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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 29, 2019
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| June 29, 2019 |  | December 29, 2018
Raw materials and purchased parts | $ | 192,045 |  |  | $ | 190,115 |
Work-in-process | 40,847 |  |  | 35,566 |
Finished goods and manufactured goods | 224,534 |  |  | 211,504 |
Subtotal | 457,426 |  |  | 437,185 |
Less: LIFO reserve | 50,880 |  |  | 53,619 |
| $ | 406,546 |  |  | $ | 383,566 |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | Earnings before income taxes for the thirteen and twenty-six weeks ended June 29, 2019 and June 30, 2018, were as follows:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
| 2019 |  | 2018 |  | 2019 |  | 2018
United States | $ | 47,269 |  |  | $ | 42,336 |  |  | $ | 89,520 |  |  | $ | 84,101 |
Foreign | 9,038 |  |  | 6,749 |  |  | 16,669 |  |  | 17,996 |
| $ | 56,307 |  |  | $ | 49,085 |  |  | $ | 106,189 |  |  | $ | 102,097 |
Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 29, 2019 and June 30, 2018 were as follows:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
Net periodic (benefit) expense: | 2019 |  | 2018 |  | 2019 |  | 2018
Interest cost | $ | 4,182 |  |  | $ | 4,486 |  |  | $ | 8,527 |  |  | $ | 9,202 |
Expected return on plan assets | (4,943 | ) |  | (5,815 | ) |  | (10,078 | ) |  | (11,929 | )
Amortization of actuarial loss | 634 |  |  | 764 |  |  | 1,292 |  |  | 1,568 |
Net periodic expense (benefit) | $ | (127 | ) |  | $ | (565 | ) |  | $ | (259 | ) |  | $ | (1,159 | )
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 and restricted stock for the thirteen and twenty-six weeks ended June 29, 2019 and June 30, 2018, respectively, were as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
| 2019 |  | 2018 |  | 2019 |  | 2018
Compensation expense | $ | 2,700 |  |  | $ | 2,599 |  |  | $ | 6,370 |  |  | $ | 5,374 |
Income tax benefits | 675 |  |  | 650 |  |  | 1,593 |  |  | 1,344 |
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value June 29, 2019 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 41,956 |  |  | $ | 41,956 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | (3,213 | ) |  | — |  |  | (3,213 | ) |  | — |
|  |  | Fair Value Measurement Using:
| Carrying Value December 29, 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 | $ | 40,024 |  |  | $ | 40,024 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | 9,147 |  |  | — |  |  | 9,147 |  |  | — |
Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at June 29, 2019 and December 29, 2018:
| Foreign Currency Translation Adjustments |  | Gain/(Loss) on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balance at December 29, 2018 | $ | (230,261 | ) |  | $ | 11,171 |  |  | $ | (84,095 | ) |  | $ | (303,185 | )
Current-period comprehensive income (loss) | 3,146 |  |  | (3,033 | ) |  | — |  |  | 113 |
Balance at June 29, 2019 | $ | (227,115 | ) |  | $ | 8,138 |  |  | $ | (84,095 | ) |  | $ | (303,072 | )
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 at a point in time for the thirteen and twenty-six weeks ended June 29, 2019 and June 30, 2018 is as follows:
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended June 29, 2019 |  | Thirteen weeks ended June 29, 2019 |  | Twenty-six weeks ended June 29, 2019 |  | Twenty-six weeks ended June 29, 2019
Utility Support Structures | $ | 9,932 |  |  | $ | 199,077 |  |  | $ | 40,224 |  |  | $ | 412,043 |
Engineered Support Structures | 244,604 |  |  | 12,961 |  |  | 461,074 |  |  | 24,460 |
Coatings | 81,089 |  |  | — |  |  | 151,320 |  |  | — |
Irrigation | 149,956 |  |  | 3,252 |  |  | 297,814 |  |  | 6,075 |
Total | $ | 485,581 |  |  | $ | 215,290 |  |  | $ | 950,432 |  |  | $ | 442,578 |
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended June 30, 2018 |  | Thirteen weeks ended June 30, 2018 |  | Twenty-six weeks ended June 30, 2018 |  | Twenty-six weeks ended June 30, 2018
Utility Support Structures | $ | — |  |  | $ | 196,531 |  |  | $ | — |  |  | $ | 406,390 |
Engineered Support Structures | 237,720 |  |  | 8,321 |  |  | 444,914 |  |  | 17,043 |
Coatings | 74,539 |  |  | — |  |  | 142,997 |  |  | — |
Irrigation | 157,800 |  |  | 2,813 |  |  | 341,034 |  |  | 5,631 |
Other | 4,681 |  |  | — |  |  | 23,080 |  |  | — |
Total | $ | 474,740 |  |  | $ | 207,665 |  |  | $ | 952,025 |  |  | $ | 429,064 |

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