XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.20.4

BUSINESS SEGMENTS | 12 Months Ended
--- | ---
Dec. 26, 2020
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service‑related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture and distribution of engineered poles, towers, and components for lighting, transportation, and wireless communication markets, including integrated structure solutions for smart cities, and engineered access systems; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for utility markets, including transmission, distribution, and substation products, and renewable energy generation equipment; COATINGS: This segment consists of global galvanizing, painting and anodizing services to preserve and protect metal products; and IRRIGATION: This segment consists of the global manufacture of agricultural irrigation equipment, parts, services, tubular products, and advanced technology solutions for water management and precision agriculture. In addition to these four reportable segments, the Company had other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media for the mining industry and is reported in the "Other" category until its divestiture in 2018. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income and deductions, or income taxes to its business segments. Summary by Business
| 2020 |  | 2019 |  | 2018
SALES: |  |  |  |  |
Engineered Support Structures segment: |  |  |  |  |
Lighting, Traffic, and Highway Safety Products | $ | 717,216 |  |  | $ | 708,853 |  |  | $ | 706,582 |
Communication Products | 190,203 |  |  | 188,912 |  |  | 149,817 |
Access Systems | 88,421 |  |  | 114,525 |  |  | 130,481 |
Engineered Support Structures segment | 995,840 |  |  | 1,012,290 |  |  | 986,880 |
Utility Support Structures segment: |  |  |  |  |
Steel | 635,220 |  |  | 630,892 |  |  | 637,979 |
Concrete | 160,544 |  |  | 122,032 |  |  | 111,875 |
Engineered Solar Tracker Solutions | 86,382 |  |  | 47,450 |  |  | 16,760 |
Offshore and Other Complex Steel Structures | 120,063 |  |  | 90,206 |  |  | 92,559 |
Utility Support Structures segment | 1,002,209 |  |  | 890,580 |  |  | 859,173 |
Coatings segment | 345,312 |  |  | 367,835 |  |  | 353,351 |
Irrigation segment: |  |  |  |  |
North America | 378,424 |  |  | 378,613 |  |  | 386,683 |
International | 267,407 |  |  | 206,583 |  |  | 246,983 |
Irrigation segment | 645,831 |  |  | 585,196 |  |  | 633,666 |
Other | — |  |  | — |  |  | 23,080 |
Total | 2,989,192 |  |  | 2,855,901 |  |  | 2,856,150 |
INTERSEGMENT SALES: |  |  |  |  |
Engineered Support Structures | 12,317 |  |  | 10,214 |  |  | 19,522 |
Utility Support Structures | 71 |  |  | 4,972 |  |  | 3,967 |
Coatings | 75,710 |  |  | 67,195 |  |  | 66,612 |
Irrigation | 5,739 |  |  | 6,544 |  |  | 8,905 |
Total | 93,837 |  |  | 88,925 |  |  | 99,006 |
NET SALES: |  |  |  |  |
Engineered Support Structures segment | 983,523 |  |  | 1,002,076 |  |  | 967,358 |
Utility Support Structures segment | 1,002,138 |  |  | 885,608 |  |  | 855,206 |
Coatings segment | 269,602 |  |  | 300,640 |  |  | 286,739 |
Irrigation segment | 640,092 |  |  | 578,652 |  |  | 624,761 |
Other | — |  |  | — |  |  | 23,080 |
Total | $ | 2,895,355 |  |  | $ | 2,766,976 |  |  | $ | 2,757,144 |
| 2020 |  | 2019 |  | 2018
OPERATING INCOME (LOSS): |  |  |  |  |
Engineered Support Structures | $ | 65,342 |  |  | $ | 65,627 |  |  | $ | 34,776 |
Utility Support Structures | 100,855 |  |  | 87,788 |  |  | 64,766 |
Coatings | 42,975 |  |  | 51,008 |  |  | 55,325 |
Irrigation | 83,046 |  |  | 71,687 |  |  | 97,722 |
Other | — |  |  | — |  |  | (913) |
Corporate | (66,265) |  |  | (48,205) |  |  | (39,504) |
Total | 225,953 |  |  | 227,905 |  |  | 212,172 |
Interest expense, net | (38,701) |  |  | (36,211) |  |  | (39,569) |
Costs associated with refinancing of debt | — |  |  | — |  |  | (14,820) |
Loss from divestiture of grinding media business | — |  |  | — |  |  | (6,084) |
Other | 5,516 |  |  | 8,164 |  |  | 1,634 |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | $ | 192,768 |  |  | $ | 199,858 |  |  | $ | 153,333 |
TOTAL ASSETS: |  |  |  |  |
Engineered Support Structures | $ | 932,565 |  |  | $ | 944,428 |  |  | $ | 868,336 |
Utility Support Structures | 778,127 |  |  | 742,194 |  |  | 700,915 |
Coatings | 360,594 |  |  | 363,070 |  |  | 294,951 |
Irrigation | 465,322 |  |  | 347,887 |  |  | 347,894 |
Corporate | 416,552 |  |  | 409,637 |  |  | 371,798 |
Total | $ | 2,953,160 |  |  | $ | 2,807,216 |  |  | $ | 2,583,894 |
CAPITAL EXPENDITURES: |  |  |  |  |
Engineered Support Structures | $ | 24,447 |  |  | $ | 25,344 |  |  | $ | 26,783 |
Utility Support Structures | 34,495 |  |  | 26,306 |  |  | 17,442 |
Coatings | 22,132 |  |  | 23,610 |  |  | 10,320 |
Irrigation | 16,740 |  |  | 15,644 |  |  | 7,249 |
Other | — |  |  | — |  |  | 7 |
Corporate | 8,886 |  |  | 6,521 |  |  | 10,184 |
Total | $ | 106,700 |  |  | $ | 97,425 |  |  | $ | 71,985 |
| 2020 |  | 2019 |  | 2018
DEPRECIATION AND AMORTIZATION: |  |  |  |  |
Engineered Support Structures | $ | 25,399 |  |  | $ | 26,280 |  |  | $ | 27,274 |
Utility Support Structures | 23,641 |  |  | 23,779 |  |  | 23,618 |
Coatings | 15,793 |  |  | 15,907 |  |  | 15,956 |
Irrigation | 12,098 |  |  | 10,943 |  |  | 11,335 |
Other | — |  |  | — |  |  | 775 |
Corporate | 5,961 |  |  | 5,355 |  |  | 3,869 |
Total | $ | 82,892 |  |  | $ | 82,264 |  |  | $ | 82,827 |
Summary by Geographical Area by Location of Valmont Facilities:
| 2020 |  | 2019 |  | 2018
NET SALES: |  |  |  |  |
United States | $ | 1,919,136 |  |  | $ | 1,872,840 |  |  | $ | 1,771,390 |
Australia | 252,253 |  |  | 255,271 |  |  | 325,553 |
Denmark | 120,063 |  |  | 90,206 |  |  | 92,559 |
Other | 603,903 |  |  | 548,659 |  |  | 567,642 |
Total | $ | 2,895,355 |  |  | $ | 2,766,976 |  |  | $ | 2,757,144 |
LONG-LIVED ASSETS: |  |  |  |  |
United States | $ | 748,886 |  |  | $ | 753,545 |  |  | $ | 624,143 |
Australia | 179,673 |  |  | 193,029 |  |  | 168,438 |
Denmark | 61,546 |  |  | 58,435 |  |  | 64,497 |
Other | 408,430 |  |  | 369,983 |  |  | 332,556 |
Total | $ | 1,398,535 |  |  | $ | 1,374,992 |  |  | $ | 1,189,634 |
No single customer accounted for more than 10% of net sales in 2020, 2019, or 2018. Net sales by geographical area are based on the location of the facility producing the sales and do not include sales to other operating units of the Company. Australia accounted for approximately 9% of the Company's net sales in 2020; no other foreign country accounted for more than 4% of the Company’s net sales. Operating income by business segment are based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other operating units of the Company. Long-lived assets consist of property, plant and equipment, net of depreciation, goodwill, other intangible assets and other assets. Long-lived assets by geographical area are based on location of facilities.

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration