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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 25, 2021
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| September 25, 2021 |  | December 26, 2020
Raw materials and purchased parts | $ | 209,090 |  |  | $ | 155,512 |
Work-in-process | 45,213 |  |  | 33,632 |
Finished goods and manufactured goods | 401,600 |  |  | 259,797 |
Total Inventory | $ | 655,903 |  |  | $ | 448,941 |
Earnings before income taxes | Earnings bef ore income taxes for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020, were as follows:
| Thirteen weeks ended |  | Thirty-nine weeks ended
| 2021 |  | 2020 |  | 2021 |  | 2020
United States | $ | 47,784 |  |  | $ | 33,610 |  |  | $ | 156,028 |  |  | $ | 141,347 |
Foreign | 20,909 |  |  | 18,978 |  |  | 61,284 |  |  | 4,283 |
| $ | 68,693 |  |  | $ | 52,588 |  |  | $ | 217,312 |  |  | $ | 145,630 |
Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020 were as follows:
| Thirteen weeks ended |  | Thirty-nine weeks ended
Net periodic (benefit) expense: | 2021 |  | 2020 |  | 2021 |  | 2020
Interest cost | $ | 2,479 |  |  | $ | 3,285 |  |  | $ | 7,508 |  |  | $ | 9,569 |
Expected return on plan assets | (6,957) |  |  | (5,887) |  |  | (21,061) |  |  | (17,149) |
Amortization of actuarial loss | 827 |  |  | 748 |  |  | 2,502 |  |  | 2,179 |
Net periodic (benefit) expense | $ | (3,651) |  |  | $ | (1,854) |  |  | $ | (11,051) |  |  | $ | (5,401) |
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 thirty-nine weeks ended September 25, 2021 and September 26, 2020, respectively, were as follows:
| Thirteen weeks ended |  | Thirty-nine weeks ended
| 2021 |  | 2020 |  | 2021 |  | 2020
Compensation expense | $ | 8,947 |  |  | $ | 3,065 |  |  | $ | 17,895 |  |  | $ | 8,736 |
Income tax benefits | 2,237 |  |  | 766 |  |  | 4,474 |  |  | 2,184 |
During the third quarter of 2021, the Company granted approximately 143,859 restricted shares, worth approximately $38,000, to certain employees of Prospera Technologies, Ltd. ("Prospera"). These restricted shares vest in equal installments over four years, and require the employees to continue employment over those four years. As such, the related compensation expense will be incurred over the vesting period.
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value September 25, 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 | $ | 29,580 |  |  | $ | 29,580 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | 7,001 |  |  | — |  |  | 7,001 |  |  | — |
|  |  | 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 September 25, 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) | (16,643) |  |  | 14,369 |  |  | 1,838 |  |  | (436) |
Balance at September 25, 2021 | $ | (229,707) |  |  | $ | 29,919 |  |  | $ | (110,434) |  |  | $ | (310,222) |
Disaggregation of revenue | A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020 is as follows:
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended September 25, 2021 |  | Thirteen weeks ended September 25, 2021 |  | Thirty-nine weeks ended September 25, 2021 |  | Thirty-nine weeks ended September 25, 2021
Utility Support Structures | $ | 12,834 |  |  | $ | 263,668 |  |  | $ | 28,255 |  |  | $ | 768,808 |
Engineered Support Structures | 271,277 |  |  | 9,772 |  |  | 745,125 |  |  | 27,420 |
Coatings | 74,906 |  |  | — |  |  | 224,102 |  |  | — |
Irrigation | 230,273 |  |  | 6,052 |  |  | 729,813 |  |  | 14,774 |
Total | $ | 589,290 |  |  | $ | 279,492 |  |  | $ | 1,727,295 |  |  | $ | 811,002 |
| Point in Time |  | Over Time |  | Point in Time |  | Over Time
| Thirteen weeks ended September 26, 2020 |  | Thirteen weeks ended September 26, 2020 |  | Thirty-nine weeks ended September 26, 2020 |  | Thirty-nine weeks ended September 26, 2020
Utility Support Structures | $ | 43,287 |  |  | $ | 229,192 |  |  | $ | 56,830 |  |  | $ | 667,070 |
Engineered Support Structures | 244,785 |  |  | 10,160 |  |  | 697,491 |  |  | 33,693 |
Coatings | 68,698 |  |  | — |  |  | 199,955 |  |  | — |
Irrigation | 133,999 |  |  | 3,849 |  |  | 430,729 |  |  | 11,210 |
Total | $ | 490,769 |  |  | $ | 243,201 |  |  | $ | 1,385,005 |  |  | $ | 711,973 |

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