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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 27, 2020
Accounting Policies [Abstract]  
Components of inventories
Inventories consisted of the following:
June 27,
2020		December 28,
2019
Raw materials and purchased parts
$167,626  $158,314  
Work-in-process
32,535  38,088  
Finished goods and manufactured goods
249,355  221,968  
449,516  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 for the thirteen and twenty-six weeks ended June 29, 2019 is as follows:

Thirteen weeks endedTwenty-six weeks ended
(in 000's, except earnings per share)As Previously ReportedRetrospectively AdjustedAdjustmentAs Previously ReportedRetrospectively AdjustedAdjustment
Cost of sales520,457522,6952,2381,047,4671,050,2072,740
Operating income63,71261,474(2,238)118,816116,076(2,740)
Income tax expense13,96113,401(560)26,38825,703(685)
Net earnings attributed to Valmont Industries, Inc41,39739,719(1,679)77,87875,823(2,055)
Comprehensive (loss) income38,04836,370(1,679)80,08378,028(2,055)
Net earnings per diluted share1.901.82(0.08)3.563.46(0.10)
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 and twenty-six weeks ended June 27, 2020 and June 29, 2019, were as follows: 
Thirteen weeks endedTwenty-six weeks ended
2020201920202019
United States
$54,237  $45,031  $107,737  $86,780  
Foreign
(18,621) 9,038  (14,695) 16,669  
$35,616  $54,069  $93,042  $103,449  
Schedule of components of the net periodic pension (benefit) expense
The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019 were as follows:
Thirteen weeks endedTwenty-six weeks ended
Net periodic (benefit) expense:2020201920202019
Interest cost
$3,160  $4,182  $6,284  $8,527  
Expected return on plan assets
(5,664) (4,943) (11,262) (10,078) 
Amortization of actuarial loss
720  634  1,431  1,292  
Net periodic (benefit) expense
$(1,784) $(127) $(3,547) $(259) 
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 twenty-six weeks ended June 27, 2020 and June 29, 2019, respectively, were as follows:
Thirteen weeks endedTwenty-six weeks ended
2020201920202019
Compensation expense
$2,346  $2,700  $5,671  $6,370  
Income tax benefits
587  675  1,418  1,593  
Valuation methodologies used for assets and liabilities measured at fair value
Fair Value Measurement Using:
Carrying Value June 27, 2020Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Trading Securities
$37,205  $37,205  $—  $—  
Derivative financial instruments, net
7,268  —  7,268  —  

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  $—  $—  
Derivative financial instruments, net
3,247  —  3,247  —  
Components of accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) consisted of the following at June 27, 2020 and December 28, 2019:
Foreign Currency Translation AdjustmentsGain on Hedging ActivitiesDefined Benefit Pension PlanAccumulated Other Comprehensive Loss
Balance at December 28, 2019$(232,575) $14,076  $(94,923) $(313,422) 
Current-period comprehensive income (loss)
(30,981) 11,917  —  (19,064) 
Balance at June 27, 2020$(263,556) $25,993  $(94,923) $(332,486) 
Disaggregation of revenue A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019 is as follows:
Point in TimeOver TimePoint in TimeOver Time
Thirteen weeks ended June 27, 2020Thirteen weeks ended June 27, 2020Twenty-six weeks ended June 27, 2020Twenty-six weeks ended June 27, 2020
Utility Support Structures$4,619  $223,854  $13,543  $437,878  
Engineered Support Structures
236,827  12,046  452,706  23,533  
Coatings
62,667  —  131,257  —  
Irrigation
144,988  3,807  296,730  7,361  
  Total
$449,101  $239,707  $894,236  $468,772  

Point in TimeOver TimePoint in TimeOver Time
Thirteen weeks ended June 29, 2019Thirteen weeks ended June 29, 2019Twenty-six weeks ended June 29, 2019Twenty-six weeks ended June 29, 2019
Utility Support Structures$9,932  $199,077  $40,224  $412,043  
Engineered Support Structures
244,604  12,961  461,074  24,460  
Coatings
81,089  —  151,320  —  
Irrigation
149,956  3,252  297,814  6,075  
  Total
$485,581  $215,290  $950,432  $442,578