XML 64 R49.htm IDEA: XBRL DOCUMENT
v3.20.4

DEFINED BENEFIT RETIREMENT PLAN (Tables) | 12 Months Ended
--- | ---
Dec. 26, 2020
Retirement Benefits [Abstract] |
Schedule of Changes in PBO and Fair Value of Plan Assets for Pension Plan | Changes in the PBO and fair value of plan assets for the pension plan for the period from December 29, 2018 to December 28, 2019 were as follows:
|  | Projected Benefit Obligation |  | Plan Assets |  | Funded status
Fair Value at December 29, 2018 | $ | 647,440 |  |  | $ | 503,536 |  |  | $ | (143,904) |
Employer contributions | — |  |  | 18,461 |  |  |
Interest cost | 16,923 |  |  | — |  |  |
Actual return on plan assets | — |  |  | 86,081 |  |  |
Benefits paid | (20,769) |  |  | (20,769) |  |  |
Actuarial (gain) loss | 79,485 |  |  | — |  |  |
Currency translation | 21,324 |  |  | 17,087 |  |  |
Fair Value at December 28, 2019 | $ | 744,403 |  |  | $ | 604,396 |  |  | $ | (140,007) |
Changes in the PBO and fair value of plan assets for the pension plan for the period from December 28, 2019 to December 26, 2020 were as follows:
|  | Projected Benefit Obligation |  | Plan Assets |  | Funded status
Fair Value at December 28, 2019 | $ | 744,403 |  |  | $ | 604,396 |  |  | $ | (140,007) |
Employer contributions | — |  |  | 35,399 |  |  |
Interest cost | 12,954 |  |  | — |  |  |
Prior service costs - GMP equalization | 949 |  |  | — |  |  |
Actual return on plan assets | — |  |  | 89,988 |  |  |
Benefits paid | (18,212) |  |  | (18,212) |  |  |
Actuarial (gain) loss | 87,855 |  |  | — |  |  |
Currency translation | 32,224 |  |  | 30,079 |  |  |
Fair Value at December 26, 2020 | $ | 860,173 |  |  | $ | 741,650 |  |  | $ | (118,523) |
Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 26, 2020 and December 28, 2019 consisted of actuarial gains (losses):
Balance December 29, 2018 | $ | (130,188) |
Actuarial gain (loss) | (10,839) |
Currency translation gain (loss) | (2,699) |
Balance December 28, 2019 | (143,726) |
Actuarial gain (loss) | (16,731) |
Prior service costs - GMP equalization | (814) |
Currency translation gain (loss) | (3,987) |
Balance December 26, 2020 | $ | (165,258) |
Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligation | The weighted-average actuarial assumptions used to determine the benefit obligation at December 26, 2020 and December 28, 2019 were as follows:
Percentages | 2020 |  | 2019
Discount rate | 1.40 | % |  | 2.05 | %
Salary increase | N/A |  | N/A
CPI inflation | 2.00 | % |  | 2.15 | %
RPI inflation | 2.90 | % |  | 3.05 | %
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension expense for the fiscal years ended December 26, 2020 and December 28, 2019 were as follows:
|  | 2020 |  | 2019
Net Periodic Benefit Cost: |  |  |
Interest cost | $ | 12,954 |  |  | $ | 16,923 |
Expected return on plan assets | (23,215) |  |  | (20,000) |
Amortization of prior service cost | 513 |  |  | 513 |
Amortization of actuarial loss | 2,437 |  |  | 2,051 |
Net periodic benefit expense (benefit) | $ | (7,311) |  |  | $ | (513) |
Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense | The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2020 and 2019:
Percentages |  | 2020 |  | 2019
Discount rate | 2.05 | % |  | 2.90 | %
Expected return on plan assets | 4.18 | % |  | 4.25 | %
CPI Inflation | 2.15 | % |  | 2.20 | %
RPI Inflation | 3.05 | % |  | 3.30 | %
Schedule of Expected Pension Benefit Payments | The following table details expected pension benefit payments for the years 2021 through 2030:
2021 | $ | 19,935 |
2022 | 20,477 |
2023 | 21,155 |
2024 | 21,698 |
2025 | 22,376 |
Years 2026 - 2030 | 122,727 |
Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis | At December 26, 2020 and December 28, 2019, the pension plan assets measured at fair value on a recurring basis were as follows:
December 31, 2020 | Quoted Prices in Active Markets for Identical Inputs (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Plan assets at fair value: |  |  |  |  |  |  |
Temporary cash investments | $ | 31,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,935 |
Corporate stock | — |  |  | — |  |  | — |  |  | — |
Total plan net assets at fair value | $ | 31,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,935 |
Plan assets at NAV: |  |  |  |  |  |  |
Leveraged inflation-linked gilt funds |  |  |  |  |  |  | 171,013 |
Corporate bonds |  |  |  |  |  |  | 115,577 |
Corporate stock |  |  |  |  |  |  | 309,987 |
Secured income asset funds |  |  |  |  |  |  | 113,138 |
Total plan assets at NAV |  |  |  |  |  |  | 709,715 |
Total plan assets |  |  |  |  |  |  | $ | 741,650 |
December 31, 2019 | Quoted Prices in Active Markets for Identical Inputs (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Plan assets at fair value: |  |  |  |  |  |  |
Temporary cash investments | $ | 38,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,388 |
Corporate stock | — |  |  | — |  |  | — |  |  | — |
Total plan net assets at fair value | $ | 38,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,388 |
Plan assets at NAV: |  |  |  |  |  |  |
Leveraged inflation-linked gilt funds |  |  |  |  |  |  | 123,637 |
Corporate bonds |  |  |  |  |  |  | 97,638 |
Corporate stock |  |  |  |  |  |  | 234,612 |
Secured income asset funds |  |  |  |  |  |  | 110,121 |
Total plan assets at NAV |  |  |  |  |  |  | 566,008 |
Total plan assets |  |  |  |  |  |  | $ | 604,396 |

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

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
Name: | vmi_ScheduleOfAssumptionsUsedToDetermineBenefitObligationTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
Name: | vmi_ScheduleOfAssumptionsUsedToDetermineExpenseTableTextBlock
Namespace Prefix: | vmi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration