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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 | |
---|---|---|---|---|---|---|---|---|
1.63 | 0.67% | 246.20 | 249.0548 | 242.35 | 247.95 | 244,823 | 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
|
|
|
|
|
Page No.
|
|
PART I. FINANCIAL INFORMATION
|
|
Item 1
.
|
Financial Statements
(unaudited):
|
|
|
|
|
|
March 30, 2019 and March 31, 2018
|
|
|
|
|
|
weeks ended March 30, 2019 and March 31, 2018
|
|
|
Condensed Consolidated Balance Sheets as of March 30, 2019 and December 29,
|
|
|
2018
|
|
|
Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended
|
|
|
March 30, 2019 and March 31, 2018
|
|
|
Condensed Consolidated Statements of Shareholders' Equity for the thirteen
|
|
|
weeks ended March 30, 2019 and March 31, 2018
|
|
|
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
|
||||||
|
March 30,
2019 |
|
March 31,
2018 |
||||
Product sales
|
$
|
614,964
|
|
|
$
|
620,486
|
|
Services sales
|
77,175
|
|
|
78,198
|
|
||
Net sales
|
692,139
|
|
|
698,684
|
|
||
Product cost of sales
|
474,395
|
|
|
476,264
|
|
||
Services cost of sales
|
52,615
|
|
|
53,180
|
|
||
Total cost of sales
|
527,010
|
|
|
529,444
|
|
||
Gross profit
|
165,129
|
|
|
169,240
|
|
||
Selling, general and administrative expenses
|
110,025
|
|
|
105,280
|
|
||
Operating income
|
55,104
|
|
|
63,960
|
|
||
Other income (expenses):
|
|
|
|
||||
Interest expense
|
(9,878
|
)
|
|
(11,074
|
)
|
||
Interest income
|
810
|
|
|
1,267
|
|
||
Gain (loss) on investments (unrealized)
|
2,832
|
|
|
(172
|
)
|
||
Other
|
1,014
|
|
|
(969
|
)
|
||
|
(5,222
|
)
|
|
(10,948
|
)
|
||
Earnings before income taxes
|
49,882
|
|
|
53,012
|
|
||
Income tax expense (benefit):
|
|
|
|
||||
Current
|
2,765
|
|
|
7,713
|
|
||
Deferred
|
9,662
|
|
|
4,819
|
|
||
|
12,427
|
|
|
12,532
|
|
||
Net earnings
|
37,455
|
|
|
40,480
|
|
||
Less: Earnings attributable to noncontrolling interests
|
(974
|
)
|
|
(1,199
|
)
|
||
Net earnings attributable to Valmont Industries, Inc.
|
$
|
36,481
|
|
|
$
|
39,281
|
|
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
1.67
|
|
|
$
|
1.74
|
|
Diluted
|
$
|
1.66
|
|
|
$
|
1.72
|
|
|
Thirteen Weeks Ended
|
||||||
|
March 30,
2019 |
|
March 31,
2018 |
||||
Net earnings
|
$
|
37,455
|
|
|
$
|
40,480
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Foreign currency translation adjustments:
|
|
|
|
||||
Unrealized translation gain
|
2,266
|
|
|
6,804
|
|
||
Gain (loss) on hedging activities:
|
|
|
|
||||
Net investment hedges
|
69
|
|
|
(789
|
)
|
||
Amortization cost included in interest expense
|
(16
|
)
|
|
19
|
|
||
Commodity hedges
|
—
|
|
|
(93
|
)
|
||
Cross currency swaps
|
2,261
|
|
|
—
|
|
||
Other comprehensive income
|
4,580
|
|
|
5,941
|
|
||
Comprehensive income
|
42,035
|
|
|
46,421
|
|
||
Comprehensive income attributable to noncontrolling interests
|
(1,109
|
)
|
|
(4,747
|
)
|
||
Comprehensive income attributable to Valmont Industries, Inc.
|
$
|
40,926
|
|
|
$
|
41,674
|
|
|
March 30,
2019 |
|
December 29,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
211,237
|
|
|
$
|
313,210
|
|
Receivables, net
|
512,852
|
|
|
483,963
|
|
||
Inventories
|
395,799
|
|
|
383,566
|
|
||
Contract asset - costs and profits in excess of billings
|
119,886
|
|
|
112,525
|
|
||
Prepaid expenses and other assets
|
54,379
|
|
|
42,800
|
|
||
Refundable income taxes
|
4,747
|
|
|
4,576
|
|
||
Total current assets
|
1,298,900
|
|
|
1,340,640
|
|
||
Property, plant and equipment, at cost
|
1,196,633
|
|
|
1,160,865
|
|
||
Less accumulated depreciation and amortization
|
669,304
|
|
|
646,873
|
|
||
Net property, plant and equipment
|
527,329
|
|
|
513,992
|
|
||
Goodwill
|
416,996
|
|
|
385,207
|
|
||
Other intangible assets, net
|
192,897
|
|
|
175,956
|
|
||
Other assets
|
209,865
|
|
|
114,479
|
|
||
Total assets
|
$
|
2,645,987
|
|
|
$
|
2,530,274
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current installments of long-term debt
|
$
|
764
|
|
|
$
|
779
|
|
Notes payable to banks
|
19,816
|
|
|
10,678
|
|
||
Accounts payable
|
219,460
|
|
|
218,115
|
|
||
Accrued employee compensation and benefits
|
63,425
|
|
|
79,291
|
|
||
Accrued expenses
|
129,161
|
|
|
91,942
|
|
||
Dividends payable
|
8,213
|
|
|
8,230
|
|
||
Total current liabilities
|
440,839
|
|
|
409,035
|
|
||
Deferred income taxes
|
46,440
|
|
|
43,489
|
|
||
Long-term debt, excluding current installments
|
741,629
|
|
|
741,822
|
|
||
Defined benefit pension liability
|
133,761
|
|
|
143,904
|
|
||
Operating lease liabilities
|
88,492
|
|
|
—
|
|
||
Deferred compensation
|
49,615
|
|
|
46,107
|
|
||
Other noncurrent liabilities
|
13,996
|
|
|
10,394
|
|
||
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
|
2,049,438
|
|
|
2,027,596
|
|
||
Accumulated other comprehensive loss
|
(298,740
|
)
|
|
(303,185
|
)
|
||
Treasury stock
|
(700,333
|
)
|
|
(692,549
|
)
|
||
Total Valmont Industries, Inc. shareholders’ equity
|
1,078,265
|
|
|
1,059,762
|
|
||
Noncontrolling interest in consolidated subsidiaries
|
52,950
|
|
|
75,761
|
|
||
Total shareholders’ equity
|
1,131,215
|
|
|
1,135,523
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,645,987
|
|
|
$
|
2,530,274
|
|
|
Thirteen Weeks Ended
|
||||||
|
March 30,
2019 |
|
March 31,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
37,455
|
|
|
$
|
40,480
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
||||
Depreciation and amortization
|
20,253
|
|
|
21,178
|
|
||
Noncash loss on trading securities
|
87
|
|
|
71
|
|
||
Impairment of property, plant and equipment
|
—
|
|
|
1,145
|
|
||
Stock-based compensation
|
3,670
|
|
|
2,775
|
|
||
Defined benefit pension plan benefit
|
(132
|
)
|
|
(594
|
)
|
||
Contribution to defined benefit pension plan
|
(13,943
|
)
|
|
(731
|
)
|
||
Gain on sale of property, plant and equipment
|
(227
|
)
|
|
(280
|
)
|
||
Deferred income taxes
|
9,662
|
|
|
4,819
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(25,424
|
)
|
|
29,794
|
|
||
Inventories
|
(7,616
|
)
|
|
(1,201
|
)
|
||
Prepaid expenses and other assets
|
(7,310
|
)
|
|
(4,489
|
)
|
||
Contract asset - costs and profits in excess of billings
|
(7,361
|
)
|
|
(27,536
|
)
|
||
Accounts payable
|
(704
|
)
|
|
(29,449
|
)
|
||
Accrued expenses
|
4,585
|
|
|
(6,407
|
)
|
||
Other noncurrent liabilities
|
(234
|
)
|
|
440
|
|
||
Income taxes refundable
|
(4,848
|
)
|
|
3,033
|
|
||
Net cash flows from operating activities
|
7,913
|
|
|
33,048
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property, plant and equipment
|
(21,109
|
)
|
|
(16,248
|
)
|
||
Proceeds from sale of assets
|
422
|
|
|
714
|
|
||
Acquisitions, net of cash acquired
|
(57,106
|
)
|
|
(4,800
|
)
|
||
Settlement of net investment hedges
|
—
|
|
|
(863
|
)
|
||
Other, net
|
(1,667
|
)
|
|
(1,782
|
)
|
||
Net cash flows from investing activities
|
(79,460
|
)
|
|
(22,979
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from short-term agreements
|
9,327
|
|
|
219
|
|
||
Proceeds from long-term borrowings
|
10,000
|
|
|
—
|
|
||
Principal payments on long-term borrowings
|
(10,194
|
)
|
|
(249
|
)
|
||
Dividends paid
|
(8,213
|
)
|
|
(8,510
|
)
|
||
Dividends to noncontrolling interest
|
(838
|
)
|
|
(1,281
|
)
|
||
Purchase of noncontrolling interest
|
(23,082
|
)
|
|
(5,510
|
)
|
||
Purchase of treasury shares
|
(9,421
|
)
|
|
(14,790
|
)
|
||
Proceeds from exercises under stock plans
|
1,174
|
|
|
2,972
|
|
||
Purchase of common treasury shares—stock plan exercises
|
(747
|
)
|
|
(1,504
|
)
|
||
Net cash flows from financing activities
|
(31,994
|
)
|
|
(28,653
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
1,568
|
|
|
5,442
|
|
||
Net change in cash and cash equivalents
|
(101,973
|
)
|
|
(13,142
|
)
|
||
Cash, cash equivalents, and restricted cash—beginning of year
|
313,210
|
|
|
492,805
|
|
||
Cash, cash equivalents, and restricted cash—end of period
|
$
|
211,237
|
|
|
$
|
479,663
|
|
|
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 29, 2017
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,954,344
|
|
|
$
|
(279,022
|
)
|
|
$
|
(590,386
|
)
|
|
$
|
38,959
|
|
|
$
|
1,151,795
|
|
Net earnings
|
—
|
|
|
—
|
|
|
39,281
|
|
|
—
|
|
|
—
|
|
|
1,199
|
|
|
40,480
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,393
|
|
|
—
|
|
|
3,548
|
|
|
5,941
|
|
|||||||
Cash dividends declared ($0.375 per share)
|
—
|
|
|
—
|
|
|
(8,493
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,493
|
)
|
|||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,281
|
)
|
|
(1,281
|
)
|
|||||||
Cumulative impact of ASC 606 adoption
|
—
|
|
|
—
|
|
|
9,771
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,771
|
|
|||||||
Addition of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,200
|
|
|
3,200
|
|
|||||||
Purchase of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,510
|
)
|
|
(5,510
|
)
|
|||||||
Purchase of treasury shares; 101,387 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,790
|
)
|
|
—
|
|
|
(14,790
|
)
|
|||||||
Stock plan exercises; 9,548 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,504
|
)
|
|
—
|
|
|
(1,504
|
)
|
|||||||
Stock options exercised; 27,904 shares issued
|
—
|
|
|
(2,545
|
)
|
|
1,571
|
|
|
—
|
|
|
3,946
|
|
|
—
|
|
|
2,972
|
|
|||||||
Tax benefit from stock option exercises
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Stock option expense
|
—
|
|
|
1,090
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,090
|
|
|||||||
Stock awards; 1,840 shares issued
|
—
|
|
|
1,455
|
|
|
—
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
1,685
|
|
|||||||
Balance at March 31, 2018
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
1,996,474
|
|
|
$
|
(276,629
|
)
|
|
$
|
(602,504
|
)
|
|
$
|
40,115
|
|
|
$
|
1,185,356
|
|
Balance at December 29, 2018
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
2,027,596
|
|
|
$
|
(303,185
|
)
|
|
$
|
(692,549
|
)
|
|
$
|
75,761
|
|
|
$
|
1,135,523
|
|
Net earnings
|
—
|
|
|
—
|
|
|
36,481
|
|
|
—
|
|
|
—
|
|
|
974
|
|
|
37,455
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,445
|
|
|
—
|
|
|
135
|
|
|
4,580
|
|
|||||||
Cash dividends declared ($0.375 per share)
|
—
|
|
|
—
|
|
|
(8,213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,213
|
)
|
|||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(838
|
)
|
|
(838
|
)
|
|||||||
Purchase of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,082
|
)
|
|
(23,082
|
)
|
|||||||
Impact of ASC 842 adoption
|
—
|
|
|
—
|
|
|
(8,886
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,886
|
)
|
|||||||
Purchase of treasury shares; 70,406 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,421
|
)
|
|
—
|
|
|
(9,421
|
)
|
|||||||
Stock plan exercises; 5,451 shares acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(747
|
)
|
|
—
|
|
|
(747
|
)
|
|||||||
Stock options exercised; 12,995 shares issued
|
—
|
|
|
(2,667
|
)
|
|
2,460
|
|
|
—
|
|
|
1,381
|
|
|
—
|
|
|
1,174
|
|
|||||||
Stock option expense
|
—
|
|
|
728
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
728
|
|
|||||||
Stock awards; 7,635 shares issued
|
—
|
|
|
1,939
|
|
|
—
|
|
|
—
|
|
|
1,003
|
|
|
—
|
|
|
2,942
|
|
|||||||
Balance at March 30, 2019
|
$
|
27,900
|
|
|
$
|
—
|
|
|
$
|
2,049,438
|
|
|
$
|
(298,740
|
)
|
|
$
|
(700,333
|
)
|
|
$
|
52,950
|
|
|
$
|
1,131,215
|
|
|
March 30,
2019 |
|
December 29,
2018 |
||||
Raw materials and purchased parts
|
$
|
194,396
|
|
|
$
|
190,115
|
|
Work-in-process
|
31,091
|
|
|
35,566
|
|
||
Finished goods and manufactured goods
|
223,430
|
|
|
211,504
|
|
||
Subtotal
|
448,917
|
|
|
437,185
|
|
||
Less: LIFO reserve
|
53,118
|
|
|
53,619
|
|
||
|
$
|
395,799
|
|
|
$
|
383,566
|
|
|
Thirteen Weeks Ended
|
||||||
|
2019
|
|
2018
|
||||
United States
|
$
|
42,251
|
|
|
$
|
41,765
|
|
Foreign
|
7,631
|
|
|
11,247
|
|
||
|
$
|
49,882
|
|
|
$
|
53,012
|
|
|
Thirteen Weeks Ended
|
||||||
Net periodic (benefit) expense:
|
2019
|
|
2018
|
||||
Interest cost
|
$
|
4,345
|
|
|
$
|
4,716
|
|
Expected return on plan assets
|
(5,135
|
)
|
|
(6,114
|
)
|
||
Amortization of actuarial loss
|
658
|
|
|
804
|
|
||
Net periodic expense (benefit)
|
$
|
(132
|
)
|
|
$
|
(594
|
)
|
|
Thirteen Weeks Ended
|
||||||
|
2019
|
|
2018
|
||||
Compensation expense
|
$
|
3,670
|
|
|
$
|
2,775
|
|
Income tax benefits
|
918
|
|
|
694
|
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
Carrying Value March 30, 2019
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Trading Securities
|
$
|
43,206
|
|
|
$
|
43,206
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative financial instruments, net
|
13,743
|
|
|
—
|
|
|
13,743
|
|
|
—
|
|
|
|
|
Fair Value Measurement Using:
|
||||||||||||
|
Carrying Value December 29, 2018
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Trading Securities
|
$
|
40,024
|
|
|
$
|
40,024
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative financial instruments, net
|
9,147
|
|
|
—
|
|
|
9,147
|
|
|
—
|
|
|
Foreign Currency Translation Adjustments
|
|
Gain/(Loss) on Hedging Activities
|
|
Defined Benefit Pension Plan
|
|
Accumulated Other Comprehensive Loss
|
||||||||
Balance at December 29, 2018
|
$
|
(230,261
|
)
|
|
$
|
11,171
|
|
|
$
|
(84,095
|
)
|
|
$
|
(303,185
|
)
|
Current-period comprehensive income (loss)
|
2,131
|
|
|
2,314
|
|
|
—
|
|
|
4,445
|
|
||||
Balance at March 30, 2019
|
$
|
(228,130
|
)
|
|
$
|
13,485
|
|
|
$
|
(84,095
|
)
|
|
$
|
(298,740
|
)
|
|
Point in Time
|
|
Over Time
|
|
Point in Time
|
|
Over Time
|
||||||||
|
Thirteen weeks ended March 30, 2019
|
|
Thirteen weeks ended March 30, 2019
|
|
Thirteen weeks ended March 31, 2018
|
|
Thirteen weeks ended March 31, 2018
|
||||||||
Utility Support Structures
|
$
|
30,292
|
|
|
$
|
212,966
|
|
|
$
|
—
|
|
|
$
|
209,859
|
|
Engineered Support Structures
|
218,980
|
|
|
8,989
|
|
|
207,194
|
|
|
8,722
|
|
||||
Coatings
|
70,231
|
|
|
—
|
|
|
68,458
|
|
|
—
|
|
||||
Irrigation
|
147,858
|
|
|
2,823
|
|
|
183,234
|
|
|
2,818
|
|
||||
Other
|
—
|
|
|
—
|
|
|
18,399
|
|
|
—
|
|
||||
Total
|
$
|
467,361
|
|
|
$
|
224,778
|
|
|
$
|
477,285
|
|
|
$
|
221,399
|
|
|
|
At August 3, 2018
|
||
Current assets
|
|
$
|
13,210
|
|
Customer relationships
|
|
32,000
|
|
|
Trade name
|
|
4,300
|
|
|
Goodwill
|
|
42,216
|
|
|
Total fair value of assets acquired
|
|
$
|
91,726
|
|
Current liabilities
|
|
2,185
|
|
|
Deferred taxes
|
|
8,654
|
|
|
Total fair value of liabilities assumed
|
|
$
|
10,839
|
|
Non-controlling interest
|
|
23,082
|
|
|
Net assets acquired
|
|
$
|
57,805
|
|
|
|
At August 3, 2018
|
||
Current assets
|
|
$
|
18,349
|
|
Other assets
|
|
3,166
|
|
|
Patent and Proprietary Technology
|
|
16,554
|
|
|
Trade name
|
|
8,701
|
|
|
Goodwill
|
|
34,280
|
|
|
Total fair value of assets acquired
|
|
$
|
81,050
|
|
Current liabilities
|
|
5,376
|
|
|
Contingent consideration liability
|
|
11,608
|
|
|
Deferred taxes
|
|
6,061
|
|
|
Total fair value of liabilities assumed
|
|
$
|
23,045
|
|
Non-controlling interest
|
|
14,501
|
|
|
Net assets acquired
|
|
$
|
43,504
|
|
|
Thirteen weeks ended March 30, 2019
|
Thirteen weeks ended March 31, 2018
|
||||
Net sales
|
$
|
694,558
|
|
$
|
713,686
|
|
Net earnings
|
36,719
|
|
39,879
|
|
||
Earnings per share-diluted
|
1.67
|
|
1.75
|
|
|
|
||
Pre-tax gain from divestiture, before recognition of currency translation loss
|
$
|
4,334
|
|
Recognition of cumulative currency translation loss and hedges (out of OCI)
|
(10,418
|
)
|
|
Net pre-tax loss from divestiture of the grinding media business
|
$
|
(6,084
|
)
|
|
|
ESS
|
|
Utility
|
|
Total
|
||||||
Severance
|
|
$
|
423
|
|
|
$
|
—
|
|
|
$
|
423
|
|
Other cash restructuring expenses
|
|
—
|
|
|
772
|
|
|
772
|
|
|||
Asset impairments/net loss on disposals
|
|
1,145
|
|
|
—
|
|
|
1,145
|
|
|||
Total cost of sales
|
|
1,568
|
|
|
772
|
|
|
2,340
|
|
|||
|
|
|
|
|
|
|
||||||
Severance
|
|
1,978
|
|
|
—
|
|
|
1,978
|
|
|||
Other cash restructuring expenses
|
|
82
|
|
|
—
|
|
|
82
|
|
|||
Total selling, general and administrative expenses
|
|
2,060
|
|
|
—
|
|
|
2,060
|
|
|||
Consolidated total
|
|
$
|
3,628
|
|
|
$
|
772
|
|
|
$
|
4,400
|
|
|
|
Balance at December 29, 2018
|
|
Recognized Restructuring Expense
|
|
Costs Paid or Otherwise Settled
|
|
Balance at March 30, 2019
|
||||||||
Severance
|
|
$
|
6,594
|
|
|
$
|
—
|
|
|
$
|
(2,620
|
)
|
|
$
|
3,974
|
|
Other cash restructuring expenses
|
|
3,462
|
|
|
—
|
|
|
(1,252
|
)
|
|
2,210
|
|
||||
Total
|
|
$
|
10,056
|
|
|
$
|
—
|
|
|
$
|
(3,872
|
)
|
|
$
|
6,184
|
|
|
March 30, 2019
|
||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
Customer Relationships
|
$
|
240,786
|
|
|
$
|
136,961
|
|
|
13 years
|
Patents & Proprietary Technology
|
23,396
|
|
|
5,232
|
|
|
14 years
|
||
Other
|
7,918
|
|
|
6,887
|
|
|
5 years
|
||
|
$
|
272,100
|
|
|
$
|
149,080
|
|
|
|
|
December 29, 2018
|
||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Weighted
Average Life |
||||
Customer Relationships
|
$
|
219,508
|
|
|
$
|
132,180
|
|
|
13 years
|
Patents & Proprietary Technology
|
23,662
|
|
|
4,837
|
|
|
14 years
|
||
Other
|
7,971
|
|
|
6,891
|
|
|
5 years
|
||
|
$
|
251,141
|
|
|
$
|
143,908
|
|
|
|
Thirteen Weeks Ended
|
||||||
2019
|
|
2018
|
||||
$
|
4,390
|
|
|
$
|
3,883
|
|
|
Estimated
Amortization Expense |
||
2019
|
$
|
18,238
|
|
2020
|
17,404
|
|
|
2021
|
15,378
|
|
|
2022
|
13,228
|
|
|
2023
|
11,483
|
|
|
March 30,
2019 |
|
December 29,
2018 |
|
Year Acquired
|
||||
Newmark
|
$
|
11,111
|
|
|
$
|
11,111
|
|
|
2004
|
Webforge
|
9,105
|
|
|
8,872
|
|
|
2010
|
||
Convert Italia S.p.A
|
8,414
|
|
|
8,580
|
|
|
2018
|
||
Valmont SM
|
7,999
|
|
|
8,155
|
|
|
2015
|
||
Ingal EPS/Ingal Civil Products
|
7,423
|
|
|
7,233
|
|
|
2010
|
||
Walpar
|
4,300
|
|
|
4,300
|
|
|
2018
|
||
Shakespeare
|
4,000
|
|
|
4,000
|
|
|
2014
|
||
Other
|
17,525
|
|
|
16,472
|
|
|
|
||
|
$
|
69,877
|
|
|
$
|
68,723
|
|
|
|
|
Engineered
Support Structures Segment |
|
Utility
Support Structures Segment |
|
Coatings
Segment |
|
Irrigation
Segment |
|
Total
|
||||||||||
Gross Balance December 29, 2018
|
$
|
204,735
|
|
|
$
|
123,618
|
|
|
$
|
80,937
|
|
|
$
|
25,164
|
|
|
$
|
434,454
|
|
Accumulated impairment losses
|
(18,670
|
)
|
|
(14,355
|
)
|
|
(16,222
|
)
|
|
—
|
|
|
(49,247
|
)
|
|||||
Balance at December 29, 2018
|
186,065
|
|
|
109,263
|
|
|
64,715
|
|
|
25,164
|
|
|
385,207
|
|
|||||
Acquisitions
|
14,494
|
|
|
—
|
|
|
15,720
|
|
|
—
|
|
|
30,214
|
|
|||||
Foreign currency translation
|
1,930
|
|
|
(710
|
)
|
|
300
|
|
|
55
|
|
|
1,575
|
|
|||||
Balance at March 30, 2019
|
$
|
202,489
|
|
|
$
|
108,553
|
|
|
$
|
80,735
|
|
|
$
|
25,219
|
|
|
$
|
416,996
|
|
|
2019
|
|
2018
|
||||
Interest
|
$
|
586
|
|
|
$
|
439
|
|
Income taxes
|
2,852
|
|
|
2,912
|
|
|
Basic EPS
|
|
Dilutive
Effect of Stock Options |
|
Diluted EPS
|
||||||
Thirteen weeks ended March 30, 2019
|
|
|
|
|
|
||||||
Net earnings attributable to Valmont Industries, Inc.
|
$
|
36,481
|
|
|
$
|
—
|
|
|
$
|
36,481
|
|
Weighted average shares outstanding (000's)
|
21,886
|
|
|
78
|
|
|
21,964
|
|
|||
Per share amount
|
$
|
1.67
|
|
|
$
|
0.01
|
|
|
$
|
1.66
|
|
Thirteen Weeks Ended March 31, 2018
|
|
|
|
|
|
||||||
Net earnings attributable to Valmont Industries, Inc.
|
$
|
39,281
|
|
|
$
|
—
|
|
|
$
|
39,281
|
|
Weighted average shares outstanding (000's)
|
22,609
|
|
|
187
|
|
|
22,796
|
|
|||
Per share amount
|
$
|
1.74
|
|
|
$
|
0.02
|
|
|
$
|
1.72
|
|
Derivatives designated as hedging instruments:
|
Balance sheet location
|
|
March 30, 2019
|
|
December 29, 2018
|
||||
Commodity forward contracts
|
Prepaid expenses and other assets
|
|
$
|
—
|
|
|
$
|
(285
|
)
|
Foreign currency forward contracts
|
Prepaid expenses and other assets
|
|
9,000
|
|
|
8,357
|
|
||
Cross currency swap contracts
|
Prepaid expenses and other assets
|
|
4,743
|
|
|
1,075
|
|
||
|
|
|
$
|
13,743
|
|
|
$
|
9,147
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
Derivatives designated as hedging instruments:
|
Statements of earnings location
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Foreign currency forward contracts
|
Other income (expenses)
|
|
552
|
|
|
—
|
|
||
Cross currency swap contracts
|
Interest expense
|
|
653
|
|
|
—
|
|
||
|
|
|
$
|
1,205
|
|
|
$
|
—
|
|
Currency
|
Notional Amount
|
Termination Date
|
Swapped Interest Rate
|
Set Settlement Amount
|
||
Danish Kroner, DKK
|
$
|
60,000
|
|
October 1, 2023
|
2.52%
|
DKK 386,118
|
Euro
|
$
|
25,000
|
|
October 1, 2020
|
2.14%
|
€21,580
|
Euro
|
$
|
10,000
|
|
October 1, 2021
|
2.29%
|
€8,631
|
|
Thirteen weeks ended March 30, 2019
|
||
Operating lease cost
|
$
|
5,296
|
|
Short-term lease cost
|
600
|
|
|
Total lease cost
|
$
|
5,896
|
|
|
|
||
Operating cash outflows from operating leases
|
$
|
6,046
|
|
ROU assets obtained in exchange for lease obligations
|
$
|
1,236
|
|
Weighted average remaining lease term
|
10 years
|
|
|
Weighted average discount rate
|
3.9
|
%
|
|
Classification
|
March 30, 2019
|
||
Operating lease assets
|
Other assets
|
$
|
93,871
|
|
|
|
|
||
Operating lease short-term liabilities
|
Accrued expenses
|
15,145
|
|
|
Operating lease long-term liabilities
|
Operating lease liabilities
|
88,492
|
|
|
Total lease liabilities
|
|
$
|
103,637
|
|
Fiscal year ending
|
|
||
2019 (excluding the three months ended March 30, 2019)
|
$
|
14,443
|
|
2020
|
17,190
|
|
|
2021
|
14,333
|
|
|
2022
|
11,894
|
|
|
2023
|
9,183
|
|
|
Subsequent
|
59,860
|
|
|
Total minimum lease payments
|
$
|
126,903
|
|
Fiscal year ending
|
|
||
2019
|
$
|
18,757
|
|
2020
|
16,830
|
|
|
2021
|
13,992
|
|
|
2022
|
11,932
|
|
|
2023
|
8,866
|
|
|
Subsequent
|
76,438
|
|
|
Total minimum lease payments
|
$
|
146,815
|
|
|
Thirteen Weeks Ended
|
||||||
|
March 30,
2019 |
|
March 31,
2018 |
||||
SALES:
|
|
|
|
||||
Engineered Support Structures segment:
|
|
|
|
||||
Lighting, Traffic, and Highway Safety Products
|
$
|
157,184
|
|
|
$
|
160,444
|
|
Communication Products
|
42,865
|
|
|
34,113
|
|
||
Access Systems
|
30,239
|
|
|
30,397
|
|
||
Engineered Support Structures segment
|
230,288
|
|
|
224,954
|
|
||
Utility Support Structures segment:
|
|
|
|
||||
Steel
|
159,760
|
|
|
163,983
|
|
||
Concrete
|
29,844
|
|
|
23,662
|
|
||
Engineered Solar Tracker Solutions
|
30,292
|
|
|
—
|
|
||
Offshore and Other Complex Steel Structures
|
24,026
|
|
|
22,217
|
|
||
Utility Support Structures segment
|
243,922
|
|
|
209,862
|
|
||
Coatings segment
|
86,779
|
|
|
84,947
|
|
||
Irrigation segment:
|
|
|
|
||||
North America
|
108,477
|
|
|
109,854
|
|
||
International
|
44,339
|
|
|
78,099
|
|
||
Irrigation segment
|
152,816
|
|
|
187,953
|
|
||
Other
|
—
|
|
|
18,399
|
|
||
Total
|
713,805
|
|
|
726,115
|
|
||
INTERSEGMENT SALES:
|
|
|
|
||||
Engineered Support Structures segment
|
2,319
|
|
|
9,038
|
|
||
Utility Support Structures segment
|
664
|
|
|
3
|
|
||
Coatings segment
|
16,548
|
|
|
16,489
|
|
||
Irrigation segment
|
2,135
|
|
|
1,901
|
|
||
Other
|
—
|
|
|
—
|
|
||
Total
|
21,666
|
|
|
27,431
|
|
||
NET SALES:
|
|
|
|
||||
Engineered Support Structures segment
|
227,969
|
|
|
215,916
|
|
||
Utility Support Structures segment
|
243,258
|
|
|
209,859
|
|
||
Coatings segment
|
70,231
|
|
|
68,458
|
|
||
Irrigation segment
|
150,681
|
|
|
186,052
|
|
||
Other
|
—
|
|
|
18,399
|
|
||
Total
|
$
|
692,139
|
|
|
$
|
698,684
|
|
|
|
|
|
||||
OPERATING INCOME:
|
|
|
|
||||
Engineered Support Structures segment
|
$
|
12,445
|
|
|
$
|
6,947
|
|
Utility Support Structures segment
|
25,048
|
|
|
23,367
|
|
||
Coatings segment
|
10,140
|
|
|
11,867
|
|
||
Irrigation segment
|
20,134
|
|
|
33,887
|
|
||
Other
|
—
|
|
|
(579
|
)
|
||
Adjustment to LIFO inventory valuation method
|
502
|
|
|
(1,081
|
)
|
||
Corporate
|
(13,165
|
)
|
|
(10,448
|
)
|
||
Total
|
$
|
55,104
|
|
|
$
|
63,960
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
299,002
|
|
|
$
|
139,507
|
|
|
$
|
312,291
|
|
|
$
|
(58,661
|
)
|
|
$
|
692,139
|
|
Cost of sales
|
225,127
|
|
|
103,312
|
|
|
257,607
|
|
|
(59,036
|
)
|
|
527,010
|
|
|||||
Gross profit
|
73,875
|
|
|
36,195
|
|
|
54,684
|
|
|
375
|
|
|
165,129
|
|
|||||
Selling, general and administrative expenses
|
57,846
|
|
|
7,109
|
|
|
45,070
|
|
|
—
|
|
|
110,025
|
|
|||||
Operating income
|
16,029
|
|
|
29,086
|
|
|
9,614
|
|
|
375
|
|
|
55,104
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(9,583
|
)
|
|
(3,541
|
)
|
|
(295
|
)
|
|
3,541
|
|
|
(9,878
|
)
|
|||||
Interest income
|
111
|
|
|
12
|
|
|
4,228
|
|
|
(3,541
|
)
|
|
810
|
|
|||||
Other
|
3,537
|
|
|
10
|
|
|
299
|
|
|
|
|
|
3,846
|
|
|||||
|
(5,935
|
)
|
|
(3,519
|
)
|
|
4,232
|
|
|
—
|
|
|
(5,222
|
)
|
|||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
10,094
|
|
|
25,567
|
|
|
13,846
|
|
|
375
|
|
|
49,882
|
|
|||||
Income tax expense (benefit)
|
462
|
|
|
5,950
|
|
|
5,959
|
|
|
56
|
|
|
12,427
|
|
|||||
Earnings before equity in earnings of nonconsolidated subsidiaries
|
9,632
|
|
|
19,617
|
|
|
7,887
|
|
|
319
|
|
|
37,455
|
|
|||||
Equity in earnings of nonconsolidated subsidiaries
|
26,849
|
|
|
3,944
|
|
|
—
|
|
|
(30,793
|
)
|
|
—
|
|
|||||
Net earnings
|
36,481
|
|
|
23,561
|
|
|
7,887
|
|
|
(30,474
|
)
|
|
37,455
|
|
|||||
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(974
|
)
|
|
—
|
|
|
(974
|
)
|
|||||
Net earnings attributable to Valmont Industries, Inc.
|
$
|
36,481
|
|
|
$
|
23,561
|
|
|
$
|
6,913
|
|
|
$
|
(30,474
|
)
|
|
$
|
36,481
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
315,992
|
|
|
$
|
121,171
|
|
|
$
|
332,136
|
|
|
$
|
(70,615
|
)
|
|
$
|
698,684
|
|
Cost of sales
|
235,596
|
|
|
94,459
|
|
|
271,716
|
|
|
(72,327
|
)
|
|
529,444
|
|
|||||
Gross profit
|
80,396
|
|
|
26,712
|
|
|
60,420
|
|
|
1,712
|
|
|
169,240
|
|
|||||
Selling, general and administrative expenses
|
46,531
|
|
|
11,917
|
|
|
46,832
|
|
|
—
|
|
|
105,280
|
|
|||||
Operating income
|
33,865
|
|
|
14,795
|
|
|
13,588
|
|
|
1,712
|
|
|
63,960
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(10,881
|
)
|
|
(3,880
|
)
|
|
(193
|
)
|
|
3,880
|
|
|
(11,074
|
)
|
|||||
Interest income
|
176
|
|
|
10
|
|
|
4,961
|
|
|
(3,880
|
)
|
|
1,267
|
|
|||||
Other
|
(106
|
)
|
|
12
|
|
|
(1,047
|
)
|
|
—
|
|
|
(1,141
|
)
|
|||||
|
(10,811
|
)
|
|
(3,858
|
)
|
|
3,721
|
|
|
—
|
|
|
(10,948
|
)
|
|||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
|
23,054
|
|
|
10,937
|
|
|
17,309
|
|
|
1,712
|
|
|
53,012
|
|
|||||
Income tax expense (benefit)
|
8,360
|
|
|
2,677
|
|
|
1,358
|
|
|
137
|
|
|
12,532
|
|
|||||
Earnings before equity in earnings of nonconsolidated subsidiaries
|
14,694
|
|
|
8,260
|
|
|
15,951
|
|
|
1,575
|
|
|
40,480
|
|
|||||
Equity in earnings of nonconsolidated subsidiaries
|
24,587
|
|
|
2,729
|
|
|
—
|
|
|
(27,316
|
)
|
|
—
|
|
|||||
Net earnings
|
39,281
|
|
|
10,989
|
|
|
15,951
|
|
|
(25,741
|
)
|
|
40,480
|
|
|||||
Less: Earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,199
|
)
|
|
—
|
|
|
(1,199
|
)
|
|||||
Net earnings attributable to Valmont Industries, Inc.
|
$
|
39,281
|
|
|
$
|
10,989
|
|
|
$
|
14,752
|
|
|
$
|
(25,741
|
)
|
|
$
|
39,281
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Net earnings
|
$
|
36,481
|
|
|
$
|
23,561
|
|
|
$
|
7,887
|
|
|
$
|
(30,474
|
)
|
|
$
|
37,455
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized translation gain (loss)
|
—
|
|
|
5,629
|
|
|
(3,363
|
)
|
|
—
|
|
|
2,266
|
|
|||||
Gain (loss) on hedging activities
|
2,314
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,314
|
|
|||||
Equity in other comprehensive income
|
2,131
|
|
|
—
|
|
|
—
|
|
|
(2,131
|
)
|
|
—
|
|
|||||
Other comprehensive income (loss)
|
4,445
|
|
|
5,629
|
|
|
(3,363
|
)
|
|
(2,131
|
)
|
|
4,580
|
|
|||||
Comprehensive income (loss)
|
40,926
|
|
|
29,190
|
|
|
4,524
|
|
|
(32,605
|
)
|
|
42,035
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,109
|
)
|
|
—
|
|
|
(1,109
|
)
|
|||||
Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
40,926
|
|
|
$
|
29,190
|
|
|
$
|
3,415
|
|
|
$
|
(32,605
|
)
|
|
$
|
40,926
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Net earnings
|
$
|
39,281
|
|
|
$
|
10,989
|
|
|
$
|
15,951
|
|
|
$
|
(25,741
|
)
|
|
$
|
40,480
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized translation gain (loss)
|
—
|
|
|
(8,680
|
)
|
|
15,484
|
|
|
—
|
|
|
6,804
|
|
|||||
Gain (loss) on hedging activities
|
(863
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(863
|
)
|
|||||
Equity in other comprehensive income
|
3,256
|
|
|
—
|
|
|
—
|
|
|
(3,256
|
)
|
|
—
|
|
|||||
Other comprehensive income (loss)
|
2,393
|
|
|
(8,680
|
)
|
|
15,484
|
|
|
(3,256
|
)
|
|
5,941
|
|
|||||
Comprehensive income (loss)
|
41,674
|
|
|
2,309
|
|
|
31,435
|
|
|
(28,997
|
)
|
|
46,421
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(4,747
|
)
|
|
—
|
|
|
(4,747
|
)
|
|||||
Comprehensive income (loss) attributable to Valmont Industries, Inc.
