Valmont Industries (VMI) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 25, 2016	Jul. 21, 2016
Document and Entity Information
Entity Registrant Name	VALMONT INDUSTRIES INC
Entity Central Index Key	102,729
Document Type	10-Q
Document Period End Date	Jun. 25, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-26
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,637,254
Document Fiscal Year Focus	2,016
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. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Income Statement [Abstract]
Product sales	$ 570,762	$ 611,782	$ 1,103,702	$ 1,215,676
Services sales	69,487	70,341	133,152	136,845
Net sales	640,249	682,123	1,236,854	1,352,521
Product cost of sales	418,072	461,173	811,564	920,714
Services cost of sales	47,060	51,402	89,204	96,805
Total cost of sales	465,132	512,575	900,768	1,017,519
Gross profit	175,117	169,548	336,086	335,002
Selling, general and administrative expenses	103,311	115,548	201,915	223,319
Operating income	71,806	54,000	134,171	111,683
Other income (expenses):
Interest expense	(11,122)	(11,232)	(22,176)	(22,360)
Interest income	707	616	1,518	1,490
Other	1,252	(28)	(426)	988
Total other income (expenses)	(9,163)	(10,644)	(21,084)	(19,882)
Earnings before income taxes	62,643	43,356	113,087	91,801
Income tax expense (benefit):
Current	22,745	19,136	33,259	30,910
Deferred	(3,544)	(5,219)	2,215	(55)
Total income tax expense (benefit)	19,201	13,917	35,474	30,855
Earnings before equity in earnings of nonconsolidated subsidiaries	43,442	29,439	77,613	60,946
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	43,442	29,439	77,613	60,946
Less: Earnings attributable to noncontrolling interests	(1,416)	(1,566)	(2,618)	(2,334)
Net earnings attributable to Valmont Industries, Inc.	$ 42,026	$ 27,873	$ 74,995	$ 58,612
Earnings per share:
Basic (in dollars per share)	$ 1.86	$ 1.19	$ 3.31	$ 2.48
Diluted (in dollars per share)	1.85	1.19	3.29	2.47
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.375	$ 0.75	$ 0.75
Weighted average number of shares of common stock outstanding - Basic (in shares)	22,602	23,336	22,651	23,602
Weighted average number of shares of common stock outstanding - Diluted (in shares)	22,749	23,450	22,782	23,716

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 43,442	$ 29,439	$ 77,613	$ 60,946
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(2,296)	18,328	217	(39,850)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	19	38	37
Gain on cash flow hedges	0	751	0	1,045
Actuarial gain (loss) in defined benefit pension plan		751		1,045
Other comprehensive income (loss)	(2,277)	19,098	255	(38,768)
Comprehensive income	41,165	48,537	77,868	22,178
Comprehensive loss (income) attributable to noncontrolling interests	(1,787)	(1,968)	(4,114)	(641)
Comprehensive income attributable to Valmont Industries, Inc.	$ 39,378	$ 46,569	$ 73,754	$ 21,537

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 344,346	$ 349,074
Receivables, net	466,749	466,443
Inventories	372,106	340,672
Prepaid expenses, restricted cash, and other assets	63,650	46,137
Refundable income taxes	20,441	24,526
Total current assets	1,267,292	1,226,852
Property, plant and equipment, at cost	1,105,955	1,081,056
Less accumulated depreciation and amortization	579,608	548,567
Net property, plant and equipment	526,347	532,489
Goodwill	331,603	336,916
Other intangible assets, net	158,814	170,197
Other assets	111,817	125,928
Total assets	2,395,873	2,392,382
Current liabilities:
Current installments of long-term debt	889	1,077
Notes payable to banks	3,735	976
Accounts payable	183,126	179,983
Accrued employee compensation and benefits	66,626	70,354
Accrued expenses	95,158	105,593
Dividends payable	8,505	8,571
Total current liabilities	358,039	366,554
Deferred income taxes	35,541	35,669
Long-term debt, excluding current installments	756,543	756,918
Defined benefit pension liability	164,329	179,323
Deferred compensation	48,965	48,417
Other noncurrent liabilities	38,285	40,290
Shareholders’ equity:
Preferred stock of $1 par value - Authorized 500,000 shares; none issued	0	0
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 issued	27,900	27,900
Retained earnings	1,790,120	1,729,679
Accumulated other comprehensive loss	(268,459)	(267,218)
Treasury stock	(593,479)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	956,082	918,441
Noncontrolling interest in consolidated subsidiaries	38,089	46,770
Total shareholders’ equity	994,171	965,211
Total liabilities and shareholders’ equity	$ 2,395,873	$ 2,392,382

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 25, 2016	Dec. 26, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, issued shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015
Cash flows from operating activities:
Net earnings	$ 77,613	$ 60,946
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	40,804	47,761
Noncash loss on trading securities	1,035	4,582
Stock-based compensation	4,201	3,513
Defined benefit pension plan expense (benefit)	959	(305)
Contribution to defined benefit pension plan	(712)	(15,735)
Increase in restricted cash - pension	(13,652)	0
Gain on sale of property, plant and equipment	1,074	542
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	2,215	(55)
Changes in assets and liabilities:
Receivables	2,942	32,511
Inventories	(29,335)	(27,746)
Prepaid expenses and other assets	(4,859)	(3,087)
Accounts payable	1,430	(5,021)
Accrued expenses	(13,636)	(6,431)
Other noncurrent liabilities	327	1,761
Income taxes refundable	9,516	15,817
Net cash flows from operating activities	79,922	118,345
Cash flows from investing activities:
Purchase of property, plant and equipment	(26,019)	(24,758)
Proceeds from sale of assets	1,827	1,101
Other, net	(1,608)	5,896
Net cash flows from investing activities	(25,800)	(17,761)
Cash flows from financing activities:
Net borrowings under short-term agreements	2,593	(5,890)
Proceeds from Issuance of Long-term Debt	0	33,000
Principal payments on long-term borrowings	(659)	(33,657)
Dividends paid	(17,098)	(17,956)
Dividends to noncontrolling interest	(1,923)	(1,669)
Payments of Debt Issuance Costs	(11,009)	0
Purchase of treasury shares	(28,621)	(121,020)
Proceeds from exercises under stock plans	5,975	9,454
Excess tax benefits from stock option exercises	0	1,394
Purchase of common treasury shares—stock plan exercises	(1,453)	(10,490)
Net cash flows from financing activities	(52,195)	(146,834)
Effect of exchange rate changes on cash and cash equivalents	(6,655)	(7,806)
Net change in cash and cash equivalents	(4,728)	(54,056)
Cash and cash equivalents—beginning of year	349,074	371,579
Cash and cash equivalents—end of period	344,346	317,523
Restructuring Costs	$ 0	$ 9,292

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest in consolidated subsidiaries
Beginning balance at Dec. 27, 2014	$ 1,250,405	$ 27,900	$ 0	$ 1,718,662	$ (134,433)	$ (410,296)	$ 48,572
Increase (Decrease) in Shareholders' Equity
Net earnings	60,946			58,612			2,334
Other comprehensive income (loss)	(38,768)				(37,075)		(1,693)
Cash dividends declared	(17,603)			(17,603)			0
Dividends to noncontrolling interests	(1,669)						(1,669)
Purchase of treasury shares	(121,020)					(121,020)
Stock plan exercises	(10,490)					(10,490)
Stock options exercised	9,454		(8,860)	2,863		15,451
Tax benefit from stock option exercises	1,394		1,394
Stock option expense	2,653		2,653
Stock awards	5,291		4,813			478
Ending balance at Jun. 27, 2015	1,140,593	27,900	0	1,762,534	(171,508)	(525,877)	47,544
Beginning balance at Dec. 26, 2015	965,211	27,900	0	1,729,679	(267,218)	(571,920)	46,770
Increase (Decrease) in Shareholders' Equity
Net earnings	77,613			74,995			2,618
Other comprehensive income (loss)	255				(1,241)		1,496
Cash dividends declared	(17,027)			(17,027)			0
Dividends to noncontrolling interests	(1,923)						(1,923)
Purchase of treasury shares	(28,621)					(28,621)
Stock plan exercises	(1,453)					(1,453)
Stock options exercised	5,975		(4,064)	2,473		7,566
Stock option expense	2,959		2,959
Stock awards	2,191		1,242			949
Ending balance at Jun. 25, 2016	$ 994,171	$ 27,900	$ 0	$ 1,790,120	$ (268,459)	$ (593,479)	$ 38,089

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015
Statement of Stockholders' Equity [Abstract]
Purchase of treasury shares, shares acquired (in shares)	245,798	989,821
Stock plan exercises; shares acquired (in shares)	10,747	82,989
Stock options exercised; shares issued (in shares)	62,535	119,687
Stock awards; shares issued (in shares)	6,976	4,846

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 25, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 25, 2016 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 25, 2016 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 26, 2015 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 26, 2015 . The results of operations for the period ended June 25, 2016 are not necessarily indicative of the operating results for the full year. Inventories Approximately 38% and 39% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 25, 2016 and December 26, 2015 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. The excess of replacement cost of inventories over the LIFO value is approximately $36,201 and $35,075 at June 25, 2016 and December 26, 2015 , respectively. Inventories consisted of the following: June 25, December 26, Raw materials and purchased parts $ 170,973 $ 162,977 Work-in-process 24,762 25,644 Finished goods and manufactured goods 212,572 187,126 Subtotal 408,307 375,747 Less: LIFO reserve 36,201 35,075 $ 372,106 $ 340,672 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 United States $ 44,240 $ 33,641 $ 83,840 $ 66,282 Foreign 18,403 9,715 29,247 25,519 $ 62,643 $ 43,356 $ 113,087 $ 91,801 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 25, 2016 and June 27, 2015 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended Net periodic (benefit) expense: 2016 2015 2016 2015 Interest cost $ 6,659 $ 6,189 $ 13,042 $ 12,300 Expected return on plan assets (6,084 ) (6,344 ) (12,083 ) (12,605 ) Net periodic (benefit) expense $ 575 $ (155 ) $ 959 $ (305 ) 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 25, 2016 , 874,352 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant. The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 Compensation expense $ 1,468 $ 1,303 $ 2,959 $ 2,653 Income tax benefits 565 501 1,139 1,021 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 $38,287 ( $37,963 at December 26, 2015) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification 320, Accounting for Certain Investments in Debt and Equity Securities , considering the employee's ability to change investment allocation of their deferred compensation at any time. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. The shares are valued at $1,821 and $4,734 as of June 25, 2016 and December 26, 2015, respectively, which is the estimated fair value. During the first quarter of 2016, the Company received a dividend of $1,541 from Delta EMD Pty. Ltd and the market price of the shares were proportionately reduced accordingly. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 40,108 $ 40,108 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 42,697 $ 42,697 $ — $ — Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) consisted of the following at June 25, 2016 and December 26, 2015: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 26, 2015 $ (191,928 ) $ 3,678 $ (78,968 ) $ (267,218 ) Current-period comprehensive income (loss) (1,279 ) 38 — (1,241 ) Balance at June 25, 2016 $ (193,207 ) $ 3,716 $ (78,968 ) $ (268,459 ) Net Investment Hedge In the second quarter of 2016, the Company entered into a one-year foreign currency forward contract which qualified as a net investment hedge, in order to mitigate foreign currency risk on a portion of our investments denominated in British pounds. No ineffectiveness resulted from the hedge and the balance is recorded in the Condensed Consolidated Statements of Other Comprehensive Income as a component of Foreign currency translation adjustments. The realized gain (loss) will be deferred in other comprehensive income where it will remain until the net investments in our British subsidiaries are divested. The unrealized gain recorded at June 25, 2016 was $2,925 and is included in Other Current Assets on the Condensed Consolidated Balance Sheets. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-9 was to be effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date , which defers the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016 and should be applied prospectively. The Company is evaluating the provisions of this statement, including which period to adopt, and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 25, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On September 30, 2015, the Company purchased American Galvanizing for $12,778 in cash, net of cash acquired, plus assumed liabilities. American Galvanizing operates a custom galvanizing operation in New Jersey with annual sales of approximately $10,000 . In the purchase price allocation, goodwill of $3,019 and $2,178 of customer relationships, trade name and other intangible assets were recorded. Goodwill is not deductible for tax purposes. This business is included in the Coatings segment and was acquired to expand the Company's geographic presence in the Northeast United States. The purchase price allocation was finalized in the first quarter of 2016. Pro-forma disclosures were omitted as this business did not have a significant impact on the Company's 2015 or 2016 financial results. Acquisitions of Noncontrolling Interests In April 2016, the Company acquired the remaining 30% of IGC Galvanizing Industries (M) Sdn Bhd that it did not own for $5,841 . In June 2016, the Company acquired 5.2% of the remaining 10% of Valmont SM that it did not own for $5,168 . As these transactions were for acquisitions of part or all of the remaining shares of consolidated subsidiaries with no change in control, they were recorded within shareholders' equity and as a financing cash flow in the Consolidated Statements of Cash Flows.

