CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 400,726	$ 353,542
Receivables, less allowance of $15,952 in 2020 and $9,548 in 2019	511,714	480,000
Inventories	448,941	418,370
Contract asset - costs and profits in excess of billings	123,495	141,322
Prepaid expenses and other assets	59,804	32,043
Refundable income taxes	9,945	6,947
Total current assets	1,554,625	1,432,224
Property, plant and equipment, at cost	1,341,380	1,245,261
Less accumulated depreciation and amortization	743,653	687,132
Net property, plant and equipment	597,727	558,129
Goodwill	430,322	428,864
Other intangible assets, net	167,193	175,742
Other assets	203,293	212,257
Total assets	2,953,160	2,807,216
Current liabilities:
Current installments of long-term debt	2,748	760
Notes payable to banks	35,147	21,774
Accounts payable	268,099	197,957
Accrued employee compensation and benefits	137,939	83,528
Contract liabilities	130,018	117,945
Other accrued expenses	89,796	83,736
Dividends payable	9,556	8,079
Total current liabilities	673,303	513,779
Deferred income taxes	41,689	58,906
Long-term debt, excluding current installments	728,431	764,944
Defined benefit pension liability	118,523	140,007
Operating lease liabilities	80,202	85,817
Deferred compensation	44,519	45,114
Other noncurrent liabilities	58,657	8,904
Shareholders’ equity:
Preferred stock of $1 par value - Authorized 500,000 shares; none issued	0	0
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 issued	27,900	27,900
Additional paid-in capital	335	0
Retained earnings	2,245,035	2,173,802
Accumulated other comprehensive income (loss)	(309,786)	(313,422)
Cost of treasury stock, common shares of 6,674,866 in 2020 and 6,356,103 in 2019	(781,422)	(743,942)
Total Valmont Industries, Inc. shareholders’ equity	1,182,062	1,144,338
Noncontrolling interest in consolidated subsidiaries	25,774	45,407
Total shareholders’ equity	1,207,836	1,189,745	[1]
Total liabilities and shareholders’ equity	$ 2,953,160	$ 2,807,216

[1] The retained earnings balance has been revised from the amounts previously reported as a result of the change in inventory valuation method from LIFO to FIFO. Refer to Note 1 for additional information.