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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 26, 2021
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| June 26, 2021 |  | December 26, 2020
Raw materials and purchased parts | $ | 234,246 |  |  | $ | 155,512 |
Work-in-process | 43,863 |  |  | 33,632 |
Finished goods and manufactured goods | 315,389 |  |  | 259,797 |
Total Inventory | $ | 593,498 |  |  | $ | 448,941 |
Earnings before income taxes | Earnings bef ore income taxes for the thirteen and twenty-six weeks ended June 26, 2021 and June 27, 2020, were as follows:
| Thirteen weeks ended |  | Twenty-six weeks ended
| 2021 |  | 2020 |  | 2021 |  | 2020
United States | $ | 57,090 |  |  | $ | 54,237 |  |  | $ | 108,245 |  |  | $ | 107,737 |
Foreign | 20,666 |  |  | (18,621) |  |  | 40,374 |  |  | (14,695) |
| $ | 77,756 |  |  | $ | 35,616 |  |  | $ | 148,619 |  |  | $ | 93,042 |
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 26, 2021 and June 27, 2020 were as follows:
| Thirteen weeks ended |  | Twenty-six weeks ended
Net periodic (benefit) expense: | 2021 |  | 2020 |  | 2021 |  | 2020
Interest cost | $ | 2,530 |  |  | $ | 3,160 |  |  | $ | 5,027 |  |  | $ | 6,284 |
Expected return on plan assets | (7,097) |  |  | (5,664) |  |  | (14,102) |  |  | (11,262) |
Amortization of actuarial loss | 843 |  |  | 720 |  |  | 1,675 |  |  | 1,431 |
Net periodic (benefit) expense | $ | (3,724) |  |  | $ | (1,784) |  |  | $ | (7,400) |  |  | $ | (3,547) |
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 26, 2021 and June 27, 2020, respectively, were as follows:
| Thirteen weeks ended |  | Twenty-six weeks ended
| 2021 |  | 2020 |  | 2021 |  | 2020
Compensation expense | $ | 4,277 |  |  | $ | 2,346 |  |  | $ | 8,948 |  |  | $ | 5,671 |
Income tax benefits | 1,069 |  |  | 587 |  |  | 2,237 |  |  | 1,418 |
Subsequent to June 26, 2021, the Company granted approximately 153,000 restricted shares, worth approximately $38,000, to certain employees of Prospera Technologies, Ltd. ("Prospera"). The restricted shares vest in equal installments over four years.
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value June 26, 2021 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 35,479 |  |  | $ | 35,479 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | 21,215 |  |  | — |  |  | 21,215 |  |  | — |
|  |  | Fair Value Measurement Using:
| Carrying Value December 26, 2020 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 35,327 |  |  | $ | 35,327 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative financial instruments, net | (5,911) |  |  | — |  |  | (5,911) |  |  | — |
Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at June 26, 2021 and December 26, 2020:
| Foreign Currency Translation Adjustments |  | Gain on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balance at December 26, 2020 | $ | (213,064) |  |  | $ | 15,550 |  |  | $ | (112,272) |  |  | $ | (309,786) |
Current-period comprehensive income (loss) | (2,496) |  |  | 27,172 |  |  | 1,675 |  |  | 26,351 |
Balance at June 26, 2021 | $ | (215,560) |  |  | $ | 42,722 |  |  | $ | (110,597) |  |  | $ | (283,435) |
Disaggregation of revenue | A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and twenty-six weeks ended June 26, 2021 and June 27, 2020 is as follows:
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended June 26, 2021 |  | Thirteen weeks ended June 26, 2021 |  | Twenty-six weeks ended June 26, 2021 |  | Twenty-six weeks ended June 26, 2021
Utility Support Structures | $ | 9,127 |  |  | $ | 258,736 |  |  | $ | 15,421 |  |  | $ | 505,140 |
Engineered Support Structures | 260,001 |  |  | 9,339 |  |  | 473,847 |  |  | 17,649 |
Coatings | 77,605 |  |  | — |  |  | 149,196 |  |  | — |
Irrigation | 274,903 |  |  | 4,918 |  |  | 499,540 |  |  | 8,722 |
Total | $ | 621,636 |  |  | $ | 272,993 |  |  | $ | 1,138,004 |  |  | $ | 531,511 |
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended June 27, 2020 |  | Thirteen weeks ended June 27, 2020 |  | Twenty-six weeks ended June 27, 2020 |  | Twenty-six weeks ended June 27, 2020
Utility Support Structures | $ | 4,619 |  |  | $ | 223,854 |  |  | $ | 13,543 |  |  | $ | 437,878 |
Engineered Support Structures | 236,827 |  |  | 12,046 |  |  | 452,706 |  |  | 23,533 |
Coatings | 62,667 |  |  | — |  |  | 131,257 |  |  | — |
Irrigation | 144,988 |  |  | 3,807 |  |  | 296,730 |  |  | 7,361 |
Total | $ | 449,101 |  |  | $ | 239,707 |  |  | $ | 894,236 |  |  | $ | 468,772 |

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