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Pay vs Performance Disclosure
 6 Months Ended 12 Months Ended
Dec. 30, 2023
USD ($)
Jul. 10, 2023
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
Dec. 25, 2021
USD ($)
Dec. 26, 2020
USD ($)
Dec. 28, 2019
USD ($)
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table      
Pay Versus Performance
We are providing the following information about the relationship of the “compensation actually paid” to our chief executive officers (“CEOs”) and “average compensation actually paid” to our other named executive officers (“Non-CEO NEOs”), as calculated under the SEC pay versus performance proxy rule, for our fiscal years 2023, 2022, 2021 and 2020 and to certain financial performance measures.
​
■
Per SEC rules, the TSR data is presented on a four-year basis.
​
Pay Versus Performance Table
​ ​ ​ ​
Avner M. Applbaum
​ ​
Stephen G. Kaniewski
​ ​
Average
Summary
Compensation
Table Total for
Non-CEO
NEOs
($)(1)
​ ​
Average
Compensation
Actually Paid
to Non-CEO
NEOs
($)(3)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​
Summary
Compensation
Table
Total for
CEO
($)(1)
​ ​
Compensation
Actually Paid to
CEO
($)(1)(2)
​ ​
Summary
Compensation
Table
Total for
CEO
($)(1)
​ ​
Compensation
Actually Paid
to CEO
($)(1)(2)
​ ​
Value of Initial Fixed
$100 Investment Based On:
​
​
Year
 ​ ​
Company
TSR
($)
​ ​
Peer Group
Index TSR
($) (4)
​ ​
Adjusted
ROIC
(%)(5)
​
​
2023
 ​ ​ ​ ​ 5,956,400 ​ ​ ​ ​ ​ 4,305,592 ​ ​ ​ ​ ​ 6,280,307 ​ ​ ​ ​ ​ (-5,362,357) ​ ​ ​ ​ ​ 2,572,221 ​ ​ ​ ​ ​ 1,409,666 ​ ​ ​ ​ ​ 161.88 ​ ​ ​ ​ ​ 159.52 ​ ​ ​ ​ ​ 14.0 ​ ​
​
2022
 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 8,674,260 ​ ​ ​ ​ ​ 21,710,433 ​ ​ ​ ​ ​ 2,258,298 ​ ​ ​ ​ ​ 4,865,986 ​ ​ ​ ​ ​ 227.19 ​ ​ ​ ​ ​ 116.64 ​ ​ ​ ​ ​ 13.3 ​ ​
​
2021
 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 7,337,975 ​ ​ ​ ​ ​ 16,362,423 ​ ​ ​ ​ ​ 1,944,076 ​ ​ ​ ​ ​ 3,485,985 ​ ​ ​ ​ ​ 166.76 ​ ​ ​ ​ ​ 133.14 ​ ​ ​ ​ ​ 11.7 ​ ​
​
2020
 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 6,432,086 ​ ​ ​ ​ ​ 9,973,234 ​ ​ ​ ​ ​ 1,634,815 ​ ​ ​ ​ ​ 2,003,714 ​ ​ ​ ​ ​ 116.22 ​ ​ ​ ​ ​ 116.87 ​ ​ ​ ​ ​ 8.7 ​ ​
​
(1)
Compensation for CEOs reflects the amounts reported in the Summary Compensation Table (“SCT”) for Mr. Applbaum and Mr. Kaniewski for 2023 and for Mr. Kaniewski for 2022, 2021 and 2020. Mr. Francis was a Non-CEO NEO in 2023. Ms. Larkin and Messers. Schapper and Parnell were Non-CEO NEOs in 2023, 2022 and 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. Average compensation for Non-CEO NEOs is based on the compensation of the NEOs for the relevant period.
​
(2)
The SCT Total amounts for CEOs for 2023 were adjusted as set forth below to compute the compensation actually paid. The FY 2023 deductions in value reflect the decreases in value of options and RSUs during the fiscal year. VMI’s stock price on the first day of fiscal 2023 was $330.30 and on the last day of fiscal 2023 (December 4 used for example) was $233.51.
​
​ ​ ​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the Fiscal
Year ($)
​ ​
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
($)
​
​
Fiscal Year
​ ​
Stock Awards ($)
​ ​
Options ($)
​
​
2023 (Applbaum)
 ​ ​ ​ ​ (-2,555,897) ​ ​ ​ ​ ​ (-1,599,138) ​ ​ ​ ​ ​ 4,129,787 ​ ​ ​ ​ ​ (-581,354) ​ ​ ​ ​ ​ (-1,044,206) ​ ​ ​ ​ ​ 0 ​ ​
​
2023 (Kaniewski)
 ​ ​ ​ ​ (-2,671,481) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 731,374 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ (-4,669,369)(a) ​ ​ ​ ​ ​ (-5,033,188)(b) ​ ​
​
(a)
Reflects decrease in value of 4,797 RSUs, 17,732 Options and 19,279 PSUs.
​
(b)
Reflects loss of value of forfeited 4,102 RSUs, 15,098 Options and 2,899 PSUs.
​
(3)
The Average SCT Total amounts for the Non-CEO NEOs were adjusted to compute the compensation actually paid as follows:
​
​ ​ ​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the
Fiscal Year
($)
​ ​
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
($)
​
​
Fiscal Year
​ ​
Stock Awards
($)
​ ​
Options
($)
​
​
2023
 ​ ​ ​ ​ (-1,228,355) ​ ​ ​ ​ ​ (-253,044) ​ ​ ​ ​ ​ 1,408,760 ​ ​ ​ ​ ​ (-384,405) ​ ​ ​ ​ ​ (-705,510) ​ ​ ​ ​ ​ 0 ​ ​
​
(4)
S&P 400 Industrial Machinery Index.
​
(5)
Valmont selected adjusted return on invested capital (“adjusted 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 adjusted ROIC. ROIC and adjusted ROIC are non-GAAP financial measures. ROIC and adjusted ROIC are calculated from the Company’s audited financial statements as follows:
​
​
Dollars in Thousands
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 291,557 ​ ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 38.1% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (111,124) ​ ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 180,433 ​ ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 7.2% ​ ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Operating income ​ ​ ​ $ 291,557 ​ ​ ​ ​ ​ 433,249 ​ ​ ​ ​ ​ 286,785 ​ ​ ​ ​ ​ — ​ ​
​ Impairment of long-lived assets ​ ​ ​ ​ 140,844 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,911 ​ ​ ​ ​ ​ — ​ ​
​ Realignment charges ​ ​ ​ ​ 35,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,052 ​ ​ ​ ​ ​ — ​ ​
​ Other non-recurring charges ​ ​ ​ ​ 5,626 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Prospera intangible asset amortization ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,580 ​ ​ ​ ​ ​ 3,396 ​ ​ ​ ​ ​ — ​ ​
​ Prospera stock-based compensation ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,896 ​ ​ ​ ​ ​ 5,240 ​ ​ ​ ​ ​ — ​ ​
​ Write-off of a receivable ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,545 ​ ​ ​ ​ ​ — ​ ​
​ Acquisition diligence ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,120 ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted operating income ​ ​ ​ $ 473,237 ​ ​ ​ ​ $ 449,725 ​ ​ ​ ​ $ 334,049 ​ ​ ​ ​ $ — ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.9% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ — ​ ​
​ Tax effect on adjusted operating income ​ ​ ​ ​ (122,665) ​ ​ ​ ​ ​ (124,431) ​ ​ ​ ​ ​ (78,836) ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax adjusted operating income ​ ​ ​ $ 350,572 ​ ​ ​ ​ $ 325,294 ​ ​ ​ ​ $ 255,213 ​ ​ ​ ​ $ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted return on invested capital ​ ​ ​ ​ 14.0% ​ ​ ​ ​ ​ 13.3% ​ ​ ​ ​ ​ 11.7% ​ ​ ​ ​ ​ — ​ ​
​ Total Assets ​ ​ ​ $ 3,477,448 ​ ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (15,404) ​ ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (358,311) ​ ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (277,764) ​ ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Contract liabilities ​ ​ ​ ​ (70,978) ​ ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (12,125) ​ ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Deferred income taxes ​ ​ ​ ​ (21,205) ​ ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Less: Operating lease liabilities ​ ​ ​ ​ (162,743) ​ ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (32,623) ​ ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Other non-current liabilities ​ ​ ​ ​ (12,818) ​ ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning invested capital ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
The adjusted effective tax rate for fiscal 2023 excluded the effects of the impairment of long-lived assets of $140.8 million, realignment charges of $35.2 million, non-recurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million, loss from Argentine peso hyperinflation of $5.1 million, and non-recurring tax benefit items of $3.6 million.
