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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
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Sep. 24, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 261,928 |  |  | $ | 89,305 |  |  | $ | 300,648 |  |  | $ | (41,634 | ) |  | $ | 610,247 |
Cost of sales | 199,957 |  |  | 66,401 |  |  | 230,561 |  |  | (41,695 | ) |  | 455,224 |
Gross profit | 61,971 |  |  | 22,904 |  |  | 70,087 |  |  | 61 |  |  | 155,023 |
Selling, general and administrative expenses | 46,183 |  |  | 11,073 |  |  | 44,527 |  |  | — |  |  | 101,783 |
Operating income | 15,788 |  |  | 11,831 |  |  | 25,560 |  |  | 61 |  |  | 53,240 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,920 | ) |  | (6 | ) |  | (174 | ) |  | — |  |  | (11,100 | )
Interest income | 68 |  |  | 12 |  |  | 691 |  |  | — |  |  | 771 |
Other | 1,370 |  |  | 12 |  |  | (504 | ) |  | — |  |  | 878 |
| (9,482 | ) |  | 18 |  |  | 13 |  |  | — |  |  | (9,451 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 6,306 |  |  | 11,849 |  |  | 25,573 |  |  | 61 |  |  | 43,789 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 6,112 |  |  | 5,095 |  |  | 6,762 |  |  | 48 |  |  | 18,017 |
Deferred | (5,321 | ) |  | — |  |  | 1,572 |  |  | — |  |  | (3,749 | )
| 791 |  |  | 5,095 |  |  | 8,334 |  |  | 48 |  |  | 14,268 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 5,515 |  |  | 6,754 |  |  | 17,239 |  |  | 13 |  |  | 29,521 |
Equity in earnings of nonconsolidated subsidiaries | 22,658 |  |  | — |  |  | — |  |  | (22,658 | ) |  | — |
Net earnings | 28,173 |  |  | 6,754 |  |  | 17,239 |  |  | (22,645 | ) |  | 29,521 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,348 | ) |  | — |  |  | (1,348 | )
Net earnings attributable to Valmont Industries, Inc | $ | 28,173 |  |  | $ | 6,754 |  |  | $ | 15,891 |  |  | $ | (22,645 | ) |  | $ | 28,173 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 837,137 |  |  | $ | 277,990 |  |  | $ | 873,673 |  |  | $ | (141,699 | ) |  | $ | 1,847,101 |
Cost of sales | 619,493 |  |  | 205,497 |  |  | 671,202 |  |  | (140,200 | ) |  | 1,355,992 |
Gross profit | 217,644 |  |  | 72,493 |  |  | 202,471 |  |  | (1,499 | ) |  | 491,109 |
Selling, general and administrative expenses | 133,207 |  |  | 33,583 |  |  | 136,908 |  |  | — |  |  | 303,698 |
Operating income | 84,437 |  |  | 38,910 |  |  | 65,563 |  |  | (1,499 | ) |  | 187,411 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (32,768 | ) |  | (9 | ) |  | (499 | ) |  | — |  |  | (33,276 | )
Interest income | 181 |  |  | 51 |  |  | 2,057 |  |  | — |  |  | 2,289 |
Other | 1,694 |  |  | 39 |  |  | (1,281 | ) |  | — |  |  | 452 |
| (30,893 | ) |  | 81 |  |  | 277 |  |  | — |  |  | (30,535 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 53,544 |  |  | 38,991 |  |  | 65,840 |  |  | (1,499 | ) |  | 156,876 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 22,086 |  |  | 13,909 |  |  | 15,762 |  |  | (481 | ) |  | 51,276 |
Deferred | (1,834 | ) |  | — |  |  | 300 |  |  | — |  |  | (1,534 | )
| 20,252 |  |  | 13,909 |  |  | 16,062 |  |  | (481 | ) |  | 49,742 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 33,292 |  |  | 25,082 |  |  | 49,778 |  |  | (1,018 | ) |  | 107,134 |
Equity in earnings of nonconsolidated subsidiaries | 69,876 |  |  | 7,859 |  |  | — |  |  | (77,735 | ) |  | — |
Net earnings | 103,168 |  |  | 32,941 |  |  | 49,778 |  |  | (78,753 | ) |  | 107,134 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (3,966 | ) |  | — |  |  | (3,966 | )
Net earnings attributable to Valmont Industries, Inc | $ | 103,168 |  |  | $ | 32,941 |  |  | $ | 45,812 |  |  | $ | (78,753 | ) |  | $ | 103,168 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 28,173 |  |  | $ | 6,754 |  |  | $ | 17,239 |  |  | $ | (22,645 | ) |  | $ | 29,521 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (114 | ) |  | 884 |  |  | — |  |  | 770 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | 1,972 |  |  | — |  |  | — |  |  | — |  |  | 1,972 |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Equity in other comprehensive income | 500 |  |  | — |  |  | — |  |  | (500 | ) |  | — |
Other comprehensive income (loss) | 2,490 |  |  | (114 | ) |  | 884 |  |  | (500 | ) |  | 2,760 |
Comprehensive income (loss) | 30,663 |  |  | 6,640 |  |  | 18,123 |  |  | (23,145 | ) |  | 32,281 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,618 | ) |  | — |  |  | (1,618 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 30,663 |  |  | $ | 6,640 |  |  | $ | 16,505 |  |  | $ | (23,145 | ) |  | $ | 30,663 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 103,168 |  |  | $ | 32,941 |  |  | $ | 49,778 |  |  | $ | (78,753 | ) |  | $ | 107,134 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (263 | ) |  | (1,675 | ) |  | — |  |  | (1,938 | )
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | 4,897 |  |  | — |  |  | — |  |  | — |  |  | 4,897 |
Amortization cost included in interest expense | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Equity in other comprehensive income | (3,704 | ) |  | — |  |  | — |  |  | 3,704 |  |  | — |
Other comprehensive income (loss) | 1,249 |  |  | (263 | ) |  | (1,675 | ) |  | 3,704 |  |  | 3,015 |
Comprehensive income (loss) | 104,417 |  |  | 32,678 |  |  | 48,103 |  |  | (75,049 | ) |  | 110,149 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (5,732 | ) |  | — |  |  | (5,732 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 104,417 |  |  | $ | 32,678 |  |  | $ | 42,371 |  |  | $ | (75,049 | ) |  | $ | 104,417 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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 gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Realized (gain) loss included in net earnings during the period | — |  |  | — |  |  | (439 | ) |  | — |  |  | (439 | )
Gain (loss) 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 gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |
Realized (gain) loss included in net earnings during the period | — |  |  | — |  |  | (439 | ) |  | — |  |  | (439 | )
Gain (loss) 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 | )
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 47,301 |  |  | $ | 5,818 |  |  | $ | 296,256 |  |  | $ | — |  |  | $ | 349,375 |
Receivables, net | 141,242 |  |  | 51,418 |  |  | 263,032 |  |  | — |  |  | 455,692 |
Inventories | 144,070 |  |  | 43,403 |  |  | 196,645 |  |  | (4,493 | ) |  | 379,625 |
Prepaid expenses, restricted cash, and other assets | 14,426 |  |  | 690 |  |  | 54,115 |  |  | — |  |  | 69,231 |
Refundable income taxes | 20,342 |  |  | — |  |  | — |  |  | — |  |  | 20,342 |
Total current assets | 367,381 |  |  | 101,329 |  |  | 810,048 |  |  | (4,493 | ) |  | 1,274,265 |
Property, plant and equipment, at cost | 542,199 |  |  | 150,966 |  |  | 427,185 |  |  | — |  |  | 1,120,350 |
Less accumulated depreciation and amortization | 349,386 |  |  | 76,463 |  |  | 168,861 |  |  | — |  |  | 594,710 |
Net property, plant and equipment | 192,813 |  |  | 74,503 |  |  | 258,324 |  |  | — |  |  | 525,640 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 197,193 |  |  | — |  |  | 327,863 |
Other intangible assets | 198 |  |  | 37,211 |  |  | 115,060 |  |  | — |  |  | 152,469 |
Investment in subsidiaries and intercompany accounts | 1,280,566 |  |  | 858,852 |  |  | 1,095,578 |  |  | (3,234,996 | ) |  | — |
Other assets | 38,557 |  |  | 83 |  |  | 65,166 |  |  | — |  |  | 103,806 |
Total assets | $ | 1,899,623 |  |  | $ | 1,182,540 |  |  | $ | 2,541,369 |  |  | $ | (3,239,489 | ) |  | $ | 2,384,043 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 895 |  |  | $ | — |  |  | $ | 895 |
Notes payable to banks | — |  |  | — |  |  | 853 |  |  | — |  |  | 853 |
Accounts payable | 50,119 |  |  | 16,210 |  |  | 104,559 |  |  | — |  |  | 170,888 |
Accrued employee compensation and benefits | 27,969 |  |  | 6,052 |  |  | 35,528 |  |  | — |  |  | 69,549 |
Accrued expenses | 44,340 |  |  | 15,880 |  |  | 49,065 |  |  | — |  |  | 109,285 |
Dividends payable | 8,455 |  |  | — |  |  | — |  |  | — |  |  | 8,455 |
Total current liabilities | 130,883 |  |  | 38,142 |  |  | 190,900 |  |  | — |  |  | 359,925 |
Deferred income taxes | 7,852 |  |  | — |  |  | 20,970 |  |  | — |  |  | 28,822 |
Long-term debt, excluding current installments | 751,351 |  |  | — |  |  | 4,233 |  |  | — |  |  | 755,584 |
Defined benefit pension liability | — |  |  | — |  |  | 156,524 |  |  | — |  |  | 156,524 |
Deferred compensation | 42,564 |  |  | — |  |  | 5,219 |  |  | — |  |  | 47,783 |
Other noncurrent liabilities | 3,775 |  |  | 5 |  |  | 29,324 |  |  | — |  |  | 33,104 |
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 | 1,811,947 |  |  | 591,654 |  |  | 546,184 |  |  | (1,137,838 | ) |  | 1,811,947 |
Accumulated other comprehensive income (loss) | (265,969 | ) |  | (64,625 | ) |  | (207,306 | ) |  | 271,931 |  |  | (265,969 | )
Treasury stock | (610,680 | ) |  | — |  |  | — |  |  | — |  |  | (610,680 | )
Total Valmont Industries, Inc. shareholders’ equity | 963,198 |  |  | 1,144,393 |  |  | 2,095,096 |  |  | (3,239,489 | ) |  | 963,198 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 39,103 |  |  | — |  |  | 39,103 |
Total shareholders’ equity | 963,198 |  |  | 1,144,393 |  |  | 2,134,199 |  |  | (3,239,489 | ) |  | 1,002,301 |
Total liabilities and shareholders’ equity | $ | 1,899,623 |  |  | $ | 1,182,540 |  |  | $ | 2,541,369 |  |  | $ | (3,239,489 | ) |  | $ | 2,384,043 |
(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 Thirty-nine Weeks Ended September 24, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 103,168 |  |  | $ | 32,941 |  |  | $ | 49,778 |  |  | $ | (78,753 | ) |  | $ | 107,134 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 20,482 |  |  | 9,897 |  |  | 30,863 |  |  | — |  |  | 61,242 |
Noncash loss on trading securities | — |  |  | — |  |  | 973 |  |  | — |  |  | 973 |
Impairment of assets - restructuring activities | — |  |  | — |  |  | 618 |  |  | — |  |  | 618 |
Stock-based compensation | 6,572 |  |  | — |  |  | — |  |  | — |  |  | 6,572 |
Change in fair value of contingent consideration | — |  |  | — |  |  | (3,527 | ) |  | — |  |  | (3,527 | )
Defined benefit pension plan expense | — |  |  | — |  |  | 1,486 |  |  | — |  |  | 1,486 |
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 | 2 |  |  | 117 |  |  | 131 |  |  | — |  |  | 250 |
Equity in earnings in nonconsolidated subsidiaries | (69,876 | ) |  | (7,859 | ) |  | — |  |  | 77,735 |  |  | — |
Deferred income taxes | (1,834 | ) |  | — |  |  | 300 |  |  | — |  |  | (1,534 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (10,501 | ) |  | 14,969 |  |  | 11,968 |  |  | — |  |  | 16,436 |
Inventories | (11,847 | ) |  | (5,024 | ) |  | (19,041 | ) |  | 1,499 |  |  | (34,413 | )
Prepaid expenses and other assets | (4,526 | ) |  | 76 |  |  | (6,174 | ) |  | — |  |  | (10,624 | )
Accounts payable | (16,605 | ) |  | 2,530 |  |  | 2,737 |  |  | — |  |  | (11,338 | )
Accrued expenses | 11,179 |  |  | (7,218 | ) |  | (689 | ) |  | — |  |  | 3,272 |
Other noncurrent liabilities | (252 | ) |  | 5 |  |  | 487 |  |  | — |  |  | 240 |
Income taxes payable (refundable) | 19,132 |  |  | (16,444 | ) |  | 2,143 |  |  | — |  |  | 4,831 |
Net cash flows from operating activities | 45,094 |  |  | 23,990 |  |  | 57,689 |  |  | 481 |  |  | 127,254 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (5,699 | ) |  | (17,944 | ) |  | (18,590 | ) |  | — |  |  | (42,233 | )
Proceeds from sale of assets | 36 |  |  | 84 |  |  | 3,818 |  |  | — |  |  | 3,938 |
Other, net | 13,070 |  |  | (4,488 | ) |  | (10,925 | ) |  | (481 | ) |  | (2,824 | )
Net cash flows from investing activities | 7,407 |  |  | (22,348 | ) |  | (25,697 | ) |  | (481 | ) |  | (41,119 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (128 | ) |  | — |  |  | (128 | )
Principal payments on long-term borrowings | (215 | ) |  | — |  |  | (1,348 | ) |  | — |  |  | (1,563 | )
Dividends paid | (25,604 | ) |  | — |  |  | — |  |  | — |  |  | (25,604 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (2,527 | ) |  | — |  |  | (2,527 | )
Purchase of noncontrolling interest | (137 | ) |  | — |  |  | (10,872 | ) |  | — |  |  | (11,009 | )
Proceeds from exercises under stock plans | 6,509 |  |  | — |  |  | — |  |  | — |  |  | 6,509 |
Purchase of treasury shares | (46,581 | ) |  | — |  |  | — |  |  | — |  |  | (46,581 | )
Purchase of common treasury shares - stock plan exercises | (1,453 | ) |  | — |  |  | — |  |  | — |  |  | (1,453 | )
Net cash flows from financing activities | (67,481 | ) |  | — |  |  | (14,875 | ) |  | — |  |  | (82,356 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 168 |  |  | (3,646 | ) |  | — |  |  | (3,478 | )
Net change in cash and cash equivalents | (14,980 | ) |  | 1,810 |  |  | 13,471 |  |  | — |  |  | 301 |
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 47,301 |  |  | $ | 5,818 |  |  | $ | 296,256 |  |  | $ | — |  |  | $ | 349,375 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) 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: |  |  |  |  |  |  |  |  |
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 |

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