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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | 9 Months Ended
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Sep. 29, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has two 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 September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 293,070 |  |  | $ | 132,059 |  |  | $ | 319,129 |  |  | $ | (65,566 | ) |  | $ | 678,692 |
Cost of sales | 227,467 |  |  | 100,130 |  |  | 252,353 |  |  | (65,598 | ) |  | 514,352 |
Gross profit | 65,603 |  |  | 31,929 |  |  | 66,776 |  |  | 32 |  |  | 164,340 |
Selling, general and administrative expenses | 51,159 |  |  | 12,908 |  |  | 61,913 |  |  | — |  |  | 125,980 |
Operating income | 14,444 |  |  | 19,021 |  |  | 4,863 |  |  | 32 |  |  | 38,360 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,511 | ) |  | (3,600 | ) |  | (443 | ) |  | 3,600 |  |  | (10,954 | )
Interest income | 174 |  |  | 47 |  |  | 4,379 |  |  | (3,600 | ) |  | 1,000 |
Other | (13,765 | ) |  | 15 |  |  | 1,426 |  |  | — |  |  | (12,324 | )
| (24,102 | ) |  | (3,538 | ) |  | 5,362 |  |  | — |  |  | (22,278 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | (9,658 | ) |  | 15,483 |  |  | 10,225 |  |  | 32 |  |  | 16,082 |
Income tax expense (benefit) | (4,497 | ) |  | 4,732 |  |  | 8,882 |  |  | (26 | ) |  | 9,091 |
Earnings before equity in earnings of nonconsolidated subsidiaries | (5,161 | ) |  | 10,751 |  |  | 1,343 |  |  | 58 |  |  | 6,991 |
Equity in earnings of nonconsolidated subsidiaries | 9,609 |  |  | 4,041 |  |  | — |  |  | (13,650 | ) |  | — |
Net earnings | 4,448 |  |  | 14,792 |  |  | 1,343 |  |  | (13,592 | ) |  | 6,991 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (2,543 | ) |  | — |  |  | (2,543 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 4,448 |  |  | $ | 14,792 |  |  | $ | (1,200 | ) |  | $ | (13,592 | ) |  | $ | 4,448 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 906,978 |  |  | $ | 386,793 |  |  | $ | 966,764 |  |  | $ | (200,754 | ) |  | $ | 2,059,781 |
Cost of sales | 683,740 |  |  | 293,238 |  |  | 776,254 |  |  | (202,030 | ) |  | 1,551,202 |
Gross profit | 223,238 |  |  | 93,555 |  |  | 190,510 |  |  | 1,276 |  |  | 508,579 |
Selling, general and administrative expenses | 147,949 |  |  | 37,360 |  |  | 157,280 |  |  | — |  |  | 342,589 |
Operating income | 75,289 |  |  | 56,195 |  |  | 33,230 |  |  | 1,276 |  |  | 165,990 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (32,788 | ) |  | (11,229 | ) |  | (1,031 | ) |  | 11,229 |  |  | (33,819 | )
Interest income | 655 |  |  | 62 |  |  | 14,225 |  |  | (11,229 | ) |  | 3,713 |
Other | (15,773 | ) |  | 41 |  |  | (1,973 | ) |  | — |  |  | (17,705 | )
| (47,906 | ) |  | (11,126 | ) |  | 11,221 |  |  | — |  |  | (47,811 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 27,383 |  |  | 45,069 |  |  | 44,451 |  |  | 1,276 |  |  | 118,179 |
Income tax expense (benefit) | 6,181 |  |  | 12,260 |  |  | 17,525 |  |  | 62 |  |  | 36,028 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 21,202 |  |  | 32,809 |  |  | 26,926 |  |  | 1,214 |  |  | 82,151 |
Equity in earnings of nonconsolidated subsidiaries | 55,487 |  |  | 37,939 |  |  | — |  |  | (93,426 | ) |  | — |
Net earnings | 76,689 |  |  | 70,748 |  |  | 26,926 |  |  | (92,212 | ) |  | 82,151 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (5,462 | ) |  | — |  |  | (5,462 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 76,689 |  |  | $ | 70,748 |  |  | $ | 21,464 |  |  | $ | (92,212 | ) |  | $ | 76,689 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 284,538 |  |  | $ | 113,243 |  |  | $ | 343,818 |  |  | $ | (60,820 | ) |  | $ | 680,779 |
Cost of sales | 216,039 |  |  | 88,757 |  |  | 272,959 |  |  | (60,570 | ) |  | 517,185 |
Gross profit | 68,499 |  |  | 24,486 |  |  | 70,859 |  |  | (250 | ) |  | 163,594 |
Selling, general and administrative expenses | 46,451 |  |  | 12,046 |  |  | 45,007 |  |  | — |  |  | 103,504 |
Operating income | 22,048 |  |  | 12,440 |  |  | 25,852 |  |  | (250 | ) |  | 60,090 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,884 | ) |  | (3,989 | ) |  | (306 | ) |  | 3,989 |  |  | (11,190 | )
Interest income | 268 |  |  | 9 |  |  | 5,023 |  |  | (3,989 | ) |  | 1,311 |
Other | 1,379 |  |  | 11 |  |  | (1,040 | ) |  | — |  |  | 350 |
| (9,237 | ) |  | (3,969 | ) |  | 3,677 |  |  | — |  |  | (9,529 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 12,811 |  |  | 8,471 |  |  | 29,529 |  |  | (250 | ) |  | 50,561 |
Income tax expense (benefit) | 5,556 |  |  | 3,082 |  |  | 5,265 |  |  | (8 | ) |  | 13,895 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 7,255 |  |  | 5,389 |  |  | 24,264 |  |  | (242 | ) |  | 36,666 |
Equity in earnings of nonconsolidated subsidiaries | 27,953 |  |  | 9,965 |  |  | — |  |  | (37,918 | ) |  | — |
Net earnings | 35,208 |  |  | 15,354 |  |  | 24,264 |  |  | (38,160 | ) |  | 36,666 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,458 | ) |  | — |  |  | (1,458 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 35,208 |  |  | $ | 15,354 |  |  | $ | 22,806 |  |  | $ | (38,160 | ) |  | $ | 35,208 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 893,988 |  |  | $ | 352,827 |  |  | $ | 967,130 |  |  | $ | (182,956 | ) |  | $ | 2,030,989 |
Cost of sales | 666,060 |  |  | 271,620 |  |  | 764,607 |  |  | (182,777 | ) |  | 1,519,510 |
Gross profit | 227,928 |  |  | 81,207 |  |  | 202,523 |  |  | (179 | ) |  | 511,479 |
Selling, general and administrative expenses | 143,590 |  |  | 35,555 |  |  | 129,138 |  |  | — |  |  | 308,283 |
Operating income | 84,338 |  |  | 45,652 |  |  | 73,385 |  |  | (179 | ) |  | 203,196 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (32,672 | ) |  | (10,040 | ) |  | (640 | ) |  | 10,040 |  |  | (33,312 | )
Interest income | 563 |  |  | 33 |  |  | 12,649 |  |  | (10,040 | ) |  | 3,205 |
Other | 3,900 |  |  | 42 |  |  | (2,739 | ) |  | — |  |  | 1,203 |
| (28,209 | ) |  | (9,965 | ) |  | 9,270 |  |  | — |  |  | (28,904 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 56,129 |  |  | 35,687 |  |  | 82,655 |  |  | (179 | ) |  | 174,292 |
Income tax expense (benefit) | 21,552 |  |  | 13,184 |  |  | 15,626 |  |  | (19 | ) |  | 50,343 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 34,577 |  |  | 22,503 |  |  | 67,029 |  |  | (160 | ) |  | 123,949 |
Equity in earnings of nonconsolidated subsidiaries | 85,274 |  |  | 15,281 |  |  | — |  |  | (100,555 | ) |  | — |
Net earnings | 119,851 |  |  | 37,784 |  |  | 67,029 |  |  | (100,715 | ) |  | 123,949 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (4,098 | ) |  | — |  |  | (4,098 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 62,931 |  |  | $ | (100,715 | ) |  | $ | 119,851 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 4,448 |  |  | $ | 14,792 |  |  | $ | 1,343 |  |  | $ | (13,592 | ) |  | $ | 6,991 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 4,289 |  |  | (14,921 | ) |  | — |  |  | (10,632 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (loss) on hedging activities | (910 | ) |  | — |  |  | — |  |  | — |  |  | (910 | )
Equity in other comprehensive income | (10,478 | ) |  | — |  |  | — |  |  | 10,478 |  |  | — |
Other comprehensive income (loss) | (11,388 | ) |  | 4,289 |  |  | (14,921 | ) |  | 10,478 |  |  | (11,542 | )
Comprehensive income (loss) | (6,940 | ) |  | 19,081 |  |  | (13,578 | ) |  | (3,114 | ) |  | (4,551 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,389 | ) |  | — |  |  | (2,389 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (6,940 | ) |  | $ | 19,081 |  |  | $ | (15,967 | ) |  | $ | (3,114 | ) |  | $ | (6,940 | )
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 76,689 |  |  | $ | 70,748 |  |  | $ | 26,926 |  |  | $ | (92,212 | ) |  | $ | 82,151 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 2,122 |  |  | (52,903 | ) |  | — |  |  | (50,781 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | 9,203 |  |  | — |  |  | 9,203 |
Gain (loss) on hedging activities | 834 |  |  | — |  |  | — |  |  | — |  |  | 834 |
Equity in other comprehensive income | (44,366 | ) |  | — |  |  | — |  |  | 44,366 |  |  | — |
Other comprehensive income (loss) | (43,532 | ) |  | 2,122 |  |  | (43,700 | ) |  | 44,366 |  |  | (40,744 | )
Comprehensive income (loss) | 33,157 |  |  | 72,870 |  |  | (16,774 | ) |  | (47,846 | ) |  | 41,407 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (8,250 | ) |  | — |  |  | (8,250 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 33,157 |  |  | $ | 72,870 |  |  | $ | (25,024 | ) |  | $ | (47,846 | ) |  | $ | 33,157 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 35,208 |  |  | $ | 15,354 |  |  | $ | 24,264 |  |  | $ | (38,160 | ) |  | $ | 36,666 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (3,613 | ) |  | 23,143 |  |  | — |  |  | 19,530 |
Gain (loss) on hedging activities | (721 | ) |  | — |  |  | — |  |  | — |  |  | (721 | )
Equity in other comprehensive income | 18,418 |  |  | — |  |  | — |  |  | (18,418 | ) |  | — |
Other comprehensive income (loss) | 17,697 |  |  | (3,613 | ) |  | 23,143 |  |  | (18,418 | ) |  | 18,809 |
Comprehensive income (loss) | 52,905 |  |  | 11,741 |  |  | 47,407 |  |  | (56,578 | ) |  | 55,475 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,570 | ) |  | — |  |  | (2,570 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 52,905 |  |  | $ | 11,741 |  |  | $ | 44,837 |  |  | $ | (56,578 | ) |  | $ | 52,905 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 67,029 |  |  | $ | (100,715 | ) |  | $ | 123,949 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 64,411 |  |  | (3,940 | ) |  | — |  |  | 60,471 |
Gain (loss) on hedging activities | (1,760 | ) |  | — |  |  | — |  |  | — |  |  | (1,760 | )
Equity in other comprehensive income | 60,017 |  |  | — |  |  | — |  |  | (60,017 | ) |  | — |
Other comprehensive income (loss) | 58,257 |  |  | 64,411 |  |  | (3,940 | ) |  | (60,017 | ) |  | 58,711 |
Comprehensive income (loss) | 178,108 |  |  | 102,195 |  |  | 63,089 |  |  | (160,732 | ) |  | 182,660 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (4,552 | ) |  | — |  |  | (4,552 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 178,108 |  |  | $ | 102,195 |  |  | $ | 58,537 |  |  | $ | (160,732 | ) |  | $ | 178,108 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 26,292 |  |  | $ | 10,628 |  |  | $ | 258,702 |  |  | $ | — |  |  | $ | 295,622 |
Receivables, net | 154,551 |  |  | 72,521 |  |  | 273,334 |  |  | — |  |  | 500,406 |
Inventories | 140,195 |  |  | 42,840 |  |  | 219,765 |  |  | (2,895 | ) |  | 399,905 |
Contract asset - costs and profits in excess of billings | 49,509 |  |  | 39,583 |  |  | 23,528 |  |  | — |  |  | 112,620 |
Prepaid expenses and other assets | 11,586 |  |  | 4,433 |  |  | 24,636 |  |  | — |  |  | 40,655 |
Refundable income taxes | 13,182 |  |  | — |  |  | — |  |  | — |  |  | 13,182 |
Total current assets | 395,315 |  |  | 170,005 |  |  | 799,965 |  |  | (2,895 | ) |  | 1,362,390 |
Property, plant and equipment, at cost | 573,119 |  |  | 168,519 |  |  | 412,205 |  |  | — |  |  | 1,153,843 |
Less accumulated depreciation and amortization | 386,282 |  |  | 90,810 |  |  | 169,030 |  |  | — |  |  | 646,122 |
Net property, plant and equipment | 186,837 |  |  | 77,709 |  |  | 243,175 |  |  | — |  |  | 507,721 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 258,924 |  |  | — |  |  | 389,594 |
Other intangible assets | 90 |  |  | 28,271 |  |  | 150,332 |  |  | — |  |  | 178,693 |
Investment in subsidiaries and intercompany accounts | 1,345,874 |  |  | 1,123,215 |  |  | 933,195 |  |  | (3,402,284 | ) |  | — |
Other assets | 49,952 |  |  | — |  |  | 74,728 |  |  | — |  |  | 124,680 |
Total assets | $ | 1,998,176 |  |  | $ | 1,509,762 |  |  | $ | 2,460,319 |  |  | $ | (3,405,179 | ) |  | $ | 2,563,078 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 829 |  |  | $ | — |  |  | $ | 829 |
Notes payable to banks | — |  |  | — |  |  | 3,328 |  |  | — |  |  | 3,328 |
Accounts payable | 58,896 |  |  | 18,050 |  |  | 123,522 |  |  | — |  |  | 200,468 |
Accrued employee compensation and benefits | 42,381 |  |  | 7,253 |  |  | 31,209 |  |  | — |  |  | 80,843 |
Accrued expenses | 40,948 |  |  | (1,987 | ) |  | 67,968 |  |  | — |  |  | 106,929 |
Dividends payable | 8,310 |  |  | — |  |  | — |  |  | — |  |  | 8,310 |
Total current liabilities | 150,535 |  |  | 23,316 |  |  | 226,856 |  |  | — |  |  | 400,707 |
Deferred income taxes | 2,938 |  |  | — |  |  | 42,138 |  |  | — |  |  | 45,076 |
Long-term debt, excluding current installments | 733,815 |  |  | 171,128 |  |  | 2,370 |  |  | (171,128 | ) |  | 736,185 |
Defined benefit pension liability | — |  |  | — |  |  | 179,877 |  |  | — |  |  | 179,877 |
Deferred compensation | 43,460 |  |  | — |  |  | 4,714 |  |  | — |  |  | 48,174 |
Other noncurrent liabilities | 10,211 |  |  | 392 |  |  | 8,708 |  |  | — |  |  | 19,311 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,682 |  |  | (1,106,632 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 162,906 |  |  | 1,107,536 |  |  | (1,270,442 | ) |  | — |
Retained earnings | 2,022,538 |  |  | 617,466 |  |  | 510,063 |  |  | (1,127,529 | ) |  | 2,022,538 |
Accumulated other comprehensive income (loss) | (322,554 | ) |  | 76,604 |  |  | (347,156 | ) |  | 270,552 |  |  | (322,554 | )
Treasury stock | (670,667 | ) |  | — |  |  | — |  |  | — |  |  | (670,667 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,057,217 |  |  | 1,314,926 |  |  | 1,919,125 |  |  | (3,234,051 | ) |  | 1,057,217 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 76,531 |  |  | — |  |  | 76,531 |
Total shareholders’ equity | 1,057,217 |  |  | 1,314,926 |  |  | 1,995,656 |  |  | (3,234,051 | ) |  | 1,133,748 |
Total liabilities and shareholders’ equity | $ | 1,998,176 |  |  | $ | 1,509,762 |  |  | $ | 2,460,319 |  |  | $ | (3,405,179 | ) |  | $ | 2,563,078 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 83,329 |  |  | $ | 5,304 |  |  | $ | 404,172 |  |  | $ | — |  |  | $ | 492,805 |
Receivables, net | 149,221 |  |  | 82,995 |  |  | 271,461 |  |  | — |  |  | 503,677 |
Inventories | 160,444 |  |  | 46,801 |  |  | 217,551 |  |  | (3,848 | ) |  | 420,948 |
Contract asset - costs and profits in excess of billings | — |  |  | — |  |  | 16,165 |  |  | — |  |  | 16,165 |
Prepaid expenses and other assets | 8,607 |  |  | 970 |  |  | 17,901 |  |  | — |  |  | 27,478 |
Refundable income taxes | 11,492 |  |  | — |  |  | — |  |  | — |  |  | 11,492 |
Total current assets | 413,093 |  |  | 136,070 |  |  | 927,250 |  |  | (3,848 | ) |  | 1,472,565 |
Property, plant and equipment, at cost | 557,371 |  |  | 160,767 |  |  | 447,549 |  |  | — |  |  | 1,165,687 |
Less accumulated depreciation and amortization | 368,668 |  |  | 84,508 |  |  | 193,583 |  |  | — |  |  | 646,759 |
Net property, plant and equipment | 188,703 |  |  | 76,259 |  |  | 253,966 |  |  | — |  |  | 518,928 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 207,050 |  |  | — |  |  | 337,720 |
Other intangible assets | 130 |  |  | 30,955 |  |  | 107,514 |  |  | — |  |  | 138,599 |
Investment in subsidiaries and intercompany accounts | 1,416,446 |  |  | 1,181,537 |  |  | 927,179 |  |  | (3,525,162 | ) |  | — |
Other assets | 50,773 |  |  | — |  |  | 83,665 |  |  | — |  |  | 134,438 |
Total assets | $ | 2,089,253 |  |  | $ | 1,535,383 |  |  | $ | 2,506,624 |  |  | $ | (3,529,010 | ) |  | $ | 2,602,250 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 966 |  |  | $ | — |  |  | $ | 966 |
Notes payable to banks | — |  |  | — |  |  | 161 |  |  | — |  |  | 161 |
Accounts payable | 69,915 |  |  | 18,039 |  |  | 139,952 |  |  | — |  |  | 227,906 |
Accrued employee compensation and benefits | 44,086 |  |  | 8,749 |  |  | 31,591 |  |  | — |  |  | 84,426 |
Accrued expenses | 28,198 |  |  | 9,621 |  |  | 43,210 |  |  | — |  |  | 81,029 |
Dividends payable | 8,510 |  |  | — |  |  | — |  |  | — |  |  | 8,510 |
Total current liabilities | 150,709 |  |  | 36,409 |  |  | 215,880 |  |  | — |  |  | 402,998 |
Deferred income taxes | 20,885 |  |  | — |  |  | 14,021 |  |  | — |  |  | 34,906 |
Long-term debt, excluding current installments | 750,821 |  |  | 185,078 |  |  | 9,836 |  |  | (191,847 | ) |  | 753,888 |
Defined benefit pension liability | — |  |  | — |  |  | 189,552 |  |  | — |  |  | 189,552 |
Deferred compensation | 42,928 |  |  | — |  |  | 5,598 |  |  | — |  |  | 48,526 |
Other noncurrent liabilities | 11,074 |  |  | 6 |  |  | 9,505 |  |  | — |  |  | 20,585 |
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 | 1,954,344 |  |  | 622,044 |  |  | 619,622 |  |  | (1,241,666 | ) |  | 1,954,344 |
Accumulated other comprehensive income | (279,022 | ) |  | 74,482 |  |  | (352,567 | ) |  | 278,085 |  |  | (279,022 | )
Treasury stock | (590,386 | ) |  | — |  |  | — |  |  | — |  |  | (590,386 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,112,836 |  |  | 1,313,890 |  |  | 2,023,273 |  |  | (3,337,163 | ) |  | 1,112,836 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 38,959 |  |  | — |  |  | 38,959 |
Total shareholders’ equity | 1,112,836 |  |  | 1,313,890 |  |  | 2,062,232 |  |  | (3,337,163 | ) |  | 1,151,795 |
Total liabilities and shareholders’ equity | $ | 2,089,253 |  |  | $ | 1,535,383 |  |  | $ | 2,506,624 |  |  | $ | (3,529,010 | ) |  | $ | 2,602,250 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine Weeks Ended September 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 76,689 |  |  | $ | 70,748 |  |  | $ | 26,926 |  |  | $ | (92,212 | ) |  | $ | 82,151 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 19,498 |  |  | 10,564 |  |  | 31,956 |  |  | — |  |  | 62,018 |
Noncash gain on trading securities | — |  |  | — |  |  | (62 | ) |  | — |  |  | (62 | )
Impairment of property, plant and equipment | — |  |  | — |  |  | 4,197 |  |  | — |  |  | 4,197 |
Impairment of goodwill & intangible assets | — |  |  | — |  |  | 15,780 |  |  | — |  |  | 15,780 |
Loss on divestiture of grinding media business | 2,518 |  |  | — |  |  | 3,566 |  |  | — |  |  | 6,084 |
Stock-based compensation | 8,076 |  |  | — |  |  | — |  |  | — |  |  | 8,076 |
Defined benefit pension plan expense | — |  |  | — |  |  | (1,713 | ) |  | — |  |  | (1,713 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (1,555 | ) |  | — |  |  | (1,555 | )
Loss (gain) on sale of property, plant and equipment | 7 |  |  | (27 | ) |  | (333 | ) |  | — |  |  | (353 | )
Equity in earnings in nonconsolidated subsidiaries | (55,487 | ) |  | (37,939 | ) |  | — |  |  | 93,426 |  |  | — |
Deferred income taxes | 729 |  |  | 1,791 |  |  | (1,706 | ) |  | — |  |  | 814 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (28,948 | ) |  | (40,255 | ) |  | (26,432 | ) |  | (1,277 | ) |  | (96,912 | )
Other noncurrent liabilities | (762 | ) |  | 387 |  |  | (874 | ) |  | — |  |  | (1,249 | )
Income taxes payable (refundable) | (23,256 | ) |  | (1,066 | ) |  | 15,099 |  |  | — |  |  | (9,223 | )
Net cash flows from operating activities | (936 | ) |  | 4,203 |  |  | 64,849 |  |  | (63 | ) |  | 68,053 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (16,940 | ) |  | (9,546 | ) |  | (22,433 | ) |  | — |  |  | (48,919 | )
Proceeds from sale of assets | 39 |  |  | 232 |  |  | 64,515 |  |  | — |  |  | 64,786 |
Acquisitions, net of cash acquired | (57,805 | ) |  | — |  |  | (67,504 | ) |  | — |  |  | (125,309 | )
Settlement of net investment hedge | (1,621 | ) |  | — |  |  | — |  |  | — |  |  | (1,621 | )
Other, net | 28,299 |  |  | (3,683 | ) |  | (27,050 | ) |  | 63 |  |  | (2,371 | )
Net cash flows from investing activities | (48,028 | ) |  | (12,997 | ) |  | (52,472 | ) |  | 63 |  |  | (113,434 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from short-term agreements | — |  |  | — |  |  | 3,217 |  |  | — |  |  | 3,217 |
Proceeds from long-term borrowings | 236,936 |  |  | — |  |  | — |  |  | — |  |  | 236,936 |
Principal payments on long-term borrowings | (252,219 | ) |  | — |  |  | (733 | ) |  | — |  |  | (252,952 | )
Settlement of financial derivative | (2,467 | ) |  | — |  |  | — |  |  | — |  |  | (2,467 | )
Debt issuance costs | (2,322 | ) |  | — |  |  | — |  |  | — |  |  | (2,322 | )
Dividends paid | (25,415 | ) |  | — |  |  | — |  |  | — |  |  | (25,415 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (5,737 | ) |  | — |  |  | (5,737 | )
Intercompany dividends | 123,363 |  |  | 11,296 |  |  | (134,659 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | — |  |  | — |  |  | (5,510 | ) |  | — |  |  | (5,510 | )
Intercompany capital contribution | (3,492 | ) |  | 3,492 |  |  | — |  |  | — |  |  | — |
Purchase of treasury shares | (86,919 | ) |  | — |  |  | — |  |  | — |  |  | (86,919 | )
Proceeds from exercises under stock plans | 6,376 |  |  | — |  |  | — |  |  | — |  |  | 6,376 |
Purchase of common treasury shares - stock plan exercises | (1,914 | ) |  | — |  |  | — |  |  | — |  |  | (1,914 | )
Net cash flows from financing activities | (8,073 | ) |  | 14,788 |  |  | (143,422 | ) |  | — |  |  | (136,707 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (670 | ) |  | (14,425 | ) |  | — |  |  | (15,095 | )
Net change in cash and cash equivalents | (57,037 | ) |  | 5,324 |  |  | (145,470 | ) |  | — |  |  | (197,183 | )
Cash and cash equivalents—beginning of year | 83,329 |  |  | 5,304 |  |  | 404,172 |  |  | — |  |  | 492,805 |
Cash and cash equivalents—end of period | $ | 26,292 |  |  | $ | 10,628 |  |  | $ | 258,702 |  |  | $ | — |  |  | $ | 295,622 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine Weeks Ended September 30, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 119,851 |  |  | $ | 37,784 |  |  | $ | 67,029 |  |  | $ | (100,715 | ) |  | $ | 123,949 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 19,600 |  |  | 11,130 |  |  | 32,770 |  |  | — |  |  | 63,500 |
Noncash loss on trading securities | — |  |  | — |  |  | 395 |  |  | — |  |  | 395 |
Stock-based compensation | 7,300 |  |  | — |  |  | — |  |  | — |  |  | 7,300 |
Defined benefit pension plan expense | — |  |  | — |  |  | 481 |  |  | — |  |  | 481 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (26,064 | ) |  | — |  |  | (26,064 | )
Loss (gain) on sale of property, plant and equipment | (725 | ) |  | 59 |  |  | (66 | ) |  | — |  |  | (732 | )
Equity in earnings in nonconsolidated subsidiaries | (85,274 | ) |  | (15,281 | ) |  | — |  |  | 100,555 |  |  | — |
Deferred income taxes | 2,065 |  |  | — |  |  | (1,986 | ) |  | — |  |  | 79 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (5,713 | ) |  | (23,364 | ) |  | (14,815 | ) |  | 179 |  |  | (43,713 | )
Other noncurrent liabilities | (381 | ) |  | — |  |  | (1,246 | ) |  | — |  |  | (1,627 | )
Income taxes payable (refundable) | (11,403 | ) |  | 802 |  |  | 8,869 |  |  | — |  |  | (1,732 | )
Net cash flows from operating activities | 45,320 |  |  | 11,130 |  |  | 65,367 |  |  | 19 |  |  | 121,836 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (14,046 | ) |  | (5,952 | ) |  | (19,900 | ) |  | — |  |  | (39,898 | )
Proceeds from sale of assets | 745 |  |  | (48 | ) |  | 878 |  |  | — |  |  | 1,575 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (5,362 | ) |  | — |  |  | (5,362 | )
Settlement of net investment hedge | 5,123 |  |  | — |  |  | — |  |  | — |  |  | 5,123 |
Other, net | 15,714 |  |  | (8,985 | ) |  | (10,172 | ) |  | (19 | ) |  | (3,462 | )
Net cash flows from investing activities | 7,536 |  |  | (14,985 | ) |  | (34,556 | ) |  | (19 | ) |  | (42,024 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Payments under short-term agreements | — |  |  | — |  |  | (549 | ) |  | — |  |  | (549 | )
Principal payments on long-term borrowings | — |  |  | — |  |  | (658 | ) |  | — |  |  | (658 | )
Dividends paid | (25,386 | ) |  | — |  |  | — |  |  | — |  |  | (25,386 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (3,895 | ) |  | — |  |  | (3,895 | )
Intercompany dividends | 22,662 |  |  | — |  |  | (22,662 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | (5,669 | ) |  | 5,669 |  |  | — |  |  | — |
Intercompany capital contribution | (7,375 | ) |  | 7,375 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 12,446 |  |  | — |  |  | — |  |  | — |  |  | 12,446 |
Purchase of common treasury shares - stock plan exercises | (3,929 | ) |  | — |  |  | — |  |  | — |  |  | (3,929 | )
Net cash flows from financing activities | (1,582 | ) |  | 1,706 |  |  | (22,095 | ) |  | — |  |  | (21,971 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 245 |  |  | 22,888 |  |  | — |  |  | 23,133 |
Net change in cash and cash equivalents | 51,274 |  |  | (1,904 | ) |  | 31,604 |  |  | — |  |  | 80,974 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 339,220 |  |  | — |  |  | 412,516 |
Cash and cash equivalents—end of period | $ | 118,499 |  |  | $ | 4,167 |  |  | $ | 370,824 |  |  | $ | — |  |  | $ | 493,490 |

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