XML 39 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

LONG-TERM DEBT | 12 Months Ended
--- | ---
Dec. 30, 2023
Debt Disclosure [Abstract] |
LONG-TERM DEBT | (11) LONG-TERM DEBT Long-term debt as of December 30, 2023 and December 31, 2022 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 30, | ​ | December 31,
​ | ​ | 2023 |  | 2022
5.00% senior unsecured notes due in fiscal 2044 (a) | ​ | $ | 450,000 | ​ | $ | 450,000
5.25% senior unsecured notes due in fiscal 2054 (b) | ​ |  | 305,000 | ​ |  | 305,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b) | ​ |  | (19,665) | ​ |  | (20,053)
Revolving credit agreement (c) | ​ |  | 377,899 | ​ |  | 140,513
Other notes | ​ |  | 2,015 | ​ |  | 3,587
Debt issuance costs | ​ |  | (6,645) | ​ |  | (6,918)
Long-term debt | ​ |  | 1,108,604 | ​ |  | 872,129
Less: Current installments of long-term debt | ​ |  | 719 | ​ |  | 1,194
Long-term debt, excluding current installments | ​ | $ | 1,107,885 | ​ | $ | 870,935
​
(a) | The 5.00% senior unsecured notes due in fiscal 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $12,503 as of December 30, 2023. The notes bear interest at 5.00% 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 in fiscal 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,162 as of December 30, 2023. The notes bear interest at 5.25% 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, 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 Secured Overnight Financing Rate (“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 S&P Global Ratings 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 one-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 long-term debt published by S&P Global Ratings and Moody’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 S&P Global Ratings and Moody’s Investors Service, Inc.
As of December 30, 2023, the Company had $377,899 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. As of December 30, 2023, the Company had the ability to borrow $421,939 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 $39,336, of which $36,131 were unused as of December 30, 2023. The revolving credit facility includes a financial leverage covenant. The Company was in compliance with this covenant as of December 30, 2023. The minimum aggregate maturities of long-term debt for each of the five fiscal years following the fiscal year ended December 30, 2023 are $719; $599; $378,554; $43; and $0. The obligations arising under the 5.00% senior unsecured notes due in fiscal 2044, the 5.25% senior unsecured notes due in fiscal 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 -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration