BUSINESS SEGMENTS

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS

(21) BUSINESS SEGMENTS

The Company has two reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service‑related expenses that are allocated to business units generally based on employee headcounts and sales dollars.

Reportable segments are as follows:

INFRASTRUCTURE: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, solar, lighting, transportation, and telecommunications, along with coatings services to protect metal products.

AGRICULTURE: This segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture.

In addition to these two reportable segments, the Company had a business and related activities in fiscal 2022 that were not more than 10% of consolidated sales, operating income, or assets. This business, the offshore wind energy structures business, was reported in the “Other” segment until its divestiture in the fourth quarter of fiscal 2022.

The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its reportable segments based on operating income and return on invested capital. The Company’s operating income for segment purposes excludes unallocated corporate general and administrative expenses, interest expense, non-operating income and deductions, or income taxes.

Summary by Business

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
SALES:
Infrastructure	$	3,010,067	$	2,928,419	$	2,372,100
Agriculture		1,182,223		1,346,672		1,028,717
Other		—		100,219		123,001
Total sales		4,192,290		4,375,310		3,523,818
INTERSEGMENT SALES:
Infrastructure		(10,430)		(18,673)		(10,576)
Agriculture		(7,262)		(11,387)		(11,667)
Total intersegment sales		(17,692)		(30,060)		(22,243)
NET SALES:
Infrastructure		2,999,637		2,909,746		2,361,524
Agriculture		1,174,961		1,335,285		1,017,050
Other		—		100,219		123,001
Total net sales	$	4,174,598	$	4,345,250	$	3,501,575
OPERATING INCOME (LOSS):
Infrastructure		396,253		354,499		273,598
Agriculture		16,850		179,263		137,027
Other		—		2,259		(40,192)
Corporate		(121,546)		(102,772)		(83,648)
Total operating income	$	291,557	$	433,249	$	286,785

	Fiscal year ended December 30, 2023
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	2,318,801	$	587,056	$	(16,282)	$	2,889,575
International		691,266		595,167		(1,410)		1,285,023
Total sales	$	3,010,067	$	1,182,223	$	(17,692)	$	4,174,598
Product line:
Transmission, Distribution, and Substation	$	1,243,768	$	—	$	—	$	1,243,768
Lighting and Transportation		964,072		—		—		964,072
Coatings		354,330		—		(9,020)		345,310
Telecommunications		252,165		—		—		252,165
Solar		195,732		—		(1,410)		194,322
Irrigation Equipment and Parts		—		1,069,425		(7,262)		1,062,163
Technology Products and Services		—		112,798		—		112,798
Total sales	$	3,010,067	$	1,182,223	$	(17,692)	$	4,174,598

	Fiscal year ended December 31, 2022
	Infrastructure		Agriculture		Other		Intersegment		Consolidated
Geographical market:
North America	$	2,234,339	$	766,929	$	—	$	(26,248)	$	2,975,020
International		694,080		579,743		100,219		(3,812)		1,370,230
Total sales	$	2,928,419	$	1,346,672	$	100,219	$	(30,060)	$	4,345,250
Product line:
Transmission, Distribution, and Substation	$	1,184,660	$	—	$	—	$	—	$	1,184,660
Lighting and Transportation		940,462		—		—		—		940,462
Coatings		356,707		—		—		(15,327)		341,380
Telecommunications		320,342		—		—		—		320,342
Solar		126,248		—		—		(3,346)		122,902
Irrigation Equipment and Parts		—		1,231,587		—		(11,387)		1,220,200
Technology Products and Services		—		115,085		—		—		115,085
Other		—		—		100,219		—		100,219
Total sales	$	2,928,419	$	1,346,672	$	100,219	$	(30,060)	$	4,345,250

	Fiscal year ended December 25, 2021
	Infrastructure		Agriculture		Other		Intersegment		Consolidated
Geographical market:
North America	$	1,724,531	$	545,574	$	—	$	(22,243)	$	2,247,862
International		647,569		483,143		123,001		—		1,253,713
Total sales	$	2,372,100	$	1,028,717	$	123,001	$	(22,243)	$	3,501,575
Product line:
Transmission, Distribution, and Substation	$	935,099	$	—	$	—	$	—	$	935,099
Lighting and Transportation		825,923		—		—		—		825,923
Coatings		309,647		—		—		(10,575)		299,072
Telecommunications		238,527		—		—		—		238,527
Solar		62,904		—		—		—		62,904
Irrigation Equipment and Parts		—		930,858		—		(11,668)		919,190
Technology Products and Services		—		97,859		—		—		97,859
Other		—		—		123,001		—		123,001
Total sales	$	2,372,100	$	1,028,717	$	123,001	$	(22,243)	$	3,501,575

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
EARNINGS BEFORE INCOME TAXES AND EQUITY IN LOSS OF NONCONSOLIDATED SUBSIDIARIES:
Infrastructure	$	396,253	$	354,499	$	273,598
Agriculture		16,850		179,263		137,027
Other		—		2,259		(40,192)
Corporate		(121,546)		(102,772)		(83,648)
Total operating income		291,557		433,249		286,785
Interest expense, net		(50,578)		(45,519)		(41,420)
Other income (expenses)		(4,527)		(23,842)		14,718
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

	December 30,		December 31,		December 25,
	2023		2022		2021
ASSETS:
Infrastructure	$	2,249,132	$	2,267,800	$	2,102,851
Agriculture		978,590		1,112,588		1,027,272
Other		—		—		67,592
Corporate		249,726		176,608		249,534
Total assets	$	3,477,448	$	3,556,996	$	3,447,249

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
CAPITAL EXPENDITURES:
Infrastructure	$	68,295	$	53,228	$	72,129
Agriculture		10,890		32,886		17,509
Other		—		—		345
Corporate		17,586		7,174		17,807
Total capital expenditures	$	96,771	$	93,288	$	107,790

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
DEPRECIATION AND AMORTIZATION:
Infrastructure	$	64,654	$	62,398	$	59,748
Agriculture		23,409		23,681		17,813
Other		—		1,393		5,988
Corporate		10,645		9,695		9,028
Total depreciation and amortization expense	$	98,708	$	97,167	$	92,577

Summary by Geographical Area by Location of Valmont Facilities

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
NET SALES:
United States	$	2,860,951	$	2,965,673	$	2,260,198
Australia		313,075		292,072		297,720
Brazil		311,367		354,497		200,402
Denmark		—		100,219		123,001
Other		689,205		632,789		620,254
Total net sales	$	4,174,598	$	4,345,250	$	3,501,575

	December 30,		December 31,		December 25,
	2023		2022		2021
LONG-LIVED ASSETS:
United States	$	1,116,962	$	1,246,956	$	1,172,552
Australia		103,847		82,290		173,240
Brazil		60,937		42,259		28,583
Denmark		—		—		21,232
Other		408,073		404,906		338,879
Total long-lived assets	$	1,689,819	$	1,776,411	$	1,734,486

No single customer accounted for more than 10% of net sales in fiscal 2023, 2022, or 2021. Net sales by geographical area are based on the location of the facility producing the sales and do not include sales to other operating units of the Company. Brazil and Australia each accounted for approximately 7% of the Company’s net sales in fiscal 2023; no other foreign country accounted for more than 4% of the Company’s net sales.

Operating income by business segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other operating units of the Company. Long-lived assets consist of property, plant, and equipment, net of depreciation; goodwill; other intangible assets, net of amortization; and other non-current assets. Long-lived assets by geographical area are based on the location of facilities.