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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 28, 2020
Accounting Policies [Abstract]  
Components of inventories
Inventories consisted of the following:
March 28,
2020
December 28,
2019
Raw materials and purchased parts
$163,809  $158,314  
Work-in-process
33,919  38,088  
Finished goods and manufactured goods
218,885  221,968  
Subtotal
416,613  418,370  
Schedule of Change in Accounting Estimate
The impact of the change from LIFO to FIFO on the Company’s Condensed Consolidated Statements of Earnings and Comprehensive Income is as follows:

First Quarter 2019
(in 000's, except earnings per share)As Previously ReportedRetrospectively AdjustedAdjustment
Cost of sales527,010527,512502
Operating income55,10454,602(502)
Income tax expense12,42712,302(125)
Net earnings attributed to Valmont Industries, Inc36,48136,104(377)
Comprehensive (loss) income42,03541,658(377)
Net earnings per diluted share1.661.64(0.02)
The Company applied this change retrospectively to the earliest period presented. The resulting impact to the Condensed Consolidated Balance Sheet as of December 28, 2019 is as follows:

December 28, 2019
Consolidated Balance SheetAs Previously Reported AdjustmentRetrospectively Adjusted
Inventory374,56543,805418,370
Deferred income tax liability47,95510,95158,906
Retained earnings2,140,94832,8542,173,802
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries
Earnings before income taxes for the thirteen weeks ended March 28, 2020 and March 30, 2019, were as follows: 
Thirteen weeks ended
20202019
United States
$53,500  $41,749  
Foreign
3,926  7,631  
$57,426  $49,380  
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 28, 2020 and March 30, 2019 were as follows:
Thirteen weeks ended
Net periodic (benefit) expense:20202019
Interest cost
$3,124  $4,345  
Expected return on plan assets
(5,598) (5,135) 
Amortization of actuarial loss
711  658  
Net periodic (benefit) expense
$(1,763) $(132) 
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 weeks ended March 28, 2020 and March 30, 2019, respectively, were as follows:
Thirteen weeks ended
20202019
Compensation expense
$3,325  $3,670  
Income tax benefits
831  918  
Valuation methodologies used for assets and liabilities measured at fair value
Fair Value Measurement Using:
Carrying Value March 28, 2020Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Trading Securities
$34,786  $34,786  $—  $—  
Derivative financial instruments, net
24,625  —  24,625  —  

Fair Value Measurement Using:
Carrying Value December 28, 2019Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Trading Securities
$36,500  $36,500  $—  $—  
Derivative financial instruments, net
3,247  —  3,247  —  
Components of accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) consisted of the following at March 28, 2020 and December 28, 2019:
Foreign Currency Translation AdjustmentsGain/(Loss) on Hedging ActivitiesDefined Benefit Pension PlanAccumulated Other Comprehensive Loss
Balance at December 28, 2019$(232,575) $14,076  $(94,923) $(313,422) 
Current-period comprehensive income (loss)
(49,886) 15,440  —  (34,446) 
Balance at March 28, 2020$(282,461) $29,516  $(94,923) $(347,868) 
Disaggregation of revenue A breakdown by segment of revenue recognized over time and at a point in time for the thirteen weeks ended March 28, 2020 and March 30, 2019 is as follows:
Point in TimeOver TimePoint in TimeOver Time
Thirteen weeks ended March 28, 2020Thirteen weeks ended March 28, 2020Thirteen weeks ended March 30, 2019Thirteen weeks ended March 30, 2019
Utility Support Structures$8,924  $214,024  $30,292  $212,966  
Engineered Support Structures
215,879  11,487  218,980  8,989  
Coatings
68,590  —  70,231  —  
Irrigation
151,742  3,554  147,858  2,823  
  Total
$445,135  $229,065  $467,361  $224,778