XML 49 R34.htm IDEA: XBRL DOCUMENT
v3.20.4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 26, 2020
Accounting Policies [Abstract] |
Schedule of Change in Accounting Estimate | The impact of the change from LIFO to FIFO on the Company’s Condensed Consolidated Statements of Earnings and Comprehensive Income for the fiscal years ended December 28, 2019 and December 29, 2018 are as follows:
| Fiscal Year 2019 |  |  | Fiscal Year 2018 |
(in 000's, except earnings per share) | As Previously Reported | Retrospectively Adjusted | Adjustment |  | As Previously Reported | Retrospectively Adjusted | Adjustment
Cost of sales | 2,074,480 | 2,084,295 | 9,815 |  | 2,098,864 | 2,088,972 | (9,892)
Operating income | 237,720 | 227,905 | (9,815) |  | 202,280 | 212,172 | 9,892
Income tax expense | 50,207 | 47,753 | (2,454) |  | 43,135 | 45,608 | 2,473
Net earnings attributed to Valmont Industries, Inc | 153,769 | 146,408 | (7,361) |  | 94,351 | 101,770 | 7,419
Comprehensive (loss) income | 149,037 | 141,676 | (7,361) |  | 78,772 | 86,191 | 7,419
Net earnings per diluted share | 7.06 | 6.73 | (0.33) |  | 4.20 | 4.53 | 0.33
The Company applied this change retrospectively to the earliest period presented. The resulting impact to the Condensed Consolidated Balance Sheet as of December 28, 2019 is as follows:
| December 28, 2019
Consolidated Balance Sheet | As Previously Reported | Adjustment | Retrospectively Adjusted
Inventory | 374,565 | 43,805 | 418,370
Deferred income tax liability | 47,955 | 10,951 | 58,906
Retained earnings | 2,140,948 | 32,854 | 2,173,802
Schedule of 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 28, 2019 | $ | (232,575) |  |  | $ | 14,076 |  |  | $ | (94,923) |  |  | $ | (313,422) |
Current-period comprehensive income (loss) | 19,511 |  |  | 1,474 |  |  | (17,349) |  |  | 3,636 |
Balance at December 26, 2020 | $ | (213,064) |  |  | $ | 15,550 |  |  | $ | (112,272) |  |  | $ | (309,786) |
Schedule of 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 years ended December 26, 2020 and December 28, 2019 is as follows:
|  |  |  |  | Point in Time |  | Over Time |  | Point in Time |  | Over Time |  | Point in Time |  | Over Time
|  |  |  |  | Fiscal year ended December 26, 2020 |  | Fiscal year ended December 26, 2020 |  | Fiscal year ended December 28, 2019 |  | Fiscal year ended December 28, 2019 |  | Fiscal year ended December 29, 2018 |  | Fiscal year ended December 29, 2018
Utility Support Structures |  |  |  |  | $ | 86,382 |  |  | $ | 915,756 |  |  | $ | 47,450 |  |  | $ | 838,158 |  |  | $ | 16,760 |  |  | $ | 838,446 |
Engineered Support Structures |  |  |  |  | 940,513 |  |  | 43,010 |  |  | 952,056 |  |  | 50,020 |  |  | 922,677 |  |  | 44,681 |
Coatings |  |  |  |  | 269,602 |  |  | — |  |  | 300,640 |  |  | — |  |  | 286,739 |  |  | — |
Irrigation |  |  |  |  | 624,831 |  |  | 15,261 |  |  | 564,918 |  |  | 13,734 |  |  | 612,385 |  |  | 12,376 |
Other |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,080 |  |  | — |
Total |  |  |  |  | $ | 1,921,328 |  |  | $ | 974,027 |  |  | $ | 1,865,064 |  |  | $ | 901,912 |  |  | $ | 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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: 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=121641772&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e777-108305 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794 + Details
Name: | us-gaap_ScheduleOfChangeInAccountingEstimateTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration