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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended
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Jun. 29, 2019
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 313,973 |  |  | $ | 138,151 |  |  | $ | 316,517 |  |  | $ | (67,770 | ) |  | $ | 700,871 |
Cost of sales | 226,017 |  |  | 107,331 |  |  | 254,331 |  |  | (67,222 | ) |  | 520,457 |
Gross profit | 87,956 |  |  | 30,820 |  |  | 62,186 |  |  | (548 | ) |  | 180,414 |
Selling, general and administrative expenses | 49,788 |  |  | 18,867 |  |  | 48,047 |  |  | — |  |  | 116,702 |
Operating income | 38,168 |  |  | 11,953 |  |  | 14,139 |  |  | (548 | ) |  | 63,712 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (9,584 | ) |  | (2,498 | ) |  | (534 | ) |  | 2,499 |  |  | (10,117 | )
Interest income | 342 |  |  | 18 |  |  | 3,175 |  |  | (2,499 | ) |  | 1,036 |
Other | 1,878 |  |  | 11 |  |  | (213 | ) |  | — |  |  | 1,676 |
| (7,364 | ) |  | (2,469 | ) |  | 2,428 |  |  | — |  |  | (7,405 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 30,804 |  |  | 9,484 |  |  | 16,567 |  |  | (548 | ) |  | 56,307 |
Income tax expense (benefit) | 7,310 |  |  | 1,907 |  |  | 4,791 |  |  | (47 | ) |  | 13,961 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 23,494 |  |  | 7,577 |  |  | 11,776 |  |  | (501 | ) |  | 42,346 |
Equity in earnings of nonconsolidated subsidiaries | 17,903 |  |  | 2,882 |  |  | — |  |  | (20,785 | ) |  | — |
Net earnings | 41,397 |  |  | 10,459 |  |  | 11,776 |  |  | (21,286 | ) |  | 42,346 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (949 | ) |  | — |  |  | (949 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 41,397 |  |  | $ | 10,459 |  |  | $ | 10,827 |  |  | $ | (21,286 | ) |  | $ | 41,397 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six Weeks Ended June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 612,975 |  |  | $ | 277,658 |  |  | $ | 628,808 |  |  | $ | (126,431 | ) |  | $ | 1,393,010 |
Cost of sales | 451,144 |  |  | 210,643 |  |  | 511,938 |  |  | (126,258 | ) |  | 1,047,467 |
Gross profit | 161,831 |  |  | 67,015 |  |  | 116,870 |  |  | (173 | ) |  | 345,543 |
Selling, general and administrative expenses | 107,634 |  |  | 25,976 |  |  | 93,117 |  |  | — |  |  | 226,727 |
Operating income | 54,197 |  |  | 41,039 |  |  | 23,753 |  |  | (173 | ) |  | 118,816 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (19,167 | ) |  | (6,039 | ) |  | (829 | ) |  | 6,040 |  |  | (19,995 | )
Interest income | 453 |  |  | 30 |  |  | 7,403 |  |  | (6,040 | ) |  | 1,846 |
Other | 5,415 |  |  | 21 |  |  | 86 |  |  | — |  |  | 5,522 |
| (13,299 | ) |  | (5,988 | ) |  | 6,660 |  |  | — |  |  | (12,627 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 40,898 |  |  | 35,051 |  |  | 30,413 |  |  | (173 | ) |  | 106,189 |
Income tax expense (benefit) | 7,772 |  |  | 7,857 |  |  | 10,750 |  |  | 9 |  |  | 26,388 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 33,126 |  |  | 27,194 |  |  | 19,663 |  |  | (182 | ) |  | 79,801 |
Equity in earnings of nonconsolidated subsidiaries | 44,752 |  |  | 6,826 |  |  | — |  |  | (51,578 | ) |  | — |
Net earnings | 77,878 |  |  | 34,020 |  |  | 19,663 |  |  | (51,760 | ) |  | 79,801 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,923 | ) |  | — |  |  | (1,923 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 77,878 |  |  | $ | 34,020 |  |  | $ | 17,740 |  |  | $ | (51,760 | ) |  | $ | 77,878 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 297,916 |  |  | $ | 133,563 |  |  | $ | 315,499 |  |  | $ | (64,573 | ) |  | $ | 682,405 |
Cost of sales | 220,677 |  |  | 98,649 |  |  | 252,185 |  |  | (64,105 | ) |  | 507,406 |
Gross profit | 77,239 |  |  | 34,914 |  |  | 63,314 |  |  | (468 | ) |  | 174,999 |
Selling, general and administrative expenses | 50,259 |  |  | 12,535 |  |  | 48,535 |  |  | — |  |  | 111,329 |
Operating income | 26,980 |  |  | 22,379 |  |  | 14,779 |  |  | (468 | ) |  | 63,670 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (11,396 | ) |  | (3,749 | ) |  | (395 | ) |  | 3,749 |  |  | (11,791 | )
Interest income | 305 |  |  | 5 |  |  | 4,885 |  |  | (3,749 | ) |  | 1,446 |
Loss from divestiture of grinding media business | (2,518 | ) |  | — |  |  | (3,566 | ) |  | — |  |  | (6,084 | )
Other | 616 |  |  | 14 |  |  | 1,214 |  |  | — |  |  | 1,844 |
| (12,993 | ) |  | (3,730 | ) |  | 2,138 |  |  | — |  |  | (14,585 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 13,987 |  |  | 18,649 |  |  | 16,917 |  |  | (468 | ) |  | 49,085 |
Income tax expense (benefit) | 2,318 |  |  | 4,851 |  |  | 7,285 |  |  | (49 | ) |  | 14,405 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 11,669 |  |  | 13,798 |  |  | 9,632 |  |  | (419 | ) |  | 34,680 |
Equity in earnings of nonconsolidated subsidiaries | 21,291 |  |  | 31,169 |  |  | — |  |  | (52,460 | ) |  | — |
Net earnings | 32,960 |  |  | 44,967 |  |  | 9,632 |  |  | (52,879 | ) |  | 34,680 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,720 | ) |  | — |  |  | (1,720 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 32,960 |  |  | $ | 44,967 |  |  | $ | 7,912 |  |  | $ | (52,879 | ) |  | $ | 32,960 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 613,908 |  |  | $ | 254,734 |  |  | $ | 647,635 |  |  | $ | (135,188 | ) |  | $ | 1,381,089 |
Cost of sales | 456,273 |  |  | 193,108 |  |  | 523,901 |  |  | (136,432 | ) |  | 1,036,850 |
Gross profit | 157,635 |  |  | 61,626 |  |  | 123,734 |  |  | 1,244 |  |  | 344,239 |
Selling, general and administrative expenses | 96,790 |  |  | 24,452 |  |  | 95,367 |  |  | — |  |  | 216,609 |
Operating income | 60,845 |  |  | 37,174 |  |  | 28,367 |  |  | 1,244 |  |  | 127,630 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (22,277 | ) |  | (7,629 | ) |  | (588 | ) |  | 7,629 |  |  | (22,865 | )
Interest income | 481 |  |  | 15 |  |  | 9,846 |  |  | (7,629 | ) |  | 2,713 |
Loss from divestiture of grinding media business | (2,518 | ) |  | — |  |  | (3,566 | ) |  | — |  |  | (6,084 | )
Other | 510 |  |  | 26 |  |  | 167 |  |  | — |  |  | 703 |
| (23,804 | ) |  | (7,588 | ) |  | 5,859 |  |  | — |  |  | (25,533 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 37,041 |  |  | 29,586 |  |  | 34,226 |  |  | 1,244 |  |  | 102,097 |
Income tax expense (benefit) | 10,678 |  |  | 7,528 |  |  | 8,643 |  |  | 88 |  |  | 26,937 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 26,363 |  |  | 22,058 |  |  | 25,583 |  |  | 1,156 |  |  | 75,160 |
Equity in earnings of nonconsolidated subsidiaries | 45,878 |  |  | 33,898 |  |  | — |  |  | (79,776 | ) |  | — |
Net earnings | 72,241 |  |  | 55,956 |  |  | 25,583 |  |  | (78,620 | ) |  | 75,160 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (2,919 | ) |  | — |  |  | (2,919 | )
Net earnings attributable to Valmont Industries, Inc. | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 22,664 |  |  | $ | (78,620 | ) |  | $ | 72,241 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 41,397 |  |  | $ | 10,459 |  |  | $ | 11,776 |  |  | $ | (21,286 | ) |  | $ | 42,346 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (9,850 | ) |  | 10,899 |  |  | — |  |  | 1,049 |
Gain (loss) on hedging activities | (5,347 | ) |  | — |  |  | — |  |  | — |  |  | (5,347 | )
