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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 29, 2019 USD ($) tranche | Jun. 30, 2018 USD ($) | Jun. 29, 2019 USD ($) tranche | Jun. 30, 2018 USD ($)
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |  |  |  |
Number of tranches of senior unsecured notes | tranche | 2 |  | 2 |
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 | $ 700,871 | $ 682,405 | $ 1,393,010 | $ 1,381,089
Cost of sales | 520,457 | 507,406 | 1,047,467 | 1,036,850
Gross profit | 180,414 | 174,999 | 345,543 | 344,239
Selling, general and administrative expenses | 116,702 | 111,329 | 226,727 | 216,609
Operating income | 63,712 | 63,670 | 118,816 | 127,630
Other income (expense): |  |  |  |
Interest expense | (10,117) | (11,791) | (19,995) | (22,865)
Interest income | 1,036 | 1,446 | 1,846 | 2,713
Loss from divestiture of grinding media business | 0 | (6,084) | 0 | (6,084)
Other | 1,676 | 1,844 | 5,522 | 703
Total other income (expenses) | (7,405) | (14,585) | (12,627) | (25,533)
Earnings before income taxes | 56,307 | 49,085 | 106,189 | 102,097
Income tax expense (benefit): |  |  |  |
Deferred income taxes | (3,952) | (2,319) | 5,710 | 2,500
Total income tax expense (benefit) | 13,961 | 14,405 | 26,388 | 26,937
Earnings before equity in earnings of nonconsolidated subsidiaries | 42,346 | 34,680 | 79,801 | 75,160
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | 0
Net earnings | 42,346 | 34,680 | 79,801 | 75,160
Less: Earnings attributable to noncontrolling interests | (949) | (1,720) | (1,923) | (2,919)
Net earnings attributable to Valmont Industries, Inc. | 41,397 | 32,960 | 77,878 | 72,241
Eliminations |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | (67,770) | (64,573) | (126,431) | (135,188)
Cost of sales | (67,222) | (64,105) | (126,258) | (136,432)
Gross profit | (548) | (468) | (173) | 1,244
Selling, general and administrative expenses | 0 | 0 | 0 | 0
Operating income | (548) | (468) | (173) | 1,244
Other income (expense): |  |  |  |
Interest expense | 2,499 | 3,749 | 6,040 | 7,629
Interest income | (2,499) | (3,749) | (6,040) | (7,629)
Loss from divestiture of grinding media business |  | 0 |  | 0
Other | 0 | 0 |  | 0
Total other income (expenses) | 0 | 0 | 0 | 0
Earnings before income taxes | (548) | (468) | (173) | 1,244
Income tax expense (benefit): |  |  |  |
Deferred income taxes |  |  | 0 | 0
Total income tax expense (benefit) | (47) | (49) | 9 | 88
Earnings before equity in earnings of nonconsolidated subsidiaries | (501) | (419) | (182) | 1,156
Equity in earnings of nonconsolidated subsidiaries | (20,785) | (52,460) | (51,578) | (79,776)
Net earnings | (21,286) | (52,879) | (51,760) | (78,620)
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | (21,286) | (52,879) | (51,760) | (78,620)
Parent |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 313,973 | 297,916 | 612,975 | 613,908
Cost of sales | 226,017 | 220,677 | 451,144 | 456,273
Gross profit | 87,956 | 77,239 | 161,831 | 157,635
Selling, general and administrative expenses | 49,788 | 50,259 | 107,634 | 96,790
Operating income | 38,168 | 26,980 | 54,197 | 60,845
Other income (expense): |  |  |  |
Interest expense | (9,584) | (11,396) | (19,167) | (22,277)
Interest income | 342 | 305 | 453 | 481
Loss from divestiture of grinding media business |  | (2,518) |  | (2,518)
Other | 1,878 | 616 | 5,415 | 510
Total other income (expenses) | (7,364) | (12,993) | (13,299) | (23,804)
Earnings before income taxes | 30,804 | 13,987 | 40,898 | 37,041
Income tax expense (benefit): |  |  |  |
Deferred income taxes |  |  | 1,317 | 3,343
Total income tax expense (benefit) | 7,310 | 2,318 | 7,772 | 10,678
Earnings before equity in earnings of nonconsolidated subsidiaries | 23,494 | 11,669 | 33,126 | 26,363
Equity in earnings of nonconsolidated subsidiaries | 17,903 | 21,291 | 44,752 | 45,878
Net earnings | 41,397 | 32,960 | 77,878 | 72,241
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | 41,397 | 32,960 | 77,878 | 72,241
Guarantors |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 138,151 | 133,563 | 277,658 | 254,734
Cost of sales | 107,331 | 98,649 | 210,643 | 193,108
Gross profit | 30,820 | 34,914 | 67,015 | 61,626
Selling, general and administrative expenses | 18,867 | 12,535 | 25,976 | 24,452
Operating income | 11,953 | 22,379 | 41,039 | 37,174
Other income (expense): |  |  |  |
Interest expense | (2,498) | (3,749) | (6,039) | (7,629)
Interest income | 18 | 5 | 30 | 15
Loss from divestiture of grinding media business |  | 0 |  | 0
Other | 11 | 14 | 21 | 26
Total other income (expenses) | (2,469) | (3,730) | (5,988) | (7,588)
Earnings before income taxes | 9,484 | 18,649 | 35,051 | 29,586
Income tax expense (benefit): |  |  |  |
Deferred income taxes |  |  | 0 | 1,791
Total income tax expense (benefit) | 1,907 | 4,851 | 7,857 | 7,528
Earnings before equity in earnings of nonconsolidated subsidiaries | 7,577 | 13,798 | 27,194 | 22,058
Equity in earnings of nonconsolidated subsidiaries | 2,882 | 31,169 | 6,826 | 33,898
Net earnings | 10,459 | 44,967 | 34,020 | 55,956
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0
Net earnings attributable to Valmont Industries, Inc. | 10,459 | 44,967 | 34,020 | 55,956
Non- Guarantors |  |  |  |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries |  |  |  |
Net sales | 316,517 | 315,499 | 628,808 | 647,635
Cost of sales | 254,331 | 252,185 | 511,938 | 523,901
Gross profit | 62,186 | 63,314 | 116,870 | 123,734
Selling, general and administrative expenses | 48,047 | 48,535 | 93,117 | 95,367
Operating income | 14,139 | 14,779 | 23,753 | 28,367
Other income (expense): |  |  |  |
Interest expense | (534) | (395) | (829) | (588)
Interest income | 3,175 | 4,885 | 7,403 | 9,846
Loss from divestiture of grinding media business |  | (3,566) |  | (3,566)
Other | (213) | 1,214 | 86 | 167
Total other income (expenses) | 2,428 | 2,138 | 6,660 | 5,859
Earnings before income taxes | 16,567 | 16,917 | 30,413 | 34,226
Income tax expense (benefit): |  |  |  |
Deferred income taxes |  |  | 4,393 | (2,634)
Total income tax expense (benefit) | 4,791 | 7,285 | 10,750 | 8,643
Earnings before equity in earnings of nonconsolidated subsidiaries | 11,776 | 9,632 | 19,663 | 25,583
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | 0
Net earnings | 11,776 | 9,632 | 19,663 | 25,583
Less: Earnings attributable to noncontrolling interests | (949) | (1,720) | (1,923) | (2,919)
Net earnings attributable to Valmont Industries, Inc. | $ 10,827 | $ 7,912 | $ 17,740 | $ 22,664

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