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	6 Months Ended
	Jun. 25, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES In July 2016, the Company identified a restructuring plan in Australia/New Zealand (the "2016 Plan") focused primarily on closing and consolidating locations within the Energy and Mining and Coatings segments. During the remainder of 2016, the Company estimates it will incur the following pre-tax expenses from the 2016 Plan: Energy & Mining Coatings Other/ Corporate TOTAL Severance $ 365 $ 380 $ — $ 745 Other cash restructuring expenses 1,728 285 — 2,013 Asset impairments/net loss on disposals 815 — — 815 Total cost of sales 2,908 665 — 3,573 Severance 240 715 — 955 Other cash restructuring expenses — — 200 200 Total selling, general and administrative expenses 240 715 200 1,155 Consolidated total $ 3,148 $ 1,380 $ 200 $ 4,728 In April 2015, the Company's Board of Directors authorized a broad restructuring plan (the "Plan") to respond to the market environment in certain businesses. During fiscal 2015, the Company substantially completed this Plan and recognized $21,708 of pre-tax restructuring expenses in cost of sales and $18,144 of pre-tax restructuring expenses in selling, general, and administrative expenses. Within the total fiscal 2015 pre-tax restructuring expense of $39,852 were pre-tax asset impairments of $19,836 . The Company's utility segment recognized $380 of pre-tax restucturing expense during the first half of fiscal 2016. During the first quarter of fiscal 2015, the Company's recognized $785 of pre-tax expense for severance and other cash related expenses within the ESS and Energy and Mining segments. During the second quarter of fiscal 2015, the Company recognized the following pre-tax restructuring expenses: ESS Energy & Mining Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ 32 $ 576 $ 1,380 $ 310 $ — $ — $ 2,298 Other cash restructuring expenses — 45 375 40 — — 460 Asset impairments/net loss on disposals 45 752 295 4,150 — — 5,242 Total cost of sales 77 1,373 2,050 4,500 — — 8,000 Severance 797 168 405 — 219 240 1,829 Other cash restructuring expenses 125 — — 269 — — 394 Asset impairments/net loss on disposals 2,030 — — — 130 1,890 4,050 Total selling, general and administrative expenses 2,952 168 405 269 349 2,130 6,273 Consolidated total $ 3,029 $ 1,541 $ 2,455 $ 4,769 $ 349 $ 2,130 $ 14,273 Liabilities recorded for the restructuring Plan and changes therein for the first half of fiscal 2016 were as follows: Balance at December 26, 2015 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 25, 2016 Severance $ 1,307 $ — $ (1,188 ) $ 119 Other cash restructuring expenses 1,426 — (305 ) 1,121 Total $ 2,733 $ — $ (1,493 ) $ 1,240

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 25, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at June 25, 2016 and December 26, 2015 were as follows: June 25, 2016 Gross Accumulated Weighted Customer Relationships $ 198,175 $ 107,359 13 years Proprietary Software & Database 3,632 3,031 8 years Patents & Proprietary Technology 6,922 3,687 11 years Other 3,856 3,790 3 years $ 212,585 $ 117,867 (4) GOODWILL AND INTANGIBLE ASSETS (Continued) December 26, 2015 Gross Accumulated Weighted Customer Relationships $ 201,801 $ 101,614 13 years Proprietary Software & Database 3,571 2,966 8 years Patents & Proprietary Technology 6,815 3,421 11 years Other 3,752 3,671 3 years $ 215,939 $ 111,672 Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , respectively was as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 $ 4,078 $ 4,737 $ 8,073 $ 9,650 Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2016 $ 15,906 2017 15,624 2018 13,990 2019 13,209 2020 12,158 The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. (4) GOODWILL AND INTANGIBLE ASSETS (Continued) Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at June 25, 2016 and December 26, 2015 were as follows: June 25, December 26, Year Acquired Webforge $ 9,545 $ 10,430 2010 Valmont SM 9,246 8,919 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 7,781 8,504 2010 Donhad 5,870 6,415 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,436 2,662 2010 Other 14,107 13,889 $ 64,096 $ 65,930 In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. The Company’s trade names were tested for impairment in the third quarter of 2015. The values of the trade names were determined using the relief-from-royalty method. Based on this evaluation, the Company recorded a $5,000 impairment of the Webforge trade name (in Energy & Mining segment) and a $1,100 impairment of the Industrial Galvanizing trade name (in Coatings segment) during 2015. The lower price of oil and natural gas in the fourth quarter of 2015 was a qualitative event requiring the Company to re-assess the fair value of the Webforge trade name. As a result, the Company recognized an additional $830 impairment of that trade name. No other trade names were determined to be impaired during 2015 and no qualitative events were noted during the first half of 2016 requiring an interim test for potential impairment. Goodwill The carrying amount of goodwill by segment as of June 25, 2016 and December 26, 2015 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Gross goodwill at December 26, 2015 $ 101,275 $ 99,829 $ 75,404 $ 75,941 $ 19,359 $ 371,808 Accumulated impairment losses — (18,670 ) — (16,222 ) — (34,892 ) Balance at December 26, 2015 $ 101,275 $ 81,159 $ 75,404 $ 59,719 $ 19,359 $ 336,916 Foreign currency translation (2,589 ) (3,200 ) — 411 65 (5,313 ) Balance at June 25, 2016 $ 98,686 $ 77,959 $ 75,404 $ 60,130 $ 19,424 $ 331,603 The Company’s annual impairment test of goodwill was performed during the third quarter of 2015, using the discounted cash flow method. The APAC Coatings reporting unit failed step one in that the estimated fair value was lower than the carrying value. As a result, the Company recorded $9,100 impairment of goodwill on the APAC Coatings reporting unit. The Company finalized step two of the impairment analysis during the fourth quarter of 2015 recording an additional impairment of $7,122, which was the remaining goodwill on this reporting unit. The Company recorded an $18,670 impairment of Access System's goodwill in the fourth quarter of 2015 primarily driven by the depressed price of a barrel of oil. The Company continues to monitor changes in the global economy that could impact future operating results of its reporting units and no qualitative events were noted in the first half of 2016. If such conditions arise, the Company will test a given reporting unit for impairment during 2016 prior to the annual test.

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	6 Months Ended
	Jun. 25, 2016
Supplemental Cash Flow Elements [Abstract]
CASH FLOW SUPPLEMENTARY INFORMATION	CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the twenty-six weeks ended June 25, 2016 and June 27, 2015 were as follows: 2016 2015 Interest $ 22,142 $ 22,898 Income taxes 28,791 14,280 Share Repurchase Programs On May 13, 2014, the Company announced a new capital allocation philosophy which increased the dividend by 50% and covered a share repurchase program of up to $500,000 of the Company's outstanding common stock to be acquired from time to time over twelve months at prevailing market prices, through open market or privately-negotiated transactions. On February 24, 2015, the Board of Directors authorized an additional purchase of up to $250,000 of the Company's outstanding common stock with no stated expiration date. As of June 25, 2016 , the Company has acquired 4,392,435 shares for approximately $592,600 under the share repurchase programs.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 25, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 25, 2016: Net earnings attributable to Valmont Industries, Inc. $ 42,026 $ — $ 42,026 Shares outstanding (000 omitted) 22,602 147 22,749 Per share amount $ 1.86 $ (0.01 ) $ 1.85 Thirteen weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ 27,873 $ — $ 27,873 Shares outstanding (000 omitted) 23,336 114 23,450 Per share amount $ 1.19 $ — $ 1.19 Twenty-six weeks ended June 25, 2016: Net earnings attributable to Valmont Industries, Inc. $ 74,995 $ — $ 74,995 Shares outstanding (000 omitted) 22,651 131 22,782 Per share amount $ 3.31 $ (0.02 ) $ 3.29 Twenty-six weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ 58,612 $ — $ 58,612 Shares outstanding (000 omitted) 23,602 114 23,716 Per share amount $ 2.48 $ (0.01 ) $ 2.47 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. At June 25, 2016 and June 27, 2015, there were 381,973 and 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, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 25, 2016
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS In the fourth quarter of 2015, the Company changed its reportable segment structure to improve transparency. The Company now has five reportable segments and its management structure was changed to align with this new reporting structure. A new reportable segment, Energy & Mining, includes the businesses primarily serving the energy and mining end markets. This segment includes the access systems applications businesses and offshore structures business that was formerly part of the Engineered Infrastructure Products (EIP) segment, and the grinding media business that was formerly included in the "Other" category. The remaining businesses from the EIP segment was also renamed "Engineered Support Structures". The last change in the reporting structure was moving the tubing business from the "Other" category to the Irrigation segment. Prior year information in this footnote has been updated to match the new reportable segment structure. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, and roadway safety industries; ENERGY AND MINING: This segment, all outside of the United States, consists of the manufacture of access systems applications, forged steel grinding media, on and off shore oil, gas, and wind energy structures; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility industry; COATINGS: This segment consists of galvanizing, anodizing and powder coating services on a global basis; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment and related parts and services for the global agricultural industry and tubular products for industrial customers. Due to the business reorganization and restructuring activities that occurred in 2015, there are no longer business operations included in Other for fiscal 2016. In 2015, the Company had other businesses and activities that individually were not more than 1% of consolidated sales. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income and deductions, or income taxes to its business segments. (7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended Twenty-six Weeks Ended June 25, June 27, June 25, June 27, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 163,191 $ 154,821 $ 309,493 $ 300,169 Communication Products 40,725 45,935 71,394 78,491 Engineered Support Structures segment 203,916 200,756 380,887 378,660 Energy and Mining segment: Offshore and Other Complex Steel Structures 25,908 23,135 48,877 47,983 Grinding Media 21,018 25,856 40,508 53,347 Access Systems 33,766 37,311 63,756 73,033 Energy and Mining segment 80,692 86,302 153,141 174,363 Utility Support Structures segment: Steel 126,101 139,425 248,072 297,698 Concrete 25,144 23,504 47,693 41,572 Utility Support Structures segment 151,245 162,929 295,765 339,270 Coatings segment 75,298 76,093 143,879 150,453 Irrigation segment 152,252 173,303 310,766 347,880 Other — 2,342 — 4,511 Total 663,403 701,725 1,284,438 1,395,137 INTERSEGMENT SALES: Engineered Support Structures segment 8,114 4,133 19,126 11,239 Energy & Mining segment 1,409 52 3,067 101 Utility Support Structures segment 86 273 262 562 Coatings segment 11,886 12,178 21,699 24,725 Irrigation segment 1,659 1,758 3,430 3,482 Other — 1,208 — 2,507 Total 23,154 19,602 47,584 42,616 NET SALES: Engineered Support Structures segment 195,802 196,623 361,761 367,421 Energy & Mining segment 79,283 86,250 150,074 174,262 Utility Support Structures segment 151,159 162,656 295,503 338,708 Coatings segment 63,412 63,915 122,180 125,728 Irrigation segment 150,593 171,545 307,336 344,398 Other — 1,134 — 2,004 Total $ 640,249 $ 682,123 $ 1,236,854 $ 1,352,521 OPERATING INCOME: Engineered Support Structures segment $ 20,968 $ 16,219 $ 35,176 $ 25,669 Energy & Mining segment 3,341 2,698 5,243 7,064 Utility Support Structures segment 17,528 10,399 32,296 25,756 Coatings segment 14,023 7,862 25,436 18,861 Irrigation segment 27,763 31,865 56,608 62,039 Other — (1,271 ) — (2,379 ) Corporate (11,817 ) (13,772 ) (20,588 ) (25,327 ) Total $ 71,806 $ 54,000 $ 134,171 $ 111,683

