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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Pay vs Performance Disclosure [Table]        
Pay vs Performance [Table Text Block]
Pay Versus Performance
We are providing the following information about the relationship of the “compensation actually paid” to our Chief Executive Officer (“CEO”) and “average compensation actually paid” to our Non-CEO named executive officers (“Non CEO-NEOs”), as calculated under the SEC pay versus performance proxy rule, for our fiscal years 2022, 2021 and 2020 to certain financial performance measures.
■
The Compensation Actually Paid amounts are calculated by making SEC required adjustments to the Total compensation amounts for the executives presented in the Summary Compensation Table.
​
■
The Compensation Actually Paid amounts are calculated by making mandated adjustments to the amounts in the “Total” column of the Summary Compensation Table.
​
■
The financial performance measures presented are Company total shareholder return (“Company TSR”), peer group total shareholder return (“Peer Group Index TSR”), Net Earnings, and Company return on invested capital (“ROIC”). The peer group shown in the table is the S&P 400 Industrial Machinery Index, a peer group index that has been historically presented in the Shareholder Return Performance Graphs in the Company’s Annual Reports.
​
Pay Versus Performance Table
​
Year
​ ​
Summary
Compensation
Table
Total for
CEO($)(1)
​ ​
Compensation
Actually
Paid to
CEO($)(1)(2)
​ ​
Average
Summary
Compensation
Table
Total for
Non-CEO
NEOs($)(1)
​ ​
Average
Compensation
Actually Paid
to Non-CEO
NEOs($)(1)(3)
​ ​
Value of Initial Fixed
$100 Investment Based
On:
​ ​
Net Income
(GAAP)($)
​ ​
ROIC (%)(5)
​
​
Company
TSR
($)
​ ​
Peer Group
Index TSR
($)(4)
​
​
2022
 ​ ​ ​ ​ 8,674,260 ​ ​ ​ ​ ​ 21,710,433 ​ ​ ​ ​ ​ 2,258,298 ​ ​ ​ ​ ​ 4,865,986 ​ ​ ​ ​ ​ 210.67 ​ ​ ​ ​ ​ 144.11 ​ ​ ​ ​ ​ 254,251,000 ​ ​ ​ ​ ​ 12.9 ​ ​
​
2021
 ​ ​ ​ ​ 7,337,975 ​ ​ ​ ​ ​ 16,362,423 ​ ​ ​ ​ ​ 1,944,076 ​ ​ ​ ​ ​ 3,485,985 ​ ​ ​ ​ ​ 233.12 ​ ​ ​ ​ ​ 189.30 ​ ​ ​ ​ ​ 197,725,000 ​ ​ ​ ​ ​ 10.1 ​ ​
​
2020
 ​ ​ ​ ​ 6,432,086 ​ ​ ​ ​ ​ 9,973,234 ​ ​ ​ ​ ​ 1,634,815 ​ ​ ​ ​ ​ 2,003,714 ​ ​ ​ ​ ​ 162.46 ​ ​ ​ ​ ​ 166.16 ​ ​ ​ ​ ​ 142,149,000 ​ ​ ​ ​ ​ 8.7 ​ ​
​
(1)
Mr. Kaniewski served as CEO in all years presented. Ms. Larkin and Messers. Applbaum, Schapper and Parnell were Non-CEO NEOs in 2021. Ms. Larkin and Messers. Applbaum, Schapper, Laterreur, and Jaksich (who was the Company’s CFO until March 30, 2020) were Non-CEO NEOs in 2020.
​
(2)
The Summary Compensation Table (“SCT”) Total amounts for CEO for 2022, 2021 and 2020 were respectively adjusted to compute the compensation actually paid as follows:
​
​
Fiscal Year
​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted
During the
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair Value
From Prior
Fiscal Year
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Any Prior
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair
Value as
of the
Vesting
Date from
the Prior
Fiscal
Year of
Equity
Awards
Vesting in
the Fiscal
Year
​ ​
Fair Value
of Equity
Awards as
of the
Prior
Fiscal
Year of
Awards
that Failed
Vesting
Conditions
in Fiscal
Year
​
​
Stock
Awards
​ ​
Options
​
​
2022
 ​ ​ ​ $ 3,498,650 ​ ​ ​ ​ $ 1,529,987 ​ ​ ​ ​ $ 7,936,540 ​ ​ ​ ​ $ 5,554,332 ​ ​ ​ ​ $ 4,573,938 ​ ​ ​ ​ $ 0 ​ ​
​
2021
 ​ ​ ​ $ 2,883,858 ​ ​ ​ ​ $ 1,042,664 ​ ​ ​ ​ $ 5,515,454 ​ ​ ​ ​ $ 3,846,884 ​ ​ ​ ​ $ 3,588,632 ​ ​ ​ ​ $ 0 ​ ​
​
2020
 ​ ​ ​ $ 2,742,393 ​ ​ ​ ​ $ 1,029,302 ​ ​ ​ ​ $ 4,338,856 ​ ​ ​ ​ $ 2,287,228 ​ ​ ​ ​ $ 686,759 ​ ​ ​ ​ $ 0 ​ ​
​
(3)
The Average SCT Total amounts for the Non-CEO NEOs for 2022, 2021 and 2020 were respectively adjusted to compute the compensation actually paid as follows:
​
​
Fiscal Year
​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted
During the
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair Value
From Prior
Fiscal Year
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Any Prior
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change
in Fair
Value as
of the
Vesting
Date
from the
Prior
Fiscal
Year of
Equity
Awards
Vesting
in the
Fiscal
Year
​ ​
Fair Value
of Equity
Awards as
of the
Prior
Fiscal
Year of
Awards
that Failed
Vesting
Conditions
in Fiscal
Year
​
​
Stock
Awards
​ ​
Options
​
​
2022
 ​ ​ ​ $ 658,023 ​ ​ ​ ​ $ 254,018 ​ ​ ​ ​ $ 1,494,431 ​ ​ ​ ​ $ 1,240,140 ​ ​ ​ ​ $ 785,159 ​ ​ ​ ​ $ 0 ​ ​
​
2021
 ​ ​ ​ $ 594,237 ​ ​ ​ ​ $ 205,271 ​ ​ ​ ​ $ 1,137,243 ​ ​ ​ ​ $ 827,482 ​ ​ ​ ​ $ 376,692 ​ ​ ​ ​ $ 0 ​ ​
​
2020
 ​ ​ ​ $ 497,451 ​ ​ ​ ​ $ 143,675 ​ ​ ​ ​ $ 741,232 ​ ​ ​ ​ $ 206,612 ​ ​ ​ ​ $ 62,180 ​ ​ ​ ​ $ 0 ​ ​
​
(4)
S&P 400 Industrial Machinery Index.
​
(5)
Valmont selected ROIC as a company specific financial measure that links financial results and performance. A significant portion of an executives long-term performance award is based on ROIC and ROIC is a focus measure for investors. ROIC is a non-GAAP financial measure. ROIC is calculated from the Company’s audited financial statements as follows:
​
​
Dollars in Thousands
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Total Assets ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Other noncurrent liabilities ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Lease liability ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Contract liability ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Deferred tax liability ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning of year invested capital ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
The adjusted effective tax rate for 2022 excludes the effects of the $33,273 loss from the divestiture of the offshore wind energy structure business which is not deductible for income tax purposes. The effective rate including the loss on the divestiture is 29.9%. The adjusted effective tax rates for 2020 exclude the effects of the $12.575 million goodwill impairments which are not deductible for income tax purposes. The effective tax rate in 2020 including the impairments is 25.7%.
     
Company Selected Measure Name ROIC      
Named Executive Officers, Footnote [Text Block]
(1)
Mr. Kaniewski served as CEO in all years presented. Ms. Larkin and Messers. Applbaum, Schapper and Parnell were Non-CEO NEOs in 2021. Ms. Larkin and Messers. Applbaum, Schapper, Laterreur, and Jaksich (who was the Company’s CFO until March 30, 2020) were Non-CEO NEOs in 2020.
     
Peer Group Issuers, Footnote [Text Block]
(4)
S&P 400 Industrial Machinery Index.
     
PEO Total Compensation Amount $ 8,674,260 $ 7,337,975 $ 6,432,086  
PEO Actually Paid Compensation Amount $ 21,710,433 16,362,423 9,973,234  
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
The Summary Compensation Table (“SCT”) Total amounts for CEO for 2022, 2021 and 2020 were respectively adjusted to compute the compensation actually paid as follows:
​
​
Fiscal Year
​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted
During the
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair Value
From Prior
Fiscal Year
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Any Prior
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair
Value as
of the
Vesting
Date from
the Prior
Fiscal
Year of
Equity
Awards
Vesting in
the Fiscal
Year
​ ​
Fair Value
of Equity
Awards as
of the
Prior
Fiscal
Year of
Awards
that Failed
Vesting
Conditions
in Fiscal
Year
​
​
Stock
Awards
​ ​
Options
​
​
2022
 ​ ​ ​ $ 3,498,650 ​ ​ ​ ​ $ 1,529,987 ​ ​ ​ ​ $ 7,936,540 ​ ​ ​ ​ $ 5,554,332 ​ ​ ​ ​ $ 4,573,938 ​ ​ ​ ​ $ 0 ​ ​
​
2021
 ​ ​ ​ $ 2,883,858 ​ ​ ​ ​ $ 1,042,664 ​ ​ ​ ​ $ 5,515,454 ​ ​ ​ ​ $ 3,846,884 ​ ​ ​ ​ $ 3,588,632 ​ ​ ​ ​ $ 0 ​ ​
​
2020
 ​ ​ ​ $ 2,742,393 ​ ​ ​ ​ $ 1,029,302 ​ ​ ​ ​ $ 4,338,856 ​ ​ ​ ​ $ 2,287,228 ​ ​ ​ ​ $ 686,759 ​ ​ ​ ​ $ 0 ​ ​
     
Non-PEO NEO Average Total Compensation Amount $ 2,258,298 1,944,076 1,634,815  
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,865,986 3,485,985 2,003,714  
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(3)
The Average SCT Total amounts for the Non-CEO NEOs for 2022, 2021 and 2020 were respectively adjusted to compute the compensation actually paid as follows:
​
​
Fiscal Year
​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted
During the
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change in
Fair Value
From Prior
Fiscal Year
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Any Prior
Fiscal Year
as of the
End of the
Fiscal Year
​ ​
Change
in Fair
Value as
of the
Vesting
Date
from the
Prior
Fiscal
Year of
Equity
Awards
Vesting
in the
Fiscal
Year
​ ​
Fair Value
of Equity
Awards as
of the
Prior
Fiscal
Year of
Awards
that Failed
Vesting
Conditions
in Fiscal
Year
​
​
Stock
Awards
​ ​
Options
​
​
2022
 ​ ​ ​ $ 658,023 ​ ​ ​ ​ $ 254,018 ​ ​ ​ ​ $ 1,494,431 ​ ​ ​ ​ $ 1,240,140 ​ ​ ​ ​ $ 785,159 ​ ​ ​ ​ $ 0 ​ ​
​
2021
 ​ ​ ​ $ 594,237 ​ ​ ​ ​ $ 205,271 ​ ​ ​ ​ $ 1,137,243 ​ ​ ​ ​ $ 827,482 ​ ​ ​ ​ $ 376,692 ​ ​ ​ ​ $ 0 ​ ​
​
2020
 ​ ​ ​ $ 497,451 ​ ​ ​ ​ $ 143,675 ​ ​ ​ ​ $ 741,232 ​ ​ ​ ​ $ 206,612 ​ ​ ​ ​ $ 62,180 ​ ​ ​ ​ $ 0 ​ ​
     
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
[MISSING IMAGE: bc_tsr-4c.jpg]
     
Compensation Actually Paid vs. Net Income [Text Block]
[MISSING IMAGE: bc_netearnings-4c.jpg]
     
Compensation Actually Paid vs. Company Selected Measure [Text Block]
[MISSING IMAGE: bc_roic-4c.jpg]
     
Tabular List [Table Text Block]
Most Important Financial Performance Measures for 2022. In our assessment, the three most important financial measures we use to link compensation actually paid to the CEO and Non-CEO NEOs to Company performance for fiscal 2022 are:
■
ROIC
​
■
net earnings
​
■
cumulative compound operating income growth
     
Total Shareholder Return Amount $ 210.67 233.12 162.46  
Peer Group Total Shareholder Return Amount 144.11 189.3 166.16  
Net Income (Loss) $ 254,251,000 $ 197,725,000 $ 142,149,000  
Company Selected Measure Amount 12.9 10.1 8.7  
PEO Name Mr. Kaniewski      
Operating Income (Loss) $ 433,249,000 $ 286,785,000 $ 225,953,000  
Effective Income Tax Rate Reconciliation, Percent 27.70% 23.60% 24.20%  
Income Tax Expense (Benefit) $ (119,872,000) $ (67,681,000) $ (54,681,000)  
Net Income (Loss) Available to Common Stockholders, Basic 313,317,000 219,104,000 171,272,000  
Average Investment Capital $ 2,437,232,000 $ 2,176,577,000 $ 1,975,693,000  
Percentage of Return on Invested Capital 12.90% 10.10% 8.70%  
Assets $ 3,556,996,000 $ 3,447,249,000 $ 2,953,160,000  
Accounts Payable 360,312,000 347,841,000 268,099,000  
Accrued Liabilities 248,320,000 253,330,000 227,735,000  
Taxes Payable 3,664,000      
Defined Benefit Plan, Plan Assets, Amount (24,216,000)      
Liability, Defined Benefit Pension Plan   536,000 118,523,000  
Deferred Compensation Liability, Current and Noncurrent 30,316,000 35,373,000 44,519,000  
Other Liabilities, Noncurrent (13,480,000) (89,207,000) (58,687,000)  
Dividends Payable 11,742,000 10,616,000 9,556,000  
Operating Lease, Liability 155,469,000 147,759,000 80,202,000  
Contract with Customer, Liability 172,915,000 135,746,000 130,018,000  
Deferred Income Tax Liabilities, Net 41,091,000 47,849,000 41,689,000  
Investment Capital 2,495,471,000 2,378,992,000 1,974,162,000 $ 1,977,223,000
Loss from Divestiture $ 33,273      
Effective Rate Including Loss on Divestiture 29.90%      
Goodwill, Impairment Loss     $ 12,575,000  
Effective Income Tax Rate Including Impairment     25.70%  
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name ROIC      
Non-GAAP Measure Description [Text Block]
(5)
Valmont selected ROIC as a company specific financial measure that links financial results and performance. A significant portion of an executives long-term performance award is based on ROIC and ROIC is a focus measure for investors. ROIC is a non-GAAP financial measure. ROIC is calculated from the Company’s audited financial statements as follows:
​
​
Dollars in Thousands
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Total Assets ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Other noncurrent liabilities ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Lease liability ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Contract liability ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Deferred tax liability ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning of year invested capital ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
The adjusted effective tax rate for 2022 excludes the effects of the $33,273 loss from the divestiture of the offshore wind energy structure business which is not deductible for income tax purposes. The effective rate including the loss on the divestiture is 29.9%. The adjusted effective tax rates for 2020 exclude the effects of the $12.575 million goodwill impairments which are not deductible for income tax purposes. The effective tax rate in 2020 including the impairments is 25.7%.
     
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name net earnings      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name cumulative compound operating income growth      
PEO [Member] | Adj Type1 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 3,498,650 2,883,858 $ 2,742,393  
PEO [Member] | Adj Type2 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,529,987 1,042,664 1,029,302  
PEO [Member] | Adj Type3 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 7,936,540 5,515,454 4,338,856  
PEO [Member] | Adj Type4 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 5,554,332 3,846,884 2,287,228  
PEO [Member] | Adj Type5 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 4,573,938 3,588,632 686,759  
PEO [Member] | Adj Type6 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 0 0  
Non-PEO NEO [Member] | Adj Type1 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 658,023 594,237 497,451  
Non-PEO NEO [Member] | Adj Type2 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 254,018 205,271 143,675  
Non-PEO NEO [Member] | Adj Type3 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,494,431 1,137,243 741,232  
Non-PEO NEO [Member] | Adj Type4 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,240,140 827,482 206,612  
Non-PEO NEO [Member] | Adj Type5 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 785,159 376,692 62,180  
Non-PEO NEO [Member] | Adj Type6 [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 0 $ 0 $ 0