Valmont Industries (VMI) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2016	Apr. 18, 2016
Document and Entity Information
Entity Registrant Name	VALMONT INDUSTRIES INC
Entity Central Index Key	102,729
Document Type	10-Q
Document Period End Date	Mar. 26, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-26
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,686,312
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Income Statement [Abstract]
Product sales	$ 532,940	$ 603,894
Services sales	63,665	66,504
Net sales	596,605	670,398
Product cost of sales	393,492	459,541
Services cost of sales	42,144	45,403
Total cost of sales	435,636	504,944
Gross profit	160,969	165,454
Selling, general and administrative expenses	98,604	107,771
Operating income	62,365	57,683
Other income (expenses):
Interest expense	(11,054)	(11,128)
Interest income	811	874
Other	(1,678)	1,016
Total other income (expenses)	(11,921)	(9,238)
Earnings before income taxes	50,444	48,445
Income tax expense (benefit):
Current	10,514	11,774
Deferred	5,759	5,164
Total income tax expense (benefit)	16,273	16,938
Earnings before equity in earnings of nonconsolidated subsidiaries	34,171	31,507
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	34,171	31,507
Less: Earnings attributable to noncontrolling interests	(1,202)	(768)
Net earnings attributable to Valmont Industries, Inc.	$ 32,969	$ 30,739
Earnings per share:
Basic (in dollars per share)	$ 1.45	$ 1.29
Diluted (in dollars per share)	1.45	1.28
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.375
Weighted average number of shares of common stock outstanding - Basic (in shares)	22,700	23,868
Weighted average number of shares of common stock outstanding - Diluted (in shares)	22,816	23,982

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 34,171	$ 31,507
Foreign currency translation adjustments:
Unrealized translation gain (loss)	2,513	(58,178)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	18
Gain on cash flow hedges	0	294
Actuarial gain (loss) in defined benefit pension plan		294
Other comprehensive income (loss)	2,532	(57,866)
Comprehensive income (loss)	36,703	(26,359)
Comprehensive loss (income) attributable to noncontrolling interests	(2,327)	1,327
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$ 34,376	$ (25,032)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 387,714	$ 349,074
Receivables, net	449,379	466,443
Inventories	350,768	340,672
Prepaid expenses	46,080	46,137
Refundable income taxes	18,897	24,526
Total current assets	1,252,838	1,226,852
Property, plant and equipment, at cost	1,100,804	1,081,056
Less accumulated depreciation and amortization	568,297	548,567
Net property, plant and equipment	532,507	532,489
Goodwill	334,269	336,916
Other intangible assets, net	164,537	170,197
Other assets	115,711	125,928
Total assets	2,399,862	2,392,382
Current liabilities:
Current installments of long-term debt	1,110	1,077
Notes payable to banks	2,402	976
Accounts payable	183,059	179,983
Accrued employee compensation and benefits	58,002	70,354
Accrued expenses	111,477	105,593
Dividends payable	8,527	8,571
Total current liabilities	364,577	366,554
Deferred income taxes	39,644	35,669
Long-term debt, excluding current installments	756,878	756,918
Defined benefit pension liability	170,203	179,323
Deferred compensation	48,456	48,417
Other noncurrent liabilities	39,953	40,290
Shareholders’ equity:
Preferred stock of $1 par value - Authorized 500,000 shares; none issued	0	0
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 issued	27,900	27,900
Retained earnings	1,756,082	1,729,679
Accumulated other comprehensive income (loss)	(265,811)	(267,218)
Treasury stock	(587,117)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	931,054	918,441
Noncontrolling interest in consolidated subsidiaries	49,097	46,770
Total shareholders’ equity	980,151	965,211
Total liabilities and shareholders’ equity	$ 2,399,862	$ 2,392,382

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 26, 2016	Dec. 26, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, issued shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		16 Months Ended
	Mar. 26, 2016	Mar. 28, 2015	Sep. 26, 2015
Cash flows from operating activities:
Net earnings	$ 34,171	$ 31,507
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	20,598	23,901
Noncash loss on trading securities	995	4,415
Stock-based compensation	2,049	1,761
Defined benefit pension plan expense (benefit)	384	(150)
Contribution to defined benefit pension plan	0	(15,735)
Gain on sale of property, plant and equipment	144	(136)
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	5,759	5,164
Changes in assets and liabilities:
Receivables	20,344	18,584
Inventories	(8,022)	(27,041)
Prepaid expenses	910	4,954
Accounts payable	1,383	(1,261)
Accrued expenses	(7,178)	(5,324)
Other noncurrent liabilities	(823)	1,684
Income taxes refundable	9,813	13,205
Net cash flows from operating activities	80,527	55,528
Cash flows from investing activities:
Purchase of property, plant and equipment	(13,961)	(16,615)
Proceeds from sale of assets	142	185
Other, net	(2,322)	2,930
Net cash flows from investing activities	(16,141)	(13,500)
Cash flows from financing activities:
Net borrowings under short-term agreements	1,352	1,155
Principal payments on long-term borrowings	(220)	(224)
Dividends paid	(8,571)	(9,086)
Dividends to noncontrolling interest	0	(1,290)
Purchase of treasury shares	(16,939)	(72,900)	$ (581,000)
Proceeds from exercises under stock plans	1,289	1,760
Excess tax benefits from stock option exercises	(66)	345
Purchase of common treasury shares—stock plan exercises	(219)	(2,156)
Net cash flows from financing activities	(23,374)	(82,396)
Effect of exchange rate changes on cash and cash equivalents	(2,372)	(12,845)
Net change in cash and cash equivalents	38,640	(53,213)
Cash and cash equivalents—beginning of year	349,074	371,579
Cash and cash equivalents—end of period	$ 387,714	$ 318,366

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest in consolidated subsidiaries
Beginning balance at Dec. 27, 2014	$ 1,250,405	$ 27,900	$ 0	$ 1,718,662	$ (134,433)	$ (410,296)	$ 48,572
Increase (Decrease) in Shareholders' Equity
Net earnings	31,507			30,739			768
Other comprehensive income (loss)	(57,866)				(55,771)		(2,095)
Cash dividends declared	(8,889)			(8,889)			0
Dividends to noncontrolling interests	(1,290)						(1,290)
Purchase of treasury shares	(72,900)					(72,900)
Stock plan exercises	(2,156)					(2,156)
Stock options exercised	1,760		(2,106)	740		3,126
Tax benefit from stock option exercises	345		345
Stock option expense	1,350		1,350
Stock awards	1,598		411			1,187
Ending balance at Mar. 28, 2015	1,143,864	27,900	0	1,741,252	(190,204)	(481,039)	45,955
Beginning balance at Dec. 26, 2015	965,211	27,900	0	1,729,679	(267,218)	(571,920)	46,770
Increase (Decrease) in Shareholders' Equity
Net earnings	34,171			32,969			1,202
Other comprehensive income (loss)	2,532				1,407		1,125
Cash dividends declared	(8,527)			(8,527)			0
Purchase of treasury shares	(16,939)					(16,939)
Stock plan exercises	(219)					(219)
Stock options exercised	1,289		(1,983)	1,961		1,311
Tax benefit from stock option exercises	(66)		(66)
Stock option expense	1,491		1,491
Stock awards	1,208		558			650
Ending balance at Mar. 26, 2016	$ 980,151	$ 27,900	$ 0	$ 1,756,082	$ (265,811)	$ (587,117)	$ 49,097

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Stockholders' Equity [Abstract]
Purchase of treasury shares, shares acquired (in shares)	598,227	153,962
Stock plan exercises; shares acquired (in shares)	1,895	16,950
Stock options exercised; shares issued (in shares)	25,119	12,771
Stock awards; shares issued (in shares)	4,540	9,656

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 26, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of March 26, 2016 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended March 26, 2016 and March 28, 2015 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of March 26, 2016 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 26, 2015 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 26, 2015 . The results of operations for the period ended March 26, 2016 are not necessarily indicative of the operating results for the full year. Inventories Approximately 39% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of March 26, 2016 and December 26, 2015 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. The excess of replacement cost of inventories over the LIFO value is approximately $33,048 and $35,075 at March 26, 2016 and December 26, 2015 , respectively. Inventories consisted of the following: March 26, December 26, Raw materials and purchased parts $ 155,585 $ 162,977 Work-in-process 28,663 25,644 Finished goods and manufactured goods 199,568 187,126 Subtotal 383,816 375,747 Less: LIFO reserve 33,048 35,075 $ 350,768 $ 340,672 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended March 26, 2016 and March 28, 2015 , were as follows: Thirteen Weeks Ended 2016 2015 United States $ 39,600 $ 32,641 Foreign 10,844 15,804 $ 50,444 $ 48,445 Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The components of the net periodic pension (benefit) expense for the thirteen weeks ended March 26, 2016 and March 28, 2015 were as follows: Thirteen Weeks Ended Net periodic (benefit) expense: 2016 2015 Interest cost $ 6,448 $ 6,111 Expected return on plan assets (6,064 ) (6,261 ) Net periodic (benefit) expense $ 384 $ (150 ) Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At March 26, 2016 , 878,933 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant. The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended March 26, 2016 and March 28, 2015 , respectively, were as follows: Thirteen Weeks Ended 2016 2015 Compensation expense $ 1,491 $ 1,350 Income tax benefits 574 520 Equity Method Investments The Company has equity method investments in non-consolidated subsidiaries, which are recorded within "Other assets" on the Condensed Consolidated Balance Sheet. Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The assets and liabilities recorded for the investments held in the Valmont Deferred Compensation Plan of $37,777 ( $37,963 at December 26, 2015) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification 320, Accounting for Certain Investments in Debt and Equity Securities , considering the employee's ability to change investment allocation of their deferred compensation at any time. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. The shares are valued at $2,029 and $4,734 as of March 26, 2016 and December 26, 2015, respectively, which is the estimated fair value. During the first quarter of 2016, the Company received a dividend of $1,541 from Delta EMD Pty. Ltd and the market price of the shares were proportionately reduced accordingly. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 39,806 $ 39,806 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 42,697 $ 42,697 $ — $ — Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) consisted of the following at March 26, 2016 and December 26, 2015: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 26, 2015 $ (191,928 ) $ 3,678 $ (78,968 ) $ (267,218 ) Current-period comprehensive income (loss) 1,388 19 — 1,407 Balance at March 26, 2016 $ (190,540 ) $ 3,697 $ (78,968 ) $ (265,811 ) (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-9 was to be effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date , which defers the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. The Company is evaluating the provisions of this statement, including which period to adopt, and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 26, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On September 30, 2015, the Company purchased American Galvanizing for $12,778 in cash, net of cash acquired, plus assumed liabilities. American Galvanizing operates a custom galvanizing operation in New Jersey with annual sales of approximately $10,000 . In the purchase price allocation, goodwill of $3,019 and $2,178 of customer relationships, trade name and other intangible assets were recorded. Goodwill is not deductible for tax purposes. This business is included in the Coatings segment and was acquired to expand the Company's geographic presence in the Northeast United States. The purchase price allocation was finalized in the first quarter of 2016. Pro-forma disclosures were omitted as this business did not have a significant impact on the Company's 2015 or 2016 financial results.

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	3 Months Ended
	Mar. 26, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES In April 2015, the Company's Board of Directors authorized a broad restructuring plan (the "Plan") to respond to the market environment in certain businesses. During fiscal 2015, the Company substantially completed this Plan and recognized $21,708 of pre-tax restructuring expenses in cost of sales and $18,144 of pre-tax restructuring expenses in selling, general, and administrative expenses. Within the total fiscal 2015 pre-tax restructuring expense of $39,852 were pre-tax asset impairments of $19,836 . The Company recognized no restructuring expense during the first quarter of fiscal 2016. During the first quarter of fiscal 2015, the Company's recognized $785 of pre-tax expense for severance and other cash related expenses within the ESS and Energy and Mining segments. Liabilities recorded for the restructuring Plan and changes therein for the first quarter of fiscal 2016 were as follows: Balance at December 26, 2015 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at March 26, 2016 Severance $ 1,307 $ — $ (657 ) $ 650 Other cash restructuring expenses 1,426 — (137 ) 1,289 Total $ 2,733 $ — $ (794 ) $ 1,939

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 26, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at March 26, 2016 and December 26, 2015 were as follows: March 26, 2016 Gross Accumulated Weighted Customer Relationships $ 199,902 $ 104,376 13 years Proprietary Software & Database 3,611 2,997 8 years Patents & Proprietary Technology 6,835 3,528 11 years Other 3,862 3,788 3 years $ 214,210 $ 114,689 (4) GOODWILL AND INTANGIBLE ASSETS (Continued) December 26, 2015 Gross Accumulated Weighted Customer Relationships $ 201,801 $ 101,614 13 years Proprietary Software & Database 3,571 2,966 8 years Patents & Proprietary Technology 6,815 3,421 11 years Other 3,752 3,671 3 years $ 215,939 $ 111,672 Amortization expense for intangible assets for the thirteen weeks ended March 26, 2016 and March 28, 2015 , respectively was as follows: Thirteen Weeks Ended 2016 2015 $ 3,995 $ 4,913 Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2016 $ 15,841 2017 15,754 2018 14,116 2019 13,324 2020 12,283 The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. (4) GOODWILL AND INTANGIBLE ASSETS (Continued) Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at March 26, 2016 and December 26, 2015 were as follows: March 26, December 26, Year Acquired Webforge $ 9,877 $ 10,430 2010 Valmont SM 9,286 8,919 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 8,053 8,504 2010 Donhad 6,075 6,415 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,521 2,662 2010 Other 14,093 13,889 $ 65,016 $ 65,930 In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. The Company’s trade names were tested for impairment in the third quarter of 2015. The values of the trade names were determined using the relief-from-royalty method. Based on this evaluation, the Company recorded a $5,000 impairment of the Webforge trade name (in Energy & Mining segment) and a $1,100 impairment of the Industrial Galvanizing trade name (in Coatings segment) during 2015. The lower price of oil and natural gas in the fourth quarter of 2015 was a qualitative event requiring the Company to re-assess the fair value of the Webforge trade name. As a result, the Company recognized an additional $830 impairment of that trade name. No other trade names were determined to be impaired during 2015 and no qualitative events were noted during the first quarter of 2016 requiring an interim test for potential impairment. Goodwill The carrying amount of goodwill by segment as of March 26, 2016 and December 26, 2015 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Gross goodwill at December 26, 2015 $ 101,275 $ 99,829 $ 75,404 $ 75,941 $ 19,359 $ 371,808 Accumulated impairment losses — (18,670 ) — (16,222 ) — (34,892 ) Balance at December 26, 2015 $ 101,275 $ 81,159 $ 75,404 $ 59,719 $ 19,359 $ 336,916 Foreign currency translation (1,502 ) (1,462 ) — 290 27 (2,647 ) Balance at March 26, 2016 $ 99,773 $ 79,697 $ 75,404 $ 60,009 $ 19,386 $ 334,269 The Company’s annual impairment test of goodwill was performed during the third quarter of 2015, using the discounted cash flow method. The APAC Coatings reporting unit failed step one in that the estimated fair value was lower than the carrying value. As a result, the Company recorded $9,100 impairment of goodwill on the APAC (4) GOODWILL AND INTANGIBLE ASSETS (Continued) Coatings reporting unit. The Company finalized step two of the impairment analysis during the fourth quarter of 2015 recording an additional impairment of $7,122, which was the remaining goodwill on this reporting unit. The Company recorded an $18,670 impairment of Access System's goodwill in the fourth quarter of 2015 primarily driven by the depressed price of a barrel of oil. The Company continues to monitor changes in the global economy that could impact future operating results of its reporting units. If such conditions arise, the Company will test a given reporting unit for impairment during 2016 prior to the annual test.

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	3 Months Ended
	Mar. 26, 2016
Supplemental Cash Flow Elements [Abstract]
CASH FLOW SUPPLEMENTARY INFORMATION	CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended March 26, 2016 and March 28, 2015 were as follows: 2016 2015 Interest $ 559 $ 510 Income taxes 4,788 5,047 Share Repurchase Programs On May 13, 2014, the Company announced a new capital allocation philosophy which increased the dividend by 50% and covered a share repurchase program of up to $500,000 of the Company's outstanding common stock to be acquired from time to time over twelve months at prevailing market prices, through open market or privately-negotiated transactions. On February 24, 2015, the Board of Directors authorized an additional purchase of up to $250,000 of the Company's outstanding common stock with no stated expiration date. As of March 26, 2016 , the Company has acquired 4,300,599 shares for approximately $581,000 under the share repurchase programs.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 26, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended March 26, 2016: Net earnings attributable to Valmont Industries, Inc. $ 32,969 $ — $ 32,969 Shares outstanding (000 omitted) 22,700 116 22,816 Per share amount $ 1.45 $ — $ 1.45 Thirteen weeks ended March 28, 2015: Net earnings attributable to Valmont Industries, Inc. $ 30,739 $ — $ 30,739 Shares outstanding (000 omitted) 23,868 114 23,982 Per share amount $ 1.29 $ (0.01 ) $ 1.28 At March 26, 2016 and March 28, 2015, there were 403,407 and 452,103 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 26, 2016
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS In the fourth quarter of 2015, the Company changed its reportable segment structure to improve transparency. The Company now has five reportable segments and its management structure was changed to align with this new reporting structure. A new reportable segment, Energy & Mining, includes the businesses primarily serving the energy and mining end markets. This segment includes the access systems applications businesses and offshore structures business that was formerly part of the Engineered Infrastructure Products (EIP) segment, and the grinding media business that was formerly included in the "Other" category. The remaining businesses from the EIP segment was also renamed "Engineered Support Structures". The last change in the reporting structure was moving the tubing business from the "Other" category to the Irrigation segment. Prior year information in this footnote has been updated to match the new reportable segment structure. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, and roadway safety industries; ENERGY AND MINING: This segment, all outside of the United States, consists of the manufacture of access systems applications, forged steel grinding media, on and off shore oil, gas, and wind energy structures; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility industry; COATINGS: This segment consists of galvanizing, anodizing and powder coating services on a global basis; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment and related parts and services for the global agricultural industry and tubular products for industrial customers. Due to the business reorganization and restructuring activities that occurred in 2015, there are no longer business operations included in Other for fiscal 2016. In 2015, the Company has other businesses and activities that individually were not more than 1% of consolidated sales. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income and deductions, or income taxes to its business segments. (7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended March 26, March 28, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 146,302 $ 145,348 Communication Products 30,669 32,556 Engineered Support Structures segment 176,971 177,904 Energy and Mining segment: Offshore and Other Complex Steel Structures 22,969 24,848 Grinding Media 19,490 27,491 Access Systems 29,990 35,722 Energy and Mining segment 72,449 88,061 Utility Support Structures segment: Steel 121,971 158,273 Concrete 22,549 18,068 Utility Support Structures segment 144,520 176,341 Coatings segment 68,581 74,360 Irrigation segment 158,514 174,577 Other — 2,169 Total 621,035 693,412 INTERSEGMENT SALES: Engineered Support Structures segment 11,012 7,106 Energy & Mining segment 1,658 49 Utility Support Structures segment 176 289 Coatings segment 9,813 12,547 Irrigation segment 1,771 1,724 Other — 1,299 Total 24,430 23,014 NET SALES: Engineered Support Structures segment 165,959 170,798 Energy & Mining segment 70,791 88,012 Utility Support Structures segment 144,344 176,052 Coatings segment 58,768 61,813 Irrigation segment 156,743 172,853 Other — 870 Total $ 596,605 $ 670,398 OPERATING INCOME: Engineered Support Structures segment $ 14,208 $ 9,450 Energy & Mining segment 1,902 4,366 Utility Support Structures segment 14,768 15,357 Coatings segment 11,413 10,999 Irrigation segment 28,845 30,174 Other — (1,108 ) Corporate (8,771 ) (11,555 ) Total $ 62,365 $ 57,683

GUARANTOR_NON-GUARANTOR FINANCI

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	3 Months Ended
	Mar. 26, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has three 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 March 26, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 285,038 $ 91,526 $ 272,114 $ (52,073 ) $ 596,605 Cost of sales 207,861 67,862 211,393 (51,480 ) 435,636 Gross profit 77,177 23,664 60,721 (593 ) 160,969 Selling, general and administrative expenses 42,494 11,430 44,680 — 98,604 Operating income 34,683 12,234 16,041 (593 ) 62,365 Other income (expense): Interest expense (10,930 ) — (124 ) — (11,054 ) Interest income 67 25 719 — 811 Other (375 ) 12 (1,315 ) — (1,678 ) (11,238 ) 37 (720 ) — (11,921 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,445 12,271 15,321 (593 ) 50,444 Income tax expense (benefit): Current 5,583 2,572 2,479 (120 ) 10,514 Deferred 2,419 2,149 1,191 — 5,759 8,002 4,721 3,670 (120 ) 16,273 Earnings before equity in earnings of nonconsolidated subsidiaries 15,443 7,550 11,651 (473 ) 34,171 Equity in earnings of nonconsolidated subsidiaries 17,526 2,113 — (19,639 ) — Net earnings 32,969 9,663 11,651 (20,112 ) 34,171 Less: Earnings attributable to noncontrolling interests — — (1,202 ) — (1,202 ) Net earnings attributable to Valmont Industries, Inc $ 32,969 $ 9,663 $ 10,449 $ (20,112 ) $ 32,969 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 28, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 329,131 $ 95,948 $ 302,236 $ (56,917 ) $ 670,398 Cost of sales 249,867 74,896 236,985 (56,804 ) 504,944 Gross profit 79,264 21,052 65,251 (113 ) 165,454 Selling, general and administrative expenses 48,042 11,297 48,432 — 107,771 Operating income 31,222 9,755 16,819 (113 ) 57,683 Other income (expense): Interest expense (10,832 ) — (296 ) — (11,128 ) Interest income 9 2 863 — 874 Other (649 ) (24 ) 1,689 — 1,016 (11,472 ) (22 ) 2,256 — (9,238 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 19,750 9,733 19,075 (113 ) 48,445 Income tax expense (benefit): Current 1,392 4,627 5,797 (42 ) 11,774 Deferred 5,469 (533 ) 228 — 5,164 6,861 4,094 6,025 (42 ) 16,938 Earnings before equity in earnings of nonconsolidated subsidiaries 12,889 5,639 13,050 (71 ) 31,507 Equity in earnings of nonconsolidated subsidiaries 17,850 4,305 — (22,155 ) — Net earnings 30,739 9,944 13,050 (22,226 ) 31,507 Less: Earnings attributable to noncontrolling interests — — (768 ) — (768 ) Net earnings attributable to Valmont Industries, Inc $ 30,739 $ 9,944 $ 12,282 $ (22,226 ) $ 30,739 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (178 ) 2,691 — 2,513 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 1,388 — — (1,388 ) — Other comprehensive income (loss) 1,407 (178 ) 2,691 (1,388 ) 2,532 Comprehensive income (loss) 34,376 9,485 14,342 (21,500 ) 36,703 Comprehensive income attributable to noncontrolling interests — — (2,327 ) — (2,327 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 34,376 $ 9,485 $ 12,015 $ (21,500 ) $ 34,376 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 28, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 30,739 $ 9,944 $ 13,050 $ (22,226 ) $ 31,507 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (8,888 ) (49,290 ) — (58,178 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 18 — — — 18 Actuarial gain (loss) in defined benefit pension plan liability 92 — 202 — 294 Equity in other comprehensive income (55,881 ) — — 55,881 — Other comprehensive income (loss) (55,771 ) (8,888 ) (49,088 ) 55,881 (57,866 ) Comprehensive income (loss) (25,032 ) 1,056 (36,038 ) 33,655 (26,359 ) Comprehensive income attributable to noncontrolling interests — — 1,327 — 1,327 Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (25,032 ) $ 1,056 $ (34,711 ) $ 33,655 $ (25,032 ) (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS March 26, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714 Receivables, net 128,713 54,384 266,282 — 449,379 Inventories 138,589 40,782 174,983 (3,586 ) 350,768 Prepaid expenses 5,435 804 39,841 — 46,080 Refundable income taxes 18,897 — — — 18,897 Total current assets 368,268 100,536 787,620 (3,586 ) 1,252,838 Property, plant and equipment, at cost 537,701 142,955 420,148 — 1,100,804 Less accumulated depreciation and amortization 338,782 74,063 155,452 — 568,297 Net property, plant and equipment 198,919 68,892 264,696 — 532,507 Goodwill 20,108 110,562 203,599 — 334,269 Other intangible assets 225 39,710 124,602 — 164,537 Investment in subsidiaries and intercompany accounts 1,250,625 837,066 1,096,458 (3,184,149 ) — Other assets 39,645 — 76,066 — 115,711 Total assets $ 1,877,790 $ 1,156,766 $ 2,553,041 $ (3,187,735 ) $ 2,399,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 895 $ — $ 1,110 Notes payable to banks — — 2,402 — 2,402 Accounts payable 58,622 14,148 110,289 — 183,059 Accrued employee compensation and benefits 21,357 4,665 31,980 — 58,002 Accrued expenses 42,241 16,752 52,484 — 111,477 Dividends payable 8,527 — — — 8,527 Total current liabilities 130,962 35,565 198,050 — 364,577 Deferred income taxes 15,874 — 23,770 — 39,644 Long-term debt, excluding current installments 751,541 — 5,337 — 756,878 Defined benefit pension liability — — 170,203 — 170,203 Deferred compensation 43,338 — 5,118 — 48,456 Other noncurrent liabilities 5,021 — 34,932 — 39,953 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 1,756,082 568,377 513,246 (1,081,623 ) 1,756,082 Accumulated other comprehensive income (loss) (265,811 ) (64,540 ) (202,930 ) 267,470 (265,811 ) Treasury stock (587,117 ) — — — (587,117 ) Total Valmont Industries, Inc. shareholders’ equity 931,054 1,121,201 2,066,534 (3,187,735 ) 931,054 Noncontrolling interest in consolidated subsidiaries — — 49,097 — 49,097 Total shareholders’ equity 931,054 1,121,201 2,115,631 (3,187,735 ) 980,151 Total liabilities and shareholders’ equity $ 1,877,790 $ 1,156,766 $ 2,553,041 $ (3,187,735 ) $ 2,399,862 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 26, 2015 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,281 $ 4,008 $ 282,785 $ — $ 349,074 Receivables, net 130,741 66,387 269,315 — 466,443 Inventories 132,222 38,379 173,064 (2,993 ) 340,672 Prepaid expenses 9,900 766 35,471 — 46,137 Refundable income taxes 24,526 — — — 24,526 Total current assets 359,670 109,540 760,635 (2,993 ) 1,226,852 Property, plant and equipment, at cost 541,536 132,864 406,656 — 1,081,056 Less accumulated depreciation and amortization 334,471 69,956 144,140 — 548,567 Net property, plant and equipment 207,065 62,908 262,516 — 532,489 Goodwill 20,108 110,562 206,246 — 336,916 Other intangible assets 238 40,959 129,000 — 170,197 Investment in subsidiaries and intercompany accounts 1,239,228 813,779 939,177 (2,992,184 ) — Other assets 40,067 — 85,861 — 125,928 Total assets $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 862 $ — $ 1,077 Notes payable to banks — — 976 — 976 Accounts payable 66,723 13,680 99,580 — 179,983 Accrued employee compensation and benefits 32,272 6,347 31,735 — 70,354 Accrued expenses 31,073 22,802 51,718 — 105,593 Dividends payable 8,571 — — — 8,571 Total current liabilities 138,854 42,829 184,871 — 366,554 Deferred income taxes 9,686 — 25,983 — 35,669 Long-term debt, excluding current installments 751,765 — 5,153 — 756,918 Defined benefit pension liability — — 179,323 — 179,323 Deferred compensation 43,485 — 4,932 — 48,417 Other noncurrent liabilities 4,145 — 36,145 — 40,290 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,683 (1,106,633 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,729,679 541,917 354,727 (896,644 ) 1,729,679 Accumulated other comprehensive income (267,218 ) (64,362 ) (210,688 ) 275,050 (267,218 ) Treasury stock (571,920 ) — — — (571,920 ) Total Valmont Industries, Inc. shareholders’ equity 918,441 1,094,919 1,900,258 (2,995,177 ) 918,441 Noncontrolling interest in consolidated subsidiaries — — 46,770 — 46,770 Total shareholders’ equity 918,441 1,094,919 1,947,028 (2,995,177 ) 965,211 Total liabilities and shareholders’ equity $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,857 3,277 10,464 — 20,598 Noncash loss on trading securities — — 995 — 995 Stock-based compensation 2,049 — — — 2,049 Defined benefit pension plan expense — — 384 — 384 Loss (gain) on sale of property, plant and equipment (3 ) 52 95 — 144 Equity in earnings in nonconsolidated subsidiaries (17,526 ) (2,113 ) — 19,639 — Deferred income taxes 2,419 2,149 1,191 — 5,759 Changes in assets and liabilities: Receivables 2,027 12,003 6,314 — 20,344 Inventories (6,367 ) (2,403 ) 155 593 (8,022 ) Prepaid expenses 4,465 (38 ) (3,517 ) — 910 Accounts payable (8,102 ) 468 9,017 — 1,383 Accrued expenses 843 (7,732 ) (289 ) — (7,178 ) Other noncurrent liabilities 916 — (1,739 ) — (823 ) Income taxes payable (refundable) 5,628 85 4,100 — 9,813 Net cash flows from operating activities 26,175 15,411 38,821 120 80,527 Cash flows from investing activities: Purchase of property, plant and equipment 1,248 (8,630 ) (6,579 ) — (13,961 ) Proceeds from sale of assets 104 (51 ) 89 — 142 Other, net 11,332 (6,286 ) (7,248 ) (120 ) (2,322 ) Net cash flows from investing activities 12,684 (14,967 ) (13,738 ) (120 ) (16,141 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,352 — 1,352 Principal payments on long-term borrowings — — (220 ) — (220 ) Dividends paid (8,571 ) — — — (8,571 ) Proceeds from exercises under stock plans 1,289 — — — 1,289 Excess tax benefits from stock option exercises (66 ) — — — (66 ) Purchase of treasury shares (16,939 ) — — — (16,939 ) Purchase of common treasury shares - stock plan exercises (219 ) — — — (219 ) Net cash flows from financing activities (24,506 ) — 1,132 — (23,374 ) Effect of exchange rate changes on cash and cash equivalents — 114 (2,486 ) — (2,372 ) Net change in cash and cash equivalents 14,353 558 23,729 — 38,640 Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 28, 2015 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 30,739 $ 9,944 $ 13,050 $ (22,226 ) $ 31,507 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 7,478 3,151 13,272 — 23,901 Loss on investment — — 4,415 — 4,415 Stock-based compensation 1,761 — — — 1,761 Defined benefit pension plan expense — — (150 ) — (150 ) Contribution to defined benefit pension plan — — (15,735 ) — (15,735 ) Gain on sale of property, plant and equipment (13 ) (10 ) (113 ) — (136 ) Equity in earnings in nonconsolidated subsidiaries (17,850 ) (4,305 ) — 22,155 — Deferred income taxes 5,469 (533 ) 228 — 5,164 Changes in assets and liabilities: Receivables (4,779 ) 6,595 16,768 — 18,584 Inventories 4,897 (10,307 ) (21,631 ) — (27,041 ) Prepaid expenses 2,282 (251 ) 2,923 — 4,954 Accounts payable 4,358 (1,442 ) (4,177 ) — (1,261 ) Accrued expenses (2,966 ) (1,001 ) (1,357 ) — (5,324 ) Other noncurrent liabilities 1,834 — (150 ) — 1,684 Income taxes payable (refundable) 6,252 (4 ) 6,957 — 13,205 Net cash flows from operating activities 39,462 1,837 14,300 (71 ) 55,528 Cash flows from investing activities: Purchase of property, plant and equipment (4,995 ) (1,492 ) (10,128 ) — (16,615 ) Proceeds from sale of assets 15 19 151 — 185 Other, net 3,257 (1,130 ) 732 71 2,930 Net cash flows from investing activities (1,723 ) (2,603 ) (9,245 ) 71 (13,500 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,155 — 1,155 Principal payments on long-term borrowings — — (224 ) — (224 ) Dividends paid (9,086 ) — — — (9,086 ) Dividends to noncontrolling interest — — (1,290 ) — (1,290 ) Proceeds from exercises under stock plans 1,760 — — — 1,760 Excess tax benefits from stock option exercises 345 — — — 345 Purchase of treasury shares (72,900 ) — — — (72,900 ) Purchase of common treasury shares - stock plan exercises (2,156 ) — — — (2,156 ) Net cash flows from financing activities (82,037 ) — (359 ) — (82,396 ) Effect of exchange rate changes on cash and cash equivalents — (24 ) (12,821 ) — (12,845 ) Net change in cash and cash equivalents (44,298 ) (790 ) (8,125 ) — (53,213 ) Cash and cash equivalents—beginning of year 69,869 2,157 299,553 — 371,579 Cash and cash equivalents—end of period $ 25,571 $ 1,367 $ 291,428 $ — $ 318,366

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 26, 2016
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of March 26, 2016 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended March 26, 2016 and March 28, 2015 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of March 26, 2016 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 26, 2015 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 26, 2015 . The results of operations for the period ended March 26, 2016 are not necessarily indicative of the operating results for the full year.
Inventories	Inventories Approximately 39% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of March 26, 2016 and December 26, 2015 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods.
Income Taxes	Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended March 26, 2016 and March 28, 2015 , were as follows: Thirteen Weeks Ended 2016 2015 United States $ 39,600 $ 32,641 Foreign 10,844 15,804 $ 50,444 $ 48,445
Pension Benefits	Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.
Stock Plans	Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At March 26, 2016 , 878,933 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant.
Equity Method Investments	Equity Method Investments The Company has equity method investments in non-consolidated subsidiaries, which are recorded within "Other assets" on the Condensed Consolidated Balance Sheet.
Fair Value	Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Comprehensive Income	Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates.
Subsequent Events
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-9 was to be effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date , which defers the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. The Company is evaluating the provisions of this statement, including which period to adopt, and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 26, 2016
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: March 26, December 26, Raw materials and purchased parts $ 155,585 $ 162,977 Work-in-process 28,663 25,644 Finished goods and manufactured goods 199,568 187,126 Subtotal 383,816 375,747 Less: LIFO reserve 33,048 35,075 $ 350,768 $ 340,672
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended March 26, 2016 and March 28, 2015 , were as follows: Thirteen Weeks Ended 2016 2015 United States $ 39,600 $ 32,641 Foreign 10,844 15,804 $ 50,444 $ 48,445
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen weeks ended March 26, 2016 and March 28, 2015 were as follows: Thirteen Weeks Ended Net periodic (benefit) expense: 2016 2015 Interest cost $ 6,448 $ 6,111 Expected return on plan assets (6,064 ) (6,261 ) Net periodic (benefit) expense $ 384 $ (150 )
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options	The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended March 26, 2016 and March 28, 2015 , respectively, were as follows: Thirteen Weeks Ended 2016 2015 Compensation expense $ 1,491 $ 1,350 Income tax benefits 574 520
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 39,806 $ 39,806 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 42,697 $ 42,697 $ — $ —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at March 26, 2016 and December 26, 2015: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 26, 2015 $ (191,928 ) $ 3,678 $ (78,968 ) $ (267,218 ) Current-period comprehensive income (loss) 1,388 19 — 1,407 Balance at March 26, 2016 $ (190,540 ) $ 3,697 $ (78,968 ) $ (265,811 )

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	3 Months Ended
	Mar. 26, 2016
Restructuring Cost and Reserve [Line Items]
Schedule of liabilities recorded for the restructuring plan and changes	Liabilities recorded for the restructuring Plan and changes therein for the first quarter of fiscal 2016 were as follows: Balance at December 26, 2015 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at March 26, 2016 Severance $ 1,307 $ — $ (657 ) $ 650 Other cash restructuring expenses 1,426 — (137 ) 1,289 Total $ 2,733 $ — $ (794 ) $ 1,939
Broad Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Schedule of restructuring activities	2015, the Company substantially completed this Plan and recognized $21,708 of pre-tax restructuring expenses in cost of sales and $18,144 of pre-tax restructuring expenses in selling, general, and administrative expenses. Within the total fiscal 2015 pre-tax restructuring expense of $39,852 were pre-tax asset impairments of $19,836 . The Company recognized no restructuring expense during the first quarter of fiscal 2016. During the first quarter of fiscal 2015, the Company's recognized $785 of pre-tax expense for severance and other cash related expenses within the ESS and Energy and Mining segments.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 26, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	The components of amortized intangible assets at March 26, 2016 and December 26, 2015 were as follows: March 26, 2016 Gross Accumulated Weighted Customer Relationships $ 199,902 $ 104,376 13 years Proprietary Software & Database 3,611 2,997 8 years Patents & Proprietary Technology 6,835 3,528 11 years Other 3,862 3,788 3 years $ 214,210 $ 114,689 (4) GOODWILL AND INTANGIBLE ASSETS (Continued) December 26, 2015 Gross Accumulated Weighted Customer Relationships $ 201,801 $ 101,614 13 years Proprietary Software & Database 3,571 2,966 8 years Patents & Proprietary Technology 6,815 3,421 11 years Other 3,752 3,671 3 years $ 215,939 $ 111,672
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen weeks ended March 26, 2016 and March 28, 2015 , respectively was as follows: Thirteen Weeks Ended 2016 2015 $ 3,995 $ 4,913
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2016 $ 15,841 2017 15,754 2018 14,116 2019 13,324 2020 12,283
Schedule of non-amortized intangible assets	The carrying values of trade names at March 26, 2016 and December 26, 2015 were as follows: March 26, December 26, Year Acquired Webforge $ 9,877 $ 10,430 2010 Valmont SM 9,286 8,919 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 8,053 8,504 2010 Donhad 6,075 6,415 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,521 2,662 2010 Other 14,093 13,889 $ 65,016 $ 65,930
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of March 26, 2016 and December 26, 2015 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Gross goodwill at December 26, 2015 $ 101,275 $ 99,829 $ 75,404 $ 75,941 $ 19,359 $ 371,808 Accumulated impairment losses — (18,670 ) — (16,222 ) — (34,892 ) Balance at December 26, 2015 $ 101,275 $ 81,159 $ 75,404 $ 59,719 $ 19,359 $ 336,916 Foreign currency translation (1,502 ) (1,462 ) — 290 27 (2,647 ) Balance at March 26, 2016 $ 99,773 $ 79,697 $ 75,404 $ 60,009 $ 19,386 $ 334,269

CASH FLOW SUPPLEMENTARY INFOR21

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	3 Months Ended
	Mar. 26, 2016
Supplemental Cash Flow Elements [Abstract]
Cash payments for interest and income taxes (net of refunds)	Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended March 26, 2016 and March 28, 2015 were as follows: 2016 2015 Interest $ 559 $ 510 Income taxes 4,788 5,047

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 26, 2016
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per share (EPS)	The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended March 26, 2016: Net earnings attributable to Valmont Industries, Inc. $ 32,969 $ — $ 32,969 Shares outstanding (000 omitted) 22,700 116 22,816 Per share amount $ 1.45 $ — $ 1.45 Thirteen weeks ended March 28, 2015: Net earnings attributable to Valmont Industries, Inc. $ 30,739 $ — $ 30,739 Shares outstanding (000 omitted) 23,868 114 23,982 Per share amount $ 1.29 $ (0.01 ) $ 1.28

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 26, 2016
Segment Reporting [Abstract]
Segment reporting information of sales and operating income	(7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended March 26, March 28, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 146,302 $ 145,348 Communication Products 30,669 32,556 Engineered Support Structures segment 176,971 177,904 Energy and Mining segment: Offshore and Other Complex Steel Structures 22,969 24,848 Grinding Media 19,490 27,491 Access Systems 29,990 35,722 Energy and Mining segment 72,449 88,061 Utility Support Structures segment: Steel 121,971 158,273 Concrete 22,549 18,068 Utility Support Structures segment 144,520 176,341 Coatings segment 68,581 74,360 Irrigation segment 158,514 174,577 Other — 2,169 Total 621,035 693,412 INTERSEGMENT SALES: Engineered Support Structures segment 11,012 7,106 Energy & Mining segment 1,658 49 Utility Support Structures segment 176 289 Coatings segment 9,813 12,547 Irrigation segment 1,771 1,724 Other — 1,299 Total 24,430 23,014 NET SALES: Engineered Support Structures segment 165,959 170,798 Energy & Mining segment 70,791 88,012 Utility Support Structures segment 144,344 176,052 Coatings segment 58,768 61,813 Irrigation segment 156,743 172,853 Other — 870 Total $ 596,605 $ 670,398 OPERATING INCOME: Engineered Support Structures segment $ 14,208 $ 9,450 Energy & Mining segment 1,902 4,366 Utility Support Structures segment 14,768 15,357 Coatings segment 11,413 10,999 Irrigation segment 28,845 30,174 Other — (1,108 ) Corporate (8,771 ) (11,555 ) Total $ 62,365 $ 57,683

GUARANTOR_NON-GUARANTOR FINAN24

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 26, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Condensed Consolidated Statements of Earnings	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 285,038 $ 91,526 $ 272,114 $ (52,073 ) $ 596,605 Cost of sales 207,861 67,862 211,393 (51,480 ) 435,636 Gross profit 77,177 23,664 60,721 (593 ) 160,969 Selling, general and administrative expenses 42,494 11,430 44,680 — 98,604 Operating income 34,683 12,234 16,041 (593 ) 62,365 Other income (expense): Interest expense (10,930 ) — (124 ) — (11,054 ) Interest income 67 25 719 — 811 Other (375 ) 12 (1,315 ) — (1,678 ) (11,238 ) 37 (720 ) — (11,921 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,445 12,271 15,321 (593 ) 50,444 Income tax expense (benefit): Current 5,583 2,572 2,479 (120 ) 10,514 Deferred 2,419 2,149 1,191 — 5,759 8,002 4,721 3,670 (120 ) 16,273 Earnings before equity in earnings of nonconsolidated subsidiaries 15,443 7,550 11,651 (473 ) 34,171 Equity in earnings of nonconsolidated subsidiaries 17,526 2,113 — (19,639 ) — Net earnings 32,969 9,663 11,651 (20,112 ) 34,171 Less: Earnings attributable to noncontrolling interests — — (1,202 ) — (1,202 ) Net earnings attributable to Valmont Industries, Inc $ 32,969 $ 9,663 $ 10,449 $ (20,112 ) $ 32,969 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 28, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 329,131 $ 95,948 $ 302,236 $ (56,917 ) $ 670,398 Cost of sales 249,867 74,896 236,985 (56,804 ) 504,944 Gross profit 79,264 21,052 65,251 (113 ) 165,454 Selling, general and administrative expenses 48,042 11,297 48,432 — 107,771 Operating income 31,222 9,755 16,819 (113 ) 57,683 Other income (expense): Interest expense (10,832 ) — (296 ) — (11,128 ) Interest income 9 2 863 — 874 Other (649 ) (24 ) 1,689 — 1,016 (11,472 ) (22 ) 2,256 — (9,238 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 19,750 9,733 19,075 (113 ) 48,445 Income tax expense (benefit): Current 1,392 4,627 5,797 (42 ) 11,774 Deferred 5,469 (533 ) 228 — 5,164 6,861 4,094 6,025 (42 ) 16,938 Earnings before equity in earnings of nonconsolidated subsidiaries 12,889 5,639 13,050 (71 ) 31,507 Equity in earnings of nonconsolidated subsidiaries 17,850 4,305 — (22,155 ) — Net earnings 30,739 9,944 13,050 (22,226 ) 31,507 Less: Earnings attributable to noncontrolling interests — — (768 ) — (768 ) Net earnings attributable to Valmont Industries, Inc $ 30,739 $ 9,944 $ 12,282 $ (22,226 ) $ 30,739
Condensed Consolidated Statements of Comprehensive Income	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (178 ) 2,691 — 2,513 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 1,388 — — (1,388 ) — Other comprehensive income (loss) 1,407 (178 ) 2,691 (1,388 ) 2,532 Comprehensive income (loss) 34,376 9,485 14,342 (21,500 ) 36,703 Comprehensive income attributable to noncontrolling interests — — (2,327 ) — (2,327 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 34,376 $ 9,485 $ 12,015 $ (21,500 ) $ 34,376 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 28, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 30,739 $ 9,944 $ 13,050 $ (22,226 ) $ 31,507 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (8,888 ) (49,290 ) — (58,178 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 18 — — — 18 Actuarial gain (loss) in defined benefit pension plan liability 92 — 202 — 294 Equity in other comprehensive income (55,881 ) — — 55,881 — Other comprehensive income (loss) (55,771 ) (8,888 ) (49,088 ) 55,881 (57,866 ) Comprehensive income (loss) (25,032 ) 1,056 (36,038 ) 33,655 (26,359 ) Comprehensive income attributable to noncontrolling interests — — 1,327 — 1,327 Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (25,032 ) $ 1,056 $ (34,711 ) $ 33,655 $ (25,032 )
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATED BALANCE SHEETS March 26, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714 Receivables, net 128,713 54,384 266,282 — 449,379 Inventories 138,589 40,782 174,983 (3,586 ) 350,768 Prepaid expenses 5,435 804 39,841 — 46,080 Refundable income taxes 18,897 — — — 18,897 Total current assets 368,268 100,536 787,620 (3,586 ) 1,252,838 Property, plant and equipment, at cost 537,701 142,955 420,148 — 1,100,804 Less accumulated depreciation and amortization 338,782 74,063 155,452 — 568,297 Net property, plant and equipment 198,919 68,892 264,696 — 532,507 Goodwill 20,108 110,562 203,599 — 334,269 Other intangible assets 225 39,710 124,602 — 164,537 Investment in subsidiaries and intercompany accounts 1,250,625 837,066 1,096,458 (3,184,149 ) — Other assets 39,645 — 76,066 — 115,711 Total assets $ 1,877,790 $ 1,156,766 $ 2,553,041 $ (3,187,735 ) $ 2,399,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 895 $ — $ 1,110 Notes payable to banks — — 2,402 — 2,402 Accounts payable 58,622 14,148 110,289 — 183,059 Accrued employee compensation and benefits 21,357 4,665 31,980 — 58,002 Accrued expenses 42,241 16,752 52,484 — 111,477 Dividends payable 8,527 — — — 8,527 Total current liabilities 130,962 35,565 198,050 — 364,577 Deferred income taxes 15,874 — 23,770 — 39,644 Long-term debt, excluding current installments 751,541 — 5,337 — 756,878 Defined benefit pension liability — — 170,203 — 170,203 Deferred compensation 43,338 — 5,118 — 48,456 Other noncurrent liabilities 5,021 — 34,932 — 39,953 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 1,756,082 568,377 513,246 (1,081,623 ) 1,756,082 Accumulated other comprehensive income (loss) (265,811 ) (64,540 ) (202,930 ) 267,470 (265,811 ) Treasury stock (587,117 ) — — — (587,117 ) Total Valmont Industries, Inc. shareholders’ equity 931,054 1,121,201 2,066,534 (3,187,735 ) 931,054 Noncontrolling interest in consolidated subsidiaries — — 49,097 — 49,097 Total shareholders’ equity 931,054 1,121,201 2,115,631 (3,187,735 ) 980,151 Total liabilities and shareholders’ equity $ 1,877,790 $ 1,156,766 $ 2,553,041 $ (3,187,735 ) $ 2,399,862 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 26, 2015 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,281 $ 4,008 $ 282,785 $ — $ 349,074 Receivables, net 130,741 66,387 269,315 — 466,443 Inventories 132,222 38,379 173,064 (2,993 ) 340,672 Prepaid expenses 9,900 766 35,471 — 46,137 Refundable income taxes 24,526 — — — 24,526 Total current assets 359,670 109,540 760,635 (2,993 ) 1,226,852 Property, plant and equipment, at cost 541,536 132,864 406,656 — 1,081,056 Less accumulated depreciation and amortization 334,471 69,956 144,140 — 548,567 Net property, plant and equipment 207,065 62,908 262,516 — 532,489 Goodwill 20,108 110,562 206,246 — 336,916 Other intangible assets 238 40,959 129,000 — 170,197 Investment in subsidiaries and intercompany accounts 1,239,228 813,779 939,177 (2,992,184 ) — Other assets 40,067 — 85,861 — 125,928 Total assets $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 862 $ — $ 1,077 Notes payable to banks — — 976 — 976 Accounts payable 66,723 13,680 99,580 — 179,983 Accrued employee compensation and benefits 32,272 6,347 31,735 — 70,354 Accrued expenses 31,073 22,802 51,718 — 105,593 Dividends payable 8,571 — — — 8,571 Total current liabilities 138,854 42,829 184,871 — 366,554 Deferred income taxes 9,686 — 25,983 — 35,669 Long-term debt, excluding current installments 751,765 — 5,153 — 756,918 Defined benefit pension liability — — 179,323 — 179,323 Deferred compensation 43,485 — 4,932 — 48,417 Other noncurrent liabilities 4,145 — 36,145 — 40,290 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,683 (1,106,633 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,729,679 541,917 354,727 (896,644 ) 1,729,679 Accumulated other comprehensive income (267,218 ) (64,362 ) (210,688 ) 275,050 (267,218 ) Treasury stock (571,920 ) — — — (571,920 ) Total Valmont Industries, Inc. shareholders’ equity 918,441 1,094,919 1,900,258 (2,995,177 ) 918,441 Noncontrolling interest in consolidated subsidiaries — — 46,770 — 46,770 Total shareholders’ equity 918,441 1,094,919 1,947,028 (2,995,177 ) 965,211 Total liabilities and shareholders’ equity $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382
Condensed Consolidated Statements of Cash Flows	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,857 3,277 10,464 — 20,598 Noncash loss on trading securities — — 995 — 995 Stock-based compensation 2,049 — — — 2,049 Defined benefit pension plan expense — — 384 — 384 Loss (gain) on sale of property, plant and equipment (3 ) 52 95 — 144 Equity in earnings in nonconsolidated subsidiaries (17,526 ) (2,113 ) — 19,639 — Deferred income taxes 2,419 2,149 1,191 — 5,759 Changes in assets and liabilities: Receivables 2,027 12,003 6,314 — 20,344 Inventories (6,367 ) (2,403 ) 155 593 (8,022 ) Prepaid expenses 4,465 (38 ) (3,517 ) — 910 Accounts payable (8,102 ) 468 9,017 — 1,383 Accrued expenses 843 (7,732 ) (289 ) — (7,178 ) Other noncurrent liabilities 916 — (1,739 ) — (823 ) Income taxes payable (refundable) 5,628 85 4,100 — 9,813 Net cash flows from operating activities 26,175 15,411 38,821 120 80,527 Cash flows from investing activities: Purchase of property, plant and equipment 1,248 (8,630 ) (6,579 ) — (13,961 ) Proceeds from sale of assets 104 (51 ) 89 — 142 Other, net 11,332 (6,286 ) (7,248 ) (120 ) (2,322 ) Net cash flows from investing activities 12,684 (14,967 ) (13,738 ) (120 ) (16,141 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,352 — 1,352 Principal payments on long-term borrowings — — (220 ) — (220 ) Dividends paid (8,571 ) — — — (8,571 ) Proceeds from exercises under stock plans 1,289 — — — 1,289 Excess tax benefits from stock option exercises (66 ) — — — (66 ) Purchase of treasury shares (16,939 ) — — — (16,939 ) Purchase of common treasury shares - stock plan exercises (219 ) — — — (219 ) Net cash flows from financing activities (24,506 ) — 1,132 — (23,374 ) Effect of exchange rate changes on cash and cash equivalents — 114 (2,486 ) — (2,372 ) Net change in cash and cash equivalents 14,353 558 23,729 — 38,640 Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 28, 2015 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 30,739 $ 9,944 $ 13,050 $ (22,226 ) $ 31,507 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 7,478 3,151 13,272 — 23,901 Loss on investment — — 4,415 — 4,415 Stock-based compensation 1,761 — — — 1,761 Defined benefit pension plan expense — — (150 ) — (150 ) Contribution to defined benefit pension plan — — (15,735 ) — (15,735 ) Gain on sale of property, plant and equipment (13 ) (10 ) (113 ) — (136 ) Equity in earnings in nonconsolidated subsidiaries (17,850 ) (4,305 ) — 22,155 — Deferred income taxes 5,469 (533 ) 228 — 5,164 Changes in assets and liabilities: Receivables (4,779 ) 6,595 16,768 — 18,584 Inventories 4,897 (10,307 ) (21,631 ) — (27,041 ) Prepaid expenses 2,282 (251 ) 2,923 — 4,954 Accounts payable 4,358 (1,442 ) (4,177 ) — (1,261 ) Accrued expenses (2,966 ) (1,001 ) (1,357 ) — (5,324 ) Other noncurrent liabilities 1,834 — (150 ) — 1,684 Income taxes payable (refundable) 6,252 (4 ) 6,957 — 13,205 Net cash flows from operating activities 39,462 1,837 14,300 (71 ) 55,528 Cash flows from investing activities: Purchase of property, plant and equipment (4,995 ) (1,492 ) (10,128 ) — (16,615 ) Proceeds from sale of assets 15 19 151 — 185 Other, net 3,257 (1,130 ) 732 71 2,930 Net cash flows from investing activities (1,723 ) (2,603 ) (9,245 ) 71 (13,500 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,155 — 1,155 Principal payments on long-term borrowings — — (224 ) — (224 ) Dividends paid (9,086 ) — — — (9,086 ) Dividends to noncontrolling interest — — (1,290 ) — (1,290 ) Proceeds from exercises under stock plans 1,760 — — — 1,760 Excess tax benefits from stock option exercises 345 — — — 345 Purchase of treasury shares (72,900 ) — — — (72,900 ) Purchase of common treasury shares - stock plan exercises (2,156 ) — — — (2,156 ) Net cash flows from financing activities (82,037 ) — (359 ) — (82,396 ) Effect of exchange rate changes on cash and cash equivalents — (24 ) (12,821 ) — (12,845 ) Net change in cash and cash equivalents (44,298 ) (790 ) (8,125 ) — (53,213 ) Cash and cash equivalents—beginning of year 69,869 2,157 299,553 — 371,579 Cash and cash equivalents—end of period $ 25,571 $ 1,367 $ 291,428 $ — $ 318,366