|
$
|
41,674
|
|
|
$
|
2,309
|
|
|
$
|
26,688
|
|
|
$
|
(28,997
|
)
|
|
$
|
41,674
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
58,146
|
|
|
$
|
7,731
|
|
|
$
|
145,360
|
|
|
$
|
—
|
|
|
$
|
211,237
|
|
Receivables, net
|
148,952
|
|
|
91,153
|
|
|
272,747
|
|
|
—
|
|
|
512,852
|
|
|||||
Inventories
|
133,792
|
|
|
38,993
|
|
|
225,041
|
|
|
(2,027
|
)
|
|
395,799
|
|
|||||
Contract asset - costs and profits in excess of billings
|
58,485
|
|
|
35,086
|
|
|
26,315
|
|
|
—
|
|
|
119,886
|
|
|||||
Prepaid expenses and other assets
|
12,288
|
|
|
13,079
|
|
|
29,012
|
|
|
—
|
|
|
54,379
|
|
|||||
Refundable income taxes
|
4,747
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,747
|
|
|||||
Total current assets
|
416,410
|
|
|
186,042
|
|
|
698,475
|
|
|
(2,027
|
)
|
|
1,298,900
|
|
|||||
Property, plant and equipment, at cost
|
590,577
|
|
|
188,120
|
|
|
417,936
|
|
|
—
|
|
|
1,196,633
|
|
|||||
Less accumulated depreciation and amortization
|
398,031
|
|
|
101,322
|
|
|
169,951
|
|
|
—
|
|
|
669,304
|
|
|||||
Net property, plant and equipment
|
192,546
|
|
|
86,798
|
|
|
247,985
|
|
|
—
|
|
|
527,329
|
|
|||||
Goodwill
|
20,108
|
|
|
140,775
|
|
|
256,113
|
|
|
—
|
|
|
416,996
|
|
|||||
Other intangible assets
|
63
|
|
|
47,561
|
|
|
145,273
|
|
|
—
|
|
|
192,897
|
|
|||||
Investment in subsidiaries and intercompany accounts
|
1,336,332
|
|
|
1,031,430
|
|
|
1,277,773
|
|
|
(3,645,535
|
)
|
|
—
|
|
|||||
Other assets
|
99,721
|
|
|
4,028
|
|
|
106,116
|
|
|
—
|
|
|
209,865
|
|
|||||
Total assets
|
$
|
2,065,180
|
|
|
$
|
1,496,634
|
|
|
$
|
2,731,735
|
|
|
$
|
(3,647,562
|
)
|
|
$
|
2,645,987
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current installments of long-term debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
764
|
|
|
$
|
—
|
|
|
$
|
764
|
|
Notes payable to banks
|
—
|
|
|
—
|
|
|
19,816
|
|
|
—
|
|
|
19,816
|
|
|||||
Accounts payable
|
63,348
|
|
|
22,967
|
|
|
133,145
|
|
|
—
|
|
|
219,460
|
|
|||||
Accrued employee compensation and benefits
|
30,829
|
|
|
4,633
|
|
|
27,963
|
|
|
—
|
|
|
63,425
|
|
|||||
Accrued expenses
|
44,779
|
|
|
9,516
|
|
|
74,866
|
|
|
—
|
|
|
129,161
|
|
|||||
Dividends payable
|
8,213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,213
|
|
|||||
Total current liabilities
|
147,169
|
|
|
37,116
|
|
|
256,554
|
|
|
—
|
|
|
440,839
|
|
|||||
Deferred income taxes
|
18,505
|
|
|
—
|
|
|
27,935
|
|
|
—
|
|
|
46,440
|
|
|||||
Long-term debt, excluding current installments
|
734,114
|
|
|
125,685
|
|
|
7,515
|
|
|
(125,685
|
)
|
|
741,629
|
|
|||||
Defined benefit pension liability
|
—
|
|
|
—
|
|
|
133,761
|
|
|
—
|
|
|
133,761
|
|
|||||
Other noncurrent liabilities
|
87,127
|
|
|
3,440
|
|
|
61,536
|
|
|
—
|
|
|
152,103
|
|
|||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common stock of $1 par value
|
27,900
|
|
|
457,950
|
|
|
648,682
|
|
|
(1,106,632
|
)
|
|
27,900
|
|
|||||
Additional paid-in capital
|
—
|
|
|
162,906
|
|
|
1,107,536
|
|
|
(1,270,442
|
)
|
|
—
|
|
|||||
Retained earnings
|
2,049,438
|
|
|
634,175
|
|
|
810,599
|
|
|
(1,444,774
|
)
|
|
2,049,438
|
|
|||||
Accumulated other comprehensive income (loss)
|
(298,740
|
)
|
|
75,362
|
|
|
(375,333
|
)
|
|
299,971
|
|
|
(298,740
|
)
|
|||||
Treasury stock
|
(700,333
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(700,333
|
)
|
|||||
Total Valmont Industries, Inc. shareholders’ equity
|
1,078,265
|
|
|
1,330,393
|
|
|
2,191,484
|
|
|
(3,521,877
|
)
|
|
1,078,265
|
|
|||||
Noncontrolling interest in consolidated subsidiaries
|
—
|
|
|
—
|
|
|
52,950
|
|
|
—
|
|
|
52,950
|
|
|||||
Total shareholders’ equity
|
1,078,265
|
|
|
1,330,393
|
|
|
2,244,434
|
|
|
(3,521,877
|
)
|
|
1,131,215
|
|
|||||
Total liabilities and shareholders’ equity
|
$
|
2,065,180
|
|
|
$
|
1,496,634
|
|
|
$
|
2,731,735
|
|
|
$
|
(3,647,562
|
)
|
|
$
|
2,645,987
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings
|
$
|
36,481
|
|
|
$
|
23,561
|
|
|
$
|
7,887
|
|
|
$
|
(30,474
|
)
|
|
$
|
37,455
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
6,476
|
|
|
3,390
|
|
|
10,387
|
|
|
—
|
|
|
20,253
|
|
|||||
Noncash gain on trading securities
|
—
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
87
|
|
|||||
Stock-based compensation
|
3,670
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,670
|
|
|||||
Defined benefit pension plan benefit
|
—
|
|
|
—
|
|
|
(132
|
)
|
|
—
|
|
|
(132
|
)
|
|||||
Contribution to defined benefit pension plan
|
—
|
|
|
—
|
|
|
(13,943
|
)
|
|
—
|
|
|
(13,943
|
)
|
|||||
Loss (gain) on sale of property, plant and equipment
|
132
|
|
|
(2
|
)
|
|
(357
|
)
|
|
—
|
|
|
(227
|
)
|
|||||
Equity in earnings in nonconsolidated subsidiaries
|
(26,849
|
)
|
|
(3,944
|
)
|
|
—
|
|
|
30,793
|
|
|
—
|
|
|||||
Deferred income taxes
|
5,320
|
|
|
—
|
|
|
4,342
|
|
|
—
|
|
|
9,662
|
|
|||||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net working capital
|
(8,136
|
)
|
|
(28,699
|
)
|
|
(6,621
|
)
|
|
(374
|
)
|
|
(43,830
|
)
|
|||||
Other noncurrent liabilities
|
2,046
|
|
|
(5,461
|
)
|
|
3,181
|
|
|
—
|
|
|
(234
|
)
|
|||||
Income taxes payable (refundable)
|
(1,440
|
)
|
|
(1,819
|
)
|
|
(1,589
|
)
|
|
—
|
|
|
(4,848
|
)
|
|||||
Net cash flows from operating activities
|
17,700
|
|
|
(12,974
|
)
|
|
3,242
|
|
|
(55
|
)
|
|
7,913
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property, plant and equipment
|
(10,214
|
)
|
|
(1,854
|
)
|
|
(9,041
|
)
|
|
—
|
|
|
(21,109
|
)
|
|||||
Proceeds from sale of assets
|
1
|
|
|
2
|
|
|
419
|
|
|
—
|
|
|
422
|
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
(57,106
|
)
|
|
—
|
|
|
—
|
|
|
(57,106
|
)
|
|||||
Settlement of net investment hedge
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
(60,869
|
)
|
|
69,124
|
|
|
(9,977
|
)
|
|
55
|
|
|
(1,667
|
)
|
|||||
Net cash flows from investing activities
|
(71,082
|
)
|
|
10,166
|
|
|
(18,599
|
)
|
|
55
|
|
|
(79,460
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term agreements
|
—
|
|
|
—
|
|
|
9,327
|
|
|
—
|
|
|
9,327
|
|
|||||
Proceeds from long-term borrowings
|
10,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|||||
Principal payments on long-term borrowings
|
(10,000
|
)
|
|
—
|
|
|
(194
|
)
|
|
—
|
|
|
(10,194
|
)
|
|||||
Principal payments on long-term intercompany note
|
—
|
|
|
(42,575
|
)
|
|
42,575
|
|
|
—
|
|
|
—
|
|
|||||
Dividends paid
|
(8,213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,213
|
)
|
|||||
Dividends to noncontrolling interest
|
—
|
|
|
—
|
|
|
(838
|
)
|
|
—
|
|
|
(838
|
)
|
|||||
Intercompany dividends
|
60,845
|
|
|
47,541
|
|
|
(108,386
|
)
|
|
—
|
|
|
—
|
|
|||||
Purchase of noncontrolling interest
|
(23,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,082
|
)
|
|||||
Intercompany capital contribution
|
(13,284
|
)
|
|
—
|
|
|
13,284
|
|
|
—
|
|
|
—
|
|
|||||
Purchase of treasury shares
|
(9,421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,421
|
)
|
|||||
Proceeds from exercises under stock plans
|
1,174
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,174
|
|
|||||
Purchase of common treasury shares - stock plan exercises
|
(747
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(747
|
)
|
|||||
Net cash flows from financing activities
|
7,272
|
|
|
4,966
|
|
|
(44,232
|
)
|
|
—
|
|
|
(31,994
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
55
|
|
|
1,513
|
|
|
—
|
|
|
1,568
|
|
|||||
Net change in cash and cash equivalents
|
(46,110
|
)
|
|
2,213
|
|
|
(58,076
|
)
|
|
—
|
|
|
(101,973
|
)
|
|||||
Cash and cash equivalents—beginning of year
|
104,256
|
|
|
5,518
|
|
|
203,436
|
|
|
—
|
|
|
313,210
|
|
|||||
Cash and cash equivalents—end of period
|
$
|
58,146
|
|
|
$
|
7,731
|
|
|
$
|
145,360
|
|
|
$
|
—
|
|
|
$
|
211,237
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings
|
$
|
39,281
|
|
|
$
|
10,989
|
|
|
$
|
15,951
|
|
|
$
|
(25,741
|
)
|
|
$
|
40,480
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
6,444
|
|
|
3,478
|
|
|
11,256
|
|
|
—
|
|
|
21,178
|
|
|||||
Noncash loss on trading securities
|
—
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
71
|
|
|||||
Impairment of property, plant and equipment
|
—
|
|
|
—
|
|
|
1,145
|
|
|
—
|
|
|
1,145
|
|
|||||
Stock-based compensation
|
2,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,775
|
|
|||||
Defined benefit pension plan expense
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
(594
|
)
|
|||||
Contribution to defined benefit pension plan
|
—
|
|
|
—
|
|
|
(731
|
)
|
|
—
|
|
|
(731
|
)
|
|||||
Loss (gain) on sale of property, plant and equipment
|
—
|
|
|
4
|
|
|
(284
|
)
|
|
—
|
|
|
(280
|
)
|
|||||
Equity in earnings in nonconsolidated subsidiaries
|
(24,587
|
)
|
|
(2,729
|
)
|
|
—
|
|
|
27,316
|
|
|
—
|
|
|||||
Deferred income taxes
|
5,591
|
|
|
1,791
|
|
|
(2,563
|
)
|
|
—
|
|
|
4,819
|
|
|||||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net working capital
|
(8,850
|
)
|
|
(21,761
|
)
|
|
(7,529
|
)
|
|
(1,148
|
)
|
|
(39,288
|
)
|
|||||
Other noncurrent liabilities
|
861
|
|
|
—
|
|
|
(421
|
)
|
|
—
|
|
|
440
|
|
|||||
Income taxes payable (refundable)
|
(7,862
|
)
|
|
(514
|
)
|
|
11,409
|
|
|
—
|
|
|
3,033
|
|
|||||
Net cash flows from operating activities
|
13,653
|
|
|
(8,742
|
)
|
|
27,710
|
|
|
427
|
|
|
33,048
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property, plant and equipment
|
(3,928
|
)
|
|
(5,241
|
)
|
|
(7,079
|
)
|
|
—
|
|
|
(16,248
|
)
|
|||||
Proceeds from sale of assets
|
5
|
|
|
—
|
|
|
709
|
|
|
—
|
|
|
714
|
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(4,800
|
)
|
|
—
|
|
|
(4,800
|
)
|
|||||
Settlement of net investment hedge
|
(863
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(863
|
)
|
|||||
Other, net
|
4,551
|
|
|
8,633
|
|
|
(14,539
|
)
|
|
(427
|
)
|
|
(1,782
|
)
|
|||||
Net cash flows from investing activities
|
(235
|
)
|
|
3,392
|
|
|
(25,709
|
)
|
|
(427
|
)
|
|
(22,979
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments under short-term agreements
|
—
|
|
|
—
|
|
|
219
|
|
|
—
|
|
|
219
|
|
|||||
Principal payments on long-term borrowings
|
—
|
|
|
—
|
|
|
(249
|
)
|
|
—
|
|
|
(249
|
)
|
|||||
Dividends paid
|
(8,510
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,510
|
)
|
|||||
Dividends to noncontrolling interest
|
—
|
|
|
—
|
|
|
(1,281
|
)
|
|
—
|
|
|
(1,281
|
)
|
|||||
Purchase of noncontrolling interest
|
—
|
|
|
—
|
|
|
(5,510
|
)
|
|
—
|
|
|
(5,510
|
)
|
|||||
Purchase of treasury shares
|
(14,790
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,790
|
)
|
|||||
Intercompany capital contribution
|
(3,492
|
)
|
|
3,492
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Proceeds from exercises under stock plans
|
2,972
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,972
|
|
|||||
Purchase of common treasury shares - stock plan exercises
|
(1,504
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,504
|
)
|
|||||
Net cash flows from financing activities
|
(25,324
|
)
|
|
3,492
|
|
|
(6,821
|
)
|
|
—
|
|
|
(28,653
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(37
|
)
|
|
5,479
|
|
|
—
|
|
|
5,442
|
|
|||||
Net change in cash and cash equivalents
|
(11,906
|
)
|
|
(1,895
|
)
|
|
659
|
|
|
—
|
|
|
(13,142
|
)
|
|||||
Cash and cash equivalents—beginning of year
|
83,329
|
|
|
5,304
|
|
|
404,172
|
|
|
—
|
|
|
492,805
|
|
|||||
Cash and cash equivalents—end of period
|
$
|
71,423
|
|
|
$
|
3,409
|
|
|
$
|
404,831
|
|
|
$
|
—
|
|
|
$
|
479,663
|
|
|
Thirteen Weeks Ended
|
|||||||||
|
March 30, 2019
|
|
March 31, 2018
|
|
% Incr. (Decr.)
|
|||||
Consolidated
|
|
|
|
|
|
|||||
Net sales
|
$
|
692.1
|
|
|
$
|
698.7
|
|
|
(0.9
|
)%
|
Gross profit
|
165.1
|
|
|
169.2
|
|
|
(2.4
|
)%
|
||
as a percent of sales
|
23.9
|
%
|
|
24.2
|
%
|
|
|
|||
SG&A expense
|
110.0
|
|
|
105.3
|
|
|
4.5
|
%
|
||
as a percent of sales
|
15.9
|
%
|
|
15.1
|
%
|
|
|
|||
Operating income
|
55.1
|
|
|
64.0
|
|
|
(13.9
|
)%
|
||
as a percent of sales
|
8.0
|
%
|
|
9.2
|
%
|
|
|
|||
Net interest expense
|
9.1
|
|
|
9.8
|
|
|
(7.1
|
)%
|
||
Effective tax rate
|
24.9
|
%
|
|
23.6
|
%
|
|
|
|||
Net earnings
|
$
|
36.5
|
|
|
$
|
39.3
|
|
|
(7.1
|
)%
|
Diluted earnings per share
|
$
|
1.66
|
|
|
$
|
1.72
|
|
|
(3.5
|
)%
|
Engineered Support Structures (ESS)
|
|
|
|
|
|
|||||
Net sales
|
$
|
228.0
|
|
|
$
|
215.9
|
|
|
5.6
|
%
|
Gross profit
|
51.9
|
|
|
49.3
|
|
|
5.3
|
%
|
||
SG&A expense
|
39.4
|
|
|
42.4
|
|
|
(7.1
|
)%
|
||
Operating income
|
12.5
|
|
|
6.9
|
|
|
81.2
|
%
|
||
Utility Support Structures (Utility)
|
|
|
|
|
|
|||||
Net sales
|
$
|
243.2
|
|
|
$
|
209.9
|
|
|
15.9
|
%
|
Gross profit
|
48.7
|
|
|
43.6
|
|
|
11.7
|
%
|
||
SG&A expense
|
23.6
|
|
|
20.3
|
|
|
16.3
|
%
|
||
Operating income
|
25.1
|
|
|
23.3
|
|
|
7.7
|
%
|
||
Coatings
|
|
|
|
|
|
|||||
Net sales
|
$
|
70.2
|
|
|
$
|
68.5
|
|
|
2.5
|
%
|
Gross profit
|
20.6
|
|
|
20.6
|
|
|
—
|
%
|
||
SG&A expense
|
10.5
|
|
|
8.7
|
|
|
20.7
|
%
|
||
Operating income
|
10.1
|
|
|
11.9
|
|
|
(15.1
|
)%
|
||
Irrigation
|
|
|
|
|
|
|||||
Net sales
|
$
|
150.7
|
|
|
$
|
186.0
|
|
|
(19.0
|
)%
|
Gross profit
|
43.4
|
|
|
56.0
|
|
|
(22.5
|
)%
|
||
SG&A expense
|
23.3
|
|
|
22.1
|
|
|
5.4
|
%
|
||
Operating income
|
20.1
|
|
|
33.9
|
|
|
(40.7
|
)%
|
||
Other
|
|
|
|
|
|
|||||
Net sales
|
$
|
—
|
|
|
$
|
18.4
|
|
|
(100.0
|
)%
|
Gross profit
|
—
|
|
|
0.8
|
|
|
(100.0
|
)%
|
||
SG&A expense
|
—
|
|
|
1.4
|
|
|
(100.0
|
)%
|
||
Operating income
|
—
|
|
|
(0.6
|
)
|
|
(100.0
|
)%
|
||
Adjustment to LIFO inventory valuation method
|
|
|
|
|
|
|||||
Gross profit
|
$
|
0.5
|
|
|
$
|
(1.1
|
)
|
|
NM
|
|
Operating income
|
0.5
|
|
|
(1.1
|
)
|
|
NM
|
|||
Net corporate expense
|
|
|
|
|
|
|||||
Gross profit
|
$
|
—
|
|
|
$
|
—
|
|
|
NM
|
|
SG&A expense
|
13.2
|
|
|
10.4
|
|
|
26.9
|
%
|
||
Operating loss
|
(13.2
|
)
|
|
(10.4
|
)
|
|
(26.9
|
)%
|
|
First quarter
|
|||||||||||||||||
|
Total
|
ESS
|
Utility
|
Coatings
|
Irrigation
|
Other
|
||||||||||||
Sales - 2018
|
$
|
698.7
|
|
$
|
215.9
|
|
$
|
209.9
|
|
$
|
68.5
|
|
$
|
186.0
|
|
$
|
18.4
|
|
Volume
|
(54.9
|
)
|
7.5
|
|
(14.1
|
)
|
(6.7
|
)
|
(41.6
|
)
|
—
|
|
||||||
Pricing/mix
|
36.3
|
|
9.5
|
|
18.1
|
|
2.9
|
|
5.8
|
|
—
|
|
||||||
Acquisition/(divestiture)
|
29.2
|
|
5.4
|
|
31.0
|
|
7.5
|
|
3.7
|
|
(18.4
|
)
|
||||||
Currency translation
|
(17.2
|
)
|
(10.3
|
)
|
(1.7
|
)
|
(2.0
|
)
|
(3.2
|
)
|
—
|
|
||||||
Sales - 2019
|
$
|
692.1
|
|
$
|
228.0
|
|
$
|
243.2
|
|
$
|
70.2
|
|
$
|
150.7
|
|
$
|
—
|
|
•
|
A majority ownership stake in Torrent Engineering and Equipment ("Torrent") in the first quarter of 2018 (Irrigation).
