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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valmont Industries | NYSE:VMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.42 | 0.20% | 209.99 | 211.44 | 208.78 | 209.32 | 191,169 | 01:00:00 |
Delaware
(State or Other Jurisdiction of Incorporation or Organization) |
47-0351813
(I.R.S. Employer Identification No.) |
One Valmont Plaza,
Omaha, Nebraska (Address of Principal Executive Offices) |
68154-5215 (Zip Code) |
Large accelerated filer
x
|
Accelerated filer
o
|
Non‑accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
(Do not check if a
smaller reporting company) |
|
|
|
Page No.
|
|
PART I. FINANCIAL INFORMATION
|
|
Item 1
.
|
Financial Statements
(unaudited):
|
|
|
|
|
|
ended April 1, 2017 and March 26, 2016
|
|
|
|
|
|
weeks ended April 1, 2017 and March 26, 2016
|
|
|
Condensed Consolidated Balance Sheets as of April 1, 2017 and December 31,
|
|
|
2016
|
|
|
Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended
|
|
|
April 1, 2017 and March 26, 2016
|
|
|
Condensed Consolidated Statements of Shareholders' Equity for the thirteen
|
|
|
weeks ended April 1, 2017 and March 26, 2016
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II. OTHER INFORMATION
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 5.
|
Other Information
|
|
Item 6.
|
||
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
April 1,
2017 |
|
March 26,
2016 |
||||
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
|
)
|
||
|
(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
|
|
||
|
15,363
|
|
|
16,273
|
|
||
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
|
$
|
1.73
|
|
|
$
|
1.45
|
|
Diluted
|
$
|
1.72
|
|
|
$
|
1.45
|
|
Cash dividends declared per share
|
$
|
0.375
|
|
|
$
|
0.375
|
|
Weighted average number of shares of common stock outstanding - Basic (000 omitted)
|
22,472
|
|
|
22,700
|
|
||
Weighted average number of shares of common stock outstanding - Diluted (000 omitted)
|
22,660
|
|
|
22,816
|
|
|
Thirteen Weeks Ended
|
||||||
|
April 1,
2017 |
|
March 26,
2016 |
||||
Net earnings
|
$
|
39,961
|
|
|
$
|
34,171
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Foreign currency translation adjustments:
|
|
|
|
||||
Unrealized translation gain (loss)
|
19,390
|
|
|
2,513
|
|
||
Unrealized gain/(loss) on hedging activities:
|
|
|
|
||||
Net investment hedge
|
(526
|
)
|
|
—
|
|
||
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
|
|
|
April 1,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
||||
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
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
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
|
—
|
|
|
—
|
|
||
Common stock of $1 par value -
|
|
|
|
||||
Authorized 75,000,000 shares; 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
|
|
|
Thirteen Weeks Ended
|
||||||
|
April 1,
2017 |
|
March 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
|
)
|
|
—
|
|
||
Change in restricted cash - pension plan trust
|
12,568
|
|
|
—
|
|
||
(Gain)/loss on sale of property, plant and equipment
|
(102
|
)
|
|
144
|
|
||
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
|
)
|
|
—
|
|
||
Purchase of treasury shares
|
—
|
|
|
(16,939
|
)
|
||
Proceeds from exercises under stock plans
|
8,894
|
|
|
1,289
|
|
||
Excess tax benefits from stock option exercises
|
—
|
|
|
(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
|
|
|
Common
stock |
|
Additional
paid-in capital |
|
Retained
earnings |
|
Accumulated
other comprehensive income (loss) |
|
Treasury
stock |
|
Noncontrolling
interest in consolidated subsidiaries |
|
Total
shareholders’ equity |
||||||||||||||
Balance at December 26, 2015
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,729,679
|
|
|
$
|
(267,218
|
)
|
|
$
|
(571,920
|
)
|
|
$
|
46,770
|
|
|
$
|
965,211
|
|
Net earnings
|
—
|
|
|
—
|
|
|
32,969
|
|
|
—
|
|
|
—
|
|
|
1,202
|
|
|
34,171
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,407
|
|
|
—
|
|
|
1,125
|
|
|
2,532
|
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(8,527
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,527
|
)
|
|||||||
Purchase of treasury shares; 153,962 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,939
|
)
|
|
—
|
|
|
(16,939
|
)
|
|||||||
Stock plan exercises; 1,895 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(219
|
)
|
|
—
|
|
|
(219
|
)
|
|||||||
Stock options exercised; 12,771 shares issued
|
—
|
|
|
(1,983
|
)
|
|
1,961
|
|
|
—
|
|
|
1,311
|
|
|
—
|
|
|
1,289
|
|
|||||||
Tax benefit from stock option exercises
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|||||||
Stock option expense
|
—
|
|
|
1,491
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,491
|
|
|||||||
Stock awards; 4,540 shares issued
|
—
|
|
|
558
|
|
|
—
|
|
|
—
|
|
|
650
|
|
|
—
|
|
|
1,208
|
|
|||||||
Balance at March 26, 2016
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,756,082
|
|
|
$
|
(265,811
|
)
|
|
$
|
(587,117
|
)
|
|
$
|
49,097
|
|
|
$
|
980,151
|
|
Balance at December 31, 2016
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,874,722
|
|
|
$
|
(346,359
|
)
|
|
$
|
(612,781
|
)
|
|
$
|
39,104
|
|
|
$
|
982,586
|
|
Net earnings
|
—
|
|
|
—
|
|
|
38,979
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
39,961
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
20,106
|
|
|
—
|
|
|
(1,223
|
)
|
|
18,883
|
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(8,468
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,468
|
)
|
|||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(422
|
)
|
|
(422
|
)
|
|||||||
Stock plan exercises; 17,985 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,870
|
)
|
|
—
|
|
|
(2,870
|
)
|
|||||||
Stock options exercised; 77,336 shares issued
|
—
|
|
|
(2,494
|
)
|
|
928
|
|
|
—
|
|
|
10,460
|
|
|
—
|
|
|
8,894
|
|
|||||||
Stock option expense
|
—
|
|
|
1,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,289
|
|
|||||||
Stock awards; 1,583 shares issued
|
—
|
|
|
1,205
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
1,427
|
|
|||||||
Balance at April 1, 2017
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,906,161
|
|
|
$
|
(326,253
|
)
|
|
$
|
(604,969
|
)
|
|
$
|
38,441
|
|
|
$
|
1,041,280
|
|
|
April 1,
2017 |
|
December 31,
2016 |
||||
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
|
|
|
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
|
|
|
Thirteen Weeks Ended
|
||||||
|
2017
|
|
2016
|
||||
Compensation expense
|
$
|
1,289
|
|
|
$
|
1,491
|
|
Income tax benefits
|
496
|
|
|
574
|
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
Carrying Value
April 1, 2017 |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Trading Securities
|
$
|
39,578
|
|
|
$
|
39,578
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
Carrying Value
December 31, 2016 |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Trading Securities
|
$
|
37,800
|
|
|
$
|
37,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
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
|
)
|
|
|
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
|
|
|
April 1, 2017
|
||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
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
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
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
|
|
|
|
Thirteen Weeks Ended
|
||||||
2017
|
|
2016
|
||||
$
|
3,863
|
|
|
$
|
3,995
|
|
|
Estimated
Amortization Expense |
||
2017
|
$
|
15,243
|
|
2018
|
13,560
|
|
|
2019
|
12,819
|
|
|
2020
|
11,749
|
|
|
2021
|
9,690
|
|
|
April 1,
2017 |
|
December 31,
2016 |
|
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
|
|
|
|
|
Engineered
Support Structures Segment |
|
Energy & Mining Segment
|
|
Utility
Support Structures Segment |
|
Coatings
Segment |
|
Irrigation
Segment |
|
|
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
|
|
|
2017
|
|
2016
|
||||
Interest
|
$
|
925
|
|
|
$
|
559
|
|
Income taxes
|
1,898
|
|
|
4,788
|
|
|
Basic EPS
|
|
Dilutive
Effect of Stock Options |
|
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
|
|
|
Thirteen Weeks Ended
|
||||||
|
April 1,
2017 |
|
March 26,
2016 |
||||
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
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
|
|
|
Thirteen Weeks Ended
|
|||||||||
|
April 1, 2017
|
|
March 26, 2016
|
|
% Incr. (Decr.)
|
|||||
Consolidated
|
|
|
|
|
|
|||||
Net sales
|
$
|
637.5
|
|
|
$
|
596.6
|
|
|
6.9
|
%
|
Gross profit
|
164.6
|
|
|
161.0
|
|
|
2.2
|
%
|
||
as a percent of sales
|
25.8
|
%
|
|
27.0
|
%
|
|
|
|||
SG&A expense
|
100.1
|
|
|
98.6
|
|
|
1.5
|
%
|
||
as a percent of sales
|
15.7
|
%
|
|
16.5
|
%
|
|
|
|||
Operating income
|
64.5
|
|
|
62.4
|
|
|
3.4
|
%
|
||
as a percent of sales
|
10.1
|
%
|
|
10.5
|
%
|
|
|
|||
Net interest expense
|
10.4
|
|
|
10.2
|
|
|
2.0
|
%
|
||
Effective tax rate
|
27.8
|
%
|
|
32.3
|
%
|
|
|
|||
Net earnings
|
$
|
39.0
|
|
|
$
|
33.0
|
|
|
18.2
|
%
|
Diluted earnings per share
|
$
|
1.72
|
|
|
$
|
1.45
|
|
|
18.6
|
%
|
Engineered Support Structures
|
|
|
|
|
|
|||||
Net sales
|
$
|
160.4
|
|
|
$
|
166.0
|
|
|
(3.4
|
)%
|
Gross profit
|
41.3
|
|
|
46.0
|
|
|
(10.2
|
)%
|
||
SG&A expense
|
32.1
|
|
|
33.5
|
|
|
(4.2
|
)%
|
||
Operating income
|
9.2
|
|
|
12.5
|
|
|
(26.4
|
)%
|
||
Energy and Mining
|
|
|
|
|
|
|||||
Net sales
|
$
|
78.0
|
|
|
$
|
70.8
|
|
|
10.2
|
%
|
Gross profit
|
14.5
|
|
|
12.2
|
|
|
18.9
|
%
|
||
SG&A expense
|
10.7
|
|
|
10.3
|
|
|
3.9
|
%
|
||
Operating income
|
3.8
|
|
|
1.9
|
|
|
100.0
|
%
|
||
Utility Support Structures
|
|
|
|
|
|
|||||
Net sales
|
$
|
174.4
|
|
|
$
|
144.3
|
|
|
20.9
|
%
|
Gross profit
|
39.1
|
|
|
30.1
|
|
|
29.9
|
%
|
||
SG&A expense
|
16.4
|
|
|
15.7
|
|
|
4.5
|
%
|
||
Operating income
|
22.7
|
|
|
14.4
|
|
|
57.6
|
%
|
||
Coatings
|
|
|
|
|
|
|||||
Net sales
|
$
|
59.3
|
|
|
$
|
58.8
|
|
|
0.9
|
%
|
Gross profit
|
17.7
|
|
|
19.7
|
|
|
(10.2
|
)%
|
||
SG&A expense
|
8.3
|
|
|
8.3
|
|
|
—
|
%
|
||
Operating income
|
9.4
|
|
|
11.4
|
|
|
(17.5
|
)%
|
||
Irrigation
|
|
|
|
|
|
|||||
Net sales
|
$
|
165.4
|
|
|
$
|
156.7
|
|
|
5.6
|
%
|
Gross profit
|
52.8
|
|
|
50.5
|
|
|
4.6
|
%
|
||
SG&A expense
|
22.5
|
|
|
21.6
|
|
|
4.2
|
%
|
||
Operating income
|
30.3
|
|
|
28.9
|
|
|
4.8
|
%
|
||
Adjustment to LIFO inventory valuation method
|
|
|
|
|
|
|||||
Gross profit
|
$
|
(0.8
|
)
|
|
$
|
2.0
|
|
|
NM
|
|
Operating income
|
(0.8
|
)
|
|
2.0
|
|
|
NM
|
|||
Net corporate expense
|
|
|
|
|
|
|||||
Gross profit
|
$
|
—
|
|
|
$
|
0.4
|
|
|
NM
|
|
SG&A expense
|
10.2
|
|
|
9.2
|
|
|
10.9
|
%
|
||
Operating loss
|
(10.2
|
)
|
|
(8.8
|
)
|
|
(15.9
|
)%
|
|
First quarter
|
|||||||||||||||||
|
Total
|
ESS
|
Energy & Mining
|
Utility
|
Coatings
|
Irrigation
|
||||||||||||
Sales - 2016
|
$
|
596.6
|
|
$
|
166.0
|
|
$
|
70.8
|
|
$
|
144.3
|
|
$
|
58.8
|
|
$
|
156.7
|
|
Volume
|
30.2
|
|
(4.6
|
)
|
5.1
|
|
28.1
|
|
(4.0
|
)
|
5.6
|
|
||||||
Pricing/mix
|
6.8
|
|
1.0
|
|
1.3
|
|
2.0
|
|
4.1
|
|
(1.6
|
)
|
||||||
Currency translation
|
3.9
|
|
(2.0
|
)
|
0.8
|
|
—
|
|
0.4
|
|
4.7
|
|
||||||
Sales - 2017
|
637.5
|
|
160.4
|
|
78.0
|
|
174.4
|
|
59.3
|
|
165.4
|
|
|
Total
|
ESS
|
Energy & Mining
|
Utility
|
Coatings
|
Irrigation
|
Corporate
|
||||||||||||||
First quarter
|
$
|
0.7
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(0.1
|
)
|
$
|
0.8
|
|
$
|
—
|
|
•
|
$250.2 million face value ($253.5 million carrying value) of senior unsecured notes that bear interest at 6.625% per annum and are due in April 2020.
|
•
|
$250 million face value ($248.9 million carrying value) of senior unsecured notes that bear interest at 5.00% per annum and are due in October 2044.
|
•
|
$250 million face value ($246.8 million carrying value) of unsecured notes that bear interest at 5.25% per annum and are due in October 2054.
|
•
|
We are allowed to repurchase the notes at specified prepayment premiums. All three tranches of these notes are guaranteed by certain of our subsidiaries.
|
•
|
Interest-bearing debt is not to exceed 3.5X Adjusted EBITDA of the prior four quarters; and
|
•
|
Adjusted EBITDA over the prior four quarters must be at least 2.5X our interest expense over the same period.
|
Interest-bearing debt
|
$
|
756,340
|
|
Adjusted EBITDA-last four quarters
|
329,937
|
|
|
Leverage ratio
|
2.29
|
|
|
|
|
||
Adjusted EBITDA-last four quarters
|
$
|
329,937
|
|
Interest expense-last four quarters
|
42,386
|
|
|
Interest earned ratio
|
7.78
|
|
Net cash flows from operations
|
$
|
174,624
|
|
Interest expense
|
42,386
|
|
|
Income tax expense
|
41,156
|
|
|
Impairment of property, plant and equipment
|
(1,099
|
)
|
|
Loss on investment
|
339
|
|
|
Change in fair value of contingent consideration
|
3,242
|
|
|
Deferred income tax benefit
|
15,379
|
|
|
Noncontrolling interest
|
(4,940
|
)
|
|
Stock-based compensation
|
(10,376
|
)
|
|
Pension plan expense
|
(1,640
|
)
|
|
Contribution to pension plan
|
26,867
|
|
|
Changes in assets and liabilities
|
58,792
|
|
|
Other
|
699
|
|
|
EBITDA
|
345,429
|
|
|
Reversal of contingent liability
|
(16,591
|
)
|
|
Impairment of property, plant and equipment
|
1,099
|
|
|
Adjusted EBITDA
|
$
|
329,937
|
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
179,242
|
|
Interest expense
|
42,386
|
|
|
Income tax expense
|
41,156
|
|
|
Depreciation and amortization expense
|
82,645
|
|
|
EBITDA
|
345,429
|
|
|
Reversal of contingent liability
|
(16,591
|
)
|
|
Impairment of property, plant, and equipment
|
1,099
|
|
|
Adjusted EBITDA
|
$
|
329,937
|
|
Period
|
|
Total Number of
Shares Purchased |
|
Average Price
paid per share |
|
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
|
Approximate Dollar Value of Maximum Number of Shares that may yet be Purchased under the Program (1)
|
||||||
January 1, 2017 to January 28, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
132,172,000
|
|
|
January 29, 2017 to March 4, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
132,172,000
|
|
|||
March 5, 2017 to April 1, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
132,172,000
|
|
|||
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
132,172,000
|
|
|
For
|
|
Withheld
|
|
Broker Non-Votes
|
|||
Mogens C. Bay
|
18,063,565
|
|
|
628,215
|
|
|
2,324,444
|
|
Walter Scott, Jr.
|
17,782,121
|
|
|
909,659
|
|
|
2,324,444
|
|
Clark T. Randt, Jr.
|
18,350,473
|
|
|
341,307
|
|
|
2,324,444
|
|
For
|
18,366,915
|
|
Against
|
228,458
|
|
Abstain
|
96,407
|
|
Broker non-votes
|
2,324,444
|
|
1 year
|
16,111,924
|
|
2 years
|
12,590
|
|
3 years
|
2,481,656
|
|
Abstain
|
85,610
|
|
Broker non-votes
|
2,324,444
|
|
For
|
20,644,518
|
|
Against
|
265,312
|
|
Abstain
|
106,394
|
|
(a)
|
Exhibits
|
Exhibit No.
|
|
Description
|
31.1
|
|
Section 302 Certificate of Chief Executive Officer
|
31.2
|
|
Section 302 Certificate of Chief Financial Officer
|
32.1
|
|
Section 906 Certifications of Chief Executive Officer and Chief Financial Officer
|
101
|
|
The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended April 1, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information.
|
|
VALMONT INDUSTRIES, INC.
(Registrant)
|
|
/s/ MARK C. JAKSICH
|
|
Mark C. Jaksich
Executive Vice President and Chief Financial Officer
|
Exhibit No.
|
|
Description
|
31.1
|
|
Section 302 Certificate of Chief Executive Officer
|
31.2
|
|
Section 302 Certificate of Chief Financial Officer
|
32.1
|
|
Section 906 Certifications of Chief Executive Officer and Chief Financial Officer
|
101
|
|
The following financial information from Valmont's Quarterly Report on Form 10-Q for the quarter ended April 1, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Shareholders' Equity, (vi) Notes to Condensed Consolidated Financial Statements and (vii) document and entity information.
|
1 Year Valmont Industries Chart |
1 Month Valmont Industries Chart |
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