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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |  | December 25,
​ |  | 2022 |  | 2021
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) | ​ |  | (20,053) | ​ |  | (20,436)
Revolving credit agreement (c) | ​ |  | 140,513 | ​ |  | 218,897
Other notes | ​ |  | 3,587 | ​ |  | 5,684
Debt issuance costs | ​ |  | (6,918) | ​ |  | (7,189)
Long-term debt | ​ |  | 872,129 | ​ |  | 951,956
Less: Current installments of long-term debt | ​ |  | 1,194 | ​ |  | 4,884
Long-term debt, excluding current installments | ​ | $ | 870,935 | ​ | $ | 947,072
​
(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 $12,820 at December 31, 2022. 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 $7,233 at December 31, 2022. 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.
(11) LONG-TERM DEBT – CONTINUED
(c) | On October 18, 2021, the Company along with its wholly-owned subsidiaries Valmont Industries Holland B.V. and Valmont Group Pty. Ltd., as borrowers, entered into an amendment and restatement of the revolving credit agreement with the Company’s 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. The Company 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 100 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 31, 2022, the Company had $140,513 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 31, 2022, the Company had the ability to borrow $659,401 under this facility, after consideration of standby letters of credit of $162 associated with certain insurance obligations. The Company also maintains certain short-term bank lines of credit totaling $125,034, of which $119,188 was unused at December 31, 2022.

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