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Accounting Policies [Abstract]
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent)	39.00%	39.00%
Excess of replacement cost of inventories over the LIFO value	$ 33,048	$ 35,075
Inventory, Net [Abstract]
Raw materials and purchased parts	155,585	162,977
Work-in-process	28,663	25,644
Finished goods and manufactured goods	199,568	187,126
Subtotal	383,816	375,747
Less: LIFO reserve	33,048	35,075
Net inventory	$ 350,768	$ 340,672

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Accounting Policies [Abstract]
United States	$ 39,600	$ 32,641
Foreign	10,844	15,804
Earnings before income taxes	$ 50,444	$ 48,445

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Net periodic (benefit) expense:
Interest cost	$ 6,448	$ 6,111
Expected return on plan assets	(6,064)	(6,261)
Net periodic (benefit) expense	$ 384	$ (150)

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - Stock Option Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	878,933
Compensation expense	$ 1,491	$ 1,350
Income tax benefits	$ 574	$ 520
Minimum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options	3 years
Expiration period of grant	6 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options	7 years
Expiration period of grant	10 years

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	$ 39,806	$ 42,697
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	39,806	42,697
Delta EMD Pty. Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining ownership	2,029	4,734
Valmont Deferred Compensation Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 37,777	$ 37,963

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (267,218)
Balance at the end of the period	(265,811)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(191,928)
Current-period comprehensive income (loss)	1,388
Balance at the end of the period	(190,540)
Unrealized Gain on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	3,678
Current-period comprehensive income (loss)	19
Balance at the end of the period	3,697
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(78,968)
Current-period comprehensive income (loss)	0
Balance at the end of the period	(78,968)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(267,218)
Current-period comprehensive income (loss)	1,407
Balance at the end of the period	$ (265,811)

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details) $ in Thousands	Sep. 30, 2015USD ($)
American Galvanizing
Subsequent Event [Line Items]
Annual sales	$ 10,000

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 26, 2016	Dec. 26, 2015
Acquisitions
Goodwill		$ 334,269	$ 336,916
American Galvanizing
Acquisitions
Payments to Acquire Businesses, Net of Cash Acquired	$ 12,778
Annual sales	10,000
Goodwill	3,019
Intangible assets	$ 2,178

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - Broad Restructuring Plan $ in Thousands	Dec. 26, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 40
Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	20
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	22
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 18

RESTRUCTURING ACTIVITIES - Pre-

RESTRUCTURING ACTIVITIES - Pre-tax Restructuring Expenses To Be Recognized (Details) - Broad Restructuring Plan $ in Thousands	Dec. 26, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 40
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	22
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	18
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1
Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 20

RESTRUCTURING ACTIVITIES - Liab

RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	$ 2,733
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(794)
Ending balance	1,939
Severance
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,307
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(657)
Ending balance	650
Other cash restructuring expenses
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,426
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(137)
Ending balance	$ 1,289

GOODWILL AND INTANGIBLE ASSET36

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 26, 2016	Mar. 28, 2015	Dec. 27, 2014	Dec. 26, 2015
Components of amortized intangible assets
Gross Carrying Amount	$ 214,210			$ 215,939
Accumulated Amortization	114,689			111,672
Amortization expense for intangible assets	3,995	$ 4,913
Estimated amortization expense
2,015	15,841
2,016	15,754
2,017	14,116
2,018	13,324
2,019	12,283
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	199,902			201,801
Accumulated Amortization	$ 104,376			101,614
Weighted Average Life	13 years		13 years
Proprietary Software & Database
Components of amortized intangible assets
Gross Carrying Amount	$ 3,611			3,571
Accumulated Amortization	$ 2,997			2,966
Weighted Average Life	8 years		8 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	$ 6,835			6,815
Accumulated Amortization	$ 3,528			3,421
Weighted Average Life	11 years		11 years
Other
Components of amortized intangible assets
Gross Carrying Amount	$ 3,862			3,752
Accumulated Amortization	$ 3,788			$ 3,671
Weighted Average Life	3 years		3 years

GOODWILL AND INTANGIBLE ASSET37

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Webforge
Non-amortized intangible assets
Carrying value of trade names	$ 9,877	$ 10,430
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	9,286	8,919
Newmark
Non-amortized intangible assets
Carrying value of trade names	11,111	11,111
Ingal EPS/Ingal Civil Products
Non-amortized intangible assets
Carrying value of trade names	8,053	8,504
Donhad
Non-amortized intangible assets
Carrying value of trade names	6,075	6,415
Shakespeare
Non-amortized intangible assets
Carrying value of trade names	4,000	4,000
Industrial Galvanizers
Non-amortized intangible assets
Carrying value of trade names	2,521	2,662
Other
Non-amortized intangible assets
Carrying value of trade names	14,093	13,889
Trade Names
Non-amortized intangible assets
Carrying value of trade names	$ 65,016	$ 65,930

GOODWILL AND INTANGIBLE ASSET38

GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Dec. 26, 2015
EIP | Webforge
Indefinite-lived Intangible Assets [Line Items]
Impairment	$ 5,000	$ 1
Coatings Segment | Industrial Galvanizers
Indefinite-lived Intangible Assets [Line Items]
Impairment	$ 1,100

GOODWILL AND INTANGIBLE ASSET39

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2016	Dec. 26, 2015
Goodwill
Goodwill, Gross		$ 371,808
Carrying amount of goodwill
Balance at the beginning of the period	$ 336,916
Balance at December 26, 2015		(34,892)
Foreign currency translation	(2,647)
Balance at the end of the period	334,269	336,916
Engineered Support Structures Segment
Goodwill
Goodwill, Gross		101,275
Carrying amount of goodwill
Balance at the beginning of the period	101,275
Foreign currency translation	(1,502)
Balance at the end of the period	99,773	101,275
Energy and Mining Segment [Member]
Goodwill
Goodwill, Gross		99,829
Carrying amount of goodwill
Balance at the beginning of the period	81,159
Balance at December 26, 2015		(18,670)
Foreign currency translation	(1,462)
Balance at the end of the period	79,697	81,159
Utility Support Structures Segment
Goodwill
Goodwill, Gross		75,404
Carrying amount of goodwill
Balance at the beginning of the period	75,404
Foreign currency translation	0
Balance at the end of the period	75,404	75,404
Coatings Segment
Goodwill
Goodwill, Gross		75,941
Carrying amount of goodwill
Balance at the beginning of the period	59,719
Balance at December 26, 2015	(9,100)	(16,222)
Foreign currency translation	290
Balance at the end of the period	60,009	59,719
Irrigation Segment
Goodwill
Goodwill, Gross		19,359
Carrying amount of goodwill
Balance at the beginning of the period	19,359
Foreign currency translation	27
Balance at the end of the period	$ 19,386	$ 19,359

CASH FLOW SUPPLEMENTARY INFOR40

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($)	May. 13, 2014	Mar. 26, 2016	Mar. 28, 2015	Sep. 26, 2015	Feb. 24, 2015
Supplemental Cash Flow Elements [Abstract]
Increased dividend (as a percent)	50.00%
Maximum amount of common stock authorized to repurchase under share repurchase program	$ 500,000,000				$ 250,000,000
Period over which common stock are authorized to repurchase under share repurchase program	12 months
Shares acquired under share repurchase program		4,300,599
Value of shares acquired under share repurchase program		$ 16,939,000	$ 72,900,000	$ 581,000,000
Supplemental Cash Flow Information [Abstract]
Interest		559,000	510,000
Income taxes		$ 4,788,000	$ 5,047,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 32,969,000	$ 30,739,000
Shares outstanding basic (in shares)	22,700,000	23,868,000
Per share amount basic (in dollars per share)	$ 1.45	$ 1.29
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	116,000	114,000
Dilutive effect of stock options (in dollars per share)	$ 0	$ (0.01)
Diluted EPS
Diluted EPS	$ 32,969,000	$ 30,739,000
Shares outstanding dilutive (in shares)	22,816,000	23,982,000
Per share amount diluted (in dollars per share)	$ 1.45	$ 1.28
Antidilutive Securities
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares)	403,407	452,103

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)segment	Mar. 28, 2015USD ($)
Business Segments
Number of reportable segments | segment	5
Maximum percentage of sales of other businesses and activities to consolidated sales as basis for aggregation	1.00%
Net sales	$ 596,605	$ 670,398
Operating income	62,365	57,683
Engineered Support Structures Segment
Business Segments
Net sales	165,959	170,798
Operating income	14,208	9,450
Energy and Mining Segment [Member]
Business Segments
Net sales	70,791	88,012
Operating income	1,902	4,366
Utility Support Structures Segment
Business Segments
Net sales	144,344	176,052
Operating income	14,768	15,357
Coatings Segment
Business Segments
Net sales	58,768	61,813
Operating income	11,413	10,999
Irrigation Segment
Business Segments
Net sales	156,743	172,853
Operating income	28,845	30,174
Other
Business Segments
Net sales	0	870
Operating income	0	(1,108)
Corporate
Business Segments
Operating income	(8,771)	(11,555)
Operating Segment
Business Segments
Sales	621,035	693,412
Operating Segment | Engineered Support Structures Segment
Business Segments
Sales	176,971	177,904
Operating Segment | Engineered Support Structures Segment | Lighting, Traffic, and Roadway Products
Business Segments
Sales	146,302	145,348
Operating Segment | Engineered Support Structures Segment | Communication Products
Business Segments
Sales	30,669	32,556
Operating Segment | Energy and Mining Segment [Member]
Business Segments
Sales	72,449	88,061
Operating Segment | Energy and Mining Segment [Member] | Offshore Structures
Business Segments
Sales	22,969	24,848
Operating Segment | Energy and Mining Segment [Member] | Grinding Media [Member]
Business Segments
Sales	19,490	27,491
Operating Segment | Energy and Mining Segment [Member] | Access Systems
Business Segments
Sales	29,990	35,722
Operating Segment | Utility Support Structures Segment
Business Segments
Sales	144,520	176,341
Operating Segment | Utility Support Structures Segment | Steel
Business Segments
Sales	121,971	158,273
Operating Segment | Utility Support Structures Segment | Concrete
Business Segments
Sales	22,549	18,068
Operating Segment | Coatings Segment
Business Segments
Sales	68,581	74,360
Operating Segment | Irrigation Segment
Business Segments
Sales	158,514	174,577
Operating Segment | Other
Business Segments
Sales	0	2,169
Intersegment
Business Segments
Sales	24,430	23,014
Intersegment | Engineered Support Structures Segment
Business Segments
Sales	11,012	7,106
Intersegment | Energy and Mining Segment [Member]
Business Segments
Sales	1,658	49
Intersegment | Utility Support Structures Segment
Business Segments
Sales	176	289
Intersegment | Coatings Segment
Business Segments
Sales	9,813	12,547
Intersegment | Irrigation Segment
Business Segments
Sales	1,771	1,724
Intersegment | Other
Business Segments
Sales	$ 0	$ 1,299

