XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
--- | ---
Sep. 29, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | 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 |
Condensed Consolidated Statements of Comprehensive Income | 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 |
Condensed Consolidated Balance Sheets | 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 |
Condensed Consolidated Statements of Cash Flows | 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 |

X
- Definition This element represents the consolidated balance sheet segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
Name: | vmi_FinancialInformationOfGuarantorAndNonGuarantorSubsidiariesBalanceSheetTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element represents the consolidated cash flow statement segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
Name: | vmi_FinancialInformationOfGuarantorAndNonGuarantorSubsidiariesCashFlowsTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element represents the consolidated comprehensive income segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
Name: | vmi_FinancialInformationOfGuarantorAndNonGuarantorSubsidiariesComprehensiveIncomeTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element represents the consolidated results of operations segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
Name: | vmi_FinancialInformationOfGuarantorAndNonGuarantorSubsidiariesResultsOfOperationsTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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