SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	September 26, 2020		December 28, 2019
Raw materials and purchased parts	$	153,708	$	158,314
Work-in-process	25,335		38,088
Finished goods and manufactured goods	269,045		221,968
	448,088		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 thirty-nine weeks ended September 28, 2019 is as follows:

	Thirteen weeks ended			Thirty-nine weeks ended
(in 000's, except earnings per share)	As Previously Reported	Retrospectively Adjusted	Adjustment	As Previously Reported	Retrospectively Adjusted	Adjustment
Cost of sales	514,254	517,053	2,799	1,561,721	1,567,260	5,539
Operating income	63,863	61,064	(2,799)	182,679	177,140	(5,539)
Income tax expense	13,763	13,063	(700)	40,151	38,766	(1,385)
Net earnings attributed to Valmont Industries, Inc	40,144	38,045	(2,099)	118,022	113,868	(4,154)
Comprehensive (loss) income	27,797	25,698	(2,099)	107,880	103,726	(4,154)
Net earnings per diluted share	1.85	1.75	(0.10)	5.41	5.22	(0.19)

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 Sheet	As Previously Reported	Adjustment	Retrospectively Adjusted
Inventory	374,565	43,805	418,370
Deferred income tax liability	47,955	10,951	58,906
Retained earnings	2,140,948	32,854	2,173,802

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

Earnings before income taxes for the thirteen and thirty-nine weeks ended September 26, 2020 and September 28, 2019, were as follows:    

	Thirteen weeks ended				Thirty-nine weeks ended
	2020		2019		2020		2019
United States	$	33,610	$	42,098	$	141,347	$	128,878
Foreign	18,978		11,129		4,283		27,798
	$	52,588	$	53,227	$	145,630	$	156,676

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 26, 2020 and September 28, 2019 were as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
Net periodic (benefit) expense:	2020		2019		2020		2019
Interest cost	$	3,285	$	4,075	$	9,569	$	12,602
Expected return on plan assets	(5,887)		(4,815)		(17,149)		(14,893)
Amortization of actuarial loss	748		617		2,179		1,909
Net periodic (benefit) expense	$	(1,854)	$	(123)	$	(5,401)	$	(382)

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 26, 2020 and September 28, 2019, respectively, were as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
	2020		2019		2020		2019
Compensation expense	$	3,065	$	2,519	$	8,736	$	8,889
Income tax benefits	766		630		2,184		2,222

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value September 26, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	33,881	$	33,881	$	—	$	—
Derivative financial instruments, net	3,548		—		3,548		—

			Fair Value Measurement Using:
	Carrying Value December 28, 2019		Quoted 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 September 26, 2020 and December 28, 2019:

	Foreign Currency Translation Adjustments		Gain on Hedging Activities		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at December 28, 2019	$	(232,575)	$	14,076	$	(94,923)	$	(313,422)
Current-period comprehensive income (loss)	(17,062)		8,150		—		(8,912)
Balance at September 26, 2020	$	(249,637)	$	22,226	$	(94,923)	$	(322,334)

Disaggregation of revenue

A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 26, 2020 and September 28, 2019 is as follows:

	Point in Time		Over Time		Point in Time		Over Time
	Thirteen weeks ended September 26, 2020		Thirteen weeks ended September 26, 2020		Thirty-nine weeks ended September 26, 2020		Thirty-nine weeks ended September 26, 2020
Utility Support Structures	$	43,287	$	229,192	$	56,830	$	667,070
Engineered Support Structures	244,785		10,160		697,491		33,693
Coatings	68,698		—		199,955		—
Irrigation	133,999		3,849		430,729		11,210
Total	$	490,769	$	243,201	$	1,385,005	$	711,973

	Point in Time		Over Time		Point in Time		Over Time
	Thirteen weeks ended September 28, 2019		Thirteen weeks ended September 28, 2019		Thirty-nine weeks ended September 28, 2019		Thirty-nine weeks ended September 28, 2019
Utility Support Structures	$	3,418	$	200,778	$	43,642	$	612,821
Engineered Support Structures	252,501		13,993		713,574		38,454
Coatings	76,922		—		228,242		—
Irrigation	139,093		3,635		436,907		9,710
Total	$	471,934	$	218,406	$	1,422,365	$	660,985