GUARANTOR_NON-GUARANTOR FINANCI

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	6 Months Ended
	Jun. 25, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has three tranches of senior unsecured notes. All of the senior notes are guaranteed, jointly, severally, fully and unconditionally (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) by certain of the Company’s current and future direct and indirect domestic and foreign subsidiaries (collectively the “Guarantors”), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the “Non-Guarantors”). All Guarantors are 100% owned by the parent company. Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows: CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 290,171 $ 97,159 $ 300,911 $ (47,992 ) $ 640,249 Cost of sales 211,675 71,234 229,248 (47,025 ) 465,132 Gross profit 78,496 25,925 71,663 (967 ) 175,117 Selling, general and administrative expenses 44,530 11,080 47,701 — 103,311 Operating income 33,966 14,845 23,962 (967 ) 71,806 Other income (expense): Interest expense (10,918 ) (3 ) (201 ) — (11,122 ) Interest income 46 14 647 — 707 Other 699 15 538 — 1,252 (10,173 ) 26 984 — (9,163 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,793 14,871 24,946 (967 ) 62,643 Income tax expense (benefit): Current 10,391 6,242 6,521 (409 ) 22,745 Deferred 1,068 (2,149 ) (2,463 ) — (3,544 ) 11,459 4,093 4,058 (409 ) 19,201 Earnings before equity in earnings of nonconsolidated subsidiaries 12,334 10,778 20,888 (558 ) 43,442 Equity in earnings of nonconsolidated subsidiaries 29,692 5,746 — (35,438 ) — Net earnings 42,026 16,524 20,888 (35,996 ) 43,442 Less: Earnings attributable to noncontrolling interests — — (1,416 ) — (1,416 ) Net earnings attributable to Valmont Industries, Inc $ 42,026 $ 16,524 $ 19,472 $ (35,996 ) $ 42,026 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 575,209 $ 188,685 $ 573,025 $ (100,065 ) $ 1,236,854 Cost of sales 419,536 139,096 440,641 (98,505 ) 900,768 Gross profit 155,673 49,589 132,384 (1,560 ) 336,086 Selling, general and administrative expenses 87,024 22,510 92,381 — 201,915 Operating income 68,649 27,079 40,003 (1,560 ) 134,171 Other income (expense): Interest expense (21,848 ) (3 ) (325 ) — (22,176 ) Interest income 113 39 1,366 — 1,518 Other 324 27 (777 ) — (426 ) (21,411 ) 63 264 — (21,084 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 47,238 27,142 40,267 (1,560 ) 113,087 Income tax expense (benefit): Current 15,974 8,814 9,000 (529 ) 33,259 Deferred 3,487 — (1,272 ) 2,215 19,461 8,814 7,728 (529 ) 35,474 Earnings before equity in earnings of nonconsolidated subsidiaries 27,777 18,328 32,539 (1,031 ) 77,613 Equity in earnings of nonconsolidated subsidiaries 47,218 7,859 (55,077 ) — Net earnings 74,995 26,187 32,539 (56,108 ) 77,613 Less: Earnings attributable to noncontrolling interests — — (2,618 ) — (2,618 ) Net earnings attributable to Valmont Industries, Inc $ 74,995 $ 26,187 $ 29,921 $ (56,108 ) $ 74,995 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 311,156 $ 102,090 $ 322,555 $ (53,678 ) $ 682,123 Cost of sales 232,779 78,149 254,666 (53,019 ) 512,575 Gross profit 78,377 23,941 67,889 (659 ) 169,548 Selling, general and administrative expenses 50,913 11,091 53,544 — 115,548 Operating income 27,464 12,850 14,345 (659 ) 54,000 Other income (expense): Interest expense (10,894 ) — (338 ) — (11,232 ) Interest income 4 2 610 — 616 Other (248 ) 24 196 — (28 ) (11,138 ) 26 468 — (10,644 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 16,326 12,876 14,813 (659 ) 43,356 Income tax expense (benefit): Current 7,545 5,223 6,547 (179 ) 19,136 Deferred (1,650 ) (51 ) (3,518 ) — (5,219 ) 5,895 5,172 3,029 (179 ) 13,917 Earnings before equity in earnings of nonconsolidated subsidiaries 10,431 7,704 11,784 (480 ) 29,439 Equity in earnings of nonconsolidated subsidiaries 17,442 876 — (18,318 ) — Net earnings 27,873 8,580 11,784 (18,798 ) 29,439 Less: Earnings attributable to noncontrolling interests — — (1,566 ) — (1,566 ) Net earnings attributable to Valmont Industries, Inc $ 27,873 $ 8,580 $ 10,218 $ (18,798 ) $ 27,873 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 640,287 $ 198,038 $ 624,791 $ (110,595 ) $ 1,352,521 Cost of sales 482,646 153,045 491,651 (109,823 ) 1,017,519 Gross profit 157,641 44,993 133,140 (772 ) 335,002 Selling, general and administrative expenses 98,955 22,388 101,976 — 223,319 Operating income 58,686 22,605 31,164 (772 ) 111,683 Other income (expense): Interest expense (21,726 ) — (634 ) — (22,360 ) Interest income 13 4 1,473 — 1,490 Other (897 ) — 1,885 — 988 (22,610 ) 4 2,724 — (19,882 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 36,076 22,609 33,888 (772 ) 91,801 Income tax expense (benefit): Current 8,937 9,850 12,344 (221 ) 30,910 Deferred 3,819 (584 ) (3,290 ) — (55 ) 12,756 9,266 9,054 (221 ) 30,855 Earnings before equity in earnings of nonconsolidated subsidiaries 23,320 13,343 24,834 (551 ) 60,946 Equity in earnings of nonconsolidated subsidiaries 35,292 5,181 — (40,473 ) — Net earnings 58,612 18,524 24,834 (41,024 ) 60,946 Less: Earnings attributable to noncontrolling interests — — (2,334 ) — (2,334 ) Net earnings attributable to Valmont Industries, Inc $ 58,612 $ 18,524 $ 22,500 $ (41,024 ) $ 58,612 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 42,026 $ 16,524 $ 20,888 $ (35,996 ) $ 43,442 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) 2,925 29 (5,250 ) — (2,296 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income (5,592 ) — — 5,592 — Other comprehensive income (loss) (2,648 ) 29 (5,250 ) 5,592 (2,277 ) Comprehensive income (loss) 39,378 16,553 15,638 (30,404 ) 41,165 Comprehensive income attributable to noncontrolling interests — — (1,787 ) — (1,787 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 39,378 $ 16,553 $ 13,851 $ (30,404 ) $ 39,378 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 74,995 $ 26,187 $ 32,539 $ (56,108 ) $ 77,613 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) 2,925 (149 ) (2,559 ) — 217 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 38 — — — 38 Equity in other comprehensive income (1,279 ) — — 1,279 — Other comprehensive income (loss) 1,684 (149 ) (2,559 ) 1,279 255 Comprehensive income (loss) 76,679 26,038 29,980 (54,829 ) 77,868 Comprehensive income attributable to noncontrolling interests — — (4,114 ) — (4,114 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 76,679 $ 26,038 $ 25,866 $ (54,829 ) $ 73,754 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 27,873 $ 8,580 $ 11,784 $ (18,798 ) $ 29,439 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 76 18,252 — 18,328 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Actuarial gain (loss) in defined benefit pension plan liability (301 ) — 1,052 — 751 Equity in other comprehensive income 18,978 — — (18,978 ) — Other comprehensive income (loss) 18,696 76 19,304 (18,978 ) 19,098 Comprehensive income (loss) 46,569 8,656 31,088 (37,776 ) 48,537 Comprehensive income attributable to noncontrolling interests — — (1,968 ) — (1,968 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 46,569 $ 8,656 $ 29,120 $ (37,776 ) $ 46,569 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 58,612 $ 18,524 $ 24,834 $ (41,024 ) $ 60,946 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (8,812 ) (31,038 ) — (39,850 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 37 — — — 37 Actuarial gain (loss) in defined benefit pension plan liability (209 ) — 1,254 — 1,045 Equity in other comprehensive income (36,903 ) — — 36,903 — Other comprehensive income (loss) (37,075 ) (8,812 ) (29,784 ) 36,903 (38,768 ) Comprehensive income (loss) 21,537 9,712 (4,950 ) (4,121 ) 22,178 Comprehensive income attributable to noncontrolling interests — — (641 ) — (641 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 21,537 $ 9,712 $ (5,591 ) $ (4,121 ) $ 21,537 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS June 25, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,149 $ 4,022 $ 278,175 $ — $ 344,346 Receivables, net 130,354 58,203 278,192 — 466,749 Inventories 140,981 38,542 197,137 (4,554 ) 372,106 Prepaid expenses, restricted cash, and other assets 11,405 730 51,515 — 63,650 Refundable income taxes 20,441 — — — 20,441 Total current assets 365,330 101,497 805,019 (4,554 ) 1,267,292 Property, plant and equipment, at cost 540,415 145,857 419,683 — 1,105,955 Less accumulated depreciation and amortization 345,295 74,076 160,237 — 579,608 Net property, plant and equipment 195,120 71,781 259,446 — 526,347 Goodwill 20,108 110,562 200,933 — 331,603 Other intangible assets 211 38,460 120,143 — 158,814 Investment in subsidiaries and intercompany accounts 1,268,543 852,048 1,090,615 (3,211,206 ) — Other assets 40,034 3 71,780 — 111,817 Total assets $ 1,889,346 $ 1,174,351 $ 2,547,936 $ (3,215,760 ) $ 2,395,873 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 889 $ — $ 889 Notes payable to banks — — 3,735 — 3,735 Accounts payable 53,254 13,601 116,271 — 183,126 Accrued employee compensation and benefits 26,945 5,919 33,762 — 66,626 Accrued expenses 31,118 17,073 46,967 — 95,158 Dividends payable 8,505 — — — 8,505 Total current liabilities 119,822 36,593 201,624 — 358,039 Deferred income taxes 13,173 — 22,368 — 35,541 Long-term debt, excluding current installments 751,448 — 5,095 — 756,543 Defined benefit pension liability — — 164,329 — 164,329 Deferred compensation 43,887 — 5,078 — 48,965 Other noncurrent liabilities 4,934 5 33,346 — 38,285 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,790,120 584,900 530,930 (1,115,830 ) 1,790,120 Accumulated other comprehensive income (loss) (268,459 ) (64,511 ) (209,141 ) 273,652 (268,459 ) Treasury stock (593,479 ) — — — (593,479 ) Total Valmont Industries, Inc. shareholders’ equity 956,082 1,137,753 2,078,007 (3,215,760 ) 956,082 Noncontrolling interest in consolidated subsidiaries — — 38,089 — 38,089 Total shareholders’ equity 956,082 1,137,753 2,116,096 (3,215,760 ) 994,171 Total liabilities and shareholders’ equity $ 1,889,346 $ 1,174,351 $ 2,547,936 $ (3,215,760 ) $ 2,395,873 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 26, 2015 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,281 $ 4,008 $ 282,785 $ — $ 349,074 Receivables, net 130,741 66,387 269,315 — 466,443 Inventories 132,222 38,379 173,064 (2,993 ) 340,672 Prepaid expenses 9,900 766 35,471 — 46,137 Refundable income taxes 24,526 — — — 24,526 Total current assets 359,670 109,540 760,635 (2,993 ) 1,226,852 Property, plant and equipment, at cost 541,536 132,864 406,656 — 1,081,056 Less accumulated depreciation and amortization 334,471 69,956 144,140 — 548,567 Net property, plant and equipment 207,065 62,908 262,516 — 532,489 Goodwill 20,108 110,562 206,246 — 336,916 Other intangible assets 238 40,959 129,000 — 170,197 Investment in subsidiaries and intercompany accounts 1,239,228 813,779 939,177 (2,992,184 ) — Other assets 40,067 — 85,861 — 125,928 Total assets $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 862 $ — $ 1,077 Notes payable to banks — — 976 — 976 Accounts payable 66,723 13,680 99,580 — 179,983 Accrued employee compensation and benefits 32,272 6,347 31,735 — 70,354 Accrued expenses 31,073 22,802 51,718 — 105,593 Dividends payable 8,571 — — — 8,571 Total current liabilities 138,854 42,829 184,871 — 366,554 Deferred income taxes 9,686 — 25,983 — 35,669 Long-term debt, excluding current installments 751,765 — 5,153 — 756,918 Defined benefit pension liability — — 179,323 — 179,323 Deferred compensation 43,485 — 4,932 — 48,417 Other noncurrent liabilities 4,145 — 36,145 — 40,290 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,683 (1,106,633 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,729,679 541,917 354,727 (896,644 ) 1,729,679 Accumulated other comprehensive income (267,218 ) (64,362 ) (210,688 ) 275,050 (267,218 ) Treasury stock (571,920 ) — — — (571,920 ) Total Valmont Industries, Inc. shareholders’ equity 918,441 1,094,919 1,900,258 (2,995,177 ) 918,441 Noncontrolling interest in consolidated subsidiaries — — 46,770 — 46,770 Total shareholders’ equity 918,441 1,094,919 1,947,028 (2,995,177 ) 965,211 Total liabilities and shareholders’ equity $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 25, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 74,995 $ 26,187 $ 32,539 $ (56,108 ) $ 77,613 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 13,705 6,591 20,508 — 40,804 Noncash loss on trading securities — — 1,035 — 1,035 Stock-based compensation 4,201 — — — 4,201 Defined benefit pension plan expense — — 959 — 959 Contribution to defined benefit pension plan — — (712 ) — (712 ) Increase in restricted cash - pension plan trust — — (13,652 ) — (13,652 ) Loss (gain) on sale of property, plant and equipment (6 ) 60 1,020 — 1,074 Equity in earnings in nonconsolidated subsidiaries (47,218 ) (7,859 ) — 55,077 — Deferred income taxes 3,487 — (1,272 ) — 2,215 Changes in assets and liabilities: Receivables 386 8,185 (5,629 ) — 2,942 Inventories (8,757 ) (164 ) (21,974 ) 1,560 (29,335 ) Prepaid expenses and other assets (1,504 ) 35 (3,390 ) — (4,859 ) Accounts payable (13,469 ) (79 ) 14,978 — 1,430 Accrued expenses (4,040 ) (6,158 ) (3,438 ) — (13,636 ) Other noncurrent liabilities 868 5 (546 ) — 327 Income taxes payable (refundable) 19,033 (16,499 ) 6,982 — 9,516 Net cash flows from operating activities 41,681 10,304 27,408 529 79,922 Cash flows from investing activities: Purchase of property, plant and equipment (1,240 ) (13,167 ) (11,612 ) — (26,019 ) Proceeds from sale of assets 58 141 1,628 — 1,827 Other, net 918 2,641 (4,638 ) (529 ) (1,608 ) Net cash flows from investing activities (264 ) (10,385 ) (14,622 ) (529 ) (25,800 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 2,593 — 2,593 Principal payments on long-term borrowings (215 ) — (444 ) — (659 ) Dividends paid (17,098 ) — — — (17,098 ) Dividends to noncontrolling interest — — (1,923 ) — (1,923 ) Purchase of noncontrolling interest (137 ) — (10,872 ) — (11,009 ) Proceeds from exercises under stock plans 5,975 — — — 5,975 Purchase of treasury shares (28,621 ) — — — (28,621 ) Purchase of common treasury shares - stock plan exercises (1,453 ) — — — (1,453 ) Net cash flows from financing activities (41,549 ) — (10,646 ) — (52,195 ) Effect of exchange rate changes on cash and cash equivalents — 95 (6,750 ) — (6,655 ) Net change in cash and cash equivalents (132 ) 14 (4,610 ) — (4,728 ) Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 62,149 $ 4,022 $ 278,175 $ — $ 344,346 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 27, 2015 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 58,612 $ 18,524 $ 24,834 $ (41,024 ) $ 60,946 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 14,983 6,278 26,500 — 47,761 Noncash loss on trading securities — — 4,582 — 4,582 Impairment of assets - restructuring activities 1,890 215 7,187 — 9,292 Stock-based compensation 7,466 — (3,953 ) — 3,513 Defined benefit pension plan expense — — (305 ) — (305 ) Contribution to defined benefit pension plan — — (15,735 ) — (15,735 ) Gain on sale of property, plant and equipment (8 ) 97 453 — 542 Equity in earnings in nonconsolidated subsidiaries (35,292 ) (5,181 ) — 40,473 — Deferred income taxes 3,819 (584 ) (3,290 ) — (55 ) Changes in assets and liabilities: Receivables 12,153 13,807 6,551 — 32,511 Inventories 10,161 3,093 (41,000 ) — (27,746 ) Prepaid expenses 305 (160 ) (3,232 ) — (3,087 ) Accounts payable (8,538 ) 204 3,313 — (5,021 ) Accrued expenses (13,652 ) (46 ) 7,267 — (6,431 ) Other noncurrent liabilities (2,729 ) — 4,490 — 1,761 Income taxes payable (refundable) 15,016 (5 ) 806 — 15,817 Net cash flows from operating activities 64,186 36,242 18,468 (551 ) 118,345 Cash flows from investing activities: Purchase of property, plant and equipment (7,065 ) (3,147 ) (14,546 ) — (24,758 ) Proceeds from sale of assets 25 19 1,057 — 1,101 Other, net 24,268 (33,440 ) 14,517 551 5,896 Net cash flows from investing activities 17,228 (36,568 ) 1,028 551 (17,761 ) Cash flows from financing activities: Net borrowings under short-term agreements — — (5,890 ) — (5,890 ) Proceeds from long-term borrowings 33,000 — — — 33,000 Principal payments on long-term borrowings (33,212 ) — (445 ) — (33,657 ) Dividends paid (17,956 ) — — — (17,956 ) Dividends to noncontrolling interest — — (1,669 ) — (1,669 ) Proceeds from exercises under stock plans 9,454 — — — 9,454 Excess tax benefits from stock option exercises 1,394 — — — 1,394 Purchase of treasury shares (121,020 ) — — — (121,020 ) Purchase of common treasury shares - stock plan exercises (10,490 ) — — — (10,490 ) Net cash flows from financing activities (138,830 ) — (8,004 ) — (146,834 ) Effect of exchange rate changes on cash and cash equivalents — (31 ) (7,775 ) — (7,806 ) Net change in cash and cash equivalents (57,416 ) (357 ) 3,717 — (54,056 ) Cash and cash equivalents—beginning of year 69,869 2,157 299,553 — 371,579 Cash and cash equivalents—end of period $ 12,453 $ 1,800 $ 303,270 $ — $ 317,523

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 25, 2016
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 25, 2016 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 25, 2016 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 26, 2015 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 26, 2015 . The results of operations for the period ended June 25, 2016 are not necessarily indicative of the operating results for the full year.
Inventories	Inventories Approximately 38% and 39% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 25, 2016 and December 26, 2015 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods.
Income Taxes	Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 United States $ 44,240 $ 33,641 $ 83,840 $ 66,282 Foreign 18,403 9,715 29,247 25,519 $ 62,643 $ 43,356 $ 113,087 $ 91,801
Pension Benefits	Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.
Stock Plans	Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, non-vested stock awards and bonuses of common stock. At June 25, 2016 , 874,352 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant.
Equity Method Investments	Equity Method Investments The Company has equity method investments in non-consolidated subsidiaries, which are recorded within "Other assets" on the Condensed Consolidated Balance Sheet.
Fair Value	Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Comprehensive Income	Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates.
Subsequent Events
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-9 was to be effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date , which defers the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016 and should be applied prospectively. The Company is evaluating the provisions of this statement, including which period to adopt, and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 25, 2016
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: June 25, December 26, Raw materials and purchased parts $ 170,973 $ 162,977 Work-in-process 24,762 25,644 Finished goods and manufactured goods 212,572 187,126 Subtotal 408,307 375,747 Less: LIFO reserve 36,201 35,075 $ 372,106 $ 340,672
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 United States $ 44,240 $ 33,641 $ 83,840 $ 66,282 Foreign 18,403 9,715 29,247 25,519 $ 62,643 $ 43,356 $ 113,087 $ 91,801
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended Net periodic (benefit) expense: 2016 2015 2016 2015 Interest cost $ 6,659 $ 6,189 $ 13,042 $ 12,300 Expected return on plan assets (6,084 ) (6,344 ) (12,083 ) (12,605 ) Net periodic (benefit) expense $ 575 $ (155 ) $ 959 $ (305 )
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options	The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 Compensation expense $ 1,468 $ 1,303 $ 2,959 $ 2,653 Income tax benefits 565 501 1,139 1,021
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 40,108 $ 40,108 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 42,697 $ 42,697 $ — $ —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at June 25, 2016 and December 26, 2015: Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedge Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 26, 2015 $ (191,928 ) $ 3,678 $ (78,968 ) $ (267,218 ) Current-period comprehensive income (loss) (1,279 ) 38 — (1,241 ) Balance at June 25, 2016 $ (193,207 ) $ 3,716 $ (78,968 ) $ (268,459 )

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	6 Months Ended
	Jun. 25, 2016
Restructuring Cost and Reserve [Line Items]
Schedule of liabilities recorded for the restructuring plan and changes	Liabilities recorded for the restructuring Plan and changes therein for the first half of fiscal 2016 were as follows: Balance at December 26, 2015 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 25, 2016 Severance $ 1,307 $ — $ (1,188 ) $ 119 Other cash restructuring expenses 1,426 — (305 ) 1,121 Total $ 2,733 $ — $ (1,493 ) $ 1,240
2016 Plan
Restructuring Cost and Reserve [Line Items]
Schedule of restructuring activities	During the remainder of 2016, the Company estimates it will incur the following pre-tax expenses from the 2016 Plan: Energy & Mining Coatings Other/ Corporate TOTAL Severance $ 365 $ 380 $ — $ 745 Other cash restructuring expenses 1,728 285 — 2,013 Asset impairments/net loss on disposals 815 — — 815 Total cost of sales 2,908 665 — 3,573 Severance 240 715 — 955 Other cash restructuring expenses — — 200 200 Total selling, general and administrative expenses 240 715 200 1,155 Consolidated total $ 3,148 $ 1,380 $ 200 $ 4,728
Broad Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Schedule of restructuring activities	During the second quarter of fiscal 2015, the Company recognized the following pre-tax restructuring expenses: ESS Energy & Mining Utility Coatings Irrigation Other/ Corporate TOTAL Severance $ 32 $ 576 $ 1,380 $ 310 $ — $ — $ 2,298 Other cash restructuring expenses — 45 375 40 — — 460 Asset impairments/net loss on disposals 45 752 295 4,150 — — 5,242 Total cost of sales 77 1,373 2,050 4,500 — — 8,000 Severance 797 168 405 — 219 240 1,829 Other cash restructuring expenses 125 — — 269 — — 394 Asset impairments/net loss on disposals 2,030 — — — 130 1,890 4,050 Total selling, general and administrative expenses 2,952 168 405 269 349 2,130 6,273 Consolidated total $ 3,029 $ 1,541 $ 2,455 $ 4,769 $ 349 $ 2,130 $ 14,273

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 25, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	he components of amortized intangible assets at June 25, 2016 and December 26, 2015 were as follows: June 25, 2016 Gross Accumulated Weighted Customer Relationships $ 198,175 $ 107,359 13 years Proprietary Software & Database 3,632 3,031 8 years Patents & Proprietary Technology 6,922 3,687 11 years Other 3,856 3,790 3 years $ 212,585 $ 117,867 (4) GOODWILL AND INTANGIBLE ASSETS (Continued) December 26, 2015 Gross Accumulated Weighted Customer Relationships $ 201,801 $ 101,614 13 years Proprietary Software & Database 3,571 2,966 8 years Patents & Proprietary Technology 6,815 3,421 11 years Other 3,752 3,671 3 years $ 215,939 $ 111,672
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 25, 2016 and June 27, 2015 , respectively was as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2016 2015 2016 2015 $ 4,078 $ 4,737 $ 8,073 $ 9,650
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2016 $ 15,906 2017 15,624 2018 13,990 2019 13,209 2020 12,158
Schedule of non-amortized intangible assets	The carrying values of trade names at June 25, 2016 and December 26, 2015 were as follows: June 25, December 26, Year Acquired Webforge $ 9,545 $ 10,430 2010 Valmont SM 9,246 8,919 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 7,781 8,504 2010 Donhad 5,870 6,415 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,436 2,662 2010 Other 14,107 13,889 $ 64,096 $ 65,930
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of June 25, 2016 and December 26, 2015 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Gross goodwill at December 26, 2015 $ 101,275 $ 99,829 $ 75,404 $ 75,941 $ 19,359 $ 371,808 Accumulated impairment losses — (18,670 ) — (16,222 ) — (34,892 ) Balance at December 26, 2015 $ 101,275 $ 81,159 $ 75,404 $ 59,719 $ 19,359 $ 336,916 Foreign currency translation (2,589 ) (3,200 ) — 411 65 (5,313 ) Balance at June 25, 2016 $ 98,686 $ 77,959 $ 75,404 $ 60,130 $ 19,424 $ 331,603

CASH FLOW SUPPLEMENTARY INFOR21

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	6 Months Ended
	Jun. 25, 2016
Supplemental Cash Flow Elements [Abstract]
Cash payments for interest and income taxes (net of refunds)	Cash payments for interest and income taxes (net of refunds) for the twenty-six weeks ended June 25, 2016 and June 27, 2015 were as follows: 2016 2015 Interest $ 22,142 $ 22,898 Income taxes 28,791 14,280

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 25, 2016
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per share (EPS)	The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 25, 2016: Net earnings attributable to Valmont Industries, Inc. $ 42,026 $ — $ 42,026 Shares outstanding (000 omitted) 22,602 147 22,749 Per share amount $ 1.86 $ (0.01 ) $ 1.85 Thirteen weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ 27,873 $ — $ 27,873 Shares outstanding (000 omitted) 23,336 114 23,450 Per share amount $ 1.19 $ — $ 1.19 Twenty-six weeks ended June 25, 2016: Net earnings attributable to Valmont Industries, Inc. $ 74,995 $ — $ 74,995 Shares outstanding (000 omitted) 22,651 131 22,782 Per share amount $ 3.31 $ (0.02 ) $ 3.29 Twenty-six weeks ended June 27, 2015: Net earnings attributable to Valmont Industries, Inc. $ 58,612 $ — $ 58,612 Shares outstanding (000 omitted) 23,602 114 23,716 Per share amount $ 2.48 $ (0.01 ) $ 2.47

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 25, 2016
Segment Reporting [Abstract]
Segment reporting information of sales and operating income	(7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended Twenty-six Weeks Ended June 25, June 27, June 25, June 27, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 163,191 $ 154,821 $ 309,493 $ 300,169 Communication Products 40,725 45,935 71,394 78,491 Engineered Support Structures segment 203,916 200,756 380,887 378,660 Energy and Mining segment: Offshore and Other Complex Steel Structures 25,908 23,135 48,877 47,983 Grinding Media 21,018 25,856 40,508 53,347 Access Systems 33,766 37,311 63,756 73,033 Energy and Mining segment 80,692 86,302 153,141 174,363 Utility Support Structures segment: Steel 126,101 139,425 248,072 297,698 Concrete 25,144 23,504 47,693 41,572 Utility Support Structures segment 151,245 162,929 295,765 339,270 Coatings segment 75,298 76,093 143,879 150,453 Irrigation segment 152,252 173,303 310,766 347,880 Other — 2,342 — 4,511 Total 663,403 701,725 1,284,438 1,395,137 INTERSEGMENT SALES: Engineered Support Structures segment 8,114 4,133 19,126 11,239 Energy & Mining segment 1,409 52 3,067 101 Utility Support Structures segment 86 273 262 562 Coatings segment 11,886 12,178 21,699 24,725 Irrigation segment 1,659 1,758 3,430 3,482 Other — 1,208 — 2,507 Total 23,154 19,602 47,584 42,616 NET SALES: Engineered Support Structures segment 195,802 196,623 361,761 367,421 Energy & Mining segment 79,283 86,250 150,074 174,262 Utility Support Structures segment 151,159 162,656 295,503 338,708 Coatings segment 63,412 63,915 122,180 125,728 Irrigation segment 150,593 171,545 307,336 344,398 Other — 1,134 — 2,004 Total $ 640,249 $ 682,123 $ 1,236,854 $ 1,352,521 OPERATING INCOME: Engineered Support Structures segment $ 20,968 $ 16,219 $ 35,176 $ 25,669 Energy & Mining segment 3,341 2,698 5,243 7,064 Utility Support Structures segment 17,528 10,399 32,296 25,756 Coatings segment 14,023 7,862 25,436 18,861 Irrigation segment 27,763 31,865 56,608 62,039 Other — (1,271 ) — (2,379 ) Corporate (11,817 ) (13,772 ) (20,588 ) (25,327 ) Total $ 71,806 $ 54,000 $ 134,171 $ 111,683

GUARANTOR_NON-GUARANTOR FINAN24

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 25, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Condensed Consolidated Statements of Earnings	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 290,171 $ 97,159 $ 300,911 $ (47,992 ) $ 640,249 Cost of sales 211,675 71,234 229,248 (47,025 ) 465,132 Gross profit 78,496 25,925 71,663 (967 ) 175,117 Selling, general and administrative expenses 44,530 11,080 47,701 — 103,311 Operating income 33,966 14,845 23,962 (967 ) 71,806 Other income (expense): Interest expense (10,918 ) (3 ) (201 ) — (11,122 ) Interest income 46 14 647 — 707 Other 699 15 538 — 1,252 (10,173 ) 26 984 — (9,163 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,793 14,871 24,946 (967 ) 62,643 Income tax expense (benefit): Current 10,391 6,242 6,521 (409 ) 22,745 Deferred 1,068 (2,149 ) (2,463 ) — (3,544 ) 11,459 4,093 4,058 (409 ) 19,201 Earnings before equity in earnings of nonconsolidated subsidiaries 12,334 10,778 20,888 (558 ) 43,442 Equity in earnings of nonconsolidated subsidiaries 29,692 5,746 — (35,438 ) — Net earnings 42,026 16,524 20,888 (35,996 ) 43,442 Less: Earnings attributable to noncontrolling interests — — (1,416 ) — (1,416 ) Net earnings attributable to Valmont Industries, Inc $ 42,026 $ 16,524 $ 19,472 $ (35,996 ) $ 42,026 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 575,209 $ 188,685 $ 573,025 $ (100,065 ) $ 1,236,854 Cost of sales 419,536 139,096 440,641 (98,505 ) 900,768 Gross profit 155,673 49,589 132,384 (1,560 ) 336,086 Selling, general and administrative expenses 87,024 22,510 92,381 — 201,915 Operating income 68,649 27,079 40,003 (1,560 ) 134,171 Other income (expense): Interest expense (21,848 ) (3 ) (325 ) — (22,176 ) Interest income 113 39 1,366 — 1,518 Other 324 27 (777 ) — (426 ) (21,411 ) 63 264 — (21,084 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 47,238 27,142 40,267 (1,560 ) 113,087 Income tax expense (benefit): Current 15,974 8,814 9,000 (529 ) 33,259 Deferred 3,487 — (1,272 ) 2,215 19,461 8,814 7,728 (529 ) 35,474 Earnings before equity in earnings of nonconsolidated subsidiaries 27,777 18,328 32,539 (1,031 ) 77,613 Equity in earnings of nonconsolidated subsidiaries 47,218 7,859 (55,077 ) — Net earnings 74,995 26,187 32,539 (56,108 ) 77,613 Less: Earnings attributable to noncontrolling interests — — (2,618 ) — (2,618 ) Net earnings attributable to Valmont Industries, Inc $ 74,995 $ 26,187 $ 29,921 $ (56,108 ) $ 74,995 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 311,156 $ 102,090 $ 322,555 $ (53,678 ) $ 682,123 Cost of sales 232,779 78,149 254,666 (53,019 ) 512,575 Gross profit 78,377 23,941 67,889 (659 ) 169,548 Selling, general and administrative expenses 50,913 11,091 53,544 — 115,548 Operating income 27,464 12,850 14,345 (659 ) 54,000 Other income (expense): Interest expense (10,894 ) — (338 ) — (11,232 ) Interest income 4 2 610 — 616 Other (248 ) 24 196 — (28 ) (11,138 ) 26 468 — (10,644 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 16,326 12,876 14,813 (659 ) 43,356 Income tax expense (benefit): Current 7,545 5,223 6,547 (179 ) 19,136 Deferred (1,650 ) (51 ) (3,518 ) — (5,219 ) 5,895 5,172 3,029 (179 ) 13,917 Earnings before equity in earnings of nonconsolidated subsidiaries 10,431 7,704 11,784 (480 ) 29,439 Equity in earnings of nonconsolidated subsidiaries 17,442 876 — (18,318 ) — Net earnings 27,873 8,580 11,784 (18,798 ) 29,439 Less: Earnings attributable to noncontrolling interests — — (1,566 ) — (1,566 ) Net earnings attributable to Valmont Industries, Inc $ 27,873 $ 8,580 $ 10,218 $ (18,798 ) $ 27,873 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net sales $ 640,287 $ 198,038 $ 624,791 $ (110,595 ) $ 1,352,521 Cost of sales 482,646 153,045 491,651 (109,823 ) 1,017,519 Gross profit 157,641 44,993 133,140 (772 ) 335,002 Selling, general and administrative expenses 98,955 22,388 101,976 — 223,319 Operating income 58,686 22,605 31,164 (772 ) 111,683 Other income (expense): Interest expense (21,726 ) — (634 ) — (22,360 ) Interest income 13 4 1,473 — 1,490 Other (897 ) — 1,885 — 988 (22,610 ) 4 2,724 — (19,882 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 36,076 22,609 33,888 (772 ) 91,801 Income tax expense (benefit): Current 8,937 9,850 12,344 (221 ) 30,910 Deferred 3,819 (584 ) (3,290 ) — (55 ) 12,756 9,266 9,054 (221 ) 30,855 Earnings before equity in earnings of nonconsolidated subsidiaries 23,320 13,343 24,834 (551 ) 60,946 Equity in earnings of nonconsolidated subsidiaries 35,292 5,181 — (40,473 ) — Net earnings 58,612 18,524 24,834 (41,024 ) 60,946 Less: Earnings attributable to noncontrolling interests — — (2,334 ) — (2,334 ) Net earnings attributable to Valmont Industries, Inc $ 58,612 $ 18,524 $ 22,500 $ (41,024 ) $ 58,612
Condensed Consolidated Statements of Comprehensive Income	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 42,026 $ 16,524 $ 20,888 $ (35,996 ) $ 43,442 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) 2,925 29 (5,250 ) — (2,296 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income (5,592 ) — — 5,592 — Other comprehensive income (loss) (2,648 ) 29 (5,250 ) 5,592 (2,277 ) Comprehensive income (loss) 39,378 16,553 15,638 (30,404 ) 41,165 Comprehensive income attributable to noncontrolling interests — — (1,787 ) — (1,787 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 39,378 $ 16,553 $ 13,851 $ (30,404 ) $ 39,378 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 25, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 74,995 $ 26,187 $ 32,539 $ (56,108 ) $ 77,613 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) 2,925 (149 ) (2,559 ) — 217 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 38 — — — 38 Equity in other comprehensive income (1,279 ) — — 1,279 — Other comprehensive income (loss) 1,684 (149 ) (2,559 ) 1,279 255 Comprehensive income (loss) 76,679 26,038 29,980 (54,829 ) 77,868 Comprehensive income attributable to noncontrolling interests — — (4,114 ) — (4,114 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 76,679 $ 26,038 $ 25,866 $ (54,829 ) $ 73,754 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 27,873 $ 8,580 $ 11,784 $ (18,798 ) $ 29,439 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 76 18,252 — 18,328 Unrealized loss on cash flow hedge: Amortization cost included in interest expense 19 — — — 19 Actuarial gain (loss) in defined benefit pension plan liability (301 ) — 1,052 — 751 Equity in other comprehensive income 18,978 — — (18,978 ) — Other comprehensive income (loss) 18,696 76 19,304 (18,978 ) 19,098 Comprehensive income (loss) 46,569 8,656 31,088 (37,776 ) 48,537 Comprehensive income attributable to noncontrolling interests — — (1,968 ) — (1,968 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 46,569 $ 8,656 $ 29,120 $ (37,776 ) $ 46,569 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 27, 2015 Parent Guarantors Non- Eliminations Total Net earnings $ 58,612 $ 18,524 $ 24,834 $ (41,024 ) $ 60,946 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (8,812 ) (31,038 ) — (39,850 ) Unrealized loss on cash flow hedge: Amortization cost included in interest expense 37 — — — 37 Actuarial gain (loss) in defined benefit pension plan liability (209 ) — 1,254 — 1,045 Equity in other comprehensive income (36,903 ) — — 36,903 — Other comprehensive income (loss) (37,075 ) (8,812 ) (29,784 ) 36,903 (38,768 ) Comprehensive income (loss) 21,537 9,712 (4,950 ) (4,121 ) 22,178 Comprehensive income attributable to noncontrolling interests — — (641 ) — (641 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 21,537 $ 9,712 $ (5,591 ) $ (4,121 ) $ 21,537
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATED BALANCE SHEETS June 25, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,149 $ 4,022 $ 278,175 $ — $ 344,346 Receivables, net 130,354 58,203 278,192 — 466,749 Inventories 140,981 38,542 197,137 (4,554 ) 372,106 Prepaid expenses, restricted cash, and other assets 11,405 730 51,515 — 63,650 Refundable income taxes 20,441 — — — 20,441 Total current assets 365,330 101,497 805,019 (4,554 ) 1,267,292 Property, plant and equipment, at cost 540,415 145,857 419,683 — 1,105,955 Less accumulated depreciation and amortization 345,295 74,076 160,237 — 579,608 Net property, plant and equipment 195,120 71,781 259,446 — 526,347 Goodwill 20,108 110,562 200,933 — 331,603 Other intangible assets 211 38,460 120,143 — 158,814 Investment in subsidiaries and intercompany accounts 1,268,543 852,048 1,090,615 (3,211,206 ) — Other assets 40,034 3 71,780 — 111,817 Total assets $ 1,889,346 $ 1,174,351 $ 2,547,936 $ (3,215,760 ) $ 2,395,873 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 889 $ — $ 889 Notes payable to banks — — 3,735 — 3,735 Accounts payable 53,254 13,601 116,271 — 183,126 Accrued employee compensation and benefits 26,945 5,919 33,762 — 66,626 Accrued expenses 31,118 17,073 46,967 — 95,158 Dividends payable 8,505 — — — 8,505 Total current liabilities 119,822 36,593 201,624 — 358,039 Deferred income taxes 13,173 — 22,368 — 35,541 Long-term debt, excluding current installments 751,448 — 5,095 — 756,543 Defined benefit pension liability — — 164,329 — 164,329 Deferred compensation 43,887 — 5,078 — 48,965 Other noncurrent liabilities 4,934 5 33,346 — 38,285 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,790,120 584,900 530,930 (1,115,830 ) 1,790,120 Accumulated other comprehensive income (loss) (268,459 ) (64,511 ) (209,141 ) 273,652 (268,459 ) Treasury stock (593,479 ) — — — (593,479 ) Total Valmont Industries, Inc. shareholders’ equity 956,082 1,137,753 2,078,007 (3,215,760 ) 956,082 Noncontrolling interest in consolidated subsidiaries — — 38,089 — 38,089 Total shareholders’ equity 956,082 1,137,753 2,116,096 (3,215,760 ) 994,171 Total liabilities and shareholders’ equity $ 1,889,346 $ 1,174,351 $ 2,547,936 $ (3,215,760 ) $ 2,395,873 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 26, 2015 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 62,281 $ 4,008 $ 282,785 $ — $ 349,074 Receivables, net 130,741 66,387 269,315 — 466,443 Inventories 132,222 38,379 173,064 (2,993 ) 340,672 Prepaid expenses 9,900 766 35,471 — 46,137 Refundable income taxes 24,526 — — — 24,526 Total current assets 359,670 109,540 760,635 (2,993 ) 1,226,852 Property, plant and equipment, at cost 541,536 132,864 406,656 — 1,081,056 Less accumulated depreciation and amortization 334,471 69,956 144,140 — 548,567 Net property, plant and equipment 207,065 62,908 262,516 — 532,489 Goodwill 20,108 110,562 206,246 — 336,916 Other intangible assets 238 40,959 129,000 — 170,197 Investment in subsidiaries and intercompany accounts 1,239,228 813,779 939,177 (2,992,184 ) — Other assets 40,067 — 85,861 — 125,928 Total assets $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 215 $ — $ 862 $ — $ 1,077 Notes payable to banks — — 976 — 976 Accounts payable 66,723 13,680 99,580 — 179,983 Accrued employee compensation and benefits 32,272 6,347 31,735 — 70,354 Accrued expenses 31,073 22,802 51,718 — 105,593 Dividends payable 8,571 — — — 8,571 Total current liabilities 138,854 42,829 184,871 — 366,554 Deferred income taxes 9,686 — 25,983 — 35,669 Long-term debt, excluding current installments 751,765 — 5,153 — 756,918 Defined benefit pension liability — — 179,323 — 179,323 Deferred compensation 43,485 — 4,932 — 48,417 Other noncurrent liabilities 4,145 — 36,145 — 40,290 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,683 (1,106,633 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,729,679 541,917 354,727 (896,644 ) 1,729,679 Accumulated other comprehensive income (267,218 ) (64,362 ) (210,688 ) 275,050 (267,218 ) Treasury stock (571,920 ) — — — (571,920 ) Total Valmont Industries, Inc. shareholders’ equity 918,441 1,094,919 1,900,258 (2,995,177 ) 918,441 Noncontrolling interest in consolidated subsidiaries — — 46,770 — 46,770 Total shareholders’ equity 918,441 1,094,919 1,947,028 (2,995,177 ) 965,211 Total liabilities and shareholders’ equity $ 1,866,376 $ 1,137,748 $ 2,383,435 $ (2,995,177 ) $ 2,392,382
Condensed Consolidated Statements of Cash Flows	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 25, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 74,995 $ 26,187 $ 32,539 $ (56,108 ) $ 77,613 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 13,705 6,591 20,508 — 40,804 Noncash loss on trading securities — — 1,035 — 1,035 Stock-based compensation 4,201 — — — 4,201 Defined benefit pension plan expense — — 959 — 959 Contribution to defined benefit pension plan — — (712 ) — (712 ) Increase in restricted cash - pension plan trust — — (13,652 ) — (13,652 ) Loss (gain) on sale of property, plant and equipment (6 ) 60 1,020 — 1,074 Equity in earnings in nonconsolidated subsidiaries (47,218 ) (7,859 ) — 55,077 — Deferred income taxes 3,487 — (1,272 ) — 2,215 Changes in assets and liabilities: Receivables 386 8,185 (5,629 ) — 2,942 Inventories (8,757 ) (164 ) (21,974 ) 1,560 (29,335 ) Prepaid expenses and other assets (1,504 ) 35 (3,390 ) — (4,859 ) Accounts payable (13,469 ) (79 ) 14,978 — 1,430 Accrued expenses (4,040 ) (6,158 ) (3,438 ) — (13,636 ) Other noncurrent liabilities 868 5 (546 ) — 327 Income taxes payable (refundable) 19,033 (16,499 ) 6,982 — 9,516 Net cash flows from operating activities 41,681 10,304 27,408 529 79,922 Cash flows from investing activities: Purchase of property, plant and equipment (1,240 ) (13,167 ) (11,612 ) — (26,019 ) Proceeds from sale of assets 58 141 1,628 — 1,827 Other, net 918 2,641 (4,638 ) (529 ) (1,608 ) Net cash flows from investing activities (264 ) (10,385 ) (14,622 ) (529 ) (25,800 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 2,593 — 2,593 Principal payments on long-term borrowings (215 ) — (444 ) — (659 ) Dividends paid (17,098 ) — — — (17,098 ) Dividends to noncontrolling interest — — (1,923 ) — (1,923 ) Purchase of noncontrolling interest (137 ) — (10,872 ) — (11,009 ) Proceeds from exercises under stock plans 5,975 — — — 5,975 Purchase of treasury shares (28,621 ) — — — (28,621 ) Purchase of common treasury shares - stock plan exercises (1,453 ) — — — (1,453 ) Net cash flows from financing activities (41,549 ) — (10,646 ) — (52,195 ) Effect of exchange rate changes on cash and cash equivalents — 95 (6,750 ) — (6,655 ) Net change in cash and cash equivalents (132 ) 14 (4,610 ) — (4,728 ) Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 62,149 $ 4,022 $ 278,175 $ — $ 344,346 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 27, 2015 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 58,612 $ 18,524 $ 24,834 $ (41,024 ) $ 60,946 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 14,983 6,278 26,500 — 47,761 Noncash loss on trading securities — — 4,582 — 4,582 Impairment of assets - restructuring activities 1,890 215 7,187 — 9,292 Stock-based compensation 7,466 — (3,953 ) — 3,513 Defined benefit pension plan expense — — (305 ) — (305 ) Contribution to defined benefit pension plan — — (15,735 ) — (15,735 ) Gain on sale of property, plant and equipment (8 ) 97 453 — 542 Equity in earnings in nonconsolidated subsidiaries (35,292 ) (5,181 ) — 40,473 — Deferred income taxes 3,819 (584 ) (3,290 ) — (55 ) Changes in assets and liabilities: Receivables 12,153 13,807 6,551 — 32,511 Inventories 10,161 3,093 (41,000 ) — (27,746 ) Prepaid expenses 305 (160 ) (3,232 ) — (3,087 ) Accounts payable (8,538 ) 204 3,313 — (5,021 ) Accrued expenses (13,652 ) (46 ) 7,267 — (6,431 ) Other noncurrent liabilities (2,729 ) — 4,490 — 1,761 Income taxes payable (refundable) 15,016 (5 ) 806 — 15,817 Net cash flows from operating activities 64,186 36,242 18,468 (551 ) 118,345 Cash flows from investing activities: Purchase of property, plant and equipment (7,065 ) (3,147 ) (14,546 ) — (24,758 ) Proceeds from sale of assets 25 19 1,057 — 1,101 Other, net 24,268 (33,440 ) 14,517 551 5,896 Net cash flows from investing activities 17,228 (36,568 ) 1,028 551 (17,761 ) Cash flows from financing activities: Net borrowings under short-term agreements — — (5,890 ) — (5,890 ) Proceeds from long-term borrowings 33,000 — — — 33,000 Principal payments on long-term borrowings (33,212 ) — (445 ) — (33,657 ) Dividends paid (17,956 ) — — — (17,956 ) Dividends to noncontrolling interest — — (1,669 ) — (1,669 ) Proceeds from exercises under stock plans 9,454 — — — 9,454 Excess tax benefits from stock option exercises 1,394 — — — 1,394 Purchase of treasury shares (121,020 ) — — — (121,020 ) Purchase of common treasury shares - stock plan exercises (10,490 ) — — — (10,490 ) Net cash flows from financing activities (138,830 ) — (8,004 ) — (146,834 ) Effect of exchange rate changes on cash and cash equivalents — (31 ) (7,775 ) — (7,806 ) Net change in cash and cash equivalents (57,416 ) (357 ) 3,717 — (54,056 ) Cash and cash equivalents—beginning of year 69,869 2,157 299,553 — 371,579 Cash and cash equivalents—end of period $ 12,453 $ 1,800 $ 303,270 $ — $ 317,523

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Accounting Policies [Abstract]
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent)	38.00%	39.00%
Excess of replacement cost of inventories over the LIFO value	$ 36,201	$ 35,075
Inventory, Net [Abstract]
Raw materials and purchased parts	170,973	162,977
Work-in-process	24,762	25,644
Finished goods and manufactured goods	212,572	187,126
Subtotal	408,307	375,747
Less: LIFO reserve	36,201	35,075
Net inventory	$ 372,106	$ 340,672

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Accounting Policies [Abstract]
United States	$ 44,240	$ 33,641	$ 83,840	$ 66,282
Foreign	18,403	9,715	29,247	25,519
Earnings before income taxes	$ 62,643	$ 43,356	$ 113,087	$ 91,801

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Net periodic (benefit) expense:
Interest cost	$ 6,659	$ 6,189	$ 13,042	$ 12,300
Expected return on plan assets	(6,084)	(6,344)	(12,083)	(12,605)
Net periodic (benefit) expense	$ 575	$ (155)	$ 959	$ (305)

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - Stock Option Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	874,352		874,352
Compensation expense	$ 1,468	$ 1,303	$ 2,959	$ 2,653
Income tax benefits	$ 565	$ 501	$ 1,139	$ 1,021
Minimum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years
Expiration period of grant			6 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			7 years
Expiration period of grant			10 years

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	$ 40,108	$ 42,697
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	$ 40,108	$ 42,697

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2016USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (267,218)
Balance at the end of the period	(268,459)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(191,928)
Current-period comprehensive income (loss)	(1,279)
Balance at the end of the period	(193,207)
Unrealized Gain on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	3,678
Current-period comprehensive income (loss)	38
Balance at the end of the period	3,716
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(78,968)
Current-period comprehensive income (loss)	0
Balance at the end of the period	(78,968)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(267,218)
Current-period comprehensive income (loss)	(1,241)
Balance at the end of the period	$ (268,459)

SUMMARY OF SIGNIFICANT ACCOUN31

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

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Investment Hedge (Details)	Jun. 25, 2016USD ($)
Accounting Policies [Abstract]
Unrealized gain on net investment hedge	$ 2,925

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2016	Apr. 30, 2016	Jun. 25, 2016	May 31, 2016	Dec. 26, 2015
Acquisitions
Goodwill				$ 331,603,000		$ 336,916,000
Ownership percentage by noncontrolling owners					10.00%
American Galvanizing
Acquisitions
Payments to Acquire Businesses, Net of Cash Acquired	$ 12,778,000
Annual sales	10,000,000
Goodwill	3,019,000
Intangible assets	$ 2,178,000
IGC Galvanizing Industries (M) Sdn Bhd
Acquisitions
Percentage acquired			30.00%
Consideration transfered			$ 5,841,000
Valmont SM
Acquisitions
Percentage acquired				5.20%
Consideration transfered		$ 5,168,000

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - Broad Restructuring Plan - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 14,273	$ 40
Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		20
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		1
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	8,000	22
Cost of Sales | Other cash restructuring expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	460
Cost of Sales | Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	5,242
Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,298
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	6,273	$ 18
Selling, General and Administrative Expenses | Other cash restructuring expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	394
Selling, General and Administrative Expenses | Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,050
Selling, General and Administrative Expenses | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 1,829

RESTRUCTURING ACTIVITIES - Pre-

RESTRUCTURING ACTIVITIES - Pre-tax Restructuring Expenses To Be Recognized (Details) - 2016 Plan $ in Thousands	Jun. 25, 2016USD ($)
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 3,573
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	4,728
Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	745
Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	955
Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,013
Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	200
Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	815
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	1,155
Energy & Mining | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,908
Energy & Mining | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	3,148
Energy & Mining | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	365
Energy & Mining | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	240
Energy & Mining | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	1,728
Energy & Mining | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Energy & Mining | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	815
Energy & Mining | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	240
Coatings | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	665
Coatings | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	1,380
Coatings | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	380
Coatings | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	715
Coatings | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	285
Coatings | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Coatings | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Coatings | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	715
Other/ Corporate | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Other/ Corporate | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	200
Other/ Corporate | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Other/ Corporate | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Other/ Corporate | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Other/ Corporate | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	200
Other/ Corporate | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	0
Other/ Corporate | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 200

RESTRUCTURING ACTIVITIES - Pr36

RESTRUCTURING ACTIVITIES - Pre-tax Restructuring Expenses Recognized (Details) - Broad Restructuring Plan - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 14,273	$ 40
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	8,000	22
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	6,273	18
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		1
Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,298
Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1,829
Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	460
Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	394
Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		$ 20
Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	5,242
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,050
ESS
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	3,029
ESS | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	77
ESS | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,952
ESS | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	32
ESS | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	797
ESS | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
ESS | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	125
ESS | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	45
ESS | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,030
Energy & Mining
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1,541
Energy & Mining | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1,373
Energy & Mining | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	168
Energy & Mining | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	576
Energy & Mining | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	168
Energy & Mining | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	45
Energy & Mining | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Energy & Mining | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	752
Energy & Mining | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Utility
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,455
Utility | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,050
Utility | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	405
Utility | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	1,380
Utility | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	405
Utility | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	375
Utility | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Utility | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	295
Utility | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Coatings
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,769
Coatings | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,500
Coatings | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	269
Coatings | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	310
Coatings | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Coatings | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	40
Coatings | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	269
Coatings | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,150
Coatings | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	349
Irrigation | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	349
Irrigation | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	219
Irrigation | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Irrigation | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	130
Other/ Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,130
Other/ Corporate | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Other/ Corporate | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,130
Other/ Corporate | Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Other/ Corporate | Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	240
Other/ Corporate | Other cash restructuring expenses | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Other/ Corporate | Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Other/ Corporate | Asset impairments/net loss on disposals | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	0
Other/ Corporate | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	$ 1,890

RESTRUCTURING ACTIVITIES - Liab

RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2016USD ($)
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	$ 2,733
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(1,493)
Ending balance	1,240
Severance
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,307
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(1,188)
Ending balance	119
Other cash restructuring expenses
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,426
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(305)
Ending balance	$ 1,121

GOODWILL AND INTANGIBLE ASSET38

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015	Dec. 27, 2014	Dec. 26, 2015
Components of amortized intangible assets
Gross Carrying Amount	$ 212,585		$ 212,585			$ 215,939
Accumulated Amortization	117,867		117,867			111,672
Amortization expense for intangible assets	4,078	$ 4,737	8,073	$ 9,650
Estimated amortization expense
2,015	15,906		15,906
2,016	15,624		15,624
2,017	13,990		13,990
2,018	13,209		13,209
2,019	12,158		12,158
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	198,175		198,175			201,801
Accumulated Amortization	107,359		$ 107,359			101,614
Weighted Average Life			13 years		13 years
Proprietary Software & Database
Components of amortized intangible assets
Gross Carrying Amount	3,632		$ 3,632			3,571
Accumulated Amortization	3,031		$ 3,031			2,966
Weighted Average Life			8 years		8 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	6,922		$ 6,922			6,815
Accumulated Amortization	3,687		$ 3,687			3,421
Weighted Average Life			11 years		11 years
Other
Components of amortized intangible assets
Gross Carrying Amount	3,856		$ 3,856			3,752
Accumulated Amortization	$ 3,790		$ 3,790			$ 3,671
Weighted Average Life			3 years		3 years

GOODWILL AND INTANGIBLE ASSET39

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Webforge
Non-amortized intangible assets
Carrying value of trade names	$ 9,545	$ 10,430
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	9,246	8,919
Newmark
Non-amortized intangible assets
Carrying value of trade names	11,111	11,111
Ingal EPS/Ingal Civil Products
Non-amortized intangible assets
Carrying value of trade names	7,781	8,504
Donhad
Non-amortized intangible assets
Carrying value of trade names	5,870	6,415
Shakespeare
Non-amortized intangible assets
Carrying value of trade names	4,000	4,000
Industrial Galvanizers
Non-amortized intangible assets
Carrying value of trade names	2,436	2,662
Other
Non-amortized intangible assets
Carrying value of trade names	14,107	13,889
Trade Names
Non-amortized intangible assets
Carrying value of trade names	$ 64,096	$ 65,930

GOODWILL AND INTANGIBLE ASSET40

GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Dec. 26, 2015	Jun. 25, 2016
ESS | Webforge
Indefinite-lived Intangible Assets [Line Items]
Impairment	$ 5,000	$ 1
Coatings Segment | Industrial Galvanizers
Indefinite-lived Intangible Assets [Line Items]
Impairment			$ 1,100

GOODWILL AND INTANGIBLE ASSET41

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 25, 2016	Jun. 25, 2016	Dec. 26, 2015
Goodwill
Goodwill, Gross			$ 371,808
Carrying amount of goodwill
Balance at the beginning of the period		$ 336,916
Balance at December 26, 2015			(34,892)
Foreign currency translation		(5,313)
Balance at the end of the period	$ 331,603	331,603	336,916
Engineered Support Structures Segment
Goodwill
Goodwill, Gross			101,275
Carrying amount of goodwill
Balance at the beginning of the period		101,275
Foreign currency translation		(2,589)
Balance at the end of the period	98,686	98,686	101,275
Energy and Mining Segment
Goodwill
Goodwill, Gross			99,829
Carrying amount of goodwill
Balance at the beginning of the period		81,159
Balance at December 26, 2015			(18,670)
Foreign currency translation	(3,200)
Balance at the end of the period	77,959	77,959	81,159
Utility Support Structures Segment
Goodwill
Goodwill, Gross			75,404
Carrying amount of goodwill
Balance at the beginning of the period		75,404
Foreign currency translation		0
Balance at the end of the period	75,404	75,404	75,404
Coatings Segment
Goodwill
Goodwill, Gross			75,941
Carrying amount of goodwill
Balance at the beginning of the period		59,719
Balance at December 26, 2015	(9,100)		(16,222)
Foreign currency translation		411
Balance at the end of the period	60,130	60,130	59,719
Irrigation Segment
Goodwill
Goodwill, Gross			19,359
Carrying amount of goodwill
Balance at the beginning of the period		19,359
Foreign currency translation		65
Balance at the end of the period	$ 19,424	$ 19,424	$ 19,359

CASH FLOW SUPPLEMENTARY INFOR42

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($)	May 13, 2014	Jun. 25, 2016	Jun. 27, 2015	Sep. 26, 2015	Feb. 24, 2015
Supplemental Cash Flow Elements [Abstract]
Increased dividend (as a percent)	50.00%
Maximum amount of common stock authorized to repurchase under share repurchase program	$ 500,000,000				$ 250,000,000
Period over which common stock are authorized to repurchase under share repurchase program	12 months
Shares acquired under share repurchase program		4,392,435
Value of shares acquired under share repurchase program		$ 28,621,000	$ 121,020,000	$ 592,600,000
Supplemental Cash Flow Information [Abstract]
Interest		22,142,000	22,898,000
Income taxes		$ 28,791,000	$ 14,280,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 42,026,000	$ 27,873,000	$ 74,995,000	$ 58,612,000
Shares outstanding basic (in shares)	22,602,000	23,336,000	22,651,000	23,602,000
Per share amount basic (in dollars per share)	$ 1.86	$ 1.19	$ 3.31	$ 2.48
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	147,000	114,000	131,000	114,000
Dilutive effect of stock options (in dollars per share)	$ (0.01)	$ 0	$ (0.02)	$ (0.01)
Diluted EPS
Diluted EPS	$ 42,026,000	$ 27,873,000	$ 74,995,000	$ 58,612,000
Shares outstanding dilutive (in shares)	22,749,000	23,450,000	22,782,000	23,716,000
Per share amount diluted (in dollars per share)	$ 1.85	$ 1.19	$ 3.29	$ 2.47
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)			381,973	452,459

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016USD ($)	Jun. 27, 2015USD ($)	Jun. 25, 2016USD ($)segment	Jun. 27, 2015USD ($)
Business Segments
Number of reportable segments | segment			5
Maximum percentage of sales of other businesses and activities to consolidated sales as basis for aggregation			1.00%
Net sales	$ 640,249	$ 682,123	$ 1,236,854	$ 1,352,521
Operating income	71,806	54,000	134,171	111,683
Engineered Support Structures Segment
Business Segments
Net sales	195,802	196,623	361,761	367,421
Operating income	20,968	16,219	35,176	25,669
Energy and Mining Segment
Business Segments
Net sales	79,283	86,250	150,074	174,262
Operating income	3,341	2,698	5,243	7,064
Utility Support Structures Segment
Business Segments
Net sales	151,159	162,656	295,503	338,708
Operating income	17,528	10,399	32,296	25,756
Coatings Segment
Business Segments
Net sales	63,412	63,915	122,180	125,728
Operating income	14,023	7,862	25,436	18,861
Irrigation Segment
Business Segments
Net sales	150,593	171,545	307,336	344,398
Operating income	27,763	31,865	56,608	62,039
Other
Business Segments
Net sales	0	1,134	0	2,004
Operating income	0	(1,271)	0	(2,379)
Corporate
Business Segments
Operating income	(11,817)	(13,772)	(20,588)	(25,327)
Operating Segment
Business Segments
Sales	663,403	701,725	1,284,438	1,395,137
Operating Segment | Engineered Support Structures Segment
Business Segments
Sales	203,916	200,756	380,887	378,660
Operating Segment | Engineered Support Structures Segment | Lighting, Traffic, and Roadway Products
Business Segments
Sales	163,191	154,821	309,493	300,169
Operating Segment | Engineered Support Structures Segment | Communication Products
Business Segments
Sales	40,725	45,935	71,394	78,491
Operating Segment | Energy and Mining Segment
Business Segments
Sales	80,692	86,302	153,141	174,363
Operating Segment | Energy and Mining Segment | Offshore Structures
Business Segments
Sales	33,766	37,311	48,877	47,983
Operating Segment | Energy and Mining Segment | Grinding Media [Member]
Business Segments
Sales	25,908	23,135	40,508	53,347
Operating Segment | Energy and Mining Segment | Access Systems
Business Segments
Sales	21,018	25,856	63,756	73,033
Operating Segment | Utility Support Structures Segment
Business Segments
Sales	151,245	162,929	295,765	339,270
Operating Segment | Utility Support Structures Segment | Steel
Business Segments
Sales	126,101	139,425	248,072	297,698
Operating Segment | Utility Support Structures Segment | Concrete
Business Segments
Sales	25,144	23,504	47,693	41,572
Operating Segment | Coatings Segment
Business Segments
Sales	75,298	76,093	143,879	150,453
Operating Segment | Irrigation Segment
Business Segments
Sales	152,252	173,303	310,766	347,880
Operating Segment | Other
Business Segments
Sales	0	2,342	0	4,511
Intersegment
Business Segments
Sales	23,154	19,602	47,584	42,616
Intersegment | Engineered Support Structures Segment
Business Segments
Sales	8,114	4,133	19,126	11,239
Intersegment | Energy and Mining Segment
Business Segments
Sales	1,409	52	3,067	101
Intersegment | Utility Support Structures Segment
Business Segments
Sales	86	273	262	562
Intersegment | Coatings Segment
Business Segments
Sales	11,886	12,178	21,699	24,725
Intersegment | Irrigation Segment
Business Segments
Sales	1,659	1,758	3,430	3,482
Intersegment | Other
Business Segments
Sales	$ 0	$ 1,208	$ 0	$ 2,507

GUARANTOR_NON-GUARANTOR FINAN45

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
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	$ 640,249	$ 682,123	$ 1,236,854	$ 1,352,521
Cost of sales	465,132	512,575	900,768	1,017,519
Gross profit	175,117	169,548	336,086	335,002
Selling, general and administrative expenses	103,311	115,548	201,915	223,319
Operating income	71,806	54,000	134,171	111,683
Other income (expense):
Interest expense	(11,122)	(11,232)	(22,176)	(22,360)
Interest income	707	616	1,518	1,490
Other	1,252	(28)	(426)	988
Total other income (expenses)	(9,163)	(10,644)	(21,084)	(19,882)
Earnings before income taxes	62,643	43,356	113,087	91,801
Income tax expense (benefit):
Current	22,745	19,136	33,259	30,910
Deferred income taxes	(3,544)	(5,219)	2,215	(55)
Total income tax expense (benefit)	19,201	13,917	35,474	30,855
Earnings before equity in earnings of nonconsolidated subsidiaries	43,442	29,439	77,613	60,946
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	43,442	29,439	77,613	60,946
Less: Earnings attributable to noncontrolling interests	(1,416)	(1,566)	(2,618)	(2,334)
Net earnings attributable to Valmont Industries, Inc.	42,026	27,873	74,995	58,612
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	290,171	311,156	575,209	640,287
Cost of sales	211,675	232,779	419,536	482,646
Gross profit	78,496	78,377	155,673	157,641
Selling, general and administrative expenses	44,530	50,913	87,024	98,955
Operating income	33,966	27,464	68,649	58,686
Other income (expense):
Interest expense	(10,918)	(10,894)	(21,848)	(21,726)
Interest income	46	4	113	13
Other	699	(248)	324	(897)
Total other income (expenses)	(10,173)	(11,138)	(21,411)	(22,610)
Earnings before income taxes	23,793	16,326	47,238	36,076
Income tax expense (benefit):
Current	10,391	7,545	15,974	8,937
Deferred income taxes	1,068	(1,650)	3,487	3,819
Total income tax expense (benefit)	11,459	5,895	19,461	12,756
Earnings before equity in earnings of nonconsolidated subsidiaries	12,334	10,431	27,777	23,320
Equity in earnings of nonconsolidated subsidiaries	29,692	17,442	47,218	35,292
Net earnings	42,026	27,873	74,995	58,612
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	42,026	27,873	74,995	58,612
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	97,159	102,090	188,685	198,038
Cost of sales	71,234	78,149	139,096	153,045
Gross profit	25,925	23,941	49,589	44,993
Selling, general and administrative expenses	11,080	11,091	22,510	22,388
Operating income	14,845	12,850	27,079	22,605
Other income (expense):
Interest expense	(3)	0	(3)	0
Interest income	14	2	39	4
Other	15	24	27	0
Total other income (expenses)	26	26	63	4
Earnings before income taxes	14,871	12,876	27,142	22,609
Income tax expense (benefit):
Current	6,242	5,223	8,814	9,850
Deferred income taxes	(2,149)	(51)	0	(584)
Total income tax expense (benefit)	4,093	5,172	8,814	9,266
Earnings before equity in earnings of nonconsolidated subsidiaries	10,778	7,704	18,328	13,343
Equity in earnings of nonconsolidated subsidiaries	5,746	876	7,859	5,181
Net earnings	16,524	8,580	26,187	18,524
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	16,524	8,580	26,187	18,524
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	300,911	322,555	573,025	624,791
Cost of sales	229,248	254,666	440,641	491,651
Gross profit	71,663	67,889	132,384	133,140
Selling, general and administrative expenses	47,701	53,544	92,381	101,976
Operating income	23,962	14,345	40,003	31,164
Other income (expense):
Interest expense	(201)	(338)	(325)	(634)
Interest income	647	610	1,366	1,473
Other	538	196	(777)	1,885
Total other income (expenses)	984	468	264	2,724
Earnings before income taxes	24,946	14,813	40,267	33,888
Income tax expense (benefit):
Current	6,521	6,547	9,000	12,344
Deferred income taxes	(2,463)	(3,518)	(1,272)	(3,290)
Total income tax expense (benefit)	4,058	3,029	7,728	9,054
Earnings before equity in earnings of nonconsolidated subsidiaries	20,888	11,784	32,539	24,834
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	20,888	11,784	32,539	24,834
Less: Earnings attributable to noncontrolling interests	(1,416)	(1,566)	(2,618)	(2,334)
Net earnings attributable to Valmont Industries, Inc.	19,472	10,218	29,921	22,500
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	(47,992)	(53,678)	(100,065)	(110,595)
Cost of sales	(47,025)	(53,019)	(98,505)	(109,823)
Gross profit	(967)	(659)	(1,560)	(772)
Selling, general and administrative expenses	0	0	0	0
Operating income	(967)	(659)	(1,560)	(772)
Other income (expense):
Interest expense	0	0	0	0
Interest income	0	0	0	0
Other	0	0	0	0
Total other income (expenses)	0	0	0	0
Earnings before income taxes	(967)	(659)	(1,560)	(772)
Income tax expense (benefit):
Current	(409)	(179)	(529)	(221)
Deferred income taxes	0	0	0	0
Total income tax expense (benefit)	(409)	(179)	(529)	(221)
Earnings before equity in earnings of nonconsolidated subsidiaries	(558)	(480)	(1,031)	(551)
Equity in earnings of nonconsolidated subsidiaries	(35,438)	(18,318)	(55,077)	(40,473)
Net earnings	(35,996)	(18,798)	(56,108)	(41,024)
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	$ (35,996)	$ (18,798)	$ (56,108)	$ (41,024)

GUARANTOR_NON-GUARANTOR FINAN46

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	$ 43,442	$ 29,439	$ 77,613	$ 60,946
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(2,296)	18,328	217	(39,850)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	19	38	37
Gain on cash flow hedges	0	751	0	1,045
Actuarial gain (loss) in defined benefit pension plan liability		751		1,045
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	(2,277)	19,098	255	(38,768)
Comprehensive income	41,165	48,537	77,868	22,178
Comprehensive loss (income) attributable to noncontrolling interests	(1,787)	(1,968)	(4,114)	(641)
Comprehensive income attributable to Valmont Industries, Inc.	39,378	46,569	73,754	21,537
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	42,026	27,873	74,995	58,612
Foreign currency translation adjustments:
Unrealized translation gain (loss)	2,925	0	2,925	0
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	19	19	38	37
Actuarial gain (loss) in defined benefit pension plan liability		(301)		(209)
Equity in other comprehensive income	(5,592)	18,978	(1,279)	(36,903)
Other comprehensive income (loss)	(2,648)	18,696	1,684	(37,075)
Comprehensive income	39,378	46,569	76,679	21,537
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	39,378	46,569	76,679	21,537
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	16,524	8,580	26,187	18,524
Foreign currency translation adjustments:
Unrealized translation gain (loss)	29	76	(149)	(8,812)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0	0	0
Actuarial gain (loss) in defined benefit pension plan liability		0		0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	29	76	(149)	(8,812)
Comprehensive income	16,553	8,656	26,038	9,712
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	16,553	8,656	26,038	9,712
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	20,888	11,784	32,539	24,834
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(5,250)	18,252	(2,559)	(31,038)
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0	0	0
Actuarial gain (loss) in defined benefit pension plan liability		1,052		1,254
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	(5,250)	19,304	(2,559)	(29,784)
Comprehensive income	15,638	31,088	29,980	(4,950)
Comprehensive loss (income) attributable to noncontrolling interests	(1,787)	(1,968)	(4,114)	(641)
Comprehensive income attributable to Valmont Industries, Inc.	13,851	29,120	25,866	(5,591)
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	(35,996)	(18,798)	(56,108)	(41,024)
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0	0	0
Unrealized gain/(loss) on cash flow hedge:
Amortization cost included in interest expense	0	0	0	0
Actuarial gain (loss) in defined benefit pension plan liability		0		0
Equity in other comprehensive income	5,592	(18,978)	1,279	36,903
Other comprehensive income (loss)	5,592	(18,978)	1,279	36,903
Comprehensive income	(30,404)	(37,776)	(54,829)	(4,121)
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	$ (30,404)	$ (37,776)	$ (54,829)	$ (4,121)

GUARANTOR_NON-GUARANTOR FINAN47

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015	Jun. 27, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 344,346	$ 349,074	$ 317,523	$ 371,579
Receivables, net	466,749	466,443
Inventories	372,106	340,672
Prepaid expenses, restricted cash, and other assets	63,650	46,137
Refundable income taxes	20,441	24,526
Total current assets	1,267,292	1,226,852
Property, plant and equipment, at cost	1,105,955	1,081,056
Less accumulated depreciation and amortization	579,608	548,567
Net property, plant and equipment	526,347	532,489
Goodwill	331,603	336,916
Other intangible assets	158,814	170,197
Investment in subsidiaries and intercompany accounts	0	0
Other assets	111,817	125,928
Total assets	2,395,873	2,392,382
Current liabilities:
Current installments of long-term debt	889	1,077
Notes payable to banks	3,735	976
Accounts payable	183,126	179,983
Accrued employee compensation and benefits	66,626	70,354
Accrued expenses	95,158	105,593
Dividends payable	8,505	8,571
Total current liabilities	(358,039)	(366,554)
Deferred income taxes	35,541	35,669
Long-term debt, excluding current installments	756,543	756,918
Defined benefit pension liability	164,329	179,323
Deferred compensation	48,965	48,417
Other noncurrent liabilities	38,285	40,290
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,790,120	1,729,679
Accumulated other comprehensive loss	(268,459)	(267,218)
Treasury stock	(593,479)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	956,082	918,441
Noncontrolling interest in consolidated subsidiaries	38,089	46,770
Total shareholders’ equity	994,171	965,211	1,140,593	1,250,405
Total liabilities and shareholders’ equity	2,395,873	2,392,382
Parent
Current assets:
Cash and cash equivalents	62,149	62,281	12,453	69,869
Receivables, net	130,354	130,741
Inventories	140,981	132,222
Prepaid expenses, restricted cash, and other assets	11,405	9,900
Refundable income taxes	20,441	24,526
Total current assets	365,330	359,670
Property, plant and equipment, at cost	540,415	541,536
Less accumulated depreciation and amortization	345,295	334,471
Net property, plant and equipment	195,120	207,065
Goodwill	20,108	20,108
Other intangible assets	211	238
Investment in subsidiaries and intercompany accounts	1,268,543	1,239,228
Other assets	40,034	40,067
Total assets	1,889,346	1,866,376
Current liabilities:
Current installments of long-term debt	0	215
Notes payable to banks	0	0
Accounts payable	53,254	66,723
Accrued employee compensation and benefits	26,945	32,272
Accrued expenses	31,118	31,073
Dividends payable	8,505	8,571
Total current liabilities	(119,822)	(138,854)
Deferred income taxes	13,173	9,686
Long-term debt, excluding current installments	751,448	751,765
Defined benefit pension liability	0	0
Deferred compensation	43,887	43,485
Other noncurrent liabilities	4,934	4,145
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,790,120	1,729,679
Accumulated other comprehensive loss	(268,459)	(267,218)
Treasury stock	(593,479)	(571,920)
Total Valmont Industries, Inc. shareholders’ equity	956,082	918,441
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	956,082	918,441
Total liabilities and shareholders’ equity	1,889,346	1,866,376
Guarantors
Current assets:
Cash and cash equivalents	4,022	4,008	1,800	2,157
Receivables, net	58,203	66,387
Inventories	38,542	38,379
Prepaid expenses, restricted cash, and other assets	730	766
Refundable income taxes	0	0
Total current assets	101,497	109,540
Property, plant and equipment, at cost	145,857	132,864
Less accumulated depreciation and amortization	74,076	69,956
Net property, plant and equipment	71,781	62,908
Goodwill	110,562	110,562
Other intangible assets	38,460	40,959
Investment in subsidiaries and intercompany accounts	852,048	813,779
Other assets	3	0
Total assets	1,174,351	1,137,748
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	13,601	13,680
Accrued employee compensation and benefits	5,919	6,347
Accrued expenses	17,073	22,802
Dividends payable	0	0
Total current liabilities	(36,593)	(42,829)
Deferred income taxes	0	0
Long-term debt, excluding current installments	0	0
Defined benefit pension liability	0	0
Deferred compensation	0	0
Other noncurrent liabilities	5	0
Shareholders’ equity:
Common stock of $1 par value	457,950	457,950
Additional paid-in capital	159,414	159,414
Retained earnings	584,900	541,917
Accumulated other comprehensive loss	(64,511)	(64,362)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	1,137,753	1,094,919
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	1,137,753	1,094,919
Total liabilities and shareholders’ equity	1,174,351	1,137,748
Non- Guarantors
Current assets:
Cash and cash equivalents	278,175	282,785	303,270	299,553
Receivables, net	278,192	269,315
Inventories	197,137	173,064
Prepaid expenses, restricted cash, and other assets	51,515	35,471
Refundable income taxes	0	0
Total current assets	805,019	760,635
Property, plant and equipment, at cost	419,683	406,656
Less accumulated depreciation and amortization	160,237	144,140
Net property, plant and equipment	259,446	262,516
Goodwill	200,933	206,246
Other intangible assets	120,143	129,000
Investment in subsidiaries and intercompany accounts	1,090,615	939,177
Other assets	71,780	85,861
Total assets	2,547,936	2,383,435
Current liabilities:
Current installments of long-term debt	889	862
Notes payable to banks	3,735	976
Accounts payable	116,271	99,580
Accrued employee compensation and benefits	33,762	31,735
Accrued expenses	46,967	51,718
Dividends payable	0	0
Total current liabilities	(201,624)	(184,871)
Deferred income taxes	22,368	25,983
Long-term debt, excluding current installments	5,095	5,153
Defined benefit pension liability	164,329	179,323
Deferred compensation	5,078	4,932
Other noncurrent liabilities	33,346	36,145
Shareholders’ equity:
Common stock of $1 par value	648,682	648,683
Additional paid-in capital	1,107,536	1,107,536
Retained earnings	530,930	354,727
Accumulated other comprehensive loss	(209,141)	(210,688)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	2,078,007	1,900,258
Noncontrolling interest in consolidated subsidiaries	38,089	46,770
Total shareholders’ equity	2,116,096	1,947,028
Total liabilities and shareholders’ equity	2,547,936	2,383,435
Eliminations
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables, net	0	0
Inventories	(4,554)	(2,993)
Prepaid expenses, restricted cash, and other assets	0	0
Refundable income taxes	0	0
Total current assets	(4,554)	(2,993)
Property, plant and equipment, at cost	0	0
Less accumulated depreciation and amortization	0	0
Net property, plant and equipment	0	0
Goodwill	0	0
Other intangible assets	0	0
Investment in subsidiaries and intercompany accounts	(3,211,206)	(2,992,184)
Other assets	0	0
Total assets	(3,215,760)	(2,995,177)
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	0	0
Accrued employee compensation and benefits	0	0
Accrued expenses	0	0
Dividends payable	0	0
Total current liabilities	0	0
Deferred income taxes	0	0
Long-term debt, excluding current installments	0	0
Defined benefit pension liability	0	0
Deferred compensation	0	0
Other noncurrent liabilities	0	0
Shareholders’ equity:
Common stock of $1 par value	(1,106,632)	(1,106,633)
Additional paid-in capital	(1,266,950)	(1,266,950)
Retained earnings	(1,115,830)	(896,644)
Accumulated other comprehensive loss	273,652	275,050
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	(3,215,760)	(2,995,177)
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	(3,215,760)	(2,995,177)
Total liabilities and shareholders’ equity	$ (3,215,760)	$ (2,995,177)

GUARANTOR_NON-GUARANTOR FINAN48

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares	Jun. 25, 2016	Dec. 26, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

GUARANTOR_NON-GUARANTOR FINAN49

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		16 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015	Sep. 26, 2015
Cash flows from operating activities:
Net earnings	$ 43,442	$ 29,439	$ 77,613	$ 60,946
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			40,804	47,761
Noncash loss on trading securities			1,035	4,582
Restructuring Costs			0	9,292
Stock-based compensation			4,201	3,513
Defined benefit pension plan expense			959	(305)
Contribution to defined benefit pension plan			(712)	(15,735)
Gain on sale of property, plant and equipment			1,074	542
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes	(3,544)	(5,219)	2,215	(55)
Changes in assets and liabilities:
Receivables			2,942	32,511
Inventories			(29,335)	(27,746)
Prepaid expenses and other assets			(4,859)	(3,087)
Accounts payable			1,430	(5,021)
Accrued expenses			(13,636)	(6,431)
Other noncurrent liabilities			327	1,761
Income taxes payable (refundable)			9,516	15,817
Net cash flows from operating activities			79,922	118,345
Cash flows from investing activities:
Purchase of property, plant and equipment			(26,019)	(24,758)
Proceeds from sale of assets			1,827	1,101
Increase in restricted cash - pension			(13,652)	0
Other, net			(1,608)	5,896
Net cash flows from investing activities			(25,800)	(17,761)
Cash flows from financing activities:
Net borrowings under short-term agreements			2,593	(5,890)
Proceeds from Issuance of Long-term Debt			0	33,000
Principal payments on long-term borrowings			(659)	(33,657)
Dividends paid			(17,098)	(17,956)
Dividends to noncontrolling interest			(1,923)	(1,669)
Purchase of noncontrolling interest			(11,009)
Proceeds from exercises under stock plans			5,975	9,454
Excess tax benefits from stock option exercises			0	1,394
Purchase of treasury shares			(28,621)	(121,020)	$ (592,600)
Purchase of common treasury shares - stock plan exercises			(1,453)	(10,490)
Net cash flows from financing activities			(52,195)	(146,834)
Effect of exchange rate changes on cash and cash equivalents			(6,655)	(7,806)
Net change in cash and cash equivalents			(4,728)	(54,056)
Cash and cash equivalents—beginning of year			349,074	371,579
Cash and cash equivalents—end of period	344,346	317,523	344,346	317,523
Parent
Cash flows from operating activities:
Net earnings	42,026	27,873	74,995	58,612
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			13,705	14,983
Noncash loss on trading securities			0	0
Restructuring Costs				1,890
Stock-based compensation			4,201	7,466
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			(6)	(8)
Equity in earnings in nonconsolidated subsidiaries	(29,692)	(17,442)	(47,218)	(35,292)
Deferred income taxes	1,068	(1,650)	3,487	3,819
Changes in assets and liabilities:
Receivables			386	12,153
Inventories			(8,757)	10,161
Prepaid expenses and other assets			(1,504)	305
Accounts payable			(13,469)	(8,538)
Accrued expenses			(4,040)	(13,652)
Other noncurrent liabilities			868	(2,729)
Income taxes payable (refundable)			19,033	15,016
Net cash flows from operating activities			41,681	64,186
Cash flows from investing activities:
Purchase of property, plant and equipment			(1,240)	(7,065)
Proceeds from sale of assets			58	25
Increase in restricted cash - pension			0
Other, net			918	24,268
Net cash flows from investing activities			(264)	17,228
Cash flows from financing activities:
Net borrowings under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt				33,000
Principal payments on long-term borrowings			(215)	(33,212)
Dividends paid			(17,098)	(17,956)
Dividends to noncontrolling interest			0	0
Purchase of noncontrolling interest			(137)
Proceeds from exercises under stock plans			5,975	9,454
Excess tax benefits from stock option exercises				1,394
Purchase of treasury shares			(28,621)	(121,020)
Purchase of common treasury shares - stock plan exercises			(1,453)	(10,490)
Net cash flows from financing activities			(41,549)	(138,830)
Effect of exchange rate changes on cash and cash equivalents			0	0
Net change in cash and cash equivalents			(132)	(57,416)
Cash and cash equivalents—beginning of year			62,281	69,869
Cash and cash equivalents—end of period	62,149	12,453	62,149	12,453
Guarantors
Cash flows from operating activities:
Net earnings	16,524	8,580	26,187	18,524
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			6,591	6,278
Noncash loss on trading securities			0	0
Restructuring Costs				215
Stock-based compensation			0	0
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			60	97
Equity in earnings in nonconsolidated subsidiaries	(5,746)	(876)	(7,859)	(5,181)
Deferred income taxes	(2,149)	(51)	0	(584)
Changes in assets and liabilities:
Receivables			8,185	13,807
Inventories			(164)	3,093
Prepaid expenses and other assets			35	(160)
Accounts payable			(79)	204
Accrued expenses			(6,158)	(46)
Other noncurrent liabilities			5	0
Income taxes payable (refundable)			(16,499)	(5)
Net cash flows from operating activities			10,304	36,242
Cash flows from investing activities:
Purchase of property, plant and equipment			(13,167)	(3,147)
Proceeds from sale of assets			141	19
Increase in restricted cash - pension			0
Other, net			2,641	(33,440)
Net cash flows from investing activities			(10,385)	(36,568)
Cash flows from financing activities:
Net borrowings under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt				0
Principal payments on long-term borrowings			0	0
Dividends paid			0	0
Dividends to noncontrolling interest			0	0
Purchase of noncontrolling interest			0
Proceeds from exercises under stock plans			0	0
Excess tax benefits from stock option exercises				0
Purchase of treasury shares			0	0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			0	0
Effect of exchange rate changes on cash and cash equivalents			95	(31)
Net change in cash and cash equivalents			14	(357)
Cash and cash equivalents—beginning of year			4,008	2,157
Cash and cash equivalents—end of period	4,022	1,800	4,022	1,800
Non- Guarantors
Cash flows from operating activities:
Net earnings	20,888	11,784	32,539	24,834
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			20,508	26,500
Noncash loss on trading securities			1,035	4,582
Restructuring Costs				7,187
Stock-based compensation			0	(3,953)
Defined benefit pension plan expense			959	(305)
Contribution to defined benefit pension plan			(712)	(15,735)
Gain on sale of property, plant and equipment			1,020	453
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes	(2,463)	(3,518)	(1,272)	(3,290)
Changes in assets and liabilities:
Receivables			(5,629)	6,551
Inventories			(21,974)	(41,000)
Prepaid expenses and other assets			(3,390)	(3,232)
Accounts payable			14,978	3,313
Accrued expenses			(3,438)	7,267
Other noncurrent liabilities			(546)	4,490
Income taxes payable (refundable)			6,982	806
Net cash flows from operating activities			27,408	18,468
Cash flows from investing activities:
Purchase of property, plant and equipment			(11,612)	(14,546)
Proceeds from sale of assets			1,628	1,057
Increase in restricted cash - pension			(13,652)
Other, net			(4,638)	14,517
Net cash flows from investing activities			(14,622)	1,028
Cash flows from financing activities:
Net borrowings under short-term agreements			2,593	(5,890)
Proceeds from Issuance of Long-term Debt				0
Principal payments on long-term borrowings			(444)	(445)
Dividends paid			0	0
Dividends to noncontrolling interest			(1,923)	(1,669)
Purchase of noncontrolling interest			(10,872)
Proceeds from exercises under stock plans			0	0
Excess tax benefits from stock option exercises				0
Purchase of treasury shares			0	0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			(10,646)	(8,004)
Effect of exchange rate changes on cash and cash equivalents			(6,750)	(7,775)
Net change in cash and cash equivalents			(4,610)	3,717
Cash and cash equivalents—beginning of year			282,785	299,553
Cash and cash equivalents—end of period	278,175	303,270	278,175	303,270
Eliminations
Cash flows from operating activities:
Net earnings	(35,996)	(18,798)	(56,108)	(41,024)
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			0	0
Noncash loss on trading securities			0	0
Restructuring Costs				0
Stock-based compensation			0	0
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			0	0
Equity in earnings in nonconsolidated subsidiaries	35,438	18,318	55,077	40,473
Deferred income taxes	0	0	0	0
Changes in assets and liabilities:
Receivables			0	0
Inventories			1,560	0
Prepaid expenses and other assets			0	0
Accounts payable			0	0
Accrued expenses			0	0
Other noncurrent liabilities			0	0
Income taxes payable (refundable)			0	0
Net cash flows from operating activities			529	(551)
Cash flows from investing activities:
Purchase of property, plant and equipment			0	0
Proceeds from sale of assets			0	0
Increase in restricted cash - pension			0
Other, net			(529)	551
Net cash flows from investing activities			(529)	551
Cash flows from financing activities:
Net borrowings under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt				0
Principal payments on long-term borrowings			0	0
Dividends paid			0	0
Dividends to noncontrolling interest			0	0
Purchase of noncontrolling interest			0
Proceeds from exercises under stock plans			0	0
Excess tax benefits from stock option exercises				0
Purchase of treasury shares			0	0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			0	0
Effect of exchange rate changes on cash and cash equivalents			0	0
Net change in cash and cash equivalents			0	0
Cash and cash equivalents—beginning of year			0	0
Cash and cash equivalents—end of period	$ 0	$ 0	$ 0	$ 0