SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 29, 2018

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	September 29, 2018		December 30, 2017
Raw materials and purchased parts	$	202,517	$	183,029
Work-in-process	24,046		30,671
Finished goods and manufactured goods	222,581		250,975
Subtotal	449,144		464,675
Less: LIFO reserve	49,239		43,727
	$	399,905	$	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 and thirty-nine weeks ended September 29, 2018 and September 30, 2017, were as follows:    

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	2018		2017		2018		2017
United States	$	15,596	$	28,886	$	99,697	$	115,082
Foreign	486		21,675		18,482		59,210
	$	16,082	$	50,561	$	118,179	$	174,292

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

The components of the net periodic pension (benefit) expense for the thirteen and thirty-nine weeks ended September 29, 2018 and September 30, 2017 were as follows:

	Thirteen Weeks Ended						Thirty-nine Weeks Ended
Net periodic (benefit) expense:	2018			2017			2018			2017
Interest cost	$	4,400		$	4,676		$	13,602		$	13,475
Expected return on plan assets	(5,704		)	(5,277		)	(17,633		)	(15,208		)
Amortization of actuarial loss	750			768			2,318			2,214
Net periodic expense (benefit)	$	(554	)	$	167		$	(1,713	)	$	481

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 and restricted stock for the thirteen and thirty-nine weeks ended September 29, 2018 and September 30, 2017, respectively, were as follows:

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	2018		2017		2018		2017
Compensation expense	$	2,702	$	2,710	$	8,076	$	7,300
Income tax benefits	676		1,043		2,019		2,811

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value September 29, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	41,475	$	41,475	$	—	$	—

			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 September 29, 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)	(53,569		)	(381		)	—			(53,950		)
Divestiture of grinding media business	9,203			1,215			—			10,418
Balance at September 29, 2018	$	(215,765	)	$	7,191		$	(113,980	)	$	(322,554	)

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

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:

Balance Sheet	December 30, 2017		ASC 606 Adjustments			December 31, 2017
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 Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Earnings for the thirteen and thirty-nine weeks ended September 29, 2018:

Balance Sheet	As Reported		Balance Excluding ASC 606 Effects		Change
Assets
Inventories	$	399,905	$	463,184	$	(63,279	)
Contract asset - costs & profits in excess of billings	112,620		26,369		86,251
Liabilities and shareholders' equity
Accrued expenses	106,929		101,878		5,051
Deferred income taxes	45,076		40,451		4,625
Retained earnings	2,022,538		2,009,242		13,296

	Thirteen Weeks Ended September 29, 2018					Thirty-nine Weeks Ended September 29, 2018
Statement of Earnings	As Reported	Balance Excluding ASC 606 Effects		Change		As Reported	Balance Excluding ASC 606 Effects		Change
Net Sales	678,692	$	666,095	$	12,597	2,059,781	$	2,024,921	$	34,860
Operating Income	38,360	$	35,697	$	2,663	165,990	$	161,289	$	4,701

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 and thirty-nine weeks ended September 29, 2018 is as follows:

	Point in Time		Over Time		Point in Time		Over Time
	Thirteen weeks ended September 29, 2018		Thirteen weeks ended September 29, 2018		Thirty-nine weeks ended September 29, 2018		Thirty-nine weeks ended September 29, 2018
Utility Support Structures	$	6,090	$	211,853	$	6,090	$	618,243
Engineered Support Structures	235,948		12,483		680,863		29,525
Coatings	74,547		—		217,544		—
Irrigation	134,710		3,061		475,744		8,692
Other	—		—		23,080		—
Total	$	451,295	$	227,397	$	1,403,321	$	656,460