Valmont Industries, Inc. VMI Cash Flow

Valmont industries, inc. (VMI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net earnings
42,721	37,402	42,263	42,723	37,078	18,155	6,991	34,680	40,480	-1,630	36,666	47,322	39,961	71,257	29,521	43,442	34,171	-29,162	13,549	29,439	31,507	41,618	25,285	65,852	56,563	52,113	58,891	91,316	78,140	66,727	58,442	61,159	52,588	117,948	44,414	47,991	26,873	36,909	27,735	19,134	16,635
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization
20,343	21,840	19,841	20,330	20,253	20,809	20,361	20,479	21,178	21,457	21,746	20,927	20,827	21,175	20,438	20,206	20,598	20,285	23,098	23,860	23,901	24,868	21,092	23,767	19,601	20,019	19,231	18,978	19,208	17,956	17,895	17,027	17,340	21,367	17,323	18,705	17,165	17,834	17,249	13,371	11,209
Noncash loss on trading securities
-32	124	76	59	-87	0	291	-158	-71	158	-207	-118	-70	387	62	-40	-995	465	-438	-167	-4,415	1,064	-1,358	-115	-3,386	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of assets - restructuring activities
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
3,325	2,698	2,519	2,700	3,670	2,316	2,702	2,599	2,775	3,406	2,710	2,096	2,494	3,359	2,371	2,152	2,049	1,577	2,154	1,752	1,761	1,286	1,758	1,806	1,880	1,514	1,657	1,667	1,675	1,312	1,450	1,504	1,563	1,969	1,344	1,306	1,312	2,442	1,544	1,569	1,599
Defined benefit pension plan benefit
-1,763	-131	-123	-127	-132	-538	-554	-565	-594	167	167	160	154	384	527	575	384	-150	-155	-155	-150	635	669	672	662	1,699	1,625	1,612	1,633	1,205	1,026	1,029	1,021	905	1,582	1,465	1,497	-	-	-	-
Contribution to defined benefit pension plan
17,039	1,035	3,744	-261	13,943	-18	824	0	731	14,181	685	0	25,379	776	0	712	0	765	0	0	15,735	-72	761	0	17,484	864	6,409	0	10,346	0	841	0	10,750	-	-	-	-	-	-	-	-
Change in restricted cash - pension plan trust
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	13,652	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on sale of property, plant and equipment
-53	2,048	187	51	227	-128	66	7	280	3,192	668	-38	102	-381	824	-930	-144	-1,064	-721	-678	136	-334	-160	-25	127	-742	-11	5,005	66	-508	23	163	1	-988	56	306	-67	-1,690	-1,390	-59	-64
Equity in loss in nonconsolidated subsidiaries
-219	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in earnings in nonconsolidated subsidiaries
-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	-247	0	0	0	-	-	-	-	287	75	269	204	817	1,536	2,087	1,688	3,550	2,354	1,201	954	452	1,068	805	114
Deferred income taxes
8,177	-3,158	1,388	-3,952	9,662	-2,473	-1,686	-2,319	4,819	39,676	-7,268	-6,718	14,065	-22,151	-3,749	-3,544	5,759	-359	5,272	-5,219	5,164	9,285	-9,064	7,953	-2,923	-8,866	3,454	-1,042	-3,687	7,657	519	-5,193	737	-73,418	-1,346	-10,982	784	9,761	-1,914	-5,570	2,740
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	20
Changes in assets and liabilities:
Receivables
27,116	-26,525	1,484	-5,791	25,424	-13,183	11,276	19,130	-29,794	9,528	-9,832	36,687	12,729	-8,186	-13,494	17,402	-20,344	-44,716	26,960	-13,927	-18,584	-20,858	41,034	10,585	-31,668	11,951	-2,574	22,337	-19,006	38,227	-23,259	47,220	22,702	-24,176	10,543	21,213	9,850	7,747	11,975	31,726	345
Inventories
8,674	-6,965	-23,711	11,124	7,239	-19,230	12,412	19,391	1,201	15,897	16,582	-9,854	34,817	-22,952	5,078	21,313	8,022	-28,743	-2,299	705	27,041	-25,610	10,776	-44,535	37,911	-28,005	12,083	-27,899	30,390	-22,894	-11,991	7,466	41,032	19,307	20,603	38,912	40,044	-17,931	-10,500	3,314	2,796
Prepaid expenses and other assets
10,149	-18,864	1,084	6,057	7,310	-7,438	9,302	4,695	4,489	-6,117	6,439	-3,906	9,798	-8,699	5,765	5,769	-910	-5,569	-8,362	8,041	-4,954	-5,588	893	9,141	9,148	-11,156	1,131	3,124	2,786	-4,900	-403	3,008	1,052	-1,336	-250	882	4,746	-3,302	-1,002	1,402	-1,463
Contract asset - costs and profits in excess of billings
3,933	21,424	-3,550	4,039	7,361	-97	8,117	-2,624	27,536	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
13,880	-2,154	-27,229	8,677	-704	17,583	-424	10,804	-29,449	10,510	18,180	-3,409	14,124	11,442	-12,768	47	1,383	-7,637	5,853	-3,760	-1,261	-13,239	7,551	-16,162	-12,471	11,287	425	6,039	-5,303	-6,214	-2,011	7,421	-5,445	8,855	-5,112	15,942	22,952	21,802	-34,060	13,517	-2,131
Accrued expenses
38,805	-21,117	67,434	57,882	4,585	-7,239	17,811	-4,116	-6,407	-22,155	14,905	-8,768	14,020	-15,479	16,908	-6,458	-7,178	1,550	13,799	-1,107	-5,324	-6,852	2,489	-526	-29,889	4,767	14,015	20,724	-17,808	4,651	16,610	6,796	-7,417	361	20,958	1,977	-11,451	-26,772	17,561	12,417	-10,748
Other noncurrent liabilities
-2,971	3,289	1,019	-5,348	-234	-9,639	-769	-920	440	-5,601	-3,600	1,361	612	-24,120	-87	1,150	-823	-2,651	-874	77	1,684	8,164	-8,175	215	1,551	-3,984	637	743	1,130	-3,627	-315	-726	318	-1,389	-90	-2,912	-1,490	-10,852	2,358	8,056	-160
Income taxes refundable
6,442	1,992	-2,005	-2,083	-4,848	5,084	-4,935	-7,321	3,033	2,840	-3,760	2,115	-87	3,163	-4,685	-297	9,813	-7,064	-1,646	2,612	13,205	-17,101	-639	-38,622	16,559	17,815	-9,310	-26,220	14,410	490	-5,650	-19,738	3,648	5,421	101	13,336	3,572	-4,448	1,054	9,409	1,832
Net cash flows from operating activities
62,352	68,384	125,793	105,524	7,913	84,955	14,395	20,610	33,048	11,312	66,106	32,315	23,415	105,566	47,332	-605	80,527	89,445	64,477	62,817	55,528	91,399	-9,154	69,934	21,917	147,337	73,512	110,981	64,612	79,415	121,219	9,335	-12,872	85,556	44,200	14,228	5,687	66,881	31,357	34,714	19,268
Purchase of property, plant and equipment
23,580	25,444	22,671	28,201	21,109	23,066	17,103	15,568	16,248	15,368	13,715	12,015	14,168	15,687	16,214	12,058	13,961	11,021	9,689	8,143	16,615	9,611	16,421	23,465	23,526	31,681	20,814	32,413	21,845	38,374	19,479	19,087	20,134	36,703	18,455	15,302	12,609	15,809	9,258	6,470	4,555
Proceeds from sale of assets
684	4,231	859	44	422	-1,683	393	63,679	714	6,610	685	588	302	1,188	2,111	1,685	142	-7	2,155	916	185	382	956	-240	1,391	-1,982	510	9,639	29,415	428	730	4,822	45	803	448	2,356	99	297	10,994	0	96
Acquisitions, net of cash acquired
8,804	0	0	24,735	57,106	17,711	116,009	4,500	4,800	0	5,362	0	0	-	-	-	-	-	-	-	-	48,272	16,955	0	120,483	10,000	0	-1,562	54,714	-	-	-	-	-	-	-	-	0	3,747	237,850	7,460
Proceeds from settlement of net investment hedge
-	-	-	-	-	0	0	758	863	0	-10,246	5,123	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
1,436	1,572	1,776	-5,560	1,667	-449	4,775	-4,186	1,782	-1,167	995	752	1,715	-2,569	1,216	-714	2,322	-846	-84	-2,966	-2,930	3,611	-5,932	1,950	990	629	-1,364	2,922	-2,789	36	1,757	836	-2,673	3,954	1,155	-949	-999	-8,987	-546	1,031	-2,547
Net cash flows from investing activities
-33,136	-28,954	-23,588	-36,148	-79,460	-42,011	-137,494	47,039	-22,979	-7,591	-19,387	-7,056	-15,581	-11,930	-15,319	-9,659	-16,141	-22,960	-7,450	-4,261	-13,500	-61,112	-26,488	-25,655	-143,608	-44,292	-18,940	-24,134	-44,355	-83,669	-20,506	-15,101	-17,416	-40,444	-18,572	-13,536	-11,511	-16,131	8,141	18,944	-273,667
Cash flows from financing activities:
Proceeds from short-term agreements
3,751	-	-	-	9,327	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on short-term agreements
5,193	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings (payments) under short-term agreements
-	-	-	-	-	7,326	3,087	-89	219	-36	-180	-567	198	-72	-2,721	1,241	1,352	-531	-6,432	-7,045	1,155	-3,407	796	2,195	-4,056	2,071	819	3,193	-573	-2,268	-1,835	5,206	725	546	-8	1,344	816	-5,624	4,697	-690	-1,458
Proceeds from long-term borrowings
10,000	0	0	21,000	10,000	14,719	-705	237,641	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	36,126	3,000	64,000	26,062	164,770	23,000	680	0	300,000	191,000
Principal payments on long-term borrowings
188	190	192	192	10,194	9,239	252,457	246	249	229	224	219	215	443	904	439	220	31,220	4,221	33,433	224	799	356,800	196	63	83	205	287	16	284	48	36,197	3,035	84,011	20,004	160,190	7,040	15,014	35,043	133,189	39
Cash restricted for acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	264,000
Dividends paid
8,079	8,088	8,129	8,212	8,213	8,311	8,412	8,493	8,510	8,476	8,473	8,468	8,445	8,449	8,506	8,527	8,571	8,649	8,752	8,870	9,086	9,086	9,930	6,721	6,706	6,697	6,696	6,020	6,001	5,990	5,985	4,778	4,767	4,760	4,757	4,352	4,358	4,348	4,348	3,948	3,944
Dividends to noncontrolling interest
5,342	1,188	2,090	3,621	838	1,318	885	3,571	1,281	1,779	1,006	2,467	422	411	604	1,923	0	311	654	379	1,290	1,579	0	989	351	0	0	291	1,476	565	0	948	431	-	-	-	-	-	-	3,182	295
Purchase of noncontrolling interest
53,534	-	-	-	23,082	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of treasury shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-4,802	-	-1	0	-877
Purchase of treasury shares
20,481	7,743	16,822	28,929	9,421	27,886	42,920	29,209	14,790	0	0	0	0	7,219	17,960	11,682	16,939	20,763	27,200	48,120	72,900	-	-	-	-	-	-	-	-	-	-	-	-	-15,027	1,386	290	18,153	-1,268	183	366	1,595
Purchase of noncontrolling interest
-	-	-	-	-	0	0	0	5,510	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercises under stock plans
60	10,408	1,467	570	1,174	981	665	2,739	2,972	22,713	2,278	1,274	8,894	4,644	534	4,686	1,289	2,173	1,448	7,694	1,760	1,748	828	4,136	7,860	1,284	966	2,401	11,697	2,300	4,374	6,923	8,230	1,349	1,726	940	15,993	1,074	193	1,394	1,803
Excess tax benefits from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-66	241	64	1,049	345	348	340	1,280	2,296	676	4,325	79	226	1,282	1,001	1,077	2,134	234	266	-126	2,659	542	263	206	1,010
Purchase of common treasury shares—stock plan exercises
3	11,533	629	80	747	1,675	145	265	1,504	22,232	873	186	2,870	852	0	1,234	219	1,719	1,645	8,334	2,156	2,664	755	3,410	8,574	1,463	1,042	1,227	12,375	2,143	5,030	6,339	7,747	-	-	-	-	-	-	-	-
Net cash flows from financing activities
-79,009	-16,291	-26,997	-23,668	-31,994	-25,403	-301,772	193,718	-28,653	-10,039	-8,478	-10,633	-2,860	-12,802	-30,161	-28,821	-23,374	-29,779	-43,392	-64,438	-82,396	-96,553	47,180	-80,789	-9,594	-25,151	-1,627	-2,084	-8,518	-7,712	-9,226	2,474	-1,891	-22,958	1,899	-32,967	8,115	-29,077	-43,210	156,072	185,900
Effect of exchange rate changes on cash and cash equivalents
-9,104	3,203	-4,952	-1	1,568	47	-2,095	-18,442	5,442	4,549	7,027	8,380	7,726	-16,609	3,177	-4,283	-2,372	-483	-18,307	5,039	-12,845	-14,373	-15,247	4,242	5,774	-7,557	-53	-14,282	-5,872	-985	7,212	-7,895	8,853	3,832	-17,409	794	9,076	2,081	12,489	-5,344	-2,300
Net change in cash and cash equivalents
-58,897	26,342	70,256	45,707	-101,973	17,588	-426,966	242,925	-13,142	-1,769	45,268	23,006	12,700	64,225	5,029	-43,368	38,640	36,223	-4,672	-843	-53,213	-80,639	-3,709	-32,268	-125,511	70,337	52,892	70,481	5,867	-12,951	98,699	-11,187	-23,326	25,986	10,118	-31,481	11,367	23,754	8,777	204,386	-70,799