Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document and Entity Information | |||
Entity Registrant Name | VALMONT INDUSTRIES INC | ||
Entity Central Index Key | 102,729 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 29, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,233,462,981 | ||
Entity Common Stock, Shares Outstanding | 21,941,622 | ||
Smaller Reporting Company | false | ||
Emerging Growth Company | false | ||
Shell Company | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Sales | $ 2,757,144,000 | $ 2,745,967,000 | $ 2,521,676,000 |
Cost of sales | 2,098,864,000 | 2,064,199,000 | 1,865,433,000 |
Gross profit | 658,280,000 | 681,768,000 | 656,243,000 |
Selling, general and administrative expenses | 440,220,000 | 414,688,000 | 410,869,000 |
Impairment of goodwill and intangible assets | 15,780,000 | 0 | 0 |
Operating income | 202,280,000 | 267,080,000 | 245,374,000 |
Other income (expenses): | |||
Interest expense | (44,237,000) | (44,645,000) | (44,409,000) |
Interest income | 4,668,000 | 4,737,000 | 3,105,000 |
Costs associated with refinancing of debt | (14,820,000) | 0 | 0 |
Loss on divestiture of grinding media business | (6,084,000) | 0 | 0 |
Other Nonoperating Income (Expense) excluding Sale of Business and Debt Costs | 1,634,000 | 1,292,000 | 16,384,000 |
Total other income (expenses) | (58,839,000) | (38,616,000) | (24,920,000) |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441,000 | 228,464,000 | 220,454,000 |
Income tax expense (benefit): | |||
Current | 44,794,000 | 66,390,000 | 65,748,000 |
Deferred | (1,659,000) | 39,755,000 | (23,685,000) |
Total income tax expense (benefit) | 43,135,000 | 106,145,000 | 42,063,000 |
Comprehensive income | 78,772,000 | 189,106,000 | 100,235,000 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 100,306,000 | 122,319,000 | 178,391,000 |
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 |
Net earnings | 100,306,000 | 122,319,000 | 178,391,000 |
Less: Earnings attributable to noncontrolling interests | (5,955,000) | (6,079,000) | (5,159,000) |
Net earnings attributable to Valmont Industries, Inc. | $ 94,351,000 | $ 116,240,000 | $ 173,232,000 |
Earnings per share: | |||
Basic (in dollars per share) | $ 4.23 | $ 5.16 | $ 7.68 |
Diluted (in dollars per share) | 4.20 | 5.11 | $ 7.63 |
Cash dividends declared per share (in dollars per share) | $ 1.500 | $ 1.500 | |
Weighted average number of shares of common stock outstanding - Basic (in shares) | 22,306 | 22,520 | 22,562 |
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 22,446 | 22,738 | 22,709 |
Product | |||
Sales | $ 2,437,334,000 | $ 2,447,219,000 | $ 2,255,860,000 |
Cost of sales | 1,887,959,000 | 1,860,087,000 | 1,682,355,000 |
Service | |||
Sales | 319,810,000 | 298,748,000 | 265,816,000 |
Cost of sales | $ 210,905,000 | $ 204,112,000 | $ 183,078,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 56,233 | $ (79,279) | $ 58,315 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 352 | 0 | |
Net earnings | 100,306 | 122,319 | 178,391 |
Foreign currency translation adjustments: | |||
Unrealized translation gains (losses) | (65,436) | 79,279 | (58,315) |
Gain/(loss) on hedging activities: | |||
Unrealized gain (loss) on net investment hedges, net of tax expense (benefit) of $1,894 in 2018, ($880) in 2017 and $2,646 in 2016 | 4,226 | ||
Realized loss on grinding media net investment hedge | 0 | ||
Amortization cost included in interest expense | 423 | 74 | 74 |
Deferred loss on interest rate hedges | 0 | ||
Commodity hedges | 0 | ||
Derivative adjustment | 4,814 | (1,621) | 4,300 |
Actuarial gain (loss) in defined benefit pension plan, net of tax expense (benefit) of ($10,732) in 2015, ($3,450) in 2014, and ($10,143) in 2013 | 29,885 | (10,871) | (24,141) |
Other comprehensive income (loss) | (21,534) | 66,787 | (78,156) |
Comprehensive income | 78,772 | 189,106 | 100,235 |
Comprehensive income attributable to noncontrolling interests | (8,584) | (5,529) | (6,144) |
Comprehensive income attributable to Valmont Industries, Inc. | $ 70,188 | $ 183,577 | $ 94,091 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain on net investment hedge, tax | $ 1,894 | $ (880) | $ 2,646 |
Actuarial gain (loss) in defined benefit pension plan liability, tax | $ 8,045 | $ (501) | $ (26) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 313,210 | $ 492,805 |
Current assets: | ||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 483,963 | 503,677 |
Inventories | 383,566 | 420,948 |
Contract asset - costs and profits in excess of billings | 112,525 | 16,165 |
Prepaid expenses, restricted cash, and other assets | 42,800 | 27,478 |
Refundable income taxes | 4,576 | 11,492 |
Total current assets | 1,340,640 | 1,472,565 |
Property, plant and equipment, at cost | 1,160,865 | 1,165,687 |
Less accumulated depreciation and amortization | 646,873 | 646,759 |
Net property, plant and equipment | 513,992 | 518,928 |
Goodwill | 385,207 | 337,720 |
Other intangible assets, net | 175,956 | 138,599 |
Other assets, less allowance for doubtful receivables of $417 in 2017 | 114,479 | 134,438 |
Total assets | 2,530,274 | 2,602,250 |
Current liabilities: | ||
Current installments of long-term debt | 779 | 966 |
Notes payable to banks | 10,678 | 161 |
Accounts payable | 218,115 | 227,906 |
Accrued employee compensation and benefits | 79,291 | 84,426 |
Accrued expenses | 91,942 | 81,029 |
Dividends payable | 8,230 | 8,510 |
Total current liabilities | 409,035 | 402,998 |
Deferred income taxes | 43,489 | 34,906 |
Long-term debt, excluding current installments | 741,822 | 753,888 |
Defined benefit pension liability | 143,904 | 189,552 |
Deferred compensation | 46,107 | 48,526 |
Other noncurrent liabilities | 10,394 | 20,585 |
Shareholders’ equity: | ||
Preferred stock of $1 par value - Authorized 500,000 shares; none issued | 0 | 0 |
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 issued | 27,900 | 27,900 |
Additional paid-in capital | 0 | 0 |
Retained earnings | 2,027,596 | 1,954,344 |
Accumulated other comprehensive income (loss) | (303,185) | (279,022) |
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | (692,549) | (590,386) |
Total Valmont Industries, Inc. shareholders’ equity | 1,059,762 | 1,112,836 |
Noncontrolling interest in consolidated subsidiaries | 75,761 | 38,959 |
Total shareholders’ equity | 1,135,523 | 1,151,795 |
Total liabilities and shareholders’ equity | $ 2,530,274 | $ 2,602,250 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 29, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 0 | $ 9,396 |
Other assets, allowance for doubtful accounts receivable | $ 0 | $ 417 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares (in shares) | 500,000 | 500,000 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 75,000,000 | 75,000,000 |
Common stock, issued shares (in shares) | 27,900,000 | 27,900,000 |
Common shares in treasury, shares | 0 | 5,206,474 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 100,306,000 | $ 122,319,000 | $ 178,391,000 |
Adjustments to reconcile net earnings to net cash flows from operations: | |||
Depreciation and amortization | 82,827,000 | 84,957,000 | 82,417,000 |
Noncash loss on trading securities | (62,000) | 237,000 | 586,000 |
Contribution to defined benefit pension plan | (1,537,000) | (40,245,000) | (1,488,000) |
Impairment of property, plant and equipment | 5,000,000 | 0 | 1,099,000 |
Impairment of goodwill & intangible assets | 15,780,000 | 0 | 0 |
Loss on divestiture of grinding media business | 6,084,000 | 0 | 0 |
Stock-based compensation | 10,392,000 | 10,706,000 | 9,931,000 |
Change in fair value of contingent consideration | 0 | 0 | (3,242,000) |
Defined benefit pension plan expense (benefit) | (2,251,000) | 648,000 | 1,870,000 |
(Gain) loss on sale of property, plant and equipment | (225,000) | (3,924,000) | 631,000 |
Equity in earnings in nonconsolidated subsidiaries | 0 | 0 | 0 |
Deferred income taxes | (1,659,000) | 39,755,000 | (23,685,000) |
Changes in assets and liabilities (net of acquisitions): | |||
Receivables | 12,571,000 | (49,112,000) | 24,622,000 |
Inventories | (13,774,000) | (57,442,000) | (11,461,000) |
Prepaid expenses | (11,048,000) | (6,214,000) | (1,925,000) |
Contract asset - costs and profits in excess of billings | (32,932,000) | 176,000 | 3,063,000 |
Accounts payable | (1,486,000) | 39,405,000 | 104,000 |
Accrued expenses | 49,000 | (1,998,000) | (12,207,000) |
Other noncurrent liabilities | (10,888,000) | (7,228,000) | (23,880,000) |
Income taxes payable (refundable) | (4,139,000) | 1,108,000 | 7,994,000 |
Net cash flows from operating activities | 153,008,000 | 133,148,000 | 232,820,000 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (71,985,000) | (55,266,000) | (57,920,000) |
Proceeds from sale of assets | 63,103,000 | 8,185,000 | 5,126,000 |
Acquisitions, net of cash acquired | (143,020,000) | (5,362,000) | 0 |
Proceeds from settlement of net investment hedge | (1,621,000) | 5,123,000 | 0 |
Other, net | (1,922,000) | (2,295,000) | (255,000) |
Net cash flows used in investing activities | (155,445,000) | (49,615,000) | (53,049,000) |
Cash flows from financing activities: | |||
Borrowings (Payments) under short-term agreements | 10,543,000 | (585,000) | (200,000) |
Proceeds from long-term borrowings | 251,655,000 | 0 | 0 |
Principal payments on long-term borrowings | (262,191,000) | (887,000) | (2,006,000) |
Payments for Derivative Instrument, Financing Activities | 2,467,000 | 0 | 0 |
Payments of Debt Issuance Costs | (2,322,000) | 0 | 0 |
Dividends paid | (33,726,000) | (33,862,000) | (34,053,000) |
Dividends to noncontrolling interest | (7,055,000) | (5,674,000) | (2,938,000) |
Purchase of noncontrolling interest | (5,510,000) | 0 | (11,009,000) |
Proceeds from exercises under stock plans | 7,357,000 | 35,159,000 | 11,153,000 |
Purchase of treasury shares | (114,805,000) | 0 | (53,800,000) |
Purchase of common treasury shares—stock plan exercises | (3,589,000) | (26,161,000) | (2,305,000) |
Net cash flows used in financing activities | (162,110,000) | (32,010,000) | (95,158,000) |
Effect of exchange rate changes on cash and cash equivalents | (15,048,000) | 27,682,000 | (20,087,000) |
Net change in cash and cash equivalents | (179,595,000) | 79,205,000 | 64,526,000 |
Cash, cash equivalents, and restricted cash—end of year | 399,948,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 313,210,000 | $ 492,805,000 | $ 413,600,000 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interest in consolidated subsidiaries |
Beginning balance at Dec. 26, 2015 | $ 965,211 | $ 27,900 | $ 0 | $ 1,729,679 | $ (267,218) | $ (571,920) | $ 46,770 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings | 178,391 | 173,232 | 5,159 | ||||
Other comprehensive income (loss) | (78,156) | (79,141) | 985 | ||||
Cash dividends declared | (33,921) | (33,921) | |||||
Dividends to noncontrolling interests | (2,938) | (2,938) | |||||
Purchase of noncontrolling interest | (11,009) | (137) | (10,872) | ||||
Purchase of treasury shares | (53,800) | (53,800) | |||||
Stock plan exercises | (2,305) | (2,305) | |||||
Stock options exercised | 11,153 | (7,614) | 5,732 | 13,035 | |||
Stock option expense | 5,782 | 5,782 | |||||
Stock awards | 4,178 | 1,969 | 2,209 | ||||
Ending balance at Dec. 31, 2016 | 982,586 | 27,900 | 0 | 1,874,722 | (346,359) | (612,781) | 39,104 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings | 122,319 | 116,240 | 6,079 | ||||
Other comprehensive income (loss) | 66,787 | 67,337 | (550) | ||||
Cash dividends declared | (33,927) | (33,927) | |||||
Dividends to noncontrolling interests | (5,674) | (5,674) | |||||
Stock plan exercises | (26,161) | (26,161) | |||||
Stock options exercised | 35,159 | (4,666) | (2,691) | 42,516 | |||
Stock option expense | 5,137 | 5,137 | |||||
Stock awards | 5,569 | (471) | 6,040 | ||||
Ending balance at Dec. 30, 2017 | 1,151,795 | 27,900 | 0 | 1,954,344 | (279,022) | (590,386) | 38,959 |
Increase (Decrease) in Shareholders' Equity | |||||||
Cumulative impact of accounting standard updates | Impact of ASU 2016-16 adoption | 1,038 | ||||||
Net earnings | 100,306 | 94,351 | 5,955 | ||||
Other comprehensive income (loss) | (21,534) | (24,163) | 2,629 | ||||
Cash dividends declared | (33,426) | (33,426) | |||||
Dividends to noncontrolling interests | (7,055) | (7,055) | |||||
Purchase of noncontrolling interest | (5,510) | 0 | (5,510) | ||||
Addition of noncontrolling interest | 40,783 | 40,783 | |||||
Purchase of treasury shares | (114,805) | (114,805) | |||||
Stock plan exercises | (3,589) | (3,589) | |||||
Stock options exercised | 7,357 | (2,397) | 1,518 | 8,236 | |||
Stock option expense | 4,064 | 4,064 | |||||
Stock awards | 6,328 | (1,667) | 7,995 | ||||
Ending balance at Dec. 29, 2018 | $ 1,135,523 | $ 27,900 | $ 0 | $ 2,027,596 | $ (303,185) | $ (692,549) | $ 75,761 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share (in dollars per share) | $ 1.50 | $ 1.50 | $ 1.50 |
Number of shares acquired (in shares) | 843,278 | 0 | 441,494 |
Stock plan exercises; shares acquired (in shares) | 27,555 | 154,437 | 16,777 |
Stock options exercised; shares issued (in shares) | 63,717 | 284,574 | 109,893 |
Stock awards; shares issued (in shares) | 61,208 | 42,846 | 15,700 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Valmont Industries, Inc. and its wholly and majority‑owned subsidiaries (the Company). The investment in Delta EMD Pty. Ltd ("EMD") is recorded at fair value subsequent to its deconsolidation in 2013. Investments in other 20% to 50% owned affiliates and joint ventures are accounted for by the equity method. Investments in less than 20% owned affiliates are accounted for by the cost method. All intercompany items have been eliminated. Cash overdrafts Cash book overdrafts totaling $8,888 and $21,537 were classified as accounts payable at December 29, 2018 and December 30, 2017 , respectively. The Company’s policy is to report the change in book overdrafts as an operating activity in the Consolidated Statements of Cash Flows. Segments The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and allocation of capital within the segment. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture and distribution of engineered metal and composite poles, towers, and components for global lighting, traffic, and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications, renewable energy generation equipment, and inspection services; COATINGS: This segment consists of galvanizing, painting, and anodizing services; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture. In addition to these four reportable segments, there are other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media for the mining industry and is reported in the "Other" category. The grinding media business was divested in 2018. Fiscal Year The Company operates on a 52 or 53 week fiscal year with each year ending on the last Saturday in December. Accordingly, the Company’s fiscal year ended December 29, 2018 and December 30, 2017 consisted of 52 weeks and fiscal year ended December 31, 2016 consisted of 53 weeks. The estimated impact on the company's results of operations due to the extra week in fiscal 2016 was additional net sales of approximately $50,000 and additional net earnings of approximately $3,000 . (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounts Receivable Accounts receivable are reported on the balance sheet net of any allowance for doubtful accounts. Allowances are maintained in amounts considered to be appropriate in relation to the outstanding receivables based on age of the receivable, economic conditions and customer credit quality. As the Company’s international Irrigation business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability, or with governments with which the Company has limited experience, or where there is a lack of transparency as to the current credit condition of governmental units. The Company’s allowance for doubtful accounts related to current accounts receivable was $8,277 at December 29, 2018 . Inventories Approximately 37% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of December 29, 2018 and December 30, 2017 , respectively. All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. The excess of replacement cost of inventories over the LIFO value is approximately $53,619 and $43,727 at December 29, 2018 and December 30, 2017 , respectively. Long-Lived Assets Property, plant and equipment are recorded at historical cost. The Company generally uses the straight-line method in computing depreciation and amortization for financial reporting purposes and accelerated methods for income tax purposes. The annual provisions for depreciation and amortization have been computed principally in accordance with the following ranges of asset lives: buildings and improvements 15 to 40 years, machinery and equipment 3 to 12 years, transportation equipment 3 to 24 years, office furniture and equipment 3 to 7 years and intangible assets 5 to 20 years. Depreciation expense in fiscal 2018 , 2017 and 2016 was $67,499 , $69,046 and $66,482 , respectively. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its estimated fair value. Impairment losses were recorded in 2018 and 2016 as facilities were closed and future plans for certain fixed assets changed in connection with the Company's restructuring plans. The Company evaluates its reporting units for impairment of goodwill during the third fiscal quarter of each year, or when events or changes in circumstances indicate the carrying value may not be recoverable. Reporting units are evaluated using after-tax operating cash flows (less capital expenditures) discounted to present value. Indefinite‑lived intangible assets are assessed separately from goodwill as part of the annual impairment testing, using a relief-from-royalty method. If the underlying assumptions related to the valuation of a reporting unit’s goodwill or an indefinite‑lived intangible asset change materially before or after the annual impairment testing, the reporting unit or asset is evaluated for potential impairment. In these evaluations, management considers recent operating performance, expected future performance, industry conditions and other indicators of potential impairment. See footnote 8 for details of impairments recognized during 2018. Income Taxes The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Warranties The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. Estimated future warranty costs are recorded at the time a sale is recognized. Future warranty liability is determined based on applying historical claim rate experience to units sold that are still within the warranty period. In addition, the Company records provisions for known warranty claims. Pension Benefits Certain expenses are incurred in connection with a defined benefit pension plan. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. Derivative Instruments The Company may enter into derivative financial instruments to manage risk associated with fluctuation in interest rates, foreign currency rates or commodities. Where applicable, the Company may elect to account for such derivatives as either a cash flow, fair value, or net investment hedge. Comprehensive Income (Loss) Comprehensive income (loss) includes net income, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. The components of accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Income (Loss) Balance at December 30, 2017 $ (171,399 ) $ 6,357 $ (113,980 ) $ (279,022 ) Current-period comprehensive income (loss) (68,065 ) 3,599 29,885 (34,581 ) Divestiture of grinding media business 9,203 1,215 — $ 10,418 Balance at December 29, 2018 $ (230,261 ) $ 11,171 $ (84,095 ) $ (303,185 ) Subsequent Events On December 31, 2018, the Company acquired the assets of Larson Camouflage, an industry-leading provider of architectural and camouflage concealment solutions for the wireless telecommunication market. The business is located in Tucson, Arizona. The acquisition was funded with cash on hand and will be included in the ESS segment. On February 11, 2019, the Company acquired the outstanding shares of United Galvanizing, Inc. located in Houston, Texas. The acquisition was made to expand the North America coatings footprint. The acquisition was funded with cash on hand and will be included in the Coatings segment. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue Recognition On December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASC 606) . The Company elected to use the modified retrospective approach for the adoption of the new revenue standard. The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Consolidated Balance Sheet as follows: Balance Sheet December 30, ASC 606 Adjustments December 31, Assets Inventories $ 420,948 $ (36,243 ) $ 384,705 Contract asset - costs & profits in excess of billings 16,165 51,507 67,672 Liabilities and shareholders' equity Accrued expenses 81,029 2,043 83,072 Deferred income taxes 34,906 3,450 38,356 Retained earnings 1,954,344 9,771 1,964,115 The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the fiscal year ended December 29, 2018: Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 383,566 $ 446,267 $ (62,701 ) Contract asset - costs & profits in excess of billings 112,525 24,647 87,878 Liabilities and shareholders' equity Accrued expenses 91,942 86,174 5,768 Deferred income taxes 43,489 38,492 4,997 Retained earnings 2,027,596 2,013,184 14,412 Statement of Earnings As Reported Balance Excluding ASC 606 Effects Change Net Sales $ 2,757,144 $ 2,720,773 $ 36,371 Operating Income 202,280 $ 196,092 $ 6,188 The Company determines the appropriate revenue recognition for our contracts by analyzing the type, terms and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue, and do not include variable consideration. Discounts included in contracts with customers, typically early pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as product when the performance obligation is related to the manufacturing of goods. Contract revenues are classified as service when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings segment. Customer acceptance provisions exist only in the design stage of our products and acceptance of the design by the customer is required before the project is manufactured and delivered to the customer. The Company is not entitled to any compensation solely based on design of the product and does not recognize revenue associated with the design stage. There is (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) one performance obligation for revenue recognition. No general rights of return exist for customers once the product has been delivered and the Company establishes provisions for estimated warranties. The Company does not sell extended warranties for any of its products. Shipping and handling costs associated with sales are recorded as cost of goods sold. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured, when the revenue from the associated customer contract is being recognized over time. With the exception of the Utility segment and the wireless communication structures product line, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company elected the practical expedient to not disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. The Company did not have any significant contracts with an original expected duration of more than one year at December 29, 2018. In addition, the Company elected the practical expedient to not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within twelve months of transfer of control of goods or services; the Company expects all consideration to be received in one year or less at contract inception. Segment and Product Line Revenue Recognition The global Utility segment revenues are derived from manufactured steel and concrete structures for the North America utility industry and offshore and other complex structures used in energy generation and distribution outside of the United States. Steel and concrete utility structures are engineered to customer specifications resulting in limited ability to sell the structure to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by our rights to payment for work performed to-date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment. For our steel and concrete utility and wireless communication structure product lines, we generally recognize revenue on an inputs basis, using total production hours incurred to-date for each order as a percentage of total hours estimated to produce the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of goods sold and gross profit. Production of an order, once started, is typically completed within three months. Revenue from the offshore and other complex structures business is also recognized using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain sales of steel and concrete structures; the Company has chosen to use the practical expedient to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. The global ESS segment revenues are derived from the manufacture and distribution of engineered metal, composite structures and components for lighting and traffic and roadway safety, engineered access systems, and wireless communication. For the lighting and traffic and roadway safety product lines, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. For Access Systems, revenue is generally recognized upon delivery of goods to the customer which is the same point in time that the customer is billed. The wireless communication monopole product line has large regional customers who have unique product specifications for these larger communication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. For the remaining wireless communication product line customers which do not provide a contractual right to bill for work completed on a canceled order, revenue is recognized upon shipment or delivery of the goods to the customer which is the same point in time that the customer is billed. For wireless communication towers and components, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. The global Coatings segment revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the coating service has been performed and the goods are ready to be picked up or delivered to the customer which is the same time that the customer is billed. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The global Irrigation segment revenues are derived from the manufacture of agricultural irrigation equipment and related parts and services for the agricultural industry and tubular products for industrial customers. Revenue recognition for the irrigation segment is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services are primarily billed annually and revenue is recognized on a straight-line basis over the subsequent twelve months. Disaggregation of revenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the fiscal year ended December 29, 2018 is as follows: Point in Time Over Time Fiscal year ended December 29, 2018 Fiscal year ended December 29, 2018 Utility Support Structures $ 16,760 $ 838,446 Engineered Support Structures 922,677 44,681 Coatings 286,739 — Irrigation 612,385 12,376 Other 23,080 — Total $ 1,861,641 $ 895,503 The Company's contract asset as of December 29, 2018 is $112,525 . The contract assets attributable to the cumulative effect from the adoption of the new revenue recognition guidance was $51,507 ; the contract asset at December 30, 2017, attributable to the offshore and other complex structures product line, was $16,165 . Both steel and concrete utility customers are generally invoiced upon shipment or delivery of the goods to the customer's specified location and there are normally no up-front or progress payments. The increase in the contract asset between ASC 606 adoption date to year-end 2018 is attributed to an increase in finished structures that had not yet been shipped to the customers. The offshore and complex steel structures business invoices customers a number of ways including advanced billings, progress billings, and billings upon shipment. At December 29, 2018 and December 30, 2017, the contract liability for revenue recognized over time was $4,906 and $7,368 . The contract liability is included in Accrued Expenses on the Consolidated Balance Sheets. During the fiscal year ended December 29, 2018, the Company recognized $5,222 of revenue that was included in the liability as of December 30, 2017. The revenue recognized was due to applying advance payments received for projects completed during the period. Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the reported amounts of revenue and expenses and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. Equity Method Investments The Company has equity method investments in non-consolidated subsidiaries which are recorded within "Other assets" on the Consolidated Balance Sheets. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Treasury Stock Repurchased shares are recorded as “Treasury Stock” and result in a reduction of “Shareholders’ Equity.” When treasury shares are reissued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional Paid-In Capital.” In May 2014, the Company announced a capital allocation philosophy which covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company's outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately-negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company's outstanding common stock with no stated expiration date. As of December 29, 2018 , the Company has acquired 5,431,409 shares for approximately $732,634 under this share repurchase program. Research and Development Research and development costs are charged to operations in the year incurred. These costs are a component of “Selling, general and administrative expenses” on the Consolidated Statements of Earnings. Research and development expenses were approximately $11,500 in 2018 , $11,600 in 2017 , and $8,300 in 2016 . Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . Effective December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The Company elected the modified retrospective approach for the adoption of the new revenue standard, resulting in a credit to retained earnings being recognized for $9,771 . The Company calculated the cumulative effect on revenue of approximately $51,507 with $13,121 of pre-tax operating income; these were customer orders for the steel utility, concrete utility, and wireless communication structures product lines at various stages of production at December 30, 2017. In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans, which amends the income statement presentation requirements for the components of net periodic benefit cost for an entity's defined benefit pension and post-retirement plans. The Company adopted this ASU in the first quarter of 2018, recognizing the Delta Pension Plan (DPP) net periodic pension expense within Other income (expense). The Company reclassified $648 and $1,870 of DPP net periodic pension expense in 2017 and 2016 out of selling, general, and administrative expense and into Other expense. In December 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted the ASU in the first quarter of 2018, recasting the beginning-of-period and end-of-period total cash and cash equivalent amounts on the statement of cash flows to include the £10,000 restricted cash account for the pension plan at December 31, 2016, thus reducing cash flows from operating activities by $12,568 in 2017. The Company did not have any restricted cash at December 29, 2018 or December 30, 2017. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 is effective for periods and fiscal years beginning after December 15, 2018. Early adoption is permitted for any interim period post issuance. The (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Company adopted this ASU in the first quarter of 2018, which did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments in the Statement of Cash Flows , which provides more specific guidance on cash flow presentation for certain transactions. ASU 2016-15 is effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this ASU in the first quarter of 2018, which did not have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory, which requires the Company to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, as opposed to when it is sold to an outside party. The Company adopted this standard in 2018 and the result was an increase to retained earnings of $1,038 . Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases , which provides revised guidance on leases requiring lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018 and the Company will adopt this ASU in the first quarter of 2019. The Company's analysis estimates that total liabilities and total assets will increase by $100,000 to $120,000 upon adoption the first day of fiscal 2019. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. In addition, the Company elected certain practical expedients not to reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, and to not separate lease components for all classes of underlying assets. The Company will elect not to recast its comparative periods in transition (the “Comparatives Under 840 Option”) as allowed under ASU 2018-11. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Acquisitions of Businesses On October 18, 2018, the Company acquired CSP Coatings Systems of Auckland, New Zealand, a provider of a wide range of coatings services for approximately $17,711 . The acquisition further strengthens the Company's Asia-Pacific market position and will be reported in the Coatings segment. The preliminary fair values assigned were $7,373 to property, plant, and equipment, $3,113 for customer relationships, $5,120 for goodwill, with the remainder net working capital. Goodwill is not deductible for tax purposes and the customer relationships will be amortized over 10 years. The Company expects the purchase price allocation to be finalized in the second quarter of 2019. On August 3, 2018, the Company purchased approximately 72% of the outstanding shares of Walpar, LLC ("Walpar") for $57,805 in cash. Walpar is an industry leader in the design, engineering and manufacturing of overhead sign structures for the North America transportation market. Walpar is located in Birmingham, Alabama and its operations are reported in the Engineered Support Structures segment. The transaction was funded with cash on hand and the purchase of the remaining 28% non-controlling interests was acquired in January 2019. The acquisition of Walpar was completed to expand the Company's product offering in the sign structure market. The preliminary fair value measurement disclosed below is subject to management reviews and completion of the fair value measurements of the assets acquired and liabilities assumed. Customer relationships will be amortized over 14 years and the trade name has an indefinite life. Goodwill is not deductible for tax purposes. The Company expects the purchase price allocation to be finalized in the second quarter of 2019. (2) ACQUISITIONS (Continued) The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Walpar as of the date of acquisition: 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 interests 23,082 Net assets acquired $ 57,805 On August 3, 2018, the Company acquired 75% of the outstanding shares of Convert Italia SpA ("Convert") for $43,504 in cash. Convert is a designer and provider of engineered solar tracker solutions that is headquartered in Italy, with offices in Brazil and Argentina. Additional purchase price will be paid contingent on Convert realizing specific EBITDA and revenue targets in calendar years 2018 and 2020. The Company recognized $11,608 in estimated contingent consideration liability which is subject to finalization expected to occur during the third quarter of 2019. The Company acquired Convert to grow market adjacencies in the Utility Support Structures segment. The preliminary fair value measurements disclosed below are subject to management reviews and completion of the fair value measurements of the assets acquired and liabilities assumed. Patents and proprietary technology will be amortized over 15 years and the trade name has an indefinite life. Goodwill is not deductible for tax purposes. The Company expects the fair value measurement process and purchase price allocation to be finalized in the third quarter of 2019. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Convert at the date of acquisition: 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 interests 14,501 Net assets acquired $ 43,504 (2) ACQUISITIONS (Continued) On August 1, 2018, the Company acquired the operational assets of Derit Infrastructure Pvt. Ltd. ("Derit") for $14,700 in cash, net of assumed liabilities. The Company acquired the net assets at fair value with no value assigned to intangible assets in the purchase price allocation. Derit has a manufacturing facility in India with production capabilities for steel lattice structures for power transmission, wireless communication, and a provider of zinc galvanizing services. Derit was acquired to provide the Company with lattice structure manufacturing capabilities and to further expand the geographic footprint of the galvanizing business. The majority of the business will be reported in the Utility Support Structures segment, while the galvanizing business will be reported in the Coatings segment. The purchase price allocation was finalized in the fourth quarter of 2018. Proforma disclosures were omitted as this business does not have a significant impact on the Company's financial results. On January 26, 2018, the Company acquired 60% of the assets of Torrent Engineering and Equipment ("Torrent") for $4,800 in cash. Torrent operates in Indiana and is an integrator of prefabricated pump stations that involves designing high pressure water and compressed air process systems. Torrent has annual sales of approximately $9,000 . In the purchase price allocation, goodwill of $3,922 and $4,020 of customer relationships and other intangible assets were recorded. A portion of the goodwill is deductible for tax purposes. Torrent is included in the Irrigation segment and was acquired to expand the Company's water management capabilities. The purchase price allocation was finalized in the second quarter of 2018. On July 31, 2017, the Company purchased Aircon Guardrails Private Limited ("Aircon") for $5,362 in cash, net of cash acquired, plus assumed liabilities. Aircon produces highway safety systems including guardrails, structural metal products, and solar structural products in India with annual sales of approximately $10,000 . In the purchase price allocation, goodwill of $3,327 and $2,109 of customer relationships and other intangible assets were recorded. Goodwill is not deductible for tax purposes. This business is included in the Engineered Support Structures segment and was acquired to expand the Company's geographic presence in the Asia-Pacific region. The purchase price allocation was finalized in the fourth quarter of 2017. Proforma disclosures were omitted as this business does not have a significant impact on the Company's financial results. The Company's Consolidated Statements of Earnings for the fiscal year ended December 29, 2018 included net sales of $33,973 and net earnings of $1,566 resulting from the Walpar, Convert, Torrent, and CSP Coatings acquisitions. The proforma effect of these acquisitions on the 2018 and 2017 Consolidated Statements of Earnings is as follows: Fifty-two Weeks Ended December 29, 2018 Fifty-two Weeks Ended December 30, 2017 Net sales $ 2,798,705 $ 2,818,035 Net earnings 97,170 122,407 Earnings per share-diluted 4.32 5.39 Acquisitions of Noncontrolling Interests In March 2018, the Company acquired the remaining 10% of Valmont Industria e Commercio Ltda. that it did not own for $5,510 . In April 2016, the Company acquired the remaining 30% of IGC Galvanizing Industries (M) Sdn Bhd that it did not own for $5,841 . In June 2016, the Company acquired 5.2% of the remaining 10% of Valmont SM that it did not own for $5,168 . As these transactions were for acquisitions of part or all of the remaining shares of consolidated subsidiaries with no change in control, they were recorded within shareholders' equity and as a financing cash flow in the Consolidated Statements of Cash Flows. |
DIVESTITURE
DIVESTITURE | 12 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURE | DIVESTITURE On April 30, 2018, the Company completed the sale of Donhad, its grinding media business in Australia, reported in the Other segment. The business was sold because it did not fit the long-term strategic plans for the Company. The grinding media business historical annual sales, operating profit, and net assets are not significant for discontinued operations presentation. The grinding media business had operating income/(loss) of ($913) for the year ended December 29, 2018, and $2,134 for the ended December 30, 2017. The Company received Australian $82,500 (U.S. $62,518 ). The assets and liabilities of the grinding media business at closing on April 30, 2018 were as follows: Receivables, net $ 9,848 Inventories 15,945 Net property, plant, and equipment 13,815 Goodwill and intangible assets 27,153 Other assets 1,388 Total assets $ 68,149 Accounts payable $ 7,125 Accrued expenses 2,484 Deferred income taxes 2,187 Total liabilities $ 11,796 Net assets $ 56,353 The pre-tax loss from the divestiture is reported in other income (expense). The loss is comprised of the proceeds from buyer, less deal-related costs, less the net assets of the business which resulted in a gain of $4,334 . Offsetting this amount is a $(10,418) realized loss on foreign exchange translation adjustments and net investment hedges previously reported in shareholders' equity. 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 ) The transaction did not result in a taxable capital gain as the cash proceeds were less than the tax carrying value of the business. There is an insignificant tax benefit from the tax deductibility of deal related expenses. |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 12 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING ACTIVITIES | (4) RESTRUCTURING ACTIVITIES (Continued) During fiscal 2016, the Company recognized the following pre-tax restructuring expense (all cash) of $4,581 related to the 2015 Restructuring Plan: • Utility segment recognized $528 (cost of sales) • ESS segment recognized $1,040 (SG&A) • Coatings segment recognized $602 (SG&A) • Irrigation segment recognized $468 (SG&A) • Corporate recorded $1,943 (SG&A) Change in the liabilities recorded for the restructuring plans were as follows: Balance at December 30, 2017 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at December 29, 2018 Severance $ — $ 19,963 $ (13,369 ) $ 6,594 Other cash restructuring expenses 1,216 9,068 (6,822 ) 3,462 Total $ 1,216 $ 29,031 $ (20,191 ) $ 10,056 A significant change in market conditions in any of the Company's segments may affect the Company's assessment of the restructuring activities. |
CASH FLOW SUPPLEMENTARY INFORMA
CASH FLOW SUPPLEMENTARY INFORMATION | 12 Months Ended |
Dec. 29, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW SUPPLEMENTARY INFORMATION | CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the fifty-two weeks ended December 29, 2018 and December 30, 2017 , and the fifty-three weeks ended December 31, 2016 were as follows: 2018 2017 2016 Interest $ 43,305 $ 44,528 $ 45,683 Income taxes 47,355 63,791 48,203 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows for fiscal year 2016. 2016 Cash and cash equivalents $ 399,948 Restricted cash included in other current assets 13,652 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 413,600 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | (6) INVENTORIES Inventories consisted of the following at December 29, 2018 and December 30, 2017 : 2018 2017 Raw materials and purchased parts $ 190,115 $ 183,029 Work-in-process 35,566 30,671 Finished goods and manufactured goods 211,504 250,975 Subtotal 437,185 464,675 Less: LIFO reserve 53,619 43,727 $ 383,566 $ 420,948 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at cost, consist of the following: 2018 2017 Land and improvements $ 99,797 $ 93,258 Buildings and improvements 348,836 350,937 Machinery and equipment 549,311 588,439 Transportation equipment 24,380 23,682 Office furniture and equipment 85,239 82,025 Construction in progress 53,302 27,346 $ 1,160,865 $ 1,165,687 The Company leases certain facilities, machinery, computer equipment and transportation equipment under operating leases with unexpired terms ranging from one to twenty years. Rental expense for operating leases amounted to $25,549 , $25,612 , and $24,756 for fiscal 2018 , 2017 , and 2016 , respectively. Minimum lease payments under operating leases expiring subsequent to December 29, 2018 are: 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 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 Gross Accumulated Weighted 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 December 30, 2017 Gross Accumulated Weighted Customer Relationships $ 200,810 $ 131,062 13 years Patents & Proprietary Technology 6,693 3,999 11 years Other 8,532 7,228 5 years $ 216,035 $ 142,289 Amortization expense for intangible assets was $ 15,328 , $ 15,911 and $ 15,935 for the fiscal years ended December 29, 2018 , December 30, 2017 and December 31, 2016 , respectively. Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2019 $ 16,170 2020 15,082 2021 13,079 2022 10,976 2023 9,264 The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at December 29, 2018 and December 30, 2017 were as follows: (8) GOODWILL AND INTANGIBLE ASSETS (Continued) December 29, December 30, Year Acquired Newmark $ 11,111 $ 11,111 2004 Webforge 8,872 9,432 2010 Valmont SM 8,155 9,973 2014 Ingal EPS/Ingal Civil Products 7,233 7,690 2010 Donhad — 5,801 2010 Shakespeare 4,000 4,000 2014 Walpar 4,300 — 2018 Convert 8,580 — 2018 Other 16,472 16,846 $ 68,723 $ 64,853 In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. The Company's trade names were tested for impairment separately from goodwill in the third quarter of 2018. The values of each trade name was determined using the relief-from-royalty method. Based on this evaluation, the value of the offshore and other complex steel structures (Valmont SM) trade name was deemed to be impaired and the Company recorded a charge of $1,425 . No other trade names were determined to be impaired. Goodwill The carrying amount of goodwill by segment as of December 29, 2018 and December 30, 2017 was as follows: Engineered Utility Coatings Irrigation Other Total Gross Balance at December 30, 2017 $ 170,076 $ 90,248 $ 76,696 $ 19,778 $ 15,814 $ 372,612 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 30, 2017 151,406 90,248 60,474 19,778 15,814 $ 337,720 Acquisitions 42,216 34,280 5,120 5,503 — 87,119 Impairment — (14,355 ) — — — (14,355 ) Divestiture of grinding media — — — — (15,814 ) (15,814 ) Foreign currency translation (7,557 ) (910 ) (879 ) (117 ) — (9,463 ) Balance at December 29, 2018 $ 186,065 $ 109,263 $ 64,715 $ 25,164 $ — $ 385,207 (8) GOODWILL AND INTANGIBLE ASSETS (Continued) Engineered Utility Coatings Irrigation Other Total Gross Balance at December 31, 2016 $ 157,689 $ 88,451 $ 75,791 $ 19,611 $ 14,460 $ 356,002 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 31, 2016 139,019 88,451 59,569 19,611 14,460 321,110 Acquisitions 3,449 — — — — 3,449 Foreign currency translation 8,938 1,797 905 167 1,354 13,161 Balance at December 30, 2017 $ 151,406 $ 90,248 $ 60,474 $ 19,778 $ 15,814 $ 337,720 The Company’s annual impairment test of goodwill was performed during the third quarter of 2018, using the discounted cash flow method. The Company previously highlighted significant, adverse challenges in the wind energy market in Northern Europe that impacts our Offshore and other complex steel structures business. A lack of protective tariffs has led to an extremely competitive environment in that region. Lower near-term financial projections and an approximately 15% decline in the undiscounted terminal value applied in the 2018 test, when compared to the 2017 annual impairment test, is a result of challenging onshore wind and energy transmission structures pricing that is difficult to predict when it will recover. This resulted in an estimated fair value of the Offshore and other complex steel structures reporting unit below the Company’s investment in this business. As a result, a goodwill impairment was recorded in the third quarter totaling $14,355 , which represents all of the goodwill of the offshore and other complex steel reporting unit. |
BANK CREDIT ARRANGEMENTS
BANK CREDIT ARRANGEMENTS | 12 Months Ended |
Dec. 29, 2018 | |
BANK CREDIT ARRANGEMENTS | |
BANK CREDIT ARRANGEMENTS | (9) BANK CREDIT ARRANGEMENTS The Company maintains various lines of credit for short-term borrowings totaling $137,679 at December 29, 2018 . As of December 29, 2018 and December 30, 2017 , $10,678 and $161 was outstanding and recorded as notes payable in the Consolidated Balance Sheets, respectively. The interest rates charged on these lines of credit vary in relation to the banks’ costs of funds. The weighted average interest rate on short-term borrowings was 1.37% at December 29, 2018 . The unused and available borrowings under the lines of credit were $127,001 at December 29, 2018 . The lines of credit can be modified at any time at the option of the banks. The Company pays no fees in connection with unused lines of credit. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (10) INCOME TAXES Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries are as follows: 2018 2017 2016 United States $ 127,852 $ 152,372 $ 136,682 Foreign 15,589 76,092 83,772 $ 143,441 $ 228,464 $ 220,454 In fiscal 2017, the Company estimated and recognized approximately $ 41,935 of tax expense for the 2017 Tax Act. The SEC staff issued SAB 118, which provided guidance on accounting for the tax effects of the 2017 Tax Act. The Company's accounting for the following element of the 2017 Tax Act was finalized as of December 30, 2017: Reduction of U.S. federal corporate tax rate : The 2017 Tax Act reduces the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, we have recorded a decrease related to deferred taxes of $20,372 , with a corresponding net adjustment to deferred income tax expense for the year ended December 30, 2017. (10) INCOME TAXES (Continued) The Company's accounting for the following elements of the 2017 Tax Act were provisional estimates at December 30, 2017, and were finalized as of December 29, 2018 as follows: Deemed Repatriation transition tax : The Deemed Repatriation transition tax (“Transition Tax”) is a tax on unremitted foreign earnings of certain foreign subsidiaries, which subjected the Company's unremitted foreign earnings of approximately $394,000 to tax at certain specified rates less associated foreign tax credits. The Company recorded a Transition Tax obligation of $9,890 during fiscal 2017 and reduced this expense by $550 in 2018 upon finalization. Indefinite reinvestment assertion: The Company position remains that unremitted foreign earnings subject to the Transition Tax are not indefinitely reinvested. The Company recorded foreign withholding taxes and U.S. state income taxes of $10,373 and $1,300 . This expense was recorded in 2017 with a decrease of only $140 recognized in 2018 as it was finalized. In addition, the Company has taken the position that on non-U.S. subsidiaries, the 2018 unremitted foreign earnings are not indefinitely reinvested and it recorded additional foreign withholding taxes and U.S. state income taxes of $918 and $99 , respectively during 2018. Income tax expense (benefit) consists of: 2018 2017 2016 Current: Federal $ 21,106 $ 49,324 $ 41,539 State 6,585 4,415 5,467 Foreign 17,559 12,880 19,123 45,250 66,619 66,129 Non-current: (456 ) (229 ) (381 ) Deferred: Federal 213 (9,626 ) 8,504 State 9 (385 ) 202 Foreign (1,881 ) 49,766 (32,391 ) (1,659 ) 39,755 (23,685 ) $ 43,135 $ 106,145 $ 42,063 (10) INCOME TAXES (Continued) The reconciliations of the statutory federal income tax rate and the effective tax rate follows: 2018 2017 2016 Statutory federal income tax rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.5 1.4 1.7 Carryforwards, credits and changes in valuation allowances 3.2 (1.4 ) 2.9 Foreign tax rate differences (1.0 ) (4.1 ) (4.8 ) Changes in unrecognized tax benefits (0.3 ) (0.1 ) (0.2 ) Domestic production activities deduction — (2.1 ) (2.0 ) Goodwill impairment 2.2 — — UK tax rate reduction — — 1.0 Reversal of contingent liability — — (2.2 ) UK defined benefit pension plan — — (14.6 ) Effects of 2017 Tax Act (0.5 ) 18.4 — Other 2.0 (0.6 ) 2.3 30.1 % 46.5 % 19.1 % Fiscal 2018 includes $3,171 of tax expense related to non tax deductible goodwill and $6,756 of tax expense primarily related to restructuring charges for which no tax benefits have been recorded due to the increase in valuation allowance. Fiscal 2017 includes $41,935 of tax expense related to the 2017 Tax Act. Fiscal 2016 includes $32,450 of deferred income tax benefit attributable to the re-measurement of the deferred tax asset related to the Company's U.K. defined benefit pension plan. This item arose from a 2016 international legal reorganization executed to better reflect the Company's operational business strategies. The Company considered many factors in effecting this realignment, including streamlining treasury functions, creating a platform for future growth, and capital allocation considerations. In addition, in fiscal 2016 the Company recorded a $9,888 valuation allowance against a tax credit which is not more likely than not to be realized. The reversal of a $16,591 contingent non-current liability in 2016 was not taxable. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating loss and tax credit carryforwards. The tax effects of significant items comprising the Company’s net deferred income tax liabilities are as follows: (10) INCOME TAXES (Continued) 2018 2017 Deferred income tax assets: Accrued expenses and allowances $ 4,354 $ 13,373 Accrued insurance 644 818 Tax credits and loss carryforwards 56,867 54,521 Defined benefit pension liability 36,328 47,459 Inventory allowances 4,384 3,433 Accrued warranty 3,914 4,602 Deferred compensation 28,706 29,421 Gross deferred income tax assets 135,197 153,627 Valuation allowance (33,228 ) (27,864 ) Net deferred income tax assets 101,969 125,763 Deferred income tax liabilities: Work in progress 1,064 1,805 Property, plant and equipment 25,477 26,826 Intangible assets 44,850 39,613 Future repatriation of foreign earnings 2,746 11,673 Other liabilities 4,545 1,819 Total deferred income tax liabilities 78,682 81,736 Net deferred income tax asset $ 23,287 $ 44,027 Deferred income tax assets (liabilities) are presented as follows on the Consolidated Balance Sheets: Balance Sheet Caption 2018 2017 Other assets $ 66,776 $ 78,933 Deferred income taxes (43,489 ) (34,906 ) Net deferred income tax asset $ 23,287 $ 44,027 Management of the Company has reviewed recent operating results and projected future operating results. The Company's belief that realization of its net deferred tax assets is more likely than not is based on, among other factors, changes in operations that have occurred in recent years and available tax planning strategies. At December 29, 2018 and December 30, 2017 respectively, there were $56,867 and $54,521 relating to tax credits and loss carryforwards. During 2017, several dormant UK legal entities were placed in liquidation resulting in a reduction of the capital loss carryforward of $ 60,691 . This reduction was fully offset by a reduction in the related valuation allowance. Valuation allowances have been established for certain losses that reduce deferred tax assets to an amount that will, more likely than not, be realized. The deferred tax assets at December 29, 2018 that are associated with tax loss and tax credit carryforwards not reduced by valuation allowances expire in periods starting 2021. Uncertain tax positions included in other non-current liabilities are evaluated in a two-step process, whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority. (10) INCOME TAXES (Continued) The following summarizes the activity related to our unrecognized tax benefits in 2018 and 2017 , in thousands: 2018 2017 Gross unrecognized tax benefits—beginning of year $ 3,196 $ 3,400 Gross increases—tax positions in prior period 103 5 Gross decreases—tax positions in prior period (199 ) — Gross increases—current‑period tax positions 280 1,044 Settlements with taxing authorities (50 ) (65 ) Lapse of statute of limitations (731 ) (1,188 ) Gross unrecognized tax benefits—end of year $ 2,599 $ 3,196 There are approximately $766 of uncertain tax positions for which reversal is reasonably possible during the next 12 months due to the closing of the statute of limitations. The nature of these uncertain tax positions is generally the computation of a tax deduction or tax credit. During 2018, the Company recorded a reduction of its gross unrecognized tax benefit of $731 with $577 recorded as a reduction of income tax expense, due to the expiration of statutes of limitation in the United States. During 2017, the Company recorded a reduction of its gross unrecognized tax benefit of $1,188 , with $772 recorded as a reduction of its income tax expense, due to the expiration of statutes of limitation in the United States. In addition to these amounts, there was an aggregate of $196 and $187 of interest and penalties at December 29, 2018 and December 30, 2017 , respectively. The Company’s policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Earnings. The Company files income tax returns in the U.S. and various states as well as foreign jurisdictions. Tax years 2015 and forward remain open under U.S. statutes of limitation. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $2,536 and $3,059 at December 29, 2018 and December 30, 2017 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | (11) LONG-TERM DEBT Long-term debt is as follows: December 29, December 30, 5.00% senior unsecured notes due 2044(a) $ 450,000 $ 250,000 5.25% senior unsecured notes due 2054(b) 305,000 250,000 Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b) (21,468 ) (4,312 ) 6.625% senior unsecured notes due 2020(c) — 250,200 Unamortized premium on 6.625% senior unsecured notes(c) — 2,545 Revolving credit agreement (d) 5,719 — IDR Bonds(e) 8,500 8,500 Other notes 2,918 4,033 Debt issuance costs (8,068 ) (6,112 ) Long-term debt 742,601 754,854 Less current installments of long-term debt 779 966 Long-term debt, excluding current installments $ 741,822 $ 753,888 (11) LONG-TERM DEBT (Continued) (a) The 5.00% senior unsecured notes due 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $13,930 at December 29, 2018 . The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company. (b) The 5.25% senior unsecured notes due 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,538 at December 29, 2018 . The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company. (c) On June 11, 2018, the Company notified the holders of the 2020 bonds of its plan to redeem all of these bonds. On July 9, 2018, the Company redeemed all $250,200 of the 2020 bonds at a make-whole redemption price equal to approximately $266,000 plus approximately $3,600 of accrued and unpaid interest on the notes from April 20, 2018 to July 8, 2018. The Company recognized $14,820 of redemption related expenses, including the recognition of the unamortized premium, in the third quarter of 2018. (d) On October 18, 2017, the Company amended and restated its revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto. The credit facility provides for $600,000 of committed unsecured revolving credit loans. The Company may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. This amendment extends the maturity date of the credit facility from October 17, 2019 to October 18, 2022 and increases the available borrowings in foreign currencies from $200 million to $400 million . The interest rate on the borrowings will be, at the Company's option, either: (i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or; (ii) the higher of • the prime lending rate , • the Federal Funds rate plus 50 basis points, and • LIBOR (based on a 1 month interest period) plus 100 basis points, plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At December 29, 2018 , the Company had $5,719 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 29, 2018 , the Company had the ability to borrow $579,651 under this facility, after consideration of standby letters of credit of $14,630 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $137,679 , $127,001 of which was unused at December 29, 2018 . (11) LONG-TERM DEBT (Continued) (e) The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at December 29, 2018 and December 30, 2017 were 3.27% and 2.00% respectively. The lending agreements include certain maintenance covenants, including financial leverage and interest coverage. The Company was in compliance with all financial debt covenants at December 29, 2018 . The minimum aggregate maturities of long-term debt for each of the five years following 2018 are: $779 , $778 , $778 , $582 and $0 . The obligations arising under the 5.00% senior unsecured notes due 2044, the 5.25% senior unsecured notes due 2054, the 6.625% senior unsecured notes due 2020, and the revolving credit facility are guaranteed by the Company and its wholly-owned subsidiaries PiRod, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | (12) STOCK-BASED COMPENSATION The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At December 29, 2018 , 1,418,611 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. The Company’s policy is to issue shares upon exercise of stock options or vesting of restricted stock units or issuance of restricted stock from treasury shares held by the Company. Under the stock option plans, the exercise price of each option equals the market price at the time of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three years or on the fifth anniversary of the grant. Expiration of grants is seven years from the date of grant. The Company recorded $4,064 , $5,137 and $5,782 of compensation expense (included in selling, general and administrative expenses) in the 2018 , 2017 and 2016 fiscal years, respectively. The associated tax benefits recorded in the 2018 , 2017 and 2016 fiscal years was $1,016 , $1,952 and $2,197 , respectively. At December 29, 2018 , the amount of unrecognized stock option compensation expense, to be recognized over a weighted average period of 2.44 years, was approximately $5,940 . The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant made in 2018 , 2017 and 2016 was estimated using the following assumptions: 2018 2017 2016 Expected volatility 33.39 % 33.76 % 33.88 % Risk-free interest rate 2.67 % 2.12 % 1.83 % Expected life from vesting date 3.0 yrs 3.0 yrs 3.0 yrs Dividend yield 1.07 % 1.17 % 1.13 % (12) STOCK-BASED COMPENSATION (Continued) Following is a summary of the stock option activity during 2016 , 2017 and 2018 : Number of Weighted Weighted Aggregate Outstanding at December 26, 2015 849,609 $ 117.42 Granted 85,092 151.37 Exercised (109,893 ) 101.69 Forfeited (31,635 ) 129.36 Outstanding at December 31, 2016 793,173 $ 122.77 4.78 $ 16,640 Options vested or expected to vest at December 31, 2016 774,139 $ 124.18 4.75 16,200 Options exercisable at December 31, 2016 469,844 $ 123.75 3.96 9,056 The weighted average per share fair value of options granted during 2016 was $ 40.00 . Number of Weighted Weighted Aggregate Outstanding at December 31, 2016 793,173 $ 122.77 Granted 67,965 164.35 Exercised (284,574 ) 121.92 Forfeited (5,942 ) 104.26 Outstanding at December 30, 2017 570,622 $ 128.34 4.66 $ 21,806 Options vested or expected to vest at December 30, 2017 558,114 $ 128.00 4.63 21,517 Options exercisable at December 30, 2017 351,794 $ 123.90 3.94 15,005 The weighted average per share fair value of options granted during 2017 was $ 43.68 . Number of Weighted Weighted Aggregate Outstanding at December 30, 2017 570,622 $ 128.34 Granted 105,135 112.08 Exercised (63,717 ) 106.26 Forfeited (33,627 ) 129.52 Outstanding at December 29, 2018 578,413 $ 127.74 4.35 $ 909 Options vested or expected to vest at December 29, 2018 565,952 $ 127.84 4.30 909 Options exercisable at December 29, 2018 405,128 $ 126.61 3.47 909 The weighted average per share fair value of options granted during 2018 was $ 30.48 . (12) STOCK-BASED COMPENSATION (Continued) Following is a summary of the status of stock options outstanding at December 29, 2018 : Outstanding and Exercisable By Price Range Options Outstanding Options Exercisable Exercise Price Number Weighted Weighted Number Weighted $104.47 - 114.11 277,757 5.09 years $ 107.39 171,607 $ 104.47 $120.91 - 136.42 114,910 2.25 years 134.02 114,627 134.01 $142.67 - 164.35 185,746 4.55 years 154.31 118,894 151.44 578,413 405,128 In accordance with shareholder-approved plans, the Human Resource Committee of the Board of Directors may grant stock under various stock‑based compensation arrangements, including restricted stock awards, restricted stock units, and stock issued in lieu of cash bonuses. Under such arrangements, stock is issued without direct cost to the employee. The restricted stock units are settled in Company stock when the restriction period ends. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant. During fiscal 2018 , 2017 and 2016 , the Company granted restricted stock units to directors and certain management employees as follows (which are not included in the above stock plan activity tables): 2018 2017 2016 Shares granted 88,127 62,160 58,961 Weighted‑average per share price on grant date $ 114.89 $ 163.18 $ 150.48 Recognized compensation expense $ 6,328 $ 5,569 $ 4,069 At December 29, 2018 the amount of deferred stock‑based compensation granted, to be recognized over a weighted‑average period of 1.82 years, was approximately $17,754 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS 2018: Net earnings attributable to Valmont Industries, Inc. $ 94,351 $ — $ 94,351 Weighted average shares outstanding (000's) 22,306 140 22,446 Per share amount $ 4.23 $ 0.03 $ 4.20 2017: Net earnings attributable to Valmont Industries, Inc. $ 116,240 $ — $ 116,240 Weighted average shares outstanding (000's) 22,520 218 22,738 Per share amount $ 5.16 $ 0.05 $ 5.11 2016: Net earnings attributable to Valmont Industries, Inc. $ 173,232 $ — $ 173,232 Weighted average shares outstanding (000's) 22,562 147 22,709 Per share amount $ 7.68 $ 0.05 $ 7.63 Basic and diluted net earnings and earnings per share in fiscal 2018 was impacted by impairments of goodwill and intangible assets of $14,736 after-tax ( $0.66 per share), restructuring expenses and non-recurring asset impairments arising from exiting certain local markets of $37,779 after-tax ( $1.68 per share), refinancing of long-term debt expenses of $11,115 after-tax ( $0.50 per share), and a loss from the divestiture of the grinding media business of $5,350 after-tax ( $0.24 per share). Basic and diluted net earnings and earnings per share in fiscal 2017 were impacted by the 2017 Tax Act enacted on December 22, 2017 by the U.S. government. We remeasured our U.S. deferred income tax assets using a blended rate of 25.0% recognizing deferred income tax expense of approximately $20,372 ( $0.90 per share). We also recorded a provision charge of approximately $9,890 ( $0.44 per share) of income tax expense for the deemed repatriation transition tax and $11,673 ( $0.51 per share) of deferred expenses related to foreign withholding taxes and U.S. state income taxes. Basic and diluted net earnings and earnings per share in fiscal 2016 included a deferred income tax benefit of $30,590 ( $1.35 per share) primarily attributable to the re-measurement of the deferred tax asset related to the Company's U.K. defined benefit pension plan. In addition, fiscal 2016 included $9,888 ( $0.44 per share) recorded as a valuation allowance against a tax credit asset. Finally, fiscal 2016 included the reversal of a contingent liability that was recognized as part of the Delta purchase accounting of $16,591 ( $0.73 per share) which was not taxable. Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. At the end of fiscal years 2018 , 2017 , and 2016 there were 406,806 , 0 , and 197,303 outstanding stock options, respectively, with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively. |
EMPLOYEE RETIREMENT SAVINGS PLA
EMPLOYEE RETIREMENT SAVINGS PLAN | 12 Months Ended |
Dec. 29, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE RETIREMENT SAVINGS PLAN | 14) EMPLOYEE RETIREMENT SAVINGS PLAN Established under Internal Revenue Code Section 401(k), the Valmont Employee Retirement Savings Plan (“VERSP”) is a defined contribution plan available to all eligible employees. Participants can elect to contribute up to 50% of annual pay, on a pretax and/or after-tax basis. The Company also makes contributions to the Plan and a non-qualified deferred compensation plan for certain Company executives. The 2018 , 2017 and 2016 Company contributions to these plans amounted to approximately $12,300 , $11,800 and $10,900 respectively. The Company sponsors a fully‑funded, non-qualified deferred compensation plan for certain Company executives who otherwise would be limited in receiving company contributions into VERSP under Internal Revenue Service regulations. The invested assets and related liabilities of these participants were approximately $37,516 and $39,091 at December 29, 2018 and December 30, 2017 , respectively. Such amounts are included in “Other assets” and “Deferred compensation” on the Consolidated Balance Sheets. Amounts distributed from the Company’s non-qualified deferred compensation plan to participants under the transition rules of section 409A of the Internal Revenue Code were approximately $2,352 and $2,672 at December 29, 2018 and December 30, 2017 , respectively. All distributions were made in cash. |
DISCLOSURES ABOUT THE FAIR VALU
DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS | (15) DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amount of cash and cash equivalents, receivables, accounts payable, notes payable to banks and accrued expenses approximate fair value because of the short maturity of these instruments. The fair values of each of the Company’s long-term debt instruments are based on the amount of future cash flows associated with each instrument discounted using the Company’s current borrowing rate for similar debt instruments of comparable maturity (Level 2). The fair value estimates are made at a specific point in time and the underlying assumptions are subject to change based on market conditions. At December 29, 2018 , the carrying amount of the Company’s long-term debt was $742,601 with an estimated fair value of approximately $683,602 . At December 30, 2017 , the carrying amount of the Company’s long-term debt was $754,854 with an estimated fair value of approximately $799,258 . For financial reporting purposes, a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date is used. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The assets and liabilities recorded for the investments held in the Valmont Deferred Compensation Plan of $37,516 ( $39,091 in 2017 ) represent mutual funds, invested in debt and equity securities, classified as trading securities, considering the employee’s ability to change investment allocation of their deferred compensation at any time. The Company's remaining ownership in Delta EMD Pty. Ltd. (JSE:DTA) of $2,508 ( $1,951 in 2017 ) is recorded at fair value at December 29, 2018 . Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. These securities are included in Other Assets on the Consolidated Balance Sheets. Derivative Financial Instruments: The fair value of foreign currency and commodity forward and cross currency contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. (15) DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading securities $ 40,024 $ 40,024 $ — $ — Derivative financial instruments, net 9,147 — 9,147 — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading securities $ 41,042 $ 41,042 $ — $ — Liabilities: Derivative financial instruments (826 ) — (826 ) — |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The Company manages interest rate risk, commodity price risk, and foreign currency risk related to foreign currency denominated transactions and investments in foreign subsidiaries. Depending on the circumstances, the Company may manage these risks by utilizing derivative financial instruments. Some derivative financial instruments are marked to market and recorded in the Company's consolidated statements of earnings, while others may be accounted for as fair value, cash flow, or net investment hedges. The Company had open foreign currency forward contracts that are marked to market at December 29, 2018, which are insignificant and thus excluded from the tables below. Derivative financial instruments have credit and market risk. The Company manages these risks of derivative instruments by monitoring limits as to the types and degree of risk that can be taken, and by entering into transactions with counterparties who are recognized, stable multinational banks. Fair value of derivative instruments at December 29, 2018 and December 30, 2017 are as follows: Derivatives designated as hedging instruments: Balance sheet location December 29, 2018 December 30, 2017 Commodity forward contracts Prepaid expenses and other assets $ (285 ) $ — Foreign currency forward contracts Prepaid expenses and other assets 8,357 — Foreign currency forward contracts Accrued expenses — (826 ) Cross currency swap contracts Prepaid expenses and other assets 1,075 — $ 9,147 $ (826 ) (16) DERIVATIVE FINANCIAL INSTRUMENTS (Continued) Gains (losses) on derivatives recognized in the consolidated statements of earnings for the years ended December 29, 2018, December 30, 2017, and December 31, 2016 are as follows: Derivatives designated as hedging instruments: Statements of earnings location 2018 2017 2016 Commodity forward contracts Product cost of sales $ 1,021 $ — $ — Foreign currency forward contracts Loss from divestiture of grinding media business (1,215 ) — — Foreign currency forward contracts Other income (expense) 782 — — Interest rate contracts Interest expense (423 ) (74 ) (74 ) Cross currency swap contracts Interest expense 828 — — $ 993 $ (74 ) $ (74 ) Cash Flow Hedges In 2018, the Company entered into steel hot rolled coil (HRC) forward contracts which qualified as a cash flow hedge of the variability in the cash flows attributable to future steel purchases. The forward contracts have a notional amount of $8,469 for the purchase of 3,500 short tons for each month from July 2018 to September 2018 and a notional amount of $15,563 for the purchase of 6,500 short tons for each month from October 2018 to December 2018. The gain (loss) realized upon settlement is recorded in product cost of sales in the consolidated statements of earnings over average inventory turns. On June 19, 2018, the Company issued and sold $200,000 aggregate principal amount of the Company’s 5.00% senior notes due 2044 and $55,000 aggregate principal amount of the Company’s 5.25% senior notes due 2054. During the second quarter of 2018, the Company executed contracts to hedge the risk of potential fluctuations in the treasury rates on the 2044 Notes and 2054 Notes which would change the amount of net proceeds received from the debt offering. These contracts had a combined notional amount of $175,000 . On June 8, 2018, these contracts were settled with the Company paying $2,467 to the counterparties which was recorded in OCI and will be amortized as an increase to interest expense over the term of the debt. Due to the retirement of the 2020 bonds in July 2018, the Company wrote off the remaining $411 unamortized loss on the related cash flow hedge. Net Investment Hedges The Company previously executed two six-month foreign currency forward contracts which qualified as net investment hedges, in order to mitigate foreign currency risk on the grinding media business that was denominated in both Australian dollars and British pounds. Due to the sale of the grinding media business in the second quarter of 2018, the Company reclassified the net investment hedge loss of $1,621 ( $1,215 after tax) from OCI to loss from divestiture of grinding media business in the Statements of Earnings. In the second quarter of 2018, the Company entered into two foreign currency forward contracts to mitigate foreign currency risk of the Company's investment in its Australian dollar and Euro denominated businesses. The forward contracts, which qualify as net investment hedges, have a maturity date of May 2020 and notional amounts to sell Australian dollars and Euro to receive $100,000 and $50,000 , respectively. Effective in the third quarter of 2018, in conjunction with the adoption of recently issued hedging accounting guidance (see Note 1 for further information), the Company elected as an accounting policy to change its method of assessing (16) DERIVATIVE FINANCIAL INSTRUMENTS (Continued) effectiveness for all net investment hedges from the forward method to the spot method. As a result of this election, all existing and future net investment hedges will be accounted for under the spot method. As an additional accounting policy election to be applied to similar hedges under this new standard, the initial value of any component excluded from the assessment of effectiveness will be recognized in income or expense using a systematic and rational method over the life of the hedging instrument. Due to the change in the method used to assess effectiveness from the forward to the spot method in the third quarter of 2018, the Euro and Australian dollar net investment hedges were de-designated. The forward contracts were then re-designated as net investment hedges under the spot method and the initial excluded component value related to the Australian dollar and Euro net investment hedges were $538 and $3,190 , respectively, which the Company has elected to amortize in other income (expense) in the consolidated statements of earnings using the straight-line method over the remaining term of the contracts. On August 24, 2018, the Company entered into three fixed-for-fixed cross currency swaps (“CCS”), swapping U.S. dollar principal and interest payments on a portion of its 5.00% senior unsecured notes due 2044 for Danish krone (DKK) and Euro denominated payments. The CCS were entered into in order to mitigate foreign currency risk on the Company's Euro and DKK investments and to reduce interest expense. Interest is exchanged twice per year on April 1 and October 1. Key terms of the three CCS are as follows: 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 The Company designated the full notional amount of the three CCS ( $95,000 ) as a hedge of the net investment in certain Danish and European subsidiaries under the spot method, with all changes in the fair value of the CCS that are included in the assessment of effectiveness (changes due to spot foreign exchange rates) are recorded as cumulative foreign currency translation within OCI, and will remain in OCI until either the sale or substantially complete liquidation of the related subsidiaries. Net interest receipts will be recorded as a reduction of interest expense over the life of the CCS. |
GUARANTEES
GUARANTEES | 12 Months Ended |
Dec. 29, 2018 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES The Company’s product warranty accrual reflects management’s best estimate of probable liability under its product warranties. Historical product claims data is used to estimate the cost of product warranties at the time revenue is recognized. Changes in the product warranty accrual, which is recorded in “Accrued expenses”, for the years ended December 29, 2018 and December 30, 2017 , were as follows: 2018 2017 Balance, beginning of period $ 20,109 $ 26,538 Payments made (18,920 ) (26,097 ) Change in liability for warranties issued during the period 13,566 9,787 Change in liability for pre-existing warranties 2,253 9,881 Balance, end of period $ 17,008 $ 20,109 |
DEFINED BENEFIT RETIREMENT PLAN
DEFINED BENEFIT RETIREMENT PLAN | 12 Months Ended |
Dec. 29, 2018 | |
Defined Benefit Plan [Abstract] | |
DEFINED BENEFIT RETIREMENT PLAN | (19) DEFINED BENEFIT RETIREMENT PLAN Delta Ltd., a wholly-owned subsidiary of the Company, is the sponsor of the Delta Pension Plan ("Plan"). The Plan provides defined benefit retirement income to eligible employees in the United Kingdom. Pension retirement benefits to qualified employees are 1.67% of final salary per year of service upon reaching the age of 65 years. This Plan has no active employees as members at December 29, 2018 . Funded Status The Company recognizes the overfunded or underfunded status of the pension plan as an asset or liability. The funded status represents the difference between the projected benefit obligation (PBO) and the fair value of the plan assets. The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases (if applicable) and inflation. Plan assets are measured at fair value. Because the pension plan is denominated in British pounds sterling, the Company used exchange rates of $1.349 /£ and $1.269 /£ to translate the net pension liability into U.S. dollars at December 30, 2017 and December 29, 2018 , respectively. The net funded status of $143,904 at December 29, 2018 is recorded as a noncurrent liability. Projected Benefit Obligation and Fair Value of Plan Assets —The accumulated benefit obligation (ABO) is the present value of benefits earned to date, assuming no future compensation growth. As there are no active employees in the plan, the ABO is equal to the PBO for all years presented. The underfunded ABO represents the difference between the PBO and the fair value of plan assets. On October 26, 2018, the High Court of Justice in the United Kingdom ruled that pension plans which offered guaranteed minimum pension ("GMP") benefits between 1990 and 1997 must ensure the benefit accrued between men and women were equal. The Company estimated the cost of GMP equalization at £9,500 , which is being treated as a prior service cost at December 29, 2018. Changes in the PBO and fair value of plan assets for the pension plan for the period from December 31, 2016 to December 30, 2017 were as follows: (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) Projected Plan Funded Fair Value at December 31, 2016 $ 696,137 $ 486,667 $ (209,470 ) Employer contributions — 40,245 Interest cost 18,152 — Actual return on plan assets — 40,842 Benefits paid (22,172 ) (22,172 ) Actuarial loss 25,154 — Currency translation 66,030 48,167 Fair Value at December 31, 2017 $ 783,301 $ 593,749 $ (189,552 ) Changes in the PBO and fair value of plan assets for the pension plan for the period from December 30, 2017 to December 29, 2018 were as follows: Projected Plan Funded Fair Value at December 30, 2017 $ 783,301 $ 593,749 $ (189,552 ) Employer contributions — 1,537 Interest cost 17,878 — Prior service costs - GMP equalization 12,056 Actual return on plan assets — (32,120 ) Benefits paid (28,207 ) (28,207 ) Actuarial gain (95,480 ) — Currency translation (42,108 ) (31,423 ) Fair Value at December 29, 2018 $ 647,440 $ 503,536 $ (143,904 ) Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 29, 2018 and December 30, 2017 consisted of actuarial gains (losses): Balance December 31, 2016 $ (156,878 ) Actuarial loss (1,789 ) Currency translation loss (9,583 ) Balance December 30, 2017 (168,250 ) Actuarial gain 44,760 Prior service costs - GMP equalization (12,056 ) Currency translation gain 5,358 Balance December 29, 2018 $ (130,188 ) The estimated amount to be amortized from accumulated other comprehensive income into net periodic benefit cost in 2019 is approximately $1,650 . (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) Assumptions —The weighted-average actuarial assumptions used to determine the benefit obligation at December 29, 2018 and December 30, 2017 were as follows: Percentages 2018 2017 Discount rate 2.90 % 2.55 % Salary increase N/A N/A CPI inflation 2.20 % 2.20 % RPI inflation 3.30 % 3.30 % Expense Pension expense is determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to the fair value of plan assets. Differences in actual experience in relation to assumptions are not recognized in net earnings immediately, but are deferred and, if necessary, amortized as pension expense. The components of the net periodic pension expense for the fiscal years ended December 29, 2018 and December 30, 2017 were as follows: 2018 2017 Net Periodic Benefit Cost: Interest cost 17,878 18,152 Expected return on plan assets (23,175 ) (20,486 ) Amortization of actuarial loss 3,046 2,982 Net periodic benefit expense (benefit) $ (2,251 ) $ 648 Assumptions —The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2018 and 2017 : Percentages 2018 2017 Discount rate 2.55 % 2.80 % Expected return on plan assets 4.29 % 4.22 % CPI Inflation 2.20 % 2.25 % RPI Inflation 3.30 % 3.35 % The discount rate is based on the yields of AA-rated corporate bonds with durational periods similar to that of the pension liabilities. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. Inflation is based on expected changes in the consumer price index or the retail price index in the U.K. depending on the relevant plan provisions. (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) Cash Contributions The Company completed negotiations with Plan trustees in 2016 regarding annual funding for the Plan. The annual contributions into the Plan are $12,690 (/£ 10,000 ) per annum as part of the Plan’s recovery plan, along with a contribution to cover the administrative costs of the Plan of approximately $1,396 (/£ 1,100 ) per annum. The Company deferred its 2016 recovery plan contribution payment of £ 10,000 , placing it into a restricted cash account. The restriction released in March 2017, when the Company contributed £ 10,000 to the Plan. The Company also made its required £ 10,000 annual contribution in March 2017 and prepaid the 2018 £ 10,000 contribution in December 2017 to the Plan. Benefit Payments The following table details expected pension benefit payments for the years 2019 through 2028: 2019 $ 27,790 2020 28,680 2021 29,695 2022 30,585 2023 31,600 Years 2023 - 2028 173,470 Asset Allocation Strategy The investment strategy for pension plan assets is to maintain a diversified portfolio consisting of • Long-term fixed‑income securities that are investment grade or government‑backed in nature; • Common stock mutual funds in U.K. and non-U.K. companies, and; • Diversified growth funds, which are invested in a number of investments, including common stock, fixed income funds, properties and commodities. The Plan, as required by U.K. law, has an independent trustee that sets investment policy. The general strategy is to invest approximately 50% of the assets of the plan in common stock mutual funds and diversified growth funds, with the remainder of the investments in long-term fixed income securities, including corporate bonds and index-linked U.K. gilts. The trustees regularly consult with representatives of the plan sponsor and independent advisors on such matters. The pension plan investments are held in a trust. The weighted‑average maturity of the corporate bond portfolio was 13 years at December 29, 2018 . Fair Value Measurements The pension plan assets are valued at fair value. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Leveraged inflation-linked gilts (LDIs) —LDIs are a combination of U.K. government-backed securities (such as bonds or other fixed income securities issued directly by the U.K. Treasury) money market instruments, and derivatives combined to give leveraged exposure to changes in the U.K. long-term interest and inflation rates. These funds are expected to offset a proportion of the impact changes in the long-term interest and inflation rates in the U.K. have on the pension plan's (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) benefit plan obligation liability. The fair value recorded by the Plan is calculated using net asset value (NAV) for each investment. Temporary Cash Investments – These investments consist of British pound sterling, reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as Level 1 investments. Corporate Bonds —Corporate bonds and debentures consist of fixed income securities issued by U.K. corporations. The fair value recorded by the Plan is calculated using NAV for each investment. Corporate Stock —This investment category consists of common and preferred stock, including mutual funds, issued by U.K. and non-U.K. corporations. The fair value recorded by the Plan is calculated using NAV for each investment, except for one small holding that is actively traded (which is the level 1 investment). Diversified growth funds - This investment category consists of diversified investment funds, whose holdings include common stock, fixed income funds, properties and commodities of U.K. and non-U.K. securities. The fair value recorded by the Plan is calculated using NAV for each investment. Secured income asset (SIA) funds - This investment category consists of holdings which will have a high level of expected inflation linkage. Examples of underlying assets classes are rental streams and infrastructure debt. Due to the private nature of these investments, pricing inputs are not readily observable. Asset valuations are developed by the fund manager. These valuations are based on the application of public market multiples to private company cash flows, market transactions that provide valuation information for comparable companies, and other methods. The fair value recorded by the Plan is calculated using NAV. At December 31, 2018 and December 31, 2017, the pension plan assets measured at fair value on a recurring basis were as follows: December 31, 2018 Quoted Prices in Significant Other Significant Total Plan assets at fair value: Temporary cash investments $ 61,040 $ — $ — $ 61,040 Corporate stock 506 — — 506 Total plan net assets at fair value $ 61,546 $ — $ — $ 61,546 Plan assets at NAV: Leveraged inflation-linked gilt funds 122,711 Corporate bonds 80,454 Corporate stock 183,750 Secured income asset funds 55,075 Total plan assets at NAV 441,990 Total plan assets $ 503,536 (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) December 31, 2017 Quoted Prices in Significant Other Significant Total Plan assets at fair value: Temporary cash investments $ 17,915 $ — $ — $ 17,915 Corporate stock 536 — — 536 Total plan net assets at fair value $ 18,451 $ — $ — $ 18,451 Plan assets at NAV: Leveraged inflation-linked gilt funds 158,011 Corporate bonds 88,905 Corporate stock 212,505 Diversified growth funds 115,877 Total plan assets at NAV 575,298 Total plan assets $ 593,749 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service‑related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture of engineered metal and composite poles, towers, and components for global lighting, traffic, and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications, renewable energy generation equipment, and inspection services; COATINGS: This segment consists of galvanizing, painting, and anodizing services; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture. In addition to these four reportable segments, the Company had other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media for the mining industry and is reported in the "Other" category until its divestiture in 2018. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate LIFO expense, interest expense, non-operating income and deductions, or income taxes to its business segments. (20) BUSINESS SEGMENTS (Continued) Summary by Business 2018 2017 2016 SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 706,582 $ 633,178 $ 612,868 Communication Products 149,817 171,718 162,148 Access Systems 130,481 133,206 131,703 Engineered Support Structures segment 986,880 938,102 906,719 Utility Support Structures segment: Steel 637,979 658,604 538,284 Concrete 111,875 99,738 90,256 Engineered Solar Tracker Solutions 16,760 — — Offshore and Other Complex Steel Structures 92,559 100,773 107,824 Utility Support Structures segment 859,173 859,115 736,364 Coatings segment 353,351 318,891 289,481 Irrigation segment: North America 386,683 369,832 351,436 International 246,983 282,598 223,768 Irrigation segment 633,666 652,430 575,204 Other 23,080 76,300 83,110 Total 2,856,150 2,844,838 2,590,878 INTERSEGMENT SALES: Engineered Support Structures 19,522 25,862 15,620 Utility Support Structures 3,967 2,871 747 Coatings 66,612 62,080 45,604 Irrigation 8,905 8,058 7,231 Total 99,006 98,871 69,202 NET SALES: Engineered Support Structures segment 967,358 912,240 891,099 Utility Support Structures segment 855,206 856,244 735,617 Coatings segment 286,739 256,811 243,877 Irrigation segment 624,761 644,372 567,973 Other 23,080 76,300 83,110 Total $ 2,757,144 $ 2,745,967 $ 2,521,676 (20) BUSINESS SEGMENTS (Continued) 2018 2017 2016 OPERATING INCOME (LOSS): Engineered Support Structures $ 34,776 $ 62,960 $ 72,273 Utility Support Structures 64,766 97,853 71,171 Coatings 55,325 50,179 46,596 Irrigation 97,722 101,498 90,945 Other (913 ) 2,134 8,730 Adjustment to LIFO inventory valuation method (9,892 ) (5,680 ) (2,972 ) Corporate (39,504 ) (41,864 ) (41,369 ) Total 202,280 267,080 245,374 Interest expense, net (39,569 ) (39,908 ) (41,304 ) Costs associated with refinancing of debt (14,820 ) — — Loss from divestiture of grinding media business (6,084 ) — — Other 1,634 1,292 16,384 Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries $ 143,441 $ 228,464 $ 220,454 TOTAL ASSETS: Engineered Support Structures $ 867,735 $ 846,881 $ 776,161 Utility Support Structures 700,915 597,231 544,015 Coatings 294,951 288,890 274,666 Irrigation 347,894 369,798 313,982 Other — 68,934 65,296 Corporate 318,779 430,516 417,611 Total $ 2,530,274 $ 2,602,250 $ 2,391,731 CAPITAL EXPENDITURES: Engineered Support Structures $ 26,783 $ 16,433 $ 13,313 Utility Support Structures 17,442 14,012 7,969 Coatings 10,320 11,080 24,873 Irrigation 7,249 7,055 8,836 Other 7 2,376 1,601 Corporate 10,184 4,310 1,328 Total $ 71,985 $ 55,266 $ 57,920 (20) BUSINESS SEGMENTS (Continued) 2018 2017 2016 DEPRECIATION AND AMORTIZATION: Engineered Support Structures $ 27,274 $ 27,637 $ 27,824 Utility Support Structures 23,618 25,079 24,639 Coatings 15,956 15,115 12,883 Irrigation 11,335 11,173 12,097 Other 775 2,486 2,502 Corporate 3,869 3,467 2,472 Total $ 82,827 $ 84,957 $ 82,417 Summary by Geographical Area by Location of Valmont Facilities: 2018 2017 2016 NET SALES: United States $ 1,771,390 $ 1,702,826 $ 1,535,321 Australia 325,553 356,959 315,470 Denmark 92,559 100,773 99,719 Other 567,642 585,409 571,166 Total $ 2,757,144 $ 2,745,967 $ 2,521,676 LONG-LIVED ASSETS: United States $ 624,143 $ 544,724 $ 568,085 Australia 168,438 227,483 216,416 Denmark 64,497 90,372 85,654 Other 332,556 267,106 268,360 Total $ 1,189,634 $ 1,129,685 $ 1,138,515 No single customer accounted for more than 10% of net sales in 2018 , 2017 , or 2016 . Net sales by geographical area are based on the location of the facility producing the sales and do not include sales to other operating units of the company. Australia accounted for approximately 12% of the Company's net sales in 2018; no other foreign country accounted for more than 5% of the Company’s net sales. Operating income by business segment are based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other operating units of the company. Long-lived assets consist of property, plant and equipment, net of depreciation, goodwill, other intangible assets and other assets. Long-lived assets by geographical area are based on location of facilities. |
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS & CONTINGENCIES | (18) COMMITMENTS & CONTINGENCIES Various claims and lawsuits are pending against Company and certain of its subsidiaries. The Company cannot fully determine the effect of all asserted and unasserted claims on its consolidated results of operations, financial condition, or liquidity. Where asserted and unasserted claims are considered probable and reasonably estimable, a liability has been recorded. We do not expect that any known lawsuits, claims, environmental costs, commitments, or contingent liabilities will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity. The Company established a provision in 2010 to address a pre-acquisition contingency which arose from the Delta acquisition and was recognized as part of the purchase accounting. The applicable statutes of limitations expired and the Company determined this contingent liability is remote. Therefore in 2016, the Company reduced "Other noncurrent liabilities" by $16,591 , the amount of the provision, and recognized “Other" income. |
GUARANTOR_NON-GUARANTOR FINANCI
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | 12 Months Ended |
Dec. 29, 2018 | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has two tranches of senior unsecured notes. All of the senior notes are guaranteed, jointly, severally, fully and unconditionally (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) by certain of the Company’s current and future direct and indirect domestic and foreign subsidiaries (collectively the “Guarantors”), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the “Non-Guarantors”). All Guarantors are 100% owned by the parent company. The Company is the issuer. Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows: CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 1,192,134 $ 522,366 $ 1,303,323 $ (260,679 ) $ 2,757,144 Cost of sales 906,646 399,451 1,055,215 (262,448 ) 2,098,864 Gross profit 285,488 122,915 248,108 1,769 658,280 Selling, general and administrative expenses 192,343 51,127 212,530 — 456,000 Operating income 93,145 71,788 35,578 1,769 202,280 Other income (expense): Interest expense (42,524 ) (14,815 ) (1,713 ) 14,815 (44,237 ) Interest income 791 82 18,610 (14,815 ) 4,668 Other (17,602 ) 59 (1,727 ) — (19,270 ) (59,335 ) (14,674 ) 15,170 — (58,839 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 33,810 57,114 50,748 1,769 143,441 Income tax expense (benefit): Current 6,310 14,948 23,290 246 44,794 Deferred 1,532 1,791 (4,982 ) — (1,659 ) 7,842 16,739 18,308 246 43,135 Earnings before equity in earnings of nonconsolidated subsidiaries 25,968 40,375 32,440 1,523 100,306 Equity in earnings of nonconsolidated subsidiaries 68,383 37,304 — (105,687 ) — Net earnings 94,351 77,679 32,440 (104,164 ) 100,306 Less: Earnings attributable to noncontrolling interests — — (5,955 ) — (5,955 ) Net earnings attributable to Valmont Industries, Inc $ 94,351 $ 77,679 $ 26,485 $ (104,164 ) $ 94,351 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 1,200,181 $ 485,448 $ 1,312,214 $ (251,876 ) $ 2,745,967 Cost of sales 898,799 375,383 1,042,199 (252,182 ) 2,064,199 Gross profit 301,382 110,065 270,015 306 681,768 Selling, general and administrative expenses 192,182 47,955 174,551 — 414,688 Operating income 109,200 62,110 95,464 306 267,080 Other income (expense): Interest expense (43,642 ) (13,866 ) (1,003 ) 13,866 (44,645 ) Interest income 838 42 17,723 (13,866 ) 4,737 Other 5,681 58 (4,447 ) — 1,292 (37,123 ) (13,766 ) 12,273 — (38,616 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 72,077 48,344 107,737 306 228,464 Income tax expense (benefit): Current 29,407 17,928 18,920 135 66,390 Deferred 10,307 — 29,448 — 39,755 39,714 17,928 48,368 135 106,145 Earnings before equity in earnings of nonconsolidated subsidiaries 32,363 30,416 59,369 171 122,319 Equity in earnings of nonconsolidated subsidiaries 83,877 22,146 — (106,023 ) — Net earnings 116,240 52,562 59,369 (105,852 ) 122,319 Less: Earnings attributable to noncontrolling interests — — (6,079 ) — (6,079 ) Net earnings attributable to Valmont Industries, Inc $ 116,240 $ 52,562 $ 53,290 $ (105,852 ) $ 116,240 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 31, 2016 Parent Guarantors Non- Eliminations Total Net sales $ 1,126,985 $ 390,756 $ 1,195,812 $ (191,877 ) $ 2,521,676 Cost of sales 837,616 285,924 932,609 (190,716 ) 1,865,433 Gross profit 289,369 104,832 263,203 (1,161 ) 656,243 Selling, general and administrative expenses 184,493 46,244 180,132 — 410,869 Operating income 104,876 58,588 83,071 (1,161 ) 245,374 Other income (expense): Interest expense (43,703 ) (10 ) (696 ) — (44,409 ) Interest income 273 112 2,720 — 3,105 Other 1,480 77 14,827 — 16,384 (41,950 ) 179 16,851 — (24,920 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 62,926 58,767 99,922 (1,161 ) 220,454 Income tax expense (benefit): Current 24,539 20,270 21,262 (323 ) 65,748 Deferred 6,216 — (29,901 ) — (23,685 ) 30,755 20,270 (8,639 ) (323 ) 42,063 Earnings before equity in earnings of nonconsolidated subsidiaries 32,171 38,497 108,561 (838 ) 178,391 Equity in earnings of nonconsolidated subsidiaries 141,061 66,128 — (207,189 ) — Net earnings 173,232 104,625 108,561 (208,027 ) 178,391 Less: Earnings attributable to noncontrolling interests — — (5,159 ) — (5,159 ) Net earnings attributable to Valmont Industries, Inc $ 173,232 $ 104,625 $ 103,402 $ (208,027 ) $ 173,232 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 94,351 $ 77,679 $ 32,440 $ (104,164 ) $ 100,306 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — (6,509 ) (58,927 ) — (65,436 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities 4,814 — — — 4,814 Actuarial gain (loss) in defined benefit pension plan liability — — 29,885 — 29,885 Equity in other comprehensive income (28,977 ) — — 28,977 — Other comprehensive income (loss) (24,163 ) (6,509 ) (19,839 ) 28,977 (21,534 ) Comprehensive income (loss) 70,188 71,170 12,601 (75,187 ) 78,772 Comprehensive income attributable to noncontrolling interests — — (8,584 ) — (8,584 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 70,188 $ 71,170 $ 4,017 $ (75,187 ) $ 70,188 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 116,240 $ 52,562 $ 59,369 $ (105,852 ) $ 122,319 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — 138,795 (59,516 ) — 79,279 Gain (loss) on hedging activities (1,621 ) — — — (1,621 ) Actuarial gain (loss) in defined benefit pension plan liability — — (10,871 ) — (10,871 ) Equity in other comprehensive income 68,958 — — (68,958 ) — Other comprehensive income (loss) 67,337 138,795 (70,387 ) (68,958 ) 66,787 Comprehensive income (loss) 183,577 191,357 (11,018 ) (174,810 ) 189,106 Comprehensive income attributable to noncontrolling interests — — (5,529 ) — (5,529 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 183,577 $ 191,357 $ (16,547 ) $ (174,810 ) $ 183,577 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 31, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 173,232 $ 104,625 $ 108,561 $ (208,027 ) $ 178,391 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — 49 (58,364 ) — (58,315 ) Gain (loss) on hedging activities 4,300 — — — 4,300 Actuarial gain (loss) in defined benefit pension plan liability — — (24,141 ) — (24,141 ) Equity in other comprehensive income (83,252 ) — — 83,252 — Other comprehensive income (loss) (78,952 ) 49 (82,505 ) 83,252 (78,156 ) Comprehensive income 94,280 104,674 26,056 (124,775 ) 100,235 Comprehensive income attributable to noncontrolling interests — — (6,144 ) — (6,144 ) Comprehensive income attributable to Valmont Industries, Inc. $ 94,280 $ 104,674 $ 19,912 $ (124,775 ) $ 94,091 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 29, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 Receivables, net 134,943 75,204 273,816 — 483,963 Inventories 138,158 37,019 210,791 (2,402 ) 383,566 Contra asset - costs and profits in excess of billings 50,271 35,200 27,054 — 112,525 Prepaid expenses, restricted cash, and other assets 21,858 746 20,196 — 42,800 Refundable income taxes 4,576 — — — 4,576 Total current assets 454,062 153,687 735,293 (2,402 ) 1,340,640 Property, plant and equipment, at cost 579,046 172,050 409,769 — 1,160,865 Less accumulated depreciation and amortization 390,438 93,374 163,061 — 646,873 Net property, plant and equipment 188,608 78,676 246,708 — 513,992 Goodwill 20,108 110,562 254,537 — 385,207 Other intangible assets 76 27,452 148,428 — 175,956 Investment in subsidiaries and intercompany accounts 1,286,545 1,161,612 932,982 (3,381,139 ) — Other assets 47,674 — 66,805 — 114,479 Total assets $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 779 $ — $ 779 Notes payable to banks — — 10,678 — 10,678 Accounts payable 68,304 21,081 128,730 — 218,115 Accrued employee compensation and benefits 41,418 7,186 30,687 — 79,291 Accrued expenses 25,936 10,132 55,874 — 91,942 Dividends payable 8,230 — — — 8,230 Total current liabilities 143,888 38,399 226,748 — 409,035 Deferred income taxes 14,376 — 29,113 — 43,489 Long-term debt, excluding current installments 733,964 166,729 7,858 (166,729 ) 741,822 Defined benefit pension liability — — 143,904 — 143,904 Deferred compensation 41,496 — 4,611 — 46,107 Other noncurrent liabilities 3,587 620 6,187 — 10,394 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 2,027,596 624,394 467,699 (1,092,093 ) 2,027,596 Accumulated other comprehensive income (loss) (303,185 ) 80,991 (333,346 ) 252,355 (303,185 ) Treasury stock (692,549 ) — — — (692,549 ) Total Valmont Industries, Inc. shareholders’ equity 1,059,762 1,326,241 1,890,571 (3,216,812 ) 1,059,762 Noncontrolling interest in consolidated subsidiaries — — 75,761 — 75,761 Total shareholders’ equity 1,059,762 1,326,241 1,966,332 (3,216,812 ) 1,135,523 Total liabilities and shareholders’ equity $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 30, 2017 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 83,329 $ 5,304 $ 404,172 $ — $ 492,805 Receivables, net 149,221 82,995 271,461 — 503,677 Inventories 160,444 46,801 217,551 (3,848 ) 420,948 Contra asset - costs and profits in excess of billings — — 16,165 — 16,165 Prepaid expenses, restricted cash, and other assets 8,607 970 17,901 — 27,478 Refundable income taxes 11,492 — — — 11,492 Total current assets 413,093 136,070 927,250 (3,848 ) 1,472,565 Property, plant and equipment, at cost 557,371 160,767 447,549 — 1,165,687 Less accumulated depreciation and amortization 368,668 84,508 193,583 — 646,759 Net property, plant and equipment 188,703 76,259 253,966 — 518,928 Goodwill 20,108 110,562 207,050 — 337,720 Other intangible assets 130 30,955 107,514 — 138,599 Investment in subsidiaries and intercompany accounts 1,416,446 1,181,537 927,179 (3,525,162 ) — Other assets 50,773 — 83,665 — 134,438 Total assets $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 966 $ — $ 966 Notes payable to banks — — 161 — 161 Accounts payable 69,915 18,039 139,952 — 227,906 Accrued employee compensation and benefits 44,086 8,749 31,591 — 84,426 Accrued expenses 28,198 9,621 43,210 — 81,029 Dividends payable 8,510 — — — 8,510 Total current liabilities 150,709 36,409 215,880 — 402,998 Deferred income taxes 20,885 — 14,021 — 34,906 Long-term debt, excluding current installments 750,821 185,078 9,836 (191,847 ) 753,888 Defined benefit pension liability — — 189,552 — 189,552 Deferred compensation 42,928 — 5,598 — 48,526 Other noncurrent liabilities 11,074 6 9,505 — 20,585 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,954,344 622,044 619,622 (1,241,666 ) 1,954,344 Accumulated other comprehensive income (loss) (279,022 ) 74,482 (352,567 ) 278,085 (279,022 ) Treasury stock (590,386 ) — — — (590,386 ) Total Valmont Industries, Inc. shareholders’ equity 1,112,836 1,313,890 2,023,273 (3,337,163 ) 1,112,836 Noncontrolling interest in consolidated subsidiaries — — 38,959 — 38,959 Total shareholders’ equity 1,112,836 1,313,890 2,062,232 (3,337,163 ) 1,151,795 Total liabilities and shareholders’ equity $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 94,351 $ 77,679 $ 32,440 $ (104,164 ) $ 100,306 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 26,155 13,959 42,713 — 82,827 Noncash loss on trading securities — — (62 ) — (62 ) Contribution to defined benefit pension plan — — (1,537 ) — (1,537 ) Impairment of property, plant and equipment — — 5,000 — 5,000 Impairment of goodwill & intangible assets — — 15,780 — 15,780 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 10,392 — — — 10,392 Defined benefit pension plan (benefit) — — (2,251 ) — (2,251 ) (Gain) loss on sale of property, plant and equipment 57 (37 ) (245 ) — (225 ) Equity in earnings in nonconsolidated subsidiaries (68,383 ) (37,304 ) — 105,687 — Deferred income taxes 1,532 1,791 (4,982 ) — (1,659 ) Changes in assets and liabilities (net of acquisitions): Net working capital (17,681 ) (13,962 ) (13,208 ) (1,769 ) (46,620 ) Other noncurrent liabilities (7,345 ) 615 (4,158 ) — (10,888 ) Income taxes payable (refundable) (6,176 ) (1,303 ) 3,340 — (4,139 ) Net cash flows from operating activities 35,420 41,438 76,396 (246 ) 153,008 Cash flows from investing activities: Purchase of property, plant and equipment (25,255 ) (13,115 ) (33,615 ) — (71,985 ) Proceeds from sale of assets 44 268 62,791 — 63,103 Acquisitions, net of cash acquired (57,805 ) — (85,215 ) — (143,020 ) Proceeds from settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 69,714 (42,667 ) (29,215 ) 246 (1,922 ) Net cash flows from investing activities (14,923 ) (55,514 ) (85,254 ) 246 (155,445 ) Cash flows from financing activities: Borrowings under short-term agreements — — 10,543 — 10,543 Proceeds from long-term borrowings 245,936 — 5,719 — 251,655 Principal payments on long-term borrowings (261,219 ) — (972 ) — (262,191 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (33,726 ) — — — (33,726 ) Dividends to noncontrolling interest — — (7,055 ) — (7,055 ) Intercompany dividends 168,757 11,296 (180,053 ) — — Intercompany capital contribution (3,492 ) 3,492 — — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Proceeds from exercises under stock plans 7,357 — — — 7,357 Purchase of treasury shares (114,805 ) — — — (114,805 ) Purchase of common treasury shares - stock plan exercises (3,589 ) — — — (3,589 ) Net cash flows from financing activities 430 14,788 (177,328 ) — (162,110 ) Effect of exchange rate changes on cash and cash equivalents — (498 ) (14,550 ) — (15,048 ) Net change in cash and cash equivalents 20,927 214 (200,736 ) — (179,595 ) Cash, cash equivalents, and restricted cash—beginning of year 83,329 5,304 404,172 — 492,805 Cash, cash equivalents, and restricted cash—end of period $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 116,240 $ 52,562 $ 59,369 $ (105,852 ) $ 122,319 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 26,237 15,003 43,717 — 84,957 Noncash loss on trading securities — — 237 — 237 Stock-based compensation 10,706 — — — 10,706 Defined benefit pension plan expense (benefit) — — 648 — 648 Contribution to defined benefit pension plan — — (40,245 ) — (40,245 ) (Gain) loss on sale of property, plant and equipment (664 ) 8 (3,268 ) — (3,924 ) Equity in earnings in nonconsolidated subsidiaries (83,877 ) (22,146 ) — 106,023 — Deferred income taxes 10,307 — 29,448 — 39,755 Changes in assets and liabilities (net of acquisitions): Net working capital (23,943 ) (25,717 ) (25,219 ) (306 ) (75,185 ) Other noncurrent liabilities (140 ) — (7,088 ) — (7,228 ) Income taxes payable (refundable) (11,837 ) 728 12,217 — 1,108 Net cash flows from operating activities 43,029 20,438 69,816 (135 ) 133,148 Cash flows from investing activities: Purchase of property, plant and equipment (20,460 ) (9,454 ) (25,352 ) — (55,266 ) Proceeds from sale of assets 748 3 7,434 — 8,185 Acquisitions, net of cash acquired — — (5,362 ) — (5,362 ) Proceeds from settlement of net investment hedge 5,123 — — — 5,123 Other, net 684 (22,777 ) 19,663 135 (2,295 ) Net cash flows from investing activities (13,905 ) (32,228 ) (3,617 ) 135 (49,615 ) Cash flows from financing activities: Payments under short-term agreements — — (585 ) — (585 ) Principal payments on long-term borrowings — — (887 ) — (887 ) Dividends paid (33,862 ) — — — (33,862 ) Dividends to noncontrolling interest — — (5,674 ) — (5,674 ) Intercompany dividends 22,662 — (22,662 ) — — Intercompany capital contribution (10,818 ) 10,818 — — — Proceeds from exercises under stock plans 35,159 — — — 35,159 Purchase of common treasury shares - stock plan exercises (26,161 ) — — — (26,161 ) Net cash flows from financing activities (13,020 ) 10,818 (29,808 ) — (32,010 ) Effect of exchange rate changes on cash and cash equivalents — 205 27,477 — 27,682 Net change in cash and cash equivalents 16,104 (767 ) 63,868 — 79,205 Cash, cash equivalents, and restricted cash—beginning of year 67,225 6,071 340,304 — 413,600 Cash, cash equivalents, and restricted cash—end of period $ 83,329 $ 5,304 $ 404,172 $ — $ 492,805 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 31, 2016 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 173,232 $ 104,625 $ 108,561 $ (208,027 ) $ 178,391 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 27,096 13,316 42,005 — 82,417 Noncash loss on trading securities — — 586 — 586 Impairment of property, plant and equipment — — 1,099 — 1,099 Stock-based compensation 9,931 — — — 9,931 Change in fair value of contingent consideration — — (3,242 ) — (3,242 ) Defined benefit pension plan expense (benefit) — — 1,870 — 1,870 Contribution to defined benefit pension plan — — (1,488 ) — (1,488 ) (Gain) loss on sale of property, plant and equipment 165 103 363 — 631 Equity in earnings in nonconsolidated subsidiaries (141,061 ) (66,128 ) — 207,189 — Deferred income taxes 6,216 — (29,901 ) — (23,685 ) Changes in assets and liabilities (net of acquisitions): Net working capital (12,335 ) (5,939 ) 19,310 1,160 2,196 Other noncurrent liabilities (2,333 ) 5 (21,552 ) — (23,880 ) Income taxes payable (refundable) 32,873 (16,567 ) (8,312 ) — 7,994 Net cash flows from operating activities 93,784 29,415 109,299 322 232,820 Cash flows from investing activities: Purchase of property, plant and equipment (9,031 ) (22,320 ) (26,569 ) — (57,920 ) Proceeds from sale of assets 44 102 4,980 — 5,126 Other, net (633 ) (5,085 ) 5,785 (322 ) (255 ) Net cash flows from investing activities (9,620 ) (27,303 ) (15,804 ) (322 ) (53,049 ) Cash flows from financing activities: Payments under short-term agreements — — (200 ) — (200 ) Principal payments on long-term borrowings (215 ) — (1,791 ) — (2,006 ) Dividends paid (34,053 ) — — — (34,053 ) Purchase of noncontrolling interest — — (11,009 ) — (11,009 ) Dividends to noncontrolling interest — — (2,938 ) — (2,938 ) Proceeds from exercises under stock plans 11,153 — — — 11,153 Purchase of treasury shares (53,800 ) — — — (53,800 ) Purchase of common treasury shares - stock plan exercises (2,305 ) — — — (2,305 ) Net cash flows from financing activities (79,220 ) — (15,938 ) — (95,158 ) Effect of exchange rate changes on cash and cash equivalents — (49 ) (20,038 ) — (20,087 ) Net change in cash and cash equivalents 4,944 2,063 57,519 — 64,526 Cash, cash equivalents, and restricted cash—beginning of year 62,281 4,008 282,785 — 349,074 Cash, cash equivalents, and restricted cash—end of period $ 67,225 $ 6,071 $ 340,304 $ — $ 413,600 |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | 22) QUARTERLY FINANCIAL DATA (Unaudited) Net Earnings Gross Per Share Stock Price Dividends Net Sales Profit Amount Basic Diluted High Low Declared 2018 First $ 698,684 $ 169,240 $ 39,281 $ 1.74 $ 1.72 $ 171.55 $ 140.10 $ 0.375 Second 682,405 174,999 32,960 1.47 1.46 154.60 137.90 0.375 Third (1) 678,692 164,340 4,448 0.20 0.20 157.15 135.00 0.375 Fourth (2) 697,363 149,701 17,662 0.80 0.80 141.38 103.01 0.375 Year $ 2,757,144 $ 658,280 $ 94,351 $ 4.23 $ 4.20 $ 171.55 $ 103.01 $ 1.50 2017 First $ 637,473 $ 164,605 $ 38,979 $ 1.73 $ 1.72 $ 165.20 $ 135.95 $ 0.375 Second 712,737 183,280 45,664 2.03 2.01 157.60 144.65 0.375 Third 680,779 163,594 35,208 1.56 1.55 160.35 140.90 0.375 Fourth (3) 714,978 170,289 (3,611 ) (0.16 ) (0.16 ) 176.35 153.65 0.375 Year $ 2,745,967 $ 681,768 $ 116,240 $ 5.16 $ 5.11 $ 176.35 $ 135.95 $ 1.50 Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. _______________________________ (1) The third quarter of 2018 included an impairment of goodwill and intangible assets totaling $14,736 after tax ($0.66 per share) and refinancing of long-term debt expenses of $11,115 after-tax ($0.50 per share). (2) In the fourth quarter of 2018, the Company recognized restructuring activities expenses and non-recurring asset impairment charges from exiting certain markets of $20,625 after-tax ($0.92 per share). (3) The fourth quarter of 2017 was impacted by the 2017 Tax Act. We remeasured our U.S. deferred income tax assets using a blended rate of 25.0% recognizing deferred income tax expense of approximately $20,372 ( $0.90 per share). We also recorded a provision charge of approximately $9,890 ( $0.44 per share) of income tax expense for the deemed repatriation transition tax and $11,673 ( $0.51 per share) of deferred expenses related to foreign withholding taxes and U.S. state income taxes. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . Effective December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The Company elected the modified retrospective approach for the adoption of the new revenue standard, resulting in a credit to retained earnings being recognized for $9,771 . The Company calculated the cumulative effect on revenue of approximately $51,507 with $13,121 of pre-tax operating income; these were customer orders for the steel utility, concrete utility, and wireless communication structures product lines at various stages of production at December 30, 2017. In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans, which amends the income statement presentation requirements for the components of net periodic benefit cost for an entity's defined benefit pension and post-retirement plans. The Company adopted this ASU in the first quarter of 2018, recognizing the Delta Pension Plan (DPP) net periodic pension expense within Other income (expense). The Company reclassified $648 and $1,870 of DPP net periodic pension expense in 2017 and 2016 out of selling, general, and administrative expense and into Other expense. In December 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted the ASU in the first quarter of 2018, recasting the beginning-of-period and end-of-period total cash and cash equivalent amounts on the statement of cash flows to include the £10,000 restricted cash account for the pension plan at December 31, 2016, thus reducing cash flows from operating activities by $12,568 in 2017. The Company did not have any restricted cash at December 29, 2018 or December 30, 2017. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 is effective for periods and fiscal years beginning after December 15, 2018. Early adoption is permitted for any interim period post issuance. The (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Company adopted this ASU in the first quarter of 2018, which did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments in the Statement of Cash Flows , which provides more specific guidance on cash flow presentation for certain transactions. ASU 2016-15 is effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this ASU in the first quarter of 2018, which did not have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory, which requires the Company to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, as opposed to when it is sold to an outside party. The Company adopted this standard in 2018 and the result was an increase to retained earnings of $1,038 . Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases , which provides revised guidance on leases requiring lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018 and the Company will adopt this ASU in the first quarter of 2019. The Company's analysis estimates that total liabilities and total assets will increase by $100,000 to $120,000 upon adoption the first day of fiscal 2019. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. In addition, the Company elected certain practical expedients not to reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, and to not separate lease components for all classes of underlying assets. The Company will elect not to recast its comparative periods in transition (the “Comparatives Under 840 Option”) as allowed under ASU 2018-11. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Valmont Industries, Inc. and its wholly and majority‑owned subsidiaries (the Company). The investment in Delta EMD Pty. Ltd ("EMD") is recorded at fair value subsequent to its deconsolidation in 2013. Investments in other 20% to 50% owned affiliates and joint ventures are accounted for by the equity method. Investments in less than 20% owned affiliates are accounted for by the cost method. All intercompany items have been eliminated. |
Cash overdrafts | Cash overdrafts Cash book overdrafts totaling $8,888 and $21,537 were classified as accounts payable at December 29, 2018 and December 30, 2017 , respectively. The Company’s policy is to report the change in book overdrafts as an operating activity in the Consolidated Statements of Cash Flows. |
Segments | Segments The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and allocation of capital within the segment. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture and distribution of engineered metal and composite poles, towers, and components for global lighting, traffic, and wireless communication markets, engineered access systems, integrated structure solutions for smart cities, and highway safety products; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications, renewable energy generation equipment, and inspection services; COATINGS: This segment consists of galvanizing, painting, and anodizing services; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture. In addition to these four reportable segments, there are other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media for the mining industry and is reported in the "Other" category. |
Fiscal Year | Fiscal Year The Company operates on a 52 or 53 week fiscal year with each year ending on the last Saturday in December. Accordingly, the Company’s fiscal year ended December 29, 2018 and December 30, 2017 consisted of 52 weeks and fiscal year ended December 31, 2016 consisted of 53 weeks. |
Accounts Receivable | Accounts Receivable Accounts receivable are reported on the balance sheet net of any allowance for doubtful accounts. Allowances are maintained in amounts considered to be appropriate in relation to the outstanding receivables based on age of the receivable, economic conditions and customer credit quality. As the Company’s international Irrigation business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability, or with governments with which the Company has limited experience, or where there is a lack of transparency as to the current credit condition of governmental units. |
Inventories | Inventories Approximately 37% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of December 29, 2018 and December 30, 2017 , respectively. All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. |
Long-Lived Assets | Long-Lived Assets Property, plant and equipment are recorded at historical cost. The Company generally uses the straight-line method in computing depreciation and amortization for financial reporting purposes and accelerated methods for income tax purposes. The annual provisions for depreciation and amortization have been computed principally in accordance with the following ranges of asset lives: buildings and improvements 15 to 40 years, machinery and equipment 3 to 12 years, transportation equipment 3 to 24 years, office furniture and equipment 3 to 7 years and intangible assets 5 to 20 years. Depreciation expense in fiscal 2018 , 2017 and 2016 was $67,499 , $69,046 and $66,482 , respectively. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its estimated fair value. Impairment losses were recorded in 2018 and 2016 as facilities were closed and future plans for certain fixed assets changed in connection with the Company's restructuring plans. The Company evaluates its reporting units for impairment of goodwill during the third fiscal quarter of each year, or when events or changes in circumstances indicate the carrying value may not be recoverable. Reporting units are evaluated using after-tax operating cash flows (less capital expenditures) discounted to present value. Indefinite‑lived intangible assets are assessed separately from goodwill as part of the annual impairment testing, using a relief-from-royalty method. If the underlying assumptions related to the valuation of a reporting unit’s goodwill or an indefinite‑lived intangible asset change materially before or after the annual impairment testing, the reporting unit or asset is evaluated for potential impairment. In these evaluations, management considers recent operating performance, expected future performance, industry conditions and other indicators of potential impairment. |
Income Taxes | Income Taxes The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. |
Warranties | Warranties The Company's provision for product warranty reflects management's best estimate of probable liability under its product warranties. Estimated future warranty costs are recorded at the time a sale is recognized. Future warranty liability is determined based on applying historical claim rate experience to units sold that are still within the warranty period. In addition, the Company records provisions for known warranty claims. |
Pension Benefits | Pension Benefits Certain expenses are incurred in connection with a defined benefit pension plan. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. |
Derivative Instrument | Derivative Instruments The Company may enter into derivative financial instruments to manage risk associated with fluctuation in interest rates, foreign currency rates or commodities. Where applicable, the Company may elect to account for such derivatives as either a cash flow, fair value, or net investment hedge. |
Comprehensive Income | Comprehensive Income (Loss) Comprehensive income (loss) includes net income, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. The components of accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Income (Loss) Balance at December 30, 2017 $ (171,399 ) $ 6,357 $ (113,980 ) $ (279,022 ) Current-period comprehensive income (loss) (68,065 ) 3,599 29,885 (34,581 ) Divestiture of grinding media business 9,203 1,215 — $ 10,418 Balance at December 29, 2018 $ (230,261 ) $ 11,171 $ (84,095 ) $ (303,185 ) |
Revenue Recognition | Revenue Recognition On December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASC 606) . The Company elected to use the modified retrospective approach for the adoption of the new revenue standard. The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Consolidated Balance Sheet as follows: Balance Sheet December 30, ASC 606 Adjustments December 31, Assets Inventories $ 420,948 $ (36,243 ) $ 384,705 Contract asset - costs & profits in excess of billings 16,165 51,507 67,672 Liabilities and shareholders' equity Accrued expenses 81,029 2,043 83,072 Deferred income taxes 34,906 3,450 38,356 Retained earnings 1,954,344 9,771 1,964,115 The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the fiscal year ended December 29, 2018: Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 383,566 $ 446,267 $ (62,701 ) Contract asset - costs & profits in excess of billings 112,525 24,647 87,878 Liabilities and shareholders' equity Accrued expenses 91,942 86,174 5,768 Deferred income taxes 43,489 38,492 4,997 Retained earnings 2,027,596 2,013,184 14,412 Statement of Earnings As Reported Balance Excluding ASC 606 Effects Change Net Sales $ 2,757,144 $ 2,720,773 $ 36,371 Operating Income 202,280 $ 196,092 $ 6,188 The Company determines the appropriate revenue recognition for our contracts by analyzing the type, terms and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue, and do not include variable consideration. Discounts included in contracts with customers, typically early pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as product when the performance obligation is related to the manufacturing of goods. Contract revenues are classified as service when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings segment. Customer acceptance provisions exist only in the design stage of our products and acceptance of the design by the customer is required before the project is manufactured and delivered to the customer. The Company is not entitled to any compensation solely based on design of the product and does not recognize revenue associated with the design stage. There is (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) one performance obligation for revenue recognition. No general rights of return exist for customers once the product has been delivered and the Company establishes provisions for estimated warranties. The Company does not sell extended warranties for any of its products. Shipping and handling costs associated with sales are recorded as cost of goods sold. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured, when the revenue from the associated customer contract is being recognized over time. With the exception of the Utility segment and the wireless communication structures product line, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company elected the practical expedient to not disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. The Company did not have any significant contracts with an original expected duration of more than one year at December 29, 2018. In addition, the Company elected the practical expedient to not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within twelve months of transfer of control of goods or services; the Company expects all consideration to be received in one year or less at contract inception. Segment and Product Line Revenue Recognition The global Utility segment revenues are derived from manufactured steel and concrete structures for the North America utility industry and offshore and other complex structures used in energy generation and distribution outside of the United States. Steel and concrete utility structures are engineered to customer specifications resulting in limited ability to sell the structure to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by our rights to payment for work performed to-date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment. For our steel and concrete utility and wireless communication structure product lines, we generally recognize revenue on an inputs basis, using total production hours incurred to-date for each order as a percentage of total hours estimated to produce the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of goods sold and gross profit. Production of an order, once started, is typically completed within three months. Revenue from the offshore and other complex structures business is also recognized using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain sales of steel and concrete structures; the Company has chosen to use the practical expedient to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. The global ESS segment revenues are derived from the manufacture and distribution of engineered metal, composite structures and components for lighting and traffic and roadway safety, engineered access systems, and wireless communication. For the lighting and traffic and roadway safety product lines, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. For Access Systems, revenue is generally recognized upon delivery of goods to the customer which is the same point in time that the customer is billed. The wireless communication monopole product line has large regional customers who have unique product specifications for these larger communication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. For the remaining wireless communication product line customers which do not provide a contractual right to bill for work completed on a canceled order, revenue is recognized upon shipment or delivery of the goods to the customer which is the same point in time that the customer is billed. For wireless communication towers and components, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. The global Coatings segment revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the coating service has been performed and the goods are ready to be picked up or delivered to the customer which is the same time that the customer is billed. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The global Irrigation segment revenues are derived from the manufacture of agricultural irrigation equipment and related parts and services for the agricultural industry and tubular products for industrial customers. Revenue recognition for the irrigation segment is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services are primarily billed annually and revenue is recognized on a straight-line basis over the subsequent twelve months. |
Use of Estimates | Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the reported amounts of revenue and expenses and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. |
Equity Method Investments | Equity Method Investments The Company has equity method investments in non-consolidated subsidiaries which are recorded within "Other assets" on the Consolidated Balance Sheets. |
Treasury Stock | Treasury Stock Repurchased shares are recorded as “Treasury Stock” and result in a reduction of “Shareholders’ Equity.” When treasury shares are reissued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional Paid-In Capital.” In May 2014, the Company announced a capital allocation philosophy which covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company's outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately-negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company's outstanding common stock with no stated expiration date. |
Research and Development | Research and Development Research and development costs are charged to operations in the year incurred. These costs are a component of “Selling, general and administrative expenses” on the Consolidated Statements of Earnings. Research and development expenses were approximately $11,500 in 2018 , $11,600 in 2017 , and $8,300 in 2016 . |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Income (Loss) Balance at December 30, 2017 $ (171,399 ) $ 6,357 $ (113,980 ) $ (279,022 ) Current-period comprehensive income (loss) (68,065 ) 3,599 29,885 (34,581 ) Divestiture of grinding media business 9,203 1,215 — $ 10,418 Balance at December 29, 2018 $ (230,261 ) $ 11,171 $ (84,095 ) $ (303,185 ) |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Consolidated Balance Sheet as follows: Balance Sheet December 30, ASC 606 Adjustments December 31, Assets Inventories $ 420,948 $ (36,243 ) $ 384,705 Contract asset - costs & profits in excess of billings 16,165 51,507 67,672 Liabilities and shareholders' equity Accrued expenses 81,029 2,043 83,072 Deferred income taxes 34,906 3,450 38,356 Retained earnings 1,954,344 9,771 1,964,115 The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the fiscal year ended December 29, 2018: Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 383,566 $ 446,267 $ (62,701 ) Contract asset - costs & profits in excess of billings 112,525 24,647 87,878 Liabilities and shareholders' equity Accrued expenses 91,942 86,174 5,768 Deferred income taxes 43,489 38,492 4,997 Retained earnings 2,027,596 2,013,184 14,412 Statement of Earnings As Reported Balance Excluding ASC 606 Effects Change Net Sales $ 2,757,144 $ 2,720,773 $ 36,371 Operating Income 202,280 $ 196,092 $ 6,188 |
Disaggregation of Revenue | Disaggregation of revenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the fiscal year ended December 29, 2018 is as follows: Point in Time Over Time Fiscal year ended December 29, 2018 Fiscal year ended December 29, 2018 Utility Support Structures $ 16,760 $ 838,446 Engineered Support Structures 922,677 44,681 Coatings 286,739 — Irrigation 612,385 12,376 Other 23,080 — Total $ 1,861,641 $ 895,503 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Convert at the date of acquisition: 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 interests 14,501 Net assets acquired $ 43,504 The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Walpar as of the date of acquisition: 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 interests 23,082 Net assets acquired $ 57,805 |
Pro forma results of operations | The Company's Consolidated Statements of Earnings for the fiscal year ended December 29, 2018 included net sales of $33,973 and net earnings of $1,566 resulting from the Walpar, Convert, Torrent, and CSP Coatings acquisitions. The proforma effect of these acquisitions on the 2018 and 2017 Consolidated Statements of Earnings is as follows: Fifty-two Weeks Ended December 29, 2018 Fifty-two Weeks Ended December 30, 2017 Net sales $ 2,798,705 $ 2,818,035 Net earnings 97,170 122,407 Earnings per share-diluted 4.32 5.39 |
DIVESTITURE (Tables)
DIVESTITURE (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The assets and liabilities of the grinding media business at closing on April 30, 2018 were as follows: Receivables, net $ 9,848 Inventories 15,945 Net property, plant, and equipment 13,815 Goodwill and intangible assets 27,153 Other assets 1,388 Total assets $ 68,149 Accounts payable $ 7,125 Accrued expenses 2,484 Deferred income taxes 2,187 Total liabilities $ 11,796 Net assets $ 56,353 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 ) |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of restructuring activities | The Company recorded the following pre-tax expenses: ESS Utility Irrigation Other/ Corporate TOTAL Severance $ 6,255 $ 1,825 $ — $ — $ 8,080 Other cash restructuring expenses 3,512 2,228 — — 5,740 Impairments of fixed assets/net loss on disposals 4,560 — — — 4,560 Total cost of sales 14,327 4,053 — — 18,380 Severance 10,654 1,100 129 — 11,883 Other cash restructuring expenses 3,151 — 51 126 3,328 Impairments of fixed assets/net loss on disposals 440 — — — 440 Total selling, general and administrative expenses 14,245 1,100 180 126 15,651 Consolidated total $ 28,572 $ 5,153 $ 180 $ 126 $ 34,031 |
Schedule of liabilities recorded for the restructuring plan and changes | Change in the liabilities recorded for the restructuring plans were as follows: Balance at December 30, 2017 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at December 29, 2018 Severance $ — $ 19,963 $ (13,369 ) $ 6,594 Other cash restructuring expenses 1,216 9,068 (6,822 ) 3,462 Total $ 1,216 $ 29,031 $ (20,191 ) $ 10,056 |
Broad Restructuring Plan | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of restructuring activities | The 2016 Plan was mostly completed by the end of fiscal 2016. During the last six months of fiscal 2016, the Company recorded the following pre-tax expenses from the 2016 Plan: Coatings ESS Other/ Corporate TOTAL Severance $ 69 $ 1,620 $ — $ 1,689 Other cash restructuring expenses — 2,257 — 2,257 Asset impairments/net loss on disposals — 1,099 — 1,099 Total cost of sales 69 4,976 — 5,045 Severance 236 349 — 585 Other cash restructuring expenses — 1,961 234 2,195 Total selling, general and administrative expenses 236 2,310 234 2,780 Consolidated total $ 305 $ 7,286 $ 234 $ 7,825 |
CASH FLOW SUPPLEMENTARY INFOR_2
CASH FLOW SUPPLEMENTARY INFORMATION (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash payments for interest and income taxes (net of refunds) | Cash payments for interest and income taxes (net of refunds) for the fifty-two weeks ended December 29, 2018 and December 30, 2017 , and the fifty-three weeks ended December 31, 2016 were as follows: 2018 2017 2016 Interest $ 43,305 $ 44,528 $ 45,683 Income taxes 47,355 63,791 48,203 |
Reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows for fiscal year 2016. 2016 Cash and cash equivalents $ 399,948 Restricted cash included in other current assets 13,652 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 413,600 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Components of inventories | Inventories consisted of the following at December 29, 2018 and December 30, 2017 : 2018 2017 Raw materials and purchased parts $ 190,115 $ 183,029 Work-in-process 35,566 30,671 Finished goods and manufactured goods 211,504 250,975 Subtotal 437,185 464,675 Less: LIFO reserve 53,619 43,727 $ 383,566 $ 420,948 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment, at cost | Property, plant and equipment, at cost, consist of the following: 2018 2017 Land and improvements $ 99,797 $ 93,258 Buildings and improvements 348,836 350,937 Machinery and equipment 549,311 588,439 Transportation equipment 24,380 23,682 Office furniture and equipment 85,239 82,025 Construction in progress 53,302 27,346 $ 1,160,865 $ 1,165,687 |
Schedule of minimum lease payments under operating leases | Minimum lease payments under operating leases expiring subsequent to December 29, 2018 are: 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 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of components of amortized intangible assets | The components of amortized intangible assets at December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 Gross Accumulated Weighted 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 December 30, 2017 Gross Accumulated Weighted Customer Relationships $ 200,810 $ 131,062 13 years Patents & Proprietary Technology 6,693 3,999 11 years Other 8,532 7,228 5 years $ 216,035 $ 142,289 |
Schedule of future estimated amortization expense | Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2019 $ 16,170 2020 15,082 2021 13,079 2022 10,976 2023 9,264 |
Schedule of non-amortized intangible assets | The carrying values of trade names at December 29, 2018 and December 30, 2017 were as follows: (8) GOODWILL AND INTANGIBLE ASSETS (Continued) December 29, December 30, Year Acquired Newmark $ 11,111 $ 11,111 2004 Webforge 8,872 9,432 2010 Valmont SM 8,155 9,973 2014 Ingal EPS/Ingal Civil Products 7,233 7,690 2010 Donhad — 5,801 2010 Shakespeare 4,000 4,000 2014 Walpar 4,300 — 2018 Convert 8,580 — 2018 Other 16,472 16,846 $ 68,723 $ 64,853 |
Schedule of carrying amount of goodwill | The carrying amount of goodwill by segment as of December 29, 2018 and December 30, 2017 was as follows: Engineered Utility Coatings Irrigation Other Total Gross Balance at December 30, 2017 $ 170,076 $ 90,248 $ 76,696 $ 19,778 $ 15,814 $ 372,612 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 30, 2017 151,406 90,248 60,474 19,778 15,814 $ 337,720 Acquisitions 42,216 34,280 5,120 5,503 — 87,119 Impairment — (14,355 ) — — — (14,355 ) Divestiture of grinding media — — — — (15,814 ) (15,814 ) Foreign currency translation (7,557 ) (910 ) (879 ) (117 ) — (9,463 ) Balance at December 29, 2018 $ 186,065 $ 109,263 $ 64,715 $ 25,164 $ — $ 385,207 (8) GOODWILL AND INTANGIBLE ASSETS (Continued) Engineered Utility Coatings Irrigation Other Total Gross Balance at December 31, 2016 $ 157,689 $ 88,451 $ 75,791 $ 19,611 $ 14,460 $ 356,002 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 31, 2016 139,019 88,451 59,569 19,611 14,460 321,110 Acquisitions 3,449 — — — — 3,449 Foreign currency translation 8,938 1,797 905 167 1,354 13,161 Balance at December 30, 2017 $ 151,406 $ 90,248 $ 60,474 $ 19,778 $ 15,814 $ 337,720 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense (benefit) | In fiscal 2017, the Company estimated and recognized approximately $ 41,935 of tax expense for the 2017 Tax Act. The SEC staff issued SAB 118, which provided guidance on accounting for the tax effects of the 2017 Tax Act. The Company's accounting for the following element of the 2017 Tax Act was finalized as of December 30, 2017: Reduction of U.S. federal corporate tax rate : The 2017 Tax Act reduces the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, we have recorded a decrease related to deferred taxes of $20,372 , with a corresponding net adjustment to deferred income tax expense for the year ended December 30, 2017. (10) INCOME TAXES (Continued) The Company's accounting for the following elements of the 2017 Tax Act were provisional estimates at December 30, 2017, and were finalized as of December 29, 2018 as follows: Deemed Repatriation transition tax : The Deemed Repatriation transition tax (“Transition Tax”) is a tax on unremitted foreign earnings of certain foreign subsidiaries, which subjected the Company's unremitted foreign earnings of approximately $394,000 to tax at certain specified rates less associated foreign tax credits. The Company recorded a Transition Tax obligation of $9,890 during fiscal 2017 and reduced this expense by $550 in 2018 upon finalization. Indefinite reinvestment assertion: The Company position remains that unremitted foreign earnings subject to the Transition Tax are not indefinitely reinvested. The Company recorded foreign withholding taxes and U.S. state income taxes of $10,373 and $1,300 . This expense was recorded in 2017 with a decrease of only $140 recognized in 2018 as it was finalized. In addition, the Company has taken the position that on non-U.S. subsidiaries, the 2018 unremitted foreign earnings are not indefinitely reinvested and it recorded additional foreign withholding taxes and U.S. state income taxes of $918 and $99 , respectively during 2018. Income tax expense (benefit) consi |
Schedule of reconciliation of statutory federal income tax rate and effective tax rate | inued) The reconciliations of the statutory federal income tax rate and the effective tax rate fo |
Schedule of tax effects of significant items comprising net deferred income tax liabilities | ble. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating loss and tax credit carryforwards. The tax effects of significant items comprising the Company’s net deferred income tax liabilities are as follows: (10) INCOME TAXES (Cont |
Schedule of deferred income tax assets (liabilities) presented on the Consolidated Balance Sheets | ed) 2018 2017 Deferred income tax assets: Accrued expenses and allowances $ 4,354 $ 13,373 Accrued insurance 644 818 Tax credits and loss carryforwards 56,867 54,521 Defined benefit pension liability 36,328 47,459 Inventory allowances 4,384 3,433 Accrued warranty 3,914 4,602 Deferred compensation 28,706 29,421 Gross deferred income tax assets 135,197 153,627 Valuation allowance (33,228 ) (27,864 ) Net deferred income tax assets 101,969 125,763 Deferred income tax liabilities: Work in progress 1,064 1,805 Property, plant and equipment 25,477 26,826 Intangible assets 44,850 39,613 Future repatriation of foreign earnings 2,746 11,673 Other liabilities 4,545 1,819 Total deferred income tax liabilities 78,682 81,736 Net deferred income tax asset $ 23,287 $ 44,027 Deferred income tax assets (liabilities) are presented as follows on the Consolidated Balance |
Schedule of activity related to unrecognized tax benefits | inued) The following summarizes the activity related to our unrecognized tax benefits in 2018 and 2017 , in tho |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | December 29, December 30, 5.00% senior unsecured notes due 2044(a) $ 450,000 $ 250,000 5.25% senior unsecured notes due 2054(b) 305,000 250,000 Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b) (21,468 ) (4,312 ) 6.625% senior unsecured notes due 2020(c) — 250,200 Unamortized premium on 6.625% senior unsecured notes(c) — 2,545 Revolving credit agreement (d) 5,719 — IDR Bonds(e) 8,500 8,500 Other notes 2,918 4,033 Debt issuance costs (8,068 ) (6,112 ) Long-term debt 742,601 754,854 Less current installments of long-term debt 779 966 Long-term debt, excluding current installments $ 741,822 $ 753,888 (11) LONG-TERM DEBT (Continued) (a) The 5.00% senior unsecured notes due 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $13,930 at December 29, 2018 . The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company. (b) The 5.25% senior unsecured notes due 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,538 at December 29, 2018 . The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company. (c) On June 11, 2018, the Company notified the holders of the 2020 bonds of its plan to redeem all of these bonds. On July 9, 2018, the Company redeemed all $250,200 of the 2020 bonds at a make-whole redemption price equal to approximately $266,000 plus approximately $3,600 of accrued and unpaid interest on the notes from April 20, 2018 to July 8, 2018. The Company recognized $14,820 of redemption related expenses, including the recognition of the unamortized premium, in the third quarter of 2018. (d) On October 18, 2017, the Company amended and restated its revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto. The credit facility provides for $600,000 of committed unsecured revolving credit loans. The Company may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. This amendment extends the maturity date of the credit facility from October 17, 2019 to October 18, 2022 and increases the available borrowings in foreign currencies from $200 million to $400 million . The interest rate on the borrowings will be, at the Company's option, either: (i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or; (ii) the higher of • the prime lending rate , • the Federal Funds rate plus 50 basis points, and • LIBOR (based on a 1 month interest period) plus 100 basis points, plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At December 29, 2018 , the Company had $5,719 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 29, 2018 , the Company had the ability to borrow $579,651 under this facility, after consideration of standby letters of credit of $14,630 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $137,679 , $127,001 of which was unused at December 29, 2018 . (11) LONG-TERM DEBT (Continued) (e) The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at December 29, 2018 and December 30, 2017 were 3.27% and 2.00% respectively. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of assumptions used in estimating fair value of each option grant | 2018 2017 2016 Expected volatility 33.39 % 33.76 % 33.88 % Risk-free interest rate 2.67 % 2.12 % 1.83 % Expected life from vesting date 3.0 yrs 3.0 yrs 3.0 yrs Dividend yield 1.07 % 1.17 % 1.13 % |
Summary of activity of stock plans | Following is a summary of the stock option activity during 2016 , 2017 and 2018 : Number of Weighted Weighted Aggregate Outstanding at December 26, 2015 849,609 $ 117.42 Granted 85,092 151.37 Exercised (109,893 ) 101.69 Forfeited (31,635 ) 129.36 Outstanding at December 31, 2016 793,173 $ 122.77 4.78 $ 16,640 Options vested or expected to vest at December 31, 2016 774,139 $ 124.18 4.75 16,200 Options exercisable at December 31, 2016 469,844 $ 123.75 3.96 9,056 The weighted average per share fair value of options granted during 2016 was $ 40.00 . Number of Weighted Weighted Aggregate Outstanding at December 31, 2016 793,173 $ 122.77 Granted 67,965 164.35 Exercised (284,574 ) 121.92 Forfeited (5,942 ) 104.26 Outstanding at December 30, 2017 570,622 $ 128.34 4.66 $ 21,806 Options vested or expected to vest at December 30, 2017 558,114 $ 128.00 4.63 21,517 Options exercisable at December 30, 2017 351,794 $ 123.90 3.94 15,005 The weighted average per share fair value of options granted during 2017 was $ 43.68 . Number of Weighted Weighted Aggregate Outstanding at December 30, 2017 570,622 $ 128.34 Granted 105,135 112.08 Exercised (63,717 ) 106.26 Forfeited (33,627 ) 129.52 Outstanding at December 29, 2018 578,413 $ 127.74 4.35 $ 909 Options vested or expected to vest at December 29, 2018 565,952 $ 127.84 4.30 909 Options exercisable at December 29, 2018 405,128 $ 126.61 3.47 909 The weighted average per share fair value of options granted during 2018 was $ 30.48 . |
Summary of status of stock options outstanding | Following is a summary of the status of stock options outstanding at December 29, 2018 : Outstanding and Exercisable By Price Range Options Outstanding Options Exercisable Exercise Price Number Weighted Weighted Number Weighted $104.47 - 114.11 277,757 5.09 years $ 107.39 171,607 $ 104.47 $120.91 - 136.42 114,910 2.25 years 134.02 114,627 134.01 $142.67 - 164.35 185,746 4.55 years 154.31 118,894 151.44 578,413 405,128 |
Schedule of non-vested stock and restricted stock units | 2018 2017 2016 Shares granted 88,127 62,160 58,961 Weighted‑average per share price on grant date $ 114.89 $ 163.18 $ 150.48 Recognized compensation expense $ 6,328 $ 5,569 $ 4,069 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per share (EPS) | The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS 2018: Net earnings attributable to Valmont Industries, Inc. $ 94,351 $ — $ 94,351 Weighted average shares outstanding (000's) 22,306 140 22,446 Per share amount $ 4.23 $ 0.03 $ 4.20 2017: Net earnings attributable to Valmont Industries, Inc. $ 116,240 $ — $ 116,240 Weighted average shares outstanding (000's) 22,520 218 22,738 Per share amount $ 5.16 $ 0.05 $ 5.11 2016: Net earnings attributable to Valmont Industries, Inc. $ 173,232 $ — $ 173,232 Weighted average shares outstanding (000's) 22,562 147 22,709 Per share amount $ 7.68 $ 0.05 $ 7.63 |
DISCLOSURES ABOUT THE FAIR VA_2
DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Trading Securities measured at fair value | Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading securities $ 40,024 $ 40,024 $ — $ — Derivative financial instruments, net 9,147 — 9,147 — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading securities $ 41,042 $ 41,042 $ — $ — Liabilities: Derivative financial instruments (826 ) — (826 ) — |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments | Fair value of derivative instruments at December 29, 2018 and December 30, 2017 are as follows: Derivatives designated as hedging instruments: Balance sheet location December 29, 2018 December 30, 2017 Commodity forward contracts Prepaid expenses and other assets $ (285 ) $ — Foreign currency forward contracts Prepaid expenses and other assets 8,357 — Foreign currency forward contracts Accrued expenses — (826 ) Cross currency swap contracts Prepaid expenses and other assets 1,075 — $ 9,147 $ (826 ) |
Gains (losses) on derivatives recognized on statements of earnings | Gains (losses) on derivatives recognized in the consolidated statements of earnings for the years ended December 29, 2018, December 30, 2017, and December 31, 2016 are as follows: Derivatives designated as hedging instruments: Statements of earnings location 2018 2017 2016 Commodity forward contracts Product cost of sales $ 1,021 $ — $ — Foreign currency forward contracts Loss from divestiture of grinding media business (1,215 ) — — Foreign currency forward contracts Other income (expense) 782 — — Interest rate contracts Interest expense (423 ) (74 ) (74 ) Cross currency swap contracts Interest expense 828 — — $ 993 $ (74 ) $ (74 ) |
Schedule of notional amounts of outstanding derivative | Key terms of the three CCS are as follows: 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 |
GUARANTEES (Tables)
GUARANTEES (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Guarantees [Abstract] | |
Schedule of changes in the product warranty accrual | 2018 2017 Balance, beginning of period $ 20,109 $ 26,538 Payments made (18,920 ) (26,097 ) Change in liability for warranties issued during the period 13,566 9,787 Change in liability for pre-existing warranties 2,253 9,881 Balance, end of period $ 17,008 $ 20,109 |
DEFINED BENEFIT RETIREMENT PL_2
DEFINED BENEFIT RETIREMENT PLAN (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of changes in PBO and fair value of plan assets for pension plan | Changes in the PBO and fair value of plan assets for the pension plan for the period from December 31, 2016 to December 30, 2017 were as follows: (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) Projected Plan Funded Fair Value at December 31, 2016 $ 696,137 $ 486,667 $ (209,470 ) Employer contributions — 40,245 Interest cost 18,152 — Actual return on plan assets — 40,842 Benefits paid (22,172 ) (22,172 ) Actuarial loss 25,154 — Currency translation 66,030 48,167 Fair Value at December 31, 2017 $ 783,301 $ 593,749 $ (189,552 ) Changes in the PBO and fair value of plan assets for the pension plan for the period from December 30, 2017 to December 29, 2018 were as follows: Projected Plan Funded Fair Value at December 30, 2017 $ 783,301 $ 593,749 $ (189,552 ) Employer contributions — 1,537 Interest cost 17,878 — Prior service costs - GMP equalization 12,056 Actual return on plan assets — (32,120 ) Benefits paid (28,207 ) (28,207 ) Actuarial gain (95,480 ) — Currency translation (42,108 ) (31,423 ) Fair Value at December 29, 2018 $ 647,440 $ 503,536 $ (143,904 ) Projected Benefit Obligation and Fair Value of Plan Assets —The accumulated benefit obligation (ABO) is the present value of benefits earned to date, assuming no future compensation growth. As there are no active employees in the plan, the ABO is equal to the PBO for all years presented. The underfunded ABO represents the difference between the PBO and the fair value of plan assets. |
Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss) | Balance December 31, 2016 $ (156,878 ) Actuarial loss (1,789 ) Currency translation loss (9,583 ) Balance December 30, 2017 (168,250 ) Actuarial gain 44,760 Prior service costs - GMP equalization (12,056 ) Currency translation gain 5,358 Balance December 29, 2018 $ (130,188 ) |
Schedule of weighted-average actuarial assumptions used to determine the benefit obligation | Percentages 2018 2017 Discount rate 2.90 % 2.55 % Salary increase N/A N/A CPI inflation 2.20 % 2.20 % RPI inflation 3.30 % 3.30 % |
Schedule of components of the net periodic pension (benefit) expense | 2018 2017 Net Periodic Benefit Cost: Interest cost 17,878 18,152 Expected return on plan assets (23,175 ) (20,486 ) Amortization of actuarial loss 3,046 2,982 Net periodic benefit expense (benefit) $ (2,251 ) $ 648 |
Schedule of weighted-average actuarial assumptions used to determine expense | Percentages 2018 2017 Discount rate 2.55 % 2.80 % Expected return on plan assets 4.29 % 4.22 % CPI Inflation 2.20 % 2.25 % RPI Inflation 3.30 % 3.35 % |
Schedule of expected pension benefit payments | 2019 $ 27,790 2020 28,680 2021 29,695 2022 30,585 2023 31,600 Years 2023 - 2028 173,470 |
Schedule of pension plan assets measured at fair value on a recurring basis | December 31, 2018 Quoted Prices in Significant Other Significant Total Plan assets at fair value: Temporary cash investments $ 61,040 $ — $ — $ 61,040 Corporate stock 506 — — 506 Total plan net assets at fair value $ 61,546 $ — $ — $ 61,546 Plan assets at NAV: Leveraged inflation-linked gilt funds 122,711 Corporate bonds 80,454 Corporate stock 183,750 Secured income asset funds 55,075 Total plan assets at NAV 441,990 Total plan assets $ 503,536 (19) DEFINED BENEFIT RETIREMENT PLAN (Continued) December 31, 2017 Quoted Prices in Significant Other Significant Total Plan assets at fair value: Temporary cash investments $ 17,915 $ — $ — $ 17,915 Corporate stock 536 — — 536 Total plan net assets at fair value $ 18,451 $ — $ — $ 18,451 Plan assets at NAV: Leveraged inflation-linked gilt funds 158,011 Corporate bonds 88,905 Corporate stock 212,505 Diversified growth funds 115,877 Total plan assets at NAV 575,298 Total plan assets $ 593,749 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
Segment reporting information of sales and operating income | Summary by Business 2018 2017 2016 SALES: Engineered Support Structures segment: Lighting, Traffic, and Roadway Products $ 706,582 $ 633,178 $ 612,868 Communication Products 149,817 171,718 162,148 Access Systems 130,481 133,206 131,703 Engineered Support Structures segment 986,880 938,102 906,719 Utility Support Structures segment: Steel 637,979 658,604 538,284 Concrete 111,875 99,738 90,256 Engineered Solar Tracker Solutions 16,760 — — Offshore and Other Complex Steel Structures 92,559 100,773 107,824 Utility Support Structures segment 859,173 859,115 736,364 Coatings segment 353,351 318,891 289,481 Irrigation segment: North America 386,683 369,832 351,436 International 246,983 282,598 223,768 Irrigation segment 633,666 652,430 575,204 Other 23,080 76,300 83,110 Total 2,856,150 2,844,838 2,590,878 INTERSEGMENT SALES: Engineered Support Structures 19,522 25,862 15,620 Utility Support Structures 3,967 2,871 747 Coatings 66,612 62,080 45,604 Irrigation 8,905 8,058 7,231 Total 99,006 98,871 69,202 NET SALES: Engineered Support Structures segment 967,358 912,240 891,099 Utility Support Structures segment 855,206 856,244 735,617 Coatings segment 286,739 256,811 243,877 Irrigation segment 624,761 644,372 567,973 Other 23,080 76,300 83,110 Total $ 2,757,144 $ 2,745,967 $ 2,521,676 (20) BUSINESS SEGMENTS (Continued) 2018 2017 2016 OPERATING INCOME (LOSS): Engineered Support Structures $ 34,776 $ 62,960 $ 72,273 Utility Support Structures 64,766 97,853 71,171 Coatings 55,325 50,179 46,596 Irrigation 97,722 101,498 90,945 Other (913 ) 2,134 8,730 Adjustment to LIFO inventory valuation method (9,892 ) (5,680 ) (2,972 ) Corporate (39,504 ) (41,864 ) (41,369 ) Total 202,280 267,080 245,374 Interest expense, net (39,569 ) (39,908 ) (41,304 ) Costs associated with refinancing of debt (14,820 ) — — Loss from divestiture of grinding media business (6,084 ) — — Other 1,634 1,292 16,384 Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries $ 143,441 $ 228,464 $ 220,454 TOTAL ASSETS: Engineered Support Structures $ 867,735 $ 846,881 $ 776,161 Utility Support Structures 700,915 597,231 544,015 Coatings 294,951 288,890 274,666 Irrigation 347,894 369,798 313,982 Other — 68,934 65,296 Corporate 318,779 430,516 417,611 Total $ 2,530,274 $ 2,602,250 $ 2,391,731 CAPITAL EXPENDITURES: Engineered Support Structures $ 26,783 $ 16,433 $ 13,313 Utility Support Structures 17,442 14,012 7,969 Coatings 10,320 11,080 24,873 Irrigation 7,249 7,055 8,836 Other 7 2,376 1,601 Corporate 10,184 4,310 1,328 Total $ 71,985 $ 55,266 $ 57,920 (20) BUSINESS SEGMENTS (Continued) 2018 2017 2016 DEPRECIATION AND AMORTIZATION: Engineered Support Structures $ 27,274 $ 27,637 $ 27,824 Utility Support Structures 23,618 25,079 24,639 Coatings 15,956 15,115 12,883 Irrigation 11,335 11,173 12,097 Other 775 2,486 2,502 Corporate 3,869 3,467 2,472 Total $ 82,827 $ 84,957 $ 82,417 |
Summary by Geographical Area by Location | Summary by Geographical Area by Location of Valmont Facilities: 2018 2017 2016 NET SALES: United States $ 1,771,390 $ 1,702,826 $ 1,535,321 Australia 325,553 356,959 315,470 Denmark 92,559 100,773 99,719 Other 567,642 585,409 571,166 Total $ 2,757,144 $ 2,745,967 $ 2,521,676 LONG-LIVED ASSETS: United States $ 624,143 $ 544,724 $ 568,085 Australia 168,438 227,483 216,416 Denmark 64,497 90,372 85,654 Other 332,556 267,106 268,360 Total $ 1,189,634 $ 1,129,685 $ 1,138,515 |
GUARANTOR_NON-GUARANTOR FINAN_2
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Condensed Consolidated Statements of Earnings | CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 1,192,134 $ 522,366 $ 1,303,323 $ (260,679 ) $ 2,757,144 Cost of sales 906,646 399,451 1,055,215 (262,448 ) 2,098,864 Gross profit 285,488 122,915 248,108 1,769 658,280 Selling, general and administrative expenses 192,343 51,127 212,530 — 456,000 Operating income 93,145 71,788 35,578 1,769 202,280 Other income (expense): Interest expense (42,524 ) (14,815 ) (1,713 ) 14,815 (44,237 ) Interest income 791 82 18,610 (14,815 ) 4,668 Other (17,602 ) 59 (1,727 ) — (19,270 ) (59,335 ) (14,674 ) 15,170 — (58,839 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 33,810 57,114 50,748 1,769 143,441 Income tax expense (benefit): Current 6,310 14,948 23,290 246 44,794 Deferred 1,532 1,791 (4,982 ) — (1,659 ) 7,842 16,739 18,308 246 43,135 Earnings before equity in earnings of nonconsolidated subsidiaries 25,968 40,375 32,440 1,523 100,306 Equity in earnings of nonconsolidated subsidiaries 68,383 37,304 — (105,687 ) — Net earnings 94,351 77,679 32,440 (104,164 ) 100,306 Less: Earnings attributable to noncontrolling interests — — (5,955 ) — (5,955 ) Net earnings attributable to Valmont Industries, Inc $ 94,351 $ 77,679 $ 26,485 $ (104,164 ) $ 94,351 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 1,200,181 $ 485,448 $ 1,312,214 $ (251,876 ) $ 2,745,967 Cost of sales 898,799 375,383 1,042,199 (252,182 ) 2,064,199 Gross profit 301,382 110,065 270,015 306 681,768 Selling, general and administrative expenses 192,182 47,955 174,551 — 414,688 Operating income 109,200 62,110 95,464 306 267,080 Other income (expense): Interest expense (43,642 ) (13,866 ) (1,003 ) 13,866 (44,645 ) Interest income 838 42 17,723 (13,866 ) 4,737 Other 5,681 58 (4,447 ) — 1,292 (37,123 ) (13,766 ) 12,273 — (38,616 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 72,077 48,344 107,737 306 228,464 Income tax expense (benefit): Current 29,407 17,928 18,920 135 66,390 Deferred 10,307 — 29,448 — 39,755 39,714 17,928 48,368 135 106,145 Earnings before equity in earnings of nonconsolidated subsidiaries 32,363 30,416 59,369 171 122,319 Equity in earnings of nonconsolidated subsidiaries 83,877 22,146 — (106,023 ) — Net earnings 116,240 52,562 59,369 (105,852 ) 122,319 Less: Earnings attributable to noncontrolling interests — — (6,079 ) — (6,079 ) Net earnings attributable to Valmont Industries, Inc $ 116,240 $ 52,562 $ 53,290 $ (105,852 ) $ 116,240 | Parent Guarantors Non- Eliminations Total Net sales $ 1,126,985 $ 390,756 $ 1,195,812 $ (191,877 ) $ 2,521,676 Cost of sales 837,616 285,924 932,609 (190,716 ) 1,865,433 Gross profit 289,369 104,832 263,203 (1,161 ) 656,243 Selling, general and administrative expenses 184,493 46,244 180,132 — 410,869 Operating income 104,876 58,588 83,071 (1,161 ) 245,374 Other income (expense): Interest expense (43,703 ) (10 ) (696 ) — (44,409 ) Interest income 273 112 2,720 — 3,105 Other 1,480 77 14,827 — 16,384 (41,950 ) 179 16,851 — (24,920 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 62,926 58,767 99,922 (1,161 ) 220,454 Income tax expense (benefit): Current 24,539 20,270 21,262 (323 ) 65,748 Deferred 6,216 — (29,901 ) — (23,685 ) 30,755 20,270 (8,639 ) (323 ) 42,063 Earnings before equity in earnings of nonconsolidated subsidiaries 32,171 38,497 108,561 (838 ) 178,391 Equity in earnings of nonconsolidated subsidiaries 141,061 66,128 — (207,189 ) — Net earnings 173,232 104,625 108,561 (208,027 ) 178,391 Less: Earnings attributable to noncontrolling interests — — (5,159 ) — (5,159 ) Net earnings attributable to Valmont Industries, Inc $ 173,232 $ 104,625 $ 103,402 $ (208,027 ) $ 173,232 |
Condensed Consolidated Statements of Comprehensive Income | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 94,351 $ 77,679 $ 32,440 $ (104,164 ) $ 100,306 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — (6,509 ) (58,927 ) — (65,436 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities 4,814 — — — 4,814 Actuarial gain (loss) in defined benefit pension plan liability — — 29,885 — 29,885 Equity in other comprehensive income (28,977 ) — — 28,977 — Other comprehensive income (loss) (24,163 ) (6,509 ) (19,839 ) 28,977 (21,534 ) Comprehensive income (loss) 70,188 71,170 12,601 (75,187 ) 78,772 Comprehensive income attributable to noncontrolling interests — — (8,584 ) — (8,584 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 70,188 $ 71,170 $ 4,017 $ (75,187 ) $ 70,188 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 116,240 $ 52,562 $ 59,369 $ (105,852 ) $ 122,319 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — 138,795 (59,516 ) — 79,279 Gain (loss) on hedging activities (1,621 ) — — — (1,621 ) Actuarial gain (loss) in defined benefit pension plan liability — — (10,871 ) — (10,871 ) Equity in other comprehensive income 68,958 — — (68,958 ) — Other comprehensive income (loss) 67,337 138,795 (70,387 ) (68,958 ) 66,787 Comprehensive income (loss) 183,577 191,357 (11,018 ) (174,810 ) 189,106 Comprehensive income attributable to noncontrolling interests — — (5,529 ) — (5,529 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 183,577 $ 191,357 $ (16,547 ) $ (174,810 ) $ 183,577 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year ended December 31, 2016 Parent Guarantors Non- Eliminations Total Net earnings $ 173,232 $ 104,625 $ 108,561 $ (208,027 ) $ 178,391 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gains (losses) — 49 (58,364 ) — (58,315 ) Gain (loss) on hedging activities 4,300 — — — 4,300 Actuarial gain (loss) in defined benefit pension plan liability — — (24,141 ) — (24,141 ) Equity in other comprehensive income (83,252 ) — — 83,252 — Other comprehensive income (loss) (78,952 ) 49 (82,505 ) 83,252 (78,156 ) Comprehensive income 94,280 104,674 26,056 (124,775 ) 100,235 Comprehensive income attributable to noncontrolling interests — — (6,144 ) — (6,144 ) Comprehensive income attributable to Valmont Industries, Inc. $ 94,280 $ 104,674 $ 19,912 $ (124,775 ) $ 94,091 | |
Condensed Consolidated Balance Sheets | CONSOLIDATED BALANCE SHEETS December 29, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 Receivables, net 134,943 75,204 273,816 — 483,963 Inventories 138,158 37,019 210,791 (2,402 ) 383,566 Contra asset - costs and profits in excess of billings 50,271 35,200 27,054 — 112,525 Prepaid expenses, restricted cash, and other assets 21,858 746 20,196 — 42,800 Refundable income taxes 4,576 — — — 4,576 Total current assets 454,062 153,687 735,293 (2,402 ) 1,340,640 Property, plant and equipment, at cost 579,046 172,050 409,769 — 1,160,865 Less accumulated depreciation and amortization 390,438 93,374 163,061 — 646,873 Net property, plant and equipment 188,608 78,676 246,708 — 513,992 Goodwill 20,108 110,562 254,537 — 385,207 Other intangible assets 76 27,452 148,428 — 175,956 Investment in subsidiaries and intercompany accounts 1,286,545 1,161,612 932,982 (3,381,139 ) — Other assets 47,674 — 66,805 — 114,479 Total assets $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 779 $ — $ 779 Notes payable to banks — — 10,678 — 10,678 Accounts payable 68,304 21,081 128,730 — 218,115 Accrued employee compensation and benefits 41,418 7,186 30,687 — 79,291 Accrued expenses 25,936 10,132 55,874 — 91,942 Dividends payable 8,230 — — — 8,230 Total current liabilities 143,888 38,399 226,748 — 409,035 Deferred income taxes 14,376 — 29,113 — 43,489 Long-term debt, excluding current installments 733,964 166,729 7,858 (166,729 ) 741,822 Defined benefit pension liability — — 143,904 — 143,904 Deferred compensation 41,496 — 4,611 — 46,107 Other noncurrent liabilities 3,587 620 6,187 — 10,394 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 2,027,596 624,394 467,699 (1,092,093 ) 2,027,596 Accumulated other comprehensive income (loss) (303,185 ) 80,991 (333,346 ) 252,355 (303,185 ) Treasury stock (692,549 ) — — — (692,549 ) Total Valmont Industries, Inc. shareholders’ equity 1,059,762 1,326,241 1,890,571 (3,216,812 ) 1,059,762 Noncontrolling interest in consolidated subsidiaries — — 75,761 — 75,761 Total shareholders’ equity 1,059,762 1,326,241 1,966,332 (3,216,812 ) 1,135,523 Total liabilities and shareholders’ equity $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS | |
Condensed Consolidated Statements of Cash Flows | CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 29, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 94,351 $ 77,679 $ 32,440 $ (104,164 ) $ 100,306 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 26,155 13,959 42,713 — 82,827 Noncash loss on trading securities — — (62 ) — (62 ) Contribution to defined benefit pension plan — — (1,537 ) — (1,537 ) Impairment of property, plant and equipment — — 5,000 — 5,000 Impairment of goodwill & intangible assets — — 15,780 — 15,780 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 10,392 — — — 10,392 Defined benefit pension plan (benefit) — — (2,251 ) — (2,251 ) (Gain) loss on sale of property, plant and equipment 57 (37 ) (245 ) — (225 ) Equity in earnings in nonconsolidated subsidiaries (68,383 ) (37,304 ) — 105,687 — Deferred income taxes 1,532 1,791 (4,982 ) — (1,659 ) Changes in assets and liabilities (net of acquisitions): Net working capital (17,681 ) (13,962 ) (13,208 ) (1,769 ) (46,620 ) Other noncurrent liabilities (7,345 ) 615 (4,158 ) — (10,888 ) Income taxes payable (refundable) (6,176 ) (1,303 ) 3,340 — (4,139 ) Net cash flows from operating activities 35,420 41,438 76,396 (246 ) 153,008 Cash flows from investing activities: Purchase of property, plant and equipment (25,255 ) (13,115 ) (33,615 ) — (71,985 ) Proceeds from sale of assets 44 268 62,791 — 63,103 Acquisitions, net of cash acquired (57,805 ) — (85,215 ) — (143,020 ) Proceeds from settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 69,714 (42,667 ) (29,215 ) 246 (1,922 ) Net cash flows from investing activities (14,923 ) (55,514 ) (85,254 ) 246 (155,445 ) Cash flows from financing activities: Borrowings under short-term agreements — — 10,543 — 10,543 Proceeds from long-term borrowings 245,936 — 5,719 — 251,655 Principal payments on long-term borrowings (261,219 ) — (972 ) — (262,191 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (33,726 ) — — — (33,726 ) Dividends to noncontrolling interest — — (7,055 ) — (7,055 ) Intercompany dividends 168,757 11,296 (180,053 ) — — Intercompany capital contribution (3,492 ) 3,492 — — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Proceeds from exercises under stock plans 7,357 — — — 7,357 Purchase of treasury shares (114,805 ) — — — (114,805 ) Purchase of common treasury shares - stock plan exercises (3,589 ) — — — (3,589 ) Net cash flows from financing activities 430 14,788 (177,328 ) — (162,110 ) Effect of exchange rate changes on cash and cash equivalents — (498 ) (14,550 ) — (15,048 ) Net change in cash and cash equivalents 20,927 214 (200,736 ) — (179,595 ) Cash, cash equivalents, and restricted cash—beginning of year 83,329 5,304 404,172 — 492,805 Cash, cash equivalents, and restricted cash—end of period $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 30, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 116,240 $ 52,562 $ 59,369 $ (105,852 ) $ 122,319 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 26,237 15,003 43,717 — 84,957 Noncash loss on trading securities — — 237 — 237 Stock-based compensation 10,706 — — — 10,706 Defined benefit pension plan expense (benefit) — — 648 — 648 Contribution to defined benefit pension plan — — (40,245 ) — (40,245 ) (Gain) loss on sale of property, plant and equipment (664 ) 8 (3,268 ) — (3,924 ) Equity in earnings in nonconsolidated subsidiaries (83,877 ) (22,146 ) — 106,023 — Deferred income taxes 10,307 — 29,448 — 39,755 Changes in assets and liabilities (net of acquisitions): Net working capital (23,943 ) (25,717 ) (25,219 ) (306 ) (75,185 ) Other noncurrent liabilities (140 ) — (7,088 ) — (7,228 ) Income taxes payable (refundable) (11,837 ) 728 12,217 — 1,108 Net cash flows from operating activities 43,029 20,438 69,816 (135 ) 133,148 Cash flows from investing activities: Purchase of property, plant and equipment (20,460 ) (9,454 ) (25,352 ) — (55,266 ) Proceeds from sale of assets 748 3 7,434 — 8,185 Acquisitions, net of cash acquired — — (5,362 ) — (5,362 ) Proceeds from settlement of net investment hedge 5,123 — — — 5,123 Other, net 684 (22,777 ) 19,663 135 (2,295 ) Net cash flows from investing activities (13,905 ) (32,228 ) (3,617 ) 135 (49,615 ) Cash flows from financing activities: Payments under short-term agreements — — (585 ) — (585 ) Principal payments on long-term borrowings — — (887 ) — (887 ) Dividends paid (33,862 ) — — — (33,862 ) Dividends to noncontrolling interest — — (5,674 ) — (5,674 ) Intercompany dividends 22,662 — (22,662 ) — — Intercompany capital contribution (10,818 ) 10,818 — — — Proceeds from exercises under stock plans 35,159 — — — 35,159 Purchase of common treasury shares - stock plan exercises (26,161 ) — — — (26,161 ) Net cash flows from financing activities (13,020 ) 10,818 (29,808 ) — (32,010 ) Effect of exchange rate changes on cash and cash equivalents — 205 27,477 — 27,682 Net change in cash and cash equivalents 16,104 (767 ) 63,868 — 79,205 Cash, cash equivalents, and restricted cash—beginning of year 67,225 6,071 340,304 — 413,600 Cash, cash equivalents, and restricted cash—end of period $ 83,329 $ 5,304 $ 404,172 $ — $ 492,805 (21) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year ended December 31, 2016 |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data (Unaudited) | Net Earnings Gross Per Share Stock Price Dividends Net Sales Profit Amount Basic Diluted High Low Declared 2018 First $ 698,684 $ 169,240 $ 39,281 $ 1.74 $ 1.72 $ 171.55 $ 140.10 $ 0.375 Second 682,405 174,999 32,960 1.47 1.46 154.60 137.90 0.375 Third (1) 678,692 164,340 4,448 0.20 0.20 157.15 135.00 0.375 Fourth (2) 697,363 149,701 17,662 0.80 0.80 141.38 103.01 0.375 Year $ 2,757,144 $ 658,280 $ 94,351 $ 4.23 $ 4.20 $ 171.55 $ 103.01 $ 1.50 2017 First $ 637,473 $ 164,605 $ 38,979 $ 1.73 $ 1.72 $ 165.20 $ 135.95 $ 0.375 Second 712,737 183,280 45,664 2.03 2.01 157.60 144.65 0.375 Third 680,779 163,594 35,208 1.56 1.55 160.35 140.90 0.375 Fourth (3) 714,978 170,289 (3,611 ) (0.16 ) (0.16 ) 176.35 153.65 0.375 Year $ 2,745,967 $ 681,768 $ 116,240 $ 5.16 $ 5.11 $ 176.35 $ 135.95 $ 1.50 Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. _______________________________ (1) The third quarter of 2018 included an impairment of goodwill and intangible assets totaling $14,736 after tax ($0.66 per share) and refinancing of long-term debt expenses of $11,115 after-tax ($0.50 per share). (2) In the fourth quarter of 2018, the Company recognized restructuring activities expenses and non-recurring asset impairment charges from exiting certain markets of $20,625 after-tax ($0.92 per share). (3) The fourth quarter of 2017 was impacted by the 2017 Tax Act. We remeasured our U.S. deferred income tax assets using a blended rate of 25.0% recognizing deferred income tax expense of approximately $20,372 ( $0.90 per share). We also recorded a provision charge of approximately $9,890 ( $0.44 per share) of income tax expense for the deemed repatriation transition tax and $11,673 ( $0.51 per share) of deferred expenses related to foreign withholding taxes and U.S. state income taxes. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2018GBP (£)segment | Dec. 29, 2018USD ($)segment | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Line Items] | ||||
Limit on employer contributions per annum | £ 10,000 | $ 12,690 | ||
Cash overdrafts | ||||
Cash book overdrafts | $ 8,888 | $ 21,537 | ||
Segments | ||||
Number of reportable segments | segment | 4 | 4 | ||
Maximum percentage of sales of other businesses and activities to consolidated sales as basis for aggregation | 10.00% | 10.00% | ||
Fiscal year | ||||
Length of fiscal year | 364 days | 364 days | 371 days | 364 days |
Additional net sales | $ 50,000 | |||
Additional net earnings | $ 3,000 | |||
Accounts receivable | ||||
Allowance for doubtful accounts | $ 8,277 | |||
Inventories | ||||
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market | 37.00% | 37.00% | ||
Excess of replacement cost of inventories over the LIFO value | $ 53,619 | $ 43,727 | ||
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | 67,499 | 69,046 | $ 66,482 | |
Research and development expenses | $ 11,500 | $ 11,600 | $ 8,300 | |
Minimum | ||||
Principles of Consolidation | ||||
Equity method investment in affiliates, ownership percentage | 20.00% | |||
Property, Plant and Equipment [Abstract] | ||||
Intangible assets lives | 5 years | 5 years | ||
Maximum | ||||
Principles of Consolidation | ||||
Equity method investment in affiliates, ownership percentage | 50.00% | |||
Cost method investment in affiliates, ownership percentage | 20.00% | 20.00% | ||
Property, Plant and Equipment [Abstract] | ||||
Intangible assets lives | 20 years | 20 years | ||
Buildings and improvements | Minimum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 15 years | 15 years | ||
Buildings and improvements | Maximum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 40 years | 40 years | ||
Machinery and equipment | Minimum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 3 years | 3 years | ||
Machinery and equipment | Maximum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 12 years | 12 years | ||
Transportation equipment | Minimum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 3 years | 3 years | ||
Transportation equipment | Maximum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 24 years | 24 years | ||
Office furniture and equipment | Minimum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 3 years | 3 years | ||
Office furniture and equipment | Maximum | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful lives | 7 years | 7 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PP&E (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Long-lived assets | |||
Depreciation expense | $ 67,499 | $ 69,046 | $ 66,482 |
Buildings and improvements | Minimum | |||
Long-lived assets | |||
Estimated useful lives | 15 years | ||
Buildings and improvements | Maximum | |||
Long-lived assets | |||
Estimated useful lives | 40 years | ||
Machinery and equipment | Minimum | |||
Long-lived assets | |||
Estimated useful lives | 3 years | ||
Machinery and equipment | Maximum | |||
Long-lived assets | |||
Estimated useful lives | 12 years | ||
Transportation equipment | Minimum | |||
Long-lived assets | |||
Estimated useful lives | 3 years | ||
Transportation equipment | Maximum | |||
Long-lived assets | |||
Estimated useful lives | 24 years | ||
Office furniture and equipment | Minimum | |||
Long-lived assets | |||
Estimated useful lives | 3 years | ||
Office furniture and equipment | Maximum | |||
Long-lived assets | |||
Estimated useful lives | 7 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) | 12 Months Ended |
Dec. 29, 2018 | |
Minimum | |
Intangible assets | |
Intangible assets lives | 5 years |
Maximum | |
Intangible assets | |
Intangible assets lives | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Components of accumulated other comprehensive income (loss) | |
Beginning balance | $ 1,151,795 |
Current-period comprehensive income (loss) | (34,581) |
Divestiture of grinding media business | 10,418 |
Ending balance | 1,135,523 |
Foreign Currency Translation Adjustments | |
Components of accumulated other comprehensive income (loss) | |
Beginning balance | (171,399) |
Current-period comprehensive income (loss) | (68,065) |
Divestiture of grinding media business | 9,203 |
Ending balance | (230,261) |
Gain on Hedging Activities | |
Components of accumulated other comprehensive income (loss) | |
Beginning balance | 6,357 |
Current-period comprehensive income (loss) | 3,599 |
Divestiture of grinding media business | 1,215 |
Ending balance | 11,171 |
Defined Benefit Pension Plan | |
Components of accumulated other comprehensive income (loss) | |
Beginning balance | (113,980) |
Current-period comprehensive income (loss) | 29,885 |
Divestiture of grinding media business | 0 |
Ending balance | (84,095) |
Accumulated Other Comprehensive Income (Loss) | |
Components of accumulated other comprehensive income (loss) | |
Beginning balance | (279,022) |
Ending balance | $ (303,185) |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Repurchases (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 56 Months Ended | |||
May 31, 2014 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 29, 2018 | Feb. 28, 2015 | |
Accounting Policies [Abstract] | ||||||
Authorized amount | $ 500,000,000 | $ 250,000,000 | ||||
Length of authorization period | 12 months | |||||
Shares acquired under share repurchase program | 843,278 | 0 | 441,494 | 5,431,409 | ||
Amount paid for share repurchase | $ 114,805,000 | $ 0 | $ 53,800,000 | $ 732,600,000 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Inventories | $ 383,566 | $ 420,948 | $ 383,566 | $ 420,948 | ||||||||
Contract asset - costs and profits in excess of billings | 112,525 | 16,165 | 112,525 | 16,165 | ||||||||
Accrued expenses | 91,942 | 81,029 | 91,942 | 81,029 | ||||||||
Deferred income taxes | 43,489 | 34,906 | 43,489 | 34,906 | ||||||||
Retained earnings | 2,027,596 | 1,954,344 | 2,027,596 | 1,954,344 | ||||||||
Net sales | 697,363 | $ 678,692 | $ 682,405 | $ 698,684 | 714,978 | $ 680,779 | $ 712,737 | $ 637,473 | 2,757,144 | 2,745,967 | $ 2,521,676 | |
Operating income | 202,280 | 267,080 | 245,374 | |||||||||
Contract with customer, liability, current | 4,906 | 7 | 4,906 | 7 | ||||||||
Contract with customer, liability, revenue recognized | 5,222 | |||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Inventories | 446,267 | (36,243) | 446,267 | (36,243) | ||||||||
Contract asset - costs and profits in excess of billings | 24,647 | 51,507 | 24,647 | 51,507 | ||||||||
Accrued expenses | 86,174 | 2,043 | 86,174 | 2,043 | ||||||||
Deferred income taxes | 38,492 | 3,450 | 38,492 | 3,450 | ||||||||
Retained earnings | 2,013,184 | 9,771 | 2,013,184 | 9,771 | ||||||||
Net sales | 2,720,773 | |||||||||||
Operating income | 196,092 | |||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Inventories | (62,701) | 384,705 | (62,701) | 384,705 | ||||||||
Contract asset - costs and profits in excess of billings | 87,878 | 67,672 | 87,878 | 67,672 | $ 51,507 | |||||||
Accrued expenses | 5,768 | 83,072 | 5,768 | 83,072 | ||||||||
Deferred income taxes | 4,997 | 38,356 | 4,997 | 38,356 | ||||||||
Retained earnings | $ 14,412 | 1,964,115 | 14,412 | 1,964,115 | ||||||||
Net sales | 36,371 | |||||||||||
Operating income | 13,121 | 6,188 | ||||||||||
Offshore and Other Complex Steel Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Contract asset - costs and profits in excess of billings | $ 16,165 | 16,165 | ||||||||||
Utility Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 855,206 | 856,244 | 735,617 | |||||||||
Operating income | 64,766 | 97,853 | 71,171 | |||||||||
Engineered Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 967,358 | 912,240 | 891,099 | |||||||||
Operating income | 34,776 | 62,960 | 72,273 | |||||||||
Coatings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 256,811 | 243,877 | ||||||||||
Operating income | 55,325 | 50,179 | 46,596 | |||||||||
Irrigation | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 624,761 | 644,372 | 567,973 | |||||||||
Operating income | 97,722 | 101,498 | 90,945 | |||||||||
Other | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 23,080 | 76,300 | 83,110 | |||||||||
Operating income | (913) | 2,134 | $ 8,730 | |||||||||
Transferred at Point in Time | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 1,861,641 | |||||||||||
Transferred at Point in Time | Utility Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 16,760 | |||||||||||
Transferred at Point in Time | Engineered Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 922,677 | |||||||||||
Transferred at Point in Time | Coatings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 286,739 | |||||||||||
Transferred at Point in Time | Irrigation | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 612,385 | |||||||||||
Transferred at Point in Time | Other | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | $ 23,080 | |||||||||||
Transferred over Time | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 895,503 | |||||||||||
Transferred over Time | Utility Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 838,446 | |||||||||||
Transferred over Time | Engineered Support Structures | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 44,681 | |||||||||||
Transferred over Time | Coatings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 0 | |||||||||||
Transferred over Time | Irrigation | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | 12,376 | |||||||||||
Transferred over Time | Other | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net sales | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Principles (Details) £ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2016USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Retained earnings | $ 1,954,344 | $ 2,027,596 | $ 1,954,344 | ||||||
Operating income | 202,280 | 267,080 | $ 245,374 | ||||||
Other | (19,270) | 1,292 | 16,384 | ||||||
Cash and cash equivalents | $ 399,948 | ||||||||
Net cash flows from operating activities | 153,008 | 133,148 | 232,820 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Retained earnings | 9,771 | 2,013,184 | 9,771 | ||||||
Operating income | 196,092 | ||||||||
Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative impact of accounting standard updates | $ 9,771 | ||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Retained earnings | 1,964,115 | 14,412 | 1,964,115 | ||||||
Revenue from contract with customer | 51,507 | ||||||||
Operating income | 13,121 | $ 6,188 | |||||||
Accounting Standards Update 2017-07 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Other | 648 | $ 1,870 | |||||||
Accounting Standards Update 2016-18 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cash and cash equivalents | £ | £ 10,000 | ||||||||
Net cash flows from operating activities | $ (12,568) | ||||||||
Accounting Standards Update 2016-16 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative impact of accounting standard updates | 1,038 | ||||||||
Retained earnings | Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative impact of accounting standard updates | 9,771 | ||||||||
Retained earnings | Accounting Standards Update 2016-16 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative impact of accounting standard updates | $ 1,038 | $ 1,038 | $ 1,038 | ||||||
Subsequent Event | Accounting Standards Update 2016-02 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Liability | $ 100,000 | ||||||||
Right-of-use asset | 115,000 | ||||||||
Maximum | Subsequent Event | Accounting Standards Update 2016-02 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Liability | 120 | ||||||||
Right-of-use asset | $ 125,000 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands | Oct. 18, 2018 | Aug. 03, 2018 | Aug. 01, 2018 | Jan. 26, 2018 | Jul. 31, 2017 | Mar. 30, 2018 | Jun. 30, 2016 | Apr. 30, 2016 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 31, 2019 | Sep. 29, 2018 | Mar. 31, 2018 | Jun. 25, 2016 |
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | $ 385,207 | $ 337,720 | $ 321,110 | ||||||||||||
Acquisitions, net of cash acquired | 143,020 | 5,362 | 0 | ||||||||||||
Purchase of noncontrolling interest | (5,510) | $ 0 | $ (11,009) | ||||||||||||
CSP Coatings Systems Of Auckland | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash paid to acquire business | $ 17,711 | ||||||||||||||
Property, plant and equipment | 7,373 | ||||||||||||||
Goodwill | 5,120 | ||||||||||||||
Walpar, LLC [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash paid to acquire business | $ 57,805 | ||||||||||||||
Goodwill | $ 42,216 | ||||||||||||||
Ownership percentage acquired | 72.00% | ||||||||||||||
Convert Italia SpA | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash paid to acquire business | $ 43,504 | ||||||||||||||
Goodwill | $ 34,280 | ||||||||||||||
Ownership percentage acquired | 75.00% | ||||||||||||||
Fair value of contingent consideration | $ 11,608 | ||||||||||||||
Derit Infrastructure Pvt. Ltd. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash paid to acquire business | $ 14,700 | ||||||||||||||
Torrent Engineering and Equipment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash paid to acquire business | $ 4,800 | ||||||||||||||
Intangible assets | 4,020 | ||||||||||||||
Goodwill | $ 3,922 | ||||||||||||||
Ownership percentage acquired | 60.00% | ||||||||||||||
Annual sales | $ 9,000 | ||||||||||||||
Aircon Guardrails Private Limited | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | $ 2,109 | ||||||||||||||
Goodwill | $ 3,327 | ||||||||||||||
Annual sales | 10,000 | ||||||||||||||
Acquisitions, net of cash acquired | $ 5,362 | ||||||||||||||
Walpar, Convert, Torrent and CSP Coatings | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Net sales of acquiree | 33,973 | ||||||||||||||
Net earnings of acquiree | $ 1,566 | ||||||||||||||
Valmont Industria e Commercio Ltda. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage acquired | 10.00% | ||||||||||||||
Purchase of noncontrolling interest | $ (5,510) | ||||||||||||||
IGC Galvanizing Industries (M) Sdn Bhd | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage acquired | 30.00% | ||||||||||||||
Purchase of noncontrolling interest | $ (5,841) | ||||||||||||||
Valmont SM | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage acquired | 5.20% | ||||||||||||||
Purchase of noncontrolling interest | $ (5,168) | ||||||||||||||
Valmont SM | Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage acquired | 10.00% | ||||||||||||||
Customer Relationships | CSP Coatings Systems Of Auckland | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | $ 3,113 | ||||||||||||||
Weighted Average Amortization Period (Years) | 10 years | ||||||||||||||
Customer Relationships | Walpar, LLC [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted Average Amortization Period (Years) | 14 years | ||||||||||||||
Patents & Proprietary Technology | Convert Italia SpA | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted Average Amortization Period (Years) | 15 years | ||||||||||||||
Subsequent Event | Walpar, LLC [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage acquired | 28.00% |
ACQUISITIONS - Assets acquired
ACQUISITIONS - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Aug. 03, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 385,207 | $ 337,720 | $ 321,110 | |
Walpar, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 13,210 | |||
Patent and Proprietary Technology | 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 interests | 23,082 | |||
Net assets acquired | 57,805 | |||
Convert Italia SpA | ||||
Business Acquisition [Line Items] | ||||
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 interests | 14,501 | |||
Net assets acquired | $ 43,504 |
ACQUISITIONS - Pro Forma Inform
ACQUISITIONS - Pro Forma Information (Details) - Walpar, Convert, Torrent and CSP Coatings - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition [Line Items] | ||
Net sales | $ 2,798,705 | $ 2,818,035 |
Net earnings | $ 97,170 | $ 122,407 |
Earnings per share-diluted (in dollars per share) | $ 4,320 | $ 5,390 |
DIVESTITURE - Narrative (Detail
DIVESTITURE - Narrative (Details) - Donhad $ in Thousands, $ in Thousands | Apr. 30, 2018AUD ($) | Apr. 30, 2018USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax income/(loss) | $ 2,134 | $ (913) | ||
Disposed by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture | $ 82,500 | $ 62,518 | ||
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 |
RESTRUCTURING ACTIVITIES (Detai
RESTRUCTURING ACTIVITIES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2019facility | Sep. 29, 2018USD ($) | Dec. 29, 2018USD ($)facility | Dec. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | $ 14,355 | $ 14,355 | $ 34,892 | |
Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | $ 4,581 | |||
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number Of Facilities Closed | facility | 7 | |||
ESS | Restructuring Asset Impairment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 8 | |||
Coatings Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | 14,355 | 0 | ||
Engineered Support Structures | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | 0 | 18,670 | ||
Coatings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | 0 | 16,222 | ||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | 0 | 0 | ||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment | 0 | $ 0 | ||
Selling, General and Administrative Expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 7,825 | |||
Selling, General and Administrative Expenses | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 585 | |||
Selling, General and Administrative Expenses | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 2,195 | |||
Selling, General and Administrative Expenses | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 2,780 | |||
Selling, General and Administrative Expenses | Engineered Support Structures | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 7,286 | |||
Selling, General and Administrative Expenses | Engineered Support Structures | Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,040 | |||
Selling, General and Administrative Expenses | Engineered Support Structures | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 349 | |||
Selling, General and Administrative Expenses | Engineered Support Structures | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,961 | |||
Selling, General and Administrative Expenses | Engineered Support Structures | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 2,310 | |||
Selling, General and Administrative Expenses | Coatings | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 305 | |||
Selling, General and Administrative Expenses | Coatings | Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 602 | |||
Selling, General and Administrative Expenses | Coatings | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 236 | |||
Selling, General and Administrative Expenses | Coatings | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Selling, General and Administrative Expenses | Coatings | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 236 | |||
Selling, General and Administrative Expenses | Other | Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 468 | |||
Selling, General and Administrative Expenses | Other | Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,943 | |||
Selling, General and Administrative Expenses | Other/ Corporate | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 234 | |||
Selling, General and Administrative Expenses | Other/ Corporate | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Selling, General and Administrative Expenses | Other/ Corporate | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 234 | |||
Selling, General and Administrative Expenses | Other/ Corporate | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 234 | |||
Cost of Sales | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 5,045 | |||
Cost of Sales | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,689 | |||
Cost of Sales | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 2,257 | |||
Cost of Sales | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,099 | |||
Cost of Sales | Coatings Segment | Broad Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 528 | |||
Cost of Sales | Engineered Support Structures | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 4,976 | |||
Cost of Sales | Engineered Support Structures | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,620 | |||
Cost of Sales | Engineered Support Structures | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 2,257 | |||
Cost of Sales | Engineered Support Structures | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 1,099 | |||
Cost of Sales | Coatings | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 69 | |||
Cost of Sales | Coatings | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 69 | |||
Cost of Sales | Coatings | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Cost of Sales | Coatings | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Cost of Sales | Other/ Corporate | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Cost of Sales | Other/ Corporate | Severance | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Cost of Sales | Other/ Corporate | Other cash restructuring expenses | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 0 | |||
Cost of Sales | Other/ Corporate | Asset impairments/net loss on disposals | 2016 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | $ 0 | |||
CHINA | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number Of Facilities Closed | facility | 3 | |||
Scenario, Forecast | ESS | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number Of Facilities Closed | facility | 1 | |||
Scenario, Forecast | Utility Support Structures Segment | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number Of Facilities Closed | facility | 1 |
DIVESTITURE - Summary of Assets
DIVESTITURE - Summary of Assets and Liabilities of Divestiture (Details) - Donhad - Disposed by sale $ in Thousands | Apr. 30, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Receivables, net | $ 9,848 |
Inventories | 15,945 |
Net property, plant, and equipment | 13,815 |
Goodwill and intangible assets | 27,153 |
Other assets | 1,388 |
Total assets | 68,149 |
Accounts payable | 7,125 |
Accrued expenses | 2,484 |
Deferred income taxes | 2,187 |
Total liabilities | 11,796 |
Net assets | $ 56,353 |
RESTRUCTURING ACTIVITIES - Res
RESTRUCTURING ACTIVITIES - Restruciting Expenses and Related Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 34,031 |
Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 18,380 |
Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 15,651 |
Severance | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 8,080 |
Severance | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 11,883 |
Other cash restructuring expenses | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 5,740 |
Other cash restructuring expenses | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 3,328 |
Asset impairments/net loss on disposals | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 4,560 |
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 440 |
Engineered Support Structures | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 28,572 |
Engineered Support Structures | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 14,327 |
Engineered Support Structures | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 14,245 |
Engineered Support Structures | Severance | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 6,255 |
Engineered Support Structures | Severance | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 10,654 |
Engineered Support Structures | Other cash restructuring expenses | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 3,512 |
Engineered Support Structures | Other cash restructuring expenses | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 3,151 |
Engineered Support Structures | Asset impairments/net loss on disposals | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 4,560 |
Engineered Support Structures | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 440 |
Utility Support Structures | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 5,153 |
Utility Support Structures | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 4,053 |
Utility Support Structures | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 1,100 |
Utility Support Structures | Severance | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 1,825 |
Utility Support Structures | Severance | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 1,100 |
Utility Support Structures | Other cash restructuring expenses | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 2,228 |
Utility Support Structures | Other cash restructuring expenses | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Utility Support Structures | Asset impairments/net loss on disposals | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Utility Support Structures | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Irrigation | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 180 |
Irrigation | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Irrigation | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 180 |
Irrigation | Severance | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 129 |
Irrigation | Other cash restructuring expenses | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Irrigation | Other cash restructuring expenses | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 51 |
Irrigation | Asset impairments/net loss on disposals | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Irrigation | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 126 |
Other/ Corporate | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 126 |
Other/ Corporate | Severance | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | Severance | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | Other cash restructuring expenses | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | Other cash restructuring expenses | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 126 |
Other/ Corporate | Asset impairments/net loss on disposals | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0 |
Other/ Corporate | Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 0 |
DIVESTITURE - Summary of Gain (
DIVESTITURE - Summary of Gain (Loss) on Divestiture (Details) - USD ($) | Apr. 30, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net pre-tax loss from divestiture of the grinding media business | $ (6,084,000) | $ 0 | $ 0 | |
Donhad | Disposed by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain from divestiture, before recognition of currency translation loss | $ 4,334,000 | |||
Recognition of cumulative currency translation loss and hedges (out of OCI) | (10,418,000) | |||
Net pre-tax loss from divestiture of the grinding media business | $ (6,084,000) |
RESTRUCTURING ACTIVITIES (Det_2
RESTRUCTURING ACTIVITIES (Details 2) - Broad Restructuring Plan $ in Thousands | Dec. 29, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | $ 4,581 |
Engineered Support Structures | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | 1,040 |
Utility Support Structures | Cost of Sales | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | 528 |
Coatings | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | 602 |
Irrigation | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | 468 |
Other | Selling, General and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost remaining | $ 1,943 |
RESTRUCTURING ACTIVITIES RESTRU
RESTRUCTURING ACTIVITIES RESTRUCTURING ACTIVITIES (Details 3) $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | $ 1,216 |
Recognized Restructuring Expense | 29,031 |
Costs Paid or Otherwise Settled | (20,191) |
Ending balance | 10,056 |
Severance | |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | 0 |
Recognized Restructuring Expense | 19,963 |
Costs Paid or Otherwise Settled | (13,369) |
Ending balance | 6,594 |
Other cash restructuring expenses | |
Restructuring Cost and Reserve [Roll Forward] | |
Beginning balance | 1,216 |
Recognized Restructuring Expense | 9,068 |
Costs Paid or Otherwise Settled | (6,822) |
Ending balance | $ 3,462 |
CASH FLOW SUPPLEMENTARY INFOR_3
CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 56 Months Ended | |||
May 31, 2014 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 29, 2018 | Feb. 28, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||||||
Maximum amount of common stock authorized to repurchase under share repurchase program | $ 500,000,000 | $ 250,000,000 | ||||
Period over which common stock are authorized to repurchase under share repurchase program | 12 months | |||||
Shares acquired under share repurchase program | 843,278 | 0 | 441,494 | 5,431,409 | ||
Amount paid for share repurchase | $ 114,805,000 | $ 0 | $ 53,800,000 | $ 732,600,000 | ||
Supplemental Cash Flow Information [Abstract] | ||||||
Interest | 43,305,000 | 44,528,000 | 45,683,000 | |||
Income taxes | $ 47,355,000 | $ 63,791,000 | $ 48,203,000 |
CASH FLOW SUPPLEMENTARY INFOR_4
CASH FLOW SUPPLEMENTARY INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 399,948 | |||
Restricted cash included in other current assets | 13,652 | |||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 313,210 | $ 492,805 | $ 413,600 | $ 349,074 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 190,115 | $ 183,029 |
Work-in-process | 35,566 | 30,671 |
Finished goods and manufactured goods | 211,504 | 250,975 |
Subtotal | 437,185 | 464,675 |
Less: LIFO reserve | 53,619 | 43,727 |
Net inventory | $ 383,566 | $ 420,948 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Long-lived assets | ||
Property, plant and equipment, at cost | $ 1,160,865 | $ 1,165,687 |
Land and improvements | ||
Long-lived assets | ||
Property, plant and equipment, at cost | 99,797 | 93,258 |
Buildings and improvements | ||
Long-lived assets | ||
Property, plant and equipment, at cost | 348,836 | 350,937 |
Machinery and equipment | ||
Long-lived assets | ||
Property, plant and equipment, at cost | 549,311 | 588,439 |
Transportation equipment | ||
Long-lived assets | ||
Property, plant and equipment, at cost | 24,380 | 23,682 |
Office furniture and equipment | ||
Long-lived assets | ||
Property, plant and equipment, at cost | 85,239 | 82,025 |
Construction in progress | ||
Long-lived assets | ||
Property, plant and equipment, at cost | $ 53,302 | $ 27,346 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Operating leases | |||
Rental expense for operating leases | $ 25,549 | $ 25,612 | $ 24,756 |
Minimum lease payments under operating leases | |||
2,016 | 18,757 | ||
2,017 | 16,830 | ||
2,018 | 13,992 | ||
2,019 | 11,932 | ||
2,020 | 8,866 | ||
Subsequent | 76,438 | ||
Total minimum lease payments | $ 146,815 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Components of amortized intangible assets | |||
Gross Carrying Amount | $ 251,141 | $ 216,035 | |
Accumulated Amortization | 143,908 | 142,289 | |
Amortization expense for intangible assets | 15,328 | 15,911 | $ 15,935 |
Estimated amortization expense | |||
2,016 | 16,170 | ||
2,017 | 15,082 | ||
2,018 | 13,079 | ||
2,019 | 10,976 | ||
2,020 | 9,264 | ||
Customer Relationships | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 219,508 | 200,810 | |
Accumulated Amortization | $ 132,180 | $ 131,062 | |
Weighted Average Life | 13 years | 13 years | |
Patents & Proprietary Technology | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | $ 23,662 | $ 6,693 | |
Accumulated Amortization | $ 4,837 | $ 3,999 | |
Weighted Average Life | 14 years | 11 years | |
Other | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | $ 7,971 | $ 8,532 | |
Accumulated Amortization | $ 6,891 | $ 7,228 | |
Weighted Average Life | 5 years | 5 years |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Newmark | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 11,111 | $ 11,111 |
Webforge | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 8,872 | 9,432 |
Valmont SM | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 8,155 | 9,973 |
Ingal EPS/Ingal Civil Products | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 7,233 | 7,690 |
Donhad | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 0 | 5,801 |
Shakespeare | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 4,000 | 4,000 |
Walpar, LLC [Member] | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 4,300 | 0 |
Convert | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 8,580 | 0 |
Other | ||
Non-amortized intangible assets | ||
Carrying value of trade names | 16,472 | 16,846 |
Trade Names | ||
Non-amortized intangible assets | ||
Carrying value of trade names | $ 68,723 | $ 64,853 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||
Goodwill, Gross | $ 372,612 | $ 356,002 | ||
Goodwill, Impaired, Accumulated Impairment Loss | (34,892) | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | $ 337,720 | 321,110 | ||
Acquisitions | $ (14,355) | (14,355) | (34,892) | |
Goodwill, Transfers | (15,814) | |||
Acquisition | 87,119 | 3,449 | ||
Foreign currency translation | (9,463) | 13,161 | ||
Balance at the end of the period | 385,207 | 337,720 | ||
Engineered Support Structures | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 170,076 | 157,689 | ||
Goodwill, Impaired, Accumulated Impairment Loss | (18,670) | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | 151,406 | 139,019 | ||
Acquisitions | 0 | (18,670) | ||
Goodwill, Transfers | 0 | |||
Acquisition | 42,216 | 3,449 | ||
Foreign currency translation | 8,938 | |||
Balance at the end of the period | 186,065 | 151,406 | ||
Coatings Segment | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 90,248 | 88,451 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | 90,248 | 88,451 | ||
Acquisitions | (14,355) | 0 | ||
Goodwill, Transfers | 0 | |||
Acquisition | 34,280 | 0 | ||
Foreign currency translation | 1,797 | |||
Balance at the end of the period | 109,263 | 90,248 | ||
Irrigation Segment | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 76,696 | 75,791 | ||
Goodwill, Impaired, Accumulated Impairment Loss | (16,222) | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | 60,474 | 59,569 | ||
Acquisitions | 0 | (16,222) | ||
Goodwill, Transfers | 0 | |||
Acquisition | 5,120 | 0 | ||
Foreign currency translation | 905 | |||
Balance at the end of the period | 64,715 | 60,474 | ||
Other | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 19,778 | 19,611 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | 19,778 | 19,611 | ||
Acquisitions | 0 | 0 | ||
Goodwill, Transfers | 0 | |||
Acquisition | 5,503 | 0 | ||
Foreign currency translation | 167 | |||
Balance at the end of the period | 25,164 | 19,778 | ||
Other | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 15,814 | $ 14,460 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Carrying amount of goodwill | ||||
Balance at the beginning of the period | 15,814 | 14,460 | ||
Acquisitions | 0 | 0 | ||
Goodwill, Transfers | (15,814) | |||
Acquisition | 0 | 0 | ||
Foreign currency translation | 1,354 | |||
Balance at the end of the period | $ 0 | $ 15,814 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 14,355 | $ 14,355 | $ 34,892 |
Engineered Support Structures | |||
Goodwill [Line Items] | |||
Goodwill impairment | 0 | 18,670 | |
Coatings | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 16,222 | |
Webforge | |||
Goodwill [Line Items] | |||
Impairment of intangible assets | $ 1,425 |
BANK CREDIT ARRANGEMENTS (Detai
BANK CREDIT ARRANGEMENTS (Details) - USD ($) | Dec. 29, 2018 | Dec. 30, 2017 |
Bank Credit Arrangements | ||
Outstanding amount | $ 10,678,000 | $ 161,000 |
Short-term borrowings | ||
Bank Credit Arrangements | ||
Total line of credit facility for short-term borrowings | 137,679 | |
Outstanding amount | 10,678,000 | $ 161,000 |
Unused and available borrowings | $ 127,001,000 | |
Weighted average interest rate on short-term borrowings (as a percent) | 1.37% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | ||||
United States | $ 127,852,000 | $ 152,372,000 | $ 136,682,000 | |
Foreign | 15,589,000 | 76,092,000 | 83,772,000 | |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441,000 | 228,464,000 | 220,454,000 | |
2017 tax act, estimated income tax expense | 41,935 | |||
2017 tax act, estimated income tax expense from decrease related to deferred taxes | $ 20,372,000 | 20,372,000 | ||
Unremitted foreign earnings | 394,000 | 394,000 | ||
Current: | ||||
Federal | 21,106,000 | 49,324,000 | 41,539,000 | |
State | 6,585,000 | 4,415,000 | 5,467,000 | |
Foreign | 17,559,000 | 12,880,000 | 19,123,000 | |
Total | 45,250,000 | 66,619,000 | 66,129,000 | |
Non-current: | (456,000) | (229,000) | (381,000) | |
Deferred: | ||||
Federal | 213,000 | (9,626,000) | 8,504,000 | |
State | 9,000 | (385,000) | 202,000 | |
Foreign | $ 11,673,000 | (1,881,000) | 49,766,000 | (32,391,000) |
Total | (1,659,000) | 39,755,000 | (23,685,000) | |
Total income tax expense (benefit) | $ 43,135,000 | $ 106,145,000 | $ 42,063,000 | |
Reconciliations of statutory federal income tax rate and effective tax rate | ||||
Statutory federal income tax rate (as a percent) | 25.00% | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit (as a percent) | 3.50% | 1.40% | 1.70% | |
Carryforwards, credits and changes in valuation allowances (as a percent) | 3.20% | (1.40%) | 2.90% | |
Foreign tax rate differences (as a percent) | (1.00%) | (4.10%) | (4.80%) | |
Changes in unrecognized tax benefits (as a percent) | (0.30%) | (0.10%) | (0.20%) | |
Domestic production activities deduction (as a percent) | (0.00%) | (2.10%) | (2.00%) | |
Goodwill impairment (as a percent) | 2.20% | 0.00% | 0.00% | |
UK tax rate reduction (as a percent) | 0.00% | 0.00% | 1.00% | |
Reversal of contingent liability (as a percent) | (0.00%) | (0.00%) | (2.20%) | |
UK defined benefit pension plan (as a percent) | (0.00%) | (0.00%) | (14.60%) | |
Effects of 2017 Tax Act (as a percent) | (0.50%) | 18.40% | 0.00% | |
Other (as a percent) | 2.00% | (0.60%) | 2.30% | |
Total (as a percent) | 30.10% | 46.50% | 19.10% | |
Deferred income tax assets: | ||||
Accrued expenses and allowances | $ 4,354,000 | $ 4,354,000 | $ 13,373,000 | |
Accrued insurance | 644,000 | 644,000 | 818,000 | |
Tax credits and loss carryforwards | 56,867,000 | 56,867,000 | 54,521,000 | |
Defined benefit pension liability | 36,328,000 | 36,328,000 | 47,459,000 | |
Inventory allowances | 4,384,000 | 4,384,000 | 3,433,000 | |
Accrued warranty | 3,914,000 | 3,914,000 | 4,602,000 | |
Deferred compensation | 28,706,000 | 28,706,000 | 29,421,000 | |
Gross deferred income tax assets | 135,197,000 | 135,197,000 | 153,627,000 | |
Valuation allowance | (33,228,000) | (33,228,000) | (27,864,000) | |
Net deferred income tax assets | 101,969,000 | 101,969,000 | 125,763,000 | |
Deferred income tax liabilities: | ||||
Work-in-process | 1,064,000 | 1,064,000 | 1,805,000 | |
Property, plant and equipment | 25,477,000 | 25,477,000 | 26,826,000 | |
Intangible assets | 44,850,000 | 44,850,000 | 39,613,000 | |
Withholding taxes | 2,746,000 | 2,746,000 | 11,673,000 | |
Other liabilities | 4,545,000 | 4,545,000 | 1,819,000 | |
Total deferred income tax liabilities | 78,682,000 | 78,682,000 | 81,736,000 | |
Net deferred income tax asset/(liability) | 23,287,000 | 23,287,000 | 44,027,000 | |
Deferred income tax assets (liabilities), Balance Sheet Caption | ||||
Other assets | 66,776,000 | 66,776,000 | 78,933,000 | |
Deferred income taxes | (43,489,000) | (43,489,000) | (34,906,000) | |
Net deferred income tax asset/(liability) | 23,287,000 | 23,287,000 | 44,027,000 | |
Income tax expense due to nondeductible goodwill impairment | 3,171 | |||
Income tax expense due to nondeductible restructuring charges | 6,756 | |||
Remeasurement of income tax benefit related to UK benefit plans | 32,450,000 | |||
Provision for valuation allowance | 9,888,000 | |||
Reversal of non-current contingent liability | 16,591,000 | |||
Tax credit and net operating loss carryforwards related to the defined benefit pension obligation | 57,000 | 57,000 | 54,521,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Gross Unrecognized Tax Benefits beginning of year | 3,196,000 | 3,400,000 | ||
Gross increases—tax positions in prior period | 103,000 | 5,000 | ||
Gross decreases tax positions in prior period | (199,000) | 0 | ||
Gross increases current period tax positions | 280,000 | 1,044,000 | ||
Settlements with taxing authorities | (50,000) | (65,000) | ||
Lapse of statute of limitations | (731,000) | (1,188,000) | ||
Gross Unrecognized Tax Benefits end of year | 2,599,000 | 2,599,000 | 3,196,000 | $ 3,400,000 |
Uncertain tax positions for which reversal is reasonably possible during the next 12 months | 766 | 766 | ||
Reduction of income tax expense, due to expiration of statutes of limitation | 577,000 | 772,000 | ||
Accrued interest and penalties relating to unrecognized tax benefits | 196,000 | 196,000 | 187,000 | |
Unrecognized tax benefits that, if recognized, would affect effective tax rate | 2,536,000 | 2,536,000 | 3,059,000 | |
Federal | ||||
Income Tax Contingency [Line Items] | ||||
2017 tax act, provisional transition tax obligation | 9,890,000 | |||
2017 tax act, measurement basis adjustment, expense (benefit) | (550) | |||
Foreign | ||||
Income Tax Contingency [Line Items] | ||||
2017 tax act, provisional transition tax obligation | 10,373 | |||
2017 tax act, measurement basis adjustment, expense (benefit) | (140) | |||
2017 tax act, transition tax obligation | 918 | 918 | ||
State | ||||
Income Tax Contingency [Line Items] | ||||
2017 tax act, provisional transition tax obligation | $ 1,300 | |||
2017 tax act, transition tax obligation | $ 99 | 99 | ||
U.K. | Capital Loss Carryforward | ||||
Deferred income tax assets (liabilities), Balance Sheet Caption | ||||
Decrease in tax capital loss carryforwards | $ 60,691,000 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) | Jun. 11, 2018 | Sep. 29, 2018 | Dec. 29, 2018 | Aug. 24, 2018 | Jun. 19, 2018 | Dec. 30, 2017 | Oct. 18, 2017 | Oct. 17, 2017 |
Long-term debt: | ||||||||
Aggregate amount | $ 0 | $ 250,200,000 | ||||||
Debt issuance costs | (8,068,000) | (6,112,000) | ||||||
Total long-term debt | 742,601,000 | 754,854,000 | ||||||
Less current installments of long-term debt | 779,000 | 966,000 | ||||||
Long-term debt, excluding current installments | $ 741,822,000 | $ 753,888,000 | ||||||
Effective interest rate (as a percent) | 3.00% | 2.00% | ||||||
Minimum aggregate maturities of long-term debt | ||||||||
2,016 | $ 779,000 | |||||||
2,017 | 778,000 | |||||||
2,018 | 778,000 | |||||||
2,019 | 582,000 | |||||||
2,020 | 0 | |||||||
Senior Unsecured Notes 5.00% Due 2044 | ||||||||
Long-term debt: | ||||||||
Aggregate amount | $ 450,000,000 | $ 250,000,000 | ||||||
Redemption price of notes, stated as a percentage of principal amount (as a percent) | 100.00% | |||||||
Interest rate on notes (as a percent) | 5.00% | |||||||
Senior Unsecured Notes 5.25% Due 2054 | ||||||||
Long-term debt: | ||||||||
Aggregate amount | $ 305,000,000 | 250,000,000 | ||||||
Debt Instrument, Unamortized Discount | $ 7,538 | |||||||
Redemption price of notes, stated as a percentage of principal amount (as a percent) | 100.00% | |||||||
Interest rate on notes (as a percent) | 5.30% | |||||||
Unamortized discount on 5.00% and 5.25% senior unsecured notes | ||||||||
Long-term debt: | ||||||||
Unamortized premium on senior unsecured notes | $ (21,468,000) | (4,312,000) | ||||||
6.625% senior unsecured notes due in April 2020 | ||||||||
Long-term debt: | ||||||||
Unamortized premium on senior unsecured notes | $ 0 | (2,545,000) | ||||||
Interest rate on notes (as a percent) | 7.00% | |||||||
Revolving credit agreement | ||||||||
Long-term debt: | ||||||||
Total long-term debt | $ 5,719,000 | 0 | ||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||
Increase in borrowing capacity, maximum | 200,000,000 | |||||||
Outstanding line of credit | 14,600,000 | |||||||
Additional borrowing capacity | $ 579,700,000 | |||||||
Revolving credit agreement | Minimum | ||||||||
Long-term debt: | ||||||||
Basis points added to variable rate (as a percent) | 0.00% | |||||||
Revolving credit agreement | Maximum | ||||||||
Long-term debt: | ||||||||
Basis points added to variable rate (as a percent) | 6250.00% | |||||||
Revolving credit agreement | LIBOR | ||||||||
Long-term debt: | ||||||||
Variable interest rate basis | LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) | |||||||
Basis points added to variable rate (as a percent) | 10000.00% | |||||||
Variable interest rate, base period | 1 month | |||||||
Revolving credit agreement | LIBOR | Minimum | ||||||||
Long-term debt: | ||||||||
Basis points added to variable rate (as a percent) | 10000.00% | |||||||
Revolving credit agreement | LIBOR | Maximum | ||||||||
Long-term debt: | ||||||||
Basis points added to variable rate (as a percent) | 16250.00% | |||||||
Revolving credit agreement | Prime lending rate | ||||||||
Long-term debt: | ||||||||
Variable interest rate basis | prime lending rate | |||||||
Revolving credit agreement | Federal Funds rate | ||||||||
Long-term debt: | ||||||||
Variable interest rate basis | Federal Funds rate | |||||||
Basis points added to variable rate (as a percent) | 5000.00% | |||||||
Revolving credit agreement, foreign currency | ||||||||
Long-term debt: | ||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 200,000,000 | ||||||
IDR Bonds | ||||||||
Long-term debt: | ||||||||
Total long-term debt | $ 8,500,000 | 8,500,000 | ||||||
Other notes | ||||||||
Long-term debt: | ||||||||
Total long-term debt | 2,918,000 | $ 4,033,000 | ||||||
Short Term Bank Lines Of Credit | ||||||||
Long-term debt: | ||||||||
Additional borrowing capacity | 127,000,000 | |||||||
Balance | 137,700,000 | |||||||
6.625% senior unsecured notes due in April 2020 | Senior Notes [Member] | ||||||||
Long-term debt: | ||||||||
Extinguishment of Debt, Amount | $ 250,200,000 | |||||||
Repayments of Notes Payable | 266,000,000 | |||||||
Repayments Of Notes Payable, Accrued Interest | $ 3,600,000 | |||||||
Debt Instrument, Redemption Related Expenses | $ 14,820,000 | |||||||
Senior Unsecured Notes 5.00% Due 2044 | Senior Notes [Member] | ||||||||
Long-term debt: | ||||||||
Aggregate amount | 450,000 | $ 200,000,000 | ||||||
Debt Instrument, Unamortized Discount | 14,000 | |||||||
Interest rate on notes (as a percent) | 5.00% | 5.00% | ||||||
Revolving Credit Facility | Revolving credit agreement | ||||||||
Long-term debt: | ||||||||
Outstanding line of credit | $ 5,719 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Stock Based Compensation | |||
Shares of common stock available for issuance | 1,419,000 | ||
Number of Shares | |||
Exercised (in shares) | (63,717) | (284,574) | (109,893) |
Employee Stock Option [Member] | |||
Stock Based Compensation | |||
Compensation expense (included in selling, general and administrative expenses) | $ 4,064 | $ 5,137 | $ 5,782 |
Tax benefits associated with compensation expense | $ 1,016 | $ 1,952 | $ 2,197 |
Weighted average period over which unrecognized stock option compensation cost would be recognized | 2 years 5 months 9 days | ||
Unrecognized stock option compensation expense | $ 5,940 | ||
Assumptions used in estimating fair value of each option grant | |||
Expected volatility (as a percent) | 33.39% | 33.76% | 33.88% |
Risk-free interest rate (as a percent) | 2.67% | 2.12% | 1.83% |
Expected life from vesting date | 3 years | 3 years | 3 years |
Dividend yield (as a percent) | 1.07% | 1.17% | 1.13% |
Number of Shares | |||
Balance at the beginning of the period (in shares) | 570,622 | 793,173 | 849,609 |
Granted (in shares) | 105,135 | 67,965 | 85,092 |
Exercised (in shares) | (63,717) | (284,574) | (109,893) |
Forfeited (in shares) | (33,627) | (5,942) | (31,635) |
Balance at the end of the period (in shares) | 578,413 | 570,622 | 793,173 |
Options vested or expected to vest (in shares) | 565,952 | 558,114 | 774,139 |
Options exercisable (in shares) | 405,128 | 351,794 | 469,844 |
Weighted Average Exercise Price | |||
Balance at the beginning of the period (in dollars per share) | $ 128,340 | $ 122,770 | $ 117,420 |
Granted (in dollars per share) | 112,080 | 164,350 | 151,370 |
Exercised (in dollars per share) | (106,260) | (121,920) | 101,690 |
Forfeited (in dollars per share) | (129,520) | (104,260) | 129,360 |
Balance at the end of the period (in dollars per share) | 127,740 | 128,340 | 122,770 |
Options vested or expected to vest (in dollars per share) | 127,840 | 128,000 | 124,180 |
Options exercisable (in dollars per share) | $ 126,610 | $ 123,900 | $ 123,750 |
Weighted Average Remaining Contractual Term | |||
Options outstanding | 4 years 4 months 5 days | 4 years 7 months 28 days | 4 years 9 months 12 days |
Options vested or expected to vest | 4 years 3 months 20 days | 4 years 7 months 16 days | 4 years 9 months 1 day |
Options exercisable | 3 years 5 months 18 days | 3 years 11 months 8 days | 3 years 11 months 16 days |
Aggregate Intrinsic Value | |||
Options outstanding | $ 909 | $ 21,806 | $ 16,640 |
Options vested or expected to vest | 909 | 21,517 | 16,200 |
Options exercisable | $ 909 | $ 15,005 | $ 9,056 |
Other option disclosures | |||
Weighted average per share fair value of option granted | $ 30.48 | $ 43.68 | $ 40 |
Employee Stock Option [Member] | Minimum | |||
Stock Based Compensation | |||
Vesting period of options | 3 years |
STOCK-BASED COMPENSATION (Det_2
STOCK-BASED COMPENSATION (Details 2) | 12 Months Ended |
Dec. 29, 2018$ / sharesshares | |
Options outstanding and exercisable by price range | |
Options Outstanding, Number (in shares) | shares | 578,413 |
Options Exercisable, Number (in shares) | shares | 405,128 |
Range of exercise price per share from $60.97 and $85.32 | |
Options outstanding and exercisable by price range | |
Options Outstanding, Number (in shares) | shares | 277,757 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 32 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 107.39 |
Options Exercisable, Number (in shares) | shares | 171,607 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 104.47 |
Range of exercise price per share from $104.47 and $110.33 | |
Options outstanding and exercisable by price range | |
Options Outstanding, Number (in shares) | shares | 114,910 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 2 months 30 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 134.02 |
Options Exercisable, Number (in shares) | shares | 114,627 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 134.01 |
Range of exercise price per share from $120.91 to $151.45 | |
Options outstanding and exercisable by price range | |
Options Outstanding, Number (in shares) | shares | 185,746 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 6 months 17 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 154.31 |
Options Exercisable, Number (in shares) | shares | 118,894 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 151.44 |
Range of exercise price per share from $83.94 and $114.11 | |
Options outstanding and exercisable by price range | |
Exercise price range, low end of range (in dollars per share) | 60.97 |
Exercise price range, high end of range (in dollars per share) | 85.32 |
Range of exercise price per share from $120.91 and $136.42 | |
Options outstanding and exercisable by price range | |
Exercise price range, low end of range (in dollars per share) | 104.47 |
Exercise price range, high end of range (in dollars per share) | 110.33 |
Range of exercise price per share from $142.67 and $164.35 | |
Options outstanding and exercisable by price range | |
Exercise price range, low end of range (in dollars per share) | 120.91 |
Exercise price range, high end of range (in dollars per share) | $ 151.45 |
STOCK-BASED COMPENSATION (Det_3
STOCK-BASED COMPENSATION (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | |||
Stock Based Compensation | |||
Compensation expense | $ 4,064 | $ 5,137 | $ 5,782 |
Weighted-average period for grant of stock-based compensation | 2 years 5 months 9 days | ||
Deferred stock-based compensation granted | $ 5,940 | ||
Directors and certain management employees | Non-vested stock and restricted stock units | |||
Stock Based Compensation | |||
Shares issued | 88,127 | 62,160 | 58,961 |
Weighted average per share price on grant date | $ 114.89 | $ 163.18 | $ 150.48 |
Compensation expense | $ 6,328 | $ 5,569 | $ 4,069 |
Weighted-average period for grant of stock-based compensation | 1 year 9 months 26 days | ||
Deferred stock-based compensation granted | $ 17,754 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Basic EPS | ||||||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 17,662,000 | $ 4,448,000 | $ 32,960,000 | $ 39,281,000 | $ (3,611,000) | $ 35,208,000 | $ 45,664,000 | $ 38,979,000 | $ 94,351,000 | $ 116,240,000 | $ 173,232,000 | |
Shares outstanding basic (in shares) | 22,306 | 22,520 | 22,562 | |||||||||
Per share amount basic (in dollars per share) | $ 0.80 | $ 0.20 | $ 1.47 | $ 1.74 | $ (0.16) | $ 1.56 | $ 2.03 | $ 1.73 | $ 5.16 | $ 4.23 | $ 5.16 | $ 7.68 |
Dilutive Effect of Stock Options | ||||||||||||
Dilutive Effect of Stock Options | $ 0 | $ 0 | $ 0 | |||||||||
Dilutive effect of stock options number of shares (in shares) | 140 | 218 | 147 | |||||||||
Dilutive effect of stock options (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.05 | |||||||||
Diluted EPS | ||||||||||||
Diluted EPS | $ 94,351,000 | $ 116,240,000 | $ 173,232,000 | |||||||||
Shares outstanding dilutive (in shares) | 22,446 | 22,738 | 22,709 | |||||||||
Per share amount diluted (in dollars per share) | $ 0.80 | $ 0.20 | $ 1.46 | $ 1.72 | $ (0.16) | $ 1.55 | $ 2.01 | $ 1.72 | $ 5.11 | $ 4.20 | $ 5.11 | $ 7.63 |
EARNINGS PER SHARE (Details 2)
EARNINGS PER SHARE (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Impairment of goodwill & intangible assets | $ 15,780,000 | $ 0 | $ 0 | |||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 17,662,000 | $ 4,448,000 | $ 32,960,000 | $ 39,281,000 | $ (3,611,000) | $ 35,208,000 | $ 45,664,000 | $ 38,979,000 | $ 94,351,000 | $ 116,240,000 | $ 173,232,000 | |
Basic (in dollars per share) | $ 0.80 | $ 0.20 | $ 1.47 | $ 1.74 | $ (0.16) | $ 1.56 | $ 2.03 | $ 1.73 | $ 5.16 | $ 4.23 | $ 5.16 | $ 7.68 |
Refinancing of long-term debt expense | $ 11,115,000 | |||||||||||
Refinancing of long-term debt expense (in dollars per share) | $ 0.50 | |||||||||||
Blended tax rate (percent) | 25.00% | 21.00% | 35.00% | 35.00% | ||||||||
Deferred income tax expense | $ 20,372,000 | $ 20,372,000 | ||||||||||
Deferred income tax expense (in usd per share) | $ 0.90 | |||||||||||
Provision charge for deemed repatriation tax | $ 9,890,000 | |||||||||||
Provision charge for deemed repatriation tax (in usd per share) | $ 0.44 | |||||||||||
Deferred expenses related to foreign withholding taxes and US state income taxes | $ 11,673,000 | $ (1,881,000) | $ 49,766,000 | $ (32,391,000) | ||||||||
Deferred expenses related to foreign withholding taxes and US state income taxes (in usd per share) | $ 0.51 | |||||||||||
Deferred income tax benefit | $ 30,590,000 | |||||||||||
Deferred income tax benefit (in dollars per share) | $ 1.35 | |||||||||||
Provision for valuation allowance | $ 9,888,000 | |||||||||||
Valuation provision effect (in dollars per share) | $ 0.44 | |||||||||||
Reversal of contingent liability | $ 16,591,000 | |||||||||||
Reversal of contingent liability effect (in dollars per share) | $ 0.73 | |||||||||||
Restructuring expenses | $ 34,031,000 | |||||||||||
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares) | 0 | 406,806 | 197,303 | |||||||||
Goodwill And Indefinite-lived Intangible Assets [Member] | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Impairment of goodwill & intangible assets | $ 14,736,000 | |||||||||||
Impairment of goodwill and intangible assets (in dollars per share | $ 0.66 | |||||||||||
2018 Restructuring Plan [Member] | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net earnings attributable to Valmont Industries, Inc. | $ (37,779,000) | |||||||||||
Basic (in dollars per share) | $ (1.68) | |||||||||||
Disposed by sale | Donhad | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 5,350,000 | |||||||||||
Basic (in dollars per share) | $ 0.24 |
EMPLOYEE RETIREMENT SAVINGS P_2
EMPLOYEE RETIREMENT SAVINGS PLAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Employee contribution limit per calendar year to 401 (k) plan | 50.00% | ||
Company contributions | $ 12,300,000 | $ 11,800,000 | $ 10,900,000 |
Assets related to non-qualified deferred compensation plan included in other assets | 37,516,000 | 39,091,000 | |
Liabilities related to non-qualified deferred compensation plan included in other noncurrent liabilities | 37,963 | 36,439 | |
Total amount distributed from non-qualified deferred compensation plan | $ 2,352,000 | $ 2,672,000 |
DISCLOSURES ABOUT THE FAIR VA_3
DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Dec. 29, 2018 | Dec. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets recorded for the investments held | $ 37,516,000 | $ 39,091,000 |
Liabilities recorded for the investments held | 37,963 | 36,439 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 40,024,000 | 41,042,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments, net | 9,000 | |
Derivative financial instruments | (1,000) | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 742,601,000 | 754,854,000 |
Trading securities | 40,024,000 | 41,042,000 |
Derivative financial instruments, net | 9,147,000 | |
Derivative financial instruments | (826,000) | |
Estimated fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 683,602,000 | 799,258,000 |
EMD | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of remaining ownership | 2,508,000 | 1,951,000 |
Valmont Deferred Compensation Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets recorded for the investments held | $ 37,516,000 | $ 39,091,000 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 9,147 | $ (826) |
Commodity Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (285) | 0 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 8,357 | 0 |
Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | (826) |
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1,075 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 993 | $ (74) | $ (74) |
Commodity Contract [Member] | Product cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1,021 | 0 | 0 |
Foreign Exchange Forward [Member] | Loss from divestiture of grinding media business | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,215) | 0 | 0 |
Foreign Exchange Forward [Member] | Other income (expense) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 782 | 0 | 0 |
Interest Rate Contract [Member] | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (423) | (74) | (74) |
Cross Currency Interest Rate Contract [Member] | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 828 | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 30, 2019USD ($) | Sep. 29, 2018USD ($) | Mar. 31, 2018USD ($)T | Sep. 29, 2018USD ($)T | Dec. 29, 2018USD ($) | Dec. 31, 2016USD ($) | Aug. 24, 2018derivative | Jun. 30, 2018USD ($)derivative | Jun. 19, 2018USD ($) | Dec. 30, 2017USD ($) | |
Derivative [Line Items] | ||||||||||
Deferred loss on interest rate hedges | $ (2,467,000) | $ 0 | $ (2,467,000) | $ 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax | 411,000 | |||||||||
Aggregate amount | $ 0 | $ 250,200,000 | ||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount | $ 175,000,000 | |||||||||
Foreign Exchange Forward [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 1,621,000 | |||||||||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ (1,021,000) | 0 | 1,215,000 | |||||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount | $ 15,563,000 | $ 8,469,000 | $ 15,563,000 | |||||||
Derivative, Nonmonetary Notional Amount, Mass | T | 3,500 | 6,500 | ||||||||
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Number of Instruments Held | derivative | 2 | |||||||||
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount | $ 95,000,000 | $ 95,000,000 | ||||||||
Derivative, Number of Instruments Held | derivative | 3 | |||||||||
Senior Notes [Member] | Senior Unsecured Notes 5.00% Due 2044 | ||||||||||
Derivative [Line Items] | ||||||||||
Aggregate amount | $ 450,000 | $ 200,000,000 | ||||||||
Stated rate | 5.00% | 5.00% | 5.00% | |||||||
Senior Notes [Member] | Senior Unsecured Notes 5.25% Due 2054 | ||||||||||
Derivative [Line Items] | ||||||||||
Aggregate amount | $ 55,000,000 | |||||||||
Stated rate | 5.25% | 5.25% | ||||||||
Australia, Dollars | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount | $ 100,000,000 | |||||||||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ 538,000 | |||||||||
Euro Member Countries, Euro | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional Amount | $ 50,000,000 | |||||||||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ 3,190,000 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Notional Amounts Outstanding (Details) - Designated as Hedging Instrument [Member] - Net Investment Hedging [Member] € in Thousands, kr in Thousands | Dec. 29, 2018USD ($) | Dec. 29, 2018DKK (kr) | Dec. 29, 2018EUR (€) | Sep. 29, 2018USD ($) |
Cross Currency Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 95,000,000 | |||
Denmark, Kroner | Cross Currency Interest Rate Contract, One [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 60,000,000 | kr 386,118 | ||
Swapped Interest Rate | 2.52% | 2.52% | 2.52% | |
Euro Member Countries, Euro | Cross Currency Interest Rate Contract, Two [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 25,000,000 | € 21,580 | ||
Swapped Interest Rate | 2.14% | 2.14% | 2.14% | |
Euro Member Countries, Euro | Cross Currency Interest Rate Contract, Three [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 10,000,000 | € 8,631 | ||
Swapped Interest Rate | 2.29% | 2.29% | 2.29% |
GUARANTEES (Details)
GUARANTEES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Changes in the product warranty accrual recorded in accrued expenses | ||
Balance, beginning of period | $ 20,109 | $ 26,538 |
Payments made | (18,920) | (26,097) |
Change in liability for warranties issued during the period | 13,566 | 9,787 |
Change in liability for pre-existing warranties | 2,253 | 9,881 |
Balance, end of period | $ 17,008 | $ 20,109 |
DEFINED BENEFIT RETIREMENT PL_3
DEFINED BENEFIT RETIREMENT PLAN (Details) £ in Thousands | 12 Months Ended | |||
Dec. 29, 2018GBP (£)item | Dec. 29, 2018USD ($)item$ / £ | Dec. 30, 2017USD ($)$ / £ | Dec. 31, 2016USD ($) | |
Defined Benefit Plan [Abstract] | ||||
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 1,650 | |||
Pension retirement benefits to qualified employees as percent of final salary per year of service | 1.67% | 1.67% | ||
Eligibility age | 65 years | 65 years | ||
Active members of defined benefit retirement income plan | item | 0 | 0 | ||
Foreign currency exchange rate used to translate the net pension liability | $ / £ | 1.2690 | 1.3490 | ||
Defined benefit pension liability | $ 143,904,000 | $ 189,552,000 | ||
Change in Projected Benefit Obligation | ||||
Beginning balance | 783,301,000 | 696,137,000 | ||
Interest cost | 17,878,000 | 18,152,000 | ||
Prior service costs - GMP equalization | £ 10 | 12,056,000 | ||
Benefits paid | (28,207,000) | (22,172,000) | ||
Actuarial loss | 95,480,000 | (25,154,000) | ||
Currency translation | (42,108,000) | 66,030,000 | ||
Ending balance | 647,440,000 | 783,301,000 | ||
Plan Assets | ||||
Fair value beginning balance | 593,749,000 | 486,667,000 | ||
Employer contributions | 1,537,000 | 40,245,000 | ||
Actual return on plan assets | (32,120,000) | 40,842,000 | ||
Benefits paid | (28,207,000) | (22,172,000) | ||
Currency translation | (31,423,000) | 48,167,000 | ||
Fair value ending balance | 503,536,000 | 593,749,000 | ||
Funded status | ||||
Funded status | (143,904,000) | (189,552,000) | $ (209,470,000) | |
Accumulated other comprehensive income (loss) | ||||
Balance at the beginning of the period | (168,250,000) | (156,878,000) | ||
Actuarial loss | 44,760,000 | (1,789,000) | ||
Prior service costs - GMP equalization | (12,056,000) | |||
Currency translation gain (loss) | 5,358,000 | (9,583,000) | ||
Balance at the end of the period | $ (130,188,000) | $ (168,250,000) | ||
Weighted average actuarial assumptions used to determine the benefit obligation | ||||
Discount rate (as a percent) | 2.90% | 2.55% | ||
CPI index (as a percent) | 2.20% | 2.20% | ||
RPI Inflation (as a percent) | 3.30% | 3.30% | ||
Net periodic benefit expense: | ||||
Interest cost | $ 17,878,000 | $ 18,152,000 | ||
Expected return on plan assets | (23,175,000) | (20,486,000) | ||
Amortization of actuarial loss | (3,046,000) | (2,982,000) | ||
Net periodic benefit expense | $ (2,251,000) | $ 648,000 | ||
Weighted average actuarial assumptions used to determine expense | ||||
Discount rate (as a percent) | 2.55% | 2.55% | 2.80% | |
Expected return on plan assets (as a percent) | 4.29% | 4.29% | 4.22% | |
RPI index (as a percent) | 2.20% | 2.20% | 2.25% | |
CPI index (as a percent) | 3.30% | 3.30% | 3.35% | |
Limit on employer contributions per annum | £ 10,000 | $ 12,690,000 | ||
Administrative costs of the Plan | £ 1,100 | 1,396,000 | ||
Expected pension benefit payments | ||||
2,019 | 27,790,000 | |||
2,020 | 28,680,000 | |||
2,021 | 29,695,000 | |||
2,022 | 30,585,000 | |||
2,023 | 31,600,000 | |||
2023-2028 | $ 173,470,000 | |||
Weighted average maturity period of corporate bond portfolio | 13 years | 13 years |
DEFINED BENEFIT RETIREMENT PL_4
DEFINED BENEFIT RETIREMENT PLAN (Details 2) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2018GBP (£) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Limit on employer contributions per annum | £ 10,000 | $ 12,690 | ||
Administrative costs of the Plan | £ 1,100 | 1,396 | ||
Plan assets at fair value | 61,546 | $ 18,451 | ||
Plan assets at NAV | 441,990 | 575,298 | ||
Total plan assets | 503,536 | 593,749 | $ 486,667 | |
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | $ 61,546 | 18,451 | ||
Common stock mutual funds and diversified growth funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage | 50.00% | |||
Temporary cash investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | $ 61,040 | 17,915 | ||
Temporary cash investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 61,040 | 17,915 | ||
Index linked gilts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at NAV | 122,711 | 158,011 | ||
Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at NAV | 80,454 | 88,905 | ||
Corporate stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 506 | 536 | ||
Plan assets at NAV | 183,750 | 212,505 | ||
Corporate stock | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 506 | 536 | ||
Diversified growth funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at NAV | $ 55,075 | $ 115,877 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 29, 2018USD ($)segment | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Business Segments | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Maximum percentage of sales of other businesses and activities to consolidated sales as basis for aggregation | 10.00% | ||||||||||
Net sales | $ 697,363,000 | $ 678,692,000 | $ 682,405,000 | $ 698,684,000 | $ 714,978,000 | $ 680,779,000 | $ 712,737,000 | $ 637,473,000 | $ 2,757,144,000 | $ 2,745,967,000 | $ 2,521,676,000 |
Operating income | 202,280,000 | 267,080,000 | 245,374,000 | ||||||||
Interest expense, net | (39,569,000) | (39,908,000) | (41,304,000) | ||||||||
Costs associated with refinancing of debt | (14,820,000) | 0 | 0 | ||||||||
Loss from divestiture of grinding media business | (6,084,000) | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) excluding Sale of Business and Debt Costs | 1,634,000 | 1,292,000 | 16,384,000 | ||||||||
Other | (19,270,000) | 1,292,000 | 16,384,000 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441,000 | 228,464,000 | 220,454,000 | ||||||||
Total assets | 2,530,274,000 | 2,602,250,000 | 2,530,274,000 | 2,602,250,000 | 2,391,731,000 | ||||||
Capital expenditures | 71,985,000 | 55,266,000 | 57,920,000 | ||||||||
Depreciation and amortization | 82,827,000 | 84,957,000 | 82,417,000 | ||||||||
Engineered Support Structures | |||||||||||
Business Segments | |||||||||||
Net sales | 967,358,000 | 912,240,000 | 891,099,000 | ||||||||
Operating income | 34,776,000 | 62,960,000 | 72,273,000 | ||||||||
Total assets | 867,735,000 | 846,881,000 | 867,735,000 | 846,881,000 | 776,161,000 | ||||||
Capital expenditures | 26,783,000 | 16,433,000 | 13,313,000 | ||||||||
Depreciation and amortization | 27,274,000 | 27,637,000 | 27,824,000 | ||||||||
Coatings Segment | |||||||||||
Business Segments | |||||||||||
Net sales | 855,206,000 | 856,244,000 | 735,617,000 | ||||||||
Operating income | 64,766,000 | 97,853,000 | 71,171,000 | ||||||||
Total assets | 700,915,000 | 597,231,000 | 700,915,000 | 597,231,000 | 544,015,000 | ||||||
Capital expenditures | 17,442,000 | 14,012,000 | 7,969,000 | ||||||||
Depreciation and amortization | 23,618,000 | 25,079,000 | 24,639,000 | ||||||||
Coatings | |||||||||||
Business Segments | |||||||||||
Net sales | 256,811,000 | 243,877,000 | |||||||||
Operating income | 55,325,000 | 50,179,000 | 46,596,000 | ||||||||
Total assets | 294,951,000 | 288,890,000 | 294,951,000 | 288,890,000 | 274,666,000 | ||||||
Capital expenditures | 10,320,000 | 11,080,000 | 24,873,000 | ||||||||
Depreciation and amortization | 15,956,000 | 15,115,000 | 12,883,000 | ||||||||
Irrigation | |||||||||||
Business Segments | |||||||||||
Net sales | 624,761,000 | 644,372,000 | 567,973,000 | ||||||||
Operating income | 97,722,000 | 101,498,000 | 90,945,000 | ||||||||
Total assets | 347,894,000 | 369,798,000 | 347,894,000 | 369,798,000 | 313,982,000 | ||||||
Capital expenditures | 7,249,000 | 7,055,000 | 8,836,000 | ||||||||
Depreciation and amortization | 11,335,000 | 11,173,000 | 12,097,000 | ||||||||
Other | |||||||||||
Business Segments | |||||||||||
Net sales | 23,080,000 | 76,300,000 | 83,110,000 | ||||||||
Operating income | (913,000) | 2,134,000 | 8,730,000 | ||||||||
Total assets | 0 | 68,934,000 | 0 | 68,934,000 | 65,296,000 | ||||||
Capital expenditures | 7,000 | 2,376,000 | 1,601,000 | ||||||||
Depreciation and amortization | 775,000 | 2,486,000 | 2,502,000 | ||||||||
LIFO Adjustment [Member] | |||||||||||
Business Segments | |||||||||||
Operating income | (9,892,000) | (5,680,000) | (2,972,000) | ||||||||
Corporate | |||||||||||
Business Segments | |||||||||||
Operating income | (39,504,000) | (41,864,000) | (41,369,000) | ||||||||
Total assets | 318,779,000 | 430,516,000 | 318,779,000 | 430,516,000 | 417,611,000 | ||||||
Capital expenditures | 10,184,000 | 4,310,000 | 1,328,000 | ||||||||
Depreciation and amortization | 3,869,000 | 3,467,000 | 2,472,000 | ||||||||
Parent | |||||||||||
Business Segments | |||||||||||
Net sales | 1,192,134,000 | 1,200,181,000 | 1,126,985,000 | ||||||||
Operating income | 93,145,000 | 109,200,000 | 104,876,000 | ||||||||
Loss from divestiture of grinding media business | 2,518,000 | ||||||||||
Other | (17,602,000) | 5,681,000 | 1,480,000 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 33,810,000 | 72,077,000 | 62,926,000 | ||||||||
Total assets | $ 1,997,073,000 | $ 2,089,253,000 | 1,997,073,000 | 2,089,253,000 | |||||||
Capital expenditures | 25,255,000 | 20,460,000 | 9,031,000 | ||||||||
Depreciation and amortization | 26,155,000 | 26,237,000 | 27,096,000 | ||||||||
Operating segment | |||||||||||
Business Segments | |||||||||||
Sales | 2,856,150,000 | 2,844,838,000 | 2,590,878,000 | ||||||||
Operating segment | Engineered Support Structures | |||||||||||
Business Segments | |||||||||||
Sales | 986,880,000 | 938,102,000 | 906,719,000 | ||||||||
Operating segment | Engineered Support Structures | Lighting, Traffic, and Roadway Products | |||||||||||
Business Segments | |||||||||||
Sales | 706,582,000 | 633,178,000 | 612,868,000 | ||||||||
Operating segment | Engineered Support Structures | Communication Products | |||||||||||
Business Segments | |||||||||||
Sales | 149,817,000 | 171,718,000 | 162,148,000 | ||||||||
Operating segment | Engineered Support Structures | Access Systems | |||||||||||
Business Segments | |||||||||||
Sales | 130,481,000 | 133,206,000 | 131,703,000 | ||||||||
Operating segment | Coatings Segment | |||||||||||
Business Segments | |||||||||||
Sales | 859,173,000 | 859,115,000 | 736,364,000 | ||||||||
Operating segment | Coatings Segment | Offshore and Other Complex Steel Structures | |||||||||||
Business Segments | |||||||||||
Sales | 92,559,000 | 100,773,000 | 107,824,000 | ||||||||
Operating segment | Coatings Segment | Steel | |||||||||||
Business Segments | |||||||||||
Sales | 637,979,000 | 658,604,000 | 538,284,000 | ||||||||
Operating segment | Coatings Segment | Concrete | |||||||||||
Business Segments | |||||||||||
Sales | 111,875,000 | 99,738,000 | 90,256,000 | ||||||||
Operating segment | Coatings Segment | Engineered Solar Tracking Solutions | |||||||||||
Business Segments | |||||||||||
Sales | 16,760,000 | 0 | 0 | ||||||||
Operating segment | Coatings | |||||||||||
Business Segments | |||||||||||
Sales | 353,351,000 | 318,891,000 | 289,481,000 | ||||||||
Operating segment | Irrigation | |||||||||||
Business Segments | |||||||||||
Sales | 633,666,000 | 652,430,000 | 575,204,000 | ||||||||
Operating segment | Irrigation | North America | |||||||||||
Business Segments | |||||||||||
Sales | 386,683,000 | 369,832,000 | 351,436,000 | ||||||||
Operating segment | Irrigation | International | |||||||||||
Business Segments | |||||||||||
Sales | 246,983,000 | 282,598,000 | 223,768,000 | ||||||||
Operating segment | Other | |||||||||||
Business Segments | |||||||||||
Sales | 23,080,000 | 76,300,000 | 83,110,000 | ||||||||
Intersegment | |||||||||||
Business Segments | |||||||||||
Sales | 99,006,000 | 98,871,000 | 69,202,000 | ||||||||
Intersegment | Engineered Support Structures | |||||||||||
Business Segments | |||||||||||
Sales | 19,522,000 | 25,862,000 | 15,620,000 | ||||||||
Intersegment | Coatings Segment | |||||||||||
Business Segments | |||||||||||
Sales | 3,967,000 | 2,871,000 | 747,000 | ||||||||
Intersegment | Coatings | |||||||||||
Business Segments | |||||||||||
Sales | 66,612,000 | 62,080,000 | 45,604,000 | ||||||||
Intersegment | Irrigation | |||||||||||
Business Segments | |||||||||||
Sales | $ 8,905,000 | $ 8,058,000 | $ 7,231,000 |
BUSINESS SEGMENTS (Details 2)
BUSINESS SEGMENTS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Summary by Geographical Area by Location | |||||||||||
Net sales | $ 697,363 | $ 678,692 | $ 682,405 | $ 698,684 | $ 714,978 | $ 680,779 | $ 712,737 | $ 637,473 | $ 2,757,144 | $ 2,745,967 | $ 2,521,676 |
Long-lived assets | 1,189,634 | 1,129,685 | 1,189,634 | 1,129,685 | 1,138,515 | ||||||
United States | |||||||||||
Summary by Geographical Area by Location | |||||||||||
Net sales | 1,771,390 | 1,702,826 | 1,535,321 | ||||||||
Long-lived assets | 624,143 | 544,724 | 624,143 | 544,724 | 568,085 | ||||||
Australia | |||||||||||
Summary by Geographical Area by Location | |||||||||||
Net sales | 325,553 | 356,959 | 315,470 | ||||||||
Long-lived assets | $ 168,438 | 227,483 | $ 168,438 | 227,483 | 216,416 | ||||||
Australia | Foreign country | Net Sales | |||||||||||
Summary by Geographical Area by Location | |||||||||||
Threshold for disclosure as percentage of net sales by customer | 12.00% | 12.00% | |||||||||
Denmark | |||||||||||
Summary by Geographical Area by Location | |||||||||||
Net sales | $ 92,559 | 100,773 | 99,719 | ||||||||
Long-lived assets | $ 64,497 | 90,372 | 64,497 | 90,372 | 85,654 | ||||||
Other | |||||||||||
Summary by Geographical Area by Location | |||||||||||
Net sales | 567,642 | 585,409 | 571,166 | ||||||||
Long-lived assets | $ 332,556 | $ 267,106 | $ 332,556 | $ 267,106 | $ 268,360 |
COMMITMENTS & CONTINGENCIES (De
COMMITMENTS & CONTINGENCIES (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Reversal of contingent liability | $ 16,591 |
GUARANTOR_NON-GUARANTOR FINAN_3
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||
Parent company's percentage ownership of Guarantors | 100.00% | 100.00% | |||||||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||||||||
Net sales | $ 697,363 | $ 678,692 | $ 682,405 | $ 698,684 | $ 714,978 | $ 680,779 | $ 712,737 | $ 637,473 | $ 2,757,144 | $ 2,745,967 | $ 2,521,676 |
Cost of sales | 2,098,864 | 2,064,199 | 1,865,433 | ||||||||
Gross profit | 149,701 | 164,340 | 174,999 | 169,240 | 170,289 | 163,594 | 183,280 | 164,605 | 658,280 | 681,768 | 656,243 |
Selling, General And Administrative Expenses, And Goodwill And Intangible Assets Impairment | 456,000 | ||||||||||
Impairment of goodwill and intangible assets | 15,780 | 0 | 0 | ||||||||
Operating income | 202,280 | 267,080 | 245,374 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (44,237) | (44,645) | (44,409) | ||||||||
Interest income | (4,668) | (4,737) | (3,105) | ||||||||
Costs associated with refinancing of debt | (14,820) | 0 | 0 | ||||||||
Other | (19,270) | 1,292 | 16,384 | ||||||||
Total other income (expenses) | (58,839) | (38,616) | (24,920) | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441 | 228,464 | 220,454 | ||||||||
Income tax expense (benefit): | |||||||||||
Current | 44,794 | 66,390 | 65,748 | ||||||||
Deferred income taxes | (1,659) | 39,755 | (23,685) | ||||||||
Total income tax expense (benefit) | 43,135 | 106,145 | 42,063 | ||||||||
Earnings before equity in earnings of nonconsolidated subsidiaries | 100,306 | 122,319 | 178,391 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings | 100,306 | 122,319 | 178,391 | ||||||||
Less: Earnings attributable to noncontrolling interests | (5,955) | (6,079) | (5,159) | ||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 17,662 | $ 4,448 | $ 32,960 | $ 39,281 | $ (3,611) | $ 35,208 | $ 45,664 | $ 38,979 | 94,351 | 116,240 | 173,232 |
Eliminations | |||||||||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||||||||
Net sales | (260,679) | (251,876) | (191,877) | ||||||||
Cost of sales | (262,448) | (252,182) | (190,716) | ||||||||
Gross profit | 1,769 | 306 | (1,161) | ||||||||
Selling, General And Administrative Expenses, And Goodwill And Intangible Assets Impairment | 0 | ||||||||||
Operating income | 1,769 | 306 | (1,161) | ||||||||
Other income (expense): | |||||||||||
Interest expense | 14,815 | 13,866 | 0 | ||||||||
Interest income | (14,815) | 13,866 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total other income (expenses) | 0 | 0 | 0 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 1,769 | 306 | (1,161) | ||||||||
Income tax expense (benefit): | |||||||||||
Current | 246 | 135 | (323) | ||||||||
Deferred income taxes | 0 | 0 | 0 | ||||||||
Total income tax expense (benefit) | 246 | 135 | (323) | ||||||||
Earnings before equity in earnings of nonconsolidated subsidiaries | 1,523 | 171 | (838) | ||||||||
Equity in earnings of nonconsolidated subsidiaries | (105,687) | (106,023) | (207,189) | ||||||||
Net earnings | (104,164) | (105,852) | (208,027) | ||||||||
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | (104,164) | (105,852) | (208,027) | ||||||||
Parent | |||||||||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||||||||
Net sales | 1,192,134 | 1,200,181 | 1,126,985 | ||||||||
Cost of sales | 906,646 | 898,799 | 837,616 | ||||||||
Gross profit | 285,488 | 301,382 | 289,369 | ||||||||
Selling, General And Administrative Expenses, And Goodwill And Intangible Assets Impairment | 192,343 | ||||||||||
Operating income | 93,145 | 109,200 | 104,876 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (42,524) | (43,642) | (43,703) | ||||||||
Interest income | (791) | (838) | (273) | ||||||||
Other | (17,602) | 5,681 | 1,480 | ||||||||
Total other income (expenses) | (59,335) | (37,123) | (41,950) | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 33,810 | 72,077 | 62,926 | ||||||||
Income tax expense (benefit): | |||||||||||
Current | 6,310 | 29,407 | 24,539 | ||||||||
Deferred income taxes | 1,532 | 10,307 | 6,216 | ||||||||
Total income tax expense (benefit) | 7,842 | 39,714 | 30,755 | ||||||||
Earnings before equity in earnings of nonconsolidated subsidiaries | 25,968 | 32,363 | 32,171 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 68,383 | 83,877 | 141,061 | ||||||||
Net earnings | 94,351 | 116,240 | 173,232 | ||||||||
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | 94,351 | 116,240 | 173,232 | ||||||||
Guarantors | |||||||||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||||||||
Net sales | 522,366 | 485,448 | 390,756 | ||||||||
Cost of sales | 399,451 | 375,383 | 285,924 | ||||||||
Gross profit | 122,915 | 110,065 | 104,832 | ||||||||
Selling, General And Administrative Expenses, And Goodwill And Intangible Assets Impairment | 51,127 | ||||||||||
Operating income | 71,788 | 62,110 | 58,588 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (14,815) | (13,866) | (10) | ||||||||
Interest income | (82) | (42) | (112) | ||||||||
Other | 59 | 58 | 77 | ||||||||
Total other income (expenses) | (14,674) | (13,766) | 179 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 57,114 | 48,344 | 58,767 | ||||||||
Income tax expense (benefit): | |||||||||||
Current | 14,948 | 17,928 | 20,270 | ||||||||
Deferred income taxes | 1,791 | 0 | 0 | ||||||||
Total income tax expense (benefit) | 16,739 | 17,928 | 20,270 | ||||||||
Earnings before equity in earnings of nonconsolidated subsidiaries | 40,375 | 30,416 | 38,497 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 37,304 | 22,146 | 66,128 | ||||||||
Net earnings | 77,679 | 52,562 | 104,625 | ||||||||
Less: Earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | 77,679 | 52,562 | 104,625 | ||||||||
Non- Guarantors | |||||||||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||||||||
Net sales | 1,303,323 | 1,312,214 | 1,195,812 | ||||||||
Cost of sales | 1,055,215 | 1,042,199 | 932,609 | ||||||||
Gross profit | 248,108 | 270,015 | 263,203 | ||||||||
Selling, General And Administrative Expenses, And Goodwill And Intangible Assets Impairment | 212,530 | ||||||||||
Operating income | 35,578 | 95,464 | 83,071 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (1,713) | (1,003) | (696) | ||||||||
Interest income | (18,610) | (17,723) | (2,720) | ||||||||
Other | (1,727) | (4,447) | 14,827 | ||||||||
Total other income (expenses) | 15,170 | 12,273 | 16,851 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 50,748 | 107,737 | 99,922 | ||||||||
Income tax expense (benefit): | |||||||||||
Current | 23,290 | 18,920 | 21,262 | ||||||||
Deferred income taxes | (4,982) | 29,448 | (29,901) | ||||||||
Total income tax expense (benefit) | 18,308 | 48,368 | (8,639) | ||||||||
Earnings before equity in earnings of nonconsolidated subsidiaries | 32,440 | 59,369 | 108,561 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings | 32,440 | 59,369 | 108,561 | ||||||||
Less: Earnings attributable to noncontrolling interests | (5,955) | (6,079) | (5,159) | ||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 26,485 | $ 53,290 | $ 103,402 |
GUARANTOR_NON-GUARANTOR FINAN_4
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Net earnings | $ 100,306 | $ 122,319 | $ 178,391 | ||
Foreign currency translation adjustments: | |||||
Unrealized translation gains (losses) | (65,436) | 79,279 | (58,315) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 9,203 | 0 | |||
Gain (Loss) on Hedging Activity | 4,814 | (1,621) | 4,300 | ||
Unrealized gain/(loss) on cash flow hedge: | |||||
Unrealized gain (loss) on net investment hedge | $ 5,291 | $ (1,695) | 4,226 | ||
Amortization cost included in interest expense | 423 | 74 | 74 | ||
Realized loss on grinding media net investment hedge | 1,215 | 0 | 0 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 1,021 | $ 0 | 0 | ||
Derivative adjustment | 4,814 | (1,621) | 4,300 | ||
Actuarial gain (loss) in defined benefit pension plan | 29,885 | (10,871) | (24,141) | ||
Equity in other comprehensive income | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (21,534) | 66,787 | (78,156) | ||
Comprehensive income (loss) | 78,772 | 189,106 | 100,235 | ||
Comprehensive income attributable to noncontrolling interests | (8,584) | (5,529) | (6,144) | ||
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 70,188 | 183,577 | 94,091 | ||
Eliminations | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Net earnings | (104,164) | (105,852) | (208,027) | ||
Foreign currency translation adjustments: | |||||
Unrealized translation gains (losses) | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||||
Gain (Loss) on Hedging Activity | 0 | 0 | 0 | ||
Unrealized gain/(loss) on cash flow hedge: | |||||
Actuarial gain (loss) in defined benefit pension plan | 0 | 0 | 0 | ||
Equity in other comprehensive income | 28,977 | (68,958) | 83,252 | ||
Other comprehensive income (loss) | 28,977 | (68,958) | 83,252 | ||
Comprehensive income (loss) | (75,187) | (174,810) | (124,775) | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Valmont Industries, Inc. | (75,187) | (174,810) | (124,775) | ||
Parent | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Net earnings | 94,351 | 116,240 | 173,232 | ||
Foreign currency translation adjustments: | |||||
Unrealized translation gains (losses) | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||||
Gain (Loss) on Hedging Activity | 4,814 | (1,621) | 4,300 | ||
Unrealized gain/(loss) on cash flow hedge: | |||||
Actuarial gain (loss) in defined benefit pension plan | 0 | 0 | 0 | ||
Equity in other comprehensive income | (28,977) | 68,958 | (83,252) | ||
Other comprehensive income (loss) | (24,163) | 67,337 | (78,952) | ||
Comprehensive income (loss) | 70,188 | 183,577 | 94,280 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 70,188 | 183,577 | 94,280 | ||
Guarantors | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Net earnings | 77,679 | 52,562 | 104,625 | ||
Foreign currency translation adjustments: | |||||
Unrealized translation gains (losses) | (6,509) | 138,795 | 49 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||||
Gain (Loss) on Hedging Activity | 0 | 0 | 0 | ||
Unrealized gain/(loss) on cash flow hedge: | |||||
Actuarial gain (loss) in defined benefit pension plan | 0 | 0 | 0 | ||
Equity in other comprehensive income | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (6,509) | 138,795 | 49 | ||
Comprehensive income (loss) | 71,170 | 191,357 | 104,674 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Valmont Industries, Inc. | 71,170 | 191,357 | 104,674 | ||
Non- Guarantors | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Net earnings | 32,440 | 59,369 | 108,561 | ||
Foreign currency translation adjustments: | |||||
Unrealized translation gains (losses) | (58,927) | (59,516) | (58,364) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 9,203 | ||||
Gain (Loss) on Hedging Activity | 0 | 0 | 0 | ||
Unrealized gain/(loss) on cash flow hedge: | |||||
Actuarial gain (loss) in defined benefit pension plan | 29,885 | (10,871) | (24,141) | ||
Equity in other comprehensive income | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (19,839) | (70,387) | (82,505) | ||
Comprehensive income (loss) | 12,601 | (11,018) | 26,056 | ||
Comprehensive income attributable to noncontrolling interests | (8,584) | (5,529) | (6,144) | ||
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ 4,017 | $ (16,547) | $ 19,912 |
GUARANTOR_NON-GUARANTOR FINAN_5
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 3) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 313,210 | $ 492,805 | $ 413,600 | $ 349,074 |
Current assets: | ||||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 483,963 | 503,677 | ||
Inventories | 383,566 | 420,948 | ||
Contract with Customer, Asset, Net, Current | 112,525 | 16,165 | ||
Prepaid expenses, restricted cash, and other assets | 42,800 | 27,478 | ||
Refundable income taxes | 4,576 | 11,492 | ||
Total current assets | 1,340,640 | 1,472,565 | ||
Property, plant and equipment, at cost | 1,160,865 | 1,165,687 | ||
Less accumulated depreciation and amortization | 646,873 | 646,759 | ||
Net property, plant and equipment | 513,992 | 518,928 | ||
Goodwill | 385,207 | 337,720 | 321,110 | |
Other intangible assets | 175,956 | 138,599 | ||
Investment in subsidiaries and intercompany accounts | 0 | 0 | ||
Other assets, less allowance for doubtful receivables of $417 in 2017 | 114,479 | 134,438 | ||
Total assets | 2,530,274 | 2,602,250 | 2,391,731 | |
Current liabilities: | ||||
Current installments of long-term debt | 779 | 966 | ||
Notes payable to banks | 10,678 | 161 | ||
Accounts payable | 218,115 | 227,906 | ||
Accrued employee compensation and benefits | 79,291 | 84,426 | ||
Accrued expenses | 91,942 | 81,029 | ||
Dividends payable | 8,230 | 8,510 | ||
Total current liabilities | (409,035) | (402,998) | ||
Deferred income taxes | 43,489 | 34,906 | ||
Long-term debt, excluding current installments | 741,822 | 753,888 | ||
Defined benefit pension liability | 143,904 | 189,552 | ||
Deferred compensation | 46,107 | 48,526 | ||
Other noncurrent liabilities | 10,394 | 20,585 | ||
Shareholders’ equity: | ||||
Common stock of $1 par value | 27,900 | 27,900 | ||
Additional paid-in capital | 0 | 0 | ||
Retained earnings | 2,027,596 | 1,954,344 | ||
Accumulated other comprehensive income (loss) | (303,185) | (279,022) | ||
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | (692,549) | (590,386) | ||
Total Valmont Industries, Inc. shareholders’ equity | 1,059,762 | 1,112,836 | ||
Noncontrolling interest in consolidated subsidiaries | 75,761 | 38,959 | ||
Total shareholders’ equity | 1,135,523 | 1,151,795 | 982,586 | 965,211 |
Total liabilities and shareholders’ equity | 2,530,274 | 2,602,250 | ||
Eliminations | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Current assets: | ||||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 0 | 0 | ||
Inventories | (2,402) | (3,848) | ||
Contract with Customer, Asset, Net, Current | 0 | |||
Prepaid expenses, restricted cash, and other assets | 0 | 0 | ||
Refundable income taxes | 0 | 0 | ||
Total current assets | (2,402) | (3,848) | ||
Property, plant and equipment, at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Net property, plant and equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Investment in subsidiaries and intercompany accounts | (3,381,139) | (3,525,162) | ||
Other assets, less allowance for doubtful receivables of $417 in 2017 | 0 | 0 | ||
Total assets | (3,383,541) | (3,529,010) | ||
Current liabilities: | ||||
Current installments of long-term debt | 0 | 0 | ||
Notes payable to banks | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued employee compensation and benefits | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Dividends payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Long-term debt, excluding current installments | (166,729) | (191,847) | ||
Defined benefit pension liability | 0 | 0 | ||
Deferred compensation | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Shareholders’ equity: | ||||
Common stock of $1 par value | (1,106,632) | (1,106,632) | ||
Additional paid-in capital | (1,270,442) | (1,266,950) | ||
Retained earnings | (1,092,093) | (1,241,666) | ||
Accumulated other comprehensive income (loss) | 252,355 | 278,085 | ||
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | 0 | 0 | ||
Total Valmont Industries, Inc. shareholders’ equity | (3,216,812) | (3,337,163) | ||
Noncontrolling interest in consolidated subsidiaries | 0 | 0 | ||
Total shareholders’ equity | (3,216,812) | (3,337,163) | ||
Total liabilities and shareholders’ equity | (3,383,541) | (3,529,010) | ||
Parent | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 104,256 | 83,329 | 67,225 | 62,281 |
Current assets: | ||||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 134,943 | 149,221 | ||
Inventories | 138,158 | 160,444 | ||
Contract with Customer, Asset, Net, Current | 50,271 | 0 | ||
Prepaid expenses, restricted cash, and other assets | 21,858 | 8,607 | ||
Refundable income taxes | 4,576 | 11,492 | ||
Total current assets | 454,062 | 413,093 | ||
Property, plant and equipment, at cost | 579,046 | 557,371 | ||
Less accumulated depreciation and amortization | 390,438 | 368,668 | ||
Net property, plant and equipment | 188,608 | 188,703 | ||
Goodwill | 20,108 | 20,108 | ||
Other intangible assets | 76 | 130 | ||
Investment in subsidiaries and intercompany accounts | 1,286,545 | 1,416,446 | ||
Other assets, less allowance for doubtful receivables of $417 in 2017 | 47,674 | 50,773 | ||
Total assets | 1,997,073 | 2,089,253 | ||
Current liabilities: | ||||
Current installments of long-term debt | 0 | 0 | ||
Notes payable to banks | 0 | 0 | ||
Accounts payable | 68,304 | 69,915 | ||
Accrued employee compensation and benefits | 41,418 | 44,086 | ||
Accrued expenses | 25,936 | 28,198 | ||
Dividends payable | 8,230 | 8,510 | ||
Total current liabilities | (143,888) | (150,709) | ||
Deferred income taxes | 14,376 | 20,885 | ||
Long-term debt, excluding current installments | 733,964 | 750,821 | ||
Defined benefit pension liability | 0 | 0 | ||
Deferred compensation | 41,496 | 42,928 | ||
Other noncurrent liabilities | 3,587 | 11,074 | ||
Shareholders’ equity: | ||||
Common stock of $1 par value | 27,900 | 27,900 | ||
Additional paid-in capital | 0 | 0 | ||
Retained earnings | 2,027,596 | 1,954,344 | ||
Accumulated other comprehensive income (loss) | (303,185) | (279,022) | ||
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | (692,549) | (590,386) | ||
Total Valmont Industries, Inc. shareholders’ equity | 1,059,762 | 1,112,836 | ||
Noncontrolling interest in consolidated subsidiaries | 0 | 0 | ||
Total shareholders’ equity | 1,059,762 | 1,112,836 | ||
Total liabilities and shareholders’ equity | 1,997,073 | 2,089,253 | ||
Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 5,518 | 5,304 | 6,071 | 4,008 |
Current assets: | ||||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 75,204 | 82,995 | ||
Inventories | 37,019 | 46,801 | ||
Contract with Customer, Asset, Net, Current | 35,200 | 0 | ||
Prepaid expenses, restricted cash, and other assets | 746 | 970 | ||
Refundable income taxes | 0 | 0 | ||
Total current assets | 153,687 | 136,070 | ||
Property, plant and equipment, at cost | 172,050 | 160,767 | ||
Less accumulated depreciation and amortization | 93,374 | 84,508 | ||
Net property, plant and equipment | 78,676 | 76,259 | ||
Goodwill | 110,562 | 110,562 | ||
Other intangible assets | 27,452 | 30,955 | ||
Investment in subsidiaries and intercompany accounts | 1,161,612 | 1,181,537 | ||
Other assets, less allowance for doubtful receivables of $417 in 2017 | 0 | 0 | ||
Total assets | 1,531,989 | 1,535,383 | ||
Current liabilities: | ||||
Current installments of long-term debt | 0 | 0 | ||
Notes payable to banks | 0 | 0 | ||
Accounts payable | 21,081 | 18,039 | ||
Accrued employee compensation and benefits | 7,186 | 8,749 | ||
Accrued expenses | 10,132 | 9,621 | ||
Dividends payable | 0 | 0 | ||
Total current liabilities | (38,399) | (36,409) | ||
Deferred income taxes | 0 | 0 | ||
Long-term debt, excluding current installments | 166,729 | 185,078 | ||
Defined benefit pension liability | 0 | 0 | ||
Deferred compensation | 0 | 0 | ||
Other noncurrent liabilities | 620 | 6 | ||
Shareholders’ equity: | ||||
Common stock of $1 par value | 457,950 | 457,950 | ||
Additional paid-in capital | 162,906 | 159,414 | ||
Retained earnings | 624,394 | 622,044 | ||
Accumulated other comprehensive income (loss) | 80,991 | 74,482 | ||
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | 0 | 0 | ||
Total Valmont Industries, Inc. shareholders’ equity | 1,326,241 | 1,313,890 | ||
Noncontrolling interest in consolidated subsidiaries | 0 | 0 | ||
Total shareholders’ equity | 1,326,241 | 1,313,890 | ||
Total liabilities and shareholders’ equity | 1,531,989 | 1,535,383 | ||
Non- Guarantors | ||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 203,436 | 404,172 | $ 340,304 | $ 282,785 |
Current assets: | ||||
Receivables, less allowance of $8,277 in 2018 and $9,396 in 2017 | 273,816 | 271,461 | ||
Inventories | 210,791 | 217,551 | ||
Contract with Customer, Asset, Net, Current | 27,054 | 16,165 | ||
Prepaid expenses, restricted cash, and other assets | 20,196 | 17,901 | ||
Refundable income taxes | 0 | 0 | ||
Total current assets | 735,293 | 927,250 | ||
Property, plant and equipment, at cost | 409,769 | 447,549 | ||
Less accumulated depreciation and amortization | 163,061 | 193,583 | ||
Net property, plant and equipment | 246,708 | 253,966 | ||
Goodwill | 254,537 | 207,050 | ||
Other intangible assets | 148,428 | 107,514 | ||
Investment in subsidiaries and intercompany accounts | 932,982 | 927,179 | ||
Other assets, less allowance for doubtful receivables of $417 in 2017 | 66,805 | 83,665 | ||
Total assets | 2,384,753 | 2,506,624 | ||
Current liabilities: | ||||
Current installments of long-term debt | 779 | 966 | ||
Notes payable to banks | 10,678 | 161 | ||
Accounts payable | 128,730 | 139,952 | ||
Accrued employee compensation and benefits | 30,687 | 31,591 | ||
Accrued expenses | 55,874 | 43,210 | ||
Dividends payable | 0 | 0 | ||
Total current liabilities | (226,748) | (215,880) | ||
Deferred income taxes | 29,113 | 14,021 | ||
Long-term debt, excluding current installments | 7,858 | 9,836 | ||
Defined benefit pension liability | 143,904 | 189,552 | ||
Deferred compensation | 4,611 | 5,598 | ||
Other noncurrent liabilities | 6,187 | 9,505 | ||
Shareholders’ equity: | ||||
Common stock of $1 par value | 648,682 | 648,682 | ||
Additional paid-in capital | 1,107,536 | 1,107,536 | ||
Retained earnings | 467,699 | 619,622 | ||
Accumulated other comprehensive income (loss) | (333,346) | (352,567) | ||
Cost of treasury stock, common shares of 5,951,971 in 2018 and 5,206,474 in 2017 | 0 | 0 | ||
Total Valmont Industries, Inc. shareholders’ equity | 1,890,571 | 2,023,273 | ||
Noncontrolling interest in consolidated subsidiaries | 75,761 | 38,959 | ||
Total shareholders’ equity | 1,966,332 | 2,062,232 | ||
Total liabilities and shareholders’ equity | $ 2,384,753 | $ 2,506,624 |
GUARANTOR_NON-GUARANTOR FINAN_6
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined benefit pension plan expense (benefit) | $ (2,251) | $ 648 | $ 1,870 | ||||||||
Net sales | $ 697,363 | $ 678,692 | $ 682,405 | $ 698,684 | $ 714,978 | $ 680,779 | $ 712,737 | $ 637,473 | 2,757,144 | 2,745,967 | 2,521,676 |
Cost of sales | 2,098,864 | 2,064,199 | 1,865,433 | ||||||||
Gross profit | 149,701 | 164,340 | 174,999 | 169,240 | 170,289 | 163,594 | 183,280 | 164,605 | 658,280 | 681,768 | 656,243 |
Selling, general and administrative expenses | 440,220 | 414,688 | 410,869 | ||||||||
Impairment of goodwill and intangible assets | 15,780 | 0 | 0 | ||||||||
Operating Income (Loss) | 202,280 | 267,080 | 245,374 | ||||||||
Interest Expense | (44,237) | (44,645) | (44,409) | ||||||||
Interest income | 4,668 | 4,737 | 3,105 | ||||||||
Other | (19,270) | 1,292 | 16,384 | ||||||||
Nonoperating Income (Expense) | (58,839) | (38,616) | (24,920) | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 143,441 | 228,464 | 220,454 | ||||||||
Current | 44,794 | 66,390 | 65,748 | ||||||||
Deferred | (1,659) | 39,755 | (23,685) | ||||||||
Income Tax Expense (Benefit) | 43,135 | 106,145 | 42,063 | ||||||||
Income (Loss) from Continuing Operations before Minority Interest and Income (Loss) from Equity Method Investments | 100,306 | 122,319 | 178,391 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings | 100,306 | 122,319 | 178,391 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (5,955) | (6,079) | (5,159) | ||||||||
Net earnings attributable to Valmont Industries, Inc. | $ 17,662 | $ 4,448 | $ 32,960 | $ 39,281 | $ (3,611) | $ 35,208 | $ 45,664 | $ 38,979 | $ 94,351 | $ 116,240 | 173,232 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | |||||||
Parent | |||||||||||
Defined benefit pension plan expense (benefit) | $ 0 | $ 0 | 0 | ||||||||
Net sales | 1,192,134 | 1,200,181 | 1,126,985 | ||||||||
Cost of sales | 906,646 | 898,799 | 837,616 | ||||||||
Gross profit | 285,488 | 301,382 | 289,369 | ||||||||
Selling, general and administrative expenses | 192,182 | 184,493 | |||||||||
Operating Income (Loss) | 93,145 | 109,200 | 104,876 | ||||||||
Interest Expense | (42,524) | (43,642) | (43,703) | ||||||||
Interest income | 791 | 838 | 273 | ||||||||
Other | (17,602) | 5,681 | 1,480 | ||||||||
Nonoperating Income (Expense) | (59,335) | (37,123) | (41,950) | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 33,810 | 72,077 | 62,926 | ||||||||
Current | 6,310 | 29,407 | 24,539 | ||||||||
Deferred | 1,532 | 10,307 | 6,216 | ||||||||
Income Tax Expense (Benefit) | 7,842 | 39,714 | 30,755 | ||||||||
Income (Loss) from Continuing Operations before Minority Interest and Income (Loss) from Equity Method Investments | 25,968 | 32,363 | 32,171 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 68,383 | 83,877 | 141,061 | ||||||||
Net earnings | 94,351 | 116,240 | 173,232 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | 94,351 | 116,240 | 173,232 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Defined benefit pension plan expense (benefit) | 0 | 0 | 0 | ||||||||
Net sales | 522,366 | 485,448 | 390,756 | ||||||||
Cost of sales | 399,451 | 375,383 | 285,924 | ||||||||
Gross profit | 122,915 | 110,065 | 104,832 | ||||||||
Selling, general and administrative expenses | 47,955 | 46,244 | |||||||||
Operating Income (Loss) | 71,788 | 62,110 | 58,588 | ||||||||
Interest Expense | (14,815) | (13,866) | (10) | ||||||||
Interest income | 82 | 42 | 112 | ||||||||
Other | 59 | 58 | 77 | ||||||||
Nonoperating Income (Expense) | (14,674) | (13,766) | 179 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 57,114 | 48,344 | 58,767 | ||||||||
Current | 14,948 | 17,928 | 20,270 | ||||||||
Deferred | 1,791 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | 16,739 | 17,928 | 20,270 | ||||||||
Income (Loss) from Continuing Operations before Minority Interest and Income (Loss) from Equity Method Investments | 40,375 | 30,416 | 38,497 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 37,304 | 22,146 | 66,128 | ||||||||
Net earnings | 77,679 | 52,562 | 104,625 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | 77,679 | 52,562 | 104,625 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Defined benefit pension plan expense (benefit) | (2,251) | 648 | 1,870 | ||||||||
Net sales | 1,303,323 | 1,312,214 | 1,195,812 | ||||||||
Cost of sales | 1,055,215 | 1,042,199 | 932,609 | ||||||||
Gross profit | 248,108 | 270,015 | 263,203 | ||||||||
Selling, general and administrative expenses | 174,551 | 180,132 | |||||||||
Operating Income (Loss) | 35,578 | 95,464 | 83,071 | ||||||||
Interest Expense | (1,713) | (1,003) | (696) | ||||||||
Interest income | 18,610 | 17,723 | 2,720 | ||||||||
Other | (1,727) | (4,447) | 14,827 | ||||||||
Nonoperating Income (Expense) | 15,170 | 12,273 | 16,851 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 50,748 | 107,737 | 99,922 | ||||||||
Current | 23,290 | 18,920 | 21,262 | ||||||||
Deferred | (4,982) | 29,448 | (29,901) | ||||||||
Income Tax Expense (Benefit) | 18,308 | 48,368 | (8,639) | ||||||||
Income (Loss) from Continuing Operations before Minority Interest and Income (Loss) from Equity Method Investments | 32,440 | 59,369 | 108,561 | ||||||||
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings | 32,440 | 59,369 | 108,561 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (5,955) | (6,079) | (5,159) | ||||||||
Net earnings attributable to Valmont Industries, Inc. | 26,485 | 53,290 | 103,402 | ||||||||
Eliminations | |||||||||||
Defined benefit pension plan expense (benefit) | 0 | 0 | 0 | ||||||||
Net sales | (260,679) | (251,876) | (191,877) | ||||||||
Cost of sales | (262,448) | (252,182) | (190,716) | ||||||||
Gross profit | 1,769 | 306 | (1,161) | ||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Operating Income (Loss) | 1,769 | 306 | (1,161) | ||||||||
Interest Expense | 14,815 | 13,866 | 0 | ||||||||
Interest income | 14,815 | (13,866) | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 1,769 | 306 | (1,161) | ||||||||
Current | 246 | 135 | (323) | ||||||||
Deferred | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | 246 | 135 | (323) | ||||||||
Income (Loss) from Continuing Operations before Minority Interest and Income (Loss) from Equity Method Investments | 1,523 | 171 | (838) | ||||||||
Equity in earnings of nonconsolidated subsidiaries | (105,687) | (106,023) | (207,189) | ||||||||
Net earnings | (104,164) | (105,852) | (208,027) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net earnings attributable to Valmont Industries, Inc. | $ (104,164) | $ (105,852) | $ (208,027) |
GUARANTOR_NON-GUARANTOR FINAN_7
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Details 5) - USD ($) | 12 Months Ended | 56 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 29, 2018 | Dec. 26, 2015 | |
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Defined benefit pension plan expense (benefit) | $ (2,251,000) | $ 648,000 | $ 1,870,000 | ||
Cash flows from operating activities: | |||||
Net earnings | 100,306,000 | 122,319,000 | 178,391,000 | ||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||
Depreciation and amortization | 82,827,000 | 84,957,000 | 82,417,000 | ||
Noncash loss on trading securities | (62,000) | 237,000 | 586,000 | ||
Impairment of property, plant and equipment | 5,000,000 | 0 | 1,099,000 | ||
Impairment of property, plant and equipment | 15,780,000 | 0 | 0 | ||
Loss from divestiture of grinding media business | 6,084,000 | 0 | 0 | ||
Stock-based compensation | 10,392,000 | 10,706,000 | 9,931,000 | ||
Contribution to defined benefit pension plan | (1,537,000) | (40,245,000) | (1,488,000) | ||
(Gain) loss on sale of property, plant and equipment | (225,000) | (3,924,000) | 631,000 | ||
Equity in earnings in nonconsolidated subsidiaries | 0 | 0 | 0 | ||
Deferred income taxes | (1,659,000) | 39,755,000 | (23,685,000) | ||
Net working capital | 46,620,000 | 75,185,000 | (2,196,000) | ||
Changes in assets and liabilities (net of acquisitions): | |||||
Inventories | (13,774,000) | (57,442,000) | (11,461,000) | ||
Prepaid expenses | (11,048,000) | (6,214,000) | (1,925,000) | ||
Accounts payable | (1,486,000) | 39,405,000 | 104,000 | ||
Accrued expenses | 49,000 | (1,998,000) | (12,207,000) | ||
Other noncurrent liabilities | (10,888,000) | (7,228,000) | (23,880,000) | ||
Income taxes payable (refundable) | (4,139,000) | 1,108,000 | 7,994,000 | ||
Net cash flows from operating activities | 153,008,000 | 133,148,000 | 232,820,000 | ||
Change in fair value of contingent consideration | 0 | 0 | (3,242,000) | ||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | (71,985,000) | (55,266,000) | (57,920,000) | ||
Proceeds from sale of assets | 63,103,000 | 8,185,000 | 5,126,000 | ||
Acquisitions, net of cash acquired | (143,020,000) | (5,362,000) | 0 | ||
Proceeds from settlement of net investment hedge | (1,621,000) | 5,123,000 | 0 | ||
Other, net | (1,922,000) | (2,295,000) | (255,000) | ||
Net cash flows used in investing activities | (155,445,000) | (49,615,000) | (53,049,000) | ||
Cash flows from financing activities: | |||||
Borrowings (Payments) under short-term agreements | 10,543,000 | (585,000) | (200,000) | ||
Proceeds from long-term borrowings | 251,655,000 | 0 | 0 | ||
Principal payments on long-term borrowings | (262,191,000) | (887,000) | (2,006,000) | ||
Payments for Derivative Instrument, Financing Activities | 2,467,000 | 0 | 0 | ||
Dividends paid | (33,726,000) | (33,862,000) | (34,053,000) | ||
Dividends to noncontrolling interest | (7,055,000) | (5,674,000) | (2,938,000) | ||
Increase (Decrease) Payments of Intercompany Dividends | 0 | 0 | |||
vmi_ProceedsFromRepaymentOfIntercompanyCapitalContribution | 0 | 0 | |||
Purchase of noncontrolling interest | (5,510,000) | 0 | (11,009,000) | ||
Debt issuance costs | (2,322,000) | 0 | 0 | ||
Proceeds from exercises under stock plans | 7,357,000 | 35,159,000 | 11,153,000 | ||
Purchase of treasury shares | (114,805,000) | 0 | (53,800,000) | $ (732,600,000) | |
Purchase of common treasury shares - stock plan exercises | (3,589,000) | (26,161,000) | (2,305,000) | ||
Net cash flows used in financing activities | (162,110,000) | (32,010,000) | (95,158,000) | ||
Effect of exchange rate changes on cash and cash equivalents | (15,048,000) | 27,682,000 | (20,087,000) | ||
Net change in cash and cash equivalents | (179,595,000) | 79,205,000 | 64,526,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 313,210,000 | 492,805,000 | 413,600,000 | 313,210,000 | $ 349,074,000 |
Eliminations | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Defined benefit pension plan expense (benefit) | 0 | 0 | 0 | ||
Cash flows from operating activities: | |||||
Net earnings | (104,164,000) | (105,852,000) | (208,027,000) | ||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||
Depreciation and amortization | 0 | 0 | 0 | ||
Noncash loss on trading securities | 0 | 0 | 0 | ||
Impairment of property, plant and equipment | 0 | 0 | |||
Impairment of property, plant and equipment | 0 | ||||
Loss from divestiture of grinding media business | 0 | ||||
Stock-based compensation | 0 | 0 | 0 | ||
Contribution to defined benefit pension plan | 0 | 0 | 0 | ||
(Gain) loss on sale of property, plant and equipment | 0 | 0 | 0 | ||
Equity in earnings in nonconsolidated subsidiaries | 105,687,000 | 106,023,000 | 207,189,000 | ||
Deferred income taxes | 0 | 0 | 0 | ||
Net working capital | 1,769,000 | 306,000 | (1,160,000) | ||
Changes in assets and liabilities (net of acquisitions): | |||||
Other noncurrent liabilities | 0 | 0 | 0 | ||
Income taxes payable (refundable) | 0 | 0 | 0 | ||
Net cash flows from operating activities | (246,000) | (135,000) | 322,000 | ||
Change in fair value of contingent consideration | 0 | ||||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | 0 | |||
Proceeds from settlement of net investment hedge | 0 | 0 | |||
Other, net | 246,000 | 135,000 | (322,000) | ||
Net cash flows used in investing activities | 246,000 | 135,000 | (322,000) | ||
Cash flows from financing activities: | |||||
Borrowings (Payments) under short-term agreements | 0 | 0 | 0 | ||
Proceeds from long-term borrowings | 0 | ||||
Principal payments on long-term borrowings | 0 | 0 | 0 | ||
Payments for Derivative Instrument, Financing Activities | 0 | ||||
Dividends paid | 0 | 0 | 0 | ||
Dividends to noncontrolling interest | 0 | 0 | 0 | ||
Increase (Decrease) Payments of Intercompany Dividends | 0 | 0 | |||
vmi_ProceedsFromRepaymentOfIntercompanyCapitalContribution | 0 | 0 | |||
Purchase of noncontrolling interest | 0 | 0 | |||
Debt issuance costs | 0 | ||||
Proceeds from exercises under stock plans | 0 | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | |||
Purchase of common treasury shares - stock plan exercises | 0 | 0 | 0 | ||
Net cash flows used in financing activities | 0 | 0 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||
Net change in cash and cash equivalents | 0 | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
Parent | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Defined benefit pension plan expense (benefit) | 0 | 0 | 0 | ||
Cash flows from operating activities: | |||||
Net earnings | 94,351,000 | 116,240,000 | 173,232,000 | ||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||
Depreciation and amortization | 26,155,000 | 26,237,000 | 27,096,000 | ||
Noncash loss on trading securities | 0 | 0 | 0 | ||
Impairment of property, plant and equipment | 0 | 0 | |||
Impairment of property, plant and equipment | 0 | ||||
Loss from divestiture of grinding media business | (2,518,000) | ||||
Stock-based compensation | 10,392,000 | 10,706,000 | 9,931,000 | ||
Contribution to defined benefit pension plan | 0 | 0 | 0 | ||
(Gain) loss on sale of property, plant and equipment | 57,000 | (664,000) | 165,000 | ||
Equity in earnings in nonconsolidated subsidiaries | (68,383,000) | (83,877,000) | (141,061,000) | ||
Deferred income taxes | 1,532,000 | 10,307,000 | 6,216,000 | ||
Net working capital | 17,681,000 | 23,943,000 | 12,335,000 | ||
Changes in assets and liabilities (net of acquisitions): | |||||
Other noncurrent liabilities | (7,345,000) | (140,000) | (2,333,000) | ||
Income taxes payable (refundable) | (6,176,000) | (11,837,000) | 32,873,000 | ||
Net cash flows from operating activities | 35,420,000 | 43,029,000 | 93,784,000 | ||
Change in fair value of contingent consideration | 0 | ||||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | (25,255,000) | (20,460,000) | (9,031,000) | ||
Proceeds from sale of assets | 44,000 | 748,000 | 44,000 | ||
Acquisitions, net of cash acquired | (57,805,000) | 0 | |||
Proceeds from settlement of net investment hedge | (1,621,000) | 5,123,000 | |||
Other, net | 69,714,000 | 684,000 | (633,000) | ||
Net cash flows used in investing activities | (14,923,000) | (13,905,000) | (9,620,000) | ||
Cash flows from financing activities: | |||||
Borrowings (Payments) under short-term agreements | 0 | 0 | 0 | ||
Proceeds from long-term borrowings | 245,936,000 | ||||
Principal payments on long-term borrowings | (261,219,000) | 0 | (215,000) | ||
Payments for Derivative Instrument, Financing Activities | 2,467,000 | ||||
Dividends paid | (33,726,000) | (33,862,000) | (34,053,000) | ||
Dividends to noncontrolling interest | 0 | 0 | 0 | ||
Increase (Decrease) Payments of Intercompany Dividends | (168,757,000) | (22,662,000) | |||
vmi_ProceedsFromRepaymentOfIntercompanyCapitalContribution | (3,492,000) | 10,818,000 | |||
Purchase of noncontrolling interest | 0 | 0 | |||
Debt issuance costs | (2,322,000) | ||||
Proceeds from exercises under stock plans | 7,357,000 | 35,159,000 | 11,153,000 | ||
Purchase of treasury shares | (114,805,000) | (53,800,000) | |||
Purchase of common treasury shares - stock plan exercises | (3,589,000) | (26,161,000) | (2,305,000) | ||
Net cash flows used in financing activities | 430,000 | (13,020,000) | (79,220,000) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||
Net change in cash and cash equivalents | 20,927,000 | 16,104,000 | 4,944,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 104,256,000 | 83,329,000 | 67,225,000 | 104,256,000 | 62,281,000 |
Guarantors | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Defined benefit pension plan expense (benefit) | 0 | 0 | 0 | ||
Cash flows from operating activities: | |||||
Net earnings | 77,679,000 | 52,562,000 | 104,625,000 | ||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||
Depreciation and amortization | 13,959,000 | 15,003,000 | 13,316,000 | ||
Noncash loss on trading securities | 0 | 0 | 0 | ||
Impairment of property, plant and equipment | 0 | 0 | |||
Impairment of property, plant and equipment | 0 | ||||
Loss from divestiture of grinding media business | 0 | ||||
Stock-based compensation | 0 | 0 | 0 | ||
Contribution to defined benefit pension plan | 0 | 0 | 0 | ||
(Gain) loss on sale of property, plant and equipment | (37,000) | 8,000 | 103,000 | ||
Equity in earnings in nonconsolidated subsidiaries | (37,304,000) | (22,146,000) | (66,128,000) | ||
Deferred income taxes | 1,791,000 | 0 | 0 | ||
Net working capital | 13,962,000 | 25,717,000 | 5,939,000 | ||
Changes in assets and liabilities (net of acquisitions): | |||||
Other noncurrent liabilities | 615,000 | 0 | 5,000 | ||
Income taxes payable (refundable) | (1,303,000) | 728,000 | (16,567,000) | ||
Net cash flows from operating activities | 41,438,000 | 20,438,000 | 29,415,000 | ||
Change in fair value of contingent consideration | 0 | ||||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | (13,115,000) | (9,454,000) | (22,320,000) | ||
Proceeds from sale of assets | 268,000 | 3,000 | 102,000 | ||
Acquisitions, net of cash acquired | 0 | 0 | |||
Proceeds from settlement of net investment hedge | 0 | 0 | |||
Other, net | (42,667,000) | (22,777,000) | (5,085,000) | ||
Net cash flows used in investing activities | (55,514,000) | (32,228,000) | (27,303,000) | ||
Cash flows from financing activities: | |||||
Borrowings (Payments) under short-term agreements | 0 | 0 | 0 | ||
Proceeds from long-term borrowings | 0 | ||||
Principal payments on long-term borrowings | 0 | 0 | 0 | ||
Payments for Derivative Instrument, Financing Activities | 0 | ||||
Dividends paid | 0 | 0 | 0 | ||
Dividends to noncontrolling interest | 0 | 0 | 0 | ||
Increase (Decrease) Payments of Intercompany Dividends | (11,296,000) | 0 | |||
vmi_ProceedsFromRepaymentOfIntercompanyCapitalContribution | 3,492,000 | (10,818,000) | |||
Purchase of noncontrolling interest | 0 | 0 | |||
Debt issuance costs | 0 | ||||
Proceeds from exercises under stock plans | 0 | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | |||
Purchase of common treasury shares - stock plan exercises | 0 | 0 | 0 | ||
Net cash flows used in financing activities | 14,788,000 | 10,818,000 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | (498,000) | 205,000 | (49,000) | ||
Net change in cash and cash equivalents | 214,000 | (767,000) | 2,063,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 5,518,000 | 5,304,000 | 6,071,000 | 5,518,000 | 4,008,000 |
Non- Guarantors | |||||
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries | |||||
Defined benefit pension plan expense (benefit) | (2,251,000) | 648,000 | 1,870,000 | ||
Cash flows from operating activities: | |||||
Net earnings | 32,440,000 | 59,369,000 | 108,561,000 | ||
Adjustments to reconcile net earnings to net cash flows from operations: | |||||
Depreciation and amortization | 42,713,000 | 43,717,000 | 42,005,000 | ||
Noncash loss on trading securities | (62,000) | 237,000 | 586,000 | ||
Impairment of property, plant and equipment | 5,000,000 | 1,099,000 | |||
Impairment of property, plant and equipment | 15,780,000 | ||||
Loss from divestiture of grinding media business | (3,566,000) | ||||
Stock-based compensation | 0 | 0 | 0 | ||
Contribution to defined benefit pension plan | 1,537,000 | (40,245,000) | (1,488,000) | ||
(Gain) loss on sale of property, plant and equipment | (245,000) | (3,268,000) | 363,000 | ||
Equity in earnings in nonconsolidated subsidiaries | 0 | 0 | 0 | ||
Deferred income taxes | (4,982,000) | 29,448,000 | (29,901,000) | ||
Net working capital | 13,208,000 | 25,219,000 | (19,310,000) | ||
Changes in assets and liabilities (net of acquisitions): | |||||
Other noncurrent liabilities | (4,158,000) | (7,088,000) | (21,552,000) | ||
Income taxes payable (refundable) | 3,340,000 | 12,217,000 | (8,312,000) | ||
Net cash flows from operating activities | 76,396,000 | 69,816,000 | 109,299,000 | ||
Change in fair value of contingent consideration | (3,242,000) | ||||
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | (33,615,000) | (25,352,000) | (26,569,000) | ||
Proceeds from sale of assets | 62,791,000 | 7,434,000 | 4,980,000 | ||
Acquisitions, net of cash acquired | (85,215,000) | (5,362,000) | |||
Proceeds from settlement of net investment hedge | 0 | 0 | |||
Other, net | (29,215,000) | 19,663,000 | 5,785,000 | ||
Net cash flows used in investing activities | (85,254,000) | (3,617,000) | (15,804,000) | ||
Cash flows from financing activities: | |||||
Borrowings (Payments) under short-term agreements | 10,543,000 | (585,000) | (200,000) | ||
Proceeds from long-term borrowings | 5,719,000 | ||||
Principal payments on long-term borrowings | (972,000) | (887,000) | (1,791,000) | ||
Payments for Derivative Instrument, Financing Activities | 0 | ||||
Dividends paid | 0 | 0 | 0 | ||
Dividends to noncontrolling interest | (7,055,000) | (5,674,000) | (2,938,000) | ||
Increase (Decrease) Payments of Intercompany Dividends | 180,053,000 | 22,662,000 | |||
vmi_ProceedsFromRepaymentOfIntercompanyCapitalContribution | 0 | 0 | |||
Purchase of noncontrolling interest | (11,009,000) | ||||
Debt issuance costs | 0 | ||||
Proceeds from exercises under stock plans | 0 | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | |||
Purchase of common treasury shares - stock plan exercises | 0 | 0 | 0 | ||
Net cash flows used in financing activities | (177,328,000) | (29,808,000) | (15,938,000) | ||
Effect of exchange rate changes on cash and cash equivalents | (14,550,000) | 27,477,000 | (20,038,000) | ||
Net change in cash and cash equivalents | (200,736,000) | 63,868,000 | 57,519,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 203,436,000 | $ 404,172,000 | $ 340,304,000 | $ 203,436,000 | $ 282,785,000 |
Non- Guarantors | |||||
Cash flows from financing activities: | |||||
Purchase of noncontrolling interest | $ (5,510,000) |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 697,363 | $ 678,692 | $ 682,405 | $ 698,684 | $ 714,978 | $ 680,779 | $ 712,737 | $ 637,473 | $ 2,757,144 | $ 2,745,967 | $ 2,521,676 | |
Gross profit | 149,701 | 164,340 | 174,999 | 169,240 | 170,289 | 163,594 | 183,280 | 164,605 | 658,280 | 681,768 | 656,243 | |
Net Earnings, Amount | $ 17,662 | $ 4,448 | $ 32,960 | $ 39,281 | $ (3,611) | $ 35,208 | $ 45,664 | $ 38,979 | $ 94,351 | $ 116,240 | $ 173,232 | |
Basic (in dollars per share) | $ 0.80 | $ 0.20 | $ 1.47 | $ 1.74 | $ (0.16) | $ 1.56 | $ 2.03 | $ 1.73 | $ 5.16 | $ 4.23 | $ 5.16 | $ 7.68 |
Net Earnings, Per Share, Diluted (in dollars per share) | 0.80 | 0.20 | 1.46 | 1.72 | (0.16) | 1.55 | 2.01 | 1.72 | $ 5.11 | 4.20 | 5.11 | $ 7.63 |
Stock Price, High (in dollars per share) | 141.38 | 157.15 | 154.60 | 171.55 | 176.35 | 160.35 | 157.60 | 165.20 | 171.55 | 176.35 | ||
Stock Price, Low (in dollars per share) | 103.01 | 135 | 137.90 | 140.10 | 153.65 | 140.90 | 144.65 | 135.95 | 103.01 | 135.95 | ||
Dividends Declared (in dollars per share) | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 1.500 | $ 1.500 | ||
Quarterly Financial Data | ||||||||||||
Blended tax rate (percent) | 25.00% | 21.00% | 35.00% | 35.00% | ||||||||
Deferred income tax expense | $ 20,372 | $ 20,372 | ||||||||||
Deferred income tax expense (in usd per share) | $ 0.90 | |||||||||||
Provision charge for deemed repatriation tax | $ 9,890 | |||||||||||
Provision charge for deemed repatriation tax (in usd per share) | $ 0.44 | |||||||||||
Deferred expenses related to foreign withholding taxes and US state income taxes | $ 11,673 | $ (1,881) | 49,766 | $ (32,391) | ||||||||
Deferred expenses related to foreign withholding taxes and US state income taxes (in usd per share) | $ 0.51 | |||||||||||
Deferred income tax benefit | $ 30,590 | |||||||||||
Deferred income tax benefit (in dollars per share) | $ 1.35 | |||||||||||
Provision for valuation allowance | $ 9,888 | |||||||||||
Valuation provision effect (in dollars per share) | $ 0.44 | |||||||||||
Reversal of contingent liability | $ 16,591 | |||||||||||
Reversal of contingent liability effect (in dollars per share) | $ 0.73 | |||||||||||
Impairment of goodwill and intangible assets | $ 15,780 | 0 | $ 0 | |||||||||
Goodwill impairment | $ 14,355 | 14,355 | $ 34,892 | |||||||||
Broad Restructuring Plan | ||||||||||||
Quarterly Financial Data | ||||||||||||
Restructuring and related cost, expected cost remaining | $ 4,581 | $ 4,581 |