0000102729-24-000013 | 10-K | XBRL Viewer

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GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 25, 2021 USD ($)	Dec. 30, 2023 USD ($)	Sep. 02, 2023 item	Dec. 31, 2022 USD ($)
Indefinite-lived Intangible Assets
Goodwill impairments		$ 47,467			$ 47,467
Number Of Reporting Units Impaired for Goodwill \| item				2
Goodwill impairment			$ 121,915
Valmont SM
Indefinite-lived Intangible Assets
Impairment of intangible assets		$ 2,013
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment Of Goodwill And Intangible Assets, Within Selling, General, And Administrative Expenses
Customer relationships
Indefinite-lived Intangible Assets
Impairment charge for intangible assets		$ 4,483
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment Of Goodwill And Intangible Assets, Within Selling, General, And Administrative Expenses
Agriculture
Indefinite-lived Intangible Assets
Goodwill impairment	$ 120,000		120,000
Agriculture \| Proprietary technology intangible asset related to Prospera \| Prospera
Indefinite-lived Intangible Assets
Impairment charge for intangible assets	$ 17,273
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment Of Goodwill And Intangible Assets, Within Selling, General, And Administrative Expenses
Infrastructure
Indefinite-lived Intangible Assets
Goodwill impairments		$ 47,467			$ 47,467
Goodwill impairment	$ 1,915		1,915
Infrastructure \| Trade names
Indefinite-lived Intangible Assets
Impairment of intangible assets			$ 1,656
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment Of Goodwill And Intangible Assets, Within Selling, General, And Administrative Expenses

LEASES -Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 27,924
2025	26,507
2026	22,613
2027	17,288
2028	15,384
Subsequent	140,573
Total minimum lease payments	250,289
Less: Interest	67,993
Present value of minimum lease payments	$ 182,296	$ 172,326

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PP&E (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Long-lived assets
Depreciation expense	$ 78,138	$ 73,938	$ 70,223
Impairment, Long-Lived Asset, Held-for-Use			$ 21,415
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of Goods and Services Sold
Buildings and improvements \| Minimum
Long-lived assets
Estimated useful lives	10 years
Buildings and improvements \| Maximum
Long-lived assets
Estimated useful lives	30 years
Machinery and equipment \| Minimum
Long-lived assets
Estimated useful lives	3 years
Machinery and equipment \| Maximum
Long-lived assets
Estimated useful lives	10 years
Transportation equipment \| Minimum
Long-lived assets
Estimated useful lives	3 years
Transportation equipment \| Maximum
Long-lived assets
Estimated useful lives	10 years
Office furniture and equipment
Long-lived assets
Estimated useful lives	7 years
Office furniture and equipment \| Minimum
Long-lived assets
Estimated useful lives	3 years

ACQUISITIONS

12 Months Ended

Dec. 30, 2023

Business Combinations [Abstract]

ACQUISITIONS

(2) ACQUISITIONS

Acquisitions of Businesses

On August 31, 2023, the Company acquired HR Products for $58,044 Australian dollars ($37,302 United States (“U.S.”) dollars) in cash (net of cash acquired) and subject to working capital adjustments. Of this amount, $7,200 Australian dollars ($4,626 U.S. dollars) was withheld by the Company at closing as a retention fund, to be settled in two equal payments at 12 and 24 months from the acquisition date for contingencies and disagreements. HR Products provides a broad range of irrigation products to serve the agriculture and landscaping industries and its operations are reported in the Agriculture segment. The acquisition strengthens the Company’s value proposition to customers in the key agriculture market of Australia by expanding its geographic footprint and accelerating its aftermarket parts presence. The amount allocated to goodwill is attributable to anticipated synergies and other intangibles that do not qualify for separate recognition and is not deductible for tax purposes. The Company is currently completing its fair value assessment and expects to finalize the purchase price allocation by the third quarter of fiscal 2024.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of HR Products as of the date of acquisition:


	August 31,
	2023
Current assets	$	24,816
Property, plant, and equipment		1,379
Goodwill		9,177
Customer relationships		11,632
Other non-current assets		3,997
Total fair value of assets acquired		51,001
Current liabilities		4,183
Operating lease liabilities		2,792
Deferred income taxes		3,489
Total fair value of liabilities assumed		10,464
Net assets acquired	$	40,537

On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,287 in cash (net of cash acquired). Approximately $1,850 of the purchase price was contingent on seller representations and warranties that were settled in the fourth quarter of fiscal 2023. ConcealFab is located in Colorado Springs, Colorado, and its operations are reported in the Infrastructure segment. The acquisition was made to allow the Company to incorporate innovative 5G infrastructure and passive intermodulation mitigation solutions into its advanced Infrastructure portfolio. Goodwill was not deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company finalized the purchase price allocation in the first quarter of fiscal 2023.

Pursuant to the operating agreement and subject to the terms and conditions thereof, the minority owners have the right to sell all of the remaining interest in ConcealFab to the Company, and the Company has the right to purchase all of the remaining interest in ConcealFab from the minority owners, in each case generally at any time following the fifth anniversary of the effective date of the transaction. The purchase price for any remaining interest put to, or called by, the Company will be determined based on a pre-defined formula as stated in the operating agreement. As a result of this redemption feature, the Company recorded the noncontrolling interest as redeemable and classified it in temporary equity within the Consolidated Balance Sheets. See Note 1 for discussion of the Company’s redeemable noncontrolling interests.

The following table summarizes the fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition:


	June 1,
	2022
Current assets	$	21,133
Property, plant, and equipment		3,813
Goodwill		42,465
Customer relationships		26,200
Trade name		5,000
Other non-current assets		9,108
Total fair value of assets acquired		107,719
Current liabilities		6,658
Long-term debt		2,038
Operating lease liabilities		7,812
Deferred income taxes		5,464
Other non-current liabilities		12
Total fair value of liabilities assumed		21,984
Redeemable noncontrolling interest		41,693
Net assets acquired	$	44,042

On May 12, 2021, the Company acquired the outstanding shares of Prospera Technologies, Ltd. ("Prospera"), an artificial intelligence company focused on machine learning and computer vision in agriculture, for $300,000 in cash (net of cash acquired). The acquisition of Prospera, located in Tel Aviv, Israel, was made to allow the Company to accelerate innovation with machine learning for agronomy and is reported in the Agriculture segment. Goodwill was not deductible for tax purposes, the trade name was assigned an estimated useful life of seven years, and the developed technology asset was assigned an estimated useful life of five years. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that did not qualify for separate recognition. See Note 8 for details of impairments of goodwill and other intangible assets recognized during the fiscal year ended December 30, 2023. The Company finalized the purchase price allocation in the fourth quarter of fiscal 2021.

The following table summarizes the fair values of the assets acquired and liabilities assumed of Prospera as of the date of acquisition:


	May 12,
	2021
Current assets	$	647
Property, plant, and equipment		1,063
Goodwill		273,453
Developed technology		32,900
Trade name		2,850
Total fair value of assets acquired	$	310,913
Current liabilities		2,690
Deferred income taxes		8,223
Total fair value of liabilities assumed	$	10,913
Net assets acquired	$	300,000

On April 20, 2021, the Company acquired the assets of PivoTrac for $12,500 in cash. The agreed-upon purchase price was $14,000, with $1,500 being held back for seller representations and warranties. The acquisition of PivoTrac, located in Texas, was made to allow the Company to advance its technology strategy and increase its number of connected agricultural devices and is reported in the Agriculture segment. The fair values assigned were $10,800 for goodwill and $2,627 for customer relationships, with the remainder representing net working capital. Goodwill was not deductible for tax purposes and the customer relationships will be amortized over eight years. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company finalized the purchase price allocation in the second quarter of fiscal 2022.

Proforma disclosures were omitted for these acquisitions as they do not have a significant impact on the Company’s financial results.

Acquisition-related costs incurred for the above acquisitions were insignificant for all fiscal years presented.

Acquisitions of Redeemable Noncontrolling Interests

Subsequent to fiscal 2023, on January 26, 2024, the Company acquired approximately 9% of ConcealFab for $7,227. Additionally, subsequent to fiscal 2023, the minority owner of a consolidated subsidiary exercised their put option to require the Company to purchase their remaining ownership. As such, $10,518 is expected to be paid to acquire the remaining portion of this entity prior to the end of the first quarter of fiscal 2024.

On August 10, 2022, the Company acquired the remaining 9% of Convert Italia S.p.A. for $3,046. On May 10, 2022, the Company acquired the remaining 20% of Valmont West Coast Engineering, Ltd. for $4,292.

These transactions were for the acquisitions of portions of the remaining shares of consolidated subsidiaries with no changes in control.

LEASES (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Schedule of Lease Cost

Lease cost and other information related to the Company’s operating leases as of and for the fiscal year ended December 30, 2023 and December 31, 2022 were as follows:


	December 30,			December 31,
	2023			2022
Operating lease cost	$	33,714		$	31,062

Operating cash outflows from operating leases	$	34,967		$	33,150
ROU assets obtained in exchange for lease obligations	$	25,688		$	27,480
Weighted average remaining lease term		16 years			17 years
Weighted average discount rate		4.4	%		4.2	%

Schedule of Assets and Liabilities Lessee

Supplemental balance sheet information related to operating leases as of December 30, 2023 and December 31, 2022 was as follows:


		December 30,		December 31,
	Classification	2023		2022
Operating lease assets	Other non-current assets	$	171,616	$	162,930

Operating lease short-term liabilities	Other accrued expenses		19,553		16,857
Operating lease long-term liabilities	Operating lease liabilities		162,743		155,469
Total lease liabilities		$	182,296	$	172,326

Schedule of Future Minimum Lease Payments

Minimum lease payments under operating leases expiring subsequent to December 30, 2023 are as follows:


Fiscal year ending:
2024	$	27,924
2025		26,507
2026		22,613
2027		17,288
2028		15,384
Subsequent		140,573
Total minimum lease payments		250,289
Less: Interest		67,993
Present value of minimum lease payments	$	182,296

BUSINESS SEGMENTS - Summary by Geographical Area by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 4,174,598	$ 4,345,250	$ 3,501,575
Long-lived assets	1,689,819	1,776,411	1,734,486
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,860,951	2,965,673	2,260,198
Long-lived assets	1,116,962	1,246,956	1,172,552
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	313,075	292,072	297,720
Long-lived assets	103,847	82,290	173,240
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	311,367	354,497	200,402
Long-lived assets	$ 60,937	42,259	28,583
Brazil \| Net Sales \| Foreign country
Revenues from External Customers and Long-Lived Assets [Line Items]
Threshold for disclosure as percentage of net sales by customer	7.00%
Denmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		100,219	123,001
Long-lived assets			21,232
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 689,205	632,789	620,254
Long-lived assets	$ 408,073	$ 404,906	$ 338,879

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Notional Amounts Outstanding (Details) - 12 months ended Dec. 30, 2023 - Net Investment Hedging € in Thousands, $ in Thousands	EUR (€)	USD ($)
Cross currency swap contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount \| $		$ 80,000
Euro Member Countries, Euro
DERIVATIVE FINANCIAL INSTRUMENTS
Swapped Interest Rate		2.825%
Euro Member Countries, Euro \| Cross currency swap contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Set Settlement Amount \| €	€ 71,550

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 25, 2021 USD ($)
Cash overdrafts
Cash book overdrafts	$ 19,869	$ 25,075
Segments
Number of reportable segments \| segment	2	2
Accounts receivable
Accounts receivable sold	$ 60,000	$ 100,000
Trade Receivable Held For Sale, Fees	$ 4,500
Fiscal Year
Length of fiscal year 2023 and 2021	364 days		364 days
Length of fiscal year 2022		371 days
Additional net sales		$ 80,800
Additional net earnings		5,300
Research and Development [Abstract]
Research and development expense	$ 55,000	$ 46,000	$ 37,000

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 26,803	$ 25,008
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	26,803	25,008
Derivative financial instruments, net	2,860	1,404
Cash and cash equivalents - mutual funds	6,258	7,205
Long-term debt	1,108,604	872,129
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	26,803	25,008
Derivative financial instruments, net	0	0
Cash and cash equivalents - mutual funds	6,258	7,205
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, net	2,860	1,404
Cash and cash equivalents - mutual funds	0
Long-term debt	1,064,916	807,281
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, net	0	0
Cash and cash equivalents - mutual funds	0
Valmont Deferred Compensation Plan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 26,803	$ 25,008

LEASES (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years
After tax adjustment to retained earnings	$ 1,354,280	$ 1,580,847	$ 1,386,847	$ 1,182,062
Operating Lease, Right-of-Use Asset	171,616	162,930
Operating lease liabilities	$ 182,296	172,326
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	23 years
Retained earnings
Lessee, Lease, Description [Line Items]
After tax adjustment to retained earnings	$ 2,643,606	$ 2,593,039	$ 2,394,307	$ 2,245,035

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Components of amortized intangible assets
Gross Carrying Amount	$ 359,570
Accumulated Amortization	$ 208,883
Weighted Average Life	4 years
Amortization expense for intangible assets	$ 19,455	$ 22,120	$ 21,320
Estimated Amortization Expense
2024	11,158
2025	11,158
2026	11,158
2027	11,158
2028	11,158
Customer relationships
Components of amortized intangible assets
Gross Carrying Amount	233,852	222,716
Accumulated Amortization	157,873	145,502
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	59,311	58,404
Accumulated Amortization	45,416	21,291
Trade names
Components of amortized intangible assets
Gross Carrying Amount	2,870	2,850
Accumulated Amortization	1,056	645
Other
Components of amortized intangible assets
Gross Carrying Amount	4,787	2,462
Accumulated Amortization	$ 4,538	$ 2,164

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

(15) FAIR VALUE MEASUREMENTS

The carrying amounts of cash and cash equivalents, receivables, accounts payable, notes payable to banks, and accrued expenses approximate fair value because of the short maturity of these instruments. The fair values of each of the Company’s long-term debt instruments are based on the amount of future cash flows associated with each instrument discounted using the Company’s current borrowing rate for similar debt instruments of comparable maturity. The fair value estimates are made at a specific point in time and the underlying assumptions are subject to change based on market conditions. As of December 30, 2023, the carrying amount of the Company’s long-term debt was $1,108,604 with an estimated fair value of approximately $1,064,916. As of December 31, 2022, the carrying amount of the Company’s long-term debt was $872,129 with an estimated fair value of approximately $807,281.

ASC 820 establishes a three‑level hierarchy for fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date used. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

●

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

●

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

●

Level 3: Unobservable inputs for the asset or liability.

The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following are descriptions of the valuation methodologies used for assets and liabilities measured at fair value:

Trading Securities: The Company’s trading securities represent the investments held in the Valmont Deferred Compensation Plan (the “DCP”). As of December 30, 2023 and December 31, 2022, the assets of the DCP were $26,803 and $25,008, respectively. These assets represent mutual funds, invested in debt and equity securities, classified as trading securities, considering the employee’s ability to change investment allocation of their deferred compensation at any time. Quoted market prices are available for these securities in an active market and therefore are categorized as Level 1 inputs. These securities are included in “Other non-current assets” in the Consolidated Balance Sheets.

Derivative Financial Instruments: The fair values of foreign currency, commodity, and cross currency swap derivative contracts are based on valuation models that use market observable inputs including forward and spot prices for commodities and currencies.

Mutual Funds: The Company has short-term investments in various mutual funds.


	Carrying Value		Fair Value Measurement Using:
	December 30, 2023		Level 1		Level 2		Level 3
Trading securities	$	26,803	$	26,803	$	—	$	—
Derivative financial instruments, net		2,860		—		2,860		—
Cash and cash equivalents - mutual funds		6,258		6,258		—		—


	Carrying Value		Fair Value Measurement Using:
	December 31, 2022		Level 1		Level 2		Level 3
Trading securities	$	25,008	$	25,008	$	—	$	—
Derivative financial instruments, net		1,404		—		1,404		—
Cash and cash equivalents - mutual funds		7,205		7,205		—		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DIVESTITURES (Details) kr in Thousands, $ in Thousands				3 Months Ended	12 Months Ended
DIVESTITURES (Details) kr in Thousands, $ in Thousands	Apr. 30, 2023 USD ($)	Nov. 30, 2022 DKK (kr)	Nov. 30, 2022 USD ($)	Jul. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 25, 2021 USD ($)	Nov. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets					$ 140,844		$ 27,911
Pre-tax gain on sale of engineering and equipment					$ 2,994	$ (33,273)
Valmont SM, Offshore Wind Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income						$ 2,259	(40,192)
Net proceeds		kr 90,000	$ 12,570
Impairment of long-lived assets							$ 27,900
Escrow deposit		kr 15,000						$ 2,189
Cash and cash equivalents								12,420
Receivables, net								35,407
Inventories								1,144
Contract assets								19,127
Prepaid expenses and other assets								1,852
Net property, plant, and equipment								12,915
Intangible assets								5,579
Other assets								1,103
Total assets								89,547
Accounts payable								23,611
Contract liabilities								34,814
Accrued expenses								4,737
Deferred income taxes								1,375
Total liabilities								64,537
Net assets								$ 25,010
Torrent Engineering and Equipment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 6,369
Pre-tax gain on sale of engineering and equipment				$ 2,994
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]				Nonoperating Income (Expense)

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Goodwill [Line Items]
Goodwill, Gross			$ 787,328	$ 756,033
Accumulated impairment losses			(47,467)	(47,467)
Carrying amount of goodwill
Balance at the beginning of the period		$ 739,861	708,566
Acquisitions		9,177	42,465
Divestiture		(160)
Impairment		(121,915)
Foreign currency translation		6,001	(11,170)
Balance at the end of the period		632,964	739,861
Infrastructure [Member]
Goodwill [Line Items]
Goodwill, Gross			473,551	442,521
Accumulated impairment losses			(47,467)	(47,467)
Carrying amount of goodwill
Balance at the beginning of the period		426,084	395,054
Acquisitions			42,465
Impairment	$ (1,915)	(1,915)
Foreign currency translation		5,112	(11,435)
Balance at the end of the period		429,281	426,084
Agriculture [Member]
Goodwill [Line Items]
Goodwill, Gross			313,777	$ 313,512
Carrying amount of goodwill
Balance at the beginning of the period		313,777	313,512
Acquisitions		9,177
Divestiture		(160)
Impairment	$ (120,000)	(120,000)
Foreign currency translation		889	265
Balance at the end of the period		$ 203,683	$ 313,777

