Valmont Industries (VMI) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 01, 2017	Apr. 24, 2017
Document and Entity Information
Entity Registrant Name	VALMONT INDUSTRIES INC
Entity Central Index Key	102,729
Document Type	10-Q
Document Period End Date	Apr. 1, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,584,613
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Income Statement [Abstract]
Product sales	$ 572,952	$ 532,940
Services sales	64,521	63,665
Net sales	637,473	596,605
Product cost of sales	426,847	393,492
Services cost of sales	46,021	42,144
Total cost of sales	472,868	435,636
Gross profit	164,605	160,969
Selling, general and administrative expenses	100,103	98,604
Operating income	64,502	62,365
Other income (expenses):
Interest expense	(11,304)	(11,054)
Interest income	927	811
Other	1,199	(1,678)
Total other income (expenses)	(9,178)	(11,921)
Earnings before income taxes	55,324	50,444
Income tax expense:
Current	1,298	10,514
Deferred	14,065	5,759
Total income tax expense (benefit)	15,363	16,273
Earnings before equity in earnings of nonconsolidated subsidiaries	39,961	34,171
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	39,961	34,171
Less: Earnings attributable to noncontrolling interests	(982)	(1,202)
Net earnings attributable to Valmont Industries, Inc.	$ 38,979	$ 32,969
Earnings per share:
Basic (in dollars per share)	$ 1.73	$ 1.45
Diluted (in dollars per share)	1.72	1.45
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.375
Weighted average number of shares of common stock outstanding - Basic (in shares)	22,472	22,700
Weighted average number of shares of common stock outstanding - Diluted (in shares)	22,660	22,816

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 39,961	$ 34,171
Foreign currency translation adjustments:
Unrealized translation gain (loss)	19,390	2,513
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	(526)	0
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	19	19
Other comprehensive income (loss)	18,883	2,532
Comprehensive income	58,844	36,703
Comprehensive loss (income) attributable to noncontrolling interests	241	(2,327)
Comprehensive income attributable to Valmont Industries, Inc.	$ 59,085	$ 34,376

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 425,216	$ 399,948
Receivables, net	455,044	439,342
Inventories	389,156	350,028
Prepaid expenses, restricted cash, and other assets	54,532	57,297
Refundable income taxes	7,325	6,601
Total current assets	1,331,273	1,253,216
Property, plant and equipment, at cost	1,129,787	1,105,736
Less accumulated depreciation and amortization	610,129	587,401
Net property, plant and equipment	519,658	518,335
Goodwill	324,061	321,110
Other intangible assets, net	142,000	144,378
Other assets	149,896	154,692
Total assets	2,466,888	2,391,731
Current liabilities:
Current installments of long-term debt	860	851
Notes payable to banks	957	746
Accounts payable	194,525	177,488
Accrued employee compensation and benefits	65,663	72,404
Accrued expenses	112,231	89,914
Dividends payable	8,468	8,445
Total current liabilities	382,704	349,848
Deferred income taxes	39,030	35,803
Long-term debt, excluding current installments	754,523	754,795
Defined benefit pension liability	187,276	209,470
Deferred compensation	46,567	44,319
Other noncurrent liabilities	15,508	14,910
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	1,906,161	1,874,722
Accumulated other comprehensive loss	(326,253)	(346,359)
Treasury stock	(604,969)	(612,781)
Total Valmont Industries, Inc. shareholders’ equity	1,002,839	943,482
Noncontrolling interest in consolidated subsidiaries	38,441	39,104
Total shareholders’ equity	1,041,280	982,586
Total liabilities and shareholders’ equity	$ 2,466,888	$ 2,391,731

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 01, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, issued shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities:
Net earnings	$ 39,961	$ 34,171
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	20,827	20,598
Noncash loss on trading securities	70	995
Stock-based compensation	2,494	2,049
Defined benefit pension plan expense (benefit)	154	384
Contribution to defined benefit pension plan	(25,379)	0
Increase in restricted cash - pension	12,568	0
(Gain)/loss on sale of property, plant and equipment	(102)	144
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	14,065	5,759
Changes in assets and liabilities:
Receivables	(12,729)	20,344
Inventories	(34,817)	(8,022)
Prepaid expenses and other assets	(9,798)	910
Accounts payable	14,124	1,383
Accrued expenses	14,020	(7,178)
Other noncurrent liabilities	612	(823)
Income taxes refundable	(87)	9,813
Net cash flows from operating activities	35,983	80,527
Cash flows from investing activities:
Purchase of property, plant and equipment	(14,168)	(13,961)
Proceeds from sale of assets	302	142
Other, net	(1,715)	(2,322)
Net cash flows from investing activities	(15,581)	(16,141)
Cash flows from financing activities:
Net borrowings under short-term agreements	198	1,352
Principal payments on long-term borrowings	(215)	(220)
Dividends paid	(8,445)	(8,571)
Dividends to noncontrolling interest	(422)	0
Purchase of treasury shares	0	(16,939)
Proceeds from exercises under stock plans	8,894	1,289
Excess tax benefits from stock option exercises	0	(66)
Purchase of common treasury shares—stock plan exercises	(2,870)	(219)
Net cash flows from financing activities	(2,860)	(23,374)
Effect of exchange rate changes on cash and cash equivalents	7,726	(2,372)
Net change in cash and cash equivalents	25,268	38,640
Cash and cash equivalents—beginning of year	399,948	349,074
Cash and cash equivalents—end of period	$ 425,216	$ 387,714

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. 26, 2015	$ 965,211	$ 27,900	$ 0	$ 1,729,679	$ (267,218)	$ (571,920)	$ 46,770
Increase (Decrease) in Shareholders' Equity
Net earnings	34,171			32,969			1,202
Other comprehensive income (loss)	2,532				1,407		1,125
Cash dividends declared	(8,527)			(8,527)			0
Purchase of treasury shares	(16,939)					(16,939)
Stock plan exercises	(219)					(219)
Stock options exercised	1,289		(1,983)	1,961		1,311
Tax benefit from stock option exercises	(66)		(66)
Stock option expense	1,491		1,491
Stock awards	1,208		558			650
Ending balance at Mar. 26, 2016	980,151	27,900	0	1,756,082	(265,811)	(587,117)	49,097
Beginning balance at Dec. 31, 2016	982,586	27,900	0	1,874,722	(346,359)	(612,781)	39,104
Increase (Decrease) in Shareholders' Equity
Net earnings	39,961			38,979			982
Other comprehensive income (loss)	18,883				20,106		(1,223)
Cash dividends declared	(8,468)			(8,468)			0
Dividends to noncontrolling interests	(422)						(422)
Stock plan exercises	(2,870)					(2,870)
Stock options exercised	8,894		(2,494)	928		10,460
Stock option expense	1,289		1,289
Stock awards	1,427		1,205			222
Ending balance at Apr. 01, 2017	$ 1,041,280	$ 27,900	$ 0	$ 1,906,161	$ (326,253)	$ (604,969)	$ 38,441

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Statement of Stockholders' Equity [Abstract]
Purchase of treasury shares, shares acquired (in shares)		153,962
Stock plan exercises; shares acquired (in shares)	17,985	1,895
Stock options exercised; shares issued (in shares)	77,336	12,771
Stock awards; shares issued (in shares)	1,583	4,540

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Apr. 01, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of April 1, 2017 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended April 1, 2017 and March 26, 2016 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of April 1, 2017 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 31, 2016 . 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 31, 2016 . The results of operations for the period ended April 1, 2017 are not necessarily indicative of the operating results for the full year. Inventories Approximately 36% and 38% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of April 1, 2017 and December 31, 2016 . 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 $38,826 and $38,047 at April 1, 2017 and December 31, 2016 , respectively. Inventories consisted of the following: April 1, December 31, Raw materials and purchased parts $ 162,627 $ 143,659 Work-in-process 32,560 27,291 Finished goods and manufactured goods 232,795 217,125 Subtotal 427,982 388,075 Less: LIFO reserve 38,826 38,047 $ 389,156 $ 350,028 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016 , were as follows: Thirteen Weeks Ended 2017 2016 United States $ 35,424 $ 39,600 Foreign 19,900 10,844 $ 55,324 $ 50,444 Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows: Thirteen Weeks Ended Net periodic (benefit) expense: 2017 2016 Interest cost $ 4,321 $ 6,448 Expected return on plan assets (4,877 ) (6,064 ) Amortization of actuarial loss 710 — Net periodic expense $ 154 $ 384 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 April 1, 2017 , 709,037 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the fifth anniversary of the grant. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expiration of grants is from seven to ten years from the date of grant. The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended April 1, 2017 and March 26, 2016 , respectively, were as follows: Thirteen Weeks Ended 2017 2016 Compensation expense $ 1,289 $ 1,491 Income tax benefits 496 574 Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The assets and liabilities recorded for the investments held in the Valmont Deferred Compensation Plan of $37,602 ( $35,784 at December 31, 2016) 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 $1,976 and $2,016 as of April 1, 2017 and December 31, 2016, respectively, which is the estimated fair value. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 39,578 $ 39,578 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 37,800 $ 37,800 $ — $ — 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 April 1, 2017 and December 31, 2016: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 31, 2016 $ (251,228 ) $ 7,978 $ (103,109 ) $ (346,359 ) Current-period comprehensive income (loss) 20,613 (507 ) — 20,106 Balance at April 1, 2017 $ (230,615 ) $ 7,471 $ (103,109 ) $ (326,253 ) 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. The forward contract has a maturity date of May 2017 and a notional amount to sell British pounds and receive $44,000. No ineffectiveness resulted from the hedge and the balance is recorded in the Condensed Consolidated Statements of Other Comprehensive Income within gain/(loss) on hedging activities. 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 April 1 , 2017 is $6,346 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. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, and can be adopted either retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. One area under assessment is the timing of revenue recognition for the Company’s product lines that are custom engineered to a single customer’s specifications resulting in limited ability that the asset can be used for another customer. These product lines reside in the Utility and Engineered Support Structures segments. When the terms and conditions allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, revenue will be recognized over the production period and not the current practice which is upon shipment or time of delivery to the customer. The Company is also evaluating the necessary changes to its internal control processes to recognize revenue over time using an inputs based model after adoption. Based on the current status of the evaluation, the adoption of the standard is not expected to have a material effect on the amounts or timing of revenue recognition for the Company’s other segments. The Company expects to adopt the new standard as a cumulative effect adjustment in fiscal 2018.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Apr. 01, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS 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	3 Months Ended
	Apr. 01, 2017
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES In April 2015, the Company's Board of Directors authorized a broad restructuring plan (the "2015 Plan") to respond to the market environment in certain businesses. During fiscal 2015, the Company substantially completed this 2015 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 ("SG&A"). Within the total fiscal 2015 pre-tax restructuring expense of $39,852 were pre-tax asset impairments of $19,836 . During fiscal 2016, the Company incurred pre-tax restructuring charges of $4,581 as it completed the 2015 Plan. In 2016, the Company identified and executed further region specific restructuring activities (the "2016 Plan") and incurred $5,045 of pre-tax restructuring expenses in cost of sales and $2,780 of pre-tax restructuring expense in SG&A in 2016. Within the total $7,825 , were pre-tax asset impairments of $1,099 . The 2016 Plan was primarily completed by year-end 2016. A significant change in market conditions in any of the Company's segments may affect of the Company's assessment of necessity for further restructuring activities. Liabilities recorded for the restructuring plans and changes therein for the first quarter of fiscal 2017 were as follows: Balance at December 31, 2016 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at April 1, 2017 Severance $ 1,597 $ — $ (1,597 ) $ — Other cash restructuring expenses 4,581 — (726 ) 3,855 Total $ 6,178 $ — $ (2,323 ) $ 3,855

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Apr. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at April 1, 2017 and December 31, 2016 were as follows: April 1, 2017 Gross Accumulated Weighted Customer Relationships $ 192,743 $ 115,792 13 years Proprietary Software & Database 3,671 3,089 8 years Patents & Proprietary Technology 6,485 3,566 11 years Other 3,749 3,713 3 years $ 206,648 $ 126,160 December 31, 2016 Gross Accumulated Weighted Customer Relationships $ 191,316 $ 111,342 13 years Proprietary Software & Database 3,616 3,056 8 years Patents & Proprietary Technology 6,434 3,420 11 years Other 3,713 3,668 3 years $ 205,079 $ 121,486 (4) GOODWILL AND INTANGIBLE ASSETS (Continued) Amortization expense for intangible assets for the thirteen weeks ended April 1, 2017 and March 26, 2016 , respectively was as follows: Thirteen Weeks Ended 2017 2016 $ 3,863 $ 3,995 Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2017 $ 15,243 2018 13,560 2019 12,819 2020 11,749 2021 9,690 The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at April 1, 2017 and December 31, 2016 were as follows: April 1, December 31, Year Acquired Webforge $ 8,770 $ 8,624 2010 Valmont SM 8,874 8,765 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 7,150 7,032 2010 Donhad 5,394 5,305 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,238 2,201 2010 Other 13,975 13,747 $ 61,512 $ 60,785 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. (4) GOODWILL AND INTANGIBLE ASSETS (Continued) The Company’s trade names were tested for impairment in the third quarter of 2016. The values of each trade name was determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired as of the third quarter of 2016. Goodwill The carrying amount of goodwill by segment as of April 1, 2017 and December 31, 2016 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Balance at December 31, 2016 $ 94,314 $ 72,212 $ 75,404 $ 59,569 $ 19,611 $ 321,110 Foreign currency translation 765 1,946 — 127 113 2,951 Balance at April 1, 2017 $ 95,079 $ 74,158 $ 75,404 $ 59,696 $ 19,724 $ 324,061 The Company’s annual impairment test of goodwill was performed during the third quarter of 2016, using the discounted cash flow method. As a result of that testing, the Company determined that its goodwill was not impaired, as the valuation of the reporting units exceeded their respective carrying values. The Company's offshore and other complex steel structures reporting unit with $13,209 of goodwill, is the reporting unit with the least amount of cushion between its estimated fair value and its carrying value. In the impairment model, the Company is forecasting steady growth in sales between 2018 to 2020 of the other complex steel structures to offset the significant decline in sales from offshore oil and gas structures realized in fiscal 2016. If this reporting unit is not able to build out a backlog of other product lines projects during 2017 to construct and deliver in fiscal 2018, an interim impairment test may be required before the next annual impairment test. The Company continues to monitor changes in the global economy that could impact future operating results of its reporting units. If such conditions arise, the Company will test a given reporting unit for impairment prior to the annual test.

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	3 Months Ended
	Apr. 01, 2017
Supplemental Cash Flow Elements [Abstract]
CASH FLOW SUPPLEMENTARY INFORMATION	CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows: 2017 2016 Interest $ 925 $ 559 Income taxes 1,898 4,788

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Apr. 01, 2017
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 April 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 38,979 $ — $ 38,979 Shares outstanding (000 omitted) 22,472 188 22,660 Per share amount $ 1.73 $ (0.01 ) $ 1.72 Thirteen weeks ended March 26, 2016: Net earnings attributable to Valmont Industries, Inc. $ 32,969 $ — $ 32,969 Shares outstanding (000 omitted) 22,700 116 22,816 Per share amount $ 1.45 $ — $ 1.45 At April 1, 2017 and March 26, 2016, there were 0 and 403,407 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Apr. 01, 2017
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements as disclosed in Note 1, except that the segment assets and income reflect the FIFO basis of accounting for inventory. Certain inventories are accounted for using the LIFO basis in the consolidated financial statements. In the first quarter of 2017, the Company changed its reportable segment operating income to separate out the LIFO expense (benefit). Prior year financial information has been updated to reflect this change. 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. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate LIFO expense, interest expense, non-operating income and deductions, or income taxes to its business segments. (7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended April 1, March 26, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 149,082 $ 146,302 Communication Products 31,476 30,669 Engineered Support Structures segment 180,558 176,971 Energy and Mining segment: Offshore and Other Complex Steel Structures 25,707 22,969 Grinding Media 19,594 19,490 Access Systems 32,671 29,990 Energy and Mining segment 77,972 72,449 Utility Support Structures segment: Steel 148,408 121,971 Concrete 26,204 22,549 Utility Support Structures segment 174,612 144,520 Coatings segment 73,468 68,581 Irrigation segment 167,224 158,514 Total 673,834 621,035 INTERSEGMENT SALES: Engineered Support Structures segment 20,207 11,012 Energy & Mining segment — 1,658 Utility Support Structures segment 235 176 Coatings segment 14,136 9,813 Irrigation segment 1,783 1,771 Total 36,361 24,430 NET SALES: Engineered Support Structures segment 160,351 165,959 Energy & Mining segment 77,972 70,791 Utility Support Structures segment 174,377 144,344 Coatings segment 59,332 58,768 Irrigation segment 165,441 156,743 Total $ 637,473 $ 596,605 OPERATING INCOME: Engineered Support Structures segment 9,213 12,475 Energy & Mining segment 3,837 1,902 Utility Support Structures segment 22,708 14,424 Coatings segment 9,406 11,413 Irrigation segment 30,291 28,895 Adjustment to LIFO inventory valuation method (779 ) 2,027 Corporate (10,174 ) (8,771 ) Total $ 64,502 $ 62,365

GUARANTOR_NON-GUARANTOR FINANCI

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	3 Months Ended
	Apr. 01, 2017
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 April 1, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 293,265 $ 117,225 $ 295,296 $ (68,313 ) $ 637,473 Cost of sales 216,486 91,489 232,490 (67,597 ) 472,868 Gross profit 76,779 25,736 62,806 (716 ) 164,605 Selling, general and administrative expenses 50,217 11,660 38,226 — 100,103 Operating income 26,562 14,076 24,580 (716 ) 64,502 Other income (expense): Interest expense (11,142 ) (2,266 ) (162 ) 2,266 (11,304 ) Interest income 151 14 3,028 (2,266 ) 927 Other 1,354 16 (171 ) — 1,199 (9,637 ) (2,236 ) 2,695 — (9,178 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 16,925 11,840 27,275 (716 ) 55,324 Income tax expense (benefit): Current (4,887 ) 5,320 1,109 (244 ) 1,298 Deferred 11,327 — 2,738 — 14,065 6,440 5,320 3,847 (244 ) 15,363 Earnings before equity in earnings of nonconsolidated subsidiaries 10,485 6,520 23,428 (472 ) 39,961 Equity in earnings of nonconsolidated subsidiaries 28,494 (980 ) — (27,514 ) — Net earnings 38,979 5,540 23,428 (27,986 ) 39,961 Less: Earnings attributable to noncontrolling interests — — (982 ) — (982 ) Net earnings attributable to Valmont Industries, Inc $ 38,979 $ 5,540 $ 22,446 $ (27,986 ) $ 38,979 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 285,038 $ 91,526 $ 272,114 $ (52,073 ) $ 596,605 Cost of sales 207,861 67,862 211,393 (51,480 ) 435,636 Gross profit 77,177 23,664 60,721 (593 ) 160,969 Selling, general and administrative expenses 42,494 11,430 44,680 — 98,604 Operating income 34,683 12,234 16,041 (593 ) 62,365 Other income (expense): Interest expense (10,930 ) — (124 ) — (11,054 ) Interest income 67 25 719 — 811 Other (375 ) 12 (1,315 ) — (1,678 ) (11,238 ) 37 (720 ) — (11,921 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,445 12,271 15,321 (593 ) 50,444 Income tax expense (benefit): Current 5,583 2,572 2,479 (120 ) 10,514 Deferred 2,419 2,149 1,191 — 5,759 8,002 4,721 3,670 (120 ) 16,273 Earnings before equity in earnings of nonconsolidated subsidiaries 15,443 7,550 11,651 (473 ) 34,171 Equity in earnings of nonconsolidated subsidiaries 17,526 2,113 — (19,639 ) — Net earnings 32,969 9,663 11,651 (20,112 ) 34,171 Less: Earnings attributable to noncontrolling interests — — (1,202 ) — (1,202 ) Net earnings attributable to Valmont Industries, Inc $ 32,969 $ 9,663 $ 10,449 $ (20,112 ) $ 32,969 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended April 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 38,979 $ 5,540 $ 23,428 $ (27,986 ) $ 39,961 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 69,383 (49,993 ) — 19,390 Unrealized gain/(loss) on hedging activities: Net investment hedge (526 ) — — — (526 ) Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 20,613 — — (20,613 ) — Other comprehensive income (loss) 20,106 69,383 (49,993 ) (20,613 ) 18,883 Comprehensive income (loss) 59,085 74,923 (26,565 ) (48,599 ) 58,844 Comprehensive income attributable to noncontrolling interests — — 241 — 241 Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 59,085 $ 74,923 $ (26,324 ) $ (48,599 ) $ 59,085 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (178 ) 2,691 — 2,513 Unrealized gain/(loss) on hedging activities: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 1,388 — — (1,388 ) — Other comprehensive income (loss) 1,407 (178 ) 2,691 (1,388 ) 2,532 Comprehensive income (loss) 34,376 9,485 14,342 (21,500 ) 36,703 Comprehensive income attributable to noncontrolling interests — — (2,327 ) — (2,327 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 34,376 $ 9,485 $ 12,015 $ (21,500 ) $ 34,376 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 93,149 $ 5,479 $ 326,588 $ — $ 425,216 Receivables, net 133,907 74,221 246,916 — 455,044 Inventories 143,773 49,322 200,930 (4,869 ) 389,156 Prepaid expenses, restricted cash, and other assets 8,913 852 44,767 — 54,532 Refundable income taxes 7,325 — — — 7,325 Total current assets 387,067 129,874 819,201 (4,869 ) 1,331,273 Property, plant and equipment, at cost 551,491 155,330 422,966 — 1,129,787 Less accumulated depreciation and amortization 359,317 79,023 171,789 — 610,129 Net property, plant and equipment 192,174 76,307 251,177 — 519,658 Goodwill 20,108 110,562 193,391 — 324,061 Other intangible assets 171 34,703 107,126 — 142,000 Investment in subsidiaries and intercompany accounts 1,319,342 1,171,413 1,299,723 (3,790,478 ) — Other assets 45,976 — 103,920 — 149,896 Total assets $ 1,964,838 $ 1,522,859 $ 2,774,538 $ (3,795,347 ) $ 2,466,888 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 860 $ — $ 860 Notes payable to banks — — 957 — 957 Accounts payable 54,551 17,559 122,415 — 194,525 Accrued employee compensation and benefits 32,084 5,774 27,805 — 65,663 Accrued expenses 45,272 13,014 53,945 — 112,231 Dividends payable 8,468 — — — 8,468 Total current liabilities 140,375 36,347 205,982 — 382,704 Deferred income taxes 24,693 — 14,337 — 39,030 Long-term debt, excluding current installments 751,148 180,863 10,339 (187,827 ) 754,523 Defined benefit pension liability — — 187,276 — 187,276 Deferred compensation 41,327 — 5,240 — 46,567 Other noncurrent liabilities 4,456 5 11,047 — 15,508 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 1,107,531 (1,266,945 ) — Retained earnings 1,906,161 683,203 880,319 (1,563,522 ) 1,906,161 Accumulated other comprehensive income (loss) (326,253 ) 5,077 (334,656 ) 329,579 (326,253 ) Treasury stock (604,969 ) — — — (604,969 ) Total Valmont Industries, Inc. shareholders’ equity 1,002,839 1,305,644 2,301,876 (3,607,520 ) 1,002,839 Noncontrolling interest in consolidated subsidiaries — — 38,441 — 38,441 Total shareholders’ equity 1,002,839 1,305,644 2,340,317 (3,607,520 ) 1,041,280 Total liabilities and shareholders’ equity $ 1,964,838 $ 1,522,859 $ 2,774,538 $ (3,795,347 ) $ 2,466,888 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 67,225 $ 6,071 $ 326,652 $ — $ 399,948 Receivables, net 134,351 60,522 244,469 — 439,342 Inventories 126,669 45,457 182,056 (4,154 ) 350,028 Prepaid expenses 13,271 880 43,146 — 57,297 Refundable income taxes 6,601 — — — 6,601 Total current assets 348,117 112,930 796,323 (4,154 ) 1,253,216 Property, plant and equipment, at cost 547,076 153,596 405,064 — 1,105,736 Less accumulated depreciation and amortization 352,960 76,776 157,665 — 587,401 Net property, plant and equipment 194,116 76,820 247,399 — 518,335 Goodwill 20,108 110,561 190,441 — 321,110 Other intangible assets 184 35,953 108,241 — 144,378 Investment in subsidiaries and intercompany accounts 1,279,413 901,758 1,089,369 (3,270,540 ) — Other assets 43,880 — 110,812 — 154,692 Total assets $ 1,885,818 $ 1,238,022 $ 2,542,585 $ (3,274,694 ) $ 2,391,731 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 851 $ — $ 851 Notes payable to banks — — 746 — 746 Accounts payable 52,272 15,732 109,484 — 177,488 Accrued employee compensation and benefits 34,508 7,243 30,653 — 72,404 Accrued expenses 30,261 15,242 44,411 — 89,914 Dividends payable 8,445 — — — 8,445 Total current liabilities 125,486 38,217 186,145 — 349,848 Deferred income taxes 22,481 — 13,322 — 35,803 Long-term debt, excluding current installments 751,251 — 3,544 — 754,795 Defined benefit pension liability — — 209,470 — 209,470 Deferred compensation 39,476 — 4,843 — 44,319 Other noncurrent liabilities 3,642 5 11,263 — 14,910 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 1,874,722 646,749 603,338 (1,250,087 ) 1,874,722 Accumulated other comprehensive income (346,359 ) (64,313 ) (284,663 ) 348,976 (346,359 ) Treasury stock (612,781 ) — — — (612,781 ) Total Valmont Industries, Inc. shareholders’ equity 943,482 1,199,800 2,074,894 (3,274,694 ) 943,482 Noncontrolling interest in consolidated subsidiaries — — 39,104 — 39,104 Total shareholders’ equity 943,482 1,199,800 2,113,998 (3,274,694 ) 982,586 Total liabilities and shareholders’ equity $ 1,885,818 $ 1,238,022 $ 2,542,585 $ (3,274,694 ) $ 2,391,731 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended April 1, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 38,979 $ 5,540 $ 23,428 $ (27,986 ) $ 39,961 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,536 3,557 10,734 — 20,827 Noncash loss on trading securities — — 70 — 70 Stock-based compensation 2,494 — — — 2,494 Defined benefit pension plan expense — — 154 — 154 Contribution to defined benefit pension plan — — (25,379 ) — (25,379 ) Decrease in restricted cash - pension plan trust — — 12,568 — 12,568 Loss (gain) on sale of property, plant and equipment (5 ) (2 ) (95 ) — (102 ) Equity in earnings in nonconsolidated subsidiaries (28,494 ) 980 — 27,514 — Deferred income taxes 11,327 — 2,738 — 14,065 Changes in assets and liabilities: Receivables 1,116 (13,699 ) (146 ) — (12,729 ) Inventories (17,105 ) (3,865 ) (14,563 ) 716 (34,817 ) Prepaid expenses and other assets 3,688 27 (13,513 ) — (9,798 ) Accounts payable 2,278 1,826 10,020 — 14,124 Accrued expenses 12,588 (3,697 ) 5,129 — 14,020 Other noncurrent liabilities 848 — (236 ) — 612 Income taxes payable (refundable) (9,839 ) 22 9,730 — (87 ) Net cash flows from operating activities 24,411 (9,311 ) 20,639 244 35,983 Cash flows from investing activities: Purchase of property, plant and equipment (4,547 ) (1,797 ) (7,824 ) — (14,168 ) Proceeds from sale of assets 7 6 289 — 302 Other, net 8,474 12,586 (22,531 ) (244 ) (1,715 ) Net cash flows from investing activities 3,934 10,795 (30,066 ) (244 ) (15,581 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 198 — 198 Principal payments on long-term borrowings — (215 ) — (215 ) Dividends paid (8,445 ) — — — (8,445 ) Intercompany interest on long-term note — (2,263 ) 2,263 — — Dividends to noncontrolling interest — — (422 ) — (422 ) Proceeds from exercises under stock plans 8,894 — — — 8,894 Purchase of common treasury shares - stock plan exercises (2,870 ) — — — (2,870 ) Net cash flows from financing activities (2,421 ) (2,263 ) 1,824 — (2,860 ) Effect of exchange rate changes on cash and cash equivalents — 187 7,539 — 7,726 Net change in cash and cash equivalents 25,924 (592 ) (64 ) — 25,268 Cash and cash equivalents—beginning of year 67,225 6,071 326,652 — 399,948 Cash and cash equivalents—end of period $ 93,149 $ 5,479 $ 326,588 $ — $ 425,216 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,857 3,277 10,464 — 20,598 Noncash loss on trading securities — — 995 — 995 Stock-based compensation 2,049 — — — 2,049 Defined benefit pension plan expense — — 384 — 384 Loss (gain) on sale of property, plant and equipment (3 ) 52 95 — 144 Equity in earnings in nonconsolidated subsidiaries (17,526 ) (2,113 ) — 19,639 — Deferred income taxes 2,419 2,149 1,191 — 5,759 Changes in assets and liabilities: Receivables 2,027 12,003 6,314 — 20,344 Inventories (6,367 ) (2,403 ) 155 593 (8,022 ) Prepaid expenses 4,465 (38 ) (3,517 ) — 910 Accounts payable (8,102 ) 468 9,017 — 1,383 Accrued expenses 843 (7,732 ) (289 ) — (7,178 ) Other noncurrent liabilities 916 — (1,739 ) — (823 ) Income taxes payable (refundable) 5,628 85 4,100 — 9,813 Net cash flows from operating activities 26,175 15,411 38,821 120 80,527 Cash flows from investing activities: Purchase of property, plant and equipment 1,248 (8,630 ) (6,579 ) — (13,961 ) Proceeds from sale of assets 104 (51 ) 89 — 142 Other, net 11,332 (6,286 ) (7,248 ) (120 ) (2,322 ) Net cash flows from investing activities 12,684 (14,967 ) (13,738 ) (120 ) (16,141 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,352 — 1,352 Principal payments on long-term borrowings — — (220 ) — (220 ) Dividends paid (8,571 ) — — — (8,571 ) Proceeds from exercises under stock plans 1,289 — — — 1,289 Excess tax benefits from stock option exercises (66 ) — — — (66 ) Purchase of treasury shares (16,939 ) — — — (16,939 ) Purchase of common treasury shares - stock plan exercises (219 ) — — — (219 ) Net cash flows from financing activities (24,506 ) — 1,132 — (23,374 ) Effect of exchange rate changes on cash and cash equivalents — 114 (2,486 ) — (2,372 ) Net change in cash and cash equivalents 14,353 558 23,729 — 38,640 Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Apr. 01, 2017
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of April 1, 2017 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen weeks ended April 1, 2017 and March 26, 2016 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the thirteen week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of April 1, 2017 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 31, 2016 . 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 31, 2016 . The results of operations for the period ended April 1, 2017 are not necessarily indicative of the operating results for the full year.
Inventories	Inventories Approximately 36% and 38% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of April 1, 2017 and December 31, 2016 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods.
Income Taxes	Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016 , were as follows: Thirteen Weeks Ended 2017 2016 United States $ 35,424 $ 39,600 Foreign 19,900 10,844 $ 55,324 $ 50,444
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 April 1, 2017 , 709,037 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.
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. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, and can be adopted either retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. One area under assessment is the timing of revenue recognition for the Company’s product lines that are custom engineered to a single customer’s specifications resulting in limited ability that the asset can be used for another customer. These product lines reside in the Utility and Engineered Support Structures segments. When the terms and conditions allow the Company to bill a customer for full compensation on a canceled order for the performance completed to date, revenue will be recognized over the production period and not the current practice which is upon shipment or time of delivery to the customer. The Company is also evaluating the necessary changes to its internal control processes to recognize revenue over time using an inputs based model after adoption. Based on the current status of the evaluation, the adoption of the standard is not expected to have a material effect on the amounts or timing of revenue recognition for the Company’s other segments. The Company expects to adopt the new standard as a cumulative effect adjustment in fiscal 2018.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Apr. 01, 2017
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: April 1, December 31, Raw materials and purchased parts $ 162,627 $ 143,659 Work-in-process 32,560 27,291 Finished goods and manufactured goods 232,795 217,125 Subtotal 427,982 388,075 Less: LIFO reserve 38,826 38,047 $ 389,156 $ 350,028
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016 , were as follows: Thirteen Weeks Ended 2017 2016 United States $ 35,424 $ 39,600 Foreign 19,900 10,844 $ 55,324 $ 50,444
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows: Thirteen Weeks Ended Net periodic (benefit) expense: 2017 2016 Interest cost $ 4,321 $ 6,448 Expected return on plan assets (4,877 ) (6,064 ) Amortization of actuarial loss 710 — Net periodic expense $ 154 $ 384
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options	The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended April 1, 2017 and March 26, 2016 , respectively, were as follows: Thirteen Weeks Ended 2017 2016 Compensation expense $ 1,289 $ 1,491 Income tax benefits 496 574
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 39,578 $ 39,578 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 37,800 $ 37,800 $ — $ —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at April 1, 2017 and December 31, 2016: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Income Balance at December 31, 2016 $ (251,228 ) $ 7,978 $ (103,109 ) $ (346,359 ) Current-period comprehensive income (loss) 20,613 (507 ) — 20,106 Balance at April 1, 2017 $ (230,615 ) $ 7,471 $ (103,109 ) $ (326,253 )

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	3 Months Ended
	Apr. 01, 2017
Restructuring Cost and Reserve [Line Items]
Schedule of liabilities recorded for the restructuring plan and changes	Liabilities recorded for the restructuring plans and changes therein for the first quarter of fiscal 2017 were as follows: Balance at December 31, 2016 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at April 1, 2017 Severance $ 1,597 $ — $ (1,597 ) $ — Other cash restructuring expenses 4,581 — (726 ) 3,855 Total $ 6,178 $ — $ (2,323 ) $ 3,855

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Apr. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	he components of amortized intangible assets at April 1, 2017 and December 31, 2016 were as follows: April 1, 2017 Gross Accumulated Weighted Customer Relationships $ 192,743 $ 115,792 13 years Proprietary Software & Database 3,671 3,089 8 years Patents & Proprietary Technology 6,485 3,566 11 years Other 3,749 3,713 3 years $ 206,648 $ 126,160 December 31, 2016 Gross Accumulated Weighted Customer Relationships $ 191,316 $ 111,342 13 years Proprietary Software & Database 3,616 3,056 8 years Patents & Proprietary Technology 6,434 3,420 11 years Other 3,713 3,668 3 years $ 205,079 $ 121,486
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen weeks ended April 1, 2017 and March 26, 2016 , respectively was as follows: Thirteen Weeks Ended 2017 2016 $ 3,863 $ 3,995
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2017 $ 15,243 2018 13,560 2019 12,819 2020 11,749 2021 9,690
Schedule of non-amortized intangible assets	The carrying values of trade names at April 1, 2017 and December 31, 2016 were as follows: April 1, December 31, Year Acquired Webforge $ 8,770 $ 8,624 2010 Valmont SM 8,874 8,765 2014 Newmark 11,111 11,111 2004 Ingal EPS/Ingal Civil Products 7,150 7,032 2010 Donhad 5,394 5,305 2010 Shakespeare 4,000 4,000 2014 Industrial Galvanizers 2,238 2,201 2010 Other 13,975 13,747 $ 61,512 $ 60,785
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of April 1, 2017 and December 31, 2016 was as follows: Engineered Energy & Mining Segment Utility Coatings Irrigation Total Balance at December 31, 2016 $ 94,314 $ 72,212 $ 75,404 $ 59,569 $ 19,611 $ 321,110 Foreign currency translation 765 1,946 — 127 113 2,951 Balance at April 1, 2017 $ 95,079 $ 74,158 $ 75,404 $ 59,696 $ 19,724 $ 324,061

CASH FLOW SUPPLEMENTARY INFOR21

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	3 Months Ended
	Apr. 01, 2017
Supplemental Cash Flow Elements [Abstract]
Cash payments for interest and income taxes (net of refunds)	Cash payments for interest and income taxes (net of refunds) for the thirteen weeks ended April 1, 2017 and March 26, 2016 were as follows: 2017 2016 Interest $ 925 $ 559 Income taxes 1,898 4,788

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Apr. 01, 2017
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 April 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 38,979 $ — $ 38,979 Shares outstanding (000 omitted) 22,472 188 22,660 Per share amount $ 1.73 $ (0.01 ) $ 1.72 Thirteen weeks ended March 26, 2016: Net earnings attributable to Valmont Industries, Inc. $ 32,969 $ — $ 32,969 Shares outstanding (000 omitted) 22,700 116 22,816 Per share amount $ 1.45 $ — $ 1.45

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Apr. 01, 2017
Segment Reporting [Abstract]
Segment reporting information of sales and operating income	(7) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended April 1, March 26, SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 149,082 $ 146,302 Communication Products 31,476 30,669 Engineered Support Structures segment 180,558 176,971 Energy and Mining segment: Offshore and Other Complex Steel Structures 25,707 22,969 Grinding Media 19,594 19,490 Access Systems 32,671 29,990 Energy and Mining segment 77,972 72,449 Utility Support Structures segment: Steel 148,408 121,971 Concrete 26,204 22,549 Utility Support Structures segment 174,612 144,520 Coatings segment 73,468 68,581 Irrigation segment 167,224 158,514 Total 673,834 621,035 INTERSEGMENT SALES: Engineered Support Structures segment 20,207 11,012 Energy & Mining segment — 1,658 Utility Support Structures segment 235 176 Coatings segment 14,136 9,813 Irrigation segment 1,783 1,771 Total 36,361 24,430 NET SALES: Engineered Support Structures segment 160,351 165,959 Energy & Mining segment 77,972 70,791 Utility Support Structures segment 174,377 144,344 Coatings segment 59,332 58,768 Irrigation segment 165,441 156,743 Total $ 637,473 $ 596,605 OPERATING INCOME: Engineered Support Structures segment 9,213 12,475 Energy & Mining segment 3,837 1,902 Utility Support Structures segment 22,708 14,424 Coatings segment 9,406 11,413 Irrigation segment 30,291 28,895 Adjustment to LIFO inventory valuation method (779 ) 2,027 Corporate (10,174 ) (8,771 ) Total $ 64,502 $ 62,365

GUARANTOR_NON-GUARANTOR FINAN24

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)	3 Months Ended
	Apr. 01, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Condensed Consolidated Statements of Earnings	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended April 1, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 293,265 $ 117,225 $ 295,296 $ (68,313 ) $ 637,473 Cost of sales 216,486 91,489 232,490 (67,597 ) 472,868 Gross profit 76,779 25,736 62,806 (716 ) 164,605 Selling, general and administrative expenses 50,217 11,660 38,226 — 100,103 Operating income 26,562 14,076 24,580 (716 ) 64,502 Other income (expense): Interest expense (11,142 ) (2,266 ) (162 ) 2,266 (11,304 ) Interest income 151 14 3,028 (2,266 ) 927 Other 1,354 16 (171 ) — 1,199 (9,637 ) (2,236 ) 2,695 — (9,178 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 16,925 11,840 27,275 (716 ) 55,324 Income tax expense (benefit): Current (4,887 ) 5,320 1,109 (244 ) 1,298 Deferred 11,327 — 2,738 — 14,065 6,440 5,320 3,847 (244 ) 15,363 Earnings before equity in earnings of nonconsolidated subsidiaries 10,485 6,520 23,428 (472 ) 39,961 Equity in earnings of nonconsolidated subsidiaries 28,494 (980 ) — (27,514 ) — Net earnings 38,979 5,540 23,428 (27,986 ) 39,961 Less: Earnings attributable to noncontrolling interests — — (982 ) — (982 ) Net earnings attributable to Valmont Industries, Inc $ 38,979 $ 5,540 $ 22,446 $ (27,986 ) $ 38,979 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 285,038 $ 91,526 $ 272,114 $ (52,073 ) $ 596,605 Cost of sales 207,861 67,862 211,393 (51,480 ) 435,636 Gross profit 77,177 23,664 60,721 (593 ) 160,969 Selling, general and administrative expenses 42,494 11,430 44,680 — 98,604 Operating income 34,683 12,234 16,041 (593 ) 62,365 Other income (expense): Interest expense (10,930 ) — (124 ) — (11,054 ) Interest income 67 25 719 — 811 Other (375 ) 12 (1,315 ) — (1,678 ) (11,238 ) 37 (720 ) — (11,921 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 23,445 12,271 15,321 (593 ) 50,444 Income tax expense (benefit): Current 5,583 2,572 2,479 (120 ) 10,514 Deferred 2,419 2,149 1,191 — 5,759 8,002 4,721 3,670 (120 ) 16,273 Earnings before equity in earnings of nonconsolidated subsidiaries 15,443 7,550 11,651 (473 ) 34,171 Equity in earnings of nonconsolidated subsidiaries 17,526 2,113 — (19,639 ) — Net earnings 32,969 9,663 11,651 (20,112 ) 34,171 Less: Earnings attributable to noncontrolling interests — — (1,202 ) — (1,202 ) Net earnings attributable to Valmont Industries, Inc $ 32,969 $ 9,663 $ 10,449 $ (20,112 ) $ 32,969
Condensed Consolidated Statements of Comprehensive Income	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended April 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 38,979 $ 5,540 $ 23,428 $ (27,986 ) $ 39,961 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 69,383 (49,993 ) — 19,390 Unrealized gain/(loss) on hedging activities: Net investment hedge (526 ) — — — (526 ) Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 20,613 — — (20,613 ) — Other comprehensive income (loss) 20,106 69,383 (49,993 ) (20,613 ) 18,883 Comprehensive income (loss) 59,085 74,923 (26,565 ) (48,599 ) 58,844 Comprehensive income attributable to noncontrolling interests — — 241 — 241 Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 59,085 $ 74,923 $ (26,324 ) $ (48,599 ) $ 59,085 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended March 26, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (178 ) 2,691 — 2,513 Unrealized gain/(loss) on hedging activities: Amortization cost included in interest expense 19 — — — 19 Equity in other comprehensive income 1,388 — — (1,388 ) — Other comprehensive income (loss) 1,407 (178 ) 2,691 (1,388 ) 2,532 Comprehensive income (loss) 34,376 9,485 14,342 (21,500 ) 36,703 Comprehensive income attributable to noncontrolling interests — — (2,327 ) — (2,327 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 34,376 $ 9,485 $ 12,015 $ (21,500 ) $ 34,376
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATED BALANCE SHEETS April 1, 2017 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 93,149 $ 5,479 $ 326,588 $ — $ 425,216 Receivables, net 133,907 74,221 246,916 — 455,044 Inventories 143,773 49,322 200,930 (4,869 ) 389,156 Prepaid expenses, restricted cash, and other assets 8,913 852 44,767 — 54,532 Refundable income taxes 7,325 — — — 7,325 Total current assets 387,067 129,874 819,201 (4,869 ) 1,331,273 Property, plant and equipment, at cost 551,491 155,330 422,966 — 1,129,787 Less accumulated depreciation and amortization 359,317 79,023 171,789 — 610,129 Net property, plant and equipment 192,174 76,307 251,177 — 519,658 Goodwill 20,108 110,562 193,391 — 324,061 Other intangible assets 171 34,703 107,126 — 142,000 Investment in subsidiaries and intercompany accounts 1,319,342 1,171,413 1,299,723 (3,790,478 ) — Other assets 45,976 — 103,920 — 149,896 Total assets $ 1,964,838 $ 1,522,859 $ 2,774,538 $ (3,795,347 ) $ 2,466,888 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 860 $ — $ 860 Notes payable to banks — — 957 — 957 Accounts payable 54,551 17,559 122,415 — 194,525 Accrued employee compensation and benefits 32,084 5,774 27,805 — 65,663 Accrued expenses 45,272 13,014 53,945 — 112,231 Dividends payable 8,468 — — — 8,468 Total current liabilities 140,375 36,347 205,982 — 382,704 Deferred income taxes 24,693 — 14,337 — 39,030 Long-term debt, excluding current installments 751,148 180,863 10,339 (187,827 ) 754,523 Defined benefit pension liability — — 187,276 — 187,276 Deferred compensation 41,327 — 5,240 — 46,567 Other noncurrent liabilities 4,456 5 11,047 — 15,508 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 1,107,531 (1,266,945 ) — Retained earnings 1,906,161 683,203 880,319 (1,563,522 ) 1,906,161 Accumulated other comprehensive income (loss) (326,253 ) 5,077 (334,656 ) 329,579 (326,253 ) Treasury stock (604,969 ) — — — (604,969 ) Total Valmont Industries, Inc. shareholders’ equity 1,002,839 1,305,644 2,301,876 (3,607,520 ) 1,002,839 Noncontrolling interest in consolidated subsidiaries — — 38,441 — 38,441 Total shareholders’ equity 1,002,839 1,305,644 2,340,317 (3,607,520 ) 1,041,280 Total liabilities and shareholders’ equity $ 1,964,838 $ 1,522,859 $ 2,774,538 $ (3,795,347 ) $ 2,466,888 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 67,225 $ 6,071 $ 326,652 $ — $ 399,948 Receivables, net 134,351 60,522 244,469 — 439,342 Inventories 126,669 45,457 182,056 (4,154 ) 350,028 Prepaid expenses 13,271 880 43,146 — 57,297 Refundable income taxes 6,601 — — — 6,601 Total current assets 348,117 112,930 796,323 (4,154 ) 1,253,216 Property, plant and equipment, at cost 547,076 153,596 405,064 — 1,105,736 Less accumulated depreciation and amortization 352,960 76,776 157,665 — 587,401 Net property, plant and equipment 194,116 76,820 247,399 — 518,335 Goodwill 20,108 110,561 190,441 — 321,110 Other intangible assets 184 35,953 108,241 — 144,378 Investment in subsidiaries and intercompany accounts 1,279,413 901,758 1,089,369 (3,270,540 ) — Other assets 43,880 — 110,812 — 154,692 Total assets $ 1,885,818 $ 1,238,022 $ 2,542,585 $ (3,274,694 ) $ 2,391,731 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 851 $ — $ 851 Notes payable to banks — — 746 — 746 Accounts payable 52,272 15,732 109,484 — 177,488 Accrued employee compensation and benefits 34,508 7,243 30,653 — 72,404 Accrued expenses 30,261 15,242 44,411 — 89,914 Dividends payable 8,445 — — — 8,445 Total current liabilities 125,486 38,217 186,145 — 349,848 Deferred income taxes 22,481 — 13,322 — 35,803 Long-term debt, excluding current installments 751,251 — 3,544 — 754,795 Defined benefit pension liability — — 209,470 — 209,470 Deferred compensation 39,476 — 4,843 — 44,319 Other noncurrent liabilities 3,642 5 11,263 — 14,910 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 1,874,722 646,749 603,338 (1,250,087 ) 1,874,722 Accumulated other comprehensive income (346,359 ) (64,313 ) (284,663 ) 348,976 (346,359 ) Treasury stock (612,781 ) — — — (612,781 ) Total Valmont Industries, Inc. shareholders’ equity 943,482 1,199,800 2,074,894 (3,274,694 ) 943,482 Noncontrolling interest in consolidated subsidiaries — — 39,104 — 39,104 Total shareholders’ equity 943,482 1,199,800 2,113,998 (3,274,694 ) 982,586 Total liabilities and shareholders’ equity $ 1,885,818 $ 1,238,022 $ 2,542,585 $ (3,274,694 ) $ 2,391,731
Condensed Consolidated Statements of Cash Flows	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended April 1, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 38,979 $ 5,540 $ 23,428 $ (27,986 ) $ 39,961 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,536 3,557 10,734 — 20,827 Noncash loss on trading securities — — 70 — 70 Stock-based compensation 2,494 — — — 2,494 Defined benefit pension plan expense — — 154 — 154 Contribution to defined benefit pension plan — — (25,379 ) — (25,379 ) Decrease in restricted cash - pension plan trust — — 12,568 — 12,568 Loss (gain) on sale of property, plant and equipment (5 ) (2 ) (95 ) — (102 ) Equity in earnings in nonconsolidated subsidiaries (28,494 ) 980 — 27,514 — Deferred income taxes 11,327 — 2,738 — 14,065 Changes in assets and liabilities: Receivables 1,116 (13,699 ) (146 ) — (12,729 ) Inventories (17,105 ) (3,865 ) (14,563 ) 716 (34,817 ) Prepaid expenses and other assets 3,688 27 (13,513 ) — (9,798 ) Accounts payable 2,278 1,826 10,020 — 14,124 Accrued expenses 12,588 (3,697 ) 5,129 — 14,020 Other noncurrent liabilities 848 — (236 ) — 612 Income taxes payable (refundable) (9,839 ) 22 9,730 — (87 ) Net cash flows from operating activities 24,411 (9,311 ) 20,639 244 35,983 Cash flows from investing activities: Purchase of property, plant and equipment (4,547 ) (1,797 ) (7,824 ) — (14,168 ) Proceeds from sale of assets 7 6 289 — 302 Other, net 8,474 12,586 (22,531 ) (244 ) (1,715 ) Net cash flows from investing activities 3,934 10,795 (30,066 ) (244 ) (15,581 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 198 — 198 Principal payments on long-term borrowings — (215 ) — (215 ) Dividends paid (8,445 ) — — — (8,445 ) Intercompany interest on long-term note — (2,263 ) 2,263 — — Dividends to noncontrolling interest — — (422 ) — (422 ) Proceeds from exercises under stock plans 8,894 — — — 8,894 Purchase of common treasury shares - stock plan exercises (2,870 ) — — — (2,870 ) Net cash flows from financing activities (2,421 ) (2,263 ) 1,824 — (2,860 ) Effect of exchange rate changes on cash and cash equivalents — 187 7,539 — 7,726 Net change in cash and cash equivalents 25,924 (592 ) (64 ) — 25,268 Cash and cash equivalents—beginning of year 67,225 6,071 326,652 — 399,948 Cash and cash equivalents—end of period $ 93,149 $ 5,479 $ 326,588 $ — $ 425,216 (8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirteen Weeks Ended March 26, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 32,969 $ 9,663 $ 11,651 $ (20,112 ) $ 34,171 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 6,857 3,277 10,464 — 20,598 Noncash loss on trading securities — — 995 — 995 Stock-based compensation 2,049 — — — 2,049 Defined benefit pension plan expense — — 384 — 384 Loss (gain) on sale of property, plant and equipment (3 ) 52 95 — 144 Equity in earnings in nonconsolidated subsidiaries (17,526 ) (2,113 ) — 19,639 — Deferred income taxes 2,419 2,149 1,191 — 5,759 Changes in assets and liabilities: Receivables 2,027 12,003 6,314 — 20,344 Inventories (6,367 ) (2,403 ) 155 593 (8,022 ) Prepaid expenses 4,465 (38 ) (3,517 ) — 910 Accounts payable (8,102 ) 468 9,017 — 1,383 Accrued expenses 843 (7,732 ) (289 ) — (7,178 ) Other noncurrent liabilities 916 — (1,739 ) — (823 ) Income taxes payable (refundable) 5,628 85 4,100 — 9,813 Net cash flows from operating activities 26,175 15,411 38,821 120 80,527 Cash flows from investing activities: Purchase of property, plant and equipment 1,248 (8,630 ) (6,579 ) — (13,961 ) Proceeds from sale of assets 104 (51 ) 89 — 142 Other, net 11,332 (6,286 ) (7,248 ) (120 ) (2,322 ) Net cash flows from investing activities 12,684 (14,967 ) (13,738 ) (120 ) (16,141 ) Cash flows from financing activities: Net borrowings under short-term agreements — — 1,352 — 1,352 Principal payments on long-term borrowings — — (220 ) — (220 ) Dividends paid (8,571 ) — — — (8,571 ) Proceeds from exercises under stock plans 1,289 — — — 1,289 Excess tax benefits from stock option exercises (66 ) — — — (66 ) Purchase of treasury shares (16,939 ) — — — (16,939 ) Purchase of common treasury shares - stock plan exercises (219 ) — — — (219 ) Net cash flows from financing activities (24,506 ) — 1,132 — (23,374 ) Effect of exchange rate changes on cash and cash equivalents — 114 (2,486 ) — (2,372 ) Net change in cash and cash equivalents 14,353 558 23,729 — 38,640 Cash and cash equivalents—beginning of year 62,281 4,008 282,785 — 349,074 Cash and cash equivalents—end of period $ 76,634 $ 4,566 $ 306,514 $ — $ 387,714

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent)	36.00%	38.00%
Excess of replacement cost of inventories over the LIFO value	$ 38,826	$ 38,047
Inventory, Net [Abstract]
Raw materials and purchased parts	162,627	143,659
Work-in-process	32,560	27,291
Finished goods and manufactured goods	232,795	217,125
Subtotal	427,982	388,075
Less: LIFO reserve	38,826	38,047
Net inventory	$ 389,156	$ 350,028

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Accounting Policies [Abstract]
United States	$ 35,424	$ 39,600
Foreign	19,900	10,844
Earnings before income taxes	$ 55,324	$ 50,444

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Net periodic (benefit) expense:
Interest cost	$ 4,321	$ 6,448
Expected return on plan assets	(4,877)	(6,064)
Amortization of actuarial loss	710	0
Net periodic expense	$ 154	$ 384

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - Stock Option Plans - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	709,037
Compensation expense	$ 1,289	$ 1,491
Income tax benefits	$ 496	$ 574
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	Apr. 01, 2017	Dec. 31, 2016
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	$ 39,578	$ 37,800
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	39,578	37,800
Delta E M D Pty Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining ownership	1,976	2,016
Valmont Deferred Compensation Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 37,602	$ 35,784

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2017USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (346,359)
Balance at the end of the period	(326,253)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(251,228)
Current-period comprehensive income (loss)	20,613
Balance at the end of the period	(230,615)
Gain on Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	7,978
Current-period comprehensive income (loss)	(507)
Balance at the end of the period	7,471
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(103,109)
Current-period comprehensive income (loss)	0
Balance at the end of the period	(103,109)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(346,359)
Current-period comprehensive income (loss)	20,106
Balance at the end of the period	$ (326,253)

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Investment Hedge (Details) $ in Thousands	Apr. 01, 2017USD ($)
Accounting Policies [Abstract]
Unrealized gain on net investment hedge	$ 6,346

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2016	Apr. 30, 2016	Apr. 01, 2017	Dec. 31, 2016	May 31, 2016
Acquisitions
Goodwill			$ 324,061	$ 321,110
Ownership percentage by noncontrolling owners					10.00%
IGC Galvanizing Industries (M) Sdn Bhd
Acquisitions
Percentage acquired		30.00%
Consideration transfered		$ 5,841
Valmont SM
Acquisitions
Percentage acquired			5.20%
Consideration transfered	$ 5,168

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - Broad Restructuring Plan - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,581	$ 39,852,000
Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring charges		19,836,000
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges		21,708,000
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 18,144,000

RESTRUCTURING ACTIVITIES - Pre-

RESTRUCTURING ACTIVITIES - Pre-tax Restructuring Expenses Recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015
2016 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7,825
2016 Plan | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,045
2016 Plan | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,780
2016 Plan | Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,099
Broad Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,581	$ 39,852,000
Broad Restructuring Plan | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges		21,708,000
Broad Restructuring Plan | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges		18,144,000
Broad Restructuring Plan | Asset impairments/net loss on disposals
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 19,836,000

RESTRUCTURING ACTIVITIES - Liab

RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2017USD ($)
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	$ 6,178
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(2,323)
Ending balance	3,855
Severance
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,597
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(1,597)
Ending balance	0
Other cash restructuring expenses
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	4,581
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(726)
Ending balance	$ 3,855

GOODWILL AND INTANGIBLE ASSET36

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016	Mar. 28, 2015	Dec. 31, 2016
Components of amortized intangible assets
Gross Carrying Amount	$ 206,648			$ 205,079
Accumulated Amortization	126,160			121,486
Amortization expense for intangible assets	3,863	$ 3,995
Estimated amortization expense
2,015	15,243
2,016	13,560
2,017	12,819
2,018	11,749
2,019	9,690
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	192,743			191,316
Accumulated Amortization	$ 115,792			111,342
Weighted Average Life	13 years		13 years
Proprietary Software & Database
Components of amortized intangible assets
Gross Carrying Amount	$ 3,671			3,616
Accumulated Amortization	$ 3,089			3,056
Weighted Average Life	8 years		8 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	$ 6,485			6,434
Accumulated Amortization	$ 3,566			3,420
Weighted Average Life	11 years		11 years
Other
Components of amortized intangible assets
Gross Carrying Amount	$ 3,749			3,713
Accumulated Amortization	$ 3,713			$ 3,668
Weighted Average Life	3 years		3 years

GOODWILL AND INTANGIBLE ASSET37

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Webforge
Non-amortized intangible assets
Carrying value of trade names	$ 8,770	$ 8,624
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	8,874	8,765
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	7,150	7,032
Donhad
Non-amortized intangible assets
Carrying value of trade names	5,394	5,305
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	2,238	2,201
Other
Non-amortized intangible assets
Carrying value of trade names	13,975	13,747
Trade Names
Non-amortized intangible assets
Carrying value of trade names	$ 61,512	$ 60,785

GOODWILL AND INTANGIBLE ASSET38

GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($)	Apr. 01, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 324,061,000	$ 321,110,000
ESS
Indefinite-lived Intangible Assets [Line Items]
Goodwill	95,079,000	94,314,000
Energy & Mining
Indefinite-lived Intangible Assets [Line Items]
Goodwill	74,158,000	72,212,000
Coatings Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	59,696,000	$ 59,569,000
Offshore Structures | Energy & Mining
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 13,209

GOODWILL AND INTANGIBLE ASSET39

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2017USD ($)
Carrying amount of goodwill
Balance at the beginning of the period	$ 321,110
Foreign currency translation	2,951
Balance at the end of the period	324,061
Engineered Support Structures Segment
Carrying amount of goodwill
Balance at the beginning of the period	94,314
Foreign currency translation	765
Balance at the end of the period	95,079
Energy and Mining Segment
Carrying amount of goodwill
Balance at the beginning of the period	72,212
Foreign currency translation	1,946
Balance at the end of the period	74,158
Utility Support Structures Segment
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
Coatings Segment
Carrying amount of goodwill
Balance at the beginning of the period	59,569
Foreign currency translation	127
Balance at the end of the period	59,696
Irrigation Segment
Carrying amount of goodwill
Balance at the beginning of the period	19,611
Foreign currency translation	113
Balance at the end of the period	$ 19,724

CASH FLOW SUPPLEMENTARY INFOR40

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Supplemental Cash Flow Elements [Abstract]
Value of shares acquired under share repurchase program	$ 0	$ 16,939
Supplemental Cash Flow Information [Abstract]
Interest	925	559
Income taxes	$ 1,898	$ 4,788

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 38,979,000	$ 32,969,000
Shares outstanding basic (in shares)	22,472,000	22,700,000
Per share amount basic (in dollars per share)	$ 1.73	$ 1.45
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	188,000	116,000
Dilutive effect of stock options (in dollars per share)	$ (0.01)	$ 0
Diluted EPS
Shares outstanding dilutive (in shares)	22,660,000	22,816,000
Per share amount diluted (in dollars per share)	$ 1.72	$ 1.45
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)	0	403,407

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Business Segments
Net sales	$ 637,473	$ 596,605
Operating income	64,502	62,365
Inventory Valuation [Member]
Business Segments
Operating income	(779)	2,027
Engineered Support Structures Segment
Business Segments
Net sales	160,351	165,959
Operating income	9,213	12,475
Energy and Mining Segment
Business Segments
Net sales	77,972	70,791
Operating income	3,837	1,902
Utility Support Structures Segment
Business Segments
Net sales	174,377	144,344
Operating income	22,708	14,424
Coatings Segment
Business Segments
Net sales	59,332	58,768
Operating income	9,406	11,413
Irrigation Segment
Business Segments
Net sales	165,441	156,743
Operating income	30,291	28,895
Corporate
Business Segments
Operating income	(10,174)	(8,771)
Operating Segment
Business Segments
Sales	673,834	621,035
Operating Segment | Engineered Support Structures Segment
Business Segments
Sales	180,558	176,971
Operating Segment | Engineered Support Structures Segment | Lighting, Traffic, and Roadway Products
Business Segments
Sales	149,082	146,302
Operating Segment | Engineered Support Structures Segment | Communication Products
Business Segments
Sales	31,476	30,669
Operating Segment | Energy and Mining Segment
Business Segments
Sales	77,972	72,449
Operating Segment | Energy and Mining Segment | Offshore Structures
Business Segments
Sales	25,707	22,969
Operating Segment | Energy and Mining Segment | Grinding Media [Member]
Business Segments
Sales	19,594	19,490
Operating Segment | Energy and Mining Segment | Access Systems
Business Segments
Sales	32,671	29,990
Operating Segment | Utility Support Structures Segment
Business Segments
Sales	174,612	144,520
Operating Segment | Utility Support Structures Segment | Steel
Business Segments
Sales	148,408	121,971
Operating Segment | Utility Support Structures Segment | Concrete
Business Segments
Sales	26,204	22,549
Operating Segment | Coatings Segment
Business Segments
Sales	73,468	68,581
Operating Segment | Irrigation Segment
Business Segments
Sales	167,224	158,514
Intersegment
Business Segments
Sales	36,361	24,430
Intersegment | Engineered Support Structures Segment
Business Segments
Sales	20,207	11,012
Intersegment | Energy and Mining Segment
Business Segments
Sales	0	1,658
Intersegment | Utility Support Structures Segment
Business Segments
Sales	235	176
Intersegment | Coatings Segment
Business Segments
Sales	14,136	9,813
Intersegment | Irrigation Segment
Business Segments
Sales	$ 1,783	$ 1,771

GUARANTOR_NON-GUARANTOR FINAN43

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Parent company's percentage ownership of Guarantors	100.00%
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	$ 637,473	$ 596,605
Cost of sales	472,868	435,636
Gross profit	164,605	160,969
Selling, general and administrative expenses	100,103	98,604
Operating income	64,502	62,365
Other income (expense):
Interest expense	(11,304)	(11,054)
Interest income	927	811
Other	1,199	(1,678)
Total other income (expenses)	(9,178)	(11,921)
Earnings before income taxes	55,324	50,444
Income tax expense:
Current	1,298	10,514
Deferred income taxes	14,065	5,759
Total income tax expense (benefit)	15,363	16,273
Earnings before equity in earnings of nonconsolidated subsidiaries	39,961	34,171
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	39,961	34,171
Less: Earnings attributable to noncontrolling interests	(982)	(1,202)
Net earnings attributable to Valmont Industries, Inc.	38,979	32,969
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	(68,313)	(52,073)
Cost of sales	(67,597)	(51,480)
Gross profit	(716)	(593)
Selling, general and administrative expenses	0	0
Operating income	(716)	(593)
Other income (expense):
Interest expense	2,266	0
Interest income	(2,266)	0
Other	0	0
Total other income (expenses)	0	0
Earnings before income taxes	(716)	(593)
Income tax expense:
Current	(244)	(120)
Deferred income taxes	0	0
Total income tax expense (benefit)	(244)	(120)
Earnings before equity in earnings of nonconsolidated subsidiaries	(472)	(473)
Equity in earnings of nonconsolidated subsidiaries	(27,514)	(19,639)
Net earnings	(27,986)	(20,112)
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	(27,986)	(20,112)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	293,265	285,038
Cost of sales	216,486	207,861
Gross profit	76,779	77,177
Selling, general and administrative expenses	50,217	42,494
Operating income	26,562	34,683
Other income (expense):
Interest expense	(11,142)	(10,930)
Interest income	151	67
Other	1,354	(375)
Total other income (expenses)	(9,637)	(11,238)
Earnings before income taxes	16,925	23,445
Income tax expense:
Current	(4,887)	5,583
Deferred income taxes	11,327	2,419
Total income tax expense (benefit)	6,440	8,002
Earnings before equity in earnings of nonconsolidated subsidiaries	10,485	15,443
Equity in earnings of nonconsolidated subsidiaries	28,494	17,526
Net earnings	38,979	32,969
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	38,979	32,969
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	117,225	91,526
Cost of sales	91,489	67,862
Gross profit	25,736	23,664
Selling, general and administrative expenses	11,660	11,430
Operating income	14,076	12,234
Other income (expense):
Interest expense	(2,266)	0
Interest income	14	25
Other	16	12
Total other income (expenses)	(2,236)	37
Earnings before income taxes	11,840	12,271
Income tax expense:
Current	5,320	2,572
Deferred income taxes	0	2,149
Total income tax expense (benefit)	5,320	4,721
Earnings before equity in earnings of nonconsolidated subsidiaries	6,520	7,550
Equity in earnings of nonconsolidated subsidiaries	(980)	2,113
Net earnings	5,540	9,663
Less: Earnings attributable to noncontrolling interests	0	0
Net earnings attributable to Valmont Industries, Inc.	5,540	9,663
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	295,296	272,114
Cost of sales	232,490	211,393
Gross profit	62,806	60,721
Selling, general and administrative expenses	38,226	44,680
Operating income	24,580	16,041
Other income (expense):
Interest expense	(162)	(124)
Interest income	3,028	719
Other	(171)	(1,315)
Total other income (expenses)	2,695	(720)
Earnings before income taxes	27,275	15,321
Income tax expense:
Current	1,109	2,479
Deferred income taxes	2,738	1,191
Total income tax expense (benefit)	3,847	3,670
Earnings before equity in earnings of nonconsolidated subsidiaries	23,428	11,651
Equity in earnings of nonconsolidated subsidiaries	0	0
Net earnings	23,428	11,651
Less: Earnings attributable to noncontrolling interests	(982)	(1,202)
Net earnings attributable to Valmont Industries, Inc.	$ 22,446	$ 10,449

GUARANTOR_NON-GUARANTOR FINAN44

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	$ 39,961	$ 34,171
Foreign currency translation adjustments:
Unrealized translation gain (loss)	19,390	2,513
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	(526)	0
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	19	19
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	18,883	2,532
Comprehensive income	58,844	36,703
Comprehensive loss (income) attributable to noncontrolling interests	241	(2,327)
Comprehensive income attributable to Valmont Industries, Inc.	59,085	34,376
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	(27,986)	(20,112)
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	0
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	0	0
Equity in other comprehensive income	(20,613)	(1,388)
Other comprehensive income (loss)	(20,613)	(1,388)
Comprehensive income	(48,599)	(21,500)
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income attributable to Valmont Industries, Inc.	(48,599)	(21,500)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	38,979	32,969
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	(526)
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	19	19
Equity in other comprehensive income	20,613	1,388
Other comprehensive income (loss)	20,106	1,407
Comprehensive income	59,085	34,376
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income attributable to Valmont Industries, Inc.	59,085	34,376
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	5,540	9,663
Foreign currency translation adjustments:
Unrealized translation gain (loss)	69,383	(178)
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	0
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	0	0
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	69,383	(178)
Comprehensive income	74,923	9,485
Comprehensive loss (income) attributable to noncontrolling interests	0	0
Comprehensive income attributable to Valmont Industries, Inc.	74,923	9,485
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	23,428	11,651
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(49,993)	2,691
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	0
Unrealized gain/(loss) on hedging activities:
Amortization cost included in interest expense	0	0
Equity in other comprehensive income	0	0
Other comprehensive income (loss)	(49,993)	2,691
Comprehensive income	(26,565)	14,342
Comprehensive loss (income) attributable to noncontrolling interests	241	(2,327)
Comprehensive income attributable to Valmont Industries, Inc.	$ (26,324)	$ 12,015

GUARANTOR_NON-GUARANTOR FINAN45

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 425,216	$ 399,948	$ 387,714	$ 349,074
Receivables, net	455,044	439,342
Inventories	389,156	350,028
Prepaid expenses, restricted cash, and other assets	54,532	57,297
Refundable income taxes	7,325	6,601
Total current assets	1,331,273	1,253,216
Property, plant and equipment, at cost	1,129,787	1,105,736
Less accumulated depreciation and amortization	610,129	587,401
Net property, plant and equipment	519,658	518,335
Goodwill	324,061	321,110
Other intangible assets	142,000	144,378
Investment in subsidiaries and intercompany accounts	0	0
Other assets	149,896	154,692
Total assets	2,466,888	2,391,731
Current liabilities:
Current installments of long-term debt	860	851
Notes payable to banks	957	746
Accounts payable	194,525	177,488
Accrued employee compensation and benefits	65,663	72,404
Accrued expenses	112,231	89,914
Dividends payable	8,468	8,445
Total current liabilities	(382,704)	(349,848)
Deferred income taxes	39,030	35,803
Long-term debt, excluding current installments	754,523	754,795
Defined benefit pension liability	187,276	209,470
Deferred compensation	46,567	44,319
Other noncurrent liabilities	15,508	14,910
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,906,161	1,874,722
Accumulated other comprehensive loss	(326,253)	(346,359)
Treasury stock	(604,969)	(612,781)
Total Valmont Industries, Inc. shareholders’ equity	1,002,839	943,482
Noncontrolling interest in consolidated subsidiaries	38,441	39,104
Total shareholders’ equity	1,041,280	982,586	980,151	965,211
Total liabilities and shareholders’ equity	2,466,888	2,391,731
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Receivables, net	0	0
Inventories	(4,869)	(4,154)
Prepaid expenses, restricted cash, and other assets	0	0
Refundable income taxes	0	0
Total current assets	(4,869)	(4,154)
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	(3,790,478)	(3,270,540)
Other assets	0	0
Total assets	(3,795,347)	(3,274,694)
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	(187,827)	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	(1,266,945)	(1,266,950)
Retained earnings	(1,563,522)	(1,250,087)
Accumulated other comprehensive loss	329,579	348,976
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	(3,607,520)	(3,274,694)
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	(3,607,520)	(3,274,694)
Total liabilities and shareholders’ equity	(3,795,347)	(3,274,694)
Parent
Current assets:
Cash and cash equivalents	93,149	67,225	76,634	62,281
Receivables, net	133,907	134,351
Inventories	143,773	126,669
Prepaid expenses, restricted cash, and other assets	8,913	13,271
Refundable income taxes	7,325	6,601
Total current assets	387,067	348,117
Property, plant and equipment, at cost	551,491	547,076
Less accumulated depreciation and amortization	359,317	352,960
Net property, plant and equipment	192,174	194,116
Goodwill	20,108	20,108
Other intangible assets	171	184
Investment in subsidiaries and intercompany accounts	1,319,342	1,279,413
Other assets	45,976	43,880
Total assets	1,964,838	1,885,818
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	54,551	52,272
Accrued employee compensation and benefits	32,084	34,508
Accrued expenses	45,272	30,261
Dividends payable	8,468	8,445
Total current liabilities	(140,375)	(125,486)
Deferred income taxes	24,693	22,481
Long-term debt, excluding current installments	751,148	751,251
Defined benefit pension liability	0	0
Deferred compensation	41,327	39,476
Other noncurrent liabilities	4,456	3,642
Shareholders’ equity:
Common stock of $1 par value	27,900	27,900
Additional paid-in capital	0	0
Retained earnings	1,906,161	1,874,722
Accumulated other comprehensive loss	(326,253)	(346,359)
Treasury stock	(604,969)	(612,781)
Total Valmont Industries, Inc. shareholders’ equity	1,002,839	943,482
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	1,002,839	943,482
Total liabilities and shareholders’ equity	1,964,838	1,885,818
Guarantors
Current assets:
Cash and cash equivalents	5,479	6,071	4,566	4,008
Receivables, net	74,221	60,522
Inventories	49,322	45,457
Prepaid expenses, restricted cash, and other assets	852	880
Refundable income taxes	0	0
Total current assets	129,874	112,930
Property, plant and equipment, at cost	155,330	153,596
Less accumulated depreciation and amortization	79,023	76,776
Net property, plant and equipment	76,307	76,820
Goodwill	110,562	110,561
Other intangible assets	34,703	35,953
Investment in subsidiaries and intercompany accounts	1,171,413	901,758
Other assets	0	0
Total assets	1,522,859	1,238,022
Current liabilities:
Current installments of long-term debt	0	0
Notes payable to banks	0	0
Accounts payable	17,559	15,732
Accrued employee compensation and benefits	5,774	7,243
Accrued expenses	13,014	15,242
Dividends payable	0	0
Total current liabilities	(36,347)	(38,217)
Deferred income taxes	0	0
Long-term debt, excluding current installments	180,863	0
Defined benefit pension liability	0	0
Deferred compensation	0	0
Other noncurrent liabilities	5	5
Shareholders’ equity:
Common stock of $1 par value	457,950	457,950
Additional paid-in capital	159,414	159,414
Retained earnings	683,203	646,749
Accumulated other comprehensive loss	5,077	(64,313)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	1,305,644	1,199,800
Noncontrolling interest in consolidated subsidiaries	0	0
Total shareholders’ equity	1,305,644	1,199,800
Total liabilities and shareholders’ equity	1,522,859	1,238,022
Non- Guarantors
Current assets:
Cash and cash equivalents	326,588	326,652	$ 306,514	$ 282,785
Receivables, net	246,916	244,469
Inventories	200,930	182,056
Prepaid expenses, restricted cash, and other assets	44,767	43,146
Refundable income taxes	0	0
Total current assets	819,201	796,323
Property, plant and equipment, at cost	422,966	405,064
Less accumulated depreciation and amortization	171,789	157,665
Net property, plant and equipment	251,177	247,399
Goodwill	193,391	190,441
Other intangible assets	107,126	108,241
Investment in subsidiaries and intercompany accounts	1,299,723	1,089,369
Other assets	103,920	110,812
Total assets	2,774,538	2,542,585
Current liabilities:
Current installments of long-term debt	860	851
Notes payable to banks	957	746
Accounts payable	122,415	109,484
Accrued employee compensation and benefits	27,805	30,653
Accrued expenses	53,945	44,411
Dividends payable	0	0
Total current liabilities	(205,982)	(186,145)
Deferred income taxes	14,337	13,322
Long-term debt, excluding current installments	10,339	3,544
Defined benefit pension liability	187,276	209,470
Deferred compensation	5,240	4,843
Other noncurrent liabilities	11,047	11,263
Shareholders’ equity:
Common stock of $1 par value	648,682	648,683
Additional paid-in capital	1,107,531	1,107,536
Retained earnings	880,319	603,338
Accumulated other comprehensive loss	(334,656)	(284,663)
Treasury stock	0	0
Total Valmont Industries, Inc. shareholders’ equity	2,301,876	2,074,894
Noncontrolling interest in consolidated subsidiaries	38,441	39,104
Total shareholders’ equity	2,340,317	2,113,998
Total liabilities and shareholders’ equity	$ 2,774,538	$ 2,542,585

GUARANTOR_NON-GUARANTOR FINAN46

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares	Apr. 01, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

GUARANTOR_NON-GUARANTOR FINAN47

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities:
Net earnings	$ 39,961	$ 34,171
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	20,827	20,598
Noncash loss on trading securities	70	995
Stock-based compensation	2,494	2,049
Defined benefit pension plan expense	154	384
Contribution to defined benefit pension plan	(25,379)	0
(Gain)/loss on sale of property, plant and equipment	(102)	144
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	14,065	5,759
Changes in assets and liabilities:
Receivables	(12,729)	20,344
Inventories	(34,817)	(8,022)
Prepaid expenses and other assets	(9,798)	910
Accounts payable	14,124	1,383
Accrued expenses	14,020	(7,178)
Other noncurrent liabilities	612	(823)
Income taxes payable (refundable)	(87)	9,813
Net cash flows from operating activities	35,983	80,527
Cash flows from investing activities:
Purchase of property, plant and equipment	(14,168)	(13,961)
Proceeds from sale of assets	302	142
Increase in restricted cash - pension	12,568	0
Other, net	(1,715)	(2,322)
Net cash flows from investing activities	(15,581)	(16,141)
Cash flows from financing activities:
Net borrowings under short-term agreements	198	1,352
Principal payments on long-term borrowings	(215)	(220)
Dividends paid	(8,445)	(8,571)
Intercompany interest on long-term note	0
Dividends to noncontrolling interest	(422)	0
Proceeds from exercises under stock plans	8,894	1,289
Excess tax benefits from stock option exercises	0	(66)
Purchase of treasury shares	0	(16,939)
Purchase of common treasury shares - stock plan exercises	(2,870)	(219)
Net cash flows from financing activities	(2,860)	(23,374)
Effect of exchange rate changes on cash and cash equivalents	7,726	(2,372)
Net change in cash and cash equivalents	25,268	38,640
Cash and cash equivalents—beginning of year	399,948	349,074
Cash and cash equivalents—end of period	425,216	387,714
Eliminations
Cash flows from operating activities:
Net earnings	(27,986)	(20,112)
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	0	0
Noncash loss on trading securities	0	0
Stock-based compensation	0	0
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan	0
(Gain)/loss on sale of property, plant and equipment	0	0
Equity in earnings in nonconsolidated subsidiaries	27,514	19,639
Deferred income taxes	0	0
Changes in assets and liabilities:
Receivables	0	0
Inventories	716	593
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	244	120
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	(244)	(120)
Net cash flows from investing activities	(244)	(120)
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings	0	0
Dividends paid	0	0
Intercompany interest on long-term note	0
Dividends to noncontrolling interest	0
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises		0
Purchase of treasury shares		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
Parent
Cash flows from operating activities:
Net earnings	38,979	32,969
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	6,536	6,857
Noncash loss on trading securities	0	0
Stock-based compensation	2,494	2,049
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan	0
(Gain)/loss on sale of property, plant and equipment	(5)	(3)
Equity in earnings in nonconsolidated subsidiaries	(28,494)	(17,526)
Deferred income taxes	11,327	2,419
Changes in assets and liabilities:
Receivables	1,116	2,027
Inventories	(17,105)	(6,367)
Prepaid expenses and other assets	3,688	4,465
Accounts payable	2,278	(8,102)
Accrued expenses	12,588	843
Other noncurrent liabilities	848	916
Income taxes payable (refundable)	(9,839)	5,628
Net cash flows from operating activities	24,411	26,175
Cash flows from investing activities:
Purchase of property, plant and equipment	(4,547)	1,248
Proceeds from sale of assets	7	104
Increase in restricted cash - pension	0
Other, net	8,474	11,332
Net cash flows from investing activities	3,934	12,684
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings		0
Dividends paid	(8,445)	(8,571)
Intercompany interest on long-term note	0
Dividends to noncontrolling interest	0
Proceeds from exercises under stock plans	8,894	1,289
Excess tax benefits from stock option exercises		(66)
Purchase of treasury shares		(16,939)
Purchase of common treasury shares - stock plan exercises	(2,870)	(219)
Net cash flows from financing activities	(2,421)	(24,506)
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	25,924	14,353
Cash and cash equivalents—beginning of year	67,225	62,281
Cash and cash equivalents—end of period	93,149	76,634
Guarantors
Cash flows from operating activities:
Net earnings	5,540	9,663
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	3,557	3,277
Noncash loss on trading securities	0	0
Stock-based compensation	0	0
Defined benefit pension plan expense	0	0
Contribution to defined benefit pension plan	0
(Gain)/loss on sale of property, plant and equipment	(2)	52
Equity in earnings in nonconsolidated subsidiaries	980	(2,113)
Deferred income taxes	0	2,149
Changes in assets and liabilities:
Receivables	(13,699)	12,003
Inventories	(3,865)	(2,403)
Prepaid expenses and other assets	27	(38)
Accounts payable	1,826	468
Accrued expenses	(3,697)	(7,732)
Other noncurrent liabilities	0	0
Income taxes payable (refundable)	22	85
Net cash flows from operating activities	(9,311)	15,411
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,797)	(8,630)
Proceeds from sale of assets	6	(51)
Increase in restricted cash - pension	0
Other, net	12,586	(6,286)
Net cash flows from investing activities	10,795	(14,967)
Cash flows from financing activities:
Net borrowings under short-term agreements	0	0
Principal payments on long-term borrowings	0	0
Dividends paid	0	0
Intercompany interest on long-term note	(2,263)
Dividends to noncontrolling interest	0
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises		0
Purchase of treasury shares		0
Purchase of common treasury shares - stock plan exercises	0	0
Net cash flows from financing activities	(2,263)	0
Effect of exchange rate changes on cash and cash equivalents	187	114
Net change in cash and cash equivalents	(592)	558
Cash and cash equivalents—beginning of year	6,071	4,008
Cash and cash equivalents—end of period	5,479	4,566
Non- Guarantors
Cash flows from operating activities:
Net earnings	23,428	11,651
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	10,734	10,464
Noncash loss on trading securities	70	995
Stock-based compensation	0	0
Defined benefit pension plan expense	154	384
Contribution to defined benefit pension plan	(25,379)
(Gain)/loss on sale of property, plant and equipment	(95)	95
Equity in earnings in nonconsolidated subsidiaries	0	0
Deferred income taxes	2,738	1,191
Changes in assets and liabilities:
Receivables	(146)	6,314
Inventories	(14,563)	155
Prepaid expenses and other assets	(13,513)	(3,517)
Accounts payable	10,020	9,017
Accrued expenses	5,129	(289)
Other noncurrent liabilities	(236)	(1,739)
Income taxes payable (refundable)	9,730	4,100
Net cash flows from operating activities	20,639	38,821
Cash flows from investing activities:
Purchase of property, plant and equipment	(7,824)	(6,579)
Proceeds from sale of assets	289	89
Increase in restricted cash - pension	12,568
Other, net	(22,531)	(7,248)
Net cash flows from investing activities	(30,066)	(13,738)
Cash flows from financing activities:
Net borrowings under short-term agreements	198	1,352
Principal payments on long-term borrowings	(215)	(220)
Dividends paid	0	0
Intercompany interest on long-term note	2,263
Dividends to noncontrolling interest	(422)
Proceeds from exercises under stock plans	0	0
Excess tax benefits from stock option exercises		0
Purchase of treasury shares		0
Purchase of common treasury shares - stock plan exercises	0	0
Net cash flows from financing activities	1,824	1,132
Effect of exchange rate changes on cash and cash equivalents	7,539	(2,486)
Net change in cash and cash equivalents	(64)	23,729
Cash and cash equivalents—beginning of year	326,652	282,785
Cash and cash equivalents—end of period	$ 326,588	$ 306,514