Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 27, 2015 | Jul. 22, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | VALMONT INDUSTRIES INC | |
Entity Central Index Key | 102,729 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 27, 2015 | |
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 | 23,248,776 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
Product sales | $ 611,782 | $ 766,844 | $ 1,215,676 | $ 1,447,887 |
Services sales | 70,341 | 75,755 | 136,845 | 146,452 |
Net sales | 682,123 | 842,599 | 1,352,521 | 1,594,339 |
Product cost of sales | 461,173 | 573,067 | 920,714 | 1,070,910 |
Services cost of sales | 51,402 | 49,055 | 96,805 | 95,970 |
Total cost of sales | 512,575 | 622,122 | 1,017,519 | 1,166,880 |
Gross profit | 169,548 | 220,477 | 335,002 | 427,459 |
Selling, general and administrative expenses | 115,548 | 115,701 | 223,319 | 223,835 |
Operating income | 54,000 | 104,776 | 111,683 | 203,624 |
Other income (expenses): | ||||
Interest expense | (11,232) | (8,304) | (22,360) | (16,501) |
Interest income | 616 | 1,577 | 1,490 | 3,316 |
Other | (28) | 1,903 | 988 | (3,909) |
Total other income (expenses) | (10,644) | (4,824) | (19,882) | (17,094) |
Earnings before income taxes | 43,356 | 99,952 | 91,801 | 186,530 |
Income tax expense (benefit): | ||||
Current | 19,136 | 26,117 | 30,910 | 59,055 |
Deferred | (5,219) | 7,953 | (55) | 5,030 |
Total income tax expense (benefit) | 13,917 | 34,070 | 30,855 | 64,085 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 29,439 | 65,882 | 60,946 | 122,445 |
Equity in earnings of nonconsolidated subsidiaries | (30) | (30) | ||
Net earnings | 29,439 | 65,852 | 60,946 | 122,415 |
Less: Earnings attributable to noncontrolling interests | (1,566) | (1,876) | (2,334) | (2,459) |
Net earnings attributable to Valmont Industries, Inc. | $ 27,873 | $ 63,976 | $ 58,612 | $ 119,956 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.19 | $ 2.40 | $ 2.48 | $ 4.50 |
Diluted (in dollars per share) | 1.19 | 2.38 | 2.47 | 4.46 |
Cash dividends declared per share (in dollars per share) | $ 0.375 | $ 0.375 | $ 0.750 | $ 0.625 |
Weighted average number of shares of common stock outstanding - Basic (000 omitted) (in shares) | 23,336 | 26,623 | 23,602 | 26,669 |
Weighted average number of shares of common stock outstanding - Diluted (000 omitted) (in shares) | 23,450 | 26,856 | 23,716 | 26,903 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net earnings | $ 29,439 | $ 65,852 | $ 60,946 | $ 122,415 |
Foreign currency translation adjustments: | ||||
Unrealized translation gain (loss) | 18,328 | 13,869 | (39,850) | 25,506 |
Unrealized gain/(loss) on cash flow hedge: | ||||
Amortization cost included in interest expense | 19 | (33) | 37 | 67 |
Gain on cash flow hedges | 751 | 1,045 | ||
Actuarial gain (loss) in defined benefit pension plan | (614) | (847) | ||
Other comprehensive income (loss) | 19,098 | 13,222 | (38,768) | 24,726 |
Comprehensive income (loss) | 48,537 | 79,074 | 22,178 | 147,141 |
Comprehensive loss (income) attributable to noncontrolling interests | (1,968) | (1,792) | (641) | (1,704) |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ 46,569 | $ 77,282 | $ 21,537 | $ 145,437 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 317,523 | $ 371,579 |
Receivables, net | 491,706 | 536,918 |
Inventories | 379,897 | 359,522 |
Prepaid expenses | 56,653 | 56,912 |
Refundable and deferred income taxes | 44,072 | 68,010 |
Total current assets | 1,289,851 | 1,392,941 |
Property, plant and equipment, at cost | 1,123,885 | 1,139,569 |
Less accumulated depreciation and amortization | 552,908 | 533,116 |
Net property, plant and equipment | 570,977 | 606,453 |
Goodwill | 380,086 | 385,111 |
Other intangible assets, net | 189,892 | 202,004 |
Other assets | 136,586 | 143,159 |
Total assets | 2,567,392 | 2,729,668 |
Current liabilities: | ||
Current installments of long-term debt | 1,096 | 1,181 |
Notes payable to banks | 7,914 | 13,952 |
Accounts payable | 186,421 | 196,565 |
Accrued employee compensation and benefits | 75,155 | 87,950 |
Accrued expenses | 89,983 | 88,480 |
Dividends payable | 8,733 | 9,086 |
Total current liabilities | 369,302 | 397,214 |
Deferred income taxes | 62,959 | 71,797 |
Long-term debt, excluding current installments | 765,272 | 766,654 |
Defined benefit pension liability | 135,068 | 150,124 |
Deferred compensation | 51,056 | 47,932 |
Other noncurrent liabilities | $ 43,142 | $ 45,542 |
Shareholders' equity: | ||
Preferred stock of $1 par value - Authorized 500,000 shares; none issued | ||
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 shares | $ 27,900 | $ 27,900 |
Retained earnings | 1,762,534 | 1,718,662 |
Accumulated other comprehensive income (loss) | (171,508) | (134,433) |
Treasury stock | (525,877) | (410,296) |
Total Valmont Industries, Inc. shareholders' equity | 1,093,049 | 1,201,833 |
Noncontrolling interest in consolidated subsidiaries | 47,544 | 48,572 |
Total shareholders' equity | 1,140,593 | 1,250,405 |
Total liabilities and shareholders' equity | $ 2,567,392 | $ 2,729,668 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 27, 2015 | Dec. 27, 2014 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, Authorized shares | 500,000 | 500,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, Authorized shares | 75,000,000 | 75,000,000 |
Common stock, issued shares | 27,900,000 | 27,900,000 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 60,946 | $ 122,415 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||
Depreciation and amortization | 47,761 | 43,368 |
Noncash loss on trading securities | 4,582 | 3,501 |
Impairment of assets | 9,292 | |
Stock-based compensation | 3,513 | 3,686 |
Defined benefit pension plan expense | (305) | 1,334 |
Contribution to defined benefit pension plan | (15,735) | (17,484) |
Gain on sale of property, plant and equipment | 542 | (102) |
Equity in earnings in nonconsolidated subsidiaries | 30 | |
Deferred income taxes | (55) | 5,030 |
Changes in assets and liabilities (net of acquisitions): | ||
Receivables | 32,511 | 21,083 |
Inventories | (27,746) | 6,624 |
Prepaid expenses | (3,087) | (18,289) |
Accounts payable | (5,021) | (28,633) |
Accrued expenses | (6,431) | (30,415) |
Other noncurrent liabilities | 1,761 | 1,766 |
Income taxes refundable | 15,817 | (22,063) |
Net cash flows from operating activities | 118,345 | 91,851 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (24,758) | (46,991) |
Proceeds from sale of assets | 1,101 | 1,151 |
Acquisitions, net of cash acquired | (120,483) | |
Other, net | 5,896 | (2,940) |
Net cash flows from investing activities | (17,761) | (169,263) |
Cash flows from financing activities: | ||
Net borrowings under short-term agreements | (5,890) | (1,861) |
Proceeds from long-term borrowings | 33,000 | |
Principal payments on long-term borrowings | (33,657) | (259) |
Dividends paid | (17,956) | (13,427) |
Dividends to noncontrolling interest | (1,669) | (1,340) |
Purchase of treasury shares | (121,020) | (77,084) |
Proceeds from exercises under stock plans | 9,454 | 11,996 |
Excess tax benefits from stock option exercises | 1,394 | 3,576 |
Purchase of common treasury shares - stock plan exercises | (10,490) | (11,984) |
Net cash flows from financing activities | (146,834) | (90,383) |
Effect of exchange rate changes on cash and cash equivalents | (7,806) | 10,016 |
Net change in cash and cash equivalents | (54,056) | (157,779) |
Cash and cash equivalents - beginning of year | 371,579 | 613,706 |
Cash and cash equivalents - end of period | $ 317,523 | $ 455,927 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Locker [Member]Noncontrolling interest in consolidated subsidiaries | Locker [Member] | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interest in consolidated subsidiaries | Total |
Balance at Dec. 28, 2013 | $ 27,900 | $ 1,562,670 | $ (47,685) | $ (20,860) | $ 22,821 | $ 1,544,846 | |||
Increase (Decrease) in Shareholders' Equity | |||||||||
Net earnings | 119,956 | 2,459 | 122,415 | ||||||
Other comprehensive income (loss) | 25,481 | (755) | 24,726 | ||||||
Cash dividends declared | (16,651) | (16,651) | |||||||
Dividends to noncontrolling interests | (1,340) | (1,340) | |||||||
Acquisition of DS SM | $ 9,232 | $ 9,232 | |||||||
Addition of noncontrolling interest | 404 | 404 | |||||||
Purchase of treasury shares; 989,821 and 490,172 shares acquired for the period ended June 2015 and 2014, respectively | (77,084) | (77,084) | |||||||
Stock plan exercises; 82,989 and 78,217 shares acquired for the period ended June 2015 and 2014, respectively | (11,984) | (11,984) | |||||||
Stock options exercised; 119,687 and 158,317 shares issued for the period ended June 2015 and 2014, respectively | $ (7,262) | 6,312 | 12,946 | 11,996 | |||||
Tax benefit from stock option exercises | 3,576 | 3,576 | |||||||
Stock option expense | 2,525 | 2,525 | |||||||
Stock awards; 4,846 and 8,822 shares issued for the period ended June 2015 and 2014, respectively | 1,161 | 1,268 | 2,429 | ||||||
Balance at Jun. 28, 2014 | 27,900 | 1,672,287 | (22,204) | (95,714) | 32,821 | 1,615,090 | |||
Balance at Dec. 27, 2014 | 27,900 | 1,718,662 | (134,433) | (410,296) | 48,572 | 1,250,405 | |||
Increase (Decrease) in Shareholders' Equity | |||||||||
Net earnings | 58,612 | 2,334 | 60,946 | ||||||
Other comprehensive income (loss) | (37,075) | (1,693) | (38,768) | ||||||
Cash dividends declared | (17,603) | (17,603) | |||||||
Dividends to noncontrolling interests | (1,669) | (1,669) | |||||||
Purchase of treasury shares; 989,821 and 490,172 shares acquired for the period ended June 2015 and 2014, respectively | (121,020) | (121,020) | |||||||
Stock plan exercises; 82,989 and 78,217 shares acquired for the period ended June 2015 and 2014, respectively | (10,490) | (10,490) | |||||||
Stock options exercised; 119,687 and 158,317 shares issued for the period ended June 2015 and 2014, respectively | (8,860) | 2,863 | 15,451 | 9,454 | |||||
Tax benefit from stock option exercises | 1,394 | 1,394 | |||||||
Stock option expense | 2,653 | 2,653 | |||||||
Stock awards; 4,846 and 8,822 shares issued for the period ended June 2015 and 2014, respectively | $ 4,813 | 478 | 5,291 | ||||||
Balance at Jun. 27, 2015 | $ 27,900 | $ 1,762,534 | $ (171,508) | $ (525,877) | $ 47,544 | $ 1,140,593 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||
Purchase of treasury shares, shares | 989,821 | 490,172 |
Stock plan exercises; shares acquired | 82,989 | 78,217 |
Stock options exercised; shares issued | 119,687 | 158,317 |
Stock awards; shares issued | 4,846 | 8,822 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 27, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 27, 2015, the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014, and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week period 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 June 27, 2015 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 27, 2014. 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 27, 2014. The results of operations for the period ended June 27, 2015 are not necessarily indicative of the operating results for the full year. Inventories Approximately 36% and 44% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 27, 2015 and December 27, 2014, respectively. 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 $39,093 and $47,178 at June 27, 2015 and December 27, 2014, respectively. Inventories consisted of the following: June 27, 2015 December 27, 2014 Raw materials and purchased parts $ $ Work-in-process Finished goods and manufactured goods ​ ​ ​ ​ ​ ​ ​ ​ Subtotal Less: LIFO reserve ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 United States $ $ $ $ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and twenty-six weeks ended June 27, 2015 and June 28, 2014 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Net periodic (benefit) expense: Interest cost $ $ $ $ Expected return on plan assets ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic (benefit) expense $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 27, 2015, 1,176,222 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. Expiration of grants is from six 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 and twenty-six weeks ended June 27, 2015 and June 28, 2014, respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Compensation expense $ $ $ $ Income tax benefits 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 $39,789 ($36,439 at December 27, 2014) 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. The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. During first quarter of 2015, the Company received a special dividend of $5,010 from Delta EMD Pty. Ltd and the market price of the shares were proportionately decreased accordingly. The shares are valued at $4,966 and $9,034 as of June 27, 2015 and December 27, 2014, respectively, which is the estimated fair value. 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 June 27, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — Fair Value Measurement Using: Carrying Value December 27, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — 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 June 27, 2015 and December 27, 2014: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 27, 2014 $ ) $ $ ) $ ) Current-period comprehensive income (loss) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 27, 2015 $ ) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, 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 2014-09 is effective for 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. Management 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 | 6 Months Ended |
Jun. 27, 2015 | |
ACQUISITIONS | |
ACQUISITIONS | (2) ACQUISITIONS On March 3, 2014, the Company purchased 90% of the outstanding shares of DS SM A/S, which was renamed Valmont SM. Valmont SM is a manufacturer of heavy complex steel structures for a diverse range of industries including wind energy, offshore oil and gas, and electricity transmission. Valmont SM's operations are reported in the Engineered Infrastructure Products Segment. Valmont SM's annual sales are approximately $190,000 and it operates two manufacturing locations in Denmark. The purchase price paid for the business at closing (net of $56 cash acquired) was $120,483, including the payoff of an intercompany note payable by Valmont SM to its prior affiliates. The purchase is subject to an earn-out clause that is contingent on meeting future operational metrics for which no liability has been established based on expectations. The acquisition, which was funded by cash held by the Company, was completed to participate in markets for wind energy, oil and gas exploration, power transmission and other related infrastructure projects and to increase the Company's geographic footprint in Europe. The Company also funded a portion of the acquisition with an intercompany note payable. The excess purchase price over the fair value of assets resulted in goodwill, which is not deductible for tax purposes. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition, which was finalized in the fourth quarter of 2014. At March 3, 2014 Current assets $ Property, plant and equipment Intangible assets Goodwill ​ ​ ​ ​ ​ Total fair value of assets acquired $ ​ ​ ​ ​ ​ Current liabilities Deferred income taxes Intercompany note payable Long-term debt ​ ​ ​ ​ ​ Total fair value of liabilities assumed Non-controlling interests ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ Based on the fair value assessments, the Company allocated $30,340 of the purchase price to acquired intangible assets. The following table summarizes the major classes of Valmont SM's acquired intangible assets and the respective weighted average amortization periods: Amount Weighted Average Amortization Period (Years) Trade Names $ Indefinite Backlog Customer Relationships ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ ​ ​ ​ ​ ​ ​ ​ ​ On October 6, 2014, the Company acquired Shakespeare Composite Structures (Shakespeare) for $48,272 in cash, plus assumed liabilities. Shakespeare is a manufacturer of fiberglass reinforced composite structures and products with two manufacturing facilities in South Carolina. Shakespeare's annual sales are approximately $55,000 and its operations are included in the Engineered Infrastructure Products segment. The acquisition of Shakespeare was completed to expand our product offering of composite structure solutions. The preliminary fair value measurement disclosed below is subject to management reviews and completion of the fair value measurements of the assets acquired and liabilities assumed. The Company expects the fair value measurement process and purchase price allocation for Shakespeare to be completed in the third quarter of 2015. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of the Shakespeare acquisition (goodwill is not deductible for tax purposes): At October 6, 2014 Current assets $ Property, plant and equipment Intangible assets Goodwill ​ ​ ​ ​ ​ Total fair value of assets acquired $ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ Based on the preliminary fair value assessments, the Company allocated $13,500 of the purchase price to acquired intangible assets. The following table summarizes the major classes of Shakespeare acquired intangible assets and the respective weighted-average amortization periods: Amount Weighted Average Amortization Period (Years) Trade Names $ Indefinite Customer Relationships ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ ​ ​ ​ ​ ​ ​ ​ ​ On August 25, 2014, the Company acquired 51% of AgSense, LLC (AgSense) for $17 million in cash. AgSense operates in South Dakota and is the creator of global WagNet network which provides growers with a more complete view of their entire farming operation by tying irrigation decision making to field, crop and weather conditions. In the measurement of fair values of assets acquired and liabilities assumed, goodwill of $17,193 and $16,083 of customer relationships, trade name and other intangible assets were recorded. A portion of the goodwill is deductible for tax purposes. AgSense is included in the Irrigation Segment. The Company's Condensed Consolidated Statement of Earnings for the thirteen and twenty-six weeks ended June 27, 2015 included net sales of $44,271 and $86,195 and net earnings of $2,935 and $4,933 resulting from the Valmont SM, AgSense, and Shakespeare acquisitions. The pro forma effect of these acquisitions on the second quarter and first half of the 2014 Statement of Earnings was as follows: Thirteen Weeks Ended June 28, 2014 Twenty-six Weeks Ended June 28, 2014 Net sales $ $ Net earnings $ $ Earnings per share—diluted $ $ |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 6 Months Ended |
Jun. 27, 2015 | |
RESTRUCTURING ACTIVITIES | |
RESTRUCTURING ACTIVITIES | (3) RESTRUCTURING ACTIVITIES In April 2015, the Company's Board of Directors authorized a broad restructuring plan (the "Plan") of up to $60 million to respond to the market environment in certain businesses. We anticipate the Company will recognize the following pre-tax expenses in conjunction with the initial restructuring activities from the Plan announced in 2015: EIP Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ $ $ $ $ $ Other cash restructuring expenses — — Asset impairments/net loss on disposals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Other cash restructuring expenses Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certain of these initial restructuring actions are within the APAC Coatings reporting unit which has approximately $16 million of goodwill as of June 27, 2015. The Company expects these activities to improve the profitability of this reporting unit. Should operating income not improve within this reporting unit after these restructuring activities are implemented, we may have to write off all or a portion of our goodwill for this reporting unit during our annual impairment testing during the third quarter. Inclusive of this goodwill, the Company is currently evaluating additional potential restructuring activities estimated up to $25 million of asset impairments and $5 million of cash expenses. The following is a summary of the segments affected by these additional potential restructuring activities under current evaluation and the estimated pre-tax expense: EIP Coatings Other/ Corporate TOTAL Severance $ $ — $ $ Other cash restructuring expenses — Asset impairments/net loss on disposals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Asset impairments/net loss on disposals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During the first quarter of fiscal 2015, the Company's EIP segment recognized approximately $800 of pre-tax expense for severance and other cash restructuring expenses. During the second quarter of fiscal 2015, the Company recognized the following pre-tax restructuring expenses: EIP Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ $ $ $ — $ $ Other cash restructuring expenses — — Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Other cash restructuring expenses — — — Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities recorded for the restructuring Plan and changes therein for the first half of fiscal 2015 were as follows: Balance at December 27, 2014 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 27, 2015 Severance $ — $ $ ) $ Other cash restructuring expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales $ — $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 27, 2015 | |
GOODWILL AND INTANGIBLE ASSETS | |
GOODWILL AND INTANGIBLE ASSETS | (4) GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at June 27, 2015 and December 27, 2014 were as follows: June 27, 2015 Gross Carrying Amount Accumulated Amortization Weighted Average Life Customer Relationships $ $ 13 years Proprietary Software & Database 8 years Patents & Proprietary Technology 8 years Other 3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 27, 2014 Gross Carrying Amount Accumulated Amortization Weighted Average Life Customer Relationships $ $ 13 years Proprietary Software & Database 8 years Patents & Proprietary Technology 8 years Other 3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014, respectively was as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 $ $ $ $ Estimated annual amortization expense related to finite-lived intangible assets is as follows: Estimated Amortization Expense 2015 $ 2016 2017 2018 2019 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. Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at June 27, 2015 and December 27, 2014 were as follows: June 27, 2015 December 27, 2014 Year Acquired Webforge $ $ Valmont SM Newmark Ingal EPS/Ingal Civil Products Donhad Shakespeare Industrial Galvanizers Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2014. The values of the trade names were determined using the relief-from-royalty method. Based on this evaluation, the Company determined that its trade names were not impaired. Goodwill The carrying amount of goodwill by segment as of June 27, 2015 and December 27, 2014 was as follows: Engineered Infrastructure Products Segment Utility Support Structures Segment Coatings Segment Irrigation Segment Other Total Balance at December 27, 2014 $ $ $ $ $ $ Impairment ) — — — — ) Foreign currency translation ) — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 27, 2015 $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During the second quarter of 2015, the Company implemented a plan to divest of a small business in its EIP segment. The goodwill allocated to that business was $1,737 and based on its current estimation of value, the goodwill was determined to be impaired and was recorded in Selling, General and Administrative Expenses in the Condensed Consolidated Statements of Earnings. The Company's annual impairment test of goodwill was last performed during the third quarter of 2014. As a result of that testing, the Company determined that its goodwill was not impaired, as the valuation of the reporting units exceeded their respective carrying values. 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 prior to the annual test |
CASH FLOW SUPPLEMENTARY INFORMA
CASH FLOW SUPPLEMENTARY INFORMATION | 6 Months Ended |
Jun. 27, 2015 | |
CASH FLOW SUPPLEMENTARY INFORMATION | |
CASH FLOW SUPPLEMENTARY INFORMATION | (5) 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 twenty-six weeks ended June 27, 2015 and June 28, 2014 were as follows: 2015 2014 Interest $ $ Income taxes 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 million 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 million of the Company's outstanding common stock with no stated expiration date. As of June 27, 2015, the Company has acquired 3,700,970 shares for approximately $516.1 million under the share repurchase programs. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 27, 2015 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | (6) EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Effect of Stock Options Diluted EPS Thirteen weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ — $ Thirteen weeks ended June 28, 2014: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ Twenty-six weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ Twenty-six weeks ended June 28, 2014: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year primarily due to the share buyback program that began in the second quarter of 2014. At June 27, 2015, there were 452,459 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 27, 2015 | |
BUSINESS SEGMENTS | |
BUSINESS SEGMENTS | (7) BUSINESS SEGMENTS The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars. Reportable segments are as follows: ENGINEERED INFRASTRUCTURE PRODUCTS: This segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, wind energy, offshore oil and gas, roadway safety and access systems applications; 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. In addition to these four reportable segments, the Company has other businesses and activities that individually are not more than 10% of consolidated sales. These include the manufacture of forged steel grinding media for the mining industry, tubular products for industrial customers, and the distribution of industrial fasteners and are reported in the "Other" category. 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. Summary by Business Thirteen Weeks Ended Twenty-six Weeks Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 SALES: Engineered Infrastructure Products segment: Lighting, Traffic, and Roadway Products $ $ $ $ Communication Products Offshore Structures Access Systems ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Engineered Infrastructure Products segment Utility Support Structures segment: Steel Concrete ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total INTERSEGMENT SALES: Engineered Infrastructure Products segment Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total NET SALES: Engineered Infrastructure Products segment Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING INCOME: Engineered Infrastructure Products segment $ $ $ $ Utility Support Structures segment Coatings segment Irrigation segment Other Corporate ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
GUARANTOR_NON-GUARANTOR FINANCI
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | 6 Months Ended |
Jun. 27, 2015 | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | (8) 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 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. In the fourth quarter of 2014, a subsidiary of the Company was removed as a guarantor of our revolving credit facility, and consequently was removed as a guarantor of the notes. All prior year consolidated financial information has been recast to reflect the current guarantor structure. 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 June 27, 2015 Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current ) Deferred ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries ) Equity in earnings of nonconsolidated subsidiaries — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current ) Deferred ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries ) Equity in earnings of nonconsolidated subsidiaries — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 28, 2014 Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current Deferred ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries Equity in earnings of nonconsolidated subsidiaries — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 28, 2014 Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current Deferred ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries Equity in earnings of nonconsolidated subsidiaries — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 27, 2015 Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — — — Gain on cash flow hedges ) — — Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — ) ) — ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense — — — Gain on cash flow hedges ) — — Equity in other comprehensive income ) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 28, 2014 Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — ) — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — ) — ) Actuarial gain (loss) in defined benefit pension plan liability — — ) — ) Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 28, 2014 Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — ) — Actuarial gain (loss) in defined benefit pension plan liability — — ) — ) Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED BALANCE SHEETS June 27, 2015 Parent Guarantors Non-Guarantors Eliminations Total ASSETS Current assets: Cash and cash equivalents $ $ $ $ — $ Receivables, net — Inventories ) Prepaid expenses — Refundable and deferred income taxes — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, at cost — Less accumulated depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net property, plant and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill — Other intangible assets — Investment in subsidiaries and intercompany accounts ) — Other assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ $ — $ $ — $ Notes payable to banks — — — Accounts payable — Accrued employee compensation and benefits — Accrued expenses — Dividends payable — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes — Long-term debt, excluding current installments — — Defined benefit pension liability — — — Deferred compensation — — Other noncurrent liabilities — — Shareholders' equity: Common stock of $1 par value ) Additional paid-in capital — ) — Retained earnings ) Accumulated other comprehensive income (loss) ) ) ) ) Treasury stock ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Valmont Industries, Inc. shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in consolidated subsidiaries — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED BALANCE SHEETS December 27, 2014 Parent Guarantors Non-Guarantors Eliminations Total ASSETS Current assets: Cash and cash equivalents $ $ $ $ — $ Receivables, net — Inventories ) Prepaid expenses — Refundable and deferred income taxes — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, at cost — Less accumulated depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net property, plant and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill — Other intangible assets — Investment in subsidiaries and intercompany accounts ) — Other assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ $ — $ $ — $ Notes payable to banks — — — Accounts payable — Accrued employee compensation and benefits — Accrued expenses — Dividends payable — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes — Long-term debt, excluding current installments — — Defined benefit pension liability — — — Deferred compensation — — Other noncurrent liabilities — — Shareholders' equity: Common stock of $1 par value ) Additional paid-in capital — ) — Retained earnings ) Accumulated other comprehensive income ) ) ) ) Treasury stock ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Valmont Industries, Inc. shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in consolidated subsidiaries — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 27, 2015 Parent Guarantors Non-Guarantors Eliminations Total Cash flows from operating activities: Net earnings $ $ $ $ ) $ Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization — Noncash loss on trading securities — — — Impairment of assets — Stock-based compensation — ) — Defined benefit pension plan expense — — ) — ) Contribution to defined benefit pension plan — — ) — ) Gain on sale of property, plant and equipment ) — Equity in earnings in nonconsolidated subsidiaries ) ) — — Deferred income taxes ) ) — ) Changes in assets and liabilities (net of acquisitions): Receivables — Inventories ) — ) Prepaid expenses ) ) — ) Accounts payable ) — ) Accrued expenses ) ) — ) Other noncurrent liabilities ) — — Income taxes payable (refundable) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from operating activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: Purchase of property, plant and equipment ) ) ) — ) Proceeds from sale of assets — Other, net ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from investing activities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Net borrowings under short-term agreements — — ) — ) Proceeds from long-term borrowings — — — Principal payments on long-term borrowings ) — ) — ) Dividends paid ) — — — ) Dividends to noncontrolling interest — — ) — ) Proceeds from exercises under stock plans — — — Excess tax benefits from stock option exercises — — — Purchase of treasury shares ) — — — ) Purchase of common treasury shares—stock plan exercises ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from financing activities ) — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) ) — ) Cash and cash equivalents—beginning of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents—end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 28, 2014 Parent Guarantors Non-Guarantors Eliminations Total Cash flows from operating activities: Net earnings $ $ $ $ ) $ Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization — Noncash loss on trading securities — — — Stock-based compensation — — — Defined benefit pension plan expense — — — Contribution to defined benefit pension plan — — ) — ) Gain on sale of property, plant and equipment ) ) — ) Equity in earnings in nonconsolidated subsidiaries ) ) — Deferred income taxes ) — Changes in assets and liabilities (net of acquisitions): Receivables ) ) — Inventories ) — Prepaid expenses ) ) — ) Accounts payable ) ) — ) Accrued expenses ) ) — ) Other noncurrent liabilities — ) — Income taxes payable (refundable) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from operating activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: Purchase of property, plant and equipment ) ) ) — ) Proceeds from sale of assets — Acquisitions, net of cash acquired — — ) — ) Other, net ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Net borrowings under short-term agreements — — ) — ) Principal payments on long-term borrowings ) — ) — ) Dividends paid ) — — — ) Intercompany dividends — ) — — Dividends to noncontrolling interest — — ) — ) Intercompany capital contribution ) — — — Proceeds from exercises under stock plans — — — Excess tax benefits from stock option exercises — — — Purchase of treasury shares ) — — — ) Purchase of common treasury shares—stock plan exercises ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from financing activities ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) ) ) — ) Cash and cash equivalents—beginning of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents—end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 27, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 27, 2015, the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014, and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week period 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 June 27, 2015 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 27, 2014. 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 27, 2014. The results of operations for the period ended June 27, 2015 are not necessarily indicative of the operating results for the full year. |
Inventories | Inventories Approximately 36% and 44% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 27, 2015 and December 27, 2014, respectively. 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 $39,093 and $47,178 at June 27, 2015 and December 27, 2014, respectively. Inventories consisted of the following: June 27, 2015 December 27, 2014 Raw materials and purchased parts $ $ Work-in-process Finished goods and manufactured goods ​ ​ ​ ​ ​ ​ ​ ​ Subtotal Less: LIFO reserve ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Income Taxes | Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 United States $ $ $ $ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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. The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 27, 2015 and June 28, 2014 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Net periodic (benefit) expense: Interest cost $ $ $ $ Expected return on plan assets ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic (benefit) expense $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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 June 27, 2015, 1,176,222 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. Expiration of grants is from six 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 and twenty-six weeks ended June 27, 2015 and June 28, 2014, respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Compensation expense $ $ $ $ Income tax benefits |
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. 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 $39,789 ($36,439 at December 27, 2014) 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. The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. During first quarter of 2015, the Company received a special dividend of $5,010 from Delta EMD Pty. Ltd and the market price of the shares were proportionately decreased accordingly. The shares are valued at $4,966 and $9,034 as of June 27, 2015 and December 27, 2014, respectively, which is the estimated fair value. 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 June 27, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — Fair Value Measurement Using: Carrying Value December 27, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — |
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. Accumulated other comprehensive income (loss) consisted of the following at June 27, 2015 and December 27, 2014: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 27, 2014 $ ) $ $ ) $ ) Current-period comprehensive income (loss) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 27, 2015 $ ) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, 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 2014-09 is effective for 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. Management 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) | 6 Months Ended |
Jun. 27, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Components of inventories | June 27, 2015 December 27, 2014 Raw materials and purchased parts $ $ Work-in-process Finished goods and manufactured goods ​ ​ ​ ​ ​ ​ ​ ​ Subtotal Less: LIFO reserve ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 United States $ $ $ $ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of components of the net periodic pension expense | Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Net periodic (benefit) expense: Interest cost $ $ $ $ Expected return on plan assets ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic (benefit) expense $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 Compensation expense $ $ $ $ Income tax benefits |
Valuation methodologies used for assets and liabilities measured at fair value | Fair Value Measurement Using: Carrying Value June 27, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — Fair Value Measurement Using: Carrying Value December 27, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Trading Securities $ $ $ — $ — |
Components of accumulated other comprehensive income (loss) | Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 27, 2014 $ ) $ $ ) $ ) Current-period comprehensive income (loss) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 27, 2015 $ ) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Pro forma results of operations | Thirteen Weeks Ended June 28, 2014 Twenty-six Weeks Ended June 28, 2014 Net sales $ $ Net earnings $ $ Earnings per share—diluted $ $ |
Valmont SM | |
Summary of preliminary fair values of the assets acquired and liabilities assumed | At March 3, 2014 Current assets $ Property, plant and equipment Intangible assets Goodwill ​ ​ ​ ​ ​ Total fair value of assets acquired $ ​ ​ ​ ​ ​ Current liabilities Deferred income taxes Intercompany note payable Long-term debt ​ ​ ​ ​ ​ Total fair value of liabilities assumed Non-controlling interests ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ |
Summary of the major classes of acquired intangible assets and the respective weighted average amortization periods | Amount Weighted Average Amortization Period (Years) Trade Names $ Indefinite Backlog Customer Relationships ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ ​ ​ ​ ​ ​ ​ ​ ​ |
Shakespeare | |
Summary of preliminary fair values of the assets acquired and liabilities assumed | At October 6, 2014 Current assets $ Property, plant and equipment Intangible assets Goodwill ​ ​ ​ ​ ​ Total fair value of assets acquired $ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ |
Summary of the major classes of acquired intangible assets and the respective weighted average amortization periods | Amount Weighted Average Amortization Period (Years) Trade Names $ Indefinite Customer Relationships ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ ​ ​ ​ ​ ​ ​ ​ ​ |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Schedule of pre-tax restructuring expenses | During the second quarter of fiscal 2015, the Company recognized the following pre-tax restructuring expenses: EIP Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ $ $ $ — $ $ Other cash restructuring expenses — — Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Other cash restructuring expenses — — — Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of liabilities recorded for the restructuring plan and changes | Liabilities recorded for the restructuring Plan and changes therein for the first half of fiscal 2015 were as follows: Balance at December 27, 2014 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 27, 2015 Severance $ — $ $ ) $ Other cash restructuring expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales $ — $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Broad Restructuring Plan | |
Schedule of Restructuring Activities | EIP Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ $ $ $ $ $ Other cash restructuring expenses — — Asset impairments/net loss on disposals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Other cash restructuring expenses Asset impairments/net loss on disposals — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Additional Potential Restructuring Activities | |
Schedule of Restructuring Activities | EIP Coatings Other/ Corporate TOTAL Severance $ $ — $ $ Other cash restructuring expenses — Asset impairments/net loss on disposals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of sales — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance — Asset impairments/net loss on disposals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
GOODWILL AND INTANGIBLE ASSETS | |
Components of amortized intangible assets | June 27, 2015 Gross Carrying Amount Accumulated Amortization Weighted Average Life Customer Relationships $ $ 13 years Proprietary Software & Database 8 years Patents & Proprietary Technology 8 years Other 3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 27, 2014 Gross Carrying Amount Accumulated Amortization Weighted Average Life Customer Relationships $ $ 13 years Proprietary Software & Database 8 years Patents & Proprietary Technology 8 years Other 3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Amortization expense for intangible assets | Thirteen Weeks Ended Twenty-six Weeks Ended 2015 2014 2015 2014 $ $ $ $ |
Schedule of future estimated amortization expense | Estimated Amortization Expense 2015 $ 2016 2017 2018 2019 |
Non-amortized intangible assets | June 27, 2015 December 27, 2014 Year Acquired Webforge $ $ Valmont SM Newmark Ingal EPS/Ingal Civil Products Donhad Shakespeare Industrial Galvanizers Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Carrying amount of goodwill | Engineered Infrastructure Products Segment Utility Support Structures Segment Coatings Segment Irrigation Segment Other Total Balance at December 27, 2014 $ $ $ $ $ $ Impairment ) — — — — ) Foreign currency translation ) — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 27, 2015 $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
CASH FLOW SUPPLEMENTARY INFOR22
CASH FLOW SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
CASH FLOW SUPPLEMENTARY INFORMATION | |
Cash payments for interest and income taxes (net of refunds) | 2015 2014 Interest $ $ Income taxes |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
EARNINGS PER SHARE | |
Reconciliation of basic and diluted earnings per share (EPS) | Basic EPS Dilutive Effect of Stock Options Diluted EPS Thirteen weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ — $ Thirteen weeks ended June 28, 2014: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ Twenty-six weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ Twenty-six weeks ended June 28, 2014: Net earnings attributable to Valmont Industries, Inc. $ $ — $ Shares outstanding Per share amount $ $ ) $ |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
BUSINESS SEGMENTS | |
Segment reporting information of sales and operating income | Thirteen Weeks Ended Twenty-six Weeks Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 SALES: Engineered Infrastructure Products segment: Lighting, Traffic, and Roadway Products $ $ $ $ Communication Products Offshore Structures Access Systems ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Engineered Infrastructure Products segment Utility Support Structures segment: Steel Concrete ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total INTERSEGMENT SALES: Engineered Infrastructure Products segment Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total NET SALES: Engineered Infrastructure Products segment Utility Support Structures segment Coatings segment Irrigation segment Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING INCOME: Engineered Infrastructure Products segment $ $ $ $ Utility Support Structures segment Coatings segment Irrigation segment Other Corporate ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
GUARANTOR_NON-GUARANTOR FINAN25
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |
Condensed Consolidated Statements of Earnings | Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current ) Deferred ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries ) Equity in earnings of nonconsolidated subsidiaries — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current ) Deferred ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries ) Equity in earnings of nonconsolidated subsidiaries — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current Deferred ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries Equity in earnings of nonconsolidated subsidiaries — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net sales $ $ $ $ ) $ Cost of sales ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit Selling, general and administrative expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): Interest expense ) — ) — ) Interest income — Other ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit): Current Deferred ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before equity in earnings of nonconsolidated subsidiaries Equity in earnings of nonconsolidated subsidiaries — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ) Less: Earnings attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings attributable to Valmont Industries, Inc $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Condensed Consolidated Comprehensive Income | Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — — — Gain on cash flow hedges ) — — Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — ) ) — ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense — — — Gain on cash flow hedges ) — — Equity in other comprehensive income ) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — ) — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — ) — ) Actuarial gain (loss) in defined benefit pension plan liability — — ) — ) Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non- Guarantors Eliminations Total Net earnings $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized gains (losses) arising during the period — — Unrealized loss on cash flow hedge: Amortization cost included in interest expense — ) — Actuarial gain (loss) in defined benefit pension plan liability — — ) — ) Equity in other comprehensive income — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ) Comprehensive income attributable to noncontrolling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to Valmont Industries, Inc. $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Condensed Consolidated Balance Sheets | Parent Guarantors Non-Guarantors Eliminations Total ASSETS Current assets: Cash and cash equivalents $ $ $ $ — $ Receivables, net — Inventories ) Prepaid expenses — Refundable and deferred income taxes — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, at cost — Less accumulated depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net property, plant and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill — Other intangible assets — Investment in subsidiaries and intercompany accounts ) — Other assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ $ — $ $ — $ Notes payable to banks — — — Accounts payable — Accrued employee compensation and benefits — Accrued expenses — Dividends payable — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes — Long-term debt, excluding current installments — — Defined benefit pension liability — — — Deferred compensation — — Other noncurrent liabilities — — Shareholders' equity: Common stock of $1 par value ) Additional paid-in capital — ) — Retained earnings ) Accumulated other comprehensive income (loss) ) ) ) ) Treasury stock ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Valmont Industries, Inc. shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in consolidated subsidiaries — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non-Guarantors Eliminations Total ASSETS Current assets: Cash and cash equivalents $ $ $ $ — $ Receivables, net — Inventories ) Prepaid expenses — Refundable and deferred income taxes — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, at cost — Less accumulated depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net property, plant and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill — Other intangible assets — Investment in subsidiaries and intercompany accounts ) — Other assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ $ — $ $ — $ Notes payable to banks — — — Accounts payable — Accrued employee compensation and benefits — Accrued expenses — Dividends payable — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes — Long-term debt, excluding current installments — — Defined benefit pension liability — — — Deferred compensation — — Other noncurrent liabilities — — Shareholders' equity: Common stock of $1 par value ) Additional paid-in capital — ) — Retained earnings ) Accumulated other comprehensive income ) ) ) ) Treasury stock ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Valmont Industries, Inc. shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in consolidated subsidiaries — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total shareholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Condensed Consolidated Statements of Cash Flows | Parent Guarantors Non-Guarantors Eliminations Total Cash flows from operating activities: Net earnings $ $ $ $ ) $ Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization — Noncash loss on trading securities — — — Impairment of assets — Stock-based compensation — ) — Defined benefit pension plan expense — — ) — ) Contribution to defined benefit pension plan — — ) — ) Gain on sale of property, plant and equipment ) — Equity in earnings in nonconsolidated subsidiaries ) ) — — Deferred income taxes ) ) — ) Changes in assets and liabilities (net of acquisitions): Receivables — Inventories ) — ) Prepaid expenses ) ) — ) Accounts payable ) — ) Accrued expenses ) ) — ) Other noncurrent liabilities ) — — Income taxes payable (refundable) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from operating activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: Purchase of property, plant and equipment ) ) ) — ) Proceeds from sale of assets — Other, net ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from investing activities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Net borrowings under short-term agreements — — ) — ) Proceeds from long-term borrowings — — — Principal payments on long-term borrowings ) — ) — ) Dividends paid ) — — — ) Dividends to noncontrolling interest — — ) — ) Proceeds from exercises under stock plans — — — Excess tax benefits from stock option exercises — — — Purchase of treasury shares ) — — — ) Purchase of common treasury shares—stock plan exercises ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from financing activities ) — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) ) — ) Cash and cash equivalents—beginning of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents—end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parent Guarantors Non-Guarantors Eliminations Total Cash flows from operating activities: Net earnings $ $ $ $ ) $ Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization — Noncash loss on trading securities — — — Stock-based compensation — — — Defined benefit pension plan expense — — — Contribution to defined benefit pension plan — — ) — ) Gain on sale of property, plant and equipment ) ) — ) Equity in earnings in nonconsolidated subsidiaries ) ) — Deferred income taxes ) — Changes in assets and liabilities (net of acquisitions): Receivables ) ) — Inventories ) — Prepaid expenses ) ) — ) Accounts payable ) ) — ) Accrued expenses ) ) — ) Other noncurrent liabilities — ) — Income taxes payable (refundable) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from operating activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: Purchase of property, plant and equipment ) ) ) — ) Proceeds from sale of assets — Acquisitions, net of cash acquired — — ) — ) Other, net ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Net borrowings under short-term agreements — — ) — ) Principal payments on long-term borrowings ) — ) — ) Dividends paid ) — — — ) Intercompany dividends — ) — — Dividends to noncontrolling interest — — ) — ) Intercompany capital contribution ) — — — Proceeds from exercises under stock plans — — — Excess tax benefits from stock option exercises — — — Purchase of treasury shares ) — — — ) Purchase of common treasury shares—stock plan exercises ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows from financing activities ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) ) ) — ) Cash and cash equivalents—beginning of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents—end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 27, 2014 | |
Inventories | |||||
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent) | 36.00% | 36.00% | 44.00% | ||
Excess of replacement cost of inventories over the LIFO value | $ 39,093 | $ 39,093 | $ 47,178 | ||
Raw materials and purchased parts | 182,927 | 182,927 | 179,093 | ||
Work-in-process | 26,286 | 26,286 | 27,835 | ||
Finished goods and manufactured goods | 209,777 | 209,777 | 199,772 | ||
Subtotal | 418,990 | 418,990 | 406,700 | ||
LIFO reserve | 39,093 | 39,093 | 47,178 | ||
Net inventory | 379,897 | 379,897 | $ 359,522 | ||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | |||||
United States | 33,641 | $ 65,096 | 66,282 | $ 136,790 | |
Foreign | 9,715 | 34,856 | 25,519 | 49,740 | |
Earnings before income taxes | $ 43,356 | $ 99,952 | $ 91,801 | $ 186,530 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Net periodic benefit expense: | ||||
Interest cost | $ 6,189 | $ 7,312 | $ 12,300 | $ 14,509 |
Expected return on plan assets | (6,344) | (6,640) | (12,605) | (13,175) |
Net periodic (benefit) expense | $ (155) | 672 | $ (305) | 1,334 |
Stock Plans | ||||
Shares of common stock available for issuance | 1,176,222 | 1,176,222 | ||
Stock option plans | ||||
Stock Plans | ||||
Compensation expense | $ 1,303 | 1,262 | $ 2,653 | 2,525 |
Tax benefits associated with compensation expense | $ 501 | $ 486 | $ 1,021 | $ 972 |
Stock option plans | Minimum | ||||
Stock Plans | ||||
Vesting period of options | 3 years | |||
Expiration period of grant | 6 years | |||
Stock option plans | Maximum | ||||
Stock Plans | ||||
Vesting period of options | 6 years | |||
Expiration period of grant | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | |
Level 1 member | |||
Assets and liabilities measured at fair value | |||
Trading Securities | $ 44,755 | $ 45,473 | |
Carrying Value | |||
Assets and liabilities measured at fair value | |||
Trading Securities | 44,755 | 45,473 | |
EMD | |||
Assets and liabilities measured at fair value | |||
Fair value of remaining ownership | 4,966 | 9,034 | |
Special dividend | $ 5,010 | ||
Valmont Deferred Compensation Plan | |||
Assets and liabilities measured at fair value | |||
Assets recorded for the investments held | $ 39,789 | $ 36,439 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) $ in Thousands | 6 Months Ended |
Jun. 27, 2015USD ($) | |
Components of accumulated other comprehensive income (loss) | |
Balance at the beginning of the period | $ (134,433) |
Current-period comprehensive income (loss) | (37,075) |
Balance at the end of the period | (171,508) |
Foreign Currency Translation Adjustments | |
Components of accumulated other comprehensive income (loss) | |
Balance at the beginning of the period | (99,618) |
Current-period comprehensive income (loss) | (38,157) |
Balance at the end of the period | (137,775) |
Unrealized Loss on Cash Flow Hedge | |
Components of accumulated other comprehensive income (loss) | |
Balance at the beginning of the period | 3,879 |
Current-period comprehensive income (loss) | 1,082 |
Balance at the end of the period | 4,961 |
Defined Benefit Pension Plan | |
Components of accumulated other comprehensive income (loss) | |
Balance at the beginning of the period | (38,694) |
Balance at the end of the period | $ (38,694) |
ACQUISITIONS (Details)
ACQUISITIONS (Details) $ / shares in Units, $ in Thousands | Oct. 06, 2014USD ($)facility | Aug. 25, 2014USD ($) | Mar. 03, 2014USD ($)item | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($)$ / shares | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($)$ / shares | Dec. 27, 2014USD ($) |
Fair values of the assets acquired and liabilities assumed | ||||||||
Goodwill | $ 380,086 | $ 380,086 | $ 385,111 | |||||
Pro forma results of operations | ||||||||
Net sales | $ 858,068 | $ 1,658,333 | ||||||
Net earnings | $ 64,525 | $ 123,441 | ||||||
Earnings per share-diluted | $ / shares | $ 2.40 | $ 4.59 | ||||||
Valmont SM, AgSense, Locker, Armorflex and Shakespeare acquisitions | ||||||||
Net sales and net earnings included in Consolidated Statements of Earnings | ||||||||
Net sales included in Consolidated Statements of Earnings | 44,271 | 86,195 | ||||||
Net earnings included in Consolidated Statements of Earnings | $ 2,935 | $ 4,933 | ||||||
Valmont SM | ||||||||
Acquisitions | ||||||||
Ownership percentage acquired | 90.00% | |||||||
Annual sales | $ 190,000 | |||||||
Number of manufacturing locations operated | item | 2 | |||||||
Cash acquired | $ 56 | |||||||
Cash paid for acquisition | 120,483 | |||||||
Fair value of contingent consideration | 0 | |||||||
Fair values of the assets acquired and liabilities assumed | ||||||||
Current assets | 73,421 | |||||||
Property, plant and equipment | 85,638 | |||||||
Intangible assets | 30,340 | |||||||
Goodwill | 16,803 | |||||||
Total fair value of assets acquired | 206,202 | |||||||
Current liabilities | 47,754 | |||||||
Deferred income taxes | 19,715 | |||||||
Intercompany note payable | 37,448 | |||||||
Long-term debt | 8,941 | |||||||
Total fair value of liabilities assumed | 113,858 | |||||||
Non-controlling interests | 9,309 | |||||||
Net assets acquired | $ 83,035 | |||||||
Shakespeare | ||||||||
Acquisitions | ||||||||
Annual sales | $ 55,000 | |||||||
Number of manufacturing locations operated | facility | 2 | |||||||
Cash paid for acquisition | $ 48,272 | |||||||
Fair values of the assets acquired and liabilities assumed | ||||||||
Current assets | 12,532 | |||||||
Property, plant and equipment | 10,694 | |||||||
Intangible assets | 13,500 | |||||||
Goodwill | 15,416 | |||||||
Total fair value of assets acquired | 52,142 | |||||||
Current liabilities | 3,870 | |||||||
Net assets acquired | $ 48,272 | |||||||
AgSense LLC | ||||||||
Acquisitions | ||||||||
Ownership percentage acquired | 51.00% | |||||||
Cash paid for acquisition | $ 17,000 | |||||||
Fair values of the assets acquired and liabilities assumed | ||||||||
Goodwill | 17,193 | |||||||
Customer relationships, trade name and other intangible assets | $ 16,083 |
ACQUISITIONS (Details 2)
ACQUISITIONS (Details 2) - USD ($) $ in Thousands | Oct. 06, 2014 | Jun. 27, 2015 |
Valmont SM | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 30,340 | |
Shakespeare | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 13,500 | |
Backlog | Valmont SM | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 3,145 | |
Weighted Average Amortization Period | 1 year 6 months | |
Customer Relationships | Valmont SM | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 15,725 | |
Weighted Average Amortization Period | 12 years | |
Customer Relationships | Shakespeare | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 9,500 | |
Weighted Average Amortization Period | 12 years | |
Trade names | Valmont SM | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 11,470 | |
Trade names | Shakespeare | ||
Major classes of acquired intangible assets and weighted-average amortization periods | ||
Amount | $ 4,000 |
RESTRUCTURING ACTIVITIES (Detai
RESTRUCTURING ACTIVITIES (Details ) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 27, 2015 | Apr. 25, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | $ 380,086 | $ 380,086 | $ 385,111 | ||
Restructuring costs incurred | 14,273 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 14,273 | ||||
Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | 192,548 | 192,548 | 197,074 | ||
Restructuring costs incurred | 4,497 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 4,497 | ||||
Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | 75,404 | 75,404 | 75,404 | ||
Restructuring costs incurred | 2,455 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,455 | ||||
Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | 74,228 | 74,228 | 74,862 | ||
Restructuring costs incurred | 4,769 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 4,769 | ||||
Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | 19,458 | 19,458 | 19,536 | ||
Restructuring costs incurred | 349 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 349 | ||||
Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill | 18,448 | 18,448 | $ 18,235 | ||
Restructuring costs incurred | 2,203 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,203 | ||||
Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 8,000 | 5,812 | |||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 8,000 | 5,812 | |||
Costs paid or Otherwise Settled | (2,939) | ||||
Restructuring Reserve, Ending Balance | 2,873 | 2,873 | |||
Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 1,377 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 1,377 | ||||
Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2,050 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,050 | ||||
Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 4,500 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 4,500 | ||||
Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 73 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 73 | ||||
Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 6,273 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 6,273 | ||||
Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 3,120 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 3,120 | ||||
Total Selling, General and Administrative Expenses | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 405 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 405 | ||||
Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 269 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 269 | ||||
Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 349 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 349 | ||||
Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2,130 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,130 | ||||
Broad Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 30,450 | 30,450 | |||
Broad Restructuring Plan | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | $ 60,000 | ||||
Broad Restructuring Plan | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 15,600 | 15,600 | |||
Broad Restructuring Plan | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,600 | 4,600 | |||
Broad Restructuring Plan | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 5,110 | 5,110 | |||
Goodwill | 16,000 | 16,000 | |||
Broad Restructuring Plan | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,500 | 1,500 | |||
Broad Restructuring Plan | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,640 | 3,640 | |||
Broad Restructuring Plan | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 18,040 | 18,040 | |||
Broad Restructuring Plan | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 8,575 | 8,575 | |||
Broad Restructuring Plan | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,880 | 3,880 | |||
Broad Restructuring Plan | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,835 | 4,835 | |||
Broad Restructuring Plan | Total Cost of Sales | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 675 | 675 | |||
Broad Restructuring Plan | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 75 | 75 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 12,410 | 12,410 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 7,025 | 7,025 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 720 | 720 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 275 | 275 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 825 | 825 | |||
Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,565 | 3,565 | |||
Additional Potential Restructuring Activities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 29,250 | 29,250 | |||
Additional Potential Restructuring Activities | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 7,600 | 7,600 | |||
Additional Potential Restructuring Activities | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 16,000 | 16,000 | |||
Additional Potential Restructuring Activities | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 5,650 | 5,650 | |||
Additional Potential Restructuring Activities | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 7,500 | 7,500 | |||
Additional Potential Restructuring Activities | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 6,500 | 6,500 | |||
Additional Potential Restructuring Activities | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,000 | 1,000 | |||
Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 21,750 | 21,750 | |||
Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,100 | 1,100 | |||
Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 16,000 | 16,000 | |||
Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,650 | 4,650 | |||
Severance | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | $ 800 | ||||
Severance | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2,298 | 4,927 | |||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,298 | 4,927 | |||
Costs paid or Otherwise Settled | (2,294) | ||||
Restructuring Reserve, Ending Balance | 2,633 | 2,633 | |||
Severance | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 535 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 535 | ||||
Severance | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 1,380 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 1,380 | ||||
Severance | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 310 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 310 | ||||
Severance | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 73 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 73 | ||||
Severance | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 1,829 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 1,829 | ||||
Severance | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 965 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 965 | ||||
Severance | Total Selling, General and Administrative Expenses | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 405 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 405 | ||||
Severance | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 219 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 219 | ||||
Severance | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 240 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 240 | ||||
Severance | Broad Restructuring Plan | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 6,405 | 6,405 | |||
Severance | Broad Restructuring Plan | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,000 | 4,000 | |||
Severance | Broad Restructuring Plan | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,445 | 1,445 | |||
Severance | Broad Restructuring Plan | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 460 | 460 | |||
Severance | Broad Restructuring Plan | Total Cost of Sales | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 425 | 425 | |||
Severance | Broad Restructuring Plan | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 75 | 75 | |||
Severance | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 5,950 | 5,950 | |||
Severance | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,900 | 3,900 | |||
Severance | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 450 | 450 | |||
Severance | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 575 | 575 | |||
Severance | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,025 | 1,025 | |||
Severance | Additional Potential Restructuring Activities | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 2,250 | 2,250 | |||
Severance | Additional Potential Restructuring Activities | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 2,000 | 2,000 | |||
Severance | Additional Potential Restructuring Activities | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 250 | 250 | |||
Severance | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,650 | 1,650 | |||
Severance | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 500 | 500 | |||
Severance | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,150 | 1,150 | |||
Other Cash Restructuring | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 460 | 885 | |||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 460 | 885 | |||
Costs paid or Otherwise Settled | (645) | ||||
Restructuring Reserve, Ending Balance | 240 | 240 | |||
Other Cash Restructuring | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 45 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 45 | ||||
Other Cash Restructuring | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 375 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 375 | ||||
Other Cash Restructuring | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 40 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 40 | ||||
Other Cash Restructuring | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 394 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 394 | ||||
Other Cash Restructuring | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 125 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 125 | ||||
Other Cash Restructuring | Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 269 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 269 | ||||
Other Cash Restructuring | Broad Restructuring Plan | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 2,760 | 2,760 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 725 | 725 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,810 | 1,810 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 225 | 225 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 2,045 | 2,045 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 750 | 750 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 270 | 270 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 275 | 275 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 100 | 100 | |||
Other Cash Restructuring | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 650 | 650 | |||
Other Cash Restructuring | Additional Potential Restructuring Activities | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 5,000 | 5,000 | |||
Other Cash Restructuring | Additional Potential Restructuring Activities | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 950 | 950 | |||
Other Cash Restructuring | Additional Potential Restructuring Activities | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 700 | 700 | |||
Other Cash Restructuring | Additional Potential Restructuring Activities | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 250 | 250 | |||
Asset Impairments/Net Loss On Disposals | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 5,242 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 5,242 | ||||
Asset Impairments/Net Loss On Disposals | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 797 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 797 | ||||
Asset Impairments/Net Loss On Disposals | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 295 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 295 | ||||
Asset Impairments/Net Loss On Disposals | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 4,150 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 4,150 | ||||
Asset Impairments/Net Loss On Disposals | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 4,050 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 4,050 | ||||
Asset Impairments/Net Loss On Disposals | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2,030 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 2,030 | ||||
Asset Impairments/Net Loss On Disposals | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 130 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 130 | ||||
Asset Impairments/Net Loss On Disposals | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 1,890 | ||||
Restructuring liabilities | |||||
Recognized Restructuring Expenses | 1,890 | ||||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 8,875 | 8,875 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,850 | 3,850 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Cost of Sales | Utility Support Structures segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 625 | 625 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Cost of Sales | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,150 | 4,150 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Cost of Sales | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 250 | 250 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,415 | 4,415 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 2,375 | 2,375 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Irrigation segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 150 | 150 | |||
Asset Impairments/Net Loss On Disposals | Broad Restructuring Plan | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 1,890 | 1,890 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 25,000 | 25,000 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Cost of Sales | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 4,300 | 4,300 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Cost of Sales | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 3,800 | 3,800 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Cost of Sales | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 500 | 500 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 20,100 | 20,100 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Engineered Infrastructure Products segment: | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 600 | 600 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Coatings segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 16,000 | 16,000 | |||
Asset Impairments/Net Loss On Disposals | Additional Potential Restructuring Activities | Total Selling, General and Administrative Expenses | Other/Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | $ 3,500 | $ 3,500 |
GOODWILL AND INTANGIBLE ASSET33
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 27, 2015 | Mar. 28, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 27, 2014 | |
Components of amortized intangible assets | ||||||
Gross Carrying Amount | $ 226,616 | $ 226,616 | $ 228,027 | |||
Accumulated Amortization | 111,939 | 111,939 | 103,050 | |||
Amortization expense for intangible assets | 4,737 | $ 4,634 | 9,650 | $ 8,737 | ||
Estimated amortization expense | ||||||
2,015 | 18,124 | 18,124 | ||||
2,016 | 16,322 | 16,322 | ||||
2,017 | 16,276 | 16,276 | ||||
2,018 | 14,622 | 14,622 | ||||
2,019 | 13,795 | 13,795 | ||||
Customer Relationships | ||||||
Components of amortized intangible assets | ||||||
Gross Carrying Amount | 206,053 | 206,053 | 207,509 | |||
Accumulated Amortization | 96,178 | $ 96,178 | $ 88,538 | |||
Weighted Average Life | 13 years | 13 years | 13 years | |||
Proprietary Software and Database | ||||||
Components of amortized intangible assets | ||||||
Gross Carrying Amount | 3,676 | $ 3,676 | $ 3,769 | |||
Accumulated Amortization | 2,985 | $ 2,985 | $ 2,977 | |||
Weighted Average Life | 8 years | 8 years | 8 years | |||
Patents and Proprietary Technology | ||||||
Components of amortized intangible assets | ||||||
Gross Carrying Amount | 13,029 | $ 13,029 | $ 12,394 | |||
Accumulated Amortization | 9,290 | $ 9,290 | $ 8,537 | |||
Weighted Average Life | 8 years | 8 years | 8 years | |||
Other | ||||||
Components of amortized intangible assets | ||||||
Gross Carrying Amount | 3,858 | $ 3,858 | $ 4,355 | |||
Accumulated Amortization | $ 3,486 | $ 3,486 | $ 2,998 | |||
Weighted Average Life | 3 years | 3 years | 3 years |
GOODWILL AND INTANGIBLE ASSET34
GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Webforge | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 16,997 | $ 16,801 |
Valmont SM | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 9,294 | 10,818 |
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 | 8,971 | 8,867 |
Donhad | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 6,767 | 6,689 |
Shakespeare Member | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 4,000 | 4,000 |
Industrial Galvanizers | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 3,935 | 3,889 |
Other | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 14,140 | 14,852 |
Trade names | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 75,215 | $ 77,027 |
GOODWILL AND INTANGIBLE ASSET35
GOODWILL AND INTANGIBLE ASSETS (Details 3) $ in Thousands | 6 Months Ended |
Jun. 27, 2015USD ($) | |
Carrying amount of goodwill | |
Balance at the beginning of the period | $ 385,111 |
Impairment | (1,737) |
Foreign currency translation | (3,288) |
Balance at the end of the period | 380,086 |
Engineered Infrastructure Products segment: | |
Carrying amount of goodwill | |
Balance at the beginning of the period | 197,074 |
Impairment | (1,737) |
Foreign currency translation | (2,789) |
Balance at the end of the period | 192,548 |
Utility Support Structures segment | |
Carrying amount of goodwill | |
Balance at the beginning of the period | 75,404 |
Balance at the end of the period | 75,404 |
Coatings segment | |
Carrying amount of goodwill | |
Balance at the beginning of the period | 74,862 |
Foreign currency translation | (634) |
Balance at the end of the period | 74,228 |
Irrigation segment | |
Carrying amount of goodwill | |
Balance at the beginning of the period | 19,536 |
Foreign currency translation | (78) |
Balance at the end of the period | 19,458 |
Other/Corporate | |
Carrying amount of goodwill | |
Balance at the beginning of the period | 18,235 |
Foreign currency translation | 213 |
Balance at the end of the period | $ 18,448 |
CASH FLOW SUPPLEMENTARY INFOR36
CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands | May. 13, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Feb. 24, 2015 |
CASH FLOW SUPPLEMENTARY INFORMATION | |||||
Interest | $ 22,898 | $ 16,564 | |||
Income taxes | $ 14,280 | $ 77,691 | |||
Increased Dividend (as a percent) | 50.00% | ||||
Maximum amount of common stock authorized to repurchase under share repurchase program | $ 500,000 | $ 250,000 | |||
Period over which common stock are authorized to repurchase under share repurchase program | 12 months | ||||
Shares acquired under share repurchase program | 989,821 | 490,172 | 3,700,970 | ||
Value of shares acquired under share repurchase program | $ 121,020 | $ 77,084 | $ 516,100 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Basic EPS | ||||
Net earnings attributable to Valmont Industries, Inc, basic | $ 27,873 | $ 63,976 | $ 58,612 | $ 119,956 |
Shares outstanding basic | 23,336 | 26,623 | 23,602 | 26,669 |
Per share amount basic (in dollars per share) | $ 1.19 | $ 2.40 | $ 2.48 | $ 4.50 |
Dilutive Effect of Stock Options | ||||
Dilutive effect of stock options number of shares | 114 | 233 | 114 | 234 |
Dilutive effect of stock options (in dollars per share) | $ (0.02) | $ (0.01) | $ (0.04) | |
Diluted EPS | ||||
Net earnings attributable to Valmont Industries, Inc, diluted | $ 27,873 | $ 63,976 | $ 58,612 | $ 119,956 |
Shares outstanding dilutive | 23,450 | 26,856 | 23,716 | 26,903 |
Per share amount diluted (in dollars per share) | $ 1.19 | $ 2.38 | $ 2.47 | $ 4.46 |
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) | 452,459 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($)item | Jun. 28, 2014USD ($) | |
Business Segments | ||||
Number of reportable segments | item | 4 | |||
Maximum percentage of sales of other businesses and activities to consolidated sales as basis for aggregation | 10.00% | |||
Net sales | $ 682,123 | $ 842,599 | $ 1,352,521 | $ 1,594,339 |
Operating Income | 54,000 | 104,776 | 111,683 | 203,624 |
Engineered Infrastructure Products segment: | ||||
Business Segments | ||||
Net sales | 257,017 | 286,186 | 488,336 | 495,083 |
Operating Income | 17,424 | 28,625 | 29,406 | 42,334 |
Utility Support Structures segment | ||||
Business Segments | ||||
Net sales | 162,656 | 212,005 | 338,708 | 426,237 |
Operating Income | 10,399 | 26,375 | 25,756 | 59,132 |
Coatings segment | ||||
Business Segments | ||||