|
•
|
Derit Infrastructure Pvt. Ltd. ("Derit") in the third quarter of 2018, which operates a lattice steel manufacturing facility located in India (Utility and Coatings).
|
•
|
A majority ownership stake in Convert Italia SpA ("Convert") in the third quarter of 2018, a provider of engineered solar tracker solutions (Utility).
|
•
|
Walpar in the third quarter of 2018, a domestic manufacturer of overhead sign structures (ESS).
|
•
|
CSP Coating Systems ("CSP Coatings") in the fourth quarter of 2018, a coatings provider in New Zealand (Coatings).
|
•
|
Larson Camouflage ("Larson") in the first quarter of 2019, an industry leading provider of architectural and camouflage concealment solutions for the wireless telecommunication market (ESS).
|
•
|
United Galvanizing ("United") in the first quarter of 2019, a domestic coatings provider (Coatings).
|
Gross Profit
|
Total
|
ESS
|
Utility
|
||||||
First quarter
|
$
|
2.3
|
|
$
|
1.5
|
|
$
|
0.8
|
|
Operating Income
|
Total
|
ESS
|
Utility
|
||||||
First quarter
|
$
|
4.4
|
|
$
|
3.6
|
|
$
|
0.8
|
|
|
Total
|
ESS
|
Utility
|
Coatings
|
Irrigation
|
Corporate
|
||||||||||||
First quarter
|
$
|
(0.8
|
)
|
$
|
(0.3
|
)
|
$
|
—
|
|
$
|
(0.1
|
)
|
$
|
(0.4
|
)
|
$
|
—
|
|
•
|
$450 million face value ($436.1 million carrying value) of senior unsecured notes that bear interest at 5.00% per annum and are due in October 2044.
|
•
|
$305 million face value ($297.4 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. Both tranches of these notes are guaranteed by certain of our subsidiaries.
|
•
|
Leverage ratio
- Interest-bearing debt is not to exceed 3.5X Adjusted EBITDA (or 3.75X Adjusted EBITDA after certain material acquisitions) of the prior four quarters; and
|
•
|
Interest earned ratio -
Adjusted EBITDA over the prior four quarters must be at least 2.5X our interest expense over the same period.
|
Interest-bearing debt
|
$
|
762,209
|
|
Adjusted EBITDA-last four quarters
|
327,255
|
|
|
Leverage ratio
|
2.33
|
|
|
|
|
||
Adjusted EBITDA-last four quarters
|
$
|
327,255
|
|
Interest expense-last four quarters
|
43,041
|
|
|
Interest earned ratio
|
7.60
|
|
Net cash flows from operations
|
$
|
127,873
|
|
Interest expense
|
43,041
|
|
|
Income tax expense
|
43,029
|
|
|
Impairment of property, plant and equipment
|
(3,855
|
)
|
|
Impairment of goodwill and intangible assets
|
(15,780
|
)
|
|
Loss on investment
|
46
|
|
|
Deferred income tax benefit
|
(3,183
|
)
|
|
Loss on sale of grinding media business
|
(6,084
|
)
|
|
Noncontrolling interest
|
(5,730
|
)
|
|
Stock-based compensation
|
(11,287
|
)
|
|
Pension plan expense
|
1,789
|
|
|
Contribution to pension plan
|
14,749
|
|
|
Changes in assets and liabilities
|
74,744
|
|
|
Other
|
173
|
|
|
EBITDA
|
259,525
|
|
|
Cash restructuring expenses
|
25,776
|
|
|
EBITDA from acquisitions (months not owned)
|
8,291
|
|
|
Impairment of goodwill and intangible assets
|
15,780
|
|
|
Impairment of property, plant and equipment
|
11,799
|
|
|
Loss on sale of grinding media business
|
6,084
|
|
|
Adjusted EBITDA
|
$
|
327,255
|
|
Net earnings attributable to Valmont Industries, Inc.
|
$
|
91,551
|
|
Interest expense
|
43,041
|
|
|
Income tax expense
|
43,029
|
|
|
Depreciation and amortization expense
|
81,904
|
|
|
EBITDA
|
259,525
|
|
|
Cash restructuring expenses
|
25,776
|
|
|
EBITDA from acquisitions (months not owned)
|
8,291
|
|
|
Impairment of goodwill and intangible assets
|
15,780
|
|
|
Impairment of property, plant, and equipment
|
11,799
|
|
|
Loss on sale of grinding media business
|
6,084
|
|
|
Adjusted EBITDA
|
$
|
327,255
|
|
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)
|
||||||
December 30, 2018 to January 26, 2019
|
3,413
|
|
|
$
|
124.68
|
|
|
3,413
|
|
|
$
|
266,941,000
|
|
|
January 27, 2019 to March 2, 2019
|
20,535
|
|
|
135.10
|
|
|
20,535
|
|
|
264,166,000
|
|
|||
March 3, 2019 to March 30, 2019
|
46,458
|
|
|
133.91
|
|
|
46,458
|
|
|
257,945,000
|
|
|||
Total
|
70,406
|
|
|
$
|
133.81
|
|
|
70,406
|
|
|
$
|
257,945,000
|
|
|
For
|
|
Withheld
|
|
Broker Non-Votes
|
|||
Kaj den Daas
|
19,075,632
|
|
|
204,307
|
|
|
—
|
|
James B. Milliken
|
18,860,131
|
|
|
419,808
|
|
|
—
|
|
Catherine James Paglia
|
19,199,958
|
|
|
79,981
|
|
|
—
|
|
For
|
19,010,831
|
|
Against
|
247,566
|
|
Abstain
|
21,542
|
|
Broker non-votes
|
1,480,039
|
|
For
|
20,469,116
|
|
Against
|
244,123
|
|
Abstain
|
46,739
|
|
(a)
|
Exhibits
|
Exhibit No.
|
|
Description
|
|
Section 302 Certificate of Chief Executive Officer
|
|
|
Section 302 Certificate of Chief Financial Officer
|
|
|
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 March 30, 2019, 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
|
1 Year Valmont Industries Chart |
1 Month Valmont Industries Chart |
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