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LONG-TERM DEBT | 12 Months Ended
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Dec. 26, 2020
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt is as follows:
| December 26, 2020 |  | December 28, 2019
5.00% senior unsecured notes due 2044(a) | $ | 450,000 |  |  | $ | 450,000 |
5.25% senior unsecured notes due 2054(b) | 305,000 |  |  | 305,000 |
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b) | (20,799) |  |  | (21,143) |
Revolving credit agreement (c) | — |  |  | 29,044 |
IDR Bonds | — |  |  | 8,500 |
Other notes | 4,483 |  |  | 2,089 |
Debt issuance costs | (7,505) |  |  | (7,786) |
Long-term debt | 731,179 |  |  | 765,704 |
Less current installments of long-term debt | 2,748 |  |  | 760 |
Long-term debt, excluding current installments | $ | 728,431 |  |  | $ | 764,944 |
(a) The 5.00% senior unsecured notes due 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $13,405 at December 26, 2020. The notes bear interest at 5.000% 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 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,394 at December 26, 2020. The notes bear interest at 5.250% 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) The revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto, has a maturity date of October 18, 2022. The credit facility provides for $600,000 of committed unsecured revolving credit loans with available borrowings thereunder to $400,000 in foreign currencies. We may increase the credit facility by up to an additional $200,000 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) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or; (ii) the higher of •the prime lending rate, •the Federal Funds rate plus 50 basis points, and •LIBOR (based on a 1 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 debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At December 26, 2020, the Company had $0 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022, and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 26, 2020, the Company had the ability to borrow $585,419 under this facility, after consideration of standby letters of credit of $14,581 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $144,690, $109,673 of w hich was unused at December 26, 2020. The lending agreements include certain maintenance covenants, including financial leverage and interest coverage. The Company was in compliance with all financial debt covenants at December 26, 2020. The minimum aggregate maturities of long-term debt for each of the five years following 2020 are: $2,748, $1,028, $707, $0 and $0. The obligations arising under the 5.00% senior unsecured notes due 2044, the 5.25% senior unsecured notes due 2054, and the revolving credit facility are guaranteed by the Company and its wholly-owned subsidiaries PiRod, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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