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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended
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Jun. 29, 2024
Accounting Policies [Abstract] |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023 and the Condensed Consolidated Statements of Earnings, Comprehensive Income, Cash Flows, and Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023 have been prepared by Valmont Industries, Inc. (the “Company”) without audit. In the opinion of the Company’s management, all necessary adjustments, which include normal and recurring adjustments, have been made to present fairly the financial statements as of June 29, 2024 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. The results of operations for the period ended June 29, 2024 are not necessarily indicative of the operating results for the full fiscal year.
Inventories | Inventories Inventories are valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. Finished and manufactured goods inventories include the costs of acquired raw materials and the related factory labor and overhead charges required to convert raw materials to finished and manufactured goods. Inventories as of June 29, 2024 and December 30, 2023 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 29, | ​ | December 30,
​ | ​ | 2024 |  | 2023
Raw materials and purchased parts | ​ | $ | 233,957 | ​ | $ | 217,134
Work in process | ​ |  | 42,716 | ​ |  | 37,826
Finished and manufactured goods | ​ |  | 356,559 | ​ |  | 403,468
Total inventories | ​ | $ | 633,232 | ​ | $ | 658,428
Geographical Markets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 29, | ​ | December 30,
​ | ​ | 2024 |  | 2023
Raw materials and purchased parts | ​ | $ | 233,957 | ​ | $ | 217,134
Work in process | ​ |  | 42,716 | ​ |  | 37,826
Finished and manufactured goods | ​ |  | 356,559 | ​ |  | 403,468
Total inventories | ​ | $ | 633,232 | ​ | $ | 658,428
Pension Costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | June 29, | ​ | July 1, | ​ | June 29, | ​ | July 1,
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
United States | ​ | $ | 94,731 | ​ | $ | 77,066 | ​ | $ | 180,943 | ​ | $ | 108,924
Foreign | ​ |  | 37,505 | ​ |  | 43,866 | ​ |  | 69,730 | ​ |  | 117,017
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | ​ | $ | 132,236 | ​ | $ | 120,932 | ​ | $ | 250,673 | ​ | $ | 225,941
​
Stock Plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | June 29, | ​ | July 1, | ​ | June 29, | ​ | July 1,
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
Interest cost | ​ | $ | 5,242 | ​ | $ | 5,414 | ​ | $ | 10,484 | ​ | $ | 10,670
Expected return on plan assets | ​ |  | (5,591) | ​ |  | (5,477) | ​ |  | (11,183) | ​ |  | (10,794)
Amortization of prior service costs | ​ |  | 127 | ​ |  | 124 | ​ |  | 254 | ​ |  | 246
Amortization of net actuarial loss | ​ |  | 381 | ​ |  | — | ​ |  | 762 | ​ |  | —
Net periodic pension cost | ​ | $ | 159 | ​ | $ | 61 | ​ | $ | 317 | ​ | $ | 122
Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | June 29, | ​ | July 1, | ​ | June 29, | ​ | July 1,
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation | ​ | $ | 6,925 | ​ | $ | 11,167 | ​ | $ | 14,108 | ​ | $ | 19,856
Income tax benefits | ​ |  | 1,731 | ​ |  | 2,792 | ​ |  | 3,527 | ​ |  | 4,964
​
Long-Lived Assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value | ​ | Fair Value Measurement Using:
​ | ​ | December 30, 2023 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
Deferred compensation investments | ​ | $ | 26,803 | ​ | $ | 26,803 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | 2,860 | ​ | ​ | — | ​ | ​ | 2,860 | ​ | ​ | —
Cash and cash equivalents—mutual funds | ​ | ​ | 6,258 | ​ | ​ | 6,258 | ​ | ​ | — | ​ | ​ | —
​
Leases | Leases The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets.
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes net earnings, foreign currency translation adjustments, certain derivative-related activity, and changes in prior service costs and net actuarial losses from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of June 29, 2024 and December 30, 2023:
Revenue Recognition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 29, | ​ | December 30,
​ | ​ | 2024 |  | 2023
Foreign currency translation adjustments | ​ | $ | (276,554) | ​ | $ | (236,690)
Hedging activities | ​ | ​ | 19,498 | ​ | ​ | 20,989
Defined benefit pension plan | ​ | ​ | (56,773) | ​ | ​ | (57,535)
Accumulated other comprehensive loss | ​ | $ | (313,829) | ​ | $ | (273,236)
​ Revenue Recognition The Company determines the appropriate revenue recognition model for contracts by analyzing the type, terms, and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue and do not include variable consideration. Discounts included in contracts with customers, typically early-pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation is related to the manufacture and sale of goods. Contract revenues are classified as “Service sales” when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings product line and Technology Products and Services product line. Customer acceptance provisions exist only in the design stage of our products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on the design of the product and does not recognize this service as a separate performance obligation, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties. Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation (“TD&S”), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected not to disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. In addition, the Company does not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within one year of transfer of control of goods or services. Most of the Company’s customers are invoiced upon shipment or delivery of the goods to the customer’s specified location. As revenue is recognized over time, contract assets are recorded, and such contract assets are relieved when the customer is invoiced. As of June 29, 2024 and December 30, 2023, total contract assets were $191,846 and $175,721, respectively, and were recorded as “Contract assets” in the Condensed Consolidated Balance Sheets. Certain customers are also invoiced by advanced billings or progress billings. When progress on performance obligations is less than the amount the customer has been billed, a contract liability is recognized. As of June 29, 2024 and December 30, 2023, total contract liabilities were $68,811 and $70,978, respectively, and were recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows:
| ● | During the thirteen and twenty-six weeks ended June 29, 2024, the Company recognized $7,230 and $41,509 of revenue that was included in the total contract liability as of December 30, 2023, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period.
| ● | During the thirteen and twenty-six weeks ended July 1, 2023, the Company recognized $41,217 and $100,157 of revenue that was included in the total contract liability as of December 31, 2022, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period.
| ● | As of June 29, 2024, the Company had no material remaining performance obligations on contracts with an expected duration of one year or more.
Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete structures within the TD&S and Telecommunications product lines are engineered to customer specifications resulting in limited ability to sell the structures to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by rights to payment for work performed to date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferred over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The selection of the method to measure progress toward completion requires judgment. For the structures manufactured within the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an inputs basis, using total production hours incurred to date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of sales, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S product line sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. Some large regional customers have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the service has been performed and the goods are ready to be picked up or delivered to the customer, which is the same time that the customer is billed. Agriculture Segment Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of the Technology Products and Services product line are primarily billed annually and revenue is recognized on a straight-line basis over the contract period. The disaggregation of revenue by product line is disclosed in Note 9.
Supplier Finance Program | Supplier Finance Program During fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program that allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution and the Company’s rights and obligations to suppliers are not impacted. The Company has no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. The invoice amounts and scheduled payment terms are not impacted by the suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in “Net cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023 were $41,509 and $41,916 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program. ​
​ | ​ | ​ | ​
Confirmed obligations outstanding as of December 30, 2023 | ​ | $ | 41,916
Invoices confirmed during the period | ​ | ​ | 108,504
Confirmed invoices paid during the period | ​ |  | (108,911)
Confirmed obligations outstanding as of June 29, 2024 | ​ | $ | 41,509
Redeemable Noncontrolling Interests | ​
​ | ​ | ​ | ​
Confirmed obligations outstanding as of December 30, 2023 | ​ | $ | 41,916
Invoices confirmed during the period | ​ | ​ | 108,504
Confirmed invoices paid during the period | ​ |  | (108,911)
Confirmed obligations outstanding as of June 29, 2024 | ​ | $ | 41,509
Treasury Stock | Treasury Stock Repurchased shares are recorded as “Treasury stock” and result in a reduction of “Shareholders’ equity” in the Condensed Consolidated Balance Sheets. When treasury shares are re-issued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional paid-in capital”. In May 2014, the Company announced a capital allocation philosophy that covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company’s outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company’s outstanding common stock with no stated expiration date. In February 2023, the Board of Directors increased the amount remaining under the program by an additional $400,000, with no stated expiration date, bringing the total authorization to $1,400,000. As of June 29, 2024, the Company has acquired 8,051,134 shares for $1,278,832 under this share repurchase program. In November 2023, the Company entered into an accelerated purchase agreement to repurchase $120,000 of the Company’s outstanding common stock (“November 2023 ASR”) with CitiBank, N.A. as counterparty. The November 2023 ASR was entered into under the Company’s previously announced share repurchase program described above. The Company pre-paid $120,000 in the fourth quarter of fiscal 2023 and received an initial delivery of 438,917 shares of common stock. The agreement was settled with the delivery of an additional 96,224 shares of common stock in the first quarter of fiscal 2024. The total number of shares ultimately delivered under the November 2023 ASR, and therefore the average purchase price paid per share of $224.24, was determined based on the volume-weighted average market price of the Company’s common stock during the term of the agreement, less a discount.
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about reportable segments including more detailed information about a reportable segment’s expenses. This guidance will be effective for the fiscal year ending December 28, 2024 and the interim periods thereafter, with early adoption permitted. The guidance will have no effect on the Company’s results of operations as the changes are primarily disclosure related. The Company has elected not to early adopt. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This guidance will be effective on a prospective basis for the fiscal year ending December 27, 2025, with early adoption permitted. The guidance will have no effect on the Company’s results of operations as the changes are primarily disclosure related. The Company has elected not to early adopt.

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