SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 26, 2020

Accounting Policies [Abstract]

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 fiscal years ended December 28, 2019 and December 29, 2018 are as follows:

	Fiscal Year 2019			Fiscal Year 2018
(in 000's, except earnings per share)	As Previously Reported	Retrospectively Adjusted	Adjustment	As Previously Reported	Retrospectively Adjusted	Adjustment
Cost of sales	2,074,480	2,084,295	9,815	2,098,864	2,088,972	(9,892)
Operating income	237,720	227,905	(9,815)	202,280	212,172	9,892
Income tax expense	50,207	47,753	(2,454)	43,135	45,608	2,473
Net earnings attributed to Valmont Industries, Inc	153,769	146,408	(7,361)	94,351	101,770	7,419
Comprehensive (loss) income	149,037	141,676	(7,361)	78,772	86,191	7,419
Net earnings per diluted share	7.06	6.73	(0.33)	4.20	4.53	0.33

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

Schedule of 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 28, 2019	$	(232,575)	$	14,076	$	(94,923)	$	(313,422)
Current-period comprehensive income (loss)	19,511		1,474		(17,349)		3,636
Balance at December 26, 2020	$	(213,064)	$	15,550	$	(112,272)	$	(309,786)

Schedule of 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 years ended December 26, 2020 and December 28, 2019 is as follows:

	Point in Time		Over Time		Point in Time		Over Time		Point in Time		Over Time
	Fiscal year ended December 26, 2020		Fiscal year ended December 26, 2020		Fiscal year ended December 28, 2019		Fiscal year ended December 28, 2019		Fiscal year ended December 29, 2018		Fiscal year ended December 29, 2018
Utility Support Structures	$	86,382	$	915,756	$	47,450	$	838,158	$	16,760	$	838,446
Engineered Support Structures	940,513		43,010		952,056		50,020		922,677		44,681
Coatings	269,602		—		300,640		—		286,739		—
Irrigation	624,831		15,261		564,918		13,734		612,385		12,376
Other	—		—		—		—		23,080		—
Total	$	1,921,328	$	974,027	$	1,865,064	$	901,912	$	1,861,641	$	895,503