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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2018
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| March 31, 2018 |  | December 30, 2017
Raw materials and purchased parts | $ | 176,554 |  |  | $ | 183,029 |
Work-in-process | 20,197 |  |  | 30,671 |
Finished goods and manufactured goods | 218,062 |  |  | 250,975 |
Subtotal | 414,813 |  |  | 464,675 |
Less: LIFO reserve | 44,808 |  |  | 43,727 |
| $ | 370,005 |  |  | $ | 420,948 |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended March 31, 2018 and April 1, 2017, were as follows:
| Thirteen Weeks Ended
| 2018 |  | 2017
United States | $ | 41,765 |  |  | $ | 35,424 |
Foreign | 11,247 |  |  | 19,900 |
| $ | 53,012 |  |  | $ | 55,324 |
Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen weeks ended March 31, 2018 and April 1, 2017 were as follows:
| Thirteen Weeks Ended
Net periodic (benefit) expense: | 2018 |  | 2017
Interest cost | $ | 4,716 |  |  | $ | 4,321 |
Expected return on plan assets | (6,114 | ) |  | (4,877 | )
Amortization of actuarial loss | 804 |  |  | 710 |
Net periodic expense (benefit) | $ | (594 | ) |  | $ | 154 |
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively, were as follows:
| Thirteen Weeks Ended
| 2018 |  | 2017
Compensation expense | $ | 1,090 |  |  | $ | 1,289 |
Income tax benefits | 273 |  |  | 496 |
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value March 31, 2018 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 41,072 |  |  | $ | 41,072 |  |  | $ | — |  |  | $ | — |
|  |  | Fair Value Measurement Using:
| Carrying Value December 30, 2017 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 41,042 |  |  | $ | 41,042 |  |  | $ | — |  |  | $ | — |
Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at March 31, 2018 and December 30, 2017:
| Foreign Currency Translation Adjustments |  | Gain/(Loss) on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balance at December 30, 2017 | $ | (171,399 | ) |  | $ | 6,357 |  |  | $ | (113,980 | ) |  | $ | (279,022 | )
Current-period comprehensive income (loss) | 3,256 |  |  | (863 | ) |  | — |  |  | 2,393 |
Balance at March 31, 2018 | $ | (168,143 | ) |  | $ | 5,494 |  |  | $ | (113,980 | ) |  | $ | (276,629 | )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the thirteen weeks ended March 31, 2018:
Balance Sheet | As Reported |  | Balance Excluding ASC 606 Effects |  | Change
Assets |  |  |  |  |
Inventories | $ | 370,005 |  |  | $ | 425,956 |  |  | $ | (55,951 | )
Prepaid expenses and other current assets | 127,251 |  |  | 48,767 |  |  | 78,484 |
Liabilities and shareholders' equity |  |  |  |  |
Accrued expenses | 92,651 |  |  | 87,626 |  |  | 5,025 |
Deferred income taxes | 39,669 |  |  | 35,539 |  |  | 4,130 |
Retained earnings | 1,996,474 |  |  | 1,983,096 |  |  | 13,378 |
Statement of Earnings |  |  |  |  |
Net Sales | $ | 698,684 |  |  | $ | 670,874 |  |  | $ | 27,810 |
Operating Income | 63,960 |  |  | 58,886 |  |  | 5,074 |
The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Condensed Consolidated Balance Sheet as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Balance Sheet | December 30, 2017 |  | ASC 606 Adjustments |  | December 31, 2017
Assets |  |  |  |  |
Inventories | $ | 420,948 |  |  | $ | (36,243 | ) |  | $ | 384,705 |
Prepaid expenses and other current assets | 43,643 |  |  | 51,507 |  |  | 95,150 |
Liabilities and shareholders' equity |  |  |  |  |
Accrued expenses | 81,029 |  |  | 2,043 |  |  | 83,072 |
Deferred income taxes | 34,906 |  |  | 3,450 |  |  | 38,356 |
Retained earnings | 1,954,344 |  |  | 9,771 |  |  | 1,964,115 |
Disaggregation of Revenue | evenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen weeks ended March 31, 2018 is as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
| Point in Time |  | Over Time
| March 31, 2018 |  | March 31, 2018
Utility Support Structures | $ | — |  |  | $ | 209,859 |
Engineered Support Structures | 207,194 |  |  | 8,722 |
Coatings | 68,458 |  |  | — |
Irrigation | 183,234 |  |  | 2,818 |
Other | 18,399 |  |  | — |
Total | $ | 477,285 |  |  | $ | 221,399 |

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