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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |  |  |  |
Parent company's percentage ownership of Guarantors | 100.00% |  | 100.00% |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | $ 682,405 | $ 712,737 | $ 1,381,089 | $ 1,350,210
Cost of sales | 507,406 | 529,457 | 1,036,850 | 1,002,325
Gross profit | 174,999 | 183,280 | 344,239 | 347,885
Selling, general and administrative expenses | 111,329 | 104,830 | 216,609 | 204,779
Operating income | 63,670 | 78,450 | 127,630 | 143,106
Other income (expense): |  |  |  |
Interest expense | (11,791) | (10,818) | (22,865) | (22,122)
Interest income | 1,446 | 967 | 2,713 | 1,894
Loss from divestiture of grinding media business | (6,084) | 0 | (6,084) | 0
Other | 1,844 | (192) | 703 | 853
Total other income (expenses) | (14,585) | (10,043) | (25,533) | (19,375)
Earnings before income taxes | 49,085 | 68,407 | 102,097 | 123,731
Income tax expense (benefit): |  |  |  |
Current | 16,724 | 27,803 | 24,437 | 29,101
Deferred income taxes | (2,319) | (6,718) | 2,500 | 7,347
Total income tax expense (benefit) | 14,405 | 21,085 | 26,937 | 36,448
Earnings before equity in earnings of nonconsolidated subsidiaries | 34,680 | 47,322 | 75,160 | 87,283
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | 0
Net earnings | 34,680 | 47,322 | 75,160 | 87,283
Less: Earnings attributable to noncontrolling interests | (1,720) | (1,658) | (2,919) | (2,640)
Net earnings attributable to Valmont Industries, Inc. | 32,960 | 45,664 | 72,241 | 84,643
Eliminations |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | (64,573) | (53,823) | (135,188) | (122,136)
Cost of sales | (64,105) | (54,610) | (136,432) | (122,207)
Gross profit | (468) | 787 | 1,244 | 71
Selling, general and administrative expenses | 0 | 0 | 0 | 0
Operating income | (468) | 787 | 1,244 | 71
Other income (expense): |  |  |  |
Interest expense | 3,749 | 3,785 | 7,629 | 6,051
Interest income | (3,749) | (3,785) | (7,629) | (6,051)
Loss from divestiture of grinding media business | 0 |  | 0 |
Other | 0 | 0 | 0 | 0
Total other income (expenses) | 0 | 0 | 0 | 0
Earnings before income taxes | (468) | 787 | 1,244 | 71
Income tax expense (benefit): |  |  |  |
Current | (49) | 233 | 88 | (11)
Deferred income taxes | 0 | 0 | 0 | 0
Total income tax expense (benefit) | (49) | 233 | 88 | (11)
Earnings before equity in earnings of nonconsolidated subsidiaries | (419) | 554 | 1,156 | 82
Equity in earnings of nonconsolidated subsidiaries | (52,460) | (35,123) | (79,776) | (62,637)
Net earnings | (52,879) | (34,569) | (78,620) | (62,555)
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | (52,879) | (34,569) | (78,620) | (62,555)
Parent |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 297,916 | 316,185 | 613,908 | 609,450
Cost of sales | 220,677 | 233,535 | 456,273 | 450,021
Gross profit | 77,239 | 82,650 | 157,635 | 159,429
Selling, general and administrative expenses | 50,259 | 46,922 | 96,790 | 97,139
Operating income | 26,980 | 35,728 | 60,845 | 62,290
Other income (expense): |  |  |  |
Interest expense | (11,396) | (10,646) | (22,277) | (21,788)
Interest income | 305 | 144 | 481 | 295
Loss from divestiture of grinding media business | (2,518) |  | (2,518) |
Other | 616 | 1,167 | 510 | 2,521
Total other income (expenses) | (12,993) | (9,335) | (23,804) | (18,972)
Earnings before income taxes | 13,987 | 26,393 | 37,041 | 43,318
Income tax expense (benefit): |  |  |  |
Current | 4,566 | 15,344 | 7,335 | 10,457
Deferred income taxes | (2,248) | (5,788) | 3,343 | 5,539
Total income tax expense (benefit) | 2,318 | 9,556 | 10,678 | 15,996
Earnings before equity in earnings of nonconsolidated subsidiaries | 11,669 | 16,837 | 26,363 | 27,322
Equity in earnings of nonconsolidated subsidiaries | 21,291 | 28,827 | 45,878 | 57,321
Net earnings | 32,960 | 45,664 | 72,241 | 84,643
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | 32,960 | 45,664 | 72,241 | 84,643
Guarantors |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 133,563 | 122,359 | 254,734 | 239,584
Cost of sales | 98,649 | 91,374 | 193,108 | 182,863
Gross profit | 34,914 | 30,985 | 61,626 | 56,721
Selling, general and administrative expenses | 12,535 | 11,849 | 24,452 | 23,509
Operating income | 22,379 | 19,136 | 37,174 | 33,212
Other income (expense): |  |  |  |
Interest expense | (3,749) | (3,785) | (7,629) | (6,051)
Interest income | 5 | 10 | 15 | 24
Loss from divestiture of grinding media business | 0 |  | 0 |
Other | 14 | 15 | 26 | 31
Total other income (expenses) | (3,730) | (3,760) | (7,588) | (5,996)
Earnings before income taxes | 18,649 | 15,376 | 29,586 | 27,216
Income tax expense (benefit): |  |  |  |
Current | 4,851 | 4,782 | 5,737 | 10,102
Deferred income taxes | 0 | 0 | 1,791 | 0
Total income tax expense (benefit) | 4,851 | 4,782 | 7,528 | 10,102
Earnings before equity in earnings of nonconsolidated subsidiaries | 13,798 | 10,594 | 22,058 | 17,114
Equity in earnings of nonconsolidated subsidiaries | 31,169 | 6,296 | 33,898 | 5,316
Net earnings | 44,967 | 16,890 | 55,956 | 22,430
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | 44,967 | 16,890 | 55,956 | 22,430
Non- Guarantors |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 315,499 | 328,016 | 647,635 | 623,312
Cost of sales | 252,185 | 259,158 | 523,901 | 491,648
Gross profit | 63,314 | 68,858 | 123,734 | 131,664
Selling, general and administrative expenses | 48,535 | 46,059 | 95,367 | 84,131
Operating income | 14,779 | 22,799 | 28,367 | 47,533
Other income (expense): |  |  |  |
Interest expense | (395) | (172) | (588) | (334)
Interest income | 4,885 | 4,598 | 9,846 | 7,626
Loss from divestiture of grinding media business | (3,566) |  | (3,566) |
Other | 1,214 | (1,374) | 167 | (1,699)
Total other income (expenses) | 2,138 | 3,052 | 5,859 | 5,593
Earnings before income taxes | 16,917 | 25,851 | 34,226 | 53,126
Income tax expense (benefit): |  |  |  |
Current | 7,356 | 7,444 | 11,277 | 8,553
Deferred income taxes | (71) | (930) | (2,634) | 1,808
Total income tax expense (benefit) | 7,285 | 6,514 | 8,643 | 10,361
Earnings before equity in earnings of nonconsolidated subsidiaries | 9,632 | 19,337 | 25,583 | 42,765
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | 0
Net earnings | 9,632 | 19,337 | 25,583 | 42,765
Less: Earnings attributable to noncontrolling interests | (1,720) | (1,658) | (2,919) | (2,640)
Net earnings attributable to Valmont Industries, Inc. | $ 7,912 | $ 17,679 | $ 22,664 | $ 40,125

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