XML 48 R33.htm IDEA: XBRL DOCUMENT
v3.10.0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 29, 2018
Accounting Policies [Abstract] |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) consisted of the following:
| Foreign Currency Translation Adjustments |  | Gain on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 30, 2017 | $ | (171,399 | ) |  | $ | 6,357 |  |  | $ | (113,980 | ) |  | $ | (279,022 | )
Current-period comprehensive income (loss) | (68,065 | ) |  | 3,599 |  |  | 29,885 |  |  | (34,581 | )
Divestiture of grinding media business | 9,203 |  |  | 1,215 |  |  | — |  |  | $ | 10,418 |
Balance at December 29, 2018 | $ | (230,261 | ) |  | $ | 11,171 |  |  | $ | (84,095 | ) |  | $ | (303,185 | )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | 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 Consolidated Balance Sheet as follows:
Balance Sheet | December 30, 2017 |  | ASC 606 Adjustments |  | December 31, 2017
Assets |  |  |  |  |
Inventories | $ | 420,948 |  |  | $ | (36,243 | ) |  | $ | 384,705 |
Contract asset - costs & profits in excess of billings | 16,165 |  |  | 51,507 |  |  | 67,672 |
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 |
The adoption of ASC 606 had the following impact on the Consolidated Balance Sheets and Consolidated Statements of Earnings for the fiscal year ended December 29, 2018:
Balance Sheet | As Reported |  | Balance Excluding ASC 606 Effects |  | Change
Assets |  |  |  |  |
Inventories | $ | 383,566 |  |  | $ | 446,267 |  |  | $ | (62,701 | )
Contract asset - costs & profits in excess of billings | 112,525 |  |  | 24,647 |  |  | 87,878 |
Liabilities and shareholders' equity |  |  |  |  |
Accrued expenses | 91,942 |  |  | 86,174 |  |  | 5,768 |
Deferred income taxes | 43,489 |  |  | 38,492 |  |  | 4,997 |
Retained earnings | 2,027,596 |  |  | 2,013,184 |  |  | 14,412 |
Statement of Earnings | As Reported |  | Balance Excluding ASC 606 Effects |  | Change
Net Sales | $ | 2,757,144 |  |  | $ | 2,720,773 |  |  | $ | 36,371 |
Operating Income | 202,280 |  |  | $ | 196,092 |  |  | $ | 6,188 |
Disaggregation of Revenue | Disaggregation of revenue 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 fiscal year ended December 29, 2018 is as follows:
| Point in Time |  | Over Time
| Fiscal year ended December 29, 2018 |  | Fiscal year ended December 29, 2018
Utility Support Structures | $ | 16,760 |  |  | $ | 838,446 |
Engineered Support Structures | 922,677 |  |  | 44,681 |
Coatings | 286,739 |  |  | — |
Irrigation | 612,385 |  |  | 12,376 |
Other | 23,080 |  |  | — |
Total | $ | 1,861,641 |  |  | $ | 895,503 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669686-108580 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration