SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	March 31, 2018		December 30, 2017
Raw materials and purchased parts	$	176,554	$	183,029
Work-in-process	20,197		30,671
Finished goods and manufactured goods	218,062		250,975
Subtotal	414,813		464,675
Less: LIFO reserve	44,808		43,727
	$	370,005	$	420,948

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended March 31, 2018 and April 1, 2017, were as follows:

	Thirteen Weeks Ended
	2018		2017
United States	$	41,765	$	35,424
Foreign	11,247		19,900
	$	53,012	$	55,324

Schedule of components of the net periodic pension (benefit) expense

The components of the net periodic pension (benefit) expense for the thirteen weeks ended March 31, 2018 and April 1, 2017 were as follows:

	Thirteen Weeks Ended
Net periodic (benefit) expense:	2018			2017
Interest cost	$	4,716		$	4,321
Expected return on plan assets	(6,114		)	(4,877		)
Amortization of actuarial loss	804			710
Net periodic expense (benefit)	$	(594	)	$	154

Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options

The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively, were as follows:

	Thirteen Weeks Ended
	2018		2017
Compensation expense	$	1,090	$	1,289
Income tax benefits	273		496

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value March 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	41,072	$	41,072	$	—	$	—

			Fair Value Measurement Using:
	Carrying Value December 30, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	41,042	$	41,042	$	—	$	—

Components of accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) consisted of the following at March 31, 2018 and December 30, 2017:

	Foreign Currency Translation Adjustments			Gain/(Loss) on Hedging Activities			Defined Benefit Pension Plan			Accumulated Other Comprehensive Loss
Balance at December 30, 2017	$	(171,399	)	$	6,357		$	(113,980	)	$	(279,022	)
Current-period comprehensive income (loss)	3,256			(863		)	—			2,393
Balance at March 31, 2018	$	(168,143	)	$	5,494		$	(113,980	)	$	(276,629	)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the thirteen weeks ended March 31, 2018:

Balance Sheet	As Reported		Balance Excluding ASC 606 Effects		Change
Assets
Inventories	$	370,005	$	425,956	$	(55,951	)
Prepaid expenses and other current assets	127,251		48,767		78,484
Liabilities and shareholders' equity
Accrued expenses	92,651		87,626		5,025
Deferred income taxes	39,669		35,539		4,130
Retained earnings	1,996,474		1,983,096		13,378
Statement of Earnings
Net Sales	$	698,684	$	670,874	$	27,810
Operating Income	63,960		58,886		5,074

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 Condensed Consolidated Balance Sheet as follows:

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Balance Sheet	December 30, 2017		ASC 606 Adjustments			December 31, 2017
Assets
Inventories	$	420,948	$	(36,243	)	$	384,705
Prepaid expenses and other current assets	43,643		51,507			95,150
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

Disaggregation of Revenue

evenue 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 thirteen weeks ended March 31, 2018 is as follows:

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

	Point in Time		Over Time
	March 31, 2018		March 31, 2018
Utility Support Structures	$	—	$	209,859
Engineered Support Structures	207,194		8,722
Coatings	68,458		—
Irrigation	183,234		2,818
Other	18,399		—
Total	$	477,285	$	221,399