Net sales | 63,916 | 70,387 | 125,729 | 137,605 |
Operating Income | 7,862 | 15,820 | 18,861 | 29,706 |
Irrigation segment | ||||
Business Segments | ||||
Net sales | 153,818 | 219,913 | 308,285 | 432,637 |
Operating Income | 25,814 | 41,473 | 50,116 | 84,619 |
Other/Corporate | ||||
Business Segments | ||||
Net sales | 44,716 | 54,108 | 91,463 | 102,777 |
Operating Income | 6,273 | 8,343 | 12,871 | 16,893 |
Corporate | ||||
Business Segments | ||||
Operating Income | (13,772) | (15,860) | (25,327) | (29,060) |
Operating segment | ||||
Business Segments | ||||
Sales | 704,317 | 884,242 | 1,401,745 | 1,680,937 |
Operating segment | Engineered Infrastructure Products segment: | ||||
Business Segments | ||||
Sales | 261,069 | 304,352 | 499,462 | 532,814 |
Operating segment | Engineered Infrastructure Products segment: | Lighting, Traffic, and Roadway Products | ||||
Business Segments | ||||
Sales | 154,688 | 164,753 | 299,955 | 303,730 |
Operating segment | Engineered Infrastructure Products segment: | Communication Products | ||||
Business Segments | ||||
Sales | 45,935 | 43,618 | 78,491 | 73,504 |
Operating segment | Engineered Infrastructure Products segment: | Offshore Structures | ||||
Business Segments | ||||
Sales | 23,135 | 47,217 | 47,983 | 64,521 |
Operating segment | Engineered Infrastructure Products segment: | Access Systems | ||||
Business Segments | ||||
Sales | 37,311 | 48,764 | 73,033 | 91,059 |
Operating segment | Utility Support Structures segment | ||||
Business Segments | ||||
Sales | 162,929 | 213,030 | 339,270 | 427,757 |
Operating segment | Utility Support Structures segment | Steel | ||||
Business Segments | ||||
Sales | 139,425 | 179,574 | 297,698 | 371,011 |
Operating segment | Utility Support Structures segment | Concrete | ||||
Business Segments | ||||
Sales | 23,504 | 33,456 | 41,572 | 56,746 |
Operating segment | Coatings segment | ||||
Business Segments | ||||
Sales | 76,094 | 85,157 | 150,454 | 167,328 |
Operating segment | Irrigation segment | ||||
Business Segments | ||||
Sales | 153,821 | 219,917 | 308,297 | 432,650 |
Operating segment | Other/Corporate | ||||
Business Segments | ||||
Sales | 50,404 | 61,786 | 104,262 | 120,388 |
Intersegment | ||||
Business Segments | ||||
Sales | 22,194 | 41,643 | 49,224 | 86,598 |
Intersegment | Engineered Infrastructure Products segment: | ||||
Business Segments | ||||
Sales | 4,052 | 18,166 | 11,126 | 37,731 |
Intersegment | Utility Support Structures segment | ||||
Business Segments | ||||
Sales | 273 | 1,025 | 562 | 1,520 |
Intersegment | Coatings segment | ||||
Business Segments | ||||
Sales | 12,178 | 14,770 | 24,725 | 29,723 |
Intersegment | Irrigation segment | ||||
Business Segments | ||||
Sales | 3 | 4 | 12 | 13 |
Intersegment | Other/Corporate | ||||
Business Segments | ||||
Sales | $ 5,688 | $ 7,678 | $ 12,799 | $ 17,611 |
GUARANTOR_NON-GUARANTOR FINAN39
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | ||||
Parent company's percentage ownership of Guarantors | 100.00% | 100.00% | ||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net sales | $ 682,123 | $ 842,599 | $ 1,352,521 | $ 1,594,339 |
Cost of sales | 512,575 | 622,122 | 1,017,519 | 1,166,880 |
Gross profit | 169,548 | 220,477 | 335,002 | 427,459 |
Selling, general and administrative expenses | 115,548 | 115,701 | 223,319 | 223,835 |
Operating income | 54,000 | 104,776 | 111,683 | 203,624 |
Other income (expense): | ||||
Interest expense | (11,232) | (8,304) | (22,360) | (16,501) |
Interest income | 616 | 1,577 | 1,490 | 3,316 |
Other | (28) | 1,903 | 988 | (3,909) |
Total other income (expenses) | (10,644) | (4,824) | (19,882) | (17,094) |
Earnings before income taxes | 43,356 | 99,952 | 91,801 | 186,530 |
Income tax expense (benefit): | ||||
Current | 19,136 | 26,117 | 30,910 | 59,055 |
Deferred | (5,219) | 7,953 | (55) | 5,030 |
Total income tax expense (benefit) | 13,917 | 34,070 | 30,855 | 64,085 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 29,439 | 65,882 | 60,946 | 122,445 |
Equity in earnings of nonconsolidated subsidiaries | (30) | (30) | ||
Net earnings | 29,439 | 65,852 | 60,946 | 122,415 |
Less: Earnings attributable to noncontrolling interests | (1,566) | (1,876) | (2,334) | (2,459) |
Net earnings attributable to Valmont Industries, Inc. | 27,873 | 63,976 | 58,612 | 119,956 |
Parent | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net sales | 311,156 | 378,642 | 640,287 | 755,284 |
Cost of sales | 232,779 | 280,054 | 482,646 | 551,813 |
Gross profit | 78,377 | 98,588 | 157,641 | 203,471 |
Selling, general and administrative expenses | 50,913 | 50,164 | 98,955 | 97,954 |
Operating income | 27,464 | 48,424 | 58,686 | 105,517 |
Other income (expense): | ||||
Interest expense | (10,894) | (7,691) | (21,726) | (15,366) |
Interest income | 4 | 6 | 13 | 26 |
Other | (248) | 1,754 | (897) | 1,821 |
Total other income (expenses) | (11,138) | (5,931) | (22,610) | (13,519) |
Earnings before income taxes | 16,326 | 42,493 | 36,076 | 91,998 |
Income tax expense (benefit): | ||||
Current | 7,545 | 9,315 | 8,937 | 29,193 |
Deferred | (1,650) | 7,672 | 3,819 | 5,829 |
Total income tax expense (benefit) | 5,895 | 16,987 | 12,756 | 35,022 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 10,431 | 25,506 | 23,320 | 56,976 |
Equity in earnings of nonconsolidated subsidiaries | 17,442 | 38,470 | 35,292 | 62,980 |
Net earnings | 27,873 | 63,976 | 58,612 | 119,956 |
Net earnings attributable to Valmont Industries, Inc. | 27,873 | 63,976 | 58,612 | 119,956 |
Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net sales | 102,090 | 124,414 | 198,038 | 260,311 |
Cost of sales | 78,149 | 91,536 | 153,045 | 191,352 |
Gross profit | 23,941 | 32,878 | 44,993 | 68,959 |
Selling, general and administrative expenses | 11,091 | 12,670 | 22,388 | 25,661 |
Operating income | 12,850 | 20,208 | 22,605 | 43,298 |
Other income (expense): | ||||
Interest income | 2 | 113 | 4 | 296 |
Other | 24 | 140 | (352) | |
Total other income (expenses) | 26 | 253 | 4 | (56) |
Earnings before income taxes | 12,876 | 20,461 | 22,609 | 43,242 |
Income tax expense (benefit): | ||||
Current | 5,223 | 5,458 | 9,850 | 13,512 |
Deferred | (51) | 2,079 | (584) | 1,667 |
Total income tax expense (benefit) | 5,172 | 7,537 | 9,266 | 15,179 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 7,704 | 12,924 | 13,343 | 28,063 |
Equity in earnings of nonconsolidated subsidiaries | 876 | 8,478 | 5,181 | 9,023 |
Net earnings | 8,580 | 21,402 | 18,524 | 37,086 |
Net earnings attributable to Valmont Industries, Inc. | 8,580 | 21,402 | 18,524 | 37,086 |
Non-Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net sales | 322,555 | 387,715 | 624,791 | 687,996 |
Cost of sales | 254,666 | 298,764 | 491,651 | 533,398 |
Gross profit | 67,889 | 88,951 | 133,140 | 154,598 |
Selling, general and administrative expenses | 53,544 | 52,867 | 101,976 | 100,220 |
Operating income | 14,345 | 36,084 | 31,164 | 54,378 |
Other income (expense): | ||||
Interest expense | (338) | (613) | (634) | (1,135) |
Interest income | 610 | 1,458 | 1,473 | 2,994 |
Other | 196 | 9 | 1,885 | (5,378) |
Total other income (expenses) | 468 | 854 | 2,724 | (3,519) |
Earnings before income taxes | 14,813 | 36,938 | 33,888 | 50,859 |
Income tax expense (benefit): | ||||
Current | 6,547 | 11,316 | 12,344 | 16,218 |
Deferred | (3,518) | (1,798) | (3,290) | (2,466) |
Total income tax expense (benefit) | 3,029 | 9,518 | 9,054 | 13,752 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 11,784 | 27,420 | 24,834 | 37,107 |
Net earnings | 11,784 | 27,420 | 24,834 | 37,107 |
Less: Earnings attributable to noncontrolling interests | (1,566) | (1,876) | (2,334) | (2,459) |
Net earnings attributable to Valmont Industries, Inc. | 10,218 | 25,544 | 22,500 | 34,648 |
Eliminations | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net sales | (53,678) | (48,172) | (110,595) | (109,252) |
Cost of sales | (53,019) | (48,232) | 109,823 | (109,683) |
Gross profit | (659) | 60 | (772) | 431 |
Operating income | (659) | 60 | (772) | 431 |
Other income (expense): | ||||
Earnings before income taxes | (659) | 60 | (772) | 431 |
Income tax expense (benefit): | ||||
Current | (179) | 28 | (221) | 132 |
Total income tax expense (benefit) | (179) | 28 | (221) | 132 |
Earnings before equity in earnings of nonconsolidated subsidiaries | (480) | 32 | (551) | 299 |
Equity in earnings of nonconsolidated subsidiaries | (18,318) | (46,978) | (40,473) | (72,033) |
Net earnings | (18,798) | (46,946) | (41,024) | (71,734) |
Net earnings attributable to Valmont Industries, Inc. | $ (18,798) | $ (46,946) | $ (41,024) | $ (71,734) |
GUARANTOR_NON-GUARANTOR FINAN40
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net earnings | $ 29,439 | $ 65,852 | $ 60,946 | $ 122,415 |
Foreign currency translation adjustments: | ||||
Unrealized translation gain (loss) | 18,328 | 13,869 | (39,850) | 25,506 |
Unrealized gain/(loss) on cash flow hedge: | ||||
Amortization cost included in interest expense | 19 | (33) | 37 | 67 |
Gain on cash flow hedges | 751 | 1,045 | ||
Actuarial gain (loss) in defined benefit pension plan liability | (614) | (847) | ||
Other comprehensive income (loss) | 19,098 | 13,222 | (38,768) | 24,726 |
Comprehensive income (loss) | 48,537 | 79,074 | 22,178 | 147,141 |
Comprehensive loss (income) attributable to noncontrolling interests | (1,968) | (1,792) | (641) | (1,704) |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 46,569 | 77,282 | 21,537 | 145,437 |
Parent | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net earnings | 27,873 | 63,976 | 58,612 | 119,956 |
Unrealized gain/(loss) on cash flow hedge: | ||||
Amortization cost included in interest expense | 19 | 100 | 37 | 200 |
Gain on cash flow hedges | (301) | (209) | ||
Equity in other comprehensive income | 18,978 | 13,206 | (36,903) | 25,281 |
Other comprehensive income (loss) | 18,696 | 13,306 | (37,075) | 25,481 |
Comprehensive income (loss) | 46,569 | 77,282 | 21,537 | 145,437 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 46,569 | 77,282 | 21,537 | 145,437 |
Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net earnings | 8,580 | 21,402 | 18,524 | 37,086 |
Foreign currency translation adjustments: | ||||
Unrealized translation gain (loss) | 76 | (126) | (8,812) | 1,063 |
Unrealized gain/(loss) on cash flow hedge: | ||||
Other comprehensive income (loss) | 76 | (126) | (8,812) | 1,063 |
Comprehensive income (loss) | 8,656 | 21,276 | 9,712 | 38,149 |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 8,656 | 21,276 | 9,712 | 38,149 |
Non-Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net earnings | 11,784 | 27,420 | 24,834 | 37,107 |
Foreign currency translation adjustments: | ||||
Unrealized translation gain (loss) | 18,252 | 13,995 | (31,038) | 24,443 |
Unrealized gain/(loss) on cash flow hedge: | ||||
Amortization cost included in interest expense | (133) | (133) | ||
Gain on cash flow hedges | 1,052 | 1,254 | ||
Actuarial gain (loss) in defined benefit pension plan liability | (614) | (847) | ||
Other comprehensive income (loss) | 19,304 | 13,248 | (29,784) | 23,463 |
Comprehensive income (loss) | 31,088 | 40,668 | (4,950) | 60,570 |
Comprehensive loss (income) attributable to noncontrolling interests | (1,968) | (1,792) | (641) | (1,704) |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 29,120 | 38,876 | (5,591) | 58,866 |
Eliminations | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Net earnings | (18,798) | (46,946) | (41,024) | (71,734) |
Unrealized gain/(loss) on cash flow hedge: | ||||
Equity in other comprehensive income | (18,978) | (13,206) | 36,903 | (25,281) |
Other comprehensive income (loss) | (18,978) | (13,206) | 36,903 | (25,281) |
Comprehensive income (loss) | (37,776) | (60,152) | (4,121) | (97,015) |
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ (37,776) | $ (60,152) | $ (4,121) | $ (97,015) |
GUARANTOR_NON-GUARANTOR FINAN41
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 3) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 | Jun. 28, 2014 | Dec. 28, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 317,523 | $ 371,579 | $ 455,927 | $ 613,706 |
Receivables, net | 491,706 | 536,918 | ||
Inventories | 379,897 | 359,522 | ||
Prepaid expenses | 56,653 | 56,912 | ||
Refundable and deferred income taxes | 44,072 | 68,010 | ||
Total current assets | 1,289,851 | 1,392,941 | ||
Property, plant and equipment, at cost | 1,123,885 | 1,139,569 | ||
Less accumulated depreciation and amortization | 552,908 | 533,116 | ||
Net property, plant and equipment | 570,977 | 606,453 | ||
Goodwill | 380,086 | 385,111 | ||
Other intangible assets | 189,892 | 202,004 | ||
Other assets | 136,586 | 143,159 | ||
Total assets | 2,567,392 | 2,729,668 | ||
Current liabilities: | ||||
Current installments of long-term debt | 1,096 | 1,181 | ||
Notes payable to banks | 7,914 | 13,952 | ||
Accounts payable | 186,421 | 196,565 | ||
Accrued employee compensation and benefits | 75,155 | 87,950 | ||
Accrued expenses | 89,983 | 88,480 | ||
Dividends payable | 8,733 | 9,086 | ||
Total current liabilities | 369,302 | 397,214 | ||
Deferred income taxes | 62,959 | 71,797 | ||
Long-term debt, excluding current installments | 765,272 | 766,654 | ||
Defined benefit pension liability | 135,068 | 150,124 | ||
Deferred compensation | 51,056 | 47,932 | ||
Other noncurrent liabilities | 43,142 | 45,542 | ||
Shareholders' equity: | ||||
Common stock of $1 par value | 27,900 | 27,900 | ||
Retained earnings | 1,762,534 | 1,718,662 | ||
Accumulated other comprehensive income | (171,508) | (134,433) | ||
Treasury stock | (525,877) | (410,296) | ||
Total Valmont Industries, Inc. shareholders' equity | 1,093,049 | 1,201,833 | ||
Noncontrolling interest in consolidated subsidiaries | 47,544 | 48,572 | ||
Total shareholders' equity | 1,140,593 | 1,250,405 | 1,615,090 | 1,544,846 |
Total liabilities and shareholders' equity | 2,567,392 | 2,729,668 | ||
Parent | ||||
Current assets: | ||||
Cash and cash equivalents | 12,453 | 69,869 | 63,127 | 215,576 |
Receivables, net | 146,163 | 158,316 | ||