Equity in other comprehensive income | 1,015 |  |  | — |  |  | — |  |  | (1,015 | ) |  | — |
Other comprehensive income (loss) | (4,332 | ) |  | (9,850 | ) |  | 10,899 |  |  | (1,015 | ) |  | (4,298 | )
Comprehensive income (loss) | 37,065 |  |  | 609 |  |  | 22,675 |  |  | (22,301 | ) |  | 38,048 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (983 | ) |  | — |  |  | (983 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 37,065 |  |  | $ | 609 |  |  | $ | 21,692 |  |  | $ | (22,301 | ) |  | $ | 37,065 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 77,878 |  |  | $ | 34,020 |  |  | $ | 19,663 |  |  | $ | (51,760 | ) |  | $ | 79,801 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (4,221 | ) |  | 7,536 |  |  | — |  |  | 3,315 |
Gain (loss) on hedging activities | (3,033 | ) |  | — |  |  | — |  |  | — |  |  | (3,033 | )
Equity in other comprehensive income | 3,146 |  |  | — |  |  | — |  |  | (3,146 | ) |  | — |
Other comprehensive income (loss) | 113 |  |  | (4,221 | ) |  | 7,536 |  |  | (3,146 | ) |  | 282 |
Comprehensive income (loss) | 77,991 |  |  | 29,799 |  |  | 27,199 |  |  | (54,906 | ) |  | 80,083 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,092 | ) |  | — |  |  | (2,092 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 77,991 |  |  | $ | 29,799 |  |  | $ | 25,107 |  |  | $ | (54,906 | ) |  | $ | 77,991 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 32,960 |  |  | $ | 44,967 |  |  | $ | 9,632 |  |  | $ | (52,879 | ) |  | $ | 34,680 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 6,513 |  |  | (53,466 | ) |  | — |  |  | (46,953 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | 9,203 |  |  | — |  |  | 9,203 |
Gain (loss) on hedging activities | 2,607 |  |  | — |  |  | — |  |  | — |  |  | 2,607 |
Equity in other comprehensive income | (37,144 | ) |  | — |  |  | — |  |  | 37,144 |  |  | — |
Other comprehensive income (loss) | (34,537 | ) |  | 6,513 |  |  | (44,263 | ) |  | 37,144 |  |  | (35,143 | )
Comprehensive income (loss) | (1,577 | ) |  | 51,480 |  |  | (34,631 | ) |  | (15,735 | ) |  | (463 | )
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,114 | ) |  | — |  |  | (1,114 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | (1,577 | ) |  | $ | 51,480 |  |  | $ | (35,745 | ) |  | $ | (15,735 | ) |  | $ | (1,577 | )
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six Weeks Ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 25,583 |  |  | $ | (78,620 | ) |  | $ | 75,160 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (2,167 | ) |  | (37,982 | ) |  | — |  |  | (40,149 | )
Realized loss on divestiture of grinding media business recorded in earnings | — |  |  | — |  |  | 9,203 |  |  | — |  |  | 9,203 |
Gain (loss) on hedging activities | 1,744 |  |  | — |  |  | — |  |  | — |  |  | 1,744 |
Equity in other comprehensive income | (33,888 | ) |  | — |  |  | — |  |  | 33,888 |  |  | — |
Other comprehensive income (loss) | (32,144 | ) |  | (2,167 | ) |  | (28,779 | ) |  | 33,888 |  |  | (29,202 | )
Comprehensive income (loss) | 40,097 |  |  | 53,789 |  |  | (3,196 | ) |  | (44,732 | ) |  | 45,958 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (5,861 | ) |  | — |  |  | (5,861 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 40,097 |  |  | $ | 53,789 |  |  | $ | (9,057 | ) |  | $ | (44,732 | ) |  | $ | 40,097 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 87,608 |  |  | $ | 5,615 |  |  | $ | 163,721 |  |  | $ | — |  |  | $ | 256,944 |
Receivables, net | 152,234 |  |  | 88,774 |  |  | 266,053 |  |  | — |  |  | 507,061 |
Inventories | 141,709 |  |  | 44,033 |  |  | 223,380 |  |  | (2,576 | ) |  | 406,546 |
Contract asset - costs and profits in excess of billings | 61,754 |  |  | 38,180 |  |  | 23,992 |  |  | — |  |  | 123,926 |
Prepaid expenses and other assets | 6,757 |  |  | 8,736 |  |  | 29,449 |  |  | — |  |  | 44,942 |
Refundable income taxes | 8,579 |  |  | — |  |  | — |  |  | — |  |  | 8,579 |
Total current assets | 458,641 |  |  | 185,338 |  |  | 706,595 |  |  | (2,576 | ) |  | 1,347,998 |
Property, plant and equipment, at cost | 601,146 |  |  | 192,902 |  |  | 431,790 |  |  | — |  |  | 1,225,838 |
Less accumulated depreciation and amortization | 405,799 |  |  | 98,864 |  |  | 177,618 |  |  | — |  |  | 682,281 |
Net property, plant and equipment | 195,347 |  |  | 94,038 |  |  | 254,172 |  |  | — |  |  | 543,557 |
Goodwill | 20,108 |  |  | 140,924 |  |  | 263,156 |  |  | — |  |  | 424,188 |
Other intangible assets | 49 |  |  | 47,206 |  |  | 141,759 |  |  | — |  |  | 189,014 |
Investment in subsidiaries and intercompany accounts | 1,359,065 |  |  | 1,097,380 |  |  | 840,064 |  |  | (3,296,509 | ) |  | — |
Other assets | 94,400 |  |  | 4,029 |  |  | 108,553 |  |  | — |  |  | 206,982 |
Total assets | $ | 2,127,610 |  |  | $ | 1,568,915 |  |  | $ | 2,314,299 |  |  | $ | (3,299,085 | ) |  | $ | 2,711,739 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 774 |  |  | $ | — |  |  | $ | 774 |
Notes payable to banks | — |  |  | — |  |  | 20,375 |  |  | — |  |  | 20,375 |
Accounts payable | 67,877 |  |  | 21,285 |  |  | 138,975 |  |  | — |  |  | 228,137 |
Accrued employee compensation and benefits | 32,552 |  |  | 4,856 |  |  | 28,315 |  |  | — |  |  | 65,723 |
Accrued expenses | 101,998 |  |  | 11,746 |  |  | 61,328 |  |  | (909 | ) |  | 174,163 |
Dividends payable | 8,129 |  |  | — |  |  | — |  |  | — |  |  | 8,129 |
Total current liabilities | 210,556 |  |  | 37,887 |  |  | 249,767 |  |  | (909 | ) |  | 497,301 |
Deferred income taxes | 14,402 |  |  | — |  |  | 29,372 |  |  | — |  |  | 43,774 |
Long-term debt, excluding current installments | 734,265 |  |  | 124,233 |  |  | 31,293 |  |  | (124,233 | ) |  | 765,558 |
Defined benefit pension liability | — |  |  | — |  |  | 130,210 |  |  | — |  |  | 130,210 |
Other noncurrent liabilities | 86,645 |  |  | 3,214 |  |  | 58,023 |  |  | — |  |  | 147,882 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,957 |  |  | (1,106,907 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 162,906 |  |  | 1,107,536 |  |  | (1,270,442 | ) |  | — |
Retained earnings | 2,085,594 |  |  | 705,955 |  |  | 390,062 |  |  | (1,096,017 | ) |  | 2,085,594 |
Accumulated other comprehensive income (loss) | (303,072 | ) |  | 76,770 |  |  | (376,193 | ) |  | 299,423 |  |  | (303,072 | )
Treasury stock | (728,680 | ) |  | — |  |  | — |  |  | — |  |  | (728,680 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,081,742 |  |  | 1,403,581 |  |  | 1,770,362 |  |  | (3,173,943 | ) |  | 1,081,742 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 45,272 |  |  | — |  |  | 45,272 |
Total shareholders’ equity | 1,081,742 |  |  | 1,403,581 |  |  | 1,815,634 |  |  | (3,173,943 | ) |  | 1,127,014 |
Total liabilities and shareholders’ equity | $ | 2,127,610 |  |  | $ | 1,568,915 |  |  | $ | 2,314,299 |  |  | $ | (3,299,085 | ) |  | $ | 2,711,739 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 29, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 104,256 |  |  | $ | 5,518 |  |  | $ | 203,436 |  |  | $ | — |  |  | $ | 313,210 |
Receivables, net | 134,943 |  |  | 75,204 |  |  | 273,816 |  |  | — |  |  | 483,963 |
Inventories | 138,158 |  |  | 37,019 |  |  | 210,791 |  |  | (2,402 | ) |  | 383,566 |