The effective tax rate including these items was 38.1%. The adjusted effective tax rate for fiscal 2022 excluded the effects of the $33.3 million 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 fiscal 2020 excluded 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       Adjusted ROIC        
Named Executive Officers, Footnote    
(1)
Compensation for CEOs reflects the amounts reported in the Summary Compensation Table (“SCT”) for Mr. Applbaum and Mr. Kaniewski for 2023 and for Mr. Kaniewski for 2022, 2021 and 2020. Mr. Francis was a Non-CEO NEO in 2023. Ms. Larkin and Messers. Schapper and Parnell were Non-CEO NEOs in 2023, 2022 and 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. Average compensation for Non-CEO NEOs is based on the compensation of the NEOs for the relevant period.
         
Peer Group Issuers, Footnote      
(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      
(2)
The SCT Total amounts for CEOs for 2023 were adjusted as set forth below to compute the compensation actually paid. The FY 2023 deductions in value reflect the decreases in value of options and RSUs during the fiscal year. VMI’s stock price on the first day of fiscal 2023 was $330.30 and on the last day of fiscal 2023 (December 4 used for example) was $233.51.
​
​ ​ ​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the Fiscal
Year ($)
​ ​
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
($)
​
​
Fiscal Year
​ ​
Stock Awards ($)
​ ​
Options ($)
​
​
2023 (Applbaum)
 ​ ​ ​ ​ (-2,555,897) ​ ​ ​ ​ ​ (-1,599,138) ​ ​ ​ ​ ​ 4,129,787 ​ ​ ​ ​ ​ (-581,354) ​ ​ ​ ​ ​ (-1,044,206) ​ ​ ​ ​ ​ 0 ​ ​
​
2023 (Kaniewski)
 ​ ​ ​ ​ (-2,671,481) ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 731,374 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ (-4,669,369)(a) ​ ​ ​ ​ ​ (-5,033,188)(b) ​ ​
(a)
Reflects decrease in value of 4,797 RSUs, 17,732 Options and 19,279 PSUs.
(b)
Reflects loss of value of forfeited 4,102 RSUs, 15,098 Options and 2,899 PSUs.
       
Non-PEO NEO Average Total Compensation Amount       $ 2,572,221 2,258,298 1,944,076 1,634,815  
Non-PEO NEO Average Compensation Actually Paid Amount       $ 1,409,666 4,865,986 3,485,985 2,003,714  
Adjustment to Non-PEO NEO Compensation Footnote      
(3)
The Average SCT Total amounts for the Non-CEO NEOs were adjusted to compute the compensation actually paid as follows:
​ ​ ​ ​
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
($)
​ ​
Fair Value of
Equity Awards
as of the Prior
Fiscal Year of
Awards that
Failed Vesting
Conditions in
Fiscal Year
($)
​
​
Fiscal Year
​ ​
Stock Awards
($)
​ ​
Options
($)
​
​
2023
 ​ ​ ​ ​ (-1,228,355) ​ ​ ​ ​ ​ (-253,044) ​ ​ ​ ​ ​ 1,408,760 ​ ​ ​ ​ ​ (-384,405) ​ ​ ​ ​ ​ (-705,510) ​ ​ ​ ​ ​ 0 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return       [MISSING IMAGE: bc_tsr-4c.jpg]        
Compensation Actually Paid vs. Net Income      
[MISSING IMAGE: bc_netearnings-4c.jpg]
       
Compensation Actually Paid vs. Company Selected Measure      
[MISSING IMAGE: bc_roic-4c.jpg]
       
Total Shareholder Return Vs Peer Group       [MISSING IMAGE: bc_tsr-4c.jpg]        
Tabular List, Table      
Most Important Financial Performance Measures for 2023
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 2023 are:
■
Adjusted ROIC
​
■
Net earnings
​
■
Cumulative compound operating income growth
​
        
Total Shareholder Return Amount       $ 161.88 227.19 166.76 116.22  
Peer Group Total Shareholder Return Amount       $ 159.52 116.64 133.14 $ 116.87  
Net Income (Loss)         $ 13.3 11.7    
Company Selected Measure Amount       14     8.7  
PEO Name Mr. Applbaum Mr. Kaniewski            
Additional 402(v) Disclosure              
Share Price | $ / shares     $ 233.51   $ 330.3      
Operating Income (Loss)       $ 291,557,000 $ 433,249,000 $ 286,785,000 $ 225,953,000  
Effective Income Tax Rate Reconciliation, Percent       38.10% 27.70% 23.60% 24.20%  
Income Tax Expense (Benefit)       $ (111,124,000) $ (119,872,000) $ (67,681,000) $ (54,681,000)  
Net Income (Loss) Available to Common Stockholders, Basic       180,433,000 313,317,000 219,104,000 171,272,000  
Average Investment Capital $ 2,504,474,000   $ 2,437,232,000 $ 2,504,474,000 $ 2,437,232,000 $ 2,176,577,000 $ 1,975,693,000  
Percentage of Return on Invested Capital       7.20% 12.90% 10.10% 8.70%  
Impairment of Long-Lived Assets to be Disposed of       $ 140,844,000 $ 27,911,000  
Restructuring Charges       35,210,000 4,052,000  
Other Non-Recurring Charges       5,626,000  
Amortization of Intangible Assets       6,580,000 3,396,000  
Share-Based Payment Arrangement, Expense       9,896,000 5,240,000  
Write Off Of Receivable       5,545,000  
Acquisition Diligence Expense       1,120,000  
Adjusted Operating Income (Loss)       $ 473,237,000 $ 449,725,000 $ 334,049,000  
Adjusted Effective Tax Rate Reconciliation, Percentage       25.90% 27.70% 23.60%  
Tax Effect On Adjusted Operating Income (Loss)       $ (122,665,000) $ (124,431,000) $ (78,836,000)  
Adjusted Operating Income (Loss), After Tax       $ 350,572,000 $ 325,294,000 $ 255,213,000  
Percentage Of Adjusted Return On Invested Capital       14.00% 13.30% 11.70%  
Assets 3,477,448,000     $ 3,477,448,000 $ 3,556,996,000 $ 3,447,249,000 $ 2,953,160,000  
Defined Benefit Plan, Plan Assets, Amount (15,404,000)     (15,404,000) (24,216,000)  
Accounts Payable 358,311,000     358,311,000 360,312,000 347,841,000 268,099,000  
Accrued Liabilities 277,764,000     277,764,000 248,320,000 253,330,000 227,735,000  
Contract with Customer, Liability 70,978,000     70,978,000 172,915,000 135,746,000 130,018,000  
Taxes Payable     3,664,000  
Dividends Payable 12,125,000     12,125,000 11,742,000 10,616,000 9,556,000  
Deferred Tax Liabilities, Gross 21,205,000     21,205,000 41,091,000 47,849,000 41,689,000  
Operating Lease, Liability 162,743,000     162,743,000 155,469,000 147,759,000 80,202,000  
Deferred Compensation Liability, Current and Noncurrent 32,623,000     32,623,000 30,316,000 35,373,000 44,519,000  
Liability, Defined Benefit Pension Plan     536,000 118,523,000  
Other Liabilities, Noncurrent 12,818,000     12,818,000 13,480,000 89,207,000 58,687,000  
Investment Capital $ 2,513,477,000     2,513,477,000 2,495,471,000 $ 2,378,992,000 1,974,162,000 $ 1,977,223,000
Loss From Currency Hyperinflation       5,100,000        
Non-Recurring Tax Benefit       $ 3,600,000        
Loss from Divestiture         $ 33,300,000      
Effective Rate Including Loss on Divestiture         29.90%      
Goodwill, Impairment Loss             $ 12,575,000  
Effective Income Tax Rate Including Impairment             25.70%  
Measure:: 1                
Pay vs Performance Disclosure                
Name       Adjusted ROIC        
Non-GAAP Measure Description      
(5)
Valmont selected adjusted return on invested capital (“adjusted 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 adjusted ROIC. ROIC and adjusted ROIC are non-GAAP financial measures. ROIC and adjusted ROIC are calculated from the Company’s audited financial statements as follows:
​
​
Dollars in Thousands
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 291,557 ​ ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 38.1% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (111,124) ​ ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 180,433 ​ ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 7.2% ​ ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Operating income ​ ​ ​ $ 291,557 ​ ​ ​ ​ ​ 433,249 ​ ​ ​ ​ ​ 286,785 ​ ​ ​ ​ ​ — ​ ​
​ Impairment of long-lived assets ​ ​ ​ ​ 140,844 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,911 ​ ​ ​ ​ ​ — ​ ​
​ Realignment charges ​ ​ ​ ​ 35,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,052 ​ ​ ​ ​ ​ — ​ ​
​ Other non-recurring charges ​ ​ ​ ​ 5,626 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Prospera intangible asset amortization ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,580 ​ ​ ​ ​ ​ 3,396 ​ ​ ​ ​ ​ — ​ ​
​ Prospera stock-based compensation ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,896 ​ ​ ​ ​ ​ 5,240 ​ ​ ​ ​ ​ — ​ ​
​ Write-off of a receivable ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,545 ​ ​ ​ ​ ​ — ​ ​
​ Acquisition diligence ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,120 ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted operating income ​ ​ ​ $ 473,237 ​ ​ ​ ​ $ 449,725 ​ ​ ​ ​ $ 334,049 ​ ​ ​ ​ $ — ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.9% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ — ​ ​
​ Tax effect on adjusted operating income ​ ​ ​ ​ (122,665) ​ ​ ​ ​ ​ (124,431) ​ ​ ​ ​ ​ (78,836) ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax adjusted operating income ​ ​ ​ $ 350,572 ​ ​ ​ ​ $ 325,294 ​ ​ ​ ​ $ 255,213 ​ ​ ​ ​ $ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted return on invested capital ​ ​ ​ ​ 14.0% ​ ​ ​ ​ ​ 13.3% ​ ​ ​ ​ ​ 11.7% ​ ​ ​ ​ ​ — ​ ​
​ Total Assets ​ ​ ​ $ 3,477,448 ​ ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (15,404) ​ ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (358,311) ​ ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (277,764) ​ ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Contract liabilities ​ ​ ​ ​ (70,978) ​ ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (12,125) ​ ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Deferred income taxes ​ ​ ​ ​ (21,205) ​ ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Less: Operating lease liabilities ​ ​ ​ ​ (162,743) ​ ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (32,623) ​ ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Other non-current liabilities ​ ​ ​ ​ (12,818) ​ ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning invested capital ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ Average invested capital ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
The adjusted effective tax rate for fiscal 2023 excluded the effects of the impairment of long-lived assets of $140.8 million, realignment charges of $35.2 million, non-recurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million, loss from Argentine peso hyperinflation of $5.1 million, and non-recurring tax benefit items of $3.6 million.
The effective tax rate including these items was 38.1%. The adjusted effective tax rate for fiscal 2022 excluded the effects of the $33.3 million 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 fiscal 2020 excluded 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:: 2                
Pay vs Performance Disclosure                
Name       Net earnings        
Measure:: 3                
Pay vs Performance Disclosure                
Name       Cumulative compound operating income growth        
Avner M. Applbaum [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount       $ 5,956,400        
PEO Actually Paid Compensation Amount       4,305,592        
Avner M. Applbaum [Member] | Deduction Of The Amounts Of Stock Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (2,555,897)        
Avner M. Applbaum [Member] | Deduction Of The Amounts Of Option Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (1,599,138)        
Avner M. Applbaum [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       4,129,787        
Avner M. Applbaum [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (581,354)        
Avner M. Applbaum [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (1,044,206)        
Avner M. Applbaum [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       0        
Stephen G. Kaniewski [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount       6,280,307        
PEO Actually Paid Compensation Amount       (5,362,357)        
Stephen G. Kaniewski [Member] | Deduction Of The Amounts Of Stock Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (2,671,481)        
Stephen G. Kaniewski [Member] | Deduction Of The Amounts Of Option Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       0        
Stephen G. Kaniewski [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       731,374        
Stephen G. Kaniewski [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       0        
Stephen G. Kaniewski [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (4,669,369)        
Change In Fair Value As Of Vesting Date From Prior Fiscal Year Of Equity Awards Vesting In Fiscal Year, Number Of Restricted Stock Units | shares     4,797          
Change In Fair Value As Of Vesting Date From Prior Fiscal Year Of Equity Awards Vesting In Fiscal Year, Number Of Stock Options | shares     17,732          
Change In Fair Value As Of Vesting Date From Prior Fiscal Year Of Equity Awards Vesting In Fiscal Year, Number Of Performance-Based Restricted Stock Units | shares     19,279          
Stephen G. Kaniewski [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (5,033,188)        
Number Of Restricted Stock Units, That Failed To Meet Vesting Conditions | shares     4,102          
Number Of Stock Options, That Failed To Meet Vesting Conditions | shares     15,098          
Number Of Performance-Based Restricted Stock Units, That Failed To Meet Vesting Conditions | shares     2,899          
Non-PEO NEO | Deduction Of The Amounts Of Stock Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (1,228,355)        
Non-PEO NEO | Deduction Of The Amounts Of Option Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (253,044)        
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       1,408,760        
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (384,405)        
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (705,510)        
Non-PEO NEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       $ 0