EMPLOYEE RETIREMENT SAVINGS PLAN

12 Months Ended

Dec. 25, 2021

Retirement Benefits [Abstract]

EMPLOYEE RETIREMENT SAVINGS PLAN

EMPLOYEE RETIREMENT SAVINGS PLAN

Established under Internal Revenue Code Section 401(k), the Valmont Employee Retirement Savings Plan (“VERSP”) is a defined contribution plan available to all eligible employees. Participants can elect to contribute up to 60% of annual pay, on a pretax and/or after-tax basis. The Company also makes contributions to the Plan and a non-qualified deferred compensation plan for certain Company executives. The 2021, 2020 and 2019 Company contributions to these plans amounted to approximately $16,000, $14,800 and $12,600 respectively.

The Company sponsors a fully‑funded, non-qualified deferred compensation plan for certain Company executives who otherwise would be limited in receiving company contributions into VERSP under Internal Revenue Service regulations. The invested assets and related liabilities of these participants were $29,982 and $35,125 at December 25, 2021 and December 26, 2020, respectively. Such amounts are included in “Other assets” and “Deferred compensation” on the Consolidated Balance Sheets. Amounts distributed from the Company’s non-qualified deferred compensation plan to participants under the transition rules of section 409A of the Internal Revenue Code were approximately $8,900 and $5,067 at December 25, 2021 and December 26, 2020, respectively. All distributions were made in cash.