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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended
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Jun. 25, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 290,171 |  |  | $ | 97,159 |  |  | $ | 300,911 |  |  | $ | (47,992 | ) |  | $ | 640,249 |
Cost of sales | 211,675 |  |  | 71,234 |  |  | 229,248 |  |  | (47,025 | ) |  | 465,132 |
Gross profit | 78,496 |  |  | 25,925 |  |  | 71,663 |  |  | (967 | ) |  | 175,117 |
Selling, general and administrative expenses | 44,530 |  |  | 11,080 |  |  | 47,701 |  |  | — |  |  | 103,311 |
Operating income | 33,966 |  |  | 14,845 |  |  | 23,962 |  |  | (967 | ) |  | 71,806 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,918 | ) |  | (3 | ) |  | (201 | ) |  | — |  |  | (11,122 | )
Interest income | 46 |  |  | 14 |  |  | 647 |  |  | — |  |  | 707 |
Other | 699 |  |  | 15 |  |  | 538 |  |  | — |  |  | 1,252 |
| (10,173 | ) |  | 26 |  |  | 984 |  |  | — |  |  | (9,163 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 23,793 |  |  | 14,871 |  |  | 24,946 |  |  | (967 | ) |  | 62,643 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 10,391 |  |  | 6,242 |  |  | 6,521 |  |  | (409 | ) |  | 22,745 |
Deferred | 1,068 |  |  | (2,149 | ) |  | (2,463 | ) |  | — |  |  | (3,544 | )
| 11,459 |  |  | 4,093 |  |  | 4,058 |  |  | (409 | ) |  | 19,201 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 12,334 |  |  | 10,778 |  |  | 20,888 |  |  | (558 | ) |  | 43,442 |
Equity in earnings of nonconsolidated subsidiaries | 29,692 |  |  | 5,746 |  |  | — |  |  | (35,438 | ) |  | — |
Net earnings | 42,026 |  |  | 16,524 |  |  | 20,888 |  |  | (35,996 | ) |  | 43,442 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,416 | ) |  | — |  |  | (1,416 | )
Net earnings attributable to Valmont Industries, Inc | $ | 42,026 |  |  | $ | 16,524 |  |  | $ | 19,472 |  |  | $ | (35,996 | ) |  | $ | 42,026 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 575,209 |  |  | $ | 188,685 |  |  | $ | 573,025 |  |  | $ | (100,065 | ) |  | $ | 1,236,854 |
Cost of sales | 419,536 |  |  | 139,096 |  |  | 440,641 |  |  | (98,505 | ) |  | 900,768 |
Gross profit | 155,673 |  |  | 49,589 |  |  | 132,384 |  |  | (1,560 | ) |  | 336,086 |
Selling, general and administrative expenses | 87,024 |  |  | 22,510 |  |  | 92,381 |  |  | — |  |  | 201,915 |
Operating income | 68,649 |  |  | 27,079 |  |  | 40,003 |  |  | (1,560 | ) |  | 134,171 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (21,848 | ) |  | (3 | ) |  | (325 | ) |  | — |  |  | (22,176 | )
Interest income | 113 |  |  | 39 |  |  | 1,366 |  |  | — |  |  | 1,518 |
Other | 324 |  |  | 27 |  |  | (777 | ) |  | — |  |  | (426 | )
| (21,411 | ) |  | 63 |  |  | 264 |  |  | — |  |  | (21,084 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 47,238 |  |  | 27,142 |  |  | 40,267 |  |  | (1,560 | ) |  | 113,087 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 15,974 |  |  | 8,814 |  |  | 9,000 |  |  | (529 | ) |  | 33,259 |
Deferred | 3,487 |  |  | — |  |  | (1,272 | ) |  |  |  | 2,215 |
| 19,461 |  |  | 8,814 |  |  | 7,728 |  |  | (529 | ) |  | 35,474 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 27,777 |  |  | 18,328 |  |  | 32,539 |  |  | (1,031 | ) |  | 77,613 |
Equity in earnings of nonconsolidated subsidiaries | 47,218 |  |  | 7,859 |  |  |  |  | (55,077 | ) |  | — |
Net earnings | 74,995 |  |  | 26,187 |  |  | 32,539 |  |  | (56,108 | ) |  | 77,613 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (2,618 | ) |  | — |  |  | (2,618 | )
Net earnings attributable to Valmont Industries, Inc | $ | 74,995 |  |  | $ | 26,187 |  |  | $ | 29,921 |  |  | $ | (56,108 | ) |  | $ | 74,995 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 42,026 |  |  | $ | 16,524 |  |  | $ | 20,888 |  |  | $ | (35,996 | ) |  | $ | 43,442 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | 2,925 |  |  | 29 |  |  | (5,250 | ) |  | — |  |  | (2,296 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | (5,592 | ) |  | — |  |  | — |  |  | 5,592 |  |  | — |
Other comprehensive income (loss) | (2,648 | ) |  | 29 |  |  | (5,250 | ) |  | 5,592 |  |  | (2,277 | )
Comprehensive income (loss) | 39,378 |  |  | 16,553 |  |  | 15,638 |  |  | (30,404 | ) |  | 41,165 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,787 | ) |  | — |  |  | (1,787 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 39,378 |  |  | $ | 16,553 |  |  | $ | 13,851 |  |  | $ | (30,404 | ) |  | $ | 39,378 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 74,995 |  |  | $ | 26,187 |  |  | $ | 32,539 |  |  | $ | (56,108 | ) |  | $ | 77,613 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | 2,925 |  |  | (149 | ) |  | (2,559 | ) |  | — |  |  | 217 |
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Equity in other comprehensive income | (1,279 | ) |  | — |  |  | — |  |  | 1,279 |  |  | — |
Other comprehensive income (loss) | 1,684 |  |  | (149 | ) |  | (2,559 | ) |  | 1,279 |  |  | 255 |
Comprehensive income (loss) | 76,679 |  |  | 26,038 |  |  | 29,980 |  |  | (54,829 | ) |  | 77,868 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (4,114 | ) |  | — |  |  | (4,114 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 76,679 |  |  | $ | 26,038 |  |  | $ | 25,866 |  |  | $ | (54,829 | ) |  | $ | 73,754 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 translation gain (loss) | — |  |  | 76 |  |  | 18,252 |  |  | — |  |  | 18,328 |
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Actuarial gain (loss) in defined benefit pension plan liability | (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 (loss) | 46,569 |  |  | 8,656 |  |  | 31,088 |  |  | (37,776 | ) |  | 48,537 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,968 | ) |  | — |  |  | (1,968 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 46,569 |  |  | $ | 8,656 |  |  | $ | 29,120 |  |  | $ | (37,776 | ) |  | $ | 46,569 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 translation gain (loss) | — |  |  | (8,812 | ) |  | (31,038 | ) |  | — |  |  | (39,850 | )
Unrealized loss on cash flow hedge: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Actuarial gain (loss) in defined benefit pension plan liability | (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 (loss) | 21,537 |  |  | 9,712 |  |  | (4,950 | ) |  | (4,121 | ) |  | 22,178 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (641 | ) |  | — |  |  | (641 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 21,537 |  |  | $ | 9,712 |  |  | $ | (5,591 | ) |  | $ | (4,121 | ) |  | $ | 21,537 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 62,149 |  |  | $ | 4,022 |  |  | $ | 278,175 |  |  | $ | — |  |  | $ | 344,346 |
Receivables, net | 130,354 |  |  | 58,203 |  |  | 278,192 |  |  | — |  |  | 466,749 |
Inventories | 140,981 |  |  | 38,542 |  |  | 197,137 |  |  | (4,554 | ) |  | 372,106 |
Prepaid expenses, restricted cash, and other assets | 11,405 |  |  | 730 |  |  | 51,515 |  |  | — |  |  | 63,650 |
Refundable income taxes | 20,441 |  |  | — |  |  | — |  |  | — |  |  | 20,441 |
Total current assets | 365,330 |  |  | 101,497 |  |  | 805,019 |  |  | (4,554 | ) |  | 1,267,292 |
Property, plant and equipment, at cost | 540,415 |  |  | 145,857 |  |  | 419,683 |  |  | — |  |  | 1,105,955 |
Less accumulated depreciation and amortization | 345,295 |  |  | 74,076 |  |  | 160,237 |  |  | — |  |  | 579,608 |
Net property, plant and equipment | 195,120 |  |  | 71,781 |  |  | 259,446 |  |  | — |  |  | 526,347 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 200,933 |  |  | — |  |  | 331,603 |
Other intangible assets | 211 |  |  | 38,460 |  |  | 120,143 |  |  | — |  |  | 158,814 |
Investment in subsidiaries and intercompany accounts | 1,268,543 |  |  | 852,048 |  |  | 1,090,615 |  |  | (3,211,206 | ) |  | — |
Other assets | 40,034 |  |  | 3 |  |  | 71,780 |  |  | — |  |  | 111,817 |
Total assets | $ | 1,889,346 |  |  | $ | 1,174,351 |  |  | $ | 2,547,936 |  |  | $ | (3,215,760 | ) |  | $ | 2,395,873 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 889 |  |  | $ | — |  |  | $ | 889 |
Notes payable to banks | — |  |  | — |  |  | 3,735 |  |  | — |  |  | 3,735 |
Accounts payable | 53,254 |  |  | 13,601 |  |  | 116,271 |  |  | — |  |  | 183,126 |
Accrued employee compensation and benefits | 26,945 |  |  | 5,919 |  |  | 33,762 |  |  | — |  |  | 66,626 |
Accrued expenses | 31,118 |  |  | 17,073 |  |  | 46,967 |  |  | — |  |  | 95,158 |
Dividends payable | 8,505 |  |  | — |  |  | — |  |  | — |  |  | 8,505 |
Total current liabilities | 119,822 |  |  | 36,593 |  |  | 201,624 |  |  | — |  |  | 358,039 |
Deferred income taxes | 13,173 |  |  | — |  |  | 22,368 |  |  | — |  |  | 35,541 |
Long-term debt, excluding current installments | 751,448 |  |  | — |  |  | 5,095 |  |  | — |  |  | 756,543 |
Defined benefit pension liability | — |  |  | — |  |  | 164,329 |  |  | — |  |  | 164,329 |
Deferred compensation | 43,887 |  |  | — |  |  | 5,078 |  |  | — |  |  | 48,965 |
Other noncurrent liabilities | 4,934 |  |  | 5 |  |  | 33,346 |  |  | — |  |  | 38,285 |
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 | 1,790,120 |  |  | 584,900 |  |  | 530,930 |  |  | (1,115,830 | ) |  | 1,790,120 |
Accumulated other comprehensive income (loss) | (268,459 | ) |  | (64,511 | ) |  | (209,141 | ) |  | 273,652 |  |  | (268,459 | )
Treasury stock | (593,479 | ) |  | — |  |  | — |  |  | — |  |  | (593,479 | )
Total Valmont Industries, Inc. shareholders’ equity | 956,082 |  |  | 1,137,753 |  |  | 2,078,007 |  |  | (3,215,760 | ) |  | 956,082 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 38,089 |  |  | — |  |  | 38,089 |
Total shareholders’ equity | 956,082 |  |  | 1,137,753 |  |  | 2,116,096 |  |  | (3,215,760 | ) |  | 994,171 |
Total liabilities and shareholders’ equity | $ | 1,889,346 |  |  | $ | 1,174,351 |  |  | $ | 2,547,936 |  |  | $ | (3,215,760 | ) |  | $ | 2,395,873 |
(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 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 74,995 |  |  | $ | 26,187 |  |  | $ | 32,539 |  |  | $ | (56,108 | ) |  | $ | 77,613 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13,705 |  |  | 6,591 |  |  | 20,508 |  |  | — |  |  | 40,804 |
Noncash loss on trading securities | — |  |  | — |  |  | 1,035 |  |  | — |  |  | 1,035 |
Stock-based compensation | 4,201 |  |  | — |  |  | — |  |  | — |  |  | 4,201 |
Defined benefit pension plan expense | — |  |  | — |  |  | 959 |  |  | — |  |  | 959 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (712 | ) |  | — |  |  | (712 | )
Increase in restricted cash - pension plan trust | — |  |  | — |  |  | (13,652 | ) |  | — |  |  | (13,652 | )
Loss (gain) on sale of property, plant and equipment | (6 | ) |  | 60 |  |  | 1,020 |  |  | — |  |  | 1,074 |
Equity in earnings in nonconsolidated subsidiaries | (47,218 | ) |  | (7,859 | ) |  | — |  |  | 55,077 |  |  | — |
Deferred income taxes | 3,487 |  |  | — |  |  | (1,272 | ) |  | — |  |  | 2,215 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 386 |  |  | 8,185 |  |  | (5,629 | ) |  | — |  |  | 2,942 |
Inventories | (8,757 | ) |  | (164 | ) |  | (21,974 | ) |  | 1,560 |  |  | (29,335 | )
Prepaid expenses and other assets | (1,504 | ) |  | 35 |  |  | (3,390 | ) |  | — |  |  | (4,859 | )
Accounts payable | (13,469 | ) |  | (79 | ) |  | 14,978 |  |  | — |  |  | 1,430 |
Accrued expenses | (4,040 | ) |  | (6,158 | ) |  | (3,438 | ) |  | — |  |  | (13,636 | )
Other noncurrent liabilities | 868 |  |  | 5 |  |  | (546 | ) |  | — |  |  | 327 |
Income taxes payable (refundable) | 19,033 |  |  | (16,499 | ) |  | 6,982 |  |  | — |  |  | 9,516 |
Net cash flows from operating activities | 41,681 |  |  | 10,304 |  |  | 27,408 |  |  | 529 |  |  | 79,922 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1,240 | ) |  | (13,167 | ) |  | (11,612 | ) |  | — |  |  | (26,019 | )
Proceeds from sale of assets | 58 |  |  | 141 |  |  | 1,628 |  |  | — |  |  | 1,827 |
Other, net | 918 |  |  | 2,641 |  |  | (4,638 | ) |  | (529 | ) |  | (1,608 | )
Net cash flows from investing activities | (264 | ) |  | (10,385 | ) |  | (14,622 | ) |  | (529 | ) |  | (25,800 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 2,593 |  |  | — |  |  | 2,593 |
Principal payments on long-term borrowings | (215 | ) |  | — |  |  | (444 | ) |  | — |  |  | (659 | )
Dividends paid | (17,098 | ) |  | — |  |  | — |  |  | — |  |  | (17,098 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,923 | ) |  | — |  |  | (1,923 | )
Purchase of noncontrolling interest | (137 | ) |  | — |  |  | (10,872 | ) |  | — |  |  | (11,009 | )
Proceeds from exercises under stock plans | 5,975 |  |  | — |  |  | — |  |  | — |  |  | 5,975 |
Purchase of treasury shares | (28,621 | ) |  | — |  |  | — |  |  | — |  |  | (28,621 | )
Purchase of common treasury shares - stock plan exercises | (1,453 | ) |  | — |  |  | — |  |  | — |  |  | (1,453 | )
Net cash flows from financing activities | (41,549 | ) |  | — |  |  | (10,646 | ) |  | — |  |  | (52,195 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 95 |  |  | (6,750 | ) |  | — |  |  | (6,655 | )
Net change in cash and cash equivalents | (132 | ) |  | 14 |  |  | (4,610 | ) |  | — |  |  | (4,728 | )
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 62,149 |  |  | $ | 4,022 |  |  | $ | 278,175 |  |  | $ | — |  |  | $ | 344,346 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 - restructuring activities | 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: |  |  |  |  |  |  |  |  |
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 |

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