GUARANTOR_NON-GUARANTOR FINAN43

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Parent company's percentage ownership of Guarantors	100.00%
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	$ 596,605	$ 670,398
Cost of sales	435,636	504,944
Gross profit	160,969	165,454
Selling, general and administrative expenses	98,604	107,771
Operating income	62,365	57,683
Other income (expense):
Interest expense	(11,054)	(11,128)
Interest income	811	874
Other	(1,678)	1,016
Total other income (expenses)	(11,921)	(9,238)
Earnings before income taxes	50,444	48,445
Income tax expense (benefit):
Current	10,514	11,774
Deferred income taxes	5,759	5,164
Total income tax expense (benefit)	16,273	16,938
Earnings before equity in earnings of nonconsolidated subsidiaries	34,171	31,507
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	34,171	31,507
Less: Earnings attributable to noncontrolling interests	(1,202)	(768)
Net earnings attributable to Valmont Industries, Inc.	32,969	30,739
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	285,038	329,131
Cost of sales	207,861	249,867
Gross profit	77,177	79,264
Selling, general and administrative expenses	42,494	48,042
Operating income	34,683	31,222
Other income (expense):
Interest expense	(10,930)	(10,832)
Interest income	67	9
Other	(375)	(649)
Total other income (expenses)	(11,238)	(11,472)
Earnings before income taxes	23,445	19,750
Income tax expense (benefit):
Current	5,583	1,392
Deferred income taxes	2,419	5,469
Total income tax expense (benefit)	8,002	6,861
Earnings before equity in earnings of nonconsolidated subsidiaries	15,443	12,889
Equity in earnings of nonconsolidated subsidiaries	17,526	17,850
Net earnings	32,969	30,739
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	32,969	30,739
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	91,526	95,948
Cost of sales	67,862	74,896
Gross profit	23,664	21,052
Selling, general and administrative expenses	11,430	11,297
Operating income	12,234	9,755
Other income (expense):
Interest expense	0	0
Interest income	25	2
Other	12	(24)
Total other income (expenses)	37	(22)
Earnings before income taxes	12,271	9,733
Income tax expense (benefit):
Current	2,572	4,627
Deferred income taxes	2,149	(533)
Total income tax expense (benefit)	4,721	4,094
Earnings before equity in earnings of nonconsolidated subsidiaries	7,550	5,639
Equity in earnings of nonconsolidated subsidiaries	2,113	4,305
Net earnings	9,663	9,944
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	9,663	9,944
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	272,114	302,236
Cost of sales	211,393	236,985
Gross profit	60,721	65,251
Selling, general and administrative expenses	44,680	48,432
Operating income	16,041	16,819
Other income (expense):
Interest expense	(124)	(296)
Interest income	719	863
Other	(1,315)	1,689
Total other income (expenses)	(720)	2,256
Earnings before income taxes	15,321	19,075
Income tax expense (benefit):
Current	2,479	5,797
Deferred income taxes	1,191	228
Total income tax expense (benefit)	3,670	6,025
Earnings before equity in earnings of nonconsolidated subsidiaries	11,651	13,050
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	11,651	13,050
Less: Earnings attributable to noncontrolling interests	(1,202)	(768)
Net earnings attributable to Valmont Industries, Inc.	10,449	12,282
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	(52,073)	(56,917)
Cost of sales	(51,480)	(56,804)
Gross profit	(593)	(113)
Selling, general and administrative expenses	0	0
Operating income	(593)	(113)
Other income (expense):
Interest expense	0	0
Interest income	0	0
Other	0	0
Total other income (expenses)	0	0
Earnings before income taxes	(593)	(113)
Income tax expense (benefit):
Current	(120)	(42)
Deferred income taxes	0	0
Total income tax expense (benefit)	(120)	(42)
Earnings before equity in earnings of nonconsolidated subsidiaries	(473)	(71)
Equity in earnings of nonconsolidated subsidiaries	(19,639)	(22,155)
Net earnings	(20,112)	(22,226)
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	$ (20,112)	$ (22,226)

GUARANTOR_NON-GUARANTOR FINAN44

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	$ 34,171	$ 31,507
Foreign currency translation adjustments:
Unrealized translation gain (loss)	2,513	(58,178)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	18
Gain on cash flow hedges	0	294
Actuarial gain (loss) in defined benefit pension plan liability		294
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	2,532	(57,866)
Comprehensive income (loss)	36,703	(26,359)
Comprehensive loss (income) attributable to noncontrolling interests	(2,327)	1,327
Comprehensive income (loss) attributable to Valmont Industries, Inc.	34,376	(25,032)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	32,969	30,739
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	18
Actuarial gain (loss) in defined benefit pension plan liability		92
Equity in other comprehensive income	1,388	(55,881)
Other comprehensive income (loss)	1,407	(55,771)
Comprehensive income (loss)	34,376	(25,032)
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to Valmont Industries, Inc.	34,376	(25,032)
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	9,663	9,944
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(178)	(8,888)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0
Actuarial gain (loss) in defined benefit pension plan liability		0
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	(178)	(8,888)
Comprehensive income (loss)	9,485	1,056
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to Valmont Industries, Inc.	9,485	1,056
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	11,651	13,050
Foreign currency translation adjustments:
Unrealized translation gain (loss)	2,691	(49,290)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0
Actuarial gain (loss) in defined benefit pension plan liability		202
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	2,691	(49,088)
Comprehensive income (loss)	14,342	(36,038)
Comprehensive loss (income) attributable to noncontrolling interests	(2,327)	1,327
Comprehensive income (loss) attributable to Valmont Industries, Inc.	12,015	(34,711)
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	(20,112)	(22,226)
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0
Actuarial gain (loss) in defined benefit pension plan liability		0
Equity in other comprehensive income	(1,388)	55,881
Other comprehensive income (loss)	(1,388)	55,881
Comprehensive income (loss)	(21,500)	33,655
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$ (21,500)	$ 33,655

GUARANTOR_NON-GUARANTOR FINAN45

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015	Mar. 28, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 387,714	$ 349,074	$ 318,366	$ 371,579
Receivables, net	449,379	466,443
Inventories	350,768	340,672
Prepaid expenses	46,080	46,137
Refundable income taxes	18,897	24,526
Total current assets	1,252,838	1,226,852
Property, plant and equipment, at cost	1,100,804	1,081,056
Less accumulated depreciation and amortization	568,297	548,567
Net property, plant and equipment	532,507	532,489
Goodwill	334,269	336,916
Other intangible assets	164,537	170,197
Investment in subsidiaries and intercompany accounts	0	0
Other assets	115,711	125,928
Total assets	2,399,862	2,392,382
Current liabilities:
Current installments of long-term debt	1,110	1,077
Notes payable to banks	2,402	976
Accounts payable	183,059	179,983
Accrued employee compensation and benefits	58,002	70,354
Accrued expenses	111,477	105,593
Dividends payable	8,527	8,571
Total current liabilities	(364,577)	(366,554)
Deferred income taxes	39,644	35,669
Long-term debt, excluding current installments	756,878	756,918
Defined benefit pension liability	170,203	179,323
Deferred compensation	48,456	48,417
Other noncurrent liabilities	39,953	40,290
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,756,082	1,729,679
Accumulated other comprehensive income (loss)	(265,811)	(267,218)
Treasury stock	(587,117)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	931,054	918,441
Noncontrolling interest in consolidated subsidiaries	49,097	46,770
Total shareholders’ equity	980,151	965,211	1,143,864	1,250,405
Total liabilities and shareholders’ equity	2,399,862	2,392,382
Parent
Current assets:
Cash and cash equivalents	76,634	62,281	25,571	69,869
Receivables, net	128,713	130,741
Inventories	138,589	132,222
Prepaid expenses	5,435	9,900
Refundable income taxes	18,897	24,526
Total current assets	368,268	359,670
Property, plant and equipment, at cost	537,701	541,536
Less accumulated depreciation and amortization	338,782	334,471
Net property, plant and equipment	198,919	207,065
Goodwill	20,108	20,108
Other intangible assets	225	238
Investment in subsidiaries and intercompany accounts	1,250,625	1,239,228
Other assets	39,645	40,067
Total assets	1,877,790	1,866,376
Current liabilities:
Current installments of long-term debt	215	215
Notes payable to banks	0	0
Accounts payable	58,622	66,723
Accrued employee compensation and benefits	21,357	32,272
Accrued expenses	42,241	31,073
Dividends payable	8,527	8,571
Total current liabilities	(130,962)	(138,854)
Deferred income taxes	15,874	9,686
Long-term debt, excluding current installments	751,541	751,765
Defined benefit pension liability	0	0
Deferred compensation	43,338	43,485
Other noncurrent liabilities	5,021	4,145
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,756,082	1,729,679
Accumulated other comprehensive income (loss)	(265,811)	(267,218)
Treasury stock	(587,117)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	931,054	918,441
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	931,054	918,441
Total liabilities and shareholders’ equity	1,877,790	1,866,376
Guarantors
Current assets:
Cash and cash equivalents	4,566	4,008	1,367	2,157
Receivables, net	54,384	66,387
Inventories	40,782	38,379
Prepaid expenses	804	766
Refundable income taxes	0	0
Total current assets	100,536	109,540
Property, plant and equipment, at cost	142,955	132,864
Less accumulated depreciation and amortization	74,063	69,956
Net property, plant and equipment	68,892	62,908
Goodwill	110,562	110,562
Other intangible assets	39,710	40,959
Investment in subsidiaries and intercompany accounts	837,066	813,779
Other assets	0	0
Total assets	1,156,766	1,137,748
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	14,148	13,680
Accrued employee compensation and benefits	4,665	6,347
Accrued expenses	16,752	22,802
Dividends payable	0	0
Total current liabilities	(35,565)	(42,829)
Deferred income taxes	0	0
Long-term debt, excluding current installments	0	0
Defined benefit pension liability	0	0
Deferred compensation	0	0
Other noncurrent liabilities	0	0
Shareholders’ equity:
Common stock of $1 par value	457,950	457,950
Additional paid-in capital	159,414	159,414
Retained earnings	568,377	541,917
Accumulated other comprehensive income (loss)	(64,540)	(64,362)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	1,121,201	1,094,919
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	1,121,201	1,094,919
Total liabilities and shareholders’ equity	1,156,766	1,137,748
Non- Guarantors
Current assets:
Cash and cash equivalents	306,514	282,785	291,428	299,553
Receivables, net	266,282	269,315
Inventories	174,983	173,064
Prepaid expenses	39,841	35,471
Refundable income taxes	0	0
Total current assets	787,620	760,635
Property, plant and equipment, at cost	420,148	406,656
Less accumulated depreciation and amortization	155,452	144,140
Net property, plant and equipment	264,696	262,516
Goodwill	203,599	206,246
Other intangible assets	124,602	129,000
Investment in subsidiaries and intercompany accounts	1,096,458	939,177
Other assets	76,066	85,861
Total assets	2,553,041	2,383,435
Current liabilities:
Current installments of long-term debt	895	862
Notes payable to banks	2,402	976
Accounts payable	110,289	99,580
Accrued employee compensation and benefits	31,980	31,735
Accrued expenses	52,484	51,718
Dividends payable	0	0
Total current liabilities	(198,050)	(184,871)
Deferred income taxes	23,770	25,983
Long-term debt, excluding current installments	5,337	5,153
Defined benefit pension liability	170,203	179,323
Deferred compensation	5,118	4,932
Other noncurrent liabilities	34,932	36,145
Shareholders’ equity:
Common stock of $1 par value	648,682	648,683
Additional paid-in capital	1,107,536	1,107,536
Retained earnings	513,246	354,727
Accumulated other comprehensive income (loss)	(202,930)	(210,688)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	2,066,534	1,900,258
Noncontrolling interest in consolidated subsidiaries	49,097	46,770
Total shareholders’ equity	2,115,631	1,947,028
Total liabilities and shareholders’ equity	2,553,041	2,383,435
Eliminations
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables, net	0	0
Inventories	(3,586)	(2,993)
Prepaid expenses	0	0
Refundable income taxes	0	0
Total current assets	(3,586)	(2,993)
Property, plant and equipment, at cost	0	0
Less accumulated depreciation and amortization	0	0
Net property, plant and equipment	0	0
Goodwill	0	0
Other intangible assets	0	0
Investment in subsidiaries and intercompany accounts	(3,184,149)	(2,992,184)
Other assets	0	0
Total assets	(3,187,735)	(2,995,177)
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	0	0
Accrued employee compensation and benefits	0	0
Accrued expenses	0	0
Dividends payable	0	0
Total current liabilities	0	0
Deferred income taxes	0	0
Long-term debt, excluding current installments	0	0
Defined benefit pension liability	0	0
Deferred compensation	0	0
Other noncurrent liabilities	0	0
Shareholders’ equity:
Common stock of $1 par value	(1,106,632)	(1,106,633)
Additional paid-in capital	(1,266,950)	(1,266,950)
Retained earnings	(1,081,623)	(896,644)
Accumulated other comprehensive income (loss)	267,470	275,050
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	(3,187,735)	(2,995,177)
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	(3,187,735)	(2,995,177)
Total liabilities and shareholders’ equity	$ (3,187,735)	$ (2,995,177)