DEFINED BENEFIT RETIREMENT PLAN - Additional Information (Details) £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)	Dec. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Limit on employer contributions per annum	$ 16,700	£ 13,100
Administrative costs of the Plan	1,700	£ 1,300
Plan assets	493,167		$ 459,927
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 486,090		454,011
Mutual Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	50.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member] \| Estimate of Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 7,077		5,916
Defined Benefit Plan, Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	7,077		5,916
Defined Benefit Plan, Equity Securities [Member] \| Estimate of Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	72,548		55,379
ICAP MTF - GILTS [Member] \| Estimate of Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	216,405		206,555
Corporate Debt Securities [Member] \| Estimate of Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	74,440		63,953
Private Equity Funds [Member] \| Estimate of Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 122,697		$ 128,124

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency translation adjustments	$ (236,690)	$ (260,799)
Hedging activities	20,989	20,099
Defined benefit pension plan	(57,535)	(34,209)
Accumulated other comprehensive loss	$ (273,236)	$ (274,909)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Net sales	$ 4,174,598	$ 4,345,250	$ 3,501,575
Total cost of sales	2,938,564	3,219,026	2,617,686
Gross profit	1,236,034	1,126,224	883,889
Selling, general, and administrative expenses	768,423	692,975	590,608
Impairment of goodwill and intangible assets	140,844		6,496
Realignment charges	35,210
Operating income	291,557	433,249	286,785
Other income (expenses):
Interest expense	(56,808)	(47,534)	(42,612)
Interest income	6,230	2,015	1,192
Gain (loss) on investments - unrealized	3,564	(3,374)	1,920
Gain (loss) on divestitures	2,994	(33,273)
Other	(11,085)	12,805	12,798
Total other income (expenses)	(55,105)	(69,361)	(26,702)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	236,452	363,888	260,083
Income tax expense (benefit):
Current	108,770	109,912	61,343
Deferred	(18,649)	(1,225)	71
Total income tax expense	90,121	108,687	61,414
Earnings before equity in loss of nonconsolidated subsidiaries	146,331	255,201	198,669
Equity in loss of nonconsolidated subsidiaries	(1,419)	(950)	(944)
Net earnings	144,912	254,251	197,725
Loss (earnings) attributable to redeemable noncontrolling interests	5,937	(3,388)	(2,095)
Net earnings attributable to Valmont Industries, Inc.	$ 150,849	$ 250,863	$ 195,630
Earnings per share:
Basic	$ 6.85	$ 11.77	$ 9.23
Diluted	$ 6.78	$ 11.62	$ 9.10
Product sales
Net sales	$ 3,772,835	$ 3,955,320	$ 3,159,605
Total cost of sales	2,672,740	2,958,208	2,395,630
Service sales
Net sales	401,763	389,930	341,970
Total cost of sales	$ 265,824	$ 260,818	$ 222,056

REALIGNMENT ACTIVITIES - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Maximum \| Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 36,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
United States	$	195,491	$	224,370	$	202,051
Foreign		40,961		139,518		58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

Schedule of Income Tax Expense (Benefit)


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
United States	$	195,491	$	224,370	$	202,051
Foreign		40,961		139,518		58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

Schedule of Reconciliation of Statutory Federal Income Tax Rate and Effective Tax Rate


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Current:
Federal	$	42,226	$	48,309	$	30,031
State		8,480		11,888		8,891
Foreign		56,107		48,273		20,644
Total current income tax expense		106,813		108,470		59,566
Non-current:		1,957		1,442		1,777
Deferred:
Federal		(12,585)		(7,544)		4,587
State		(2,586)		(1,973)		558
Foreign		(3,478)		8,292		(5,074)
Total deferred income tax expense (benefit)		(18,649)		(1,225)		71
Total income tax expense	$	90,121	$	108,687	$	61,414

The reconciliations of the statutory federal income tax rate and the effective tax rate for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.8		2.3		2.9
Carryforwards, credits and changes in valuation allowances	(2.4)		1.0		1.5
Foreign jurisdictional tax rate differences	4.6		4.2		(0.1)
Changes in unrecognized tax benefits	0.8		0.3		0.7
Impairment of long-lived assets	11.9		—		—
Excess tax benefit on equity compensation	1.1		0.5		0.7
Loss from divestiture of offshore wind energy structures business	—		2.2		—
Other	(0.7)		(1.6)		(3.1)
Effective tax rate	38.1	%	29.9	%	23.6	%

Schedule of Tax Effects of Significant Items Comprising Net Deferred Income Tax Liabilities

The tax effects of significant items comprising the Company’s net deferred income tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:


	December 30,		December 31,
	2023		2022
Deferred income tax assets:
Accrued expenses and allowances	$	36,883	$	25,927
Tax credits and loss carryforwards		58,519		67,249
Inventory allowances		8,427		7,912
Accrued compensation and benefits		23,880		24,398
Lease liabilities		41,769		40,709
Research and development expenditures		22,751		7,650
Deferred compensation		16,163		16,308
Gross deferred income tax assets		208,392		190,153
Valuation allowance		(48,632)		(48,974)
Net deferred income tax assets		159,760		141,179
Deferred income tax liabilities:
Property, plant, and equipment		42,299		45,300
Intangible assets		52,017		52,750
Defined benefit pension asset		3,851		6,054
Lease assets		42,717		40,708
Other deferred tax liabilities		6,616		4,941
Total deferred income tax liabilities		147,500		149,753
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Schedule of Deferred Income Tax Assets (Liabilities) Presented on the Consolidated Balance Sheets


	December 30,		December 31,
	2023		2022
Deferred income tax assets:
Accrued expenses and allowances	$	36,883	$	25,927
Tax credits and loss carryforwards		58,519		67,249
Inventory allowances		8,427		7,912
Accrued compensation and benefits		23,880		24,398
Lease liabilities		41,769		40,709
Research and development expenditures		22,751		7,650
Deferred compensation		16,163		16,308
Gross deferred income tax assets		208,392		190,153
Valuation allowance		(48,632)		(48,974)
Net deferred income tax assets		159,760		141,179
Deferred income tax liabilities:
Property, plant, and equipment		42,299		45,300
Intangible assets		52,017		52,750
Defined benefit pension asset		3,851		6,054
Lease assets		42,717		40,708
Other deferred tax liabilities		6,616		4,941
Total deferred income tax liabilities		147,500		149,753
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Deferred income tax assets (liabilities) were presented as follows as of December 30, 2023 and December 31, 2022 in the Consolidated Balance Sheets:


	December 30,		December 31,
	2023		2022
Other non-current assets	$	33,465	$	32,517
Deferred income taxes		(21,205)		(41,091)
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Schedule of Activity Related to Unrecognized Tax Benefits

The following summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2023 and December 31, 2022:


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Gross unrecognized tax benefits—beginning of period	$	2,536	$	2,664
Gross increases—tax positions in prior period		2,174		1,133
Gross increases—current‑period tax positions		370		523
Settlements with taxing authorities		(32)		(1,576)
Lapses of statutes of limitation		(742)		(208)
Gross unrecognized tax benefits—end of period	$	4,306	$	2,536

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Earnings (Loss) Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Gain (loss) on divestitures	$ 2,994	$ (33,273)
Associated tax benefit		$ 0
Impairment of goodwill and intangible assets	$ 136,457
Impairment of goodwill and intangible assets (in dollars per share)	$ 6.45
Severance and other employee benefit costs	$ 35,210
Realignment charges, after tax	$ 26,490
Restructuring expenses, (in dollars per share)	$ 1.25
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares)	127,774	40,564	47,223
Valmont SM, Offshore Wind Business
Earnings (Loss) Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Associated tax benefit		$ 0
Valuation allowance			$ 5,076
Valuation allowance (in dollars per share)			$ 0.24
Offshore and Other Complex Steel Structures \| Valmont SM, Offshore Wind Business
Earnings (Loss) Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Gain (loss) on divestitures		$ 33,273
Loss from divestiture of offshore wind energy structures business, per share		$ 1.54
long \| Valmont SM, Offshore Wind Business
Earnings (Loss) Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Impairment of goodwill and intangible assets			$ 21,678
Impairment of goodwill and intangible assets (in dollars per share)			$ 1.01

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Treasury Stock (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2014	Dec. 30, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Nov. 30, 2023	Nov. 28, 2023	Feb. 28, 2023	Oct. 31, 2018	Feb. 28, 2015
Equity, Class of Treasury Stock [Line Items]
Additional authorized amount								$ 400,000,000	$ 250,000,000	$ 250,000,000
Authorized amount	$ 500,000,000							$ 1,400,000,000
Length of authorization period	12 months
Shares acquired under share repurchase program	7,895,724		1,282,706	137,612	111,833
Amount paid for share repurchase	$ 1,263,900,000
Accelerated Purchase Agreement - November 2023 ASR \| CitiBank, N.A.
Equity, Class of Treasury Stock [Line Items]
Authorized amount						$ 120,000,000
Pre-paid amount of share repurchase program		$ 120,000,000
Shares received at an initial delivery		438,917
Percentage representing the shares received on an initial delivery over the prepayment amount divided by closing price		75.00%
Closing share price							$ 205.05

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Payments For Interest And Income Taxes (Net of Refunds)

Cash payments for interest and income taxes (net of refunds) for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Interest	$	55,541	$	46,653	$	41,159
Income taxes		103,697		93,109		60,366

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information of Sales and Operating Income


	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


	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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Cash flows from operating activities:
Net earnings	$ 144,912	$ 254,251	$ 197,725
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	98,708	97,167	92,577
Contribution to defined benefit pension plan	(17,345)	(17,155)	(1,924)
Loss (gain) on divestitures	(2,994)	33,273
Stock-based compensation	39,219	41,850	28,720
Impairment of long-lived assets	140,844		27,911
Defined benefit pension plan cost (benefit)	249	(10,087)	(14,567)
Loss (gain) on sale of property, plant, and equipment	973	237	(961)
Equity in loss of nonconsolidated subsidiaries	1,419	950	944
Deferred income taxes	(18,649)	(1,225)	71
Changes in assets and liabilities:
Receivables	(46,308)	(74,163)	(69,275)
Inventories	88,433	(3,429)	(289,942)
Contract assets	(1,230)	(53,008)	(21,579)
Prepaid expenses and other assets (current and non-current)	(26,161)	26,625	(36,066)
Accounts payable	(10,529)	36,990	89,418
Contract liabilities	(106,884)	(567)	6,589
Accrued expenses	22,591	624	30,556
Income taxes payable	13,746	10,836	5,560
Other non-current liabilities	(14,219)	(16,904)	20,181
Net cash flows provided by operating activities	306,775	326,265	65,938
Cash flows from investing activities:
Purchase of property, plant, and equipment	(96,771)	(93,288)	(107,790)
Proceeds from divestiture, net of cash divested	6,369
Proceeds from sale of assets	1,710	1,582	1,745
Proceeds from property damage insurance claims	7,468
Acquisitions, net of cash acquired	(32,676)	(39,287)	(312,500)
Other, net	(1,381)	(1,087)	1,237
Net cash flows used in investing activities	(115,281)	(132,080)	(417,308)
Cash flows from financing activities:
Proceeds from short-term borrowings	30,785	9,665	5,821
Payments on short-term borrowings	(34,083)	(17,242)	(26,062)
Proceeds from long-term borrowings	370,012	253,999	312,485
Principal payments on long-term borrowings	(134,748)	(336,403)	(91,313)
Proceeds from settlement of financial derivatives		3,532
Debt issuance costs			(2,267)
Dividends paid	(49,515)	(45,813)	(41,412)
Dividends to redeemable noncontrolling interests	(662)	(714)
Purchase of redeemable noncontrolling interests		(7,338)
Purchase of treasury shares	(345,279)	(40,474)	(26,100)
Proceeds from exercises under stock plans	5,841	16,849	23,895
Tax withholdings on exercises under stock plans	(18,756)	(17,966)	(21,547)
Net cash flows provided by (used in) financing activities	(176,405)	(181,905)	133,500
Effect of exchange rate changes on cash and cash equivalents	2,546	(4,106)	(5,624)
Net change in cash and cash equivalents	17,635	8,174	(223,494)
Cash and cash equivalents-beginning of period	185,406	177,232	400,726
Cash and cash equivalents-end of period	$ 203,041	$ 185,406	$ 177,232

WARRANTIES (Tables)

12 Months Ended

Dec. 30, 2023

Guarantees [Abstract]

Schedule of Changes in the Product Warranty Accrual

Changes in the product warranty accrual, which are recorded in “Other accrued expenses” in the Consolidated Balance Sheets, for the fiscal years ended December 30, 2023 and December 31, 2022 were as follows:


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Balance, beginning of period	$	19,773	$	21,308
Payments made		(17,072)		(10,569)
Change in liability for warranties issued during the period		24,096		12,866
Change in liability for pre-existing warranties		(4,363)		(3,832)
Balance, end of period	$	22,434	$	19,773

WARRANTIES

12 Months Ended

Dec. 30, 2023

Guarantees [Abstract]

WARRANTIES

(17) WARRANTIES

The Company’s product warranty accrual reflects management’s best estimate of the probable liability under its product warranties. Historical product claims data is used to estimate the cost of product warranties at the time revenue is recognized.


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Balance, beginning of period	$	19,773	$	21,308
Payments made		(17,072)		(10,569)
Change in liability for warranties issued during the period		24,096		12,866
Change in liability for pre-existing warranties		(4,363)		(3,832)
Balance, end of period	$	22,434	$	19,773

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Redeemable noncontrolling interests	Total
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					$ (781,422)
Total shareholders' equity - Beginning balance at Dec. 26, 2020	$ 27,900	$ 335	$ 2,245,035	$ (309,786)			$ 1,182,062
Redeemable noncontrolling interests - Beginning balance at Dec. 26, 2020						$ 25,774
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			195,630			2,095	195,630
Other comprehensive income (loss), net of tax							45,540
Other comprehensive income (loss), net of tax				46,659		(1,119)	46,659
Cash dividends declared			(42,472)				(42,472)
Purchase of treasury shares					(26,100)		(26,100)
Stock option and incentive plans		1,144	(3,886)		33,810		31,068
Total shareholders' equity - Ending balance at Dec. 25, 2021	27,900	1,479	2,394,307	(263,127)			1,386,847
Redeemable noncontrolling interests - Ending balance at Dec. 25, 2021						26,750
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					(773,712)
Net earnings (loss)			250,863			3,388	250,863
Other comprehensive income (loss), net of tax							(13,097)
Other comprehensive income (loss), net of tax				(11,782)		(1,315)	(11,782)
Cash dividends declared			(46,939)				(46,939)
Purchase of treasury shares					(40,474)		(40,474)
Dividends to redeemable noncontrolling interests						(714)
Addition of redeemable noncontrolling interests						41,693
Reduction of redeemable noncontrolling interests						(8,937)
Reduction of redeemable noncontrolling interests		1,599					1,599
Stock option and incentive plans		$ (3,078)	(5,192)		49,003		40,733
Total shareholders' equity - Ending balance at Dec. 31, 2022	27,900		2,593,039	(274,909)			1,580,847
Redeemable noncontrolling interests - Ending balance at Dec. 31, 2022						60,865	60,865
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					(765,183)		(765,183)
Net earnings (loss)			150,849			(5,937)	150,849
Other comprehensive income (loss), net of tax							2,825
Other comprehensive income (loss), net of tax				1,673		1,152	1,673
Cash dividends declared			(49,898)				(49,898)
Change in redemption value of redeemable noncontrolling interest			(7,374)			7,374	(7,374)
Purchase of treasury shares			(30,000)		(318,121)		(348,121)
Dividends to redeemable noncontrolling interests						(662)
Stock option and incentive plans			(13,010)		39,314		26,304
Total shareholders' equity - Ending balance at Dec. 30, 2023	$ 27,900		$ 2,643,606	$ (273,236)			1,354,280
Redeemable noncontrolling interests - Ending balance at Dec. 30, 2023						$ 62,792	62,792
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					$ (1,043,990)		$ (1,043,990)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Realized (gain) on offshore wind energy structures business cross currency swap, tax expense	$ 1,207

EARNINGS PER SHARE - Reconciliation of earnings and share amounts to compute basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Earnings Per Share [Abstract]
Net earnings attributable to Valmont Industries, Inc.	$ 150,849	$ 250,863	$ 195,630
Change in redemption value of redeemable noncontrolling interest	(7,374)
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest	$ 143,475	$ 250,863	$ 195,630
Weighted average shares outstanding:
Basic (in shares)	20,956	21,311	21,193
Dilutive effect of various stock awards (in shares)	203	269	300
Diluted (in shares)	21,159	21,580	21,493
Earnings (loss) per share:
Basic (in dollars per share)	$ 6.85	$ 11.77	$ 9.23
Dilutive effect of various stock awards (in dollars per share)	(0.07)	(0.15)	(0.13)
Diluted (in dollars per share)	$ 6.78	$ 11.62	$ 9.10

DEFINED BENEFIT RETIREMENT PLAN

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

DEFINED BENEFIT RETIREMENT PLAN

(19) DEFINED BENEFIT RETIREMENT PLAN

Delta Ltd., a wholly-owned subsidiary of the Company, is the sponsor of the Delta Pension Plan (the "Plan"). The Plan provides defined benefit retirement income to eligible employees in the United Kingdom (“U.K.”). Pension retirement benefits to qualified employees are 1.67% of final salary per year of service upon reaching the age of 65 years. The Plan has no active employees as members as of December 30, 2023.

Funded Status

The Company recognizes the overfunded or underfunded status of the pension plan as an asset or liability. The funded status represents the difference between the projected benefit obligation (“PBO”) and the fair value of the plan assets. The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases (if applicable) and inflation. Plan assets are measured at fair value. Because the Plan is denominated in British pounds, the Company used exchange rates of $1.273/£ and $1.209/£ to translate the net pension asset into U.S. dollars as of December 30, 2023 and December 31, 2022, respectively. The PBO was $477,763 as of December 30, 2023. The net funded status of $15,404 as of December 30, 2023 is recorded as a non-current asset reflecting, in part, an actuarial loss for the period from December 31, 2022 to December 30, 2023 attributed to a slight decrease in the discount rate.

Projected Benefit Obligation and Fair Value of Plan Assets—The accumulated benefit obligation (“ABO”) is the present value of benefits earned to date, assuming no future compensation growth.

As there are no active employees in the plan, the ABO is equal to the PBO for all years presented. The overfunded ABO represents the difference between the PBO and the fair value of plan assets.