Contract asset - costs and profits in excess of billings | 50,271 |  |  | 35,200 |  |  | 27,054 |  |  | — |  |  | 112,525 |
Prepaid expenses and other assets | 21,858 |  |  | 746 |  |  | 20,196 |  |  | — |  |  | 42,800 |
Refundable income taxes | 4,576 |  |  | — |  |  | — |  |  | — |  |  | 4,576 |
Total current assets | 454,062 |  |  | 153,687 |  |  | 735,293 |  |  | (2,402 | ) |  | 1,340,640 |
Property, plant and equipment, at cost | 579,046 |  |  | 172,050 |  |  | 409,769 |  |  | — |  |  | 1,160,865 |
Less accumulated depreciation and amortization | 390,438 |  |  | 93,374 |  |  | 163,061 |  |  | — |  |  | 646,873 |
Net property, plant and equipment | 188,608 |  |  | 78,676 |  |  | 246,708 |  |  | — |  |  | 513,992 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 254,537 |  |  | — |  |  | 385,207 |
Other intangible assets | 76 |  |  | 27,452 |  |  | 148,428 |  |  | — |  |  | 175,956 |
Investment in subsidiaries and intercompany accounts | 1,286,545 |  |  | 1,161,612 |  |  | 932,982 |  |  | (3,381,139 | ) |  | — |
Other assets | 47,674 |  |  | — |  |  | 66,805 |  |  | — |  |  | 114,479 |
Total assets | $ | 1,997,073 |  |  | $ | 1,531,989 |  |  | $ | 2,384,753 |  |  | $ | (3,383,541 | ) |  | $ | 2,530,274 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 779 |  |  | $ | — |  |  | $ | 779 |
Notes payable to banks | — |  |  | — |  |  | 10,678 |  |  | — |  |  | 10,678 |
Accounts payable | 68,304 |  |  | 21,081 |  |  | 128,730 |  |  | — |  |  | 218,115 |
Accrued employee compensation and benefits | 41,418 |  |  | 7,186 |  |  | 30,687 |  |  | — |  |  | 79,291 |
Accrued expenses | 25,936 |  |  | 10,132 |  |  | 55,874 |  |  | — |  |  | 91,942 |
Dividends payable | 8,230 |  |  | — |  |  | — |  |  | — |  |  | 8,230 |
Total current liabilities | 143,888 |  |  | 38,399 |  |  | 226,748 |  |  | — |  |  | 409,035 |
Deferred income taxes | 14,376 |  |  | — |  |  | 29,113 |  |  | — |  |  | 43,489 |
Long-term debt, excluding current installments | 733,964 |  |  | 166,729 |  |  | 7,858 |  |  | (166,729 | ) |  | 741,822 |
Defined benefit pension liability | — |  |  | — |  |  | 143,904 |  |  | — |  |  | 143,904 |
Other noncurrent liabilities | 45,083 |  |  | 620 |  |  | 10,798 |  |  | — |  |  | 56,501 |
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 | 2,027,596 |  |  | 624,394 |  |  | 467,699 |  |  | (1,092,093 | ) |  | 2,027,596 |
Accumulated other comprehensive income | (303,185 | ) |  | 80,991 |  |  | (333,346 | ) |  | 252,355 |  |  | (303,185 | )
Treasury stock | (692,549 | ) |  | — |  |  | — |  |  | — |  |  | (692,549 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,059,762 |  |  | 1,326,241 |  |  | 1,890,571 |  |  | (3,216,812 | ) |  | 1,059,762 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 75,761 |  |  | — |  |  | 75,761 |
Total shareholders’ equity | 1,059,762 |  |  | 1,326,241 |  |  | 1,966,332 |  |  | (3,216,812 | ) |  | 1,135,523 |
Total liabilities and shareholders’ equity | $ | 1,997,073 |  |  | $ | 1,531,989 |  |  | $ | 2,384,753 |  |  | $ | (3,383,541 | ) |  | $ | 2,530,274 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six weeks ended June 29, 2019
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 77,878 |  |  | $ | 34,020 |  |  | $ | 19,663 |  |  | $ | (51,760 | ) |  | $ | 79,801 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13,094 |  |  | 6,888 |  |  | 20,601 |  |  | — |  |  | 40,583 |
Noncash gain on trading securities | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Stock-based compensation | 6,370 |  |  | — |  |  | — |  |  | — |  |  | 6,370 |
Defined benefit pension plan benefit | — |  |  | — |  |  | (259 | ) |  | — |  |  | (259 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (13,682 | ) |  | — |  |  | (13,682 | )
Loss (gain) on sale of property, plant and equipment | 132 |  |  | 44 |  |  | (454 | ) |  | — |  |  | (278 | )
Equity in earnings in nonconsolidated subsidiaries | (44,752 | ) |  | (6,826 | ) |  | — |  |  | 51,578 |  |  | — |
Deferred income taxes | 1,317 |  |  | — |  |  | 4,393 |  |  | — |  |  | 5,710 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | 15,058 |  |  | (29,557 | ) |  | 22,001 |  |  | 175 |  |  | 7,677 |
Other noncurrent liabilities | 3,596 |  |  | (5,461 | ) |  | (3,717 | ) |  | — |  |  | (5,582 | )
Income taxes payable (refundable) | (265 | ) |  | (1,819 | ) |  | (3,938 | ) |  | (909 | ) |  | (6,931 | )
Net cash flows from operating activities | 72,428 |  |  | (2,711 | ) |  | 44,636 |  |  | (916 | ) |  | 113,437 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (26,526 | ) |  | (3,213 | ) |  | (19,571 | ) |  | — |  |  | (49,310 | )
Proceeds from sale of assets | 6 |  |  | 38 |  |  | 422 |  |  | — |  |  | 466 |
Acquisitions, net of cash acquired | — |  |  | (63,141 | ) |  | (18,700 | ) |  | — |  |  | (81,841 | )
Settlement of net investment hedge | 11,184 |  |  | — |  |  | — |  |  | — |  |  | 11,184 |
Other, net | (68,443 | ) |  | 64,103 |  |  | 7,317 |  |  | 916 |  |  | 3,893 |
Net cash flows from investing activities | (83,779 | ) |  | (2,213 | ) |  | (30,532 | ) |  | 916 |  |  | (115,608 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from short-term agreements | — |  |  | — |  |  | 9,886 |  |  | — |  |  | 9,886 |
Proceeds from long-term borrowings | 31,000 |  |  | — |  |  | — |  |  | — |  |  | 31,000 |
Principal payments on long-term borrowings | (10,000 | ) |  | — |  |  | (386 | ) |  | — |  |  | (10,386 | )
Principal payments on long-term intercompany note | — |  |  | (42,574 | ) |  | 42,574 |  |  | — |  |  | — |
Dividends paid | (16,425 | ) |  | — |  |  | — |  |  | — |  |  | (16,425 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (4,459 | ) |  | — |  |  | (4,459 | )
Intercompany dividends | 63,650 |  |  | 47,541 |  |  | (111,191 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | (22,805 | ) |  | — |  |  | (5,040 | ) |  | — |  |  | (27,845 | )
Intercompany capital contribution | (13,284 | ) |  | — |  |  | 13,284 |  |  | — |  |  | — |
Purchase of treasury shares | (38,350 | ) |  | — |  |  | — |  |  | — |  |  | (38,350 | )
Proceeds from exercises under stock plans | 1,744 |  |  | — |  |  | — |  |  | — |  |  | 1,744 |
Purchase of common treasury shares - stock plan exercises | (827 | ) |  | — |  |  | — |  |  | — |  |  | (827 | )
Net cash flows from financing activities | (5,297 | ) |  | 4,967 |  |  | (55,332 | ) |  | — |  |  | (55,662 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 54 |  |  | 1,513 |  |  | — |  |  | 1,567 |
Net change in cash and cash equivalents | (16,648 | ) |  | 97 |  |  | (39,715 | ) |  | — |  |  | (56,266 | )
Cash and cash equivalents—beginning of year | 104,256 |  |  | 5,518 |  |  | 203,436 |  |  | — |  |  | 313,210 |
Cash and cash equivalents—end of period | $ | 87,608 |  |  | $ | 5,615 |  |  | $ | 163,721 |  |  | $ | — |  |  | $ | 256,944 |
(11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six weeks ended June 30, 2018
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 72,241 |  |  | $ | 55,956 |  |  | $ | 25,583 |  |  | $ | (78,620 | ) |  | $ | 75,160 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 12,871 |  |  | 7,063 |  |  | 21,723 |  |  | — |  |  | 41,657 |
Noncash loss on trading securities | — |  |  | — |  |  | 229 |  |  | — |  |  | 229 |