GUARANTOR_NON-GUARANTOR FINAN46

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares	Mar. 26, 2016	Dec. 26, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

GUARANTOR_NON-GUARANTOR FINAN47

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		16 Months Ended
	Mar. 26, 2016	Mar. 28, 2015	Sep. 26, 2015
Cash flows from operating activities:
Net earnings	$ 34,171	$ 31,507
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	20,598	23,901
Noncash loss on trading securities	995	4,415
Stock-based compensation	2,049	1,761
Defined benefit pension plan expense	384	(150)
Contribution to defined benefit pension plan	0	(15,735)
Gain on sale of property, plant and equipment	144	(136)
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	5,759	5,164
Changes in assets and liabilities:
Receivables	20,344	18,584
Inventories	(8,022)	(27,041)
Prepaid expenses	910	4,954
Accounts payable	1,383	(1,261)
Accrued expenses	(7,178)	(5,324)
Other noncurrent liabilities	(823)	1,684
Income taxes payable (refundable)	9,813	13,205
Net cash flows from operating activities	80,527	55,528
Cash flows from investing activities:
Purchase of property, plant and equipment	(13,961)	(16,615)
Proceeds from sale of assets	142	185
Other, net	(2,322)	2,930
Net cash flows from investing activities	(16,141)	(13,500)
Cash flows from financing activities:
Net borrowings under short-term agreements	1,352	1,155
Principal payments on long-term borrowings	(220)	(224)
Dividends paid	(8,571)	(9,086)
Dividends to noncontrolling interest	0	(1,290)
Proceeds from exercises under stock plans	1,289	1,760
Excess tax benefits from stock option exercises	(66)	345
Purchase of treasury shares	(16,939)	(72,900)	$ (581,000)
Purchase of common treasury shares - stock plan exercises	(219)	(2,156)
Net cash flows from financing activities	(23,374)	(82,396)
Effect of exchange rate changes on cash and cash equivalents	(2,372)	(12,845)
Net change in cash and cash equivalents	38,640	(53,213)
Cash and cash equivalents—beginning of year	349,074	371,579
Cash and cash equivalents—end of period	387,714	318,366
Parent
Cash flows from operating activities:
Net earnings	32,969	30,739
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	6,857	7,478
Noncash loss on trading securities	0	0
Stock-based compensation	2,049	1,761
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan		0
Gain on sale of property, plant and equipment	(3)	(13)
Equity in earnings in nonconsolidated subsidiaries	(17,526)	(17,850)
Deferred income taxes	2,419	5,469
Changes in assets and liabilities:
Receivables	2,027	(4,779)
Inventories	(6,367)	4,897
Prepaid expenses	4,465	2,282
Accounts payable	(8,102)	4,358
Accrued expenses	843	(2,966)
Other noncurrent liabilities	916	1,834
Income taxes payable (refundable)	5,628	6,252
Net cash flows from operating activities	26,175	39,462
Cash flows from investing activities:
Purchase of property, plant and equipment	1,248	(4,995)
Proceeds from sale of assets	104	15
Other, net	11,332	3,257
Net cash flows from investing activities	12,684	(1,723)
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings	0	0
Dividends paid	(8,571)	(9,086)
Dividends to noncontrolling interest		0
Proceeds from exercises under stock plans	1,289	1,760
Excess tax benefits from stock option exercises	(66)	345
Purchase of treasury shares	(16,939)	(72,900)
Purchase of common treasury shares - stock plan exercises	(219)	(2,156)
Net cash flows from financing activities	(24,506)	(82,037)
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	14,353	(44,298)
Cash and cash equivalents—beginning of year	62,281	69,869
Cash and cash equivalents—end of period	76,634	25,571
Guarantors
Cash flows from operating activities:
Net earnings	9,663	9,944
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	3,277	3,151
Noncash loss on trading securities	0	0
Stock-based compensation	0	0
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan		0
Gain on sale of property, plant and equipment	52	(10)
Equity in earnings in nonconsolidated subsidiaries	(2,113)	(4,305)
Deferred income taxes	2,149	(533)
Changes in assets and liabilities:
Receivables	12,003	6,595
Inventories	(2,403)	(10,307)
Prepaid expenses	(38)	(251)
Accounts payable	468	(1,442)
Accrued expenses	(7,732)	(1,001)
Other noncurrent liabilities	0	0
Income taxes payable (refundable)	85	(4)
Net cash flows from operating activities	15,411	1,837
Cash flows from investing activities:
Purchase of property, plant and equipment	(8,630)	(1,492)
Proceeds from sale of assets	(51)	19
Other, net	(6,286)	(1,130)
Net cash flows from investing activities	(14,967)	(2,603)
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings	0	0
Dividends paid	0	0
Dividends to noncontrolling interest		0
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises	0	0
Purchase of treasury shares	0	0
Purchase of common treasury shares - stock plan exercises	0	0
Net cash flows from financing activities	0	0
Effect of exchange rate changes on cash and cash equivalents	114	(24)
Net change in cash and cash equivalents	558	(790)
Cash and cash equivalents—beginning of year	4,008	2,157
Cash and cash equivalents—end of period	4,566	1,367
Non- Guarantors
Cash flows from operating activities:
Net earnings	11,651	13,050
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	10,464	13,272
Noncash loss on trading securities	995	4,415
Stock-based compensation	0	0
Defined benefit pension plan expense	384	(150)
Contribution to defined benefit pension plan		(15,735)
Gain on sale of property, plant and equipment	95	(113)
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	1,191	228
Changes in assets and liabilities:
Receivables	6,314	16,768
Inventories	155	(21,631)
Prepaid expenses	(3,517)	2,923
Accounts payable	9,017	(4,177)
Accrued expenses	(289)	(1,357)
Other noncurrent liabilities	(1,739)	(150)
Income taxes payable (refundable)	4,100	6,957
Net cash flows from operating activities	38,821	14,300
Cash flows from investing activities:
Purchase of property, plant and equipment	(6,579)	(10,128)
Proceeds from sale of assets	89	151
Other, net	(7,248)	732
Net cash flows from investing activities	(13,738)	(9,245)
Cash flows from financing activities:
Net borrowings under short-term agreements	1,352	1,155
Principal payments on long-term borrowings	(220)	(224)
Dividends paid	0	0
Dividends to noncontrolling interest		(1,290)
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises	0	0
Purchase of treasury shares	0	0
Purchase of common treasury shares - stock plan exercises	0	0
Net cash flows from financing activities	1,132	(359)
Effect of exchange rate changes on cash and cash equivalents	(2,486)	(12,821)
Net change in cash and cash equivalents	23,729	(8,125)
Cash and cash equivalents—beginning of year	282,785	299,553
Cash and cash equivalents—end of period	306,514	291,428
Eliminations
Cash flows from operating activities:
Net earnings	(20,112)	(22,226)
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	0	0
Noncash loss on trading securities	0	0
Stock-based compensation	0	0
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan		0
Gain on sale of property, plant and equipment	0	0
Equity in earnings in nonconsolidated subsidiaries	19,639	22,155
Deferred income taxes	0	0
Changes in assets and liabilities:
Receivables	0	0
Inventories	593	0
Prepaid expenses	0	0
Accounts payable	0	0
Accrued expenses	0	0
Other noncurrent liabilities	0	0
Income taxes payable (refundable)	0	0
Net cash flows from operating activities	120	(71)
Cash flows from investing activities:
Purchase of property, plant and equipment	0	0
Proceeds from sale of assets	0	0
Other, net	(120)	71
Net cash flows from investing activities	(120)	71
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings	0	0
Dividends paid	0	0
Dividends to noncontrolling interest		0
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises	0	0
Purchase of treasury shares	0	0
Purchase of common treasury shares - stock plan exercises	0	0
Net cash flows from financing activities	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents—beginning of year	0	0
Cash and cash equivalents—end of period	$ 0	$ 0