Changes in the PBO and fair value of plan assets for the Plan for the period from December 31, 2022 to December 30, 2023 were as follows:


	Projected
	Benefit		Plan		Funded
	Obligation		Assets		Status
Fair value as of December 31, 2022	$	435,711	$	459,927	$	24,216
Employer contributions		—		17,345
Interest cost		21,555		—
Actual return on plan assets		—		10,966
Benefits paid		(20,683)		(20,683)
Actuarial loss		17,692		—
Currency translation		23,488		25,612
Fair value as of December 30, 2023	$	477,763	$	493,167	$	15,404

The actuarial loss increased the projected benefit obligation and resulted primarily from a decrease in the discount rate from 4.80% in fiscal 2022 to 4.50% in fiscal 2023.

Changes in the PBO and fair value of plan assets for the Plan for the period from December 25, 2021 to December 31, 2022 were as follows:


	Projected
	Benefit		Plan		Funded
	Obligation		Assets		Status
Fair value as of December 25, 2021	$	761,706	$	761,170	$	(536)
Employer contributions		—		17,155
Interest cost		12,551		—
Actual return on plan assets		—		(228,493)
Benefits paid		(20,175)		(20,175)
Actuarial gain		(248,252)		—
Currency translation		(70,119)		(69,730)
Fair value as of December 31, 2022	$	435,711	$	459,927	$	24,216

The actuarial gain decreased the project benefit obligation and resulted from an increase in the discount rate from 1.90% in fiscal 2021 to 4.80% in fiscal 2022.

Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 30, 2023 and December 31, 2022 consisted of actuarial losses, as follows:


Balance as of December 25, 2021	$	(60,940)
Actuarial loss		(2,915)
Amortization of prior service costs		493
Currency translation gain		5,451
Balance as of December 31, 2022		(57,911)
Actuarial loss		(28,071)
Amortization of prior service costs		498
Currency translation loss		(3,667)
Balance as of December 30, 2023	$	(89,151)

Assumptions—The weighted-average actuarial assumptions used to determine the benefit obligation as of December 30, 2023 and December 31, 2022 were as follows:


	December 30,		December 31,
	2023		2022
Discount rate	4.50	%	4.80	%
Salary increase	N/A		N/A
Consumer Price Index ("CPI") inflation	2.25	%	2.35	%
Retail Price Index ("RPI") inflation	3.05	%	3.25	%

Cost/(Benefit)

Pension cost (benefit) is determined based on the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The interest cost component is calculated using the full yield curve approach to estimate the interest cost by applying the specific spot rates along the yield curve used to determine the present value of the benefit plan obligations to relevant cash outflows for the corresponding year. The expected long-term rate of return on plan assets is applied to the fair value of plan assets. Differences in actual experience in relation to assumptions are not recognized in net earnings immediately, but are deferred and, if necessary, amortized as pension cost.

The components of the net periodic pension cost (benefit) for the fiscal years ended December 30, 2023 and December 31, 2022 were as follows:


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Interest cost	$	21,555	$	12,551
Expected return on plan assets		(21,804)		(23,131)
Amortization of prior service costs		498		493
Net periodic pension cost (benefit)	$	249	$	(10,087)

Assumptions—The weighted-average actuarial assumptions used to determine the cost (benefit) were as follows for the fiscal years ended December 30, 2023 and December 31, 2022:


	December 30,		December 31,
	2023		2022
Discount rate for benefit obligations	4.80	%	1.90	%
Discount rate for interest cost	4.90	%	1.80	%
Expected return on plan assets	4.85	%	3.48	%
CPI inflation	2.35	%	2.70	%
RPI inflation	3.25	%	3.30	%

The discount rate is based on the yields of AA-rated corporate bonds with durational periods similar to that of the pension liabilities. The expected return on plan assets is based on the asset allocation mix and the historical return, taking into account current and expected market conditions. The expected return on plan assets increased from 3.48% to 4.85% for fiscal 2023 as the investment composition has more liability matching versus return-seeking assets. Inflation is based on expected changes in the CPI or the RPI in the U.K. depending on the relevant plan provisions.

Cash Contributions

The Company completed negotiations with Plan trustees in fiscal 2022 regarding annual funding for the Plan. The annual contributions into the Plan are approximately $16,700 (£13,100) per annum as part of the Plan’s recovery plan, along with a contribution to cover the administrative costs of the Plan of approximately $1,700 (£1,300) per annum. In the fourth quarter of fiscal 2020, the Company made its required fiscal 2021 annual contribution in addition to the required fiscal 2020 annual contribution that was made earlier in fiscal 2020.

Benefit Payments

The following table details expected pension benefit payments for the fiscal years 2024 through 2033:


2024	$	21,641
2025		22,278
2026		23,042
2027		23,678
2028		24,442
2029 - 2033		133,540

Asset Allocation Strategy

The investment strategy for pension plan assets is to maintain a diversified portfolio consisting of

●

Long-term fixed-income securities that are investment grade or government‑backed in nature,

●

Common stock mutual funds in U.K. and non-U.K. companies, and

●

Diversified growth funds, which are invested in a number of investments, including common stock, fixed income funds, properties, and commodities.

The Plan, as required by U.K. law, has an independent trustee that sets investment policy. The general strategy is to invest approximately 50% of the assets of the Plan in common stock mutual funds and diversified growth funds, with the remainder of the investments in long-term fixed income securities, including corporate bonds and index-linked U.K. gilts. The trustees regularly consult with representatives of the Plan sponsor and independent advisors on such matters.

The pension plan investments are held in a trust. The weighted average maturity of the corporate bond portfolio was 13 years as of December 30, 2023.

Fair Value Measurements

The pension plan assets are valued at fair value. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Leveraged Inflation-Linked Gilts—These investments are a combination of U.K. government-backed securities (such as bonds or other fixed income securities issued directly by the U.K. Treasury) money market instruments, and derivatives combined to give leveraged exposure to changes in the U.K. long-term interest and inflation rates. These funds are expected to offset a proportion of the impact changes in the long-term interest and inflation rates in the U.K. have on the pension plan’s benefit plan obligation liability. The fair value recorded by the Plan is calculated using net asset value (“NAV”) for each investment.

Temporary Cash Investments—These investments consist of British pounds, reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as Level 1 investments.

Corporate Bonds—Corporate bonds and debentures consist of fixed income securities issued by U.K. corporations. The fair value recorded by the Plan is calculated using NAV for each investment.

Corporate Stock—This investment category consists of common and preferred stock, including mutual funds, issued by U.K. and non-U.K. corporations. The fair value recorded by the Plan is calculated using NAV for each investment.

Secured Income Asset Funds—This investment category consists of holdings that have a high level of expected inflation linkage. Examples of underlying asset classes are rental streams and infrastructure debt. Due to the private nature of these investments, pricing inputs are not readily observable. Asset valuations are developed by the fund manager. These valuations are based on the application of public market multiples to private company cash flows, market transactions that provide valuation information for comparable companies, and other methods. The fair value recorded by the Plan is calculated using NAV.

As of December 30, 2023 and December 31, 2022, the pension plan assets measured at fair value on a recurring basis were as follows:


	Fair Value Measurement Using:
December 30, 2023	Level 1		Level 2			Level 3	Total
Plan assets at fair value:
Temporary cash investments	$	7,077	$	—	$	—	$	7,077
Plan assets at NAV:
Leveraged inflation-linked gilt funds								216,405
Corporate bonds								74,440
Corporate stock								72,548
Secured income asset funds								122,697
Total plan assets at NAV								486,090
Total plan assets							$	493,167


	Fair Value Measurement Using:
December 31, 2022	Level 1		Level 2			Level 3	Total
Plan assets at fair value:
Temporary cash investments	$	5,916	$	—	$	—	$	5,916
Plan assets at NAV:
Leveraged inflation-linked gilt funds								206,555
Corporate bonds								63,953
Corporate stock								55,379
Secured income asset funds								128,124
Total plan assets at NAV								454,011
Total plan assets							$	459,927

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Cash dividends per share (in dollars per share)	$ 2.40	$ 2.20	$ 2.00
Purchase of treasury shares acquired (in shares)	1,282,706	137,612	111,833

REALIGNMENT ACTIVITIES - Pre-tax Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	$ 35,210
Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	35,210
Infrastructure \| Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	17,260
Agriculture \| Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	9,101
Corporate \| Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	$ 8,849

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORIES

12 Months Ended

Dec. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

(6) INVENTORIES

Inventories as of December 30, 2023 and December 31, 2022 consisted of the following:


	December 30,		December 31,
	2023		2022
Raw materials and purchased parts	$	217,134	$	258,814
Work-in-process		37,826		44,453
Finished goods and manufactured goods		403,468		425,495
Total inventories	$	658,428	$	728,762

LEASES - Schedule of Assets and Liabilities Lessee (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 171,616	$ 162,930
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Operating lease short-term liabilities	$ 19,553	$ 16,857
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued expenses	Other accrued expenses
Operating lease long-term liabilities	$ 162,743	$ 155,469
Present value of minimum lease payments	$ 182,296	$ 172,326

LEASES

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

LEASES

(20) LEASES

The Company has operating leases for plant locations, corporate offices, sales offices, and certain equipment. Outstanding leases as of December 30, 2023 have remaining lease terms of one year to twenty-three years, some of which include options to extend leases for up to ten years. The Company does not have any financing leases. The Company elected to not separate lease and non-lease components for all classes of underlying assets.

The Company determines if an arrangement is a lease at inception. Operating leases are included in “Other non-current assets”, “Other accrued expenses”, and “Operating lease liabilities” in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company used its collateralized incremental borrowing rate in determining the present value of future lease payments. The operating lease ROU assets are adjusted for any lease payments made, lease incentives, and impairments. The lease terms for some of the Company’s facility leases include options to extend the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

Lease cost and other information related to the Company’s operating leases as of and for the fiscal year ended December 30, 2023 and December 31, 2022 were as follows:


	December 30,			December 31,
	2023			2022
Operating lease cost	$	33,714		$	31,062

Operating cash outflows from operating leases	$	34,967		$	33,150
ROU assets obtained in exchange for lease obligations	$	25,688		$	27,480
Weighted average remaining lease term		16 years			17 years
Weighted average discount rate		4.4	%		4.2	%

Operating lease cost includes approximately $1,900 for short-term lease costs and approximately $4,800 for variable lease payments in fiscal 2023.

Supplemental balance sheet information related to operating leases as of December 30, 2023 and December 31, 2022 was as follows:


		December 30,		December 31,
	Classification	2023		2022
Operating lease assets	Other non-current assets	$	171,616	$	162,930

Operating lease short-term liabilities	Other accrued expenses		19,553		16,857
Operating lease long-term liabilities	Operating lease liabilities		162,743		155,469
Total lease liabilities		$	182,296	$	172,326

Minimum lease payments under operating leases expiring subsequent to December 30, 2023 are as follows:


Fiscal year ending:
2024	$	27,924
2025		26,507
2026		22,613
2027		17,288
2028		15,384
Subsequent		140,573
Total minimum lease payments		250,289
Less: Interest		67,993
Present value of minimum lease payments	$	182,296

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Valuation Allowance [Line Items]
Valuation allowance	$ 48,632	$ 48,974
Prospera
Valuation Allowance [Line Items]
Valuation allowance			$ 6,472

REALIGNMENT ACTIVITIES (Tables)

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities


	Infrastructure		Agriculture		Corporate		Total
Severance and other employee benefit costs	$	17,260	$	9,101	$	8,849	$	35,210

Schedule of Liabilities Recorded For The Restructuring Plan And Changes

Balance as of

Recognized

Costs Paid or

Balance as of

December 31,

Realignment

Otherwise

December 30,

2022

Expense

Settled

2023

Severance and other employee benefit costs

—

35,210

(22,696)

12,514

STOCK-BASED COMPENSATION - Schedule of Non-Vested Stock and Restricted Stock Units (Details) - Directors and certain management employees - Non-vested stock and restricted stock units - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Stock Based Compensation
Shares granted		67,723	60,901	216,971
Weightedaverage per share price on grant date		$ 233.96	$ 313.75	$ 236.28
Compensation expense		$ 22,478	$ 22,664	$ 16,147
Weighted-average period for grant of stock-based compensation		2 years 1 month 13 days
Deferred stock-based compensation granted		$ 33,933
Prospera
Stock Based Compensation
Shares granted	159,982
Units outstanding		50,141
Compensation expense	$ 36,916
Vesting period of options	4 years

BANK CREDIT ARRANGEMENTS

12 Months Ended

Dec. 30, 2023

BANK CREDIT ARRANGEMENTS

BANK CREDIT ARRANGEMENTS

(9) BANK CREDIT ARRANGEMENTS

The Company maintains various lines of credit for short-term borrowings totaling $39,336 available as of December 30, 2023. As of December 30, 2023 and December 31, 2022, $3,205 and $5,846 was outstanding and recorded as “Notes payable to banks” in the Consolidated Balance Sheets, respectively. The interest rates charged on these lines of credit vary in relation to the banks’ costs of funds. The weighted average interest rate on short-term borrowings was 5.16% as of December 30, 2023. The unused and available borrowings under the lines of credit were $36,131 as of December 30, 2023. The lines of credit can be modified at any time at the option of the banks.

COMMITMENTS & CONTINGENCIES

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS & CONTINGENCIES

(18) COMMITMENTS & CONTINGENCIES

Various claims and lawsuits are pending against the Company and certain of its subsidiaries. The Company cannot fully determine the effect of all asserted and unasserted claims on its consolidated results of operations, financial condition, or liquidity. Where asserted and unasserted claims are considered probable and reasonably estimable, a liability has been recorded. The Company does not expect that any known lawsuits, claims, environmental costs, commitments, or contingent liabilities will have a material adverse effect on the consolidated results of operations, financial condition, or liquidity.

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 2,860	$ 1,404
Commodity contracts \| Other accrued expenses
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	(1,586)	(3,854)
Commodity contracts \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	2,520	0
Foreign currency forward contracts \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	0	83
Cross currency swap contracts \| Other accrued expenses
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	(12)	(210)
Cross currency swap contracts \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 1,938	$ 5,385

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and purchased parts	$ 217,134	$ 258,814
Work-in-process	37,826	44,453
Finished goods and manufactured goods	403,468	425,495
Total inventories	$ 658,428	$ 728,762

EMPLOYEE RETIREMENT SAVINGS PLAN

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

EMPLOYEE RETIREMENT SAVINGS PLAN

(14) 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 their annual pay, on a pre-tax and/or after-tax basis. The Company also makes contributions to the VERSP and a non-qualified deferred compensation plan for certain Company executives. The Company’s contributions to these plans for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, amounted to approximately $20,000, $18,300, and $16,000, 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 the VERSP under Internal Revenue Service regulations. The invested assets and related liabilities of these participants were $26,803 and $25,008 as of December 30, 2023 and December 31, 2022, respectively. Such amounts are included in “Other non-current assets” and “Deferred compensation” in 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 $5,476 and $4,691 as of December 30, 2023 and December 31, 2022, respectively. All distributions were made in cash.

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries
United States	$ 195,491	$ 224,370	$ 202,051
Foreign	40,961	139,518	58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	236,452	363,888	260,083
Current:
Federal	42,226	48,309	30,031
State	8,480	11,888	8,891
Foreign	56,107	48,273	20,644
Total	106,813	108,470	59,566
Non-current:	1,957	1,442	1,777
Deferred:
Federal	(12,585)	(7,544)	4,587
State	(2,586)	(1,973)	558
Foreign	(3,478)	8,292	(5,074)
Total	(18,649)	(1,225)	71
Total deferred income tax expense (benefit)	$ (90,121)	$ (108,687)	$ (61,414)
Reconciliations of statutory federal income tax rate and effective tax rate
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.80%	2.30%	2.90%
Carryforwards, credits and changes in valuation allowances	(2.40%)	1.00%	1.50%
Foreign jurisdictional tax rate differences	4.60%	4.20%	(0.10%)
Changes in unrecognized tax benefits	0.80%	0.30%	0.70%
Impairment of long-lived assets	11.90%	0.00%	0.00%
Excess tax benefit on equity compensation	1.10%	0.50%	0.70%
Loss on divestiture of offshore wind energy structures business		2.20%
Other	(0.70%)	(1.60%)	(3.10%)
Total	38.10%	29.90%	23.60%
Deferred income tax assets:
Accrued expenses and allowances	$ 36,883	$ 25,927
Tax credits and loss carryforwards	58,519	67,249
Inventory allowances	8,427	7,912
Accrued compensation and benefits	23,880	24,398
Lease liabilities	41,769	40,709
Research and development expenditures	22,751	7,650
Deferred compensation	16,163	16,308
Gross deferred income tax assets	208,392	190,153
Valuation allowance	(48,632)	(48,974)
Net deferred income tax assets	159,760	141,179
Deferred income tax liabilities:
Property, plant and equipment	42,299	45,300
Intangible assets	52,017	52,750
Defined benefit pension asset	3,851	6,054
Lease assets	42,717	40,708
Other deferred tax liabilities	6,616	4,941
Total deferred income tax liabilities	147,500	149,753
Net deferred income tax asset (liability)		8,574
Net deferred income tax asset (liability)	12,260
Deferred income tax assets (liabilities), Balance Sheet Caption
Other assets	33,465	32,517
Deferred income taxes	(21,205)	(41,091)
Net deferred income tax asset (liability)	12,260
Net deferred income tax asset (liability)		8,574
Tax expense related to the divestiture of the offshore wind energy structures business		(8,166)
Benefit recorded		0
Income tax benefits related to foreign taxes paid			$ (1,894)
Valuation allowance			5,102
Income tax expense due to nondeductible goodwill impairment	28,079
Tax credits and loss carryforwards	58,519	67,249
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits beginning of year	2,536	2,664
Gross increases-tax positions in prior period	2,174	1,133
Gross increases-currentperiod tax positions	370	523
Settlements with taxing authorities	(32)	(1,576)
Lapse of statute of limitations	(742)	(208)
Gross Unrecognized Tax Benefits end of year	4,306	2,536	$ 2,664
Uncertain tax positions for which reversal is reasonably possible during the next 12 months	1,514
Reduction of income tax expense, due to expiration of statutes of limitation	586	(165)
Reduction of income tax expense, due to expiration of statutes of limitation	742	208
Accrued interest and penalties relating to unrecognized tax benefits	442	172
Unrecognized tax benefits that, if recognized, would affect effective tax rate	$ 4,372	$ 2,447

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

(7) PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, at cost, as of December 30, 2023 and December 31, 2022 consisted of the following:


	December 30,		December 31,
	2023		2022
Land and improvements	$	118,869	$	113,188
Buildings and improvements		409,092		390,435
Machinery and equipment		750,959		721,223
Transportation equipment		31,278		30,610
Office furniture and equipment		140,061		128,922
Construction in progress		62,980		48,773
Total property, plant, and equipment, at cost	$	1,513,239	$	1,433,151

WARRANTIES (Details) - USD ($) $ in Thousands	12 Months Ended
WARRANTIES (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Changes in the product warranty accrual recorded in accrued expenses
Balance, beginning of period	$ 19,773	$ 21,308
Payments made	(17,072)	(10,569)
Change in liability for warranties issued during the period	24,096	12,866
Change in liability for pre-existing warranties	(4,363)	(3,832)
Balance, end of period	$ 22,434	$ 19,773

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	December 30,		December 31,
	2023		2022
5.00% senior unsecured notes due in fiscal 2044 (a)	$	450,000	$	450,000
5.25% senior unsecured notes due in fiscal 2054 (b)		305,000		305,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b)		(19,665)		(20,053)
Revolving credit agreement (c)		377,899		140,513
Other notes		2,015		3,587
Debt issuance costs		(6,645)		(6,918)
Long-term debt		1,108,604		872,129
Less: Current installments of long-term debt		719		1,194
Long-term debt, excluding current installments	$	1,107,885	$	870,935

(a)

The 5.00% senior unsecured notes due in fiscal 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $12,503 as of December 30, 2023. The notes bear interest at 5.00% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(b)

The 5.25% senior unsecured notes due in fiscal 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,162 as of December 30, 2023. The notes bear interest at 5.25% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(c)

On October 18, 2021, the Company along with its wholly-owned subsidiaries, Valmont Industries Holland B.V. and Valmont Group Pty. Ltd., as borrowers, entered into an amendment and restatement of the revolving credit agreement with the Company’s lenders. The maturity date of the revolving credit facility was extended to October 18, 2026. The credit facility provides for $800,000 of committed unsecured revolving credit loans with available borrowings thereunder to $400,000 in foreign currencies. The Company may increase the credit facility by up to an additional $300,000 at any time, subject to lenders increasing the amount of their commitments. The interest rate on the borrowings will be, at the Company’s option, either:

(i)

term Secured Overnight Financing Rate (“SOFR”) (based on a 1-, 3-, or 6-month interest period, as selected by the Company) plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.;

(ii)

the higher of

●

the prime lending rate,

●

the overnight bank rate plus 50 basis points, and

●

term SOFR (based on a one-month interest period) plus 100 basis points,

plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.; or

(iii)

daily simple SOFR plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Receivables allowance	$ 32,897	$ 20,890
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000
Common shares in treasury, shares	7,691,192	6,549,833

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 203,041	$ 185,406
Receivables, less allowance of $32,897 and $20,890, respectively	657,960	604,181
Inventories	658,428	728,762
Contract assets	175,721	174,539
Prepaid expenses and other current assets	91,754	87,697
Refundable income taxes	725
Total current assets	1,787,629	1,780,585
Property, plant, and equipment, at cost	1,513,239	1,433,151
Less accumulated depreciation	(895,845)	(837,573)
Property, plant, and equipment, net	617,394	595,578
Goodwill	632,964	739,861
Other intangible assets, net	150,687	176,615
Defined pension benefit asset	15,404	24,216
Other non-current assets	273,370	240,141
Total assets	3,477,448	3,556,996
Current liabilities:
Current installments of long-term debt	719	1,194
Notes payable to banks	3,205	5,846
Accounts payable	358,311	360,312
Accrued employee compensation and benefits	130,861	124,355
Contract liabilities	70,978	172,915
Other accrued expenses	146,903	123,965
Income taxes payable		3,664
Dividends payable	12,125	11,742
Total current liabilities	723,102	803,993
Deferred income taxes	21,205	41,091
Long-term debt, excluding current installments	1,107,885	870,935
Operating lease liabilities	162,743	155,469
Deferred compensation	32,623	30,316
Other non-current liabilities	12,818	13,480
Total liabilities	2,060,376	1,915,284
Redeemable noncontrolling interests	62,792	60,865
Shareholders' equity:
Common stock of $1 par value, authorized 75,000,000 shares; 27,900,000 issued	27,900	27,900
Retained earnings	2,643,606	2,593,039
Accumulated other comprehensive loss	(273,236)	(274,909)
Treasury stock, at cost, common shares of 7,691,192 and 6,549,833, respectively	(1,043,990)	(765,183)
Total shareholders' equity	1,354,280	1,580,847
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$ 3,477,448	$ 3,556,996

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 30, 2023
Indefinite-lived Intangible Assets [Line Items]
Intangible assets lives	4 years
Minimum
Indefinite-lived Intangible Assets [Line Items]
Intangible assets lives	2 years
Maximum
Indefinite-lived Intangible Assets [Line Items]
Intangible assets lives	20 years

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings (loss)	$ 144,912	$ 254,251	$ 197,725
Foreign currency translation adjustments:
Unrealized translation gain (loss)	25,261	(44,741)	(31,405)
Realized loss on offshore wind energy structures business recorded in other expense		25,977
Total foreign currency translation adjustments	25,261	(18,764)	(31,405)
Hedging activities:
Unrealized gain (loss) on commodity hedges	(2,227)	(2,352)	20,019
Realized loss (gain) on commodity hedges recorded in earnings	5,288	5,212	(25,821)
Unrealized gain (loss) on cross currency swaps	(2,119)	5,146	6,093
Realized gain on offshore wind energy structures business cross currency swap, net of tax expense of $1,207		(3,620)
Amortization cost included in interest expense	(52)	(64)	(64)
Total hedging activities	890	4,322	227
Net gain (loss) on defined benefit pension plan	(23,326)	1,345	76,718
Other comprehensive income (loss), net of tax:	2,825	(13,097)	45,540
Comprehensive income	147,737	241,154	243,265
Comprehensive (loss) income attributable to redeemable noncontrolling interests	4,785	(2,073)	(976)
Comprehensive income attributable to Valmont Industries, Inc.	$ 152,522	$ 239,081	$ 242,289

REALIGNMENT ACTIVITIES

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

REALIGNMENT ACTIVITIES

(4) REALIGNMENT ACTIVITIES

During the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment Program provided for a reduction in force through a voluntary early retirement program and other headcount reduction actions, which were completed as of December 30, 2023. The Board of Directors authorized the incurrence of cash charges up to $36,000 in connection with the Realignment Program.

During the fiscal year ended December 30, 2023, the Company recorded the following pre-tax expenses for the Realignment Program:


	Infrastructure		Agriculture		Corporate		Total
Severance and other employee benefit costs	$	17,260	$	9,101	$	8,849	$	35,210

Changes in liabilities recorded for the Realignment Program were as follows:

Balance as of

Recognized

Costs Paid or

Balance as of

December 31,

Realignment

Otherwise

December 30,

2022

Expense

Settled

2023

Severance and other employee benefit costs

—

35,210

(22,696)

12,514

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 30, 2023

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

(12) STOCK-BASED COMPENSATION

The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resources Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. As of December 30, 2023, 1,513,652 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. The Company’s policy is to issue shares upon exercise of stock options or vesting of restricted stock units or issuance of restricted stock from treasury shares held by the Company.

Stock options granted under the plans call for the exercise price of each option to equal the closing market price as of the date of the grant. Options vest beginning on the first anniversary of the grant date in equal amounts over three years or on the grant’s fifth anniversary date. Expiration of grants is seven to ten years from the date of the award. Restricted stock units and awards generally vest in equal installments over three or four years beginning on the first anniversary of the grant. For the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company recorded $39,219, $41,850, and $28,720 of compensation expense (included in “Selling, general, and administrative expenses” in the Consolidated Statements of Earnings) for all share-based compensation programs, respectively. The associated tax benefits recorded for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, were $7,092, $10,463, and $7,180, respectively.

As of December 30, 2023, the amount of unrecognized stock option compensation expense, to be recognized over a weighted average period of 2.00 years, was approximately $6,408. During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, compensation expense for stock options was $3,687, $3,120, and $2,538, respectively.

The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant made as of December 30, 2023, December 31, 2022, and December 25, 2021 was estimated using the following assumptions:


	December 30,		December 31,		December 25,
	2023		2022		2021
Expected volatility	31.97	%	32.36	%	33.01	%
Risk-free interest rate	4.21	%	3.75	%	1.26	%
Expected life from vesting date	5.4 yrs		5.4 yrs		4.0 yrs
Dividend yield	0.87	%	1.10	%	1.20	%

The following is a summary of the stock option activity during the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 31, 2022	195,690	$	214.62
Granted	43,340		226.55
Exercised	(39,055)		155.24
Forfeited	(18,445)		307.81
Outstanding as of December 30, 2023	181,530	$	220.77	7.99	$	5,992
Options vested or expected to vest as of December 30, 2023	178,820	$	220.31	7.96		5,975
Options exercisable as of December 30, 2023	116,545	$	203.78	7.13		5,576

The weighted average per share fair value of options granted during the fiscal year ended December 31, 2023 was $72.60.


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 25, 2021	276,464	$	164.48
Granted	40,564		332.63
Exercised	(121,163)		139.89
Forfeited	(175)		104.47
Outstanding as of December 31, 2022	195,690	$	214.62	7.53	$	22,644
Options vested or expected to vest as of December 31, 2022	189,267	$	212.69	7.48		22,261
Options exercisable as of December 31, 2022	90,556	$	172.08	6.40		14,276

The weighted average per share fair value of options granted during the fiscal year ended December 31, 2022 was $104.01.


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 26, 2020	399,565	$	141.79
Granted	47,223		252.89
Exercised	(169,908)		135.76
Forfeited	(416)		132.84
Outstanding as of December 25, 2021	276,464	$	164.48	5.88	$	22,586
Options vested or expected to vest as of December 25, 2021	268,338	$	163.42	5.80		22,188
Options exercisable as of December 25, 2021	154,860	$	142.15	4.00		15,896

The weighted average per share fair value of options granted during the fiscal year ended December 25, 2021 was $67.81.

In accordance with shareholder-approved plans, the Human Resources Committee of the Board of Directors may grant stock under various stock‑based compensation arrangements, including restricted stock awards, restricted stock units, performance-based restricted stock units, and stock issued in lieu of cash bonuses. Under such arrangements, stock is issued without direct cost to the employee. The restricted stock units are settled in Company stock when the restriction period ends. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant. During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company granted restricted stock units to directors and certain management employees as follows (which are not included in the above stock plan activity tables):


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Restricted stock units granted		67,723		60,901		216,971
Weighted‑average per share price on grant date	$	233.96	$	313.75	$	236.28
Recognized compensation expense	$	22,478	$	22,664	$	16,147

During the second half of fiscal 2021, the Company granted 159,982 restricted stock units, worth $36,916, to certain employees of Prospera, of which 50,141 remain outstanding as of December 30, 2023. These restricted stock units vest in equal installments over four years and require the employees to continue employment over those four years. As such, the related compensation expense will be incurred over the vesting period.

As of December 30, 2023, the amount of deferred stock‑based compensation granted, to be recognized over a weighted‑average period of 2.12 years, was approximately $33,933.

Performance-based restricted stock units (“PSUs”) awards consist of shares of the Company’s stock which are payable upon the determination that the Company achieves certain established performance targets and can range from 0% to 200% of the targeted payout based on the actual results. PSUs granted in the fiscal years ended December 30, 2023 and December 31, 2022 have a performance period of three years. The fair value of each PSU granted is equal to the fair market value of the Company’s common stock on the date of grant. PSUs granted generally have a three-year period cliff vesting schedule; however, according to the grant agreements, if certain conditions are met, the employee (or beneficiary) will receive a prorated amount of the award based on active employment during the service period.

During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company granted PSU awards as follows (which are not included in the above stock plan activity tables):


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Shares granted		38,201		33,736		41,060
Weighted‑average per share price on grant date	$	299.20	$	215.15	$	230.40
Recognized compensation expense	$	13,054	$	16,066	$	10,035

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Supplemental Cash Flow Elements [Abstract]
Income taxes	$ 103,697	$ 93,109	$ 60,366
Interest	$ 55,541	$ 46,653	$ 41,159

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 30, 2023	Feb. 23, 2024	Jul. 01, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2023
Current Fiscal Year End Date	--12-30
Document Transition Report	false
Entity File Number	1-31429
Entity Registrant Name	Valmont Industries, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0351813
Entity Address, Address Line One	15000 Valmont Plaza,
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68154
City Area Code	402
Local Phone Number	963-1000
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	VMI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Shell Company	false
Entity Common Stock, Shares Outstanding		20,216,385
Entity Public Float			$ 5,766,436,565
Entity Central Index Key	0000102729
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Auditor Location	Omaha, Nebraska
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34

DIVESTITURES - Pre-tax loss (Details) - Valmont SM, Offshore Wind Business [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss from divestitures, before recognition of currency translation loss	$ 12,123	$ 12,123
Recognition of cumulative currency translation loss and hedges (out of OCI)	(21,150)	$ (21,150)
Net pre-tax loss from divestiture of offshore wind business	$ 33,273

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Long-lived assets
Property, plant, and equipment, at cost	$ 1,513,239	$ 1,433,151
Land and improvements
Long-lived assets
Property, plant, and equipment, at cost	118,869	113,188
Buildings and improvements
Long-lived assets
Property, plant, and equipment, at cost	409,092	390,435
Machinery and equipment
Long-lived assets
Property, plant, and equipment, at cost	750,959	721,223
Transportation equipment
Long-lived assets
Property, plant, and equipment, at cost	31,278	30,610
Office furniture and equipment
Long-lived assets
Property, plant, and equipment, at cost	140,061	128,922
Construction in progress
Long-lived assets
Property, plant, and equipment, at cost	$ 62,980	$ 48,773

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Earnings Per Share

The following table provides a reconciliation between the earnings and average share amounts used to compute both basic and diluted earnings per share:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest:
Net earnings attributable to Valmont Industries, Inc.	$	150,849	$	250,863	$	195,630
Change in redemption value of redeemable noncontrolling interest		(7,374)		—		—
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest	$	143,475	$	250,863	$	195,630
Weighted average shares outstanding (000s):
Basic		20,956		21,311		21,193
Dilutive effect of various stock awards		203		269		300
Diluted		21,159		21,580		21,493
Net earnings per share attributable to common shareholders:
Basic	$	6.85	$	11.77	$	9.23
Dilutive effect of various stock awards		(0.07)		(0.15)		(0.13)
Diluted	$	6.78	$	11.62	$	9.10

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Stock Based Compensation
Shares of common stock available for issuance	1,513,652
Share-based Payment Arrangement, Option
Stock Based Compensation
Compensation expense	$ 3,687	$ 3,120	$ 2,538
Tax benefits associated with compensation expense	$ 7,092	$ 10,463	$ 7,180
Weighted average period over which unrecognized stock option compensation cost would be recognized	2 years
Unrecognized stock option compensation expense	$ 6,408
Assumptions used in estimating fair value of each option grant
Expected volatility	31.97%	32.36%	33.01%
Risk-free interest rate	4.21%	3.75%	1.26%
Expected life from vesting date	5 years 4 months 24 days	5 years 4 months 24 days	4 years
Dividend yield	0.87%	1.10%	1.20%
Number of Shares
Balance at the beginning of the period (in shares)	195,690	276,464	399,565
Granted (in shares)	43,340	40,564	47,223
Exercised (in shares)	(39,055)	(121,163)	(169,908)
Forfeited (in shares)	(18,445)	(175)	(416)
Balance at the end of the period (in shares)	181,530	195,690	276,464
Options vested or expected to vest (in shares)	178,820	189,267	268,338
Options exercisable (in shares)	116,545	90,556	154,860
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 214.62	$ 164.48	$ 141.79
Granted (in dollars per share)	226.55	332.63	252.89
Exercised (in dollars per share)	155.24	139.89	135.76
Forfeited (in dollars per share)	307.81	104.47	132.84
Balance at the end of the period (in dollars per share)	220.77	214.62	164.48
Options vested or expected to vest (in dollars per share)	220.31	212.69	163.42
Options exercisable (in dollars per share)	$ 203.78	$ 172.08	$ 142.15
Weighted Average Remaining Contractual Term
Options outstanding	7 years 11 months 26 days	7 years 6 months 10 days	5 years 10 months 17 days
Options vested or expected to vest	7 years 11 months 15 days	7 years 5 months 23 days	5 years 9 months 18 days
Options exercisable	7 years 1 month 17 days	6 years 4 months 24 days	4 years
Aggregate Intrinsic Value
Options outstanding	$ 5,992	$ 22,644	$ 22,586
Options vested or expected to vest	5,975	22,261	22,188
Options exercisable	$ 5,576	$ 14,276	$ 15,896
Other option disclosures
Weighted average per share fair value of option granted	$ 72.60	$ 104.01	$ 67.81
Share-based Payment Arrangement, Option \| Maximum
Stock Based Compensation
Expiration period of grant	10 years
Share-based Payment Arrangement, Option \| Minimum
Stock Based Compensation
Vesting period of options	3 years
Expiration period of grant	7 years
Restricted Stock and Awards
Stock Based Compensation
Compensation expense	$ 39,219	$ 41,850	$ 28,720
Restricted Stock and Awards \| Maximum
Assumptions used in estimating fair value of each option grant
Expected life from vesting date	4 years
Restricted Stock and Awards \| Minimum
Assumptions used in estimating fair value of each option grant
Expected life from vesting date	3 years

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - Cross currency swap contracts $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 24, 2022 USD ($)	Dec. 30, 2023 USD ($)	Dec. 28, 2019 USD ($) derivative
Net Investment Hedging
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount			$ 80,000
Senior Unsecured Notes 5.00% Due 2044 \| Senior Notes [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, number of instruments held \| derivative				2
Stated rate				5.00%
Senior Unsecured Notes 5.00% Due 2044 \| Net Investment Hedging \| Senior Notes [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount				$ 130,000
Derivative, number of instruments held \| derivative				2
Other Comprehensive Income (Loss) before Tax	$ 4,827
Other comprehensive income (loss), foreign currency transaction upon sale or liquidation, net of tax	$ 3,620	$ 3,532

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Amortized Intangible Assets

The components of intangible assets as of December 30, 2023 and December 31, 2022 were as follows:


	December 30, 2023				December 31, 2022
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Amortizing intangible assets:
Customer relationships	$	233,852	$	157,873	$	222,716	$	145,502
Patents & proprietary technology		59,311		45,416		58,404		21,291
Trade names		2,870		1,056		2,850		645
Other		4,787		4,538		2,462		2,164
Non-amortizing intangible assets:
Trade names		58,750		—		59,785		—
	$	359,570	$	208,883	$	346,217	$	169,602

Schedule of Carrying Amount of Goodwill

The carrying amount of goodwill by segment as of December 30, 2023 and December 31, 2022 was as follows:


	Infrastructure		Agriculture		Total
Gross balance as of December 31, 2022	$	473,551	$	313,777	$	787,328
Accumulated impairment losses		(47,467)		—		(47,467)
Balance as of December 31, 2022		426,084		313,777		739,861
Acquisitions		—		9,177		9,177
Divestiture		—		(160)		(160)
Impairment		(1,915)		(120,000)		(121,915)
Foreign currency translation		5,112		889		6,001
Balance as of December 30, 2023	$	429,281	$	203,683	$	632,964


	Infrastructure		Agriculture		Total
Gross balance as of December 25, 2021	$	442,521	$	313,512	$	756,033
Accumulated impairment losses		(47,467)		—		(47,467)
Balance as of December 25, 2021		395,054		313,512		708,566
Acquisitions		42,465		—		42,465
Foreign currency translation		(11,435)		265		(11,170)
Balance as of December 31, 2022	$	426,084	$	313,777	$	739,861

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 30, 2023

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of Fair Value of Derivative Instruments

The fair value of derivative instruments as of December 30, 2023 and December 31, 2022 was as follows:


		December 30,		December 31,
Derivatives designated as hedging instruments:	Balance Sheets location	2023		2022
Commodity contracts	Prepaid expenses and other current assets	$	2,520	$	—
Commodity contracts	Other accrued expenses		(1,586)		(3,854)
Foreign currency forward contracts	Prepaid expenses and other current assets		—		83
Cross currency swap contracts	Prepaid expenses and other current assets		1,938		5,385
Cross currency swap contracts	Other accrued expenses		(12)		(210)
		$	2,860	$	1,404

Schedule of Gains (Losses) on Derivatives Recognized on Statements of Earnings


		December 30,		December 31,
Derivatives designated as hedging instruments:	Balance Sheets location	2023		2022
Commodity contracts	Prepaid expenses and other current assets	$	2,520	$	—
Commodity contracts	Other accrued expenses		(1,586)		(3,854)
Foreign currency forward contracts	Prepaid expenses and other current assets		—		83
Cross currency swap contracts	Prepaid expenses and other current assets		1,938		5,385
Cross currency swap contracts	Other accrued expenses		(12)		(210)
		$	2,860	$	1,404

Cash Flow Hedging

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of notional amounts of outstanding derivative


	Notional		Total
Commodity Type	Amount		Purchase Quantity	Maturity Dates
Hot rolled steel coil	$	7,844	8,500 short tons	December 2023 to April 2024
Natural gas		4,272	960,475 MMBtu	January 2024 to October 2025
Diesel fuel		542	1,890,000 gallons	January 2024 to September 2024

Net Investment Hedging

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of notional amounts of outstanding derivative


	Notional			Swapped	Set Settlement
Currency	Amount		Termination Date	Interest Rate	Amount
Euro	$	80,000	April 1, 2024	2.825%	€	71,550

DIVESTITURES (Tables)

12 Months Ended

Dec. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of assets and liabilities, pre-tax loss from divestiture


	November 30,
	2022
Cash and cash equivalents	$	12,420
Receivables, net		35,407
Inventories		1,144
Contract assets		19,127
Prepaid expenses and other current assets		1,852
Property, plant, and equipment, net		12,915
Other intangible assets, net		5,579
Other non-current assets		1,103
Total assets	$	89,547
Accounts payable		23,611
Contract liabilities		34,814
Other accrued expenses		4,737
Deferred income taxes		1,375
Total liabilities	$	64,537
Net assets divested	$	25,010


Pre-tax loss from divestitures, before recognition of currency translation loss	$	12,123
Recognition of cumulative currency translation loss and hedges (reclassified from OCI)		21,150
Net pre-tax loss from divestiture of offshore wind energy structures business	$	33,273

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
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+ Details

DEFINED BENEFIT RETIREMENT PLAN (Tables)

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

Schedule of Changes in PBO and Fair Value of Plan Assets for Pension Plan

Changes in the PBO and fair value of plan assets for the Plan for the period from December 31, 2022 to December 30, 2023 were as follows:


	Projected
	Benefit		Plan		Funded
	Obligation		Assets		Status
Fair value as of December 31, 2022	$	435,711	$	459,927	$	24,216
Employer contributions		—		17,345
Interest cost		21,555		—
Actual return on plan assets		—		10,966
Benefits paid		(20,683)		(20,683)
Actuarial loss		17,692		—
Currency translation		23,488		25,612
Fair value as of December 30, 2023	$	477,763	$	493,167	$	15,404

Changes in the PBO and fair value of plan assets for the Plan for the period from December 25, 2021 to December 31, 2022 were as follows:


	Projected
	Benefit		Plan		Funded
	Obligation		Assets		Status
Fair value as of December 25, 2021	$	761,706	$	761,170	$	(536)
Employer contributions		—		17,155
Interest cost		12,551		—
Actual return on plan assets		—		(228,493)
Benefits paid		(20,175)		(20,175)
Actuarial gain		(248,252)		—
Currency translation		(70,119)		(69,730)
Fair value as of December 31, 2022	$	435,711	$	459,927	$	24,216

Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 30, 2023 and December 31, 2022 consisted of actuarial losses, as follows:


Balance as of December 25, 2021	$	(60,940)
Actuarial loss		(2,915)
Amortization of prior service costs		493
Currency translation gain		5,451
Balance as of December 31, 2022		(57,911)
Actuarial loss		(28,071)
Amortization of prior service costs		498
Currency translation loss		(3,667)
Balance as of December 30, 2023	$	(89,151)

Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligation

The weighted-average actuarial assumptions used to determine the benefit obligation as of December 30, 2023 and December 31, 2022 were as follows:


	December 30,		December 31,
	2023		2022
Discount rate	4.50	%	4.80	%
Salary increase	N/A		N/A
Consumer Price Index ("CPI") inflation	2.25	%	2.35	%
Retail Price Index ("RPI") inflation	3.05	%	3.25	%

Schedule of Components of the Net Periodic Pension (Benefit) Expense

The components of the net periodic pension cost (benefit) for the fiscal years ended December 30, 2023 and December 31, 2022 were as follows:


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Interest cost	$	21,555	$	12,551
Expected return on plan assets		(21,804)		(23,131)
Amortization of prior service costs		498		493
Net periodic pension cost (benefit)	$	249	$	(10,087)

Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense


	December 30,		December 31,
	2023		2022
Discount rate for benefit obligations	4.80	%	1.90	%
Discount rate for interest cost	4.90	%	1.80	%
Expected return on plan assets	4.85	%	3.48	%
CPI inflation	2.35	%	2.70	%
RPI inflation	3.25	%	3.30	%

Schedule of Expected Pension Benefit Payments

The following table details expected pension benefit payments for the fiscal years 2024 through 2033:


2024	$	21,641
2025		22,278
2026		23,042
2027		23,678
2028		24,442
2029 - 2033		133,540

Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis


	Fair Value Measurement Using:
December 30, 2023	Level 1		Level 2			Level 3	Total
Plan assets at fair value:
Temporary cash investments	$	7,077	$	—	$	—	$	7,077
Plan assets at NAV:
Leveraged inflation-linked gilt funds								216,405
Corporate bonds								74,440
Corporate stock								72,548
Secured income asset funds								122,697
Total plan assets at NAV								486,090
Total plan assets							$	493,167


	Fair Value Measurement Using:
December 31, 2022	Level 1		Level 2			Level 3	Total
Plan assets at fair value:
Temporary cash investments	$	5,916	$	—	$	—	$	5,916
Plan assets at NAV:
Leveraged inflation-linked gilt funds								206,555
Corporate bonds								63,953
Corporate stock								55,379
Secured income asset funds								128,124
Total plan assets at NAV								454,011
Total plan assets							$	459,927

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent	$ 1,354,280	$ 1,580,847	$ 1,386,847	$ 1,182,062
Redeemable noncontrolling interests	$ 62,792	60,865
Revision of Prior Period, Error Correction, Adjustment [Member]
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent		(60,865)	(26,750)	(25,774)
Redeemable noncontrolling interests		$ 60,865	$ 26,750	$ 25,774

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

(8) GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill by segment as of December 30, 2023 and December 31, 2022 was as follows:


	Infrastructure		Agriculture		Total
Gross balance as of December 31, 2022	$	473,551	$	313,777	$	787,328
Accumulated impairment losses		(47,467)		—		(47,467)
Balance as of December 31, 2022		426,084		313,777		739,861
Acquisitions		—		9,177		9,177
Divestiture		—		(160)		(160)
Impairment		(1,915)		(120,000)		(121,915)
Foreign currency translation		5,112		889		6,001
Balance as of December 30, 2023	$	429,281	$	203,683	$	632,964


	Infrastructure		Agriculture		Total
Gross balance as of December 25, 2021	$	442,521	$	313,512	$	756,033
Accumulated impairment losses		(47,467)		—		(47,467)
Balance as of December 25, 2021		395,054		313,512		708,566
Acquisitions		42,465		—		42,465
Foreign currency translation		(11,435)		265		(11,170)
Balance as of December 31, 2022	$	426,084	$	313,777	$	739,861

In the third quarter of fiscal 2023, the Company performed its annual goodwill impairment assessment utilizing a quantitative test on all of its reporting units using a measurement date of September 2, 2023. The fair values of the reporting units were estimated using a discounted cash flow analysis which requires the Company to estimate the future cash flows as well as select a risk-adjusted discount rate to measure the present value of the anticipated cash flows.

The carrying value for two of the reporting units, Agriculture Technology and India Structures, exceeded their respective estimated fair value. As a result, impairments of $120,000 and $1,915 were recognized in the Agriculture and Infrastructure segments, respectively, and recorded as “Impairment of goodwill and intangible assets” in the Consolidated Statements of Earnings. For the Agriculture Technology reporting unit, the recent less favorable outlook for the agriculture market in North America and the slower-than-expected adoption rate of the agronomy software solution led to a reduction in forecasted sales. These reduced forecasted cash flows resulted in a lower fair value of the Agriculture Technology reporting unit when discounted back to the present value. For the India Structures reporting unit, assumptions around future cash flows including working capital requirements resulted in the impairment of its goodwill.

Intangible Assets

The components of intangible assets as of December 30, 2023 and December 31, 2022 were as follows:


	December 30, 2023				December 31, 2022
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Amortizing intangible assets:
Customer relationships	$	233,852	$	157,873	$	222,716	$	145,502
Patents & proprietary technology		59,311		45,416		58,404		21,291
Trade names		2,870		1,056		2,850		645
Other		4,787		4,538		2,462		2,164
Non-amortizing intangible assets:
Trade names		58,750		—		59,785		—
	$	359,570	$	208,883	$	346,217	$	169,602

Amortizing intangible assets carry a remaining weighted average life of approximately four years. Amortization expense was $19,455, $22,120, and $21,320 for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively. Based on amortizing intangible assets recognized in the Consolidated Balance Sheets as of December 30, 2023, amortization expense is estimated to average $11,158 for each of the next five fiscal years.

The Company’s indefinite-lived trade names were tested for impairment as of September 2, 2023. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, the carrying value of one trade name exceeded its estimated fair value. An impairment charge of $1,656 was recognized within the Infrastructure segment and recorded as “Impairment of goodwill and intangible assets” in the Consolidated Statements of Earnings. In the fourth quarter of fiscal 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the offshore wind energy structures business. As a result, an impairment charge of approximately $2,013 was recognized against the related trade name and recorded as “Impairment of goodwill and intangible assets” in the Consolidated Statements of Earnings.

In the third quarter of fiscal 2023, the Company tested the recoverability of a certain amortizing proprietary technology intangible asset related to Prospera included within the Agriculture Technology reporting unit due to identified impairment indicators. The Company determined the carrying value of the asset exceeded the total undiscounted estimated future cash flows and reduced the asset to its fair value. An impairment charge of $17,273 was recognized within the Agriculture segment and recorded as “Impairment of goodwill and intangible assets” in the Consolidated Statements of Earnings. In the fourth quarter of fiscal 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the offshore wind energy structures business. As a result, an impairment charge of $4,483 was recognized against the remaining net book value of the related customer relationships and recorded as “Impairment of goodwill and intangible assets” in the Consolidated Statements of Earnings.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Valmont Industries, Inc. and its controlled subsidiaries (the “Company”). Investments in affiliates and joint ventures through which the Company exercises significant influence over but does not control the investee and is not the primary beneficiary of the investee's activities are accounted for using the equity method. All intercompany items have been eliminated.

Fiscal Year

Fiscal Year

The Company operates on a 52 or 53 week fiscal year with each fiscal year ending on the last Saturday in December. Accordingly, the Company’s fiscal year ended December 30, 2023 consisted of 52 weeks, the Company’s fiscal year ended December 31, 2022 consisted of 53 weeks, and the Company’s fiscal year ended December 25, 2021 consisted of 52 weeks. The estimated impact on the Company's results of operations due to the additional week in the fiscal year ended December 31, 2022 was additional net sales of approximately $80,800 and additional net earnings of approximately $5,300.

Reportable Segments

Reportable Segments

The Company has two reportable segments based on its management structure. Each segment is global in nature with a manager responsible for operational performance and allocation of capital. Reportable segments are as follows:

Cash Overdrafts

Cash book overdrafts totaling $19,869 and $25,075 were classified as “Accounts payable” in the Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022, respectively. The Company’s policy is to report the change in book overdrafts as “Cash flows from operating activities” in the Consolidated Statements of Cash Flows.

Accounts Receivable

Receivables

Receivables are reported on the Consolidated Balance Sheets net of any allowance for credit losses. Allowances are maintained in amounts considered to be appropriate in relation to the outstanding receivables based on the age of the receivable, economic conditions, and customer credit quality. As the Company’s international business has grown, the exposure to potential losses in international markets has also increased. These exposures can be difficult to estimate, particularly in areas of political instability, with governments with which the Company has limited experience, or where there is a lack of transparency as to the current credit condition of governmental units.

The following table details the balances of the allowance for credit losses and changes therein:


	Balance as of		Charged to		Currency		Deductions		Balance as of
	Beginning of		Profit and		Translation		from		Close of
Fiscal year ended:	Period		Loss		Adjustment		Reserves		Period
December 30, 2023	$	20,890	$	17,657	$	911	$	(6,561)	$	32,897
December 31, 2022		18,050		4,237		(522)		(875)		20,890
December 25, 2021		15,952		3,379		(339)		(942)		18,050

The Company sells trade accounts receivable at a discount under uncommitted trade accounts receivable sale programs to third-party financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the financial institutions.

Transfers of accounts receivable are accounted for as sales and, accordingly, accounts receivable sold are excluded from “Receivables, less allowance” in the Consolidated Balance Sheets, and cash proceeds are reflected in “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade accounts receivables sold and the cash received, or discount, is recorded in “Other income (expenses)” in the Consolidated Statements of Earnings.

As of December 30, 2023 and December 31, 2022, the Company sold trade accounts receivable of $60,000 and $100,000, respectively. The fees associated with the trade accounts receivables factoring program are recognized within “Selling, general, and administrative expenses” in the Consolidated Statements of Earnings and were approximately $4,500 for the fiscal year ended December 30, 2023.

Inventories

Inventory is valued at the lower of cost, determined on the first-in, first-out method, or net realizable value. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods.

Long-Lived Assets

Property, plant, and equipment are recorded at historical cost. The Company generally uses the straight-line method in computing depreciation and amortization for financial reporting purposes and accelerated methods for income tax purposes. The annual provisions for depreciation and amortization have been computed principally in accordance with the following ranges of asset lives: buildings and improvements - 10 to 30 years, machinery and equipment - 3 to 10 years, transportation equipment - 3 to 10 years, office furniture and equipment - 3 to 7 years, and intangible assets - 2 to 20 years. Depreciation expense was $78,138, $73,938, and $70,223 for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively.

An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds the estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its estimated fair value. The Company evaluates its reporting units for impairment of goodwill during the third quarter of each fiscal year or when events or changes in circumstances indicate the carrying value may not be recoverable. Reporting units are evaluated using after-tax operating cash flows (less capital expenditures) discounted to present value. Indefinite‑lived intangible assets are assessed separately from goodwill as part of the annual impairment testing using a relief-from-royalty method. If the underlying assumptions related to the valuation of a reporting unit’s goodwill or indefinite‑lived intangible assets change materially before or after the annual impairment testing, the reporting unit or asset is evaluated for potential impairment. In these evaluations, management considers recent operating performance, expected future performance, industry conditions, and other indicators of potential impairment. The Company recognized a pre-tax $21,415 impairment of property, plant, and equipment in fiscal 2021 when it determined that its offshore wind energy structures business reporting unit would not generate sufficient cash flows to recover the carrying values, recorded as “Product cost of sales” in the Consolidated Statements of Earnings. See Note 8 for details of impairments of goodwill and other intangible assets recognized during the fiscal years ended December 30, 2023 and December 25, 2021.

Leases

Leases

The Company's operating lease right-of-use (“ROU”) assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Consolidated Balance Sheets.

Income Taxes

The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date.

Warranties

The Company’s provision for product warranty reflects management’s best estimate of probable liability under its product warranties. Estimated future warranty costs are recorded at the time a sale is recognized. Future warranty liability is determined based on applying historical claim rate experience to units sold that are still within the warranty period. In addition, the Company records provisions for known warranty claims.

Pension Cost (Benefit)

Certain expenses are incurred in connection with a defined benefit pension plan. In order to measure the expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, the expected return on plan assets used to fund these expenses, and the estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with the pension cost (benefit).

Stock Plans

Stock Plans

The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human Resources Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock.

Fair Value

Fair Value

The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Derivative Instrument

Derivative Instruments

The Company may enter into derivative financial instruments to manage risk associated with fluctuation in interest rates, foreign currency rates, or commodity prices. Where applicable, the Company may elect to account for such derivatives as either a cash flow, fair value, or net investment hedge.

Comprehensive Income (Loss)

Comprehensive income (loss) includes net earnings, foreign currency translation adjustments, certain derivative-related activity, and changes in prior service cost from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of December 30, 2023 and December 31, 2022:


	December 30,		December 31,
	2023		2022
Foreign currency translation adjustments	$	(236,690)	$	(260,799)
Hedging activities		20,989		20,099
Defined benefit pension plan		(57,535)		(34,209)
Accumulated other comprehensive loss	$	(273,236)	$	(274,909)

Revenue Recognition

The Company determines the appropriate revenue recognition model for contracts by analyzing the type, terms, and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue and do not include variable consideration. Discounts included in contracts with customers, typically early pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation is related to the manufacturing and sale of goods. Contract revenues are classified as “Service sales” when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings product line and Technology Products and Services product line.

Customer acceptance provisions exist only in the design stage of our products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on the design of the product and does not recognize this service as a separate performance obligation, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties.

Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation ("TD&S"), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected to not disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. In addition, the Company does not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within one year of transfer of control of goods or services.

Most of the Company’s customers are invoiced upon shipment or delivery of the goods to the customer’s specified location. Contract assets are recorded as revenue is recognized over time and such contract assets are relieved when the customer is invoiced. As of December 30, 2023 and December 31, 2022, the Company’s contract assets totaled $175,721 and $174,539, respectively.

Certain customers are also invoiced by advanced billings or progress billings. When progress on performance obligations is less than the amount the customer has been billed, a contract liability is recognized. As of December 30, 2023, total contract liabilities of $70,978 were recorded as “Contract liabilities” in the Consolidated Balance Sheets. As of December 31, 2022, contract liabilities of $172,915 were recorded as “Contract liabilities” and $5,616 were recorded as “Other non-current liabilities” in the Consolidated Balance Sheets. Additional details are as follows:

●

During the fiscal years ended December 30, 2023 and December 31, 2022, the Company recognized $162,182 and $96,373 of revenue that was included in the total contract liability as of December 31, 2022 and December 25, 2021, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period.

●

As of December 30, 2023, the Company had no material remaining performance obligations on contracts with an original expected duration of one year or more.

Segment and Product Line Revenue Recognition

Infrastructure Segment

Steel and concrete structures within the TD&S and Telecommunications product lines are engineered to customer specifications resulting in limited ability to sell the structure to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by rights to payment for work performed to date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferred over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The selection of the method to measure progress toward completion requires judgment. For the structures manufactured within the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an inputs basis, using total production hours incurred to date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of sales, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S product line sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured.

For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. Some large regional customers have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production.

The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the service has been performed and the goods are ready to be picked up or delivered to the customer, which is the same time that the customer is billed.

Agriculture Segment

Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of the Technology Products and Services product line are primarily billed annually and revenue is recognized on a straight-line basis over the contract period.

The disaggregation of revenue by product line is disclosed in Note 21. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 was as follows:


	Fiscal Year Ended
	December 30, 2023				December 31, 2022				December 25, 2021
	Point in Time		Over Time		Point in Time		Over Time		Point in Time		Over Time
Infrastructure	$	1,744,139	$	1,255,498	$	1,687,458	$	1,222,288	$	1,388,297	$	973,227
Agriculture		1,144,633		30,328		1,307,681		27,604		996,278		20,772
Other		—		—		—		100,219		—		123,001
Total net sales	$	2,888,772	$	1,285,826	$	2,995,139	$	1,350,111	$	2,384,575	$	1,117,000

Use of Estimates

Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the reported amounts of revenue and expenses, and the disclosure of contingent assets and liabilities to prepare the Consolidated Financial Statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates.

Equity Method Investments

The Company has equity method investments in nonconsolidated subsidiaries which are recorded within “Other non-current assets” in the Consolidated Balance Sheets.

Treasury Stock

Repurchased shares are recorded as “Treasury stock, at cost” and result in a reduction of “Shareholders’ equity” in the Consolidated Balance Sheets. When treasury shares are reissued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional paid-in capital”.

In May 2014, the Company announced a capital allocation philosophy that covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company’s outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company’s outstanding common stock with no stated expiration date. In February 2023, the Board of Directors increased the amount remaining under the program by an additional $400,000, with no stated expiration date, bringing the total authorization to $1,400,000. As of December 30, 2023, the Company has acquired 7,895,724 shares for approximately $1,263,900 under this share repurchase program.

In November 2023, the Company entered into an accelerated purchase agreement to repurchase $120,000 of the Company’s outstanding common stock (“November 2023 ASR”) with CitiBank, N.A. as counterparty. The November 2023 ASR was entered into under the Company’s previously announced share repurchase program described above. In the fourth quarter of fiscal 2023, the Company pre-paid $120,000 and received an initial delivery of 438,917 shares of common stock from CitiBank, which represented 75% of the prepayment amount divided by the closing price of $205.05 per share on November 28, 2023. The final number of shares to be delivered and the average price paid per share will be based on the daily volume weighted average share price during the term of the November 2023 ASR less a discount, which will be completed during the first quarter of fiscal 2024.

Research and Development

Research and development costs are charged to operations in the fiscal year incurred. These costs are a component of “Selling, general, and administrative expenses” in the Consolidated Statements of Earnings. During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, research and development costs were approximately $55,000, $46,000, and $37,000, respectively.

Supplier Finance Program

Supplier Finance Program

In the first quarter of fiscal 2023, the Company adopted Accounting Standards Update No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, as well as early adopted the amendment on rollforward information. During fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program that allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution and the Company’s rights and obligations to suppliers are not impacted. The Company has no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. The invoice amounts and scheduled payment terms are not impacted by the suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. As of December 30, 2023 and December 31, 2022, there were $41,916 and $48,880 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program included in “Accounts payable” in the Consolidated Balance Sheets.


Confirmed obligations outstanding as of December 31, 2022	$	48,880
Invoices confirmed during the period		264,051
Confirmed invoices paid during the period		(271,015)
Confirmed obligations outstanding as of December 30, 2023	$	41,916

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Interests

Subsequent to the issuance of the Company’s Consolidated Financial Statements as of and for the year ended December 31, 2022, the Company identified an error in the presentation of “Noncontrolling interests in consolidated subsidiaries” of $60,865 as of December 31, 2022, $26,750 as of December 25, 2021, and $25,774 as of December 26, 2020, that has been corrected in the current year. Such amounts were previously reported within “Total shareholders’ equity” and have been revised in the December 31, 2022 Consolidated Balance Sheets and the Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests to be presented as “Redeemable noncontrolling interests” outside of “Total shareholders’ equity”. We have evaluated the materiality of this error based on an analysis of quantitative and qualitative factors and concluded it was not material to the prior period financial statements, individually or in aggregate.

Noncontrolling interests with redemption features that are not solely within the Company’s control are considered redeemable noncontrolling interests. The Company has redeemable noncontrolling interests in certain entities. The seller can require the Company to purchase their remaining ownership, known as a put right, for an amount and on a date specified in the applicable operating agreement. Likewise, the Company can require the seller to sell the Company their remaining ownership based on the same amount and timing, known as a call option.

As a result of these redemption features, the Company records the noncontrolling interests as redeemable and classifies the balances in temporary equity in the Consolidated Balance Sheets initially at its acquisition-date fair value. The Company adjusts the redeemable noncontrolling interests each reporting period for the net income (loss) attributable to the noncontrolling interests and any redemption value adjustments. The redeemable noncontrolling interest is accreted to the future redemption value using the effective interest method up to the date on which the put right becomes effective. Any accretion adjustment in the current reporting period of the redeemable noncontrolling interest is offset against retained earnings and impacts earnings used in the calculation of earnings per share in the reporting period.

As of December 30, 2023 and December 31, 2022, the redeemable noncontrolling interests were $62,792 and $60,865, respectively. The ultimate amount paid for the redeemable noncontrolling interests could be significantly different because the redemption amounts depend on the future results of operations of the businesses.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about reportable segments including more detailed information about a reportable segment’s expenses. This guidance will be effective for the fiscal year ending December 28, 2024 and the interim periods thereafter, with early adoption permitted. The guidance will have no effect on the Company’s results of operations as the changes are primarily disclosure related.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This guidance will be effective on a prospective basis for the fiscal year ending December 27, 2025, with early adoption permitted. The guidance will have no effect on the Company’s results of operations as the changes are primarily disclosure related.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ 4,174,598	$ 4,345,250	$ 3,501,575
Contract assets	175,721	174,539
Contract liabilities, current	70,978	172,915
Revenue recognized from contract liability	162,182	96,373
Contract Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities, current	70,978	172,915
Other Noncurrent Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities, noncurrent		5,616
Infrastructure
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	2,999,637	2,909,746	2,361,524
Agriculture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,174,961	1,335,285	1,017,050
Point in Time
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	2,888,772	2,995,139	2,384,575
Point in Time \| Infrastructure
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,744,139	1,687,458	1,388,297
Point in Time \| Agriculture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,144,633	1,307,681	996,278
Over Time
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,285,826	1,350,111	1,117,000
Over Time \| Infrastructure
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,255,498	1,222,288	973,227
Over Time \| Agriculture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ 30,328	27,604	20,772
Over Time \| Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales		$ 100,219	$ 123,001

STOCK- BASED COMPENSATION - Performance-based Restricted Stock Units (Details) - Performance-based Restricted Stock Unit - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Stock Based Compensation
Vesting period of performance-based stock units	3 years	3 years
Shares granted	38,201	33,736	41,060
Weightedaverage per share price on grant date	$ 299.20	$ 215.15	$ 230.40
Compensation expense	$ 13,054	$ 16,066	$ 10,035
Minimum
Stock Based Compensation
Performance target (percent)	0.00%
Maximum
Stock Based Compensation
Performance target (percent)	200.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
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+ Details

CASH FLOW SUPPLEMENTARY INFORMATION

12 Months Ended

Dec. 30, 2023

Supplemental Cash Flow Elements [Abstract]

CASH FLOW SUPPLEMENTARY INFORMATION

(5) CASH FLOW SUPPLEMENTARY INFORMATION

The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Interest	$	55,541	$	46,653	$	41,159
Income taxes		103,697		93,109		60,366

GOODWILL AND INTANGIBLE ASSETS - Total Intangible Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Amortizing and non-amortizing intangible assets, Gross Carrying Amount	$ 346,217
Intangible Assets, Accumulated Amortization	$ 169,602

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

(16) DERIVATIVE FINANCIAL INSTRUMENTS

The Company manages interest rate risk, commodity price risk, and foreign currency risk related to foreign currency denominated transactions and investments in foreign subsidiaries. Depending on the circumstances, the Company may manage these risks by utilizing derivative financial instruments. Some derivative financial instruments are marked to market and recorded in the Company’s Consolidated Statements of Earnings, while others may be accounted for as fair value, cash flow, or net investment hedges. Derivative financial instruments have credit and market risk. The Company manages these risks of derivative instruments by monitoring limits as to the types and degree of risk that can be taken and by entering into transactions with counterparties who are recognized, stable multinational banks. Any gains or losses from net investment hedge activities remain in AOCI until either the sale or substantially complete liquidation of the related subsidiaries.

The fair value of derivative instruments as of December 30, 2023 and December 31, 2022 was as follows:


		December 30,		December 31,
Derivatives designated as hedging instruments:	Balance Sheets location	2023		2022
Commodity contracts	Prepaid expenses and other current assets	$	2,520	$	—
Commodity contracts	Other accrued expenses		(1,586)		(3,854)
Foreign currency forward contracts	Prepaid expenses and other current assets		—		83
Cross currency swap contracts	Prepaid expenses and other current assets		1,938		5,385
Cross currency swap contracts	Other accrued expenses		(12)		(210)
		$	2,860	$	1,404

Gains (losses) on derivatives recognized in the Consolidated Statements of Earnings for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


		Fiscal Year Ended
Derivatives designated as	Statements of	December 30,		December 31,		December 25,
hedging instruments:	Earnings location	2023		2022		2021
Commodity contracts	Product cost of sales	$	(7,057)	$	(5,212)	$	25,821
Foreign currency forward contracts	Other income (expenses)		177		(45)		(40)
Interest rate hedge amortization	Interest expense		(64)		(64)		(64)
Cross currency swap contracts	Other income (expenses)		—		4,827		—
Cross currency swap contracts	Interest expense		1,813		2,875		2,780
		$	(5,131)	$	2,381	$	28,497

Cash Flow Hedges

The Company enters into commodity forward, swap, and option contracts that qualify as cash flow hedges of the variability in cash flows attributable to future purchases. The gain (loss) realized upon settlement for each will be recorded in “Product cost of sales” in the Consolidated Statements of Earnings in the period consumed. Notional amounts, purchase quantities, and maturity dates of these contracts as of December 30, 2023 were as follows:


	Notional		Total
Commodity Type	Amount		Purchase Quantity	Maturity Dates
Hot rolled steel coil	$	7,844	8,500 short tons	December 2023 to April 2024
Natural gas		4,272	960,475 MMBtu	January 2024 to October 2025
Diesel fuel		542	1,890,000 gallons	January 2024 to September 2024

Net Investment Hedges

In fiscal 2019, the Company entered into two fixed-for-fixed cross currency swaps ("CCS"), swapping U.S. dollar principal and interest payments on a portion of its 5.00% senior unsecured notes due in fiscal 2044 for Danish krone (“DKK”) and Euro denominated payments. The CCS were entered into in order to mitigate foreign currency risk on the Company’s Euro and DKK investments and to reduce interest expense. Interest is exchanged twice per year on April 1 and October 1.

The Company designated the initial full notional amount of the two CCS ($130,000) as a hedge of the net investment in certain Danish and European subsidiaries under the spot method, with all changes in the fair value of the CCS that are included in the assessment of effectiveness (changes due to spot foreign exchange rates) recorded as cumulative foreign currency translation within AOCI. Net interest receipts will be recorded as a reduction of interest expense over the life of the CCS.

In the third and fourth quarters of fiscal 2022, the Company settled the DKK CCS and received proceeds of $3,532. Due to the sale of the offshore wind energy structures business in the fourth quarter of fiscal 2022, the Company reclassified the cumulative net investment hedge gain of $4,827 ($3,620 after-tax) from AOCI to “Other income (expenses)” in the Consolidated Statements of Earnings.

Key terms of the Euro CCS are as follows:


	Notional			Swapped	Set Settlement
Currency	Amount		Termination Date	Interest Rate	Amount
Euro	$	80,000	April 1, 2024	2.825%	€	71,550

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplier Finance Program (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Accounting Policies [Abstract]
Confirmed obligations outstanding as of December 31, 2022	$ 48,880
Invoices confirmed during the period	264,051
Confirmed invoices paid during the period	(271,015)
Confirmed obligations outstanding as of December 30, 2023	$ 41,916

INVENTORIES (Tables)

12 Months Ended

Dec. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories as of December 30, 2023 and December 31, 2022 consisted of the following:


	December 30,		December 31,
	2023		2022
Raw materials and purchased parts	$	217,134	$	258,814
Work-in-process		37,826		44,453
Finished goods and manufactured goods		403,468		425,495
Total inventories	$	658,428	$	728,762

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 33,714	$ 31,062
Operating cash outflows from operating leases	34,967	33,150
ROU assets obtained in exchange for lease obligations	$ 25,688	$ 27,480
Weighted average remaining lease term	16 years	17 years
Weighted average discount rate	4.40%	4.20%
Short-term lease cost	$ 1,900
Variable lease payments	$ 4,800

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Trading Securities Measured at Fair Value


	Carrying Value		Fair Value Measurement Using:
	December 30, 2023		Level 1		Level 2		Level 3
Trading securities	$	26,803	$	26,803	$	—	$	—
Derivative financial instruments, net		2,860		—		2,860		—
Cash and cash equivalents - mutual funds		6,258		6,258		—		—


	Carrying Value		Fair Value Measurement Using:
	December 31, 2022		Level 1		Level 2		Level 3
Trading securities	$	25,008	$	25,008	$	—	$	—
Derivative financial instruments, net		1,404		—		1,404		—
Cash and cash equivalents - mutual funds		7,205		7,205		—		—

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant And Equipment, at Cost

Property, plant, and equipment, at cost, as of December 30, 2023 and December 31, 2022 consisted of the following:


	December 30,		December 31,
	2023		2022
Land and improvements	$	118,869	$	113,188
Buildings and improvements		409,092		390,435
Machinery and equipment		750,959		721,223
Transportation equipment		31,278		30,610
Office furniture and equipment		140,061		128,922
Construction in progress		62,980		48,773
Total property, plant, and equipment, at cost	$	1,513,239	$	1,433,151

BANK CREDIT ARRANGEMENTS (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Bank Credit Arrangements
Outstanding amount	$ 3,205	$ 5,846
Short-term borrowings
Bank Credit Arrangements
Total line of credit facility for short-term borrowings	39,336
Outstanding amount	$ 3,205	$ 5,846
Weighted average interest rate on short-term borrowings	5.16%
Unused and available borrowings	$ 36,131

EMPLOYEE RETIREMENT SAVINGS PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Retirement Benefits [Abstract]
Employee contribution limit per calendar year to 401 (k) plan	60.00%
Company contributions	$ 20,000	$ 18,300	$ 16,000
Assets related to non-qualified deferred compensation plan included in other assets	26,803	25,008
Total amount distributed from non-qualified deferred compensation plan	$ 5,476	$ 4,691

REALIGNMENT ACTIVITIES - Changes in Current Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Restructuring Cost and Reserve [Roll Forward]
Restructuring Charges	$ 35,210
Voluntary early retirement program and other headcount reduction actions \| Realignment Program
Restructuring Cost and Reserve [Roll Forward]
Restructuring Charges	35,210
Costs Paid or Otherwise Settled	(22,696)
Severance and other employee benefit costs, ending balance	$ 12,514

DIVESTITURES

12 Months Ended

Dec. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

(3) DIVESTITURES

On April 30, 2023, the Company completed the sale of Torrent Engineering and Equipment, an integrator of prepackaged pump stations in Indiana, reported in the Agriculture segment, for net proceeds of $6,369. In the second quarter of fiscal 2023, a pre-tax gain of $2,994 was reported in “Other income (expenses)” in the Consolidated Statements of Earnings.

On November 30, 2022, the Company completed the sale of Valmont SM, the offshore wind energy structures business in Denmark, reported in the Other segment. The business was sold because it did not align with the long-term strategic plans for the Company. The offshore wind energy structures business’ historical annual sales, operating income, and net assets were not significant for discontinued operations presentation.

The offshore wind energy structures business had an operating income of $2,259 for the fiscal year ended December 31, 2022, and an operating loss of $40,192 (inclusive of an approximately $27,900 impairment of long-lived assets) for the fiscal year ended December 25, 2021. The Company received 90,000 Danish kroner ($12,570 U.S. dollars) at closing. An additional 15,000 Danish kroner ($2,189 U.S. dollars) had been held in an escrow account subject to normal closing conditions before it was released to the Company in the first quarter of fiscal 2024.

The assets and liabilities of the offshore wind energy structures business as of closing on November 30, 2022 were as follows:


	November 30,
	2022
Cash and cash equivalents	$	12,420
Receivables, net		35,407
Inventories		1,144
Contract assets		19,127
Prepaid expenses and other current assets		1,852
Property, plant, and equipment, net		12,915
Other intangible assets, net		5,579
Other non-current assets		1,103
Total assets	$	89,547
Accounts payable		23,611
Contract liabilities		34,814
Other accrued expenses		4,737
Deferred income taxes		1,375
Total liabilities	$	64,537
Net assets divested	$	25,010

The pre-tax loss from divestiture was reported in “Other income (expenses)” in the Consolidated Statements of Earnings for the fiscal year ended December 31, 2022. The loss was comprised of the proceeds and an asset recognized for the escrow funds not at the time released from the buyer, less deal-related costs, and the net assets of the business, which resulted in a loss of $12,123. In addition to this amount was a $21,150 realized loss on foreign exchange translation adjustments and net investment hedges previously reported in “Shareholders’ equity” in the Consolidated Balance Sheets.


Pre-tax loss from divestitures, before recognition of currency translation loss	$	12,123
Recognition of cumulative currency translation loss and hedges (reclassified from OCI)		21,150
Net pre-tax loss from divestiture of offshore wind energy structures business	$	33,273

The transaction did not result in a tax-deductible capital loss.

BUSINESS SEGMENTS (Details) $ in Thousands	12 Months Ended
BUSINESS SEGMENTS (Details) $ in Thousands	Dec. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 25, 2021 USD ($)
Business Segments
Number of reportable segments \| segment	2	2
Net sales	$ 4,174,598	$ 4,345,250	$ 3,501,575
Operating income (loss)	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
Assets	3,477,448	3,556,996	3,447,249
Capital expenditures	96,771	93,288	107,790
Depreciation and amortization	98,708	97,167	92,577
Point in Time
Business Segments
Net sales	2,888,772	2,995,139	2,384,575
Over Time
Business Segments
Net sales	1,285,826	1,350,111	1,117,000
Transmission, Distribution and Substation
Business Segments
Net sales	1,243,768	1,184,660	935,099
Lighting and Transportation
Business Segments
Net sales	964,072		825,923
Coatings
Business Segments
Net sales	345,310	341,380	299,072
Telecommunications
Business Segments
Net sales	252,165	320,342	238,527
Solar
Business Segments
Net sales	194,322	122,902	62,904
Irrigation Equipment and Parts
Business Segments
Net sales	1,062,163	1,220,200	919,190
Technology Products and Services
Business Segments
Net sales	112,798	115,085	97,859
Other
Business Segments
Net sales		100,219	123,001
Lighting, Traffic, and Highway Safety Products
Business Segments
Net sales		940,462
United States
Business Segments
Net sales	2,860,951	2,965,673	2,260,198
North America
Business Segments
Net sales	2,889,575	2,975,020	2,247,862
International
Business Segments
Net sales	1,285,023	1,370,230	1,253,713
Coatings
Business Segments
Operating income (loss)	(121,546)	(102,772)	(83,648)
Assets	249,726	176,608	249,534
Infrastructure
Business Segments
Net sales	2,999,637	2,909,746	2,361,524
Operating income (loss)	396,253	354,499	273,598
Assets	2,249,132	2,267,800	2,102,851
Capital expenditures	68,295	53,228	72,129
Depreciation and amortization	64,654	62,398	59,748
Infrastructure \| Point in Time
Business Segments
Net sales	1,744,139	1,687,458	1,388,297
Infrastructure \| Over Time
Business Segments
Net sales	1,255,498	1,222,288	973,227
Agriculture
Business Segments
Net sales	1,174,961	1,335,285	1,017,050
Operating income (loss)	16,850	179,263	137,027
Assets	978,590	1,112,588	1,027,272
Capital expenditures	10,890	32,886	17,509
Depreciation and amortization	23,409	23,681	17,813
Agriculture \| Point in Time
Business Segments
Net sales	1,144,633	1,307,681	996,278
Agriculture \| Over Time
Business Segments
Net sales	30,328	27,604	20,772
Other Segments
Business Segments
Net sales		100,219	123,001
Operating income (loss)		2,259	(40,192)
Assets			67,592
Capital expenditures			345
Depreciation and amortization		1,393	5,988
Corporate
Business Segments
Operating income (loss)	(121,546)	(102,772)	(83,648)
Capital expenditures	17,586	7,174	17,807
Depreciation and amortization	10,645	9,695	9,028
Operating segment
Business Segments
Net sales	4,192,290	4,375,310	3,523,818
Operating segment \| Infrastructure
Business Segments
Net sales	3,010,067	2,928,419	2,372,100
Operating segment \| Infrastructure \| Transmission, Distribution and Substation
Business Segments
Net sales	1,243,768	1,184,660	935,099
Operating segment \| Infrastructure \| Lighting and Transportation
Business Segments
Net sales	964,072		825,923
Operating segment \| Infrastructure \| Coatings
Business Segments
Net sales	354,330	356,707	309,647
Operating segment \| Infrastructure \| Telecommunications
Business Segments
Net sales	252,165	320,342	238,527
Operating segment \| Infrastructure \| Solar
Business Segments
Net sales	195,732	126,248	62,904
Operating segment \| Infrastructure \| Lighting, Traffic, and Highway Safety Products
Business Segments
Net sales		940,462
Operating segment \| Infrastructure \| North America
Business Segments
Net sales	2,318,801	2,234,339	1,724,531
Operating segment \| Infrastructure \| International
Business Segments
Net sales	691,266	694,080	647,569
Operating segment \| Agriculture
Business Segments
Net sales	1,182,223	1,346,672	1,028,717
Operating segment \| Agriculture \| Irrigation Equipment and Parts
Business Segments
Net sales	1,069,425	1,231,587	930,858
Operating segment \| Agriculture \| Technology Products and Services
Business Segments
Net sales	112,798	115,085	97,859
Operating segment \| Agriculture \| North America
Business Segments
Net sales	587,056	766,929	545,574
Operating segment \| Agriculture \| International
Business Segments
Net sales	595,167	579,743	483,143
Operating segment \| Other Segments
Business Segments
Net sales		100,219	123,001
Operating segment \| Other Segments \| Other
Business Segments
Net sales		100,219	123,001
Operating segment \| Other Segments \| International
Business Segments
Net sales		100,219	123,001
Intersegment
Business Segments
Net sales	(17,692)	(30,060)	(22,243)
Intersegment \| Coatings
Business Segments
Net sales	(9,020)	(15,327)	(10,575)
Intersegment \| Solar
Business Segments
Net sales	(1,410)	(3,346)
Intersegment \| Irrigation Equipment and Parts
Business Segments
Net sales	(7,262)	(11,387)	(11,668)
Intersegment \| North America
Business Segments
Net sales	(16,282)	(26,248)	(22,243)
Intersegment \| International
Business Segments
Net sales	(1,410)	(3,812)
Intersegment \| Infrastructure
Business Segments
Net sales	(10,430)	(18,673)	(10,576)
Intersegment \| Agriculture
Business Segments
Net sales	$ (7,262)	$ (11,387)	$ (11,667)

DERIVATIVE FINANCIAL INSTRUMENTS - Cash flow hedges (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($) MMBTU T gal
Steel hot rolled coil ("HRC") forward contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, nonmonetary notional amount, mass \| T	8,500
Natural Gas Forward Contract
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, nonmonetary notional amount, energy measure \| MMBTU	960,475
Diesel Fuel Forward Contract
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, nonmonetary notional amount, volume measure \| gal	1,890,000
Cash Flow Hedging \| Designated as Hedging Instrument \| Steel hot rolled coil ("HRC") forward contracts \| Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 7,844
Cash Flow Hedging \| Designated as Hedging Instrument \| Natural Gas Forward Contract \| Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	4,272
Cash Flow Hedging \| Designated as Hedging Instrument \| Diesel Fuel Forward Contract \| Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 542

LONG-TERM DEBT

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

(11) LONG-TERM DEBT

Long-term debt as of December 30, 2023 and December 31, 2022 was as follows:


	December 30,		December 31,
	2023		2022
5.00% senior unsecured notes due in fiscal 2044 (a)	$	450,000	$	450,000
5.25% senior unsecured notes due in fiscal 2054 (b)		305,000		305,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b)		(19,665)		(20,053)
Revolving credit agreement (c)		377,899		140,513
Other notes		2,015		3,587
Debt issuance costs		(6,645)		(6,918)
Long-term debt		1,108,604		872,129
Less: Current installments of long-term debt		719		1,194
Long-term debt, excluding current installments	$	1,107,885	$	870,935

(a)

(b)

(c)

(i)

(ii)

the higher of

●

the prime lending rate,

●

the overnight bank rate plus 50 basis points, and

●

term SOFR (based on a one-month interest period) plus 100 basis points,

plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.; or

(iii)

As of December 30, 2023, the Company had $377,899 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2026 and contains a financial covenant that may limit additional borrowing capability under the agreement. As of December 30, 2023, the Company had the ability to borrow $421,939 under this facility, after consideration of standby letters of credit of $162 associated with certain insurance obligations. The Company also maintains certain short-term bank lines of credit totaling $39,336, of which $36,131 were unused as of December 30, 2023.

The revolving credit facility includes a financial leverage covenant. The Company was in compliance with this covenant as of December 30, 2023. The minimum aggregate maturities of long-term debt for each of the five fiscal years following the fiscal year ended December 30, 2023 are $719; $599; $378,554; $43; and $0.

The obligations arising under the 5.00% senior unsecured notes due in fiscal 2044, the 5.25% senior unsecured notes due in fiscal 2054, and the revolving credit facility are guaranteed by the Company and its wholly owned subsidiaries, Valmont Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd.

EARNINGS PER SHARE

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

(13) EARNINGS PER SHARE

The following table provides a reconciliation between the earnings and average share amounts used to compute both basic and diluted earnings per share:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest:
Net earnings attributable to Valmont Industries, Inc.	$	150,849	$	250,863	$	195,630
Change in redemption value of redeemable noncontrolling interest		(7,374)		—		—
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest	$	143,475	$	250,863	$	195,630
Weighted average shares outstanding (000s):
Basic		20,956		21,311		21,193
Dilutive effect of various stock awards		203		269		300
Diluted		21,159		21,580		21,493
Net earnings per share attributable to common shareholders:
Basic	$	6.85	$	11.77	$	9.23
Dilutive effect of various stock awards		(0.07)		(0.15)		(0.13)
Diluted	$	6.78	$	11.62	$	9.10

Basic and diluted net earnings and earnings per share in the fiscal year ended December 30, 2023 were impacted by the impairment of certain long-lived assets of $136,457 after-tax ($6.45 per share) and realignment charges of $26,490 after-tax ($1.25 per share). Basic and diluted net earnings and earnings per share in the fiscal year ended December 31, 2022 were impacted by a loss from the divestiture of the offshore wind energy structures business of $33,273 (no associated tax benefit) ($1.54 per share). Basic and diluted net earnings and earnings per share in the fiscal year ended December 25, 2021 were impacted by impairments of long-lived assets associated with the offshore wind energy structures business of $21,678 after-tax ($1.01 per share) and a valuation allowance against the deferred tax assets of the offshore wind energy structures business of $5,076 after-tax ($0.24 per share).

As of December 30, 2023, December 31, 2022, and December 25, 2021, there were 127,774; 40,564; and 47,223 outstanding stock options with exercise prices exceeding the average market price of common stock during the applicable period that were excluded from the computation of diluted earnings per share, respectively.

DEFINED BENEFIT RETIREMENT PLAN (Details) £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($) item $ / £	Dec. 30, 2023 GBP (£) item	Dec. 31, 2022 USD ($) $ / £	Dec. 25, 2021 USD ($)
Retirement Benefits [Abstract]
Pension retirement benefits to qualified employees as percent of final salary per year of service	1.67%	1.67%
Eligibility age	65 years	65 years
Active members of defined benefit retirement income plan \| item	0	0
Foreign currency exchange rate used to translate the net pension liability \| $ / £	1.273		1.209
Projected Benefit Obligation
Beginning balance	$ 435,711		$ 761,706
Interest cost	$ 21,555		$ 12,551
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense
Benefits paid	$ (20,683)		$ (20,175)
Actuarial (gain) loss	17,692		(248,252)
Currency translation	23,488		(70,119)
Ending balance	477,763		435,711
Plan Assets
Fair value beginning balance	459,927		761,170
Employer contributions	17,345		17,155
Actual return on plan assets	10,966		(228,493)
Benefits paid	(20,683)		(20,175)
Currency translation	25,612		(69,730)
Fair value ending balance	493,167		459,927
Funded status
Funded status	15,404		24,216	$ (536)
Accumulated other comprehensive income (loss)
Balance at the beginning of the period	(57,911)		(60,940)
Actuarial gain (loss)	(28,071)		(2,915)
Currency translation gain	(3,667)		5,451
Prior service costs amortization	498		493
Balance at the end of the period	$ (89,151)		$ (57,911)
Weighted average actuarial assumptions used to determine the benefit obligation
Discount rate for benefit obligations	4.50%		4.80%	1.90%
CPI inflation	2.25%		2.35%
RPI inflation	3.05%		3.25%
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 21,555		$ 12,551
Expected return on plan assets	$ (21,804)		$ (23,131)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ 498		$ 493
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic pension benefit	$ 249		$ (10,087)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Weighted average actuarial assumptions used to determine expense
Discount rate for benefit obligations	4.80%	4.80%	1.90%
Discount rate for interest cost	4.90%	4.90%	1.80%
Expected return on plan assets	4.85%	4.85%	3.48%
CPI Inflation	2.35%	2.35%	2.70%
RPI Inflation	3.25%	3.25%	3.30%
Limit on employer contributions per annum	$ 16,700	£ 13,100
Administrative costs of the Plan	1,700	£ 1,300
Expected pension benefit payments
2024	21,641
2025	22,278
2026	23,042
2027	23,678
2028	24,442
Years 2028 - 2032	$ 133,540
Weighted average maturity period of corporate bond portfolio	13 years	13 years

GOODWILL AND INTANGIBLE ASSETS - Non-Amortized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Trade names
Non-amortized intangible assets
Non-amortizing intangible assets	$ 58,750	$ 59,785

LONG-TERM DEBT (Details) - USD ($)		12 Months Ended
LONG-TERM DEBT (Details) - USD ($)	Oct. 18, 2021	Dec. 30, 2023	Dec. 31, 2022
Long-term debt:
Debt issuance costs		$ (6,645,000)	$ (6,918,000)
Total long-term debt		1,108,604,000	872,129,000
Less current installments of long-term debt		719,000	1,194,000
Long-term debt, excluding current installments		1,107,885,000	870,935,000
Minimum aggregate maturities of long-term debt
2024		719,000
2025		599,000
2026		378,554,000
2027		43,000
2028		$ 0
Senior Unsecured Notes 5.00% Due 2044
Long-term debt:
Interest rate on notes		5.00%
Redemption price of notes, stated as a percentage of principal amount		100.00%
Senior Unsecured Notes 5.25% Due 2054
Long-term debt:
Aggregate amount		$ 305,000,000
Interest rate on notes		5.25%
Redemption price of notes, stated as a percentage of principal amount		100.00%
Unamortized discount on 5.00% and 5.25% senior unsecured notes
Long-term debt:
Unamortized premium on senior unsecured notes		$ (19,665,000)	(20,053,000)
Revolving credit agreement
Long-term debt:
Total long-term debt		377,899,000	140,513,000
Outstanding line of credit		162,000
Unused and available borrowings		421,939,000
Revolving credit agreement \| Minimum
Long-term debt:
Basis points added to variable rate	0.00%
Revolving credit agreement \| Maximum
Long-term debt:
Basis points added to variable rate	0.625%
Revolving credit agreement \| Prime lending rate
Long-term debt:
Variable interest rate basis	prime lending rate
Revolving credit agreement \| Federal Funds rate
Long-term debt:
Variable interest rate basis	overnight bank rate
Basis points added to variable rate	0.50%
Revolving credit agreement \| LIBOR
Long-term debt:
Basis points added to variable rate	1.00%
Debt instrument	Secured Overnight Financing Rate (“SOFR”) (based on a 1-, 3-, or 6-month interest period, as selected by the Company)
Revolving credit agreement \| LIBOR \| Minimum
Long-term debt:
Basis points added to variable rate	1.00%
Revolving credit agreement \| LIBOR \| Maximum
Long-term debt:
Basis points added to variable rate	1.625%
Revolving credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term debt:
Basis points added to variable rate	0.10%
Revolving credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Long-term debt:
Basis points added to variable rate	1.00%
Revolving credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Long-term debt:
Basis points added to variable rate	1.625%
Other notes
Long-term debt:
Total long-term debt		2,015,000	3,587,000
Short Term Bank Lines Of Credit
Long-term debt:
Balance		39,336,000
Unused and available borrowings		36,131,000
Senior Unsecured Notes 5.00% Due 2044 \| Senior Notes
Long-term debt:
Aggregate amount		450,000,000	450,000,000
Unamortized debt discount		12,503,000
Senior Unsecured Notes 5.25% Due 2054
Long-term debt:
Unamortized debt discount		7,162,000
Senior Unsecured Notes 5.25% Due 2054 \| Senior Notes
Long-term debt:
Aggregate amount		305,000,000	$ 305,000,000
Revolving Credit Facility
Long-term debt:
Total line of credit facility for short-term borrowings	$ 800,000,000
Additional borrowing capacity	300,000,000
Unused and available borrowings	$ 400,000,000
Revolving Credit Facility \| Revolving credit agreement
Long-term debt:
Outstanding line of credit		$ 377,899,000

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 30, 2023

Share-based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Estimating Fair Value of Each Option Grant

The fair value of each option grant made as of December 30, 2023, December 31, 2022, and December 25, 2021 was estimated using the following assumptions:


	December 30,		December 31,		December 25,
	2023		2022		2021
Expected volatility	31.97	%	32.36	%	33.01	%
Risk-free interest rate	4.21	%	3.75	%	1.26	%
Expected life from vesting date	5.4 yrs		5.4 yrs		4.0 yrs
Dividend yield	0.87	%	1.10	%	1.20	%

Summary of Activity of Stock Plans


	December 30,		December 31,		December 25,
	2023		2022		2021
Expected volatility	31.97	%	32.36	%	33.01	%
Risk-free interest rate	4.21	%	3.75	%	1.26	%
Expected life from vesting date	5.4 yrs		5.4 yrs		4.0 yrs
Dividend yield	0.87	%	1.10	%	1.20	%

The following is a summary of the stock option activity during the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 31, 2022	195,690	$	214.62
Granted	43,340		226.55
Exercised	(39,055)		155.24
Forfeited	(18,445)		307.81
Outstanding as of December 30, 2023	181,530	$	220.77	7.99	$	5,992
Options vested or expected to vest as of December 30, 2023	178,820	$	220.31	7.96		5,975
Options exercisable as of December 30, 2023	116,545	$	203.78	7.13		5,576

The weighted average per share fair value of options granted during the fiscal year ended December 31, 2023 was $72.60.


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 25, 2021	276,464	$	164.48
Granted	40,564		332.63
Exercised	(121,163)		139.89
Forfeited	(175)		104.47
Outstanding as of December 31, 2022	195,690	$	214.62	7.53	$	22,644
Options vested or expected to vest as of December 31, 2022	189,267	$	212.69	7.48		22,261
Options exercisable as of December 31, 2022	90,556	$	172.08	6.40		14,276

The weighted average per share fair value of options granted during the fiscal year ended December 31, 2022 was $104.01.


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding as of December 26, 2020	399,565	$	141.79
Granted	47,223		252.89
Exercised	(169,908)		135.76
Forfeited	(416)		132.84
Outstanding as of December 25, 2021	276,464	$	164.48	5.88	$	22,586
Options vested or expected to vest as of December 25, 2021	268,338	$	163.42	5.80		22,188
Options exercisable as of December 25, 2021	154,860	$	142.15	4.00		15,896

The weighted average per share fair value of options granted during the fiscal year ended December 25, 2021 was $67.81.

Schedule of Non-Vested Stock and Restricted Stock Units

During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company granted restricted stock units to directors and certain management employees as follows (which are not included in the above stock plan activity tables):


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Restricted stock units granted		67,723		60,901		216,971
Weighted‑average per share price on grant date	$	233.96	$	313.75	$	236.28
Recognized compensation expense	$	22,478	$	22,664	$	16,147

Share-based Payment Arrangement, Performance Shares, Outstanding Activity

During the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company granted PSU awards as follows (which are not included in the above stock plan activity tables):


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Shares granted		38,201		33,736		41,060
Weighted‑average per share price on grant date	$	299.20	$	215.15	$	230.40
Recognized compensation expense	$	13,054	$	16,066	$	10,035

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Fiscal Year

Reportable Segments

Cash Overdrafts

Receivables

The following table details the balances of the allowance for credit losses and changes therein:


	Balance as of		Charged to		Currency		Deductions		Balance as of
	Beginning of		Profit and		Translation		from		Close of
Fiscal year ended:	Period		Loss		Adjustment		Reserves		Period
December 30, 2023	$	20,890	$	17,657	$	911	$	(6,561)	$	32,897
December 31, 2022		18,050		4,237		(522)		(875)		20,890
December 25, 2021		15,952		3,379		(339)		(942)		18,050

Inventories

Long-Lived Assets

Leases

Income Taxes

Warranties

Pension Cost (Benefit)

Stock Plans

Fair Value

Derivative Instruments

Comprehensive Income (Loss)


	December 30,		December 31,
	2023		2022
Foreign currency translation adjustments	$	(236,690)	$	(260,799)
Hedging activities		20,989		20,099
Defined benefit pension plan		(57,535)		(34,209)
Accumulated other comprehensive loss	$	(273,236)	$	(274,909)

Revenue Recognition

●

As of December 30, 2023, the Company had no material remaining performance obligations on contracts with an original expected duration of one year or more.

Segment and Product Line Revenue Recognition

Infrastructure Segment

Agriculture Segment


	Fiscal Year Ended
	December 30, 2023				December 31, 2022				December 25, 2021
	Point in Time		Over Time		Point in Time		Over Time		Point in Time		Over Time
Infrastructure	$	1,744,139	$	1,255,498	$	1,687,458	$	1,222,288	$	1,388,297	$	973,227
Agriculture		1,144,633		30,328		1,307,681		27,604		996,278		20,772
Other		—		—		—		100,219		—		123,001
Total net sales	$	2,888,772	$	1,285,826	$	2,995,139	$	1,350,111	$	2,384,575	$	1,117,000

Use of Estimates

Equity Method Investments

The Company has equity method investments in nonconsolidated subsidiaries which are recorded within “Other non-current assets” in the Consolidated Balance Sheets.

Treasury Stock

Research and Development

Supplier Finance Program


Confirmed obligations outstanding as of December 31, 2022	$	48,880
Invoices confirmed during the period		264,051
Confirmed invoices paid during the period		(271,015)
Confirmed obligations outstanding as of December 30, 2023	$	41,916

Redeemable Noncontrolling Interests

Recently Issued Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 20,890	$ 18,050	$ 15,952
Charged to Profit and Loss	17,657	4,237	3,379
Currency Translation Adjustment	911	(522)	(339)
Deductions from Reserves	(6,561)	(875)	(942)
Balance at Close of Period	$ 32,897	$ 20,890	$ 18,050

ACQUISITIONS (Tables)

12 Months Ended

Dec. 30, 2023

ConcealFab

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition


	June 1,
	2022
Current assets	$	21,133
Property, plant, and equipment		3,813
Goodwill		42,465
Customer relationships		26,200
Trade name		5,000
Other non-current assets		9,108
Total fair value of assets acquired		107,719
Current liabilities		6,658
Long-term debt		2,038
Operating lease liabilities		7,812
Deferred income taxes		5,464
Other non-current liabilities		12
Total fair value of liabilities assumed		21,984
Redeemable noncontrolling interest		41,693
Net assets acquired	$	44,042

HR Products

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of HR Products as of the date of acquisition:


	August 31,
	2023
Current assets	$	24,816
Property, plant, and equipment		1,379
Goodwill		9,177
Customer relationships		11,632
Other non-current assets		3,997
Total fair value of assets acquired		51,001
Current liabilities		4,183
Operating lease liabilities		2,792
Deferred income taxes		3,489
Total fair value of liabilities assumed		10,464
Net assets acquired	$	40,537

Prospera

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition


	May 12,
	2021
Current assets	$	647
Property, plant, and equipment		1,063
Goodwill		273,453
Developed technology		32,900
Trade name		2,850
Total fair value of assets acquired	$	310,913
Current liabilities		2,690
Deferred income taxes		8,223
Total fair value of liabilities assumed	$	10,913
Net assets acquired	$	300,000

ACQUISITIONS - Narrative (Details) $ in Thousands									3 Months Ended	12 Months Ended
ACQUISITIONS - Narrative (Details) $ in Thousands	Jan. 26, 2024 USD ($)	Aug. 31, 2023 AUD ($) payment	Aug. 31, 2023 USD ($)	Aug. 10, 2022 USD ($)	Jun. 01, 2022 USD ($)	May 10, 2022 USD ($)	May 12, 2021 USD ($)	Apr. 20, 2021 USD ($)	Mar. 30, 2024 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 25, 2021 USD ($)	Aug. 31, 2023 USD ($) payment
Business Acquisition [Line Items]
Acquisitions, net of cash acquired										$ 32,676,000	$ 39,287,000	$ 312,500,000
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Goodwill										632,964,000	739,861,000	$ 708,566,000
Operating lease liabilities										182,296,000	172,326,000
Redeemable noncontrolling interests										$ 62,792,000	$ 60,865,000
Minority Interest Owner \| Subsequent Event [Member]
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Consideration transferred									$ 10,518,000
HR Products
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 58,044	$ 37,302,000
Retention fund, withheld		$ 7,200											$ 4,626,000
Number of equal payments of retention fund \| payment		2											2
Payment due of first installment of retention fund, from the date of acquisition		12 months	12 months
Payment due of second installment of retention fund, from the date of acquisition		24 months	24 months
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Current assets													$ 24,816,000
Property, plant, and equipment													1,379,000
Goodwill													9,177,000
Other non-current assets													3,997,000
Total fair value of assets acquired													51,001,000
Current Liabilities													4,183,000
Operating lease liabilities													2,792,000
Deferred income taxes													3,489,000
Total fair value of liabilities assumed													10,464,000
Net assets acquired													40,537,000
Other non-current assets													3,997,000
Goodwill expected to be tax deductible													0
ConcealFab
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Current assets					$ 21,133,000
Property, plant, and equipment					3,813,000
Goodwill					42,465,000
Other non-current assets					9,108,000
Total fair value of assets acquired					107,719,000
Current Liabilities					6,658,000
Long-term debt					2,038,000
Operating lease liabilities					7,812,000
Deferred income taxes					5,464,000
Other non-current liabilities					12,000
Total fair value of liabilities assumed					21,984,000
Redeemable noncontrolling interests					41,693,000
Net assets acquired					44,042,000
Other non-current assets					$ 9,108,000
Percentage acquired					51.00%
Cash paid to acquire business					$ 39,287,000
Contingent consideration liability, current					1,850,000
ConcealFab \| Subsequent Event [Member]
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Percentage acquired	9.00%
Consideration transferred	$ 7,227,000
Prospera
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Current assets							$ 647,000
Property, plant, and equipment							1,063,000
Goodwill							273,453,000
Total fair value of assets acquired							310,913,000
Current Liabilities							2,690,000
Deferred income taxes							8,223,000
Total fair value of liabilities assumed							10,913,000
Net assets acquired							300,000,000
Cash paid to acquire business							300,000,000
Goodwill expected to be tax deductible							0
PivoTrac
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Goodwill								$ 10,800,000
Cash paid to acquire business								12,500,000
Consideration transferred								14,000,000
Contingent consideration liability, current								1,500,000
Goodwill expected to be tax deductible								0
Convert Italia S.p.A.
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Percentage acquired				9.00%
Consideration transferred				$ 3,046,000
Valmont West Coast Engineering
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Percentage acquired						20.00%
Consideration transferred						$ 4,292,000
Customer relationships \| HR Products
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets													$ 11,632,000
Customer relationships \| ConcealFab
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets					26,200,000
Customer relationships \| PivoTrac
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets								$ 2,627,000
Useful life								8 years
Proprietary technology intangible asset related to Prospera \| Prospera
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets							$ 32,900,000
Useful life							5 years
Trade names \| ConcealFab
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets					$ 5,000,000
Trade names \| Prospera
Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Intangible assets							$ 2,850,000
Useful life							7 years

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (5,131)	$ 2,381	$ 28,497
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (7,057)	(5,212)	25,821
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ 177	(45)	(40)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (64)	(64)	(64)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense
Cross currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net		4,827
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Cross currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ 1,813	$ 2,875	$ 2,780
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense

INCOME TAXES

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

(10) INCOME TAXES

Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
United States	$	195,491	$	224,370	$	202,051
Foreign		40,961		139,518		58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

Income tax expense (benefit) for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 consisted of:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Current:
Federal	$	42,226	$	48,309	$	30,031
State		8,480		11,888		8,891
Foreign		56,107		48,273		20,644
Total current income tax expense		106,813		108,470		59,566
Non-current:		1,957		1,442		1,777
Deferred:
Federal		(12,585)		(7,544)		4,587
State		(2,586)		(1,973)		558
Foreign		(3,478)		8,292		(5,074)
Total deferred income tax expense (benefit)		(18,649)		(1,225)		71
Total income tax expense	$	90,121	$	108,687	$	61,414

The reconciliations of the statutory federal income tax rate and the effective tax rate for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:


	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.8		2.3		2.9
Carryforwards, credits and changes in valuation allowances	(2.4)		1.0		1.5
Foreign jurisdictional tax rate differences	4.6		4.2		(0.1)
Changes in unrecognized tax benefits	0.8		0.3		0.7
Impairment of long-lived assets	11.9		—		—
Excess tax benefit on equity compensation	1.1		0.5		0.7
Loss from divestiture of offshore wind energy structures business	—		2.2		—
Other	(0.7)		(1.6)		(3.1)
Effective tax rate	38.1	%	29.9	%	23.6	%

The fiscal year ended December 30, 2023 included $28,079 of tax expense related to non-tax deductible impairment of goodwill. The fiscal year ended December 31, 2022 included $8,166 of tax expense related to the divestiture of the offshore wind energy structures business for which no benefit was recorded. The fiscal year ended December 25, 2021 included $1,894 of U.S. tax benefits related to foreign taxes paid offset by $5,102 of valuation allowance recorded against the offshore wind energy structures business’ deferred tax assets.

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating loss and tax credit carryforwards. The tax effects of significant items comprising the Company’s net deferred income tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:


	December 30,		December 31,
	2023		2022
Deferred income tax assets:
Accrued expenses and allowances	$	36,883	$	25,927
Tax credits and loss carryforwards		58,519		67,249
Inventory allowances		8,427		7,912
Accrued compensation and benefits		23,880		24,398
Lease liabilities		41,769		40,709
Research and development expenditures		22,751		7,650
Deferred compensation		16,163		16,308
Gross deferred income tax assets		208,392		190,153
Valuation allowance		(48,632)		(48,974)
Net deferred income tax assets		159,760		141,179
Deferred income tax liabilities:
Property, plant, and equipment		42,299		45,300
Intangible assets		52,017		52,750
Defined benefit pension asset		3,851		6,054
Lease assets		42,717		40,708
Other deferred tax liabilities		6,616		4,941
Total deferred income tax liabilities		147,500		149,753
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Deferred income tax assets (liabilities) were presented as follows as of December 30, 2023 and December 31, 2022 in the Consolidated Balance Sheets:


	December 30,		December 31,
	2023		2022
Other non-current assets	$	33,465	$	32,517
Deferred income taxes		(21,205)		(41,091)
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Management of the Company has reviewed recent operating results and projected future operating results. The Company’s belief that realization of its net deferred tax assets is more likely than not is based on, among other factors, changes in operations that have occurred in recent fiscal years and available tax planning strategies. As of December 30, 2023 and December 31, 2022, respectively, there were $58,519 and $67,249 relating to tax credits and loss carryforwards.

Valuation allowances have been established for certain losses that reduce deferred tax assets to an amount that will more likely than not be realized. During fiscal 2021, the Company recorded a valuation allowance of $6,472 against the tax attributes related to the acquisition of Prospera. The deferred tax assets as of December 30, 2023 that are associated with tax loss and tax credit carryforwards not reduced by valuation allowances expire in periods starting in 2024.

Uncertain tax positions included in “Other non-current liabilities” in the Consolidated Balance Sheets are evaluated in a two-step process, whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority.

The following summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2023 and December 31, 2022:


	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Gross unrecognized tax benefits—beginning of period	$	2,536	$	2,664
Gross increases—tax positions in prior period		2,174		1,133
Gross increases—current‑period tax positions		370		523
Settlements with taxing authorities		(32)		(1,576)
Lapses of statutes of limitation		(742)		(208)
Gross unrecognized tax benefits—end of period	$	4,306	$	2,536

There are approximately $1,514 of uncertain tax positions for which reversal is reasonably possible during the next 12 months due to the closing of the statutes of limitation. The nature of these uncertain tax positions is generally the computation of a tax deduction or a tax credit. During the fiscal year ended December 30, 2023, the Company recorded a reduction of its gross unrecognized tax benefit of $742, with $586 recorded as a reduction of income tax expense, due to the expiration of statutes of limitation in the U.S. During the fiscal year ended December 31, 2022, the Company recorded a reduction of its gross unrecognized tax benefit of $208, with $165 recorded as a reduction of income tax expense, due to the expiration of statutes of limitation in the U.S. In addition to these amounts, there was an aggregate of $442 and $172 of interest and penalties as of December 30, 2023 and December 31, 2022, respectively. The Company’s policy is to record interest and penalties directly related to income taxes as “Income tax expense” in the Consolidated Statements of Earnings.

The Company files income tax returns in the U.S. and various states as well as foreign jurisdictions. Tax years 2020 and forward remain open under U.S. statutes of limitation. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $4,372 and $2,447 as of December 30, 2023 and December 31, 2022, respectively.

The Organisation for Economic Co-operation and Development (“OECD”) has released the Pillar Two Model Rules Framework (the “Framework”) defining the global minimum tax rules, which contemplate a minimum tax rate of 15% and continues to release additional guidance. Although it is uncertain whether the U.S. will enact legislation to adopt the minimum tax directive, certain countries in which the Company operates have adopted legislation effective January 1, 2024, and other countries are in the process of introducing legislation to implement the minimum tax directive. Further, the OECD issued administrative guidance providing transition and safe harbor rules that could delay the impact of the minimum tax directive. The Company will continue to monitor the implementation of the Framework by the countries in which the Company operates. The Company does not expect the Framework to have a material impact on its Consolidated Financial Statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table details the balances of the allowance for credit losses and changes therein:


	Balance as of		Charged to		Currency		Deductions		Balance as of
	Beginning of		Profit and		Translation		from		Close of
Fiscal year ended:	Period		Loss		Adjustment		Reserves		Period
December 30, 2023	$	20,890	$	17,657	$	911	$	(6,561)	$	32,897
December 31, 2022		18,050		4,237		(522)		(875)		20,890
December 25, 2021		15,952		3,379		(339)		(942)		18,050

Schedule of Components of Accumulated Other Comprehensive Income (Loss)


	December 30,		December 31,
	2023		2022
Foreign currency translation adjustments	$	(236,690)	$	(260,799)
Hedging activities		20,989		20,099
Defined benefit pension plan		(57,535)		(34,209)
Accumulated other comprehensive loss	$	(273,236)	$	(274,909)

Schedule of Disaggregation of Revenue


	Fiscal Year Ended
	December 30, 2023				December 31, 2022				December 25, 2021
	Point in Time		Over Time		Point in Time		Over Time		Point in Time		Over Time
Infrastructure	$	1,744,139	$	1,255,498	$	1,687,458	$	1,222,288	$	1,388,297	$	973,227
Agriculture		1,144,633		30,328		1,307,681		27,604		996,278		20,772
Other		—		—		—		100,219		—		123,001
Total net sales	$	2,888,772	$	1,285,826	$	2,995,139	$	1,350,111	$	2,384,575	$	1,117,000

Schedule of outstanding finance program obligations


Confirmed obligations outstanding as of December 31, 2022	$	48,880
Invoices confirmed during the period		264,051
Confirmed invoices paid during the period		(271,015)
Confirmed obligations outstanding as of December 30, 2023	$	41,916