Inventories | 133,029 | 127,859 | ||
Prepaid expenses | 6,782 | 7,087 | ||
Refundable and deferred income taxes | 29,974 | 53,307 | ||
Total current assets | 328,401 | 416,438 | ||
Property, plant and equipment, at cost | 561,190 | 556,658 | ||
Less accumulated depreciation and amortization | 334,149 | 319,899 | ||
Net property, plant and equipment | 227,041 | 236,759 | ||
Goodwill | 20,108 | 20,108 | ||
Other intangible assets | 265 | 292 | ||
Investment in subsidiaries and intercompany accounts | 1,405,594 | 1,446,989 | ||
Other assets | 49,438 | 46,587 | ||
Total assets | 2,030,847 | 2,167,173 | ||
Current liabilities: | ||||
Current installments of long-term debt | 215 | 213 | ||
Accounts payable | 51,355 | 59,893 | ||
Accrued employee compensation and benefits | 33,728 | 48,169 | ||
Accrued expenses | 32,928 | 32,616 | ||
Dividends payable | 8,733 | 9,086 | ||
Total current liabilities | 126,959 | 149,977 | ||
Deferred income taxes | 1,085 | 5,584 | ||
Long-term debt, excluding current installments | 759,251 | 759,895 | ||
Deferred compensation | 45,231 | 41,803 | ||
Other noncurrent liabilities | 5,272 | 8,081 | ||
Shareholders' equity: | ||||
Common stock of $1 par value | 27,900 | 27,900 | ||
Retained earnings | 1,762,534 | 1,718,662 | ||
Accumulated other comprehensive income | (171,508) | (134,433) | ||
Treasury stock | (525,877) | (410,296) | ||
Total Valmont Industries, Inc. shareholders' equity | 1,093,049 | 1,201,833 | ||
Total shareholders' equity | 1,093,049 | 1,201,833 | ||
Total liabilities and shareholders' equity | 2,030,847 | 2,167,173 | ||
Guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 1,800 | 2,157 | 27,758 | 29,797 |
Receivables, net | 54,606 | 68,414 | ||
Inventories | 51,821 | 54,914 | ||
Prepaid expenses | 662 | 502 | ||
Refundable and deferred income taxes | 6,089 | 6,194 | ||
Total current assets | 114,978 | 132,181 | ||
Property, plant and equipment, at cost | 125,366 | 124,182 | ||
Less accumulated depreciation and amortization | 67,516 | 65,493 | ||
Net property, plant and equipment | 57,850 | 58,689 | ||
Goodwill | 107,542 | 107,542 | ||
Other intangible assets | 41,235 | 43,644 | ||
Investment in subsidiaries and intercompany accounts | 854,867 | 825,236 | ||
Total assets | 1,176,472 | 1,167,292 | ||
Current liabilities: | ||||
Accounts payable | 15,355 | 15,151 | ||
Accrued employee compensation and benefits | 5,209 | 5,385 | ||
Accrued expenses | 6,182 | 6,052 | ||
Total current liabilities | 26,746 | 26,588 | ||
Deferred income taxes | 28,299 | 28,988 | ||
Shareholders' equity: | ||||
Common stock of $1 par value | 457,950 | 457,950 | ||
Additional paid-in capital | 150,286 | 150,286 | ||
Retained earnings | 571,199 | 552,676 | ||
Accumulated other comprehensive income | (58,008) | (49,196) | ||
Total Valmont Industries, Inc. shareholders' equity | 1,121,427 | 1,111,716 | ||
Total shareholders' equity | 1,121,427 | 1,111,716 | ||
Total liabilities and shareholders' equity | 1,176,472 | 1,167,292 | ||
Non-Guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 303,270 | 299,553 | $ 365,042 | $ 368,333 |
Receivables, net | 290,937 | 310,188 | ||
Inventories | 198,598 | 177,512 | ||
Prepaid expenses | 49,209 | 49,323 | ||
Refundable and deferred income taxes | 8,009 | 8,509 | ||
Total current assets | 850,023 | 845,085 | ||
Property, plant and equipment, at cost | 437,329 | 458,729 | ||
Less accumulated depreciation and amortization | 151,243 | 147,724 | ||
Net property, plant and equipment | 286,086 | 311,005 | ||
Goodwill | 252,436 | 257,461 | ||
Other intangible assets | 148,392 | 158,068 | ||
Investment in subsidiaries and intercompany accounts | 899,268 | 887,055 | ||
Other assets | 87,148 | 96,572 | ||
Total assets | 2,523,353 | 2,555,246 | ||
Current liabilities: | ||||
Current installments of long-term debt | 881 | 968 | ||
Notes payable to banks | 7,914 | 13,952 | ||
Accounts payable | 119,711 | 121,521 | ||
Accrued employee compensation and benefits | 36,218 | 34,396 | ||
Accrued expenses | 50,873 | 49,812 | ||
Total current liabilities | 215,597 | 220,649 | ||
Deferred income taxes | 33,575 | 37,225 | ||
Long-term debt, excluding current installments | 6,021 | 6,759 | ||
Defined benefit pension liability | 135,068 | 150,124 | ||
Deferred compensation | 5,825 | 6,129 | ||
Other noncurrent liabilities | 37,870 | 37,461 | ||
Shareholders' equity: | ||||
Common stock of $1 par value | 648,682 | 648,682 | ||
Additional paid-in capital | 1,098,408 | 1,098,408 | ||
Retained earnings | 420,383 | 397,302 | ||
Accumulated other comprehensive income | (125,620) | (96,065) | ||
Total Valmont Industries, Inc. shareholders' equity | 2,041,853 | 2,048,327 | ||
Noncontrolling interest in consolidated subsidiaries | 47,544 | 48,572 | ||
Total shareholders' equity | 2,089,397 | 2,096,899 | ||
Total liabilities and shareholders' equity | 2,523,353 | 2,555,246 | ||
Eliminations | ||||
Current assets: | ||||
Inventories | (3,551) | (763) | ||
Total current assets | (3,551) | (763) | ||
Investment in subsidiaries and intercompany accounts | (3,159,729) | (3,159,280) | ||
Total assets | (3,163,280) | (3,160,043) | ||
Shareholders' equity: | ||||
Common stock of $1 par value | (1,106,632) | (1,106,632) | ||
Additional paid-in capital | (1,248,694) | (1,248,694) | ||
Retained earnings | (991,582) | (949,978) | ||
Accumulated other comprehensive income | 183,628 | 145,261 | ||
Total Valmont Industries, Inc. shareholders' equity | (3,163,280) | (3,160,043) | ||
Total shareholders' equity | (3,163,280) | (3,160,043) | ||
Total liabilities and shareholders' equity | $ (3,163,280) | $ (3,160,043) |
GUARANTOR_NON-GUARANTOR FINAN42
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: | ||||
Net earnings | $ 29,439 | $ 65,852 | $ 60,946 | $ 122,415 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||||
Depreciation and amortization | 47,761 | 43,368 | ||
Noncash loss on trading securities | 4,582 | 3,501 | ||
Impairment of assets | 9,292 | |||
Stock-based compensation | 3,513 | 3,686 | ||
Defined benefit pension plan expense | (305) | 1,334 | ||
Contribution to defined benefit pension plan | (15,735) | (17,484) | ||
Gain on sale of property, plant and equipment | 542 | (102) | ||
Equity in earnings in nonconsolidated subsidiaries | 30 | |||
Deferred income taxes | (55) | 5,030 | ||
Changes in assets and liabilities (net of acquisitions): | ||||
Receivables | 32,511 | 21,083 | ||
Inventories | (27,746) | 6,624 | ||
Prepaid expenses | (3,087) | (18,289) | ||
Accounts payable | (5,021) | (28,633) | ||
Accrued expenses | (6,431) | (30,415) | ||
Other noncurrent liabilities | 1,761 | 1,766 | ||
Income taxes payable (refundable) | 15,817 | (22,063) | ||
Net cash flows from operating activities | 118,345 | 91,851 | ||
Cash flows from investing activities: | ||||
Purchase of property, plant and equipment | (24,758) | (46,991) | ||
Acquisitions, net of cash acquired | (120,483) | |||
Proceeds from sale of assets | 1,101 | 1,151 | ||
Other, net | 5,896 | (2,940) | ||
Net cash flows from investing activities | (17,761) | (169,263) | ||
Cash flows from financing activities: | ||||
Net borrowings under short-term agreements | (5,890) | (1,861) | ||
Proceeds from long-term borrowings | 33,000 | |||
Principal payments on long-term borrowings | (33,657) | (259) | ||
Dividends paid | (17,956) | (13,427) | ||
Dividends to noncontrolling interest | (1,669) | (1,340) | ||
Proceeds from exercises under stock plans | 9,454 | 11,996 | ||
Excess tax benefits from stock option exercises | 1,394 | 3,576 | ||
Purchase of treasury shares | (121,020) | (77,084) | ||
Purchase of common treasury shares - stock plan exercises | (10,490) | (11,984) | ||
Net cash flows from financing activities | (146,834) | (90,383) | ||
Effect of exchange rate changes on cash and cash equivalents | (7,806) | 10,016 | ||
Net change in cash and cash equivalents | (54,056) | (157,779) | ||
Cash and cash equivalents - beginning of year | 371,579 | 613,706 | ||
Cash and cash equivalents - end of period | 317,523 | 455,927 | 317,523 | 455,927 |
Parent | ||||
Cash flows from operating activities: | ||||
Net earnings | 27,873 | 63,976 | 58,612 | 119,956 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||||
Depreciation and amortization | 14,983 | 12,539 | ||
Impairment of assets | 1,890 | |||
Stock-based compensation | 7,466 | 3,686 | ||
Gain on sale of property, plant and equipment | (8) | 7 | ||
Equity in earnings in nonconsolidated subsidiaries | (35,292) | (62,980) | ||
Deferred income taxes | 3,819 | 5,829 | ||
Changes in assets and liabilities (net of acquisitions): | ||||
Receivables | 12,153 | (9,471) | ||
Inventories | 10,161 | 9,584 | ||
Prepaid expenses | 305 | (1,870) | ||
Accounts payable | (8,538) | 1,352 | ||
Accrued expenses | (13,652) | (23,205) | ||
Other noncurrent liabilities | (2,729) | 1,941 | ||
Income taxes payable (refundable) | 15,016 | (22,572) | ||
Net cash flows from operating activities | 64,186 | 34,796 | ||
Cash flows from investing activities: | ||||
Purchase of property, plant and equipment | (7,065) | (27,046) | ||
Proceeds from sale of assets | 25 | 21 | ||
Other, net | 24,268 | 49,004 | ||
Net cash flows from investing activities | 17,228 | 21,979 | ||
Cash flows from financing activities: | ||||
Proceeds from long-term borrowings | 33,000 | |||
Principal payments on long-term borrowings | (33,212) | (196) | ||
Dividends paid | (17,956) | (13,427) | ||
Intercompany dividends | 20,895 | |||
Purchase of noncontrolling interest | (143,000) | |||
Proceeds from exercises under stock plans | 9,454 | 11,996 | ||
Excess tax benefits from stock option exercises | 1,394 | 3,576 | ||
Purchase of treasury shares | (121,020) | (77,084) | ||
Purchase of common treasury shares - stock plan exercises | (10,490) | (11,984) | ||
Net cash flows from financing activities | (138,830) | (209,224) | ||
Net change in cash and cash equivalents | (57,416) | (152,449) | ||
Cash and cash equivalents - beginning of year | 69,869 | 215,576 | ||
Cash and cash equivalents - end of period | 12,453 | 63,127 | 12,453 | 63,127 |
Guarantors | ||||
Cash flows from operating activities: | ||||
Net earnings | 8,580 | 21,402 | 18,524 | 37,086 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||||
Depreciation and amortization | 6,278 | 6,584 | ||
Impairment of assets | 215 | |||
Gain on sale of property, plant and equipment | 97 | (74) | ||
Equity in earnings in nonconsolidated subsidiaries | (5,181) | (9,023) | ||
Deferred income taxes | (584) | 1,667 | ||
Changes in assets and liabilities (net of acquisitions): | ||||
Receivables | 13,807 | 34,803 | ||
Inventories | 3,093 | 10,651 | ||
Prepaid expenses | (160) | 241 | ||
Accounts payable | 204 | (3,892) | ||
Accrued expenses | (46) | (8,411) | ||
Income taxes payable (refundable) | (5) | 1,071 | ||
Net cash flows from operating activities | 36,242 | 70,703 | ||
Cash flows from investing activities: | ||||
Purchase of property, plant and equipment | (3,147) | (1,486) | ||
Proceeds from sale of assets | 19 | 88 | ||
Other, net | (33,440) | (74,035) | ||
Net cash flows from investing activities | (36,568) | (75,433) | ||
Cash flows from financing activities: | ||||
Effect of exchange rate changes on cash and cash equivalents | (31) | 2,691 | ||
Net change in cash and cash equivalents | (357) | (2,039) | ||
Cash and cash equivalents - beginning of year | 2,157 | 29,797 | ||
Cash and cash equivalents - end of period | 1,800 | 27,758 | 1,800 | 27,758 |
Non-Guarantors | ||||
Cash flows from operating activities: | ||||
Net earnings | 11,784 | 27,420 | 24,834 | 37,107 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||||
Depreciation and amortization | 26,500 | 24,245 | ||
Noncash loss on trading securities | 4,582 | 3,501 | ||
Impairment of assets | 7,187 | |||
Stock-based compensation | (3,953) | |||
Defined benefit pension plan expense | (305) | 1,334 | ||
Contribution to defined benefit pension plan | (15,735) | (17,484) | ||
Gain on sale of property, plant and equipment | 453 | (35) | ||
Deferred income taxes | (3,290) | (2,466) | ||
Changes in assets and liabilities (net of acquisitions): | ||||
Receivables | 6,551 | (4,249) | ||
Inventories | (41,000) | (13,611) | ||
Prepaid expenses | (3,232) | (16,660) | ||
Accounts payable | 3,313 | (26,093) | ||
Accrued expenses | 7,267 | 1,201 | ||
Other noncurrent liabilities | 4,490 | (175) | ||
Income taxes payable (refundable) | 806 | (562) | ||
Net cash flows from operating activities | 18,468 | (13,947) | ||
Cash flows from investing activities: | ||||
Purchase of property, plant and equipment | (14,546) | (18,459) | ||
Acquisitions, net of cash acquired | (120,483) | |||
Proceeds from sale of assets | 1,057 | 1,042 | ||
Other, net | 14,517 | 22,390 | ||
Net cash flows from investing activities | 1,028 | (115,510) | ||
Cash flows from financing activities: | ||||
Net borrowings under short-term agreements | (5,890) | (1,861) | ||
Principal payments on long-term borrowings | (445) | (63) | ||
Intercompany dividends | (20,895) | |||
Dividends to noncontrolling interest | (1,669) | (1,340) | ||
Proceeds from sale of partial ownership interest | 143,000 | |||
Net cash flows from financing activities | (8,004) | 118,841 | ||
Effect of exchange rate changes on cash and cash equivalents | (7,775) | 7,325 | ||
Net change in cash and cash equivalents | 3,717 | (3,291) | ||
Cash and cash equivalents - beginning of year | 299,553 | 368,333 | ||
Cash and cash equivalents - end of period | 303,270 | 365,042 | 303,270 | 365,042 |
Eliminations | ||||
Cash flows from operating activities: | ||||
Net earnings | $ (18,798) | $ (46,946) | (41,024) | (71,734) |
Adjustments to reconcile net earnings to net cash flows from operations: | ||||
Equity in earnings in nonconsolidated subsidiaries | 40,473 | 72,033 | ||
Changes in assets and liabilities (net of acquisitions): | ||||
Net cash flows from operating activities | (551) | 299 | ||
Cash flows from investing activities: | ||||
Other, net | 551 | (299) | ||
Net cash flows from investing activities | $ 551 | $ (299) |