Impairment of property, plant and equipment | — |  |  | — |  |  | 2,791 |  |  | — |  |  | 2,791 |
Loss on divestiture of grinding media business | 2,518 |  |  | — |  |  | 3,566 |  |  | — |  |  | 6,084 |
Stock-based compensation | 5,374 |  |  | — |  |  | — |  |  | — |  |  | 5,374 |
Defined benefit pension plan expense | — |  |  | — |  |  | (1,159 | ) |  | — |  |  | (1,159 | )
Contribution to defined benefit pension plan | — |  |  | — |  |  | (731 | ) |  | — |  |  | (731 | )
Loss (gain) on sale of property, plant and equipment | 10 |  |  | (7 | ) |  | (290 | ) |  | — |  |  | (287 | )
Equity in earnings in nonconsolidated subsidiaries | (45,878 | ) |  | (33,898 | ) |  | — |  |  | 79,776 |  |  | — |
Deferred income taxes | 3,343 |  |  | 1,791 |  |  | (2,634 | ) |  | — |  |  | 2,500 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Net working capital | (15,781 | ) |  | (43,990 | ) |  | (12,177 | ) |  | (1,244 | ) |  | (73,192 | )
Other noncurrent liabilities | 640 |  |  | — |  |  | (1,120 | ) |  | — |  |  | (480 | )
Income taxes payable (refundable) | (11,054 | ) |  | (843 | ) |  | 7,609 |  |  | — |  |  | (4,288 | )
Net cash flows from operating activities | 24,284 |  |  | (13,928 | ) |  | 43,390 |  |  | (88 | ) |  | 53,658 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (10,051 | ) |  | (6,770 | ) |  | (14,995 | ) |  | — |  |  | (31,816 | )
Proceeds from sale of assets | 5 |  |  | 209 |  |  | 64,179 |  |  | — |  |  | 64,393 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (9,300 | ) |  | — |  |  | (9,300 | )
Settlement of net investment hedge | (1,621 | ) |  | — |  |  | — |  |  | — |  |  | (1,621 | )
Other, net | 6,335 |  |  | 13,752 |  |  | (17,771 | ) |  | 88 |  |  | 2,404 |
Net cash flows from investing activities | (5,332 | ) |  | 7,191 |  |  | 22,113 |  |  | 88 |  |  | 24,060 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Payments under short-term agreements | — |  |  | — |  |  | 130 |  |  | — |  |  | 130 |
Proceeds from long-term borrowings | 237,641 |  |  | — |  |  | — |  |  | — |  |  | 237,641 |
Principal payments on long-term borrowings | — |  |  | — |  |  | (495 | ) |  | — |  |  | (495 | )
Settlement of financial derivative | (2,467 | ) |  | — |  |  | — |  |  | — |  |  | (2,467 | )
Debt issuance costs | (2,322 | ) |  | — |  |  | — |  |  | — |  |  | (2,322 | )
Dividends paid | (17,003 | ) |  | — |  |  | — |  |  | — |  |  | (17,003 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (4,852 | ) |  | — |  |  | (4,852 | )
Intercompany dividends | 75,325 |  |  | 11,296 |  |  | (86,621 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | — |  |  | — |  |  | (5,510 | ) |  | — |  |  | (5,510 | )
Purchase of treasury shares | (43,999 | ) |  | — |  |  | — |  |  | — |  |  | (43,999 | )
Intercompany capital contribution | (3,492 | ) |  | 3,492 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 5,711 |  |  | — |  |  | — |  |  | — |  |  | 5,711 |
Purchase of common treasury shares - stock plan exercises | (1,769 | ) |  | — |  |  | — |  |  | — |  |  | (1,769 | )
Net cash flows from financing activities | 247,625 |  |  | 14,788 |  |  | (97,348 | ) |  | — |  |  | 165,065 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (657 | ) |  | (12,343 | ) |  | — |  |  | (13,000 | )
Net change in cash and cash equivalents | 266,577 |  |  | 7,394 |  |  | (44,188 | ) |  | — |  |  | 229,783 |
Cash and cash equivalents—beginning of year | 83,329 |  |  | 5,304 |  |  | 404,172 |  |  | — |  |  | 492,805 |
Cash and cash equivalents—end of period | $ | 349,906 |  |  | $ | 12,698 |  |  | $ | 359,984 |  |  | $ | — |  |  | $ | 722,588 |

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