SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 29, 2018

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, 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 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