  | — |  |  | — |  |  | (66 | )
Purchase of treasury shares | (16,939 | ) |  | — |  |  | — |  |  | — |  |  | (16,939 | )
Purchase of common treasury shares - stock plan exercises | (219 | ) |  | — |  |  | — |  |  | — |  |  | (219 | )
Net cash flows from financing activities | (24,506 | ) |  | — |  |  | 1,132 |  |  | — |  |  | (23,374 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 114 |  |  | (2,486 | ) |  | — |  |  | (2,372 | )
Net change in cash and cash equivalents | 14,353 |  |  | 558 |  |  | 23,729 |  |  | — |  |  | 38,640 |
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 76,634 |  |  | $ | 4,566 |  |  | $ | 306,514 |  |  | $ | — |  |  | $ | 387,714 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 28, 2015
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 30,739 |  |  | $ | 9,944 |  |  | $ | 13,050 |  |  | $ | (22,226 | ) |  | $ | 31,507 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 7,478 |  |  | 3,151 |  |  | 13,272 |  |  | — |  |  | 23,901 |
Loss on investment | — |  |  | — |  |  | 4,415 |  |  | — |  |  | 4,415 |
Stock-based compensation | 1,761 |  |  | — |  |  | — |  |  | — |  |  | 1,761 |
Defined benefit pension plan expense | — |  |  | — |  |  | (150 | ) |  | — |  |  | (150 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (15,735 | ) |  | — |  |  | (15,735 | )
Gain on sale of property, plant and equipment | (13 | ) |  | (10 | ) |  | (113 | ) |  | — |  |  | (136 | )
Equity in earnings in nonconsolidated subsidiaries | (17,850 | ) |  | (4,305 | ) |  | — |  |  | 22,155 |  |  | — |
Deferred income taxes | 5,469 |  |  | (533 | ) |  | 228 |  |  | — |  |  | 5,164 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (4,779 | ) |  | 6,595 |  |  | 16,768 |  |  | — |  |  | 18,584 |
Inventories | 4,897 |  |  | (10,307 | ) |  | (21,631 | ) |  | — |  |  | (27,041 | )
Prepaid expenses | 2,282 |  |  | (251 | ) |  | 2,923 |  |  | — |  |  | 4,954 |
Accounts payable | 4,358 |  |  | (1,442 | ) |  | (4,177 | ) |  | — |  |  | (1,261 | )
Accrued expenses | (2,966 | ) |  | (1,001 | ) |  | (1,357 | ) |  | — |  |  | (5,324 | )
Other noncurrent liabilities | 1,834 |  |  | — |  |  | (150 | ) |  | — |  |  | 1,684 |
Income taxes payable (refundable) | 6,252 |  |  | (4 | ) |  | 6,957 |  |  | — |  |  | 13,205 |
Net cash flows from operating activities | 39,462 |  |  | 1,837 |  |  | 14,300 |  |  | (71 | ) |  | 55,528 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (4,995 | ) |  | (1,492 | ) |  | (10,128 | ) |  | — |  |  | (16,615 | )
Proceeds from sale of assets | 15 |  |  | 19 |  |  | 151 |  |  | — |  |  | 185 |
Other, net | 3,257 |  |  | (1,130 | ) |  | 732 |  |  | 71 |  |  | 2,930 |
Net cash flows from investing activities | (1,723 | ) |  | (2,603 | ) |  | (9,245 | ) |  | 71 |  |  | (13,500 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 1,155 |  |  | — |  |  | 1,155 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (224 | ) |  | — |  |  | (224 | )
Dividends paid | (9,086 | ) |  | — |  |  | — |  |  | — |  |  | (9,086 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,290 | ) |  | — |  |  | (1,290 | )
Proceeds from exercises under stock plans | 1,760 |  |  | — |  |  | — |  |  | — |  |  | 1,760 |
Excess tax benefits from stock option exercises | 345 |  |  | — |  |  | — |  |  | — |  |  | 345 |
Purchase of treasury shares | (72,900 | ) |  | — |  |  | — |  |  | — |  |  | (72,900 | )
Purchase of common treasury shares - stock plan exercises | (2,156 | ) |  | — |  |  | — |  |  | — |  |  | (2,156 | )
Net cash flows from financing activities | (82,037 | ) |  | — |  |  | (359 | ) |  | — |  |  | (82,396 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (24 | ) |  | (12,821 | ) |  | — |  |  | (12,845 | )
Net change in cash and cash equivalents | (44,298 | ) |  | (790 | ) |  | (8,125 | ) |  | — |  |  | (53,213 | )
Cash and cash equivalents—beginning of year | 69,869 |  |  | 2,157 |  |  | 299,553 |  |  | — |  |  | 371,579 |
Cash and cash equivalents—end of period | $ | 25,571 |  |  | $ | 1,367 |  |  | $ | 291,428 |  |  | $ | — |  |  | $ | 318,366 |

X
- References No definition available. + Details
Name: | vmi_GuarantorNonGuarantorFinancialInformationDisclosureAbstract
Namespace Prefix: | vmi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the entire disclosure relating to guarantor and non-guarantor subsidiaries including the condensed consolidating financial statements. + References No definition available. + Details
Name: | vmi_GuarantorNonGuarantorFinancialInformationDisclosureTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration