XML 42 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

LONG-TERM DEBT | 12 Months Ended
--- | ---
Dec. 25, 2021
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt is as follows:
| December 25, 2021 |  | December 26, 2020
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) | (20,436) |  |  | (20,799) |
Revolving credit agreement (c) | 218,897 |  |  | — |
Other notes | 5,684 |  |  | 4,483 |
Debt issuance costs | (7,189) |  |  | (7,505) |
Long-term debt | 951,956 |  |  | 731,179 |
Less current installments of long-term debt | 4,884 |  |  | 2,748 |
Long-term debt, excluding current installments | $ | 947,072 |  |  | $ | 728,431 |
(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 $13,120 at December 25, 2021. 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 $7,316 at December 25, 2021. 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) On October 18, 2021, we along with our wholly-owned subsidiaries Valmont Industries Holland B.V. and Valmont Group Pty. Ltd., as borrowers, entered into an amendment and restatement of our revolving credit agreement with our lenders. The maturity date of the revolving credit facility was extended to October 18, 2026. The credit facility provides for $800,000 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 $300,000 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) term SOFR (based on a 1, 3 or 6 month interest period, as selected by the Company) plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company's senior, unsecured, long-term debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc.; (ii) the higher of •the prime lending rate, •the overnight bank rate plus 50 basis points, and •term SOFR (based on a 1 month interest period) plus 110 basis points, plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company's senior, unsecured, debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc.; or (iii) daily simple SOFR plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company's senior, unsecured, long-term debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At December 25, 2021, the Company had $218,897 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2026, and contains a financial covenant that may limit additional borrowing capability under the agreement. At December 25, 2021, the Company had the ability to borrow $590,521 under this facility, after consideration of standby letters of credit of $744 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $137,818, $124,379 of w hich was unused at December 25, 2021. The revolving credit facility includes a financial leverage covenant. The Company was in compliance with this covenant at December 25, 2021. The minimum aggregate maturities of long-term debt for each of the five years following 2021 are: $4,884, $601, $179, $20 and $218,897. 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 Valmont Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd.

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

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration