Valmont Industries (VMI) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 25, 2018
Document and Entity Information
Entity Registrant Name	VALMONT INDUSTRIES INC
Entity Central Index Key	102,729
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		22,408,197
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Net sales	$ 682,405	$ 712,737	$ 1,381,089	$ 1,350,210
Total cost of sales	507,406	529,457	1,036,850	1,002,325
Gross profit	174,999	183,280	344,239	347,885
Selling, general and administrative expenses	111,329	104,830	216,609	204,779
Operating income	63,670	78,450	127,630	143,106
Other income (expenses):
Interest expense	(11,791)	(10,818)	(22,865)	(22,122)
Interest income	1,446	967	2,713	1,894
Loss from divestiture of grinding media business	(6,084)	0	(6,084)	0
Other	1,844	(192)	703	853
Total other income (expenses)	(14,585)	(10,043)	(25,533)	(19,375)
Earnings before income taxes	49,085	68,407	102,097	123,731
Income tax expense (benefit):
Current	16,724	27,803	24,437	29,101
Deferred	(2,319)	(6,718)	2,500	7,347
Total income tax expense (benefit)	14,405	21,085	26,937	36,448
Earnings before equity in earnings of nonconsolidated subsidiaries	34,680	47,322	75,160	87,283
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	34,680	47,322	75,160	87,283
Less: Earnings attributable to noncontrolling interests	(1,720)	(1,658)	(2,919)	(2,640)
Net earnings attributable to Valmont Industries, Inc.	$ 32,960	$ 45,664	$ 72,241	$ 84,643
Earnings per share:
Basic (in dollars per share)	$ 1.47	$ 2.03	$ 3.21	$ 3.76
Diluted (in dollars per share)	1.46	2.01	3.18	3.73
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.375	$ 0.75	$ 0.75
Weighted average number of shares of common stock outstanding - Basic (in shares)	22,438	22,517	22,523	22,494
Weighted average number of shares of common stock outstanding - Diluted (in shares)	22,573	22,740	22,684	22,700
Product sales
Net sales	$ 598,642	$ 632,507	$ 1,219,128	$ 1,205,459
Total cost of sales	453,021	477,174	929,285	904,021
Services sales
Net sales	83,763	80,230	161,961	144,751
Total cost of sales	$ 54,385	$ 52,283	$ 107,565	$ 98,304

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 34,680	$ 47,322	$ 75,160	$ 87,283
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(46,953)	21,551	(40,149)	40,941
Realized loss on divestiture of grinding media business recorded in earnings	9,203	0	9,203	0
Gain (loss) on hedging activities:
Net investment hedges	2,396	(550)	1,607	(1,076)
Realized loss on net investment hedge for grinding media business recorded in earnings	1,215	0	1,215	0
Amortization cost included in interest expense	25	18	44	37
Loss (deferred) on interest rate hedges	(2,467)	0	(2,467)	0
Commodity hedges	1,438	0	1,345	0
Other comprehensive income (loss)	(35,143)	21,019	(29,202)	39,902
Comprehensive income	(463)	68,341	45,958	127,185
Comprehensive loss (income) attributable to noncontrolling interests	(1,114)	(2,223)	(5,861)	(1,982)
Comprehensive income attributable to Valmont Industries, Inc.	$ (1,577)	$ 66,118	$ 40,097	$ 125,203

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
Current assets:
Cash and cash equivalents	$ 722,588	$ 492,805
Receivables, net	472,849	503,677
Inventories	381,971	420,948
Prepaid expenses and other assets	127,843	43,643
Refundable income taxes	9,841	11,492
Total current assets	1,715,092	1,472,565
Property, plant and equipment, at cost	1,132,074	1,165,687
Less accumulated depreciation and amortization	639,386	646,759
Net property, plant and equipment	492,688	518,928
Goodwill	321,362	337,720
Other intangible assets, net	124,549	138,599
Other assets	125,670	134,438
Total assets	2,779,361	2,602,250
Current liabilities:
Current installments of long-term debt	253,081	966
Notes payable to banks	271	161
Accounts payable	193,612	227,906
Accrued employee compensation and benefits	71,813	84,426
Accrued expenses	79,363	81,029
Liabilities held for sale	8,412	8,510
Dividends Payable, Current	8,412	8,510
Total current liabilities	606,552	402,998
Deferred income taxes	34,492	34,906
Long-term debt, excluding current installments	736,302	753,888
Defined benefit pension liability	183,688	189,552
Deferred compensation	48,118	48,526
Other noncurrent liabilities	20,385	20,585
Shareholders’ equity:
Preferred stock of $1 par value - Authorized 500,000 shares; none issued	0	0
Common stock of $1 par value - Authorized 75,000,000 shares; issued 27,900,000 issued	27,900	27,900
Retained earnings	2,023,919	1,954,344
Accumulated other comprehensive loss	(311,166)	(279,022)
Treasury stock	(628,487)	(590,386)
Total Valmont Industries, Inc. shareholders’ equity	1,112,166	1,112,836
Noncontrolling interest in consolidated subsidiaries	37,658	38,959
Total shareholders’ equity	1,149,824	1,151,795
Total liabilities and shareholders’ equity	$ 2,779,361	$ 2,602,250

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, issued shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Statement of Cash Flows [Abstract]
Payments of Debt Issuance Costs	$ (2,322)	$ 0
Cash flows from operating activities:
Net earnings	75,160	87,283
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	41,657	41,754
Noncash loss on trading securities	229	188
Stock-based compensation	5,374	4,590
Defined benefit pension plan expense (benefit)	(1,159)	314
Contribution to defined benefit pension plan	(731)	(25,379)
(Gain)/loss on sale of property, plant and equipment	(287)	(64)
Equity in earnings of nonconsolidated subsidiaries	0	0
Deferred income taxes	2,500	7,347
Changes in assets and liabilities:
Receivables	10,664	(49,416)
Inventories	(20,592)	(24,963)
Prepaid expenses and other assets	(34,096)	(5,892)
Accounts payable	(18,645)	10,715
Accrued expenses	(10,523)	5,252
Other noncurrent liabilities	(480)	1,973
Income taxes refundable	(4,288)	2,028
Net cash flows from operating activities	53,658	55,730
Cash flows from investing activities:
Purchase of property, plant and equipment	(31,816)	(26,183)
Proceeds from sale of assets	64,393	890
Payments to Acquire Businesses, Net of Cash Acquired	(9,300)	0
Settlement of net investment hedges	(1,621)	5,123
Other, net	2,404	(2,467)
Net cash flows from investing activities	24,060	(22,637)
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements	130	(369)
Principal payments on long-term borrowings	(495)	(434)
Dividends paid	(17,003)	(16,913)
Dividends to noncontrolling interest	(4,852)	(2,889)
Purchase of noncontrolling interest	(5,510)	0
Purchase of treasury shares	(43,999)	0
Proceeds from exercises under stock plans	5,711	10,168
Purchase of common treasury shares—stock plan exercises	(1,769)	(3,056)
Net cash flows from financing activities	165,065	(13,493)
Effect of exchange rate changes on cash and cash equivalents	(13,000)	16,106
Net change in cash and cash equivalents	229,783	35,706
Cash, cash equivalents, and restricted cash—beginning of year	492,805	412,516
Cash, cash equivalents, and restricted cash—end of period	722,588	448,222
Restructuring Costs	2,791	0
Asset Impairment Charges	$ 6,084	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest in consolidated subsidiaries
Beginning balance at Dec. 31, 2016	$ 982,586	$ 27,900	$ 0	$ 1,874,722	$ (346,359)	$ (612,781)	$ 39,104
Increase (Decrease) in Shareholders' Equity
Net earnings	87,283			84,643			2,640
Other comprehensive income (loss)	39,902				40,560		(658)
Cash dividends declared	(16,939)			(16,939)			0
Dividends to noncontrolling interests	(2,889)						(2,889)
Stock plan exercises	(3,056)					(3,056)
Stock options exercised	10,168		(4,590)	3,448		11,310
Stock option expense	2,578		2,578
Stock awards	2,813		2,012			801
Ending balance at Jul. 01, 2017	1,102,446	27,900	0	1,945,874	(305,799)	(603,726)	38,197
Increase (Decrease) in Shareholders' Equity
Cumulative impact of ASC 606 adoption | Accounting Standards Update 2014-09	9,771			9,771
Cumulative impact of ASC 606 adoption | Accounting Standards Update 2016-16	1,038			1,038
Beginning balance at Dec. 30, 2017	1,151,795	27,900	0	1,954,344	(279,022)	(590,386)	38,959
Increase (Decrease) in Shareholders' Equity
Net earnings	75,160			72,241			2,919
Other comprehensive income (loss)	(29,202)				(32,144)		2,942
Cash dividends declared	(16,893)			(16,893)			0
Dividends to noncontrolling interests	(4,852)						(4,852)
Purchase of noncontrolling interests	5,510		0				5,510
Addition of noncontrolling interest	3,200						3,200
Purchase of treasury shares	(43,999)					(43,999)
Stock plan exercises	(1,769)					(1,769)
Stock options exercised	5,711		(4,459)	3,418		6,752
Stock option expense	2,151		2,151
Stock awards	3,223		2,308			915
Ending balance at Jun. 30, 2018	$ 1,149,824	$ 27,900	$ 0	$ 2,023,919	$ (311,166)	$ (628,487)	$ 37,658

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Statement of Stockholders' Equity [Abstract]
Purchase of treasury shares, shares acquired (in shares)	384,622
Stock plan exercises; shares acquired (in shares)	19,086
Stock options exercised; shares issued (in shares)	84,432
Stock awards; shares issued (in shares)	5,677

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 30, 2018 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 30, 2018 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, 2017 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 30, 2017 with the exception of the revenue recognition accounting policy which changed from adopting ASU 2014-09 and is discussed later within this footnote. The results of operations for the period ended June 30, 2018 are not necessarily indicative of the operating results for the full year. Inventories Approximately 37% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 30, 2018 and December 30, 2017 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods. The excess of replacement cost of inventories over the LIFO value is approximately $46,459 and $43,727 at June 30, 2018 and December 30, 2017 , respectively. Inventories consisted of the following: June 30, December 30, Raw materials and purchased parts $ 191,918 $ 183,029 Work-in-process 19,500 30,671 Finished goods and manufactured goods 217,012 250,975 Subtotal 428,430 464,675 Less: LIFO reserve 46,459 43,727 $ 381,971 $ 420,948 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 United States $ 42,336 $ 50,773 $ 84,101 $ 86,197 Foreign 6,749 17,634 17,996 37,534 $ 49,085 $ 68,407 $ 102,097 $ 123,731 The Company estimated and recognized provisional amounts at December 30, 2017 for the following aspect of the 2017 Tax Act: • Deemed Repatriation transition tax : The Deemed Repatriation transition tax (“Transition Tax”) is a tax on unremitted foreign earnings of certain foreign subsidiaries, which subjected the Company's unremitted foreign earnings of approximately $400,000 to tax at certain specified rates less associated foreign tax credits. The Company recorded a provisional Transition Tax obligation of $9,890 . • Indefinite reinvestment assertion : The Company's position is that unremitted foreign earnings subject to the Transition Tax are not indefinitely reinvested. The Company recorded a provisional amount of the deferred income taxes for foreign withholding taxes and U.S. state income taxes of $10,373 and $1,300 , respectively. The Company also continues to gather additional information to determine its permanently reinvested position with respect to future foreign earnings. • No adjustments to these 2017 Tax Act amounts were recognized during the first half of 2018. However, the Company may adjust these provisional amounts in future quarters of 2018 after assessing additional implementation guidance as it becomes available. Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended Net periodic (benefit) expense: 2018 2017 2018 2017 Interest cost $ 4,486 $ 4,478 $ 9,202 $ 8,799 Expected return on plan assets (5,815 ) (5,054 ) (11,929 ) (9,931 ) Amortization of actuarial loss 764 736 1,568 1,446 Net periodic expense (benefit) $ (565 ) $ 160 $ (1,159 ) $ 314 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At June 30, 2018 , 1,700,000 shares of common stock remained available for issuance under the plans. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the grant's fifth anniversary. Expiration of grants is from seven to ten years from the date of grant. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant. 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 twenty-six weeks ended June 30, 2018 and July 1, 2017 , respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 Compensation expense $ 2,599 $ 2,096 $ 5,374 $ 4,590 Income tax benefits 650 807 1,344 1,767 Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The assets and liabilities recorded for the investments held in the Valmont Deferred Compensation Plan of $39,508 ( $39,091 at December 30, 2017) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification 320, Accounting for Certain (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments in Debt and Equity Securities , considering the employee's ability to change investment allocation of their deferred compensation at any time. The Company's ownership of shares in Delta EMD Pty. Ltd. (JSE:DTA) is also classified as trading securities. The shares are valued at $1,686 and $1,951 as of June 30, 2018 and December 30, 2017, respectively, which is the estimated fair value. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 41,194 $ 41,194 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 41,042 $ 41,042 $ — $ — Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a 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) consisted of the following at June 30, 2018 and December 30, 2017: Foreign Currency Translation Adjustments Gain/(Loss) on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (171,399 ) $ 6,357 $ (113,980 ) $ (279,022 ) Current-period comprehensive income (loss) (43,091 ) 529 — (42,562 ) Divestiture of grinding media business 9,203 1,215 — 10,418 Balance at June 30, 2018 $ (205,287 ) $ 8,101 $ (113,980 ) $ (311,166 ) Revenue Recognition On December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company elected to use the modified retrospective approach for the adoption of the new revenue standard. The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Condensed Consolidated Balance Sheet as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Balance Sheet December 30, ASC 606 Adjustments December 31, Assets Inventories $ 420,948 $ (36,243 ) $ 384,705 Prepaid expenses and other current assets 43,643 51,507 95,150 Liabilities and shareholders' equity Accrued expenses 81,029 2,043 83,072 Deferred income taxes 34,906 3,450 38,356 Retained earnings 1,954,344 9,771 1,964,115 The adoption of ASC 606 had the following impact on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Earnings for the thirteen weeks and twenty-six weeks ended June 30, 2018 : Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 381,971 $ 436,414 $ (54,443 ) Prepaid expenses and other assets 127,843 53,829 74,014 Liabilities and shareholders' equity Accrued expenses 79,363 75,060 4,303 Deferred income taxes 34,492 30,535 3,957 Retained earnings 2,023,919 2,012,608 11,311 Thirteen Weeks Ended June 30, 2018 Twenty-six Weeks Ended June 30, 2018 Statement of Earnings As Reported Balance Excluding ASC 606 Effects Change As Reported Balance Excluding ASC 606 Effects Change Net Sales $ 682,405 $ 687,953 $ (5,548 ) $ 1,381,089 $ 1,358,827 $ 22,262 Operating Income $ 63,670 $ 66,707 $ (3,037 ) $ 127,630 $ 125,592 $ 2,038 The Company determines the appropriate revenue recognition for our 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 when the performance obligation is related to the manufacturing of goods. Contract revenues are classified as service when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings segment. Customer acceptance provisions exist only in the design stage of our products and acceptance of the design by the customer is required before the project is manufactured and delivered to the customer. The Company is not entitled to any compensation solely based on design of the product and does not recognize revenue associated with the design stage. There is one performance obligation for revenue recognition. No general rights of return exist for customers once the product has been delivered and the Company establishes provisions for estimated warranties. The Company does not sell extended warranties for any of its products. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Shipping and handling costs associated with sales are recorded as cost of goods sold. 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 Utility segment and the wireless communication structures product line, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company elected the practical expedient to not 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 elected the practical expedient to not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within twelve months of transfer of control of goods or services; the Company expects all consideration to be received in one year or less at contract inception. Segment and Product Line Revenue Recognition The global Utility segment revenues are derived from manufactured steel and concrete structures for the North America utility industry and offshore and other complex structures used in energy generation and distribution outside of the United States. Steel and concrete utility structures are engineered to customer specifications resulting in limited ability to sell the structure 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 our 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 transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment. For our steel and concrete utility and wireless communication structure product lines, we generally recognize revenue on an inputs basis, using total production hours incurred to-date for each order as a percentage of total hours estimated to produce the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of goods sold and gross profit. Production of an order, once started, is typically completed within three months. Revenue from the offshore and other complex structures business is also recognized 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 sales of steel and concrete structures; the Company has chosen to use the practical expedient to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. The global ESS segment revenues are derived from the manufacture and distribution of engineered metal, composite structures and components for lighting and traffic and roadway safety, engineered access systems, and wireless communication. For the lighting and traffic and roadway safety product lines, 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. For Access Systems, revenue is generally recognized upon delivery of goods to the customer which is the same point in time that the customer is billed. The wireless communication product line has large regional customers who have unique product specifications for communication 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. For the remaining wireless communication product line customers which do not provide a contractual right to bill for work completed on a canceled order, revenue is recognized upon shipment or delivery of the goods to the customer which is the same point in time that the customer is billed. The global Coatings segment revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the coating 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. The global Irrigation segment revenues are derived from the manufacture of agricultural irrigation equipment and related parts and services for the agricultural industry and tubular products for industrial customers. Revenue recognition for the irrigation segment 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 are primarily billed annually and revenue is recognized on a straight-line basis over the subsequent twelve months. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Disaggregation of revenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and twenty-six weeks ended June 30, 2018 is as follows: Point in Time Over Time Point in Time Over Time Thirteen weeks ended June 30, 2018 Thirteen weeks ended June 30, 2018 Twenty-six weeks ended June 30, 2018 Twenty-six weeks ended June 30, 2018 Utility Support Structures $ — $ 196,531 $ — $ 406,390 Engineered Support Structures 237,720 8,321 444,914 17,043 Coatings 74,539 — 142,997 — Irrigation 157,800 2,813 341,034 5,631 Other 4,681 — 23,080 — Total $ 474,740 $ 207,665 $ 952,025 $ 429,064 The Company's contract asset as of June 30, 2018 is $92,585 . This amount is included within prepaid expenses and other assets line item within current assets. The contract assets attributable to the cumulative effect from the adoption of the new revenue recognition guidance was $51,507 ; the contract asset at December 30, 2017, attributable to the offshore and other complex structures product line, was $16,165 . Both steel and concrete utility customers are generally invoiced upon shipment or delivery of the goods to the customer's specified location and there are normally no up-front or progress payments. The offshore and complex steel structures business invoices customers a number of ways including advanced billings, progress billings, and billings upon shipment. At June 30, 2018 and December 30, 2017, the contract liability for revenue recognized over time was $4,669 and $7,368 . The contract liability is included in Accrued Expenses on the Condensed Consolidated Balance Sheets. During the twenty-six weeks ended June 30, 2018, the Company recognized $4,456 of revenue that was included in the liability as of December 30, 2017. The revenue recognized was due to applying advance payments received for projects completed during the period. Hedging Activities The Company manages interest rate risk, commodity price risk, and foreign currency risk related to foreign currency denominated transactions and investments in foreign subsidiaries. Depending on the circumstances, the Company may manage these risks by utilizing derivative financial instruments. Some derivative financial instruments are marked to market and recorded in the Company's consolidated statements of earnings, while others may be accounted for as fair value, cash flow, or net investment hedges. Derivative financial instruments have credit and market risk. The Company manages these risks of derivative instruments by monitoring limits as to the types and degree of risk that can be taken, and by entering into transactions with counterparties who are recognized, stable multinational banks. Fair value of derivative instruments at June 30, 2018 and December 30, 2017 are as follows: Derivatives designated as hedging instruments: Balance sheet location June 30, 2018 December 30, 2017 Commodity forward contracts Prepaid expenses and other assets $ 1,345 $ — Foreign currency forward contracts Prepaid expenses and other assets 2,005 — Foreign currency forward contracts Accrued expenses — (826 ) $ 3,350 $ (826 ) (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In the second quarter of 2016, the Company entered into a one-year foreign currency forward contract which qualified as a net investment hedge, in order to mitigate foreign currency risk on a portion of our investments denominated in British pounds. The forward contract had a notional amount to sell British pounds and receive $44,000 , and matured in May 2017. The realized gain of $5,123 ( $3,150 after tax) has been deferred in other comprehensive income (OCI) where it will remain until the Company's net investments in its British subsidiaries are divested. In the third quarter of 2017, the Company entered into two six -month foreign currency forward contracts which qualified as net investment hedges, in order to mitigate foreign currency risk on the grinding media business that is denominated in both Australian dollars and British pounds. The Company announced its intention to divest of this business in August 2017 and finalized the sale in the second quarter. The forward contracts had a maturity date of January 2018 and a notional amount to sell British pounds and Australian dollars to receive $24,059 and $21,222 , respectively. As regulatory approval was still pending at maturity of the contracts, the Company chose to extend the Australian dollar contract through April 2018 which was the planned date of divestiture. Due to the sale of the grinding media business in the second quarter of 2018, the Company reclassified the net investment hedge loss of $1,621 ( $1,215 after tax) from OCI to Loss from divestiture of grinding media business in the Statements of Earnings. In the first quarter of 2018, the Company entered into a steel hot rolled coil forward contract which qualified as a cash flow hedge of the variability in the cash flows attributable to future steel purchases. The forward contract has a notional amount of $7,142 for the purchase of 1,500 short tons for each month from July 2018 to December 2018. During the second quarter of 2018, the Company entered into an additional steel hot rolled coil forward contract with a notional amount of $7,185 for an additional 2,000 short tons for each month from July to September 2018 and 1,000 short tons for each month from October to December 2018. The unrealized gain on the hedges of $1,345 is recorded in OCI. The gain/(loss) upon settlement will be recognized in earnings based on average inventory turns. In the second quarter of 2018, the Company entered into a two foreign currency forward contracts which qualified as net investment hedges, each for a two year term, to mitigate foreign currency risk of the Company's investment in its Australian dollar and euro denominated businesses. The forward contracts have a maturity date of May 2020 and notional amounts to sell Australian dollars and euro to receive $100,000 and $50,000 , respectively. The unrealized gain recorded in OCI for the Australian dollar and euro net investment hedges at June 30, 2018 are $857 and $1,148 , respectively. On June 19, 2018, the Company issued and sold $ 200,000 aggregate principal amount of the Company’s 5.00% senior notes due 2044 and $ 55,000 aggregate principal amount of the Company’s 5.25% senior notes due 2054. During the second quarter of 2018, the Company executed a contract to lock in the interest rate related to the issuance of the 2044 Notes and an additional contract to lock in the interest rate on the 2054 Notes. These contracts, with a combined notional amount of $175,000 , were executed to hedge the risk of potential fluctuations in the treasury rates which would change the amount of net proceeds received from the debt offering. On June 8, 2018, these contracts were settled with the Company paying $2,467 to the counterparties which was recorded in OCI and will be amortized as an increase to interest expense over the term of the debt. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . Effective December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The Company elected the modified retrospective approach for the adoption of the new revenue standard, resulting in a credit to retained earnings being recognized for $9,771 . The Company calculated the cumulative effect on revenue of approximately $51,507 with $13,121 of pre-tax operating income; these were customer orders for the steel utility, concrete utility, and wireless communication structures product lines at various stages of production at December 30, 2017. In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans, which amends the income statement presentation requirements for the components of net periodic benefit cost for an entity's defined benefit pension and post-retirement plans. The Company adopted this ASU in the first quarter of 2018, recognizing the DPP net periodic pension expense within Other income (expense). The Company also reclassified $160 and $314 of DPP net periodic pension expense for second quarter and first half of 2017 out of selling, general, and administrative expense and into Other expense. In December 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted the ASU in the first quarter of 2018, recasting the beginning-of-period and end-of-period total cash and cash equivalent amounts on the statement of cash flows to include the £10,000 restricted cash account for the pension plan at December 31, 2016, thus reducing cash flows from operating activities by $12,568 in 2017. The Company did not have any restricted cash at June 30, 2018 or December 30, 2017.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On January 26, 2018, the Company acquired 60% of the assets of Torrent Engineering and Equipment ("Torrent") for $4,800 in cash. Torrent operates in Indiana and is an integrator of prefabricated pump stations that involves designing high pressure water and compressed air process systems. Torrent has annual sales of approximately $9,000 . In the purchase price allocation, goodwill of $3,922 and $4,020 of customer relationships and other intangible assets were recorded. A portion of the goodwill is deductible for tax purposes. Torrent is included in the Irrigation segment and was acquired to expand the Company's water management capabilities. The purchase price allocation was finalized in the second quarter of 2018. Proforma disclosures were omitted as this business does not have a significant impact on the Company's financial results. On July 31, 2017, the Company purchased Aircon Guardrails Private Limited ("Aircon") for $5,362 in cash, net of cash acquired, plus assumed liabilities. Aircon produces highway safety systems including guardrails, structural metal products, and solar structural products in India with annual sales of approximately $10,000 . In the purchase price allocation, goodwill of $3,327 and $2,109 of customer relationships and other intangible assets were recorded. Goodwill is not deductible for tax purposes. This business is included in the Engineered Support Structures segment and was acquired to expand the Company's geographic presence in the Asia-Pacific region. The purchase price allocation was finalized in the fourth quarter of 2017. Proforma disclosures were omitted as this business does not have a significant impact on the Company's financial results. Acquisitions of Noncontrolling Interests In March 2018, the Company acquired the remaining 10% of Valmont Industria e Commercio Ltda. that it did not own for $5,510 . As this transaction was for the acquisition of all of the remaining shares of a consolidated subsidiary with no change in control, it was recorded within shareholders' equity and as a financing activity in the Consolidated Statements of Cash Flows.

DIVESTITURE

DIVESTITURE	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE	On April 30, 2018, the Company completed the sale of Donhad, its grinding media business in Australia, reported in the Other segment. The business was sold because it did not fit the long-term strategic plans for the Company. The grinding media business historical annual sales, operating profit, and net assets are not significant for discontinued operations presentation. The grinding media business had operating income/(loss) of ($334) and ($913) for the thirteen and twenty-six weeks ended June 30, 2018, and $1,859 and $3,945 for the thirteen and twenty-six weeks ended July 1, 2017. The Company received Australian $82,500 (U.S. $62,518 ) but is subject to a working capital target settlement with the buyer that is expected to be finalized before the end of fiscal 2018. The assets and liabilities of the grinding media business at closing on April 30, 2018 were as follows: Receivables, net $ 9,848 Inventories 15,945 Net property, plant, and equipment 13,815 Goodwill and intangible assets 27,153 Other assets 1,388 Total assets $ 68,149 Accounts payable $ 7,125 Accrued expenses 2,484 Deferred income taxes 2,187 Total liabilities $ 11,796 Net assets $ 56,353 The pre-tax loss from the divestiture is reported in other income (expense). The loss is comprised of the proceeds from buyer, less deal-related costs, less the net assets of the business which resulted in a gain of $4,334 . Offsetting this amount is a $ (10,418) realized loss on foreign exchange translation adjustments and net investment hedges previously reported in shareholders' equity. Pre-tax gain from divestiture, before recognition of currency translation loss $ 4,334 Recognition of cumulative currency translation loss and hedges (out of OCI) (10,418 ) Net pre-tax loss from divestiture of the grinding media business $ (6,084 ) The transaction did not result in a taxable capital gain as the cash proceeds were less than the tax carrying value of the business. There is an insignificant tax benefit from the tax deductibility of deal related expenses.

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES In February 2018, the Company decided upon certain regional restructuring activities (the "2018 Plan") of approximately $ 20,000 , primarily in the ESS segment. The Company expects to incur $ 13,500 of pre-tax restructuring expenses in cost of sales and $ 6,500 of pre-tax restructuring expense in SG&A in 2018. Within the $ 20,000 are expected pre-tax asset impairments of approximately $ 5,000 . The following pre-tax expense were recognized during the second quarter of 2018: ESS Utility Corporate Total Severance $ 1,603 $ 515 $ — $ 2,118 Other cash restructuring expenses 152 959 — 1,111 Asset impairments/net loss on disposals 1,261 — — 1,261 Total cost of sales 3,016 1,474 — 4,490 Severance 1,533 — — 1,533 Other cash restructuring expenses 485 — 126 611 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 2,403 — 126 2,529 Consolidated total $ 5,419 $ 1,474 $ 126 $ 7,019 In the first half of 2018, the Company recognized the following pre-tax restructuring expenses: ESS Utility Corporate Total Severance $ 2,026 $ 515 $ — $ 2,541 Other cash restructuring expenses 152 1,731 — 1,883 Asset impairments/net loss on disposals 2,406 — — 2,406 Total cost of sales 4,584 2,246 — 6,830 Severance 3,511 — — 3,511 Other cash restructuring expenses 567 — 126 693 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 4,463 — 126 4,589 Consolidated total $ 9,047 $ 2,246 $ 126 $ 11,419 Liabilities recorded for the restructuring plans and changes therein for the first half of 2018 were as follows: Balance at December 30, 2017 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 30, 2018 Severance $ — $ 6,052 $ (6,052 ) $ — Other cash restructuring expenses 1,216 2,576 (2,609 ) 1,183 Total $ 1,216 $ 8,628 $ (8,661 ) $ 1,183

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at June 30, 2018 and December 30, 2017 were as follows: June 30, 2018 Gross Accumulated Weighted Customer Relationships $ 188,767 $ 126,904 13 years Proprietary Software & Database 3,589 3,075 8 years Patents & Proprietary Technology 7,225 4,238 11 years Other 4,496 3,789 3 years $ 204,077 $ 138,006 December 30, 2017 Gross Accumulated Weighted Customer Relationships $ 200,810 $ 131,062 13 years Proprietary Software & Database 3,671 3,107 8 years Patents & Proprietary Technology 6,693 3,999 11 years Other 4,861 4,121 3 years $ 216,035 $ 142,289 Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , respectively was as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 3,572 3,903 7,455 7,767 Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2018 $ 14,187 2019 12,903 2020 11,804 2021 9,748 2022 7,573 The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. (5) GOODWILL AND INTANGIBLE ASSETS (Continued) Non-amortized intangible assets Intangible assets with indefinite lives are not amortized. The carrying values of trade names at June 30, 2018 and December 30, 2017 were as follows: June 30, December 30, Year Acquired Newmark $ 11,111 $ 11,111 2004 Valmont SM 9,717 9,973 2014 Webforge 9,230 9,432 2010 Ingal EPS/Ingal Civil Products 7,526 7,690 2010 Shakespeare 4,000 4,000 2014 Other 16,894 22,647 $ 58,478 $ 64,853 In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. The Company’s trade names were tested for impairment in the third quarter of 2017. The values of each trade name was determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired. Goodwill The carrying amount of goodwill by segment as of June 30, 2018 and December 30, 2017 was as follows: Engineered Utility Coatings Irrigation Other Total Gross Balance at December 30, 2017 $ 170,076 $ 90,248 $ 76,696 $ 19,778 $ 15,814 $ 372,612 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 30, 2017 $ 151,406 $ 90,248 $ 60,474 $ 19,778 $ 15,814 $ 337,720 Acquisitions — — — 3,922 — 3,922 Divestiture of grinding media — — — — (15,814 ) (15,814 ) Foreign currency translation (3,443 ) (380 ) (527 ) (116 ) — (4,466 ) Balance at June 30, 2018 $ 147,963 $ 89,868 $ 59,947 $ 23,584 $ — $ 321,362 The Company’s annual impairment test of goodwill was performed during the third quarter of 2017. As a result of that testing, the Company determined that its goodwill was not impaired, as the valuation of the reporting units exceeded their respective carrying values. The Company's offshore and other complex steel structures reporting unit with $14,464 of goodwill, is the reporting unit that did not have a substantial excess of estimated fair value over its carrying value. The Company continues to monitor changes in global market conditions, including commodity prices, which could impact future results of any of its reporting units.

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
CASH FLOW SUPPLEMENTARY INFORMATION	CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the twenty-six weeks ended June 30, 2018 and July 1, 2017 were as follows: 2018 2017 Interest $ 19,448 $ 22,113 Income taxes 22,796 26,966

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 30, 2018: Net earnings attributable to Valmont Industries, Inc. $ 32,960 $ — $ 32,960 Shares outstanding (000 omitted) 22,438 135 22,573 Per share amount $ 1.47 $ (0.01 ) $ 1.46 Thirteen weeks ended July 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 45,664 $ — $ 45,664 Shares outstanding (000 omitted) 22,517 223 22,740 Per share amount $ 2.03 $ (0.02 ) $ 2.01 Twenty-six weeks ended June 30, 2018: Net earnings attributable to Valmont Industries, Inc. $ 72,241 $ — $ 72,241 Shares outstanding (000 omitted) 22,523 161 22,684 Per share amount $ 3.21 $ (0.03 ) $ 3.18 Twenty-six weeks ended July 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 84,643 $ — $ 84,643 Shares outstanding (000 omitted) 22,494 206 22,700 Per share amount $ 3.76 $ (0.03 ) $ 3.73 Basic and diluted earnings per share in the second quarter and first half of 2018 were impacted by the 2018 Restructuring Plan costs of $6,295 , after-tax ( $0.28 per share) and $9,620 , after-tax ( $0.43 per share), respectively. In addition, the Company divested of its grinding media business in the second quarter of 2018 resulting in a loss of $5,455 , after-tax ( $0.24 per share). At June 30, 2018 and July 1, 2017, there were 145,105 and 84,712 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS In the fourth quarter of 2017, the Company's management structure and reporting was changed to reflect management's expectations of the future growth of certain product lines and to take into consideration the expected divestiture of the grinding media business which historically was reported in the Energy and Mining segment. Grinding media is reported in "Other" and was sold in the second quarter of 2018. The access systems applications product line is now part of the Engineered Support Structures ("ESS") segment and the offshore and other complex structures product line is now part of the Utility segment. The segment financial information have been accordingly reclassified in this report to reflect these changes, for all periods presented. The Company has four reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Net corporate expense is net of certain service‑related expenses that are allocated to business units generally on the basis of employee headcounts. Reportable segments are as follows: ENGINEERED SUPPORT STRUCTURES: This segment consists of the manufacture of engineered metal and composite structures and components for lighting, traffic, and wireless communication markets, engineered access systems, integrated solutions for smart cities, and highway safety products; UTILITY SUPPORT STRUCTURES: This segment consists of the manufacture of engineered steel and concrete structures for the global utility transmission, distribution, and generation applications and on and offshore and other complex steel structures used in energy generation and distribution outside of North America, and inspection services; COATINGS: This segment consists of galvanizing, painting, and anodizing services; and IRRIGATION: This segment consists of the manufacture of agricultural irrigation equipment, parts, services, tubular products, water management solutions, and technology for precision agriculture. In addition to these four reportable segments, the Company had other businesses and activities that individually are not more than 10% of consolidated sales, operating income or assets. This includes the manufacture of forged steel grinding media for the mining industry and is reported in the "Other" category. The Company evaluates the performance of its business segments based upon operating income and invested capital. The Company does not allocate LIFO expense, interest expense, non-operating income and deductions, or income taxes to its business segments. (9) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended Twenty-six Weeks Ended June 30, July 1, June 30, July 1, SALES: Engineered Support Structures segment: Lighting, Traffic, and Highway Safety Products $ 178,930 $ 161,474 $ 339,374 $ 302,276 Communication Products 39,592 43,813 73,705 75,289 Access Systems 32,189 31,516 62,586 64,187 Engineered Support Structures segment 250,711 236,803 475,665 441,752 Utility Support Structures segment: Steel 146,117 163,079 310,100 311,433 Concrete 30,185 22,906 53,847 49,110 Offshore and Other Complex Steel Structures 21,417 24,619 43,634 50,326 Utility Support Structures segment 197,719 210,604 407,581 410,869 Coatings segment 91,572 79,781 176,519 153,249 Irrigation segment 162,936 188,287 350,889 355,511 Other 4,681 21,072 23,080 40,666 Total 707,619 736,547 1,433,734 1,402,047 INTERSEGMENT SALES: Engineered Support Structures segment 4,670 5,525 13,708 17,398 Utility Support Structures segment 1,188 982 1,191 1,217 Coatings segment 17,033 15,181 33,522 29,317 Irrigation segment 2,323 2,122 4,224 3,905 Other — — — — Total 25,214 23,810 52,645 51,837 NET SALES: Engineered Support Structures segment 246,041 231,278 461,957 424,354 Utility Support Structures segment 196,531 209,622 406,390 409,652 Coatings segment 74,539 64,600 142,997 123,932 Irrigation segment 160,613 186,165 346,665 351,606 Other 4,681 21,072 23,080 40,666 Total $ 682,405 $ 712,737 $ 1,381,089 $ 1,350,210 OPERATING INCOME: Engineered Support Structures segment $ 12,965 $ 20,288 $ 19,912 $ 29,752 Utility Support Structures segment 20,841 22,394 44,208 46,601 Coatings segment 14,868 12,108 26,735 21,514 Irrigation segment 27,728 34,670 61,615 64,961 Other (334 ) 1,859 (913 ) 3,945 Adjustment to LIFO inventory valuation method (1,651 ) (434 ) (2,732 ) (1,213 ) Corporate (10,747 ) (12,435 ) (21,195 ) (22,454 ) Total $ 63,670 $ 78,450 $ 127,630 $ 143,106

GUARANTOR_NON-GUARANTOR FINANCI

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company had three tranches of senior unsecured notes at June 30, 2018. One of the tranches of senior unsecured notes was subsequently redeemed in the third quarter of 2018. All of the senior notes are guaranteed, jointly, severally, fully and unconditionally (subject to certain customary release provisions, including sale of the subsidiary guarantor, or sale of all or substantially all of its assets) by certain of the Company’s current and future direct and indirect domestic and foreign subsidiaries (collectively the “Guarantors”), excluding its other current domestic and foreign subsidiaries which do not guarantee the debt (collectively referred to as the “Non-Guarantors”). All Guarantors are 100% owned by the parent company. Consolidated financial information for the Company ("Parent"), the Guarantor subsidiaries and the Non-Guarantor subsidiaries is as follows: CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 297,916 $ 133,563 $ 315,499 $ (64,573 ) $ 682,405 Cost of sales 220,677 98,649 252,185 (64,105 ) 507,406 Gross profit 77,239 34,914 63,314 (468 ) 174,999 Selling, general and administrative expenses 50,259 12,535 48,535 — 111,329 Operating income 26,980 22,379 14,779 (468 ) 63,670 Other income (expense): Interest expense (11,396 ) (3,749 ) (395 ) 3,749 (11,791 ) Interest income 305 5 4,885 (3,749 ) 1,446 Loss from divestiture of grinding media business (2,518 ) — (3,566 ) — (6,084 ) Other 616 14 1,214 — 1,844 (12,993 ) (3,730 ) 2,138 — (14,585 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 13,987 18,649 16,917 (468 ) 49,085 Income tax expense (benefit): Current 4,566 4,851 7,356 (49 ) 16,724 Deferred (2,248 ) — (71 ) — (2,319 ) 2,318 4,851 7,285 (49 ) 14,405 Earnings before equity in earnings of nonconsolidated subsidiaries 11,669 13,798 9,632 (419 ) 34,680 Equity in earnings of nonconsolidated subsidiaries 21,291 31,169 — (52,460 ) — Net earnings 32,960 44,967 9,632 (52,879 ) 34,680 Less: Earnings attributable to noncontrolling interests — — (1,720 ) — (1,720 ) Net earnings attributable to Valmont Industries, Inc. $ 32,960 $ 44,967 $ 7,912 $ (52,879 ) $ 32,960 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 613,908 $ 254,734 $ 647,635 $ (135,188 ) $ 1,381,089 Cost of sales 456,273 193,108 523,901 (136,432 ) 1,036,850 Gross profit 157,635 61,626 123,734 1,244 344,239 Selling, general and administrative expenses 96,790 24,452 95,367 — 216,609 Operating income 60,845 37,174 28,367 1,244 127,630 Other income (expense): Interest expense (22,277 ) (7,629 ) (588 ) 7,629 (22,865 ) Interest income 481 15 9,846 (7,629 ) 2,713 Loss from divestiture of grinding media business (2,518 ) — (3,566 ) — (6,084 ) Other 510 26 167 — 703 (23,804 ) (7,588 ) 5,859 — (25,533 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 37,041 29,586 34,226 1,244 102,097 Income tax expense (benefit): Current 7,335 5,737 11,277 88 24,437 Deferred 3,343 1,791 (2,634 ) — 2,500 10,678 7,528 8,643 88 26,937 Earnings before equity in earnings of nonconsolidated subsidiaries 26,363 22,058 25,583 1,156 75,160 Equity in earnings of nonconsolidated subsidiaries 45,878 33,898 — (79,776 ) — Net earnings 72,241 55,956 25,583 (78,620 ) 75,160 Less: Earnings attributable to noncontrolling interests — — (2,919 ) — (2,919 ) Net earnings attributable to Valmont Industries, Inc. $ 72,241 $ 55,956 $ 22,664 $ (78,620 ) $ 72,241 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 316,185 $ 122,359 $ 328,016 $ (53,823 ) $ 712,737 Cost of sales 233,535 91,374 259,158 (54,610 ) 529,457 Gross profit 82,650 30,985 68,858 787 183,280 Selling, general and administrative expenses 46,922 11,849 46,059 — 104,830 Operating income 35,728 19,136 22,799 787 78,450 Other income (expense): Interest expense (10,646 ) (3,785 ) (172 ) 3,785 (10,818 ) Interest income 144 10 4,598 (3,785 ) 967 Other 1,167 15 (1,374 ) — (192 ) (9,335 ) (3,760 ) 3,052 — (10,043 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 26,393 15,376 25,851 787 68,407 Income tax expense (benefit): Current 15,344 4,782 7,444 233 27,803 Deferred (5,788 ) — (930 ) — (6,718 ) 9,556 4,782 6,514 233 21,085 Earnings before equity in earnings of nonconsolidated subsidiaries 16,837 10,594 19,337 554 47,322 Equity in earnings of nonconsolidated subsidiaries 28,827 6,296 — (35,123 ) — Net earnings 45,664 16,890 19,337 (34,569 ) 47,322 Less: Earnings attributable to noncontrolling interests — — (1,658 ) — (1,658 ) Net earnings attributable to Valmont Industries, Inc. $ 45,664 $ 16,890 $ 17,679 $ (34,569 ) $ 45,664 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net sales $ 609,450 $ 239,584 $ 623,312 $ (122,136 ) $ 1,350,210 Cost of sales 450,021 182,863 491,648 (122,207 ) 1,002,325 Gross profit 159,429 56,721 131,664 71 347,885 Selling, general and administrative expenses 97,139 23,509 84,131 — 204,779 Operating income 62,290 33,212 47,533 71 143,106 Other income (expense): Interest expense (21,788 ) (6,051 ) (334 ) 6,051 (22,122 ) Interest income 295 24 7,626 (6,051 ) 1,894 Other 2,521 31 (1,699 ) — 853 (18,972 ) (5,996 ) 5,593 — (19,375 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 43,318 27,216 53,126 71 123,731 Income tax expense (benefit): Current 10,457 10,102 8,553 (11 ) 29,101 Deferred 5,539 — 1,808 — 7,347 15,996 10,102 10,361 (11 ) 36,448 Earnings before equity in earnings of nonconsolidated subsidiaries 27,322 17,114 42,765 82 87,283 Equity in earnings of nonconsolidated subsidiaries 57,321 5,316 — (62,637 ) — Net earnings 84,643 22,430 42,765 (62,555 ) 87,283 Less: Earnings attributable to noncontrolling interests — — (2,640 ) — (2,640 ) Net earnings attributable to Valmont Industries, Inc. $ 84,643 $ 22,430 $ 40,125 $ (62,555 ) $ 84,643 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 32,960 $ 44,967 $ 9,632 $ (52,879 ) $ 34,680 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 6,513 (53,466 ) — (46,953 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities: Net investment hedges 2,396 — — — 2,396 Loss on net investment hedge for grinding media business recorded in earnings 1,215 — — — 1,215 Amortization cost included in interest expense 25 — — — 25 Loss (deferred) on interest rate hedges (2,467 ) — — — (2,467 ) Commodity hedges 1,438 — — — 1,438 Equity in other comprehensive income (37,144 ) — — 37,144 — Other comprehensive income (loss) (34,537 ) 6,513 (44,263 ) 37,144 (35,143 ) Comprehensive income (loss) (1,577 ) 51,480 (34,631 ) (15,735 ) (463 ) Comprehensive income attributable to noncontrolling interests — — (1,114 ) — (1,114 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (1,577 ) $ 51,480 $ (35,745 ) $ (15,735 ) $ (1,577 ) (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 72,241 $ 55,956 $ 25,583 $ (78,620 ) $ 75,160 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (2,167 ) (37,982 ) — (40,149 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities: Net investment hedges 1,607 — — — 1,607 Loss on net investment hedge for grinding media business recorded in earnings 1,215 — — — 1,215 Amortization cost included in interest expense 44 — — — 44 Loss (deferred) on interest rate hedges (2,467 ) — — — (2,467 ) Commodity hedges 1,345 — — — 1,345 Equity in other comprehensive income (33,888 ) — — 33,888 — Other comprehensive income (loss) (32,144 ) (2,167 ) (28,779 ) 33,888 (29,202 ) Comprehensive income (loss) 40,097 53,789 (3,196 ) (44,732 ) 45,958 Comprehensive income attributable to noncontrolling interests — — (5,861 ) — (5,861 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 40,097 $ 53,789 $ (9,057 ) $ (44,732 ) $ 40,097 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 45,664 $ 16,890 $ 19,337 $ (34,569 ) $ 47,322 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (1,359 ) 22,910 — 21,551 Gain (loss) on hedging activities: Net investment hedges (550 ) — — — (550 ) Amortization cost included in interest expense 18 — — — 18 Equity in other comprehensive income 20,986 — — (20,986 ) — Other comprehensive income (loss) 20,454 (1,359 ) 22,910 (20,986 ) 21,019 Comprehensive income (loss) 66,118 15,531 42,247 (55,555 ) 68,341 Comprehensive income attributable to noncontrolling interests — — (2,223 ) — (2,223 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 66,118 $ 15,531 $ 40,024 $ (55,555 ) $ 66,118 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 84,643 $ 22,430 $ 42,765 $ (62,555 ) $ 87,283 Other comprehensive income (loss), net of tax: — Foreign currency translation adjustments: — Unrealized translation gain (loss) — 68,024 (27,083 ) — 40,941 Gain (loss) on hedging activities: Net investment hedges (1,076 ) — — — (1,076 ) Amortization cost included in interest expense 37 — — — 37 Equity in other comprehensive income 41,599 — — (41,599 ) — Other comprehensive income (loss) 40,560 68,024 (27,083 ) (41,599 ) 39,902 Comprehensive income (loss) 125,203 90,454 15,682 (104,154 ) 127,185 Comprehensive income attributable to noncontrolling interests — — (1,982 ) — (1,982 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 125,203 $ 90,454 $ 13,700 $ (104,154 ) $ 125,203 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 349,906 $ 12,698 $ 359,984 $ — $ 722,588 Receivables, net 135,850 86,036 250,963 — 472,849 Inventories 140,600 38,888 205,410 (2,927 ) 381,971 Prepaid expenses and other assets 49,748 39,066 39,029 — 127,843 Refundable income taxes 9,841 — — — 9,841 Total current assets 685,945 176,688 855,386 (2,927 ) 1,715,092 Property, plant and equipment, at cost 566,962 166,690 398,422 — 1,132,074 Less accumulated depreciation and amortization 380,864 89,134 169,388 — 639,386 Net property, plant and equipment 186,098 77,556 229,034 — 492,688 Goodwill 20,108 110,562 190,692 — 321,362 Other intangible assets 103 29,164 95,282 — 124,549 Investment in subsidiaries and intercompany accounts 1,342,466 1,118,506 990,137 (3,451,109 ) — Other assets 50,346 — 75,324 — 125,670 Total assets $ 2,285,066 $ 1,512,476 $ 2,435,855 $ (3,454,036 ) $ 2,779,361 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 252,218 $ — $ 863 $ — $ 253,081 Notes payable to banks — — 271 — 271 Accounts payable 55,865 12,342 125,405 — 193,612 Accrued employee compensation and benefits 37,484 5,888 28,441 — 71,813 Accrued expenses 31,803 5,963 41,597 — 79,363 Dividends payable 8,412 — — — 8,412 Total current liabilities 385,782 24,193 196,577 — 606,552 Deferred income taxes (1,652 ) 16,883 19,261 — 34,492 Long-term debt, excluding current installments 733,709 175,549 9,012 (181,968 ) 736,302 Defined benefit pension liability — — 183,688 — 183,688 Deferred compensation 43,413 — 4,705 — 48,118 Other noncurrent liabilities 11,648 5 8,732 — 20,385 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 162,906 1,107,536 (1,270,442 ) — Retained earnings 2,023,919 602,675 552,173 (1,154,848 ) 2,023,919 Accumulated other comprehensive income (loss) (311,166 ) 72,315 (332,169 ) 259,854 (311,166 ) Treasury stock (628,487 ) — — — (628,487 ) Total Valmont Industries, Inc. shareholders’ equity 1,112,166 1,295,846 1,976,222 (3,272,068 ) 1,112,166 Noncontrolling interest in consolidated subsidiaries — — 37,658 — 37,658 Total shareholders’ equity 1,112,166 1,295,846 2,013,880 (3,272,068 ) 1,149,824 Total liabilities and shareholders’ equity $ 2,285,066 $ 1,512,476 $ 2,435,855 $ (3,454,036 ) $ 2,779,361 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 30, 2017 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 83,329 $ 5,304 $ 404,172 $ — $ 492,805 Receivables, net 149,221 82,995 271,461 — 503,677 Inventories 160,444 46,801 217,551 (3,848 ) 420,948 Prepaid expenses and other assets 8,607 970 34,066 — 43,643 Refundable income taxes 11,492 — — — 11,492 Total current assets 413,093 136,070 927,250 (3,848 ) 1,472,565 Property, plant and equipment, at cost 557,371 160,767 447,549 — 1,165,687 Less accumulated depreciation and amortization 368,668 84,508 193,583 — 646,759 Net property, plant and equipment 188,703 76,259 253,966 — 518,928 Goodwill 20,108 110,562 207,050 — 337,720 Other intangible assets 130 30,955 107,514 — 138,599 Investment in subsidiaries and intercompany accounts 1,416,446 1,181,537 927,179 (3,525,162 ) — Other assets 50,773 — 83,665 — 134,438 Total assets $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 966 $ — $ 966 Notes payable to banks — — 161 — 161 Accounts payable 69,915 18,039 139,952 — 227,906 Accrued employee compensation and benefits 44,086 8,749 31,591 — 84,426 Accrued expenses 28,198 9,621 43,210 — 81,029 Dividends payable 8,510 — — — 8,510 Total current liabilities 150,709 36,409 215,880 — 402,998 Deferred income taxes 20,885 — 14,021 — 34,906 Long-term debt, excluding current installments 750,821 185,078 9,836 (191,847 ) 753,888 Defined benefit pension liability — — 189,552 — 189,552 Deferred compensation 42,928 — 5,598 — 48,526 Other noncurrent liabilities 11,074 6 9,505 — 20,585 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,954,344 622,044 619,622 (1,241,666 ) 1,954,344 Accumulated other comprehensive income (279,022 ) 74,482 (352,567 ) 278,085 (279,022 ) Treasury stock (590,386 ) — — — (590,386 ) Total Valmont Industries, Inc. shareholders’ equity 1,112,836 1,313,890 2,023,273 (3,337,163 ) 1,112,836 Noncontrolling interest in consolidated subsidiaries — — 38,959 — 38,959 Total shareholders’ equity 1,112,836 1,313,890 2,062,232 (3,337,163 ) 1,151,795 Total liabilities and shareholders’ equity $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 30, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 72,241 $ 55,956 $ 25,583 $ (78,620 ) $ 75,160 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 12,871 7,063 21,723 — 41,657 Noncash loss on trading securities — — 229 — 229 Impairment of property, plant and equipment — — 2,791 — 2,791 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 5,374 — — — 5,374 Defined benefit pension plan expense — — (1,159 ) — (1,159 ) Contribution to defined benefit pension plan — — (731 ) — (731 ) Loss (gain) on sale of property, plant and equipment 10 (7 ) (290 ) — (287 ) Equity in earnings in nonconsolidated subsidiaries (45,878 ) (33,898 ) — 79,776 — Deferred income taxes 3,343 1,791 (2,634 ) — 2,500 Changes in assets and liabilities: Net working capital (15,781 ) (43,990 ) (12,177 ) (1,244 ) (73,192 ) Other noncurrent liabilities 640 — (1,120 ) — (480 ) Income taxes payable (refundable) (11,054 ) (843 ) 7,609 — (4,288 ) Net cash flows from operating activities 24,284 (13,928 ) 43,390 (88 ) 53,658 Cash flows from investing activities: Purchase of property, plant and equipment (10,051 ) (6,770 ) (14,995 ) — (31,816 ) Proceeds from sale of assets 5 209 64,179 — 64,393 Acquisitions, net of cash acquired — — (9,300 ) — (9,300 ) Settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 6,335 13,752 (17,771 ) 88 2,404 Net cash flows from investing activities (5,332 ) 7,191 22,113 88 24,060 Cash flows from financing activities: Proceeds from short-term agreements — — 130 — 130 Proceeds from long-term borrowings 237,641 — — — 237,641 Principal payments on long-term borrowings — — (495 ) — (495 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (17,003 ) — — — (17,003 ) Dividends to noncontrolling interest — — (4,852 ) — (4,852 ) Intercompany dividends 75,325 11,296 (86,621 ) — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Intercompany capital contribution (3,492 ) 3,492 — — — Purchase of treasury shares (43,999 ) — — — (43,999 ) Proceeds from exercises under stock plans 5,711 — — — 5,711 Purchase of common treasury shares - stock plan exercises (1,769 ) — — — (1,769 ) Net cash flows from financing activities 247,625 14,788 (97,348 ) — 165,065 Effect of exchange rate changes on cash and cash equivalents — (657 ) (12,343 ) — (13,000 ) Net change in cash and cash equivalents 266,577 7,394 (44,188 ) — 229,783 Cash and cash equivalents—beginning of year 83,329 5,304 404,172 — 492,805 Cash and cash equivalents—end of period $ 349,906 $ 12,698 $ 359,984 $ — $ 722,588 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended July 1, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 84,643 $ 22,430 $ 42,765 $ (62,555 ) $ 87,283 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 13,048 7,113 21,593 — 41,754 Noncash loss on trading securities — — 188 — 188 Stock-based compensation 4,590 — — — 4,590 Defined benefit pension plan expense — — 314 — 314 Contribution to defined benefit pension plan — — (25,379 ) — (25,379 ) Loss (gain) on sale of property, plant and equipment (20 ) — (44 ) — (64 ) Equity in earnings in nonconsolidated subsidiaries (57,321 ) (5,316 ) — 62,637 — Deferred income taxes 5,539 — 1,808 — 7,347 Changes in assets and liabilities: Net working capital (14,523 ) (28,010 ) (21,840 ) 69 (64,304 ) Other noncurrent liabilities 874 — 1,099 — 1,973 Income taxes payable (refundable) (7,737 ) 542 9,223 — 2,028 Net cash flows from operating activities 29,093 (3,241 ) 29,727 151 55,730 Cash flows from investing activities: Purchase of property, plant and equipment (8,126 ) (3,351 ) (14,706 ) — (26,183 ) Proceeds from sale of assets 21 11 858 — 890 Settlement of net investment hedge 5,123 — — — 5,123 Other, net (8,313 ) 6,604 (607 ) (151 ) (2,467 ) Net cash flows from investing activities (11,295 ) 3,264 (14,455 ) (151 ) (22,637 ) Cash flows from financing activities: Payments under short-term agreements — — (369 ) — (369 ) Principal payments on long-term borrowings — — (434 ) — (434 ) Dividends paid (16,913 ) — — — (16,913 ) Dividends to noncontrolling interest — — (2,889 ) — (2,889 ) Intercompany dividends 22,662 — (22,662 ) — — Intercompany interest on long-term note — (5,669 ) 5,669 — — Intercompany capital contribution (3,785 ) 3,785 — — — Proceeds from exercises under stock plans 10,168 — — — 10,168 Purchase of common treasury shares - stock plan exercises (3,056 ) — — — (3,056 ) Net cash flows from financing activities 9,076 (1,884 ) (20,685 ) — (13,493 ) Effect of exchange rate changes on cash and cash equivalents — 212 15,894 — 16,106 Net change in cash and cash equivalents 26,874 (1,649 ) 10,481 — 35,706 Cash and cash equivalents—beginning of year 67,225 6,071 339,220 — 412,516 Cash and cash equivalents—end of period $ 94,099 $ 4,422 $ 349,701 $ — $ 448,222

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT On June 19, 2018, the Company issued and sold $200,000 aggregate principal amount of the Company’s 5.00% senior notes due 2044 and $55,000 aggregate principal amount of the Company’s 5.25% senior notes due 2054. Long-term debt is as follows: June 30, December 30, 5.00% senior unsecured notes due 2044(a) $ 450,000 $ 250,000 5.25% senior unsecured notes due 2054(b) 305,000 250,000 Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b) (21,624 ) (4,312 ) 6.625% senior unsecured notes due 2020(c) 250,200 250,200 Unamortized premium on 6.625 senior unsecured notes (c) 2,018 2,545 Revolving credit agreement (d) — — IDR Bonds(e) 8,500 8,500 Other notes 3,456 4,033 Debt issuance costs (8,167 ) (6,112 ) Long-term debt 989,383 754,854 Less current installments of long-term debt 253,081 966 Long-term debt, excluding current installments $ 736,302 $ 753,888 (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 $14,053 at June 30, 2018. The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount is 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 $7,571 at June 30, 2018. The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount is 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) The 6.625% senior unsecured notes due 2020, following a partial tender offer in September 2014, include a remaining aggregate principal amount of $250,200 on which interest is paid and an unamortized premium balance of $2,018 at June 30, 2018. The notes bear interest at 6.625% per annum and are due on April 1, 2020. The remaining premium will be amortized against interest expense as interest payments are made over the term of the notes. The notes may be redeemed 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. On June 11, 2018, the Company notified the holders of the 2020 bonds of its plan to redeem all of these bonds. On July 9, 2018, the Company redeemed all $250,200 of the 2020 bonds at a make-whole redemption price equal to approximately $266,000 plus approximately $3,600 of accrued and unpaid interest on the notes from April 20, 2018 (8) LONG-TERM DEBT (Continued) to July 8, 2018. The Company recognized approximately $14,800 of redemption related expenses, including the recognition of the unamortized premium, in the third quarter of 2018. (d) On October 18, 2017, the Company amended and restated its revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto. The credit facility provides for $600,000 of committed unsecured revolving credit loans. The Company may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. This amendment extends the maturity date of the credit facility from October 17, 2019 to October 18, 2022 and increases the available borrowings in foreign currencies from $200 million to $400 million . The interest rate on the borrowings will be, at the Company's option, either: (i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or; (ii) the higher of • the prime lending rate , • the Federal Funds rate plus 50 basis points, and • LIBOR (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 debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At June 30, 2018, the Company had no outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At June 30, 2018, the Company had the ability to borrow $585,350 under this facility, after consideration of standby letters of credit of $14,650 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $110,940 , $110,670 of which was unused at June 30, 2018. (e) The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at June 30, 2018 and December 30, 2017 were 2.96% and 2.00% , respectively. The lending agreements include certain maintenance covenants, including financial leverage and interest coverage. The Company was in compliance with all financial debt covenants at June 30, 2018. The minimum aggregate maturities of long-term debt for 2018 is $250,685 and each of the five years following 2018 are: $820 , $824 , $829 , $499 and $0 . The obligations arising under the 5.00% senior unsecured notes due 2044, the 5.25% senior unsecured notes due 2054, the 6.625% senior unsecured notes due 2020, and the revolving credit facility are guaranteed by the Company and its wholly-owned subsidiaries PiRod, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 30, 2018 , the Condensed Consolidated Statements of Earnings and Comprehensive Income for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , and the Condensed Consolidated Statements of Cash Flows and Shareholders' Equity for the twenty-six week periods then ended have been prepared by the Company, without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 30, 2018 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, 2017 . The accounting policies and methods of computation followed in these interim financial statements are the same as those followed in the financial statements for the year ended December 30, 2017 with the exception of the revenue recognition accounting policy which changed from adopting ASU 2014-09 and is discussed later within this footnote. The results of operations for the period ended June 30, 2018 are not necessarily indicative of the operating results for the full year.
Inventories	Inventories Approximately 37% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market as of June 30, 2018 and December 30, 2017 . All other inventory is valued at the lower of cost, determined on the first-in, first-out (FIFO) method or market. Finished goods and manufactured goods inventories include the costs of acquired raw materials and related factory labor and overhead charges required to convert raw materials to manufactured and finished goods.
Income Taxes	Income Taxes Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 United States $ 42,336 $ 50,773 $ 84,101 $ 86,197 Foreign 6,749 17,634 17,996 37,534 $ 49,085 $ 68,407 $ 102,097 $ 123,731
Pension Benefits	Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.
Stock Plans	Stock Plans The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At June 30, 2018 , 1,700,000 shares of common stock remained available for issuance under the plans. Under the plans, the exercise price of each option equals the closing market price at the date of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three to six years or on the grant's fifth anniversary. Expiration of grants is from seven to ten years from the date of grant. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant.
Fair Value	Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC 820 apply to other accounting pronouncements that require or permit fair value measurements. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three‑level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Comprehensive Income	Comprehensive Income Comprehensive income includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a 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.
Subsequent Events
Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . Effective December 31, 2017, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The Company elected the modified retrospective approach for the adoption of the new revenue standard, resulting in a credit to retained earnings being recognized for $9,771 . The Company calculated the cumulative effect on revenue of approximately $51,507 with $13,121 of pre-tax operating income; these were customer orders for the steel utility, concrete utility, and wireless communication structures product lines at various stages of production at December 30, 2017. In March 2017, the FASB issued ASU 2017-07, Presentation of Net Periodic Benefit Cost Related to Defined Benefit Plans, which amends the income statement presentation requirements for the components of net periodic benefit cost for an entity's defined benefit pension and post-retirement plans. The Company adopted this ASU in the first quarter of 2018, recognizing the DPP net periodic pension expense within Other income (expense). The Company also reclassified $160 and $314 of DPP net periodic pension expense for second quarter and first half of 2017 out of selling, general, and administrative expense and into Other expense. In December 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted the ASU in the first quarter of 2018, recasting the beginning-of-period and end-of-period total cash and cash equivalent amounts on the statement of cash flows to include the £10,000 restricted cash account for the pension plan at December 31, 2016, thus reducing cash flows from operating activities by $12,568 in 2017. The Company did not have any restricted cash at June 30, 2018 or December 30, 2017.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: June 30, December 30, Raw materials and purchased parts $ 191,918 $ 183,029 Work-in-process 19,500 30,671 Finished goods and manufactured goods 217,012 250,975 Subtotal 428,430 464,675 Less: LIFO reserve 46,459 43,727 $ 381,971 $ 420,948
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 United States $ 42,336 $ 50,773 $ 84,101 $ 86,197 Foreign 6,749 17,634 17,996 37,534 $ 49,085 $ 68,407 $ 102,097 $ 123,731
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended Net periodic (benefit) expense: 2018 2017 2018 2017 Interest cost $ 4,486 $ 4,478 $ 9,202 $ 8,799 Expected return on plan assets (5,815 ) (5,054 ) (11,929 ) (9,931 ) Amortization of actuarial loss 764 736 1,568 1,446 Net periodic expense (benefit) $ (565 ) $ 160 $ (1,159 ) $ 314
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 twenty-six weeks ended June 30, 2018 and July 1, 2017 , respectively, were as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 Compensation expense $ 2,599 $ 2,096 $ 5,374 $ 4,590 Income tax benefits 650 807 1,344 1,767
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 41,194 $ 41,194 $ — $ — Fair Value Measurement Using: Carrying Value Quoted Prices in Significant Other Significant Assets: Trading Securities $ 41,042 $ 41,042 $ — $ —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at June 30, 2018 and December 30, 2017: Foreign Currency Translation Adjustments Gain/(Loss) on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (171,399 ) $ 6,357 $ (113,980 ) $ (279,022 ) Current-period comprehensive income (loss) (43,091 ) 529 — (42,562 ) Divestiture of grinding media business 9,203 1,215 — 10,418 Balance at June 30, 2018 $ (205,287 ) $ 8,101 $ (113,980 ) $ (311,166 )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Condensed Consolidated Balance Sheet as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Balance Sheet December 30, ASC 606 Adjustments December 31, Assets Inventories $ 420,948 $ (36,243 ) $ 384,705 Prepaid expenses and other current assets 43,643 51,507 95,150 Liabilities and shareholders' equity Accrued expenses 81,029 2,043 83,072 Deferred income taxes 34,906 3,450 38,356 Retained earnings 1,954,344 9,771 1,964,115 Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 381,971 $ 436,414 $ (54,443 ) Prepaid expenses and other assets 127,843 53,829 74,014 Liabilities and shareholders' equity Accrued expenses 79,363 75,060 4,303 Deferred income taxes 34,492 30,535 3,957 Retained earnings 2,023,919 2,012,608 11,311 The adoption of ASC 606 had the following impact on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Earnings for the thirteen weeks and twenty-six weeks ended June 30, 2018 : Balance Sheet As Reported Balance Excluding ASC 606 Effects Change Assets Inventories $ 381,971 $ 436,414 $ (54,443 ) Prepaid expenses and other assets 127,843 53,829 74,014 Liabilities and shareholders' equity Accrued expenses 79,363 75,060 4,303 Deferred income taxes 34,492 30,535 3,957 Retained earnings 2,023,919 2,012,608 11,311 Thirteen Weeks Ended June 30, 2018 Twenty-six Weeks Ended June 30, 2018 Statement of Earnings As Reported Balance Excluding ASC 606 Effects Change As Reported Balance Excluding ASC 606 Effects Change Net Sales $ 682,405 $ 687,953 $ (5,548 ) $ 1,381,089 $ 1,358,827 $ 22,262 Operating Income $ 63,670 $ 66,707 $ (3,037 ) $ 127,630 $ 125,592 $ 2,038
Disaggregation of Revenue	evenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and twenty-six weeks ended June 30, 2018 is as follows: Point in Time Over Time Point in Time Over Time Thirteen weeks ended June 30, 2018 Thirteen weeks ended June 30, 2018 Twenty-six weeks ended June 30, 2018 Twenty-six weeks ended June 30, 2018 Utility Support Structures $ — $ 196,531 $ — $ 406,390 Engineered Support Structures 237,720 8,321 444,914 17,043 Coatings 74,539 — 142,997 — Irrigation 157,800 2,813 341,034 5,631 Other 4,681 — 23,080 — Total $ 474,740 $ 207,665 $ 952,025 $ 429,064
Schedule of fair value of derivative instruments	Fair value of derivative instruments at June 30, 2018 and December 30, 2017 are as follows: Derivatives designated as hedging instruments: Balance sheet location June 30, 2018 December 30, 2017 Commodity forward contracts Prepaid expenses and other assets $ 1,345 $ — Foreign currency forward contracts Prepaid expenses and other assets 2,005 — Foreign currency forward contracts Accrued expenses — (826 ) $ 3,350 $ (826 )

DIVESTITURE (Tables)

DIVESTITURE (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Pre-tax gain from divestiture, before recognition of currency translation loss $ 4,334 Recognition of cumulative currency translation loss and hedges (out of OCI) (10,418 ) Net pre-tax loss from divestiture of the grinding media business $ (6,084 ) The assets and liabilities of the grinding media business at closing on April 30, 2018 were as follows: Receivables, net $ 9,848 Inventories 15,945 Net property, plant, and equipment 13,815 Goodwill and intangible assets 27,153 Other assets 1,388 Total assets $ 68,149 Accounts payable $ 7,125 Accrued expenses 2,484 Deferred income taxes 2,187 Total liabilities $ 11,796 Net assets $ 56,353

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following pre-tax expense were recognized during the second quarter of 2018: ESS Utility Corporate Total Severance $ 1,603 $ 515 $ — $ 2,118 Other cash restructuring expenses 152 959 — 1,111 Asset impairments/net loss on disposals 1,261 — — 1,261 Total cost of sales 3,016 1,474 — 4,490 Severance 1,533 — — 1,533 Other cash restructuring expenses 485 — 126 611 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 2,403 — 126 2,529 Consolidated total $ 5,419 $ 1,474 $ 126 $ 7,019 In the first half of 2018, the Company recognized the following pre-tax restructuring expenses: ESS Utility Corporate Total Severance $ 2,026 $ 515 $ — $ 2,541 Other cash restructuring expenses 152 1,731 — 1,883 Asset impairments/net loss on disposals 2,406 — — 2,406 Total cost of sales 4,584 2,246 — 6,830 Severance 3,511 — — 3,511 Other cash restructuring expenses 567 — 126 693 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 4,463 — 126 4,589 Consolidated total $ 9,047 $ 2,246 $ 126 $ 11,419
Schedule of liabilities recorded for the restructuring plan and changes	Liabilities recorded for the restructuring plans and changes therein for the first half of 2018 were as follows: Balance at December 30, 2017 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at June 30, 2018 Severance $ — $ 6,052 $ (6,052 ) $ — Other cash restructuring expenses 1,216 2,576 (2,609 ) 1,183 Total $ 1,216 $ 8,628 $ (8,661 ) $ 1,183

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	he components of amortized intangible assets at June 30, 2018 and December 30, 2017 were as follows: June 30, 2018 Gross Accumulated Weighted Customer Relationships $ 188,767 $ 126,904 13 years Proprietary Software & Database 3,589 3,075 8 years Patents & Proprietary Technology 7,225 4,238 11 years Other 4,496 3,789 3 years $ 204,077 $ 138,006 December 30, 2017 Gross Accumulated Weighted Customer Relationships $ 200,810 $ 131,062 13 years Proprietary Software & Database 3,671 3,107 8 years Patents & Proprietary Technology 6,693 3,999 11 years Other 4,861 4,121 3 years $ 216,035 $ 142,289
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 , respectively was as follows: Thirteen Weeks Ended Twenty-six Weeks Ended 2018 2017 2018 2017 3,572 3,903 7,455 7,767
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2018 $ 14,187 2019 12,903 2020 11,804 2021 9,748 2022 7,573
Schedule of non-amortized intangible assets	The carrying values of trade names at June 30, 2018 and December 30, 2017 were as follows: June 30, December 30, Year Acquired Newmark $ 11,111 $ 11,111 2004 Valmont SM 9,717 9,973 2014 Webforge 9,230 9,432 2010 Ingal EPS/Ingal Civil Products 7,526 7,690 2010 Shakespeare 4,000 4,000 2014 Other 16,894 22,647 $ 58,478 $ 64,853
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of June 30, 2018 and December 30, 2017 was as follows: Engineered Utility Coatings Irrigation Other Total Gross Balance at December 30, 2017 $ 170,076 $ 90,248 $ 76,696 $ 19,778 $ 15,814 $ 372,612 Accumulated impairment losses (18,670 ) — (16,222 ) — — (34,892 ) Balance at December 30, 2017 $ 151,406 $ 90,248 $ 60,474 $ 19,778 $ 15,814 $ 337,720 Acquisitions — — — 3,922 — 3,922 Divestiture of grinding media — — — — (15,814 ) (15,814 ) Foreign currency translation (3,443 ) (380 ) (527 ) (116 ) — (4,466 ) Balance at June 30, 2018 $ 147,963 $ 89,868 $ 59,947 $ 23,584 $ — $ 321,362

CASH FLOW SUPPLEMENTARY INFOR24

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash payments for interest and income taxes (net of refunds)	Cash payments for interest and income taxes (net of refunds) for the twenty-six weeks ended June 30, 2018 and July 1, 2017 were as follows: 2018 2017 Interest $ 19,448 $ 22,113 Income taxes 22,796 26,966

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per share (EPS)	The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 30, 2018: Net earnings attributable to Valmont Industries, Inc. $ 32,960 $ — $ 32,960 Shares outstanding (000 omitted) 22,438 135 22,573 Per share amount $ 1.47 $ (0.01 ) $ 1.46 Thirteen weeks ended July 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 45,664 $ — $ 45,664 Shares outstanding (000 omitted) 22,517 223 22,740 Per share amount $ 2.03 $ (0.02 ) $ 2.01 Twenty-six weeks ended June 30, 2018: Net earnings attributable to Valmont Industries, Inc. $ 72,241 $ — $ 72,241 Shares outstanding (000 omitted) 22,523 161 22,684 Per share amount $ 3.21 $ (0.03 ) $ 3.18 Twenty-six weeks ended July 1, 2017: Net earnings attributable to Valmont Industries, Inc. $ 84,643 $ — $ 84,643 Shares outstanding (000 omitted) 22,494 206 22,700 Per share amount $ 3.76 $ (0.03 ) $ 3.73

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment reporting information of sales and operating income	(9) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen Weeks Ended Twenty-six Weeks Ended June 30, July 1, June 30, July 1, SALES: Engineered Support Structures segment: Lighting, Traffic, and Highway Safety Products $ 178,930 $ 161,474 $ 339,374 $ 302,276 Communication Products 39,592 43,813 73,705 75,289 Access Systems 32,189 31,516 62,586 64,187 Engineered Support Structures segment 250,711 236,803 475,665 441,752 Utility Support Structures segment: Steel 146,117 163,079 310,100 311,433 Concrete 30,185 22,906 53,847 49,110 Offshore and Other Complex Steel Structures 21,417 24,619 43,634 50,326 Utility Support Structures segment 197,719 210,604 407,581 410,869 Coatings segment 91,572 79,781 176,519 153,249 Irrigation segment 162,936 188,287 350,889 355,511 Other 4,681 21,072 23,080 40,666 Total 707,619 736,547 1,433,734 1,402,047 INTERSEGMENT SALES: Engineered Support Structures segment 4,670 5,525 13,708 17,398 Utility Support Structures segment 1,188 982 1,191 1,217 Coatings segment 17,033 15,181 33,522 29,317 Irrigation segment 2,323 2,122 4,224 3,905 Other — — — — Total 25,214 23,810 52,645 51,837 NET SALES: Engineered Support Structures segment 246,041 231,278 461,957 424,354 Utility Support Structures segment 196,531 209,622 406,390 409,652 Coatings segment 74,539 64,600 142,997 123,932 Irrigation segment 160,613 186,165 346,665 351,606 Other 4,681 21,072 23,080 40,666 Total $ 682,405 $ 712,737 $ 1,381,089 $ 1,350,210 OPERATING INCOME: Engineered Support Structures segment $ 12,965 $ 20,288 $ 19,912 $ 29,752 Utility Support Structures segment 20,841 22,394 44,208 46,601 Coatings segment 14,868 12,108 26,735 21,514 Irrigation segment 27,728 34,670 61,615 64,961 Other (334 ) 1,859 (913 ) 3,945 Adjustment to LIFO inventory valuation method (1,651 ) (434 ) (2,732 ) (1,213 ) Corporate (10,747 ) (12,435 ) (21,195 ) (22,454 ) Total $ 63,670 $ 78,450 $ 127,630 $ 143,106

GUARANTOR_NON-GUARANTOR FINAN27

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Condensed Consolidated Statements of Earnings	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 297,916 $ 133,563 $ 315,499 $ (64,573 ) $ 682,405 Cost of sales 220,677 98,649 252,185 (64,105 ) 507,406 Gross profit 77,239 34,914 63,314 (468 ) 174,999 Selling, general and administrative expenses 50,259 12,535 48,535 — 111,329 Operating income 26,980 22,379 14,779 (468 ) 63,670 Other income (expense): Interest expense (11,396 ) (3,749 ) (395 ) 3,749 (11,791 ) Interest income 305 5 4,885 (3,749 ) 1,446 Loss from divestiture of grinding media business (2,518 ) — (3,566 ) — (6,084 ) Other 616 14 1,214 — 1,844 (12,993 ) (3,730 ) 2,138 — (14,585 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 13,987 18,649 16,917 (468 ) 49,085 Income tax expense (benefit): Current 4,566 4,851 7,356 (49 ) 16,724 Deferred (2,248 ) — (71 ) — (2,319 ) 2,318 4,851 7,285 (49 ) 14,405 Earnings before equity in earnings of nonconsolidated subsidiaries 11,669 13,798 9,632 (419 ) 34,680 Equity in earnings of nonconsolidated subsidiaries 21,291 31,169 — (52,460 ) — Net earnings 32,960 44,967 9,632 (52,879 ) 34,680 Less: Earnings attributable to noncontrolling interests — — (1,720 ) — (1,720 ) Net earnings attributable to Valmont Industries, Inc. $ 32,960 $ 44,967 $ 7,912 $ (52,879 ) $ 32,960 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 613,908 $ 254,734 $ 647,635 $ (135,188 ) $ 1,381,089 Cost of sales 456,273 193,108 523,901 (136,432 ) 1,036,850 Gross profit 157,635 61,626 123,734 1,244 344,239 Selling, general and administrative expenses 96,790 24,452 95,367 — 216,609 Operating income 60,845 37,174 28,367 1,244 127,630 Other income (expense): Interest expense (22,277 ) (7,629 ) (588 ) 7,629 (22,865 ) Interest income 481 15 9,846 (7,629 ) 2,713 Loss from divestiture of grinding media business (2,518 ) — (3,566 ) — (6,084 ) Other 510 26 167 — 703 (23,804 ) (7,588 ) 5,859 — (25,533 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 37,041 29,586 34,226 1,244 102,097 Income tax expense (benefit): Current 7,335 5,737 11,277 88 24,437 Deferred 3,343 1,791 (2,634 ) — 2,500 10,678 7,528 8,643 88 26,937 Earnings before equity in earnings of nonconsolidated subsidiaries 26,363 22,058 25,583 1,156 75,160 Equity in earnings of nonconsolidated subsidiaries 45,878 33,898 — (79,776 ) — Net earnings 72,241 55,956 25,583 (78,620 ) 75,160 Less: Earnings attributable to noncontrolling interests — — (2,919 ) — (2,919 ) Net earnings attributable to Valmont Industries, Inc. $ 72,241 $ 55,956 $ 22,664 $ (78,620 ) $ 72,241
Condensed Consolidated Statements of Comprehensive Income	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 32,960 $ 44,967 $ 9,632 $ (52,879 ) $ 34,680 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 6,513 (53,466 ) — (46,953 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities: Net investment hedges 2,396 — — — 2,396 Loss on net investment hedge for grinding media business recorded in earnings 1,215 — — — 1,215 Amortization cost included in interest expense 25 — — — 25 Loss (deferred) on interest rate hedges (2,467 ) — — — (2,467 ) Commodity hedges 1,438 — — — 1,438 Equity in other comprehensive income (37,144 ) — — 37,144 — Other comprehensive income (loss) (34,537 ) 6,513 (44,263 ) 37,144 (35,143 ) Comprehensive income (loss) (1,577 ) 51,480 (34,631 ) (15,735 ) (463 ) Comprehensive income attributable to noncontrolling interests — — (1,114 ) — (1,114 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (1,577 ) $ 51,480 $ (35,745 ) $ (15,735 ) $ (1,577 ) (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended June 30, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 72,241 $ 55,956 $ 25,583 $ (78,620 ) $ 75,160 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (2,167 ) (37,982 ) — (40,149 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities: Net investment hedges 1,607 — — — 1,607 Loss on net investment hedge for grinding media business recorded in earnings 1,215 — — — 1,215 Amortization cost included in interest expense 44 — — — 44 Loss (deferred) on interest rate hedges (2,467 ) — — — (2,467 ) Commodity hedges 1,345 — — — 1,345 Equity in other comprehensive income (33,888 ) — — 33,888 — Other comprehensive income (loss) (32,144 ) (2,167 ) (28,779 ) 33,888 (29,202 ) Comprehensive income (loss) 40,097 53,789 (3,196 ) (44,732 ) 45,958 Comprehensive income attributable to noncontrolling interests — — (5,861 ) — (5,861 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 40,097 $ 53,789 $ (9,057 ) $ (44,732 ) $ 40,097 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 45,664 $ 16,890 $ 19,337 $ (34,569 ) $ 47,322 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — (1,359 ) 22,910 — 21,551 Gain (loss) on hedging activities: Net investment hedges (550 ) — — — (550 ) Amortization cost included in interest expense 18 — — — 18 Equity in other comprehensive income 20,986 — — (20,986 ) — Other comprehensive income (loss) 20,454 (1,359 ) 22,910 (20,986 ) 21,019 Comprehensive income (loss) 66,118 15,531 42,247 (55,555 ) 68,341 Comprehensive income attributable to noncontrolling interests — — (2,223 ) — (2,223 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 66,118 $ 15,531 $ 40,024 $ (55,555 ) $ 66,118 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six weeks ended July 1, 2017 Parent Guarantors Non- Eliminations Total Net earnings $ 84,643 $ 22,430 $ 42,765 $ (62,555 ) $ 87,283 Other comprehensive income (loss), net of tax: — Foreign currency translation adjustments: — Unrealized translation gain (loss) — 68,024 (27,083 ) — 40,941 Gain (loss) on hedging activities: Net investment hedges (1,076 ) — — — (1,076 ) Amortization cost included in interest expense 37 — — — 37 Equity in other comprehensive income 41,599 — — (41,599 ) — Other comprehensive income (loss) 40,560 68,024 (27,083 ) (41,599 ) 39,902 Comprehensive income (loss) 125,203 90,454 15,682 (104,154 ) 127,185 Comprehensive income attributable to noncontrolling interests — — (1,982 ) — (1,982 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 125,203 $ 90,454 $ 13,700 $ (104,154 ) $ 125,203
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 349,906 $ 12,698 $ 359,984 $ — $ 722,588 Receivables, net 135,850 86,036 250,963 — 472,849 Inventories 140,600 38,888 205,410 (2,927 ) 381,971 Prepaid expenses and other assets 49,748 39,066 39,029 — 127,843 Refundable income taxes 9,841 — — — 9,841 Total current assets 685,945 176,688 855,386 (2,927 ) 1,715,092 Property, plant and equipment, at cost 566,962 166,690 398,422 — 1,132,074 Less accumulated depreciation and amortization 380,864 89,134 169,388 — 639,386 Net property, plant and equipment 186,098 77,556 229,034 — 492,688 Goodwill 20,108 110,562 190,692 — 321,362 Other intangible assets 103 29,164 95,282 — 124,549 Investment in subsidiaries and intercompany accounts 1,342,466 1,118,506 990,137 (3,451,109 ) — Other assets 50,346 — 75,324 — 125,670 Total assets $ 2,285,066 $ 1,512,476 $ 2,435,855 $ (3,454,036 ) $ 2,779,361 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ 252,218 $ — $ 863 $ — $ 253,081 Notes payable to banks — — 271 — 271 Accounts payable 55,865 12,342 125,405 — 193,612 Accrued employee compensation and benefits 37,484 5,888 28,441 — 71,813 Accrued expenses 31,803 5,963 41,597 — 79,363 Dividends payable 8,412 — — — 8,412 Total current liabilities 385,782 24,193 196,577 — 606,552 Deferred income taxes (1,652 ) 16,883 19,261 — 34,492 Long-term debt, excluding current installments 733,709 175,549 9,012 (181,968 ) 736,302 Defined benefit pension liability — — 183,688 — 183,688 Deferred compensation 43,413 — 4,705 — 48,118 Other noncurrent liabilities 11,648 5 8,732 — 20,385 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 162,906 1,107,536 (1,270,442 ) — Retained earnings 2,023,919 602,675 552,173 (1,154,848 ) 2,023,919 Accumulated other comprehensive income (loss) (311,166 ) 72,315 (332,169 ) 259,854 (311,166 ) Treasury stock (628,487 ) — — — (628,487 ) Total Valmont Industries, Inc. shareholders’ equity 1,112,166 1,295,846 1,976,222 (3,272,068 ) 1,112,166 Noncontrolling interest in consolidated subsidiaries — — 37,658 — 37,658 Total shareholders’ equity 1,112,166 1,295,846 2,013,880 (3,272,068 ) 1,149,824 Total liabilities and shareholders’ equity $ 2,285,066 $ 1,512,476 $ 2,435,855 $ (3,454,036 ) $ 2,779,361 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 30, 2017 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 83,329 $ 5,304 $ 404,172 $ — $ 492,805 Receivables, net 149,221 82,995 271,461 — 503,677 Inventories 160,444 46,801 217,551 (3,848 ) 420,948 Prepaid expenses and other assets 8,607 970 34,066 — 43,643 Refundable income taxes 11,492 — — — 11,492 Total current assets 413,093 136,070 927,250 (3,848 ) 1,472,565 Property, plant and equipment, at cost 557,371 160,767 447,549 — 1,165,687 Less accumulated depreciation and amortization 368,668 84,508 193,583 — 646,759 Net property, plant and equipment 188,703 76,259 253,966 — 518,928 Goodwill 20,108 110,562 207,050 — 337,720 Other intangible assets 130 30,955 107,514 — 138,599 Investment in subsidiaries and intercompany accounts 1,416,446 1,181,537 927,179 (3,525,162 ) — Other assets 50,773 — 83,665 — 134,438 Total assets $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 966 $ — $ 966 Notes payable to banks — — 161 — 161 Accounts payable 69,915 18,039 139,952 — 227,906 Accrued employee compensation and benefits 44,086 8,749 31,591 — 84,426 Accrued expenses 28,198 9,621 43,210 — 81,029 Dividends payable 8,510 — — — 8,510 Total current liabilities 150,709 36,409 215,880 — 402,998 Deferred income taxes 20,885 — 14,021 — 34,906 Long-term debt, excluding current installments 750,821 185,078 9,836 (191,847 ) 753,888 Defined benefit pension liability — — 189,552 — 189,552 Deferred compensation 42,928 — 5,598 — 48,526 Other noncurrent liabilities 11,074 6 9,505 — 20,585 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,682 (1,106,632 ) 27,900 Additional paid-in capital — 159,414 1,107,536 (1,266,950 ) — Retained earnings 1,954,344 622,044 619,622 (1,241,666 ) 1,954,344 Accumulated other comprehensive income (279,022 ) 74,482 (352,567 ) 278,085 (279,022 ) Treasury stock (590,386 ) — — — (590,386 ) Total Valmont Industries, Inc. shareholders’ equity 1,112,836 1,313,890 2,023,273 (3,337,163 ) 1,112,836 Noncontrolling interest in consolidated subsidiaries — — 38,959 — 38,959 Total shareholders’ equity 1,112,836 1,313,890 2,062,232 (3,337,163 ) 1,151,795 Total liabilities and shareholders’ equity $ 2,089,253 $ 1,535,383 $ 2,506,624 $ (3,529,010 ) $ 2,602,250
Condensed Consolidated Statements of Cash Flows	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 30, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 72,241 $ 55,956 $ 25,583 $ (78,620 ) $ 75,160 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 12,871 7,063 21,723 — 41,657 Noncash loss on trading securities — — 229 — 229 Impairment of property, plant and equipment — — 2,791 — 2,791 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 5,374 — — — 5,374 Defined benefit pension plan expense — — (1,159 ) — (1,159 ) Contribution to defined benefit pension plan — — (731 ) — (731 ) Loss (gain) on sale of property, plant and equipment 10 (7 ) (290 ) — (287 ) Equity in earnings in nonconsolidated subsidiaries (45,878 ) (33,898 ) — 79,776 — Deferred income taxes 3,343 1,791 (2,634 ) — 2,500 Changes in assets and liabilities: Net working capital (15,781 ) (43,990 ) (12,177 ) (1,244 ) (73,192 ) Other noncurrent liabilities 640 — (1,120 ) — (480 ) Income taxes payable (refundable) (11,054 ) (843 ) 7,609 — (4,288 ) Net cash flows from operating activities 24,284 (13,928 ) 43,390 (88 ) 53,658 Cash flows from investing activities: Purchase of property, plant and equipment (10,051 ) (6,770 ) (14,995 ) — (31,816 ) Proceeds from sale of assets 5 209 64,179 — 64,393 Acquisitions, net of cash acquired — — (9,300 ) — (9,300 ) Settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 6,335 13,752 (17,771 ) 88 2,404 Net cash flows from investing activities (5,332 ) 7,191 22,113 88 24,060 Cash flows from financing activities: Proceeds from short-term agreements — — 130 — 130 Proceeds from long-term borrowings 237,641 — — — 237,641 Principal payments on long-term borrowings — — (495 ) — (495 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (17,003 ) — — — (17,003 ) Dividends to noncontrolling interest — — (4,852 ) — (4,852 ) Intercompany dividends 75,325 11,296 (86,621 ) — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Intercompany capital contribution (3,492 ) 3,492 — — — Purchase of treasury shares (43,999 ) — — — (43,999 ) Proceeds from exercises under stock plans 5,711 — — — 5,711 Purchase of common treasury shares - stock plan exercises (1,769 ) — — — (1,769 ) Net cash flows from financing activities 247,625 14,788 (97,348 ) — 165,065 Effect of exchange rate changes on cash and cash equivalents — (657 ) (12,343 ) — (13,000 ) Net change in cash and cash equivalents 266,577 7,394 (44,188 ) — 229,783 Cash and cash equivalents—beginning of year 83,329 5,304 404,172 — 492,805 Cash and cash equivalents—end of period $ 349,906 $ 12,698 $ 359,984 $ — $ 722,588 (10) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended July 1, 2017 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 84,643 $ 22,430 $ 42,765 $ (62,555 ) $ 87,283 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 13,048 7,113 21,593 — 41,754 Noncash loss on trading securities — — 188 — 188 Stock-based compensation 4,590 — — — 4,590 Defined benefit pension plan expense — — 314 — 314 Contribution to defined benefit pension plan — — (25,379 ) — (25,379 ) Loss (gain) on sale of property, plant and equipment (20 ) — (44 ) — (64 ) Equity in earnings in nonconsolidated subsidiaries (57,321 ) (5,316 ) — 62,637 — Deferred income taxes 5,539 — 1,808 — 7,347 Changes in assets and liabilities: Net working capital (14,523 ) (28,010 ) (21,840 ) 69 (64,304 ) Other noncurrent liabilities 874 — 1,099 — 1,973 Income taxes payable (refundable) (7,737 ) 542 9,223 — 2,028 Net cash flows from operating activities 29,093 (3,241 ) 29,727 151 55,730 Cash flows from investing activities: Purchase of property, plant and equipment (8,126 ) (3,351 ) (14,706 ) — (26,183 ) Proceeds from sale of assets 21 11 858 — 890 Settlement of net investment hedge 5,123 — — — 5,123 Other, net (8,313 ) 6,604 (607 ) (151 ) (2,467 ) Net cash flows from investing activities (11,295 ) 3,264 (14,455 ) (151 ) (22,637 ) Cash flows from financing activities: Payments under short-term agreements — — (369 ) — (369 ) Principal payments on long-term borrowings — — (434 ) — (434 ) Dividends paid (16,913 ) — — — (16,913 ) Dividends to noncontrolling interest — — (2,889 ) — (2,889 ) Intercompany dividends 22,662 — (22,662 ) — — Intercompany interest on long-term note — (5,669 ) 5,669 — — Intercompany capital contribution (3,785 ) 3,785 — — — Proceeds from exercises under stock plans 10,168 — — — 10,168 Purchase of common treasury shares - stock plan exercises (3,056 ) — — — (3,056 ) Net cash flows from financing activities 9,076 (1,884 ) (20,685 ) — (13,493 ) Effect of exchange rate changes on cash and cash equivalents — 212 15,894 — 16,106 Net change in cash and cash equivalents 26,874 (1,649 ) 10,481 — 35,706 Cash and cash equivalents—beginning of year 67,225 6,071 339,220 — 412,516 Cash and cash equivalents—end of period $ 94,099 $ 4,422 $ 349,701 $ — $ 448,222

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt is as follows: June 30, December 30, 5.00% senior unsecured notes due 2044(a) $ 450,000 $ 250,000 5.25% senior unsecured notes due 2054(b) 305,000 250,000 Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b) (21,624 ) (4,312 ) 6.625% senior unsecured notes due 2020(c) 250,200 250,200 Unamortized premium on 6.625 senior unsecured notes (c) 2,018 2,545 Revolving credit agreement (d) — — IDR Bonds(e) 8,500 8,500 Other notes 3,456 4,033 Debt issuance costs (8,167 ) (6,112 ) Long-term debt 989,383 754,854 Less current installments of long-term debt 253,081 966 Long-term debt, excluding current installments $ 736,302 $ 753,888 (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 $14,053 at June 30, 2018. The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount is 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 $7,571 at June 30, 2018. The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount is 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) The 6.625% senior unsecured notes due 2020, following a partial tender offer in September 2014, include a remaining aggregate principal amount of $250,200 on which interest is paid and an unamortized premium balance of $2,018 at June 30, 2018. The notes bear interest at 6.625% per annum and are due on April 1, 2020. The remaining premium will be amortized against interest expense as interest payments are made over the term of the notes. The notes may be redeemed 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. On June 11, 2018, the Company notified the holders of the 2020 bonds of its plan to redeem all of these bonds. On July 9, 2018, the Company redeemed all $250,200 of the 2020 bonds at a make-whole redemption price equal to approximately $266,000 plus approximately $3,600 of accrued and unpaid interest on the notes from April 20, 2018 (8) LONG-TERM DEBT (Continued) to July 8, 2018. The Company recognized approximately $14,800 of redemption related expenses, including the recognition of the unamortized premium, in the third quarter of 2018. (d) On October 18, 2017, the Company amended and restated its revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto. The credit facility provides for $600,000 of committed unsecured revolving credit loans. The Company may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. This amendment extends the maturity date of the credit facility from October 17, 2019 to October 18, 2022 and increases the available borrowings in foreign currencies from $200 million to $400 million . The interest rate on the borrowings will be, at the Company's option, either: (i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or; (ii) the higher of • the prime lending rate , • the Federal Funds rate plus 50 basis points, and • LIBOR (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 debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc. At June 30, 2018, the Company had no outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At June 30, 2018, the Company had the ability to borrow $585,350 under this facility, after consideration of standby letters of credit of $14,650 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $110,940 , $110,670 of which was unused at June 30, 2018. (e) The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at June 30, 2018 and December 30, 2017 were 2.96% and 2.00% , respectively.

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 30, 2017
Accounting Policies [Abstract]
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent)	37.00%		37.00%
Excess of replacement cost of inventories over the LIFO value	$ 46,459		$ 43,727
Inventory, Net [Abstract]
Raw materials and purchased parts	191,918		183,029
Work-in-process	19,500		30,671
Finished goods and manufactured goods	217,012		250,975
Subtotal	428,430		464,675
Less: LIFO reserve	46,459		43,727
Net inventory	$ 381,971	$ 384,705	$ 420,948

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Income Tax Contingency [Line Items]
United States		$ 42,336	$ 50,773	$ 84,101	$ 86,197
Foreign		6,749	17,634	17,996	37,534
Earnings before income taxes		$ 49,085	$ 68,407	$ 102,097	$ 123,731
Unremitted foreign earnings	$ 400,000
Tax Cuts and Jobs Act, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Liability	9,890
Federal
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense	10,373
State
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense	$ 1,300

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Net periodic (benefit) expense:
Interest cost	$ 4,486	$ 4,478	$ 9,202	$ 8,799
Expected return on plan assets	(5,815)	(5,054)	(11,929)	(9,931)
Amortization of actuarial loss	764	736	1,568	1,446
Net periodic expense (benefit)	$ (565)	$ 160	$ (1,159)	$ 314

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Stock Option Plans
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	1,700,000		1,700,000
Compensation expense	$ 2,599	$ 2,096	$ 5,374	$ 4,590
Income tax benefits	$ 650	$ 807	$ 1,344	$ 1,767
Stock Option Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years
Expiration period of grant			6 years
Stock Option Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			7 years
Expiration period of grant			10 years
Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	$ 41,194	$ 41,042
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	41,194	41,042
Delta E M D Pty Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining ownership	1,686	1,951
Valmont Deferred Compensation Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 39,508	$ 39,091

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (279,022)
Balance at the end of the period	(311,166)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(171,399)
Current-period comprehensive income (loss)	(43,091)
Divestiture of grinding media business	9,203
Balance at the end of the period	(205,287)
Gain/(Loss) on Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	6,357
Current-period comprehensive income (loss)	529
Divestiture of grinding media business	1,215
Balance at the end of the period	8,101
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(113,980)
Current-period comprehensive income (loss)	0
Divestiture of grinding media business	0
Balance at the end of the period	(113,980)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(279,022)
Current-period comprehensive income (loss)	(42,562)
Divestiture of grinding media business	10,418
Balance at the end of the period	$ (311,166)

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Effects of Topic 606 (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 381,971	$ 420,948		$ 381,971		$ 384,705
Prepaid expenses and other assets	127,843	43,643		127,843		95,150
Accrued expenses	79,363	81,029		79,363		83,072
Deferred income taxes	34,492	34,906		34,492		38,356
Retained earnings	2,023,919	1,954,344		2,023,919		1,964,115
Net sales	682,405		$ 712,737	1,381,089	$ 1,350,210
Operating income	63,670		$ 78,450	127,630	$ 143,106
Calculated Under Revenue Guidance In Effect Before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	436,414	420,948		436,414
Prepaid expenses and other assets	53,829	43,643		53,829
Accrued expenses	75,060	81,029		75,060
Deferred income taxes	30,535	34,906		30,535
Retained earnings	2,012,608	1,954,344		2,012,608
Net sales	687,953			1,358,827
Operating income	66,707			125,592
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	(54,443)			(54,443)		(36,243)
Prepaid expenses and other assets	74,014			74,014		51,507
Accrued expenses	4,303			4,303		2,043
Deferred income taxes	3,957			3,957		3,450
Retained earnings	11,311	9,771		11,311		$ 9,771
Net sales	(5,548)			22,262
Operating income	$ (3,037)	$ 13,121		$ 2,038

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 31, 2017	Dec. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 682,405,000	$ 712,737,000	$ 1,381,089,000	$ 1,350,210,000
Contract asset, current	92,585,000		92,585,000		$ 51,507,000
Contract with customer, liability, current	4,669		4,669			$ 7,368
Revenue recognized from contract liability			4,000
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	474,740,000		952,025,000
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	207,665,000		429,064,000
Offshore and Other Complex Steel Structures
Disaggregation of Revenue [Line Items]
Contract asset, current						$ 16,165,000
Utility Support Structures Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	196,531,000	209,622,000	406,390,000	409,652,000
Utility Support Structures Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Utility Support Structures Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	196,531,000		406,390,000
Engineered Support Structures Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	246,041,000	231,278,000	461,957,000	424,354,000
Engineered Support Structures Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	237,720,000		444,914,000
Engineered Support Structures Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	8,321,000		17,043,000
Coatings Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	74,539,000	64,600,000	142,997,000	123,932,000
Coatings Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	74,539,000		142,997,000
Coatings Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Irrigation Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	160,613,000	$ 186,165,000	346,665,000	$ 351,606,000
Irrigation Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	157,800,000		341,034,000
Irrigation Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2,813,000		5,631,000
Other Segments | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,681,000		23,080,000
Other Segments | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 0		$ 0

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Hedging Activities (Details) $ in Thousands	Jun. 19, 2018USD ($)	Sep. 29, 2018USD ($)	Jun. 30, 2018USD ($)derivativeT	Mar. 31, 2018USD ($)T	Sep. 30, 2017USD ($)derivative	Jul. 01, 2017USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Dec. 30, 2017USD ($)
Derivative [Line Items]
Derivative asset (liabilities)			$ 3,350				$ 3,350		$ (826)
Gain (Loss) on Derivative Used in Net Investment Hedge, Before Tax									5,123
Realized gain on net investment hedge, net of tax									3,150
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)			(2,396)			$ 550	(1,607)	$ 1,076
Realized loss on net investment hedge for grinding media business recorded in earnings			1,215			0	1,215	0
Loss (deferred) on interest rate hedges			(2,467)			0	(2,467)	0
Commodity forward contracts
Derivative [Line Items]
Derivative, notional amount			$ 7,185	$ 7,142			7,185
Derivative, Nonmonetary Notional Amount, Mass | T				1,500
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)				$ 1,345
July - September
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | T			2,000
October - December
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | T			1,000
Foreign Currency Forward Contract
Derivative [Line Items]
Derivative, notional amount						$ 44,000		$ 44,000
Derivative, Number Of Instrument Entered | derivative			2		2
Derivative, Term of Contract			2 years		6 months
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax		$ 1,621
Realized loss on net investment hedge for grinding media business recorded in earnings			$ 1,215
Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, notional amount	$ 175,000
Prepaid expenses and other assets | Commodity forward contracts
Derivative [Line Items]
Derivative asset (liabilities)			1,345				1,345		0
Prepaid expenses and other assets | Foreign Currency Forward Contract
Derivative [Line Items]
Derivative asset (liabilities)			2,005				2,005		0
Accrued expenses | Foreign Currency Forward Contract
Derivative [Line Items]
Derivative asset (liabilities)			$ 0				$ 0		$ (826)
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044
Derivative [Line Items]
Proceeds from Notes Payable	200,000
Stated rate			5.00%				5.00%
Senior Unsecured Notes | Senior Unsecured Notes 5.25% Due 2054
Derivative [Line Items]
Proceeds from Notes Payable	$ 55,000
Stated rate			5.25%				5.25%
Australia, Dollars | Foreign Currency Forward Contract
Derivative [Line Items]
Derivative, notional amount			$ 100,000		$ 24,059		$ 100,000
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)			857
United Kingdom, Pounds | Foreign Currency Forward Contract
Derivative [Line Items]
Derivative, notional amount					$ 21,222
Euro Member Countries, Euro | Foreign Currency Forward Contract
Derivative [Line Items]
Derivative, notional amount			50				$ 50
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)			$ 1,148

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Changes (Details) £ in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018USD ($)	Dec. 30, 2017USD ($)	Jul. 01, 2017USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 2,023,919	$ 1,954,344		$ 2,023,919		$ 1,964,115
Adjustments to operating income (loss)	63,670		$ 78,450	127,630	$ 143,106
Other Nonoperating Income (Expense)	1,844		(192)	703	853
Adjustments to selling, general, and administrative expense	(111,329)		(104,830)	(216,609)	(204,779)
Adjustments to beginning and ending cash balance	722,588	492,805	448,222	722,588	448,222			$ 412,516
Adjustments to cash provided by (used in) operating activities				(53,658)	(55,730)
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact of ASC 606 adoption		9,771
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Nonoperating Income (Expense)	160				$ 314
Adjustments to selling, general, and administrative expense	154
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustments to beginning and ending cash balance | £							£ 10,000
Adjustments to cash provided by (used in) operating activities			$ 12,568
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact of ASC 606 adoption		1,038
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	11,311	9,771		11,311		$ 9,771
Net sales		51,507
Adjustments to operating income (loss)	$ (3,037)	13,121		$ 2,038
Retained earnings | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact of ASC 606 adoption		9,771
Retained earnings | Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact of ASC 606 adoption		$ 1,038

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Jan. 26, 2018	Jul. 31, 2017	Apr. 30, 2016	Jun. 30, 2018	Dec. 30, 2017
Acquisitions
Goodwill				$ 321,362	$ 337,720
Torrent Engineering and Equipment
Acquisitions
Percentage acquired	60.00%
Consideration transfered	$ 4,800
Annual revenue of acquiree	9,000
Goodwill	3,922
Customer relationships and other intangible assets	$ 4,020
IGC Galvanizing Industries (M) Sdn Bhd
Acquisitions
Percentage acquired			10.00%
Consideration transfered			$ 5,510
Aircon
Acquisitions
Consideration transfered		$ 5,362
Annual revenue of acquiree		10,000
Goodwill		$ 3,327
Customer relationships and other intangible assets				$ 2,109

DIVESTITURE - Narrative (Detail

DIVESTITURE - Narrative (Details) - Donhad $ in Thousands, $ in Thousands	Apr. 30, 2018AUD ($)	Apr. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income/(loss)			$ (334)	$ 1,859	$ (913)	$ 3,945
Disposed by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture	$ 82,500	$ 62,518
Pre-tax gain from divestiture, before recognition of currency translation loss		4,334
Recognition of cumulative currency translation loss and hedges (out of OCI)		$ (10,418)

DIVESTITURE - Summary of Assets

DIVESTITURE - Summary of Assets and Liabilities of Divestiture (Details) - Donhad - Disposed by sale $ in Thousands	Apr. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	$ 9,848
Inventories	15,945
Net property, plant, and equipment	13,815
Goodwill and intangible assets	27,153
Other assets	1,388
Total assets	68,149
Accounts payable	7,125
Accrued expenses	2,484
Deferred income taxes	2,187
Total liabilities	11,796
Net assets	$ 56,353

DIVESTITURE - Summary of Gain (

DIVESTITURE - Summary of Gain (Loss) on Divestiture (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from divestiture of the grinding media business		$ (6,084)	$ 0	$ (6,084)	$ 0
Donhad | Disposed by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain from divestiture, before recognition of currency translation loss	$ 4,334
Recognition of cumulative currency translation loss and hedges (out of OCI)	(10,418)
Net loss from divestiture of the grinding media business	$ (6,084)

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - ESS $ in Thousands	Feb. 28, 2018USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 20,000
Restructuring asset impairment
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	5,000
Total cost of sales
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	13,500
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 6,500

RESTRUCTURING ACTIVITIES - Rest

RESTRUCTURING ACTIVITIES - Restructuring Activities - Restruciting Expenses and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7,019	$ 11,419
ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,419	9,047
Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,474	2,246
Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	126	126
Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,490	6,830
Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,016	4,584
Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,474	2,246
Total cost of sales | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,529	4,589
Selling, General and Administrative Expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,403	4,463
Selling, General and Administrative Expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Selling, General and Administrative Expenses | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	126	126
Severance | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,118	2,541
Severance | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,603	2,026
Severance | Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	515	515
Severance | Total cost of sales | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,533	3,511
Severance | Selling, General and Administrative Expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,533	3,511
Severance | Selling, General and Administrative Expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Severance | Selling, General and Administrative Expenses | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Other cash restructuring expenses | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,111	1,883
Other cash restructuring expenses | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	152	152
Other cash restructuring expenses | Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	959	1,731
Other cash restructuring expenses | Total cost of sales | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Other cash restructuring expenses | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	611	693
Other cash restructuring expenses | Selling, General and Administrative Expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	485	567
Other cash restructuring expenses | Selling, General and Administrative Expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Other cash restructuring expenses | Selling, General and Administrative Expenses | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	126	126
Asset impairments/net loss on disposals | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,261	2,406
Asset impairments/net loss on disposals | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,261	2,406
Asset impairments/net loss on disposals | Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Asset impairments/net loss on disposals | Total cost of sales | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	385	385
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	385	385
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Asset impairments/net loss on disposals | Selling, General and Administrative Expenses | Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0

RESTRUCTURING ACTIVITIES - Liab

RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	$ 1,216
Recognized Restructuring Expense	8,628
Costs Paid or Otherwise Settled	(8,661)
Ending balance	1,183
Severance
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	0
Recognized Restructuring Expense	6,052
Costs Paid or Otherwise Settled	(6,052)
Ending balance	0
Other cash restructuring expenses
Restructuring Cost and Reserve [Roll Forward]
Beginning balance	1,216
Recognized Restructuring Expense	2,576
Costs Paid or Otherwise Settled	(2,609)
Ending balance	$ 1,183

GOODWILL AND INTANGIBLE ASSET46

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Dec. 30, 2017
Components of amortized intangible assets
Gross Carrying Amount	$ 204,077		$ 204,077	$ 216,035
Accumulated Amortization	138,006		138,006	142,289
Amortization expense for intangible assets	3,572	$ 3,903	7,767
Estimated amortization expense
2,015	14,187		14,187
2,016	12,903		12,903
2,017	11,804		11,804
2,018	9,748		9,748
2,019	7,573		7,573
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	188,767		188,767	200,810
Accumulated Amortization	126,904		$ 126,904	$ 131,062
Weighted Average Life			13 years	13 years
Proprietary Software & Database
Components of amortized intangible assets
Gross Carrying Amount	3,589		$ 3,589	$ 3,671
Accumulated Amortization	3,075		$ 3,075	$ 3,107
Weighted Average Life			8 years	8 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	7,225		$ 7,225	$ 6,693
Accumulated Amortization	4,238		$ 4,238	$ 3,999
Weighted Average Life			11 years	11 years
Other
Components of amortized intangible assets
Gross Carrying Amount	4,496		$ 4,496	$ 4,861
Accumulated Amortization	$ 3,789		$ 3,789	$ 4,121
Weighted Average Life			3 years	3 years

GOODWILL AND INTANGIBLE ASSET47

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	$ 9,717	$ 9,973
Webforge
Non-amortized intangible assets
Carrying value of trade names	9,230	9,432
Ingal EPS/Ingal Civil Products
Non-amortized intangible assets
Carrying value of trade names	7,526	7,690
Shakespeare
Non-amortized intangible assets
Carrying value of trade names	4,000	4,000
Other
Non-amortized intangible assets
Carrying value of trade names	$ 16,894	$ 22,647

GOODWILL AND INTANGIBLE ASSET48

GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 321,362	$ 337,720
ESS
Indefinite-lived Intangible Assets [Line Items]
Goodwill	147,963	151,406
Coatings Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 59,947	$ 60,474

GOODWILL AND INTANGIBLE ASSET49

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 30, 2017
Goodwill
Goodwill, Gross		$ 372,612,000
Accumulated impairment losses		(34,892,000)
Carrying amount of goodwill
Balance at the beginning of the period	$ 337,720,000
Acquisitions	(3,922,000)
Divestiture of grinding media	(15,814,000)
Foreign currency translation	(4,466,000)
Balance at the end of the period	321,362,000
Engineered Support Structures Segment
Goodwill
Goodwill, Gross		170,076,000
Accumulated impairment losses		(18,670,000)
Carrying amount of goodwill
Balance at the beginning of the period	151,406,000
Acquisitions	0
Divestiture of grinding media	0
Foreign currency translation	(3,443,000)
Balance at the end of the period	147,963,000
Utility Support Structures Segment
Goodwill
Goodwill, Gross		90,248,000
Accumulated impairment losses		0
Carrying amount of goodwill
Balance at the beginning of the period	90,248,000
Acquisitions	0
Divestiture of grinding media	0
Foreign currency translation	(380,000)
Balance at the end of the period	89,868,000
Coatings Segment
Goodwill
Goodwill, Gross		76,696,000
Accumulated impairment losses		(16,222,000)
Carrying amount of goodwill
Balance at the beginning of the period	60,474,000
Acquisitions	0
Divestiture of grinding media	0
Foreign currency translation	(527,000)
Balance at the end of the period	59,947,000
Irrigation Segment
Goodwill
Goodwill, Gross		19,778,000
Accumulated impairment losses		0
Carrying amount of goodwill
Balance at the beginning of the period	19,778,000
Acquisitions	(3,922,000)
Divestiture of grinding media	0
Foreign currency translation	(116,000)
Balance at the end of the period	23,584,000
Other Segments
Goodwill
Goodwill, Gross		15,814,000
Accumulated impairment losses		$ 0
Carrying amount of goodwill
Balance at the beginning of the period	15,814,000
Acquisitions	0
Divestiture of grinding media	(15,814,000)
Foreign currency translation	0
Balance at the end of the period	0
Valmont SM
Carrying amount of goodwill
Balance at the end of the period	$ 14,464,000

CASH FLOW SUPPLEMENTARY INFOR50

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Supplemental Cash Flow Elements [Abstract]
Purchase of treasury shares	$ (43,999)	$ 0
Supplemental Cash Flow Information [Abstract]
Interest	19,448	22,113
Income taxes	$ 22,796	$ 26,966

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ (32,960,000)	$ (45,664,000)	$ (72,241,000)	$ (84,643,000)
Shares outstanding basic (in shares)	22,438,000	22,517,000	22,523,000	22,494,000
Per share amount basic (in dollars per share)	$ 1.47	$ 2.03	$ 3.21	$ 3.76
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	135,000	223,000	161,000	206,000
Dilutive effect of stock options (in dollars per share)	$ (0.01)	$ (0.02)	$ (0.03)	$ (0.03)
Diluted EPS
Diluted EPS	$ 32,960,000	$ 45,664,000	$ 72,241,000	$ 84,643,000
Shares outstanding dilutive (in shares)	22,573,000	22,740,000	22,684,000	22,700,000
Per share amount diluted (in dollars per share)	$ 1.46	$ 2.01	$ 3.18	$ 3.73
Antidilutive Securities
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	145,105	84,712	145,105	84,712
2018 Restructuring Plan
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 6,295,000		$ 9,620,000
Per share amount basic (in dollars per share)	$ (0.28)		$ (0.43)
Diluted EPS
Diluted EPS	$ 6,345,000		$ 9,620,000
Per share amount diluted (in dollars per share)	$ 0.28		$ 0.43
Donhad | Disposed by sale
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ (5,455,000)
Per share amount basic (in dollars per share)	$ 0.24
Diluted EPS
Diluted EPS	$ 5,455,000
Per share amount diluted (in dollars per share)	$ 0.24

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Dec. 30, 2017segment
Business Segments
Number of Reportable Segments | segment					4
Percentage of Sales to Total Consolidated Sales of Other Business Activities, Aggregated as Other, Maximum					10.00%
Net sales	$ 682,405	$ 712,737	$ 1,381,089	$ 1,350,210
Operating income	63,670	78,450	127,630	143,106
Inventory Valuation [Member]
Business Segments
Operating income	(1,651)	(434)	(2,732)	(1,213)
Engineered Support Structures Segment
Business Segments
Net sales	246,041	231,278	461,957	424,354
Operating income	12,965	20,288	19,912	29,752
Utility Support Structures Segment
Business Segments
Net sales	196,531	209,622	406,390	409,652
Operating income	20,841	22,394	44,208	46,601
Coatings Segment
Business Segments
Net sales	74,539	64,600	142,997	123,932
Operating income	14,868	12,108	26,735	21,514
Irrigation Segment
Business Segments
Net sales	160,613	186,165	346,665	351,606
Operating income	27,728	34,670	61,615	64,961
Other Segments
Business Segments
Operating income	(334)	1,859	(913)	3,945
Corporate
Business Segments
Operating income	(10,747)	(12,435)	(21,195)	(22,454)
Operating Segment
Business Segments
Sales	707,619	736,547	1,433,734	1,402,047
Operating Segment | Engineered Support Structures Segment
Business Segments
Sales	250,711	236,803	475,665	441,752
Operating Segment | Engineered Support Structures Segment | Lighting, Traffic, and Highway Safety Products
Business Segments
Sales	178,930	161,474	339,374	302,276
Operating Segment | Engineered Support Structures Segment | Communication Products
Business Segments
Sales	39,592	43,813	73,705	75,289
Operating Segment | Engineered Support Structures Segment | Access Systems
Business Segments
Sales	32,189	31,516	62,586	64,187
Operating Segment | Utility Support Structures Segment
Business Segments
Sales	197,719	210,604	407,581	410,869
Operating Segment | Utility Support Structures Segment | Steel
Business Segments
Sales	146,117	163,079	310,100	311,433
Operating Segment | Utility Support Structures Segment | Concrete
Business Segments
Sales	30,185	22,906	53,847	49,110
Operating Segment | Utility Support Structures Segment | Offshore and Other Complex Steel Structures
Business Segments
Sales	21,417	24,619	43,634	50,326
Operating Segment | Coatings Segment
Business Segments
Sales	91,572	79,781	176,519	153,249
Operating Segment | Irrigation Segment
Business Segments
Sales	162,936	188,287	350,889	355,511
Corporate
Business Segments
Sales	4,681	21,072	23,080	40,666
Net sales	4,681	21,072	23,080	40,666
Intersegment
Business Segments
Sales	25,214	23,810	52,645	51,837
Intersegment | Engineered Support Structures Segment
Business Segments
Sales	4,670	5,525	13,708	17,398
Intersegment | Utility Support Structures Segment
Business Segments
Sales	1,188	982	1,191	1,217
Intersegment | Coatings Segment
Business Segments
Sales	17,033	15,181	33,522	29,317
Intersegment | Irrigation Segment
Business Segments
Sales	2,323	2,122	4,224	3,905
Intersegment | Other Segments
Business Segments
Sales	$ 0	$ 0	$ 0	$ 0

GUARANTOR_NON-GUARANTOR FINAN53

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Parent company's percentage ownership of Guarantors	100.00%		100.00%
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	$ 682,405	$ 712,737	$ 1,381,089	$ 1,350,210
Cost of sales	507,406	529,457	1,036,850	1,002,325
Gross profit	174,999	183,280	344,239	347,885
Selling, general and administrative expenses	111,329	104,830	216,609	204,779
Operating income	63,670	78,450	127,630	143,106
Other income (expense):
Interest expense	(11,791)	(10,818)	(22,865)	(22,122)
Interest income	1,446	967	2,713	1,894
Loss from divestiture of grinding media business	(6,084)	0	(6,084)	0
Other	1,844	(192)	703	853
Total other income (expenses)	(14,585)	(10,043)	(25,533)	(19,375)
Earnings before income taxes	49,085	68,407	102,097	123,731
Income tax expense (benefit):
Current	16,724	27,803	24,437	29,101
Deferred income taxes	(2,319)	(6,718)	2,500	7,347
Total income tax expense (benefit)	14,405	21,085	26,937	36,448
Earnings before equity in earnings of nonconsolidated subsidiaries	34,680	47,322	75,160	87,283
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	34,680	47,322	75,160	87,283
Less: Earnings attributable to noncontrolling interests	(1,720)	(1,658)	(2,919)	(2,640)
Net earnings attributable to Valmont Industries, Inc.	32,960	45,664	72,241	84,643
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	(64,573)	(53,823)	(135,188)	(122,136)
Cost of sales	(64,105)	(54,610)	(136,432)	(122,207)
Gross profit	(468)	787	1,244	71
Selling, general and administrative expenses	0	0	0	0
Operating income	(468)	787	1,244	71
Other income (expense):
Interest expense	3,749	3,785	7,629	6,051
Interest income	(3,749)	(3,785)	(7,629)	(6,051)
Loss from divestiture of grinding media business	0		0
Other	0	0	0	0
Total other income (expenses)	0	0	0	0
Earnings before income taxes	(468)	787	1,244	71
Income tax expense (benefit):
Current	(49)	233	88	(11)
Deferred income taxes	0	0	0	0
Total income tax expense (benefit)	(49)	233	88	(11)
Earnings before equity in earnings of nonconsolidated subsidiaries	(419)	554	1,156	82
Equity in earnings of nonconsolidated subsidiaries	(52,460)	(35,123)	(79,776)	(62,637)
Net earnings	(52,879)	(34,569)	(78,620)	(62,555)
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	(52,879)	(34,569)	(78,620)	(62,555)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	297,916	316,185	613,908	609,450
Cost of sales	220,677	233,535	456,273	450,021
Gross profit	77,239	82,650	157,635	159,429
Selling, general and administrative expenses	50,259	46,922	96,790	97,139
Operating income	26,980	35,728	60,845	62,290
Other income (expense):
Interest expense	(11,396)	(10,646)	(22,277)	(21,788)
Interest income	305	144	481	295
Loss from divestiture of grinding media business	(2,518)		(2,518)
Other	616	1,167	510	2,521
Total other income (expenses)	(12,993)	(9,335)	(23,804)	(18,972)
Earnings before income taxes	13,987	26,393	37,041	43,318
Income tax expense (benefit):
Current	4,566	15,344	7,335	10,457
Deferred income taxes	(2,248)	(5,788)	3,343	5,539
Total income tax expense (benefit)	2,318	9,556	10,678	15,996
Earnings before equity in earnings of nonconsolidated subsidiaries	11,669	16,837	26,363	27,322
Equity in earnings of nonconsolidated subsidiaries	21,291	28,827	45,878	57,321
Net earnings	32,960	45,664	72,241	84,643
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	32,960	45,664	72,241	84,643
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	133,563	122,359	254,734	239,584
Cost of sales	98,649	91,374	193,108	182,863
Gross profit	34,914	30,985	61,626	56,721
Selling, general and administrative expenses	12,535	11,849	24,452	23,509
Operating income	22,379	19,136	37,174	33,212
Other income (expense):
Interest expense	(3,749)	(3,785)	(7,629)	(6,051)
Interest income	5	10	15	24
Loss from divestiture of grinding media business	0		0
Other	14	15	26	31
Total other income (expenses)	(3,730)	(3,760)	(7,588)	(5,996)
Earnings before income taxes	18,649	15,376	29,586	27,216
Income tax expense (benefit):
Current	4,851	4,782	5,737	10,102
Deferred income taxes	0	0	1,791	0
Total income tax expense (benefit)	4,851	4,782	7,528	10,102
Earnings before equity in earnings of nonconsolidated subsidiaries	13,798	10,594	22,058	17,114
Equity in earnings of nonconsolidated subsidiaries	31,169	6,296	33,898	5,316
Net earnings	44,967	16,890	55,956	22,430
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	44,967	16,890	55,956	22,430
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	315,499	328,016	647,635	623,312
Cost of sales	252,185	259,158	523,901	491,648
Gross profit	63,314	68,858	123,734	131,664
Selling, general and administrative expenses	48,535	46,059	95,367	84,131
Operating income	14,779	22,799	28,367	47,533
Other income (expense):
Interest expense	(395)	(172)	(588)	(334)
Interest income	4,885	4,598	9,846	7,626
Loss from divestiture of grinding media business	(3,566)		(3,566)
Other	1,214	(1,374)	167	(1,699)
Total other income (expenses)	2,138	3,052	5,859	5,593
Earnings before income taxes	16,917	25,851	34,226	53,126
Income tax expense (benefit):
Current	7,356	7,444	11,277	8,553
Deferred income taxes	(71)	(930)	(2,634)	1,808
Total income tax expense (benefit)	7,285	6,514	8,643	10,361
Earnings before equity in earnings of nonconsolidated subsidiaries	9,632	19,337	25,583	42,765
Equity in earnings of nonconsolidated subsidiaries	0	0	0	0
Net earnings	9,632	19,337	25,583	42,765
Less: Earnings attributable to noncontrolling interests	(1,720)	(1,658)	(2,919)	(2,640)
Net earnings attributable to Valmont Industries, Inc.	$ 7,912	$ 17,679	$ 22,664	$ 40,125

GUARANTOR_NON-GUARANTOR FINAN54

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	$ 34,680	$ 47,322	$ 75,160	$ 87,283
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(46,953)	21,551	(40,149)	40,941
Realized loss on divestiture of grinding media business recorded in earnings	9,203	0	9,203	0
Gain (loss) on hedging activities:
Net investment hedges	2,396	(550)	1,607	(1,076)
Realized loss on net investment hedge for grinding media business recorded in earnings	1,215	0	1,215	0
Amortization cost included in interest expense	25	18	44	37
Loss (deferred) on interest rate hedges	(2,467)	0	(2,467)	0
Commodity hedges	1,438	0	1,345	0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	(35,143)	21,019	(29,202)	39,902
Comprehensive income	(463)	68,341	45,958	127,185
Comprehensive loss (income) attributable to noncontrolling interests	(1,114)	(2,223)	(5,861)	(1,982)
Comprehensive income attributable to Valmont Industries, Inc.	(1,577)	66,118	40,097	125,203
Consolidation, Eliminations [Member]
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	(52,879)	(34,569)	(78,620)	(62,555)
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0	0	0
Realized loss on divestiture of grinding media business recorded in earnings	0		0
Gain (loss) on hedging activities:
Net investment hedges	0	0	0	0
Realized loss on net investment hedge for grinding media business recorded in earnings	0		0
Amortization cost included in interest expense	0	0	0	0
Loss (deferred) on interest rate hedges	0		0
Commodity hedges	0		0
Equity in other comprehensive income	37,144	(20,986)	33,888	(41,599)
Other comprehensive income (loss)	37,144	(20,986)	33,888	(41,599)
Comprehensive income	(15,735)	(55,555)	(44,732)	(104,154)
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	(15,735)	(55,555)	(44,732)	(104,154)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	32,960	45,664	72,241	84,643
Foreign currency translation adjustments:
Unrealized translation gain (loss)	0	0	0	0
Realized loss on divestiture of grinding media business recorded in earnings	0		0
Gain (loss) on hedging activities:
Net investment hedges	2,396	(550)	1,607	(1,076)
Realized loss on net investment hedge for grinding media business recorded in earnings	1,215		1,215
Amortization cost included in interest expense	25	18	44	37
Loss (deferred) on interest rate hedges	(2,467)		(2,467)
Commodity hedges	1,438		1,345
Equity in other comprehensive income	(37,144)	20,986	(33,888)	41,599
Other comprehensive income (loss)	(34,537)	20,454	(32,144)	40,560
Comprehensive income	(1,577)	66,118	40,097	125,203
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	(1,577)	66,118	40,097	125,203
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	44,967	16,890	55,956	22,430
Foreign currency translation adjustments:
Unrealized translation gain (loss)	6,513	(1,359)	(2,167)	68,024
Realized loss on divestiture of grinding media business recorded in earnings	0		0
Gain (loss) on hedging activities:
Net investment hedges	0	0	0	0
Realized loss on net investment hedge for grinding media business recorded in earnings	0		0
Amortization cost included in interest expense	0	0	0	0
Loss (deferred) on interest rate hedges	0		0
Commodity hedges	0		0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	6,513	(1,359)	(2,167)	68,024
Comprehensive income	51,480	15,531	53,789	90,454
Comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	51,480	15,531	53,789	90,454
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	9,632	19,337	25,583	42,765
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(53,466)	22,910	(37,982)	(27,083)
Realized loss on divestiture of grinding media business recorded in earnings	9,203		9,203
Gain (loss) on hedging activities:
Net investment hedges	0	0	0	0
Realized loss on net investment hedge for grinding media business recorded in earnings	0		0
Amortization cost included in interest expense	0	0	0	0
Loss (deferred) on interest rate hedges	0		0
Commodity hedges	0		0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income (loss)	(44,263)	22,910	(28,779)	(27,083)
Comprehensive income	(34,631)	42,247	(3,196)	15,682
Comprehensive loss (income) attributable to noncontrolling interests	(1,114)	(2,223)	(5,861)	(1,982)
Comprehensive income attributable to Valmont Industries, Inc.	$ (35,745)	$ 40,024	$ (9,057)	$ 13,700

GUARANTOR_NON-GUARANTOR FINAN55

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Dec. 31, 2017	Dec. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 722,588	$ 448,222		$ 492,805	$ 412,516
Receivables, net	472,849			503,677
Inventories	381,971		$ 384,705	420,948
Prepaid expenses and other assets	127,843		95,150	43,643
Refundable income taxes	9,841			11,492
Assets held for sale				11,492
Total current assets	1,715,092			1,472,565
Property, plant and equipment, at cost	1,132,074			1,165,687
Less accumulated depreciation and amortization	639,386			646,759
Net property, plant and equipment	492,688			518,928
Goodwill	321,362			337,720
Other intangible assets	124,549			138,599
Investment in subsidiaries and intercompany accounts	0			0
Other assets	125,670			134,438
Total assets	2,779,361			2,602,250
Current liabilities:
Current installments of long-term debt	253,081			966
Notes payable to banks	271			161
Accounts payable	193,612			227,906
Accrued employee compensation and benefits	71,813			84,426
Accrued expenses	79,363		83,072	81,029
Payments of Ordinary Dividends, Common Stock	17,003	16,913
Liabilities held for sale	8,412			8,510
Total current liabilities	(606,552)			(402,998)
Deferred income taxes	34,492		38,356	34,906
Long-term debt, excluding current installments	736,302			753,888
Defined benefit pension liability	183,688			189,552
Deferred compensation	48,118			48,526
Other noncurrent liabilities	20,385			20,585
Shareholders’ equity:
Common stock of $1 par value	27,900			27,900
Additional paid-in capital	0			0
Retained earnings	2,023,919		$ 1,964,115	1,954,344
Accumulated other comprehensive loss	(311,166)			(279,022)
Treasury stock	(628,487)			(590,386)
Total Valmont Industries, Inc. shareholders’ equity	1,112,166			1,112,836
Noncontrolling interest in consolidated subsidiaries	37,658			38,959
Total shareholders’ equity	1,149,824	1,102,446		1,151,795	982,586
Total liabilities and shareholders’ equity	2,779,361			2,602,250
Eliminations
Current assets:
Cash and cash equivalents	0	0		0	0
Receivables, net	0			0
Inventories	(2,927)			(3,848)
Prepaid expenses and other assets	0			0
Refundable income taxes	0
Assets held for sale				0
Total current assets	(2,927)			(3,848)
Property, plant and equipment, at cost	0			0
Less accumulated depreciation and amortization	0			0
Net property, plant and equipment	0			0
Goodwill	0			0
Other intangible assets	0			0
Investment in subsidiaries and intercompany accounts	(3,451,109)			(3,525,162)
Other assets	0			0
Total assets	(3,454,036)			(3,529,010)
Current liabilities:
Current installments of long-term debt	0			0
Notes payable to banks	0			0
Accounts payable	0			0
Accrued employee compensation and benefits	0			0
Accrued expenses	0			0
Payments of Ordinary Dividends, Common Stock	0	0
Liabilities held for sale	0			0
Total current liabilities	0			0
Deferred income taxes	0			0
Long-term debt, excluding current installments	(181,968)			(191,847)
Defined benefit pension liability	0			0
Deferred compensation	0			0
Other noncurrent liabilities	0			0
Shareholders’ equity:
Common stock of $1 par value	(1,106,632)			(1,106,632)
Additional paid-in capital	(1,270,442)			(1,266,950)
Retained earnings	(1,154,848)			(1,241,666)
Accumulated other comprehensive loss	259,854			278,085
Treasury stock	0			0
Total Valmont Industries, Inc. shareholders’ equity	(3,272,068)			(3,337,163)
Noncontrolling interest in consolidated subsidiaries	0			0
Total shareholders’ equity	(3,272,068)			(3,337,163)
Total liabilities and shareholders’ equity	(3,454,036)			(3,529,010)
Parent
Current assets:
Cash and cash equivalents	349,906	94,099		83,329	67,225
Receivables, net	135,850			149,221
Inventories	140,600			160,444
Prepaid expenses and other assets	49,748			8,607
Refundable income taxes	9,841
Assets held for sale				11,492
Total current assets	685,945			413,093
Property, plant and equipment, at cost	566,962			557,371
Less accumulated depreciation and amortization	380,864			368,668
Net property, plant and equipment	186,098			188,703
Goodwill	20,108			20,108
Other intangible assets	103			130
Investment in subsidiaries and intercompany accounts	1,342,466			1,416,446
Other assets	50,346			50,773
Total assets	2,285,066			2,089,253
Current liabilities:
Current installments of long-term debt	252,218			0
Notes payable to banks	0			0
Accounts payable	55,865			69,915
Accrued employee compensation and benefits	37,484			44,086
Accrued expenses	31,803			28,198
Payments of Ordinary Dividends, Common Stock	17,003	16,913
Liabilities held for sale	8,412			8,510
Total current liabilities	(385,782)			(150,709)
Deferred income taxes	(1,652)			20,885
Long-term debt, excluding current installments	733,709			750,821
Defined benefit pension liability	0			0
Deferred compensation	43,413			42,928
Other noncurrent liabilities	11,648			11,074
Shareholders’ equity:
Common stock of $1 par value	27,900			27,900
Additional paid-in capital	0			0
Retained earnings	2,023,919			1,954,344
Accumulated other comprehensive loss	(311,166)			(279,022)
Treasury stock	(628,487)			(590,386)
Total Valmont Industries, Inc. shareholders’ equity	1,112,166			1,112,836
Noncontrolling interest in consolidated subsidiaries	0			0
Total shareholders’ equity	1,112,166			1,112,836
Total liabilities and shareholders’ equity	2,285,066			2,089,253
Guarantors
Current assets:
Cash and cash equivalents	12,698	4,422		5,304	6,071
Receivables, net	86,036			82,995
Inventories	38,888			46,801
Prepaid expenses and other assets	39,066			970
Refundable income taxes	0
Assets held for sale				0
Total current assets	176,688			136,070
Property, plant and equipment, at cost	166,690			160,767
Less accumulated depreciation and amortization	89,134			84,508
Net property, plant and equipment	77,556			76,259
Goodwill	110,562			110,562
Other intangible assets	29,164			30,955
Investment in subsidiaries and intercompany accounts	1,118,506			1,181,537
Other assets	0			0
Total assets	1,512,476			1,535,383
Current liabilities:
Current installments of long-term debt	0			0
Notes payable to banks	0			0
Accounts payable	12,342			18,039
Accrued employee compensation and benefits	5,888			8,749
Accrued expenses	5,963			9,621
Payments of Ordinary Dividends, Common Stock	0	0
Liabilities held for sale	0			0
Total current liabilities	(24,193)			(36,409)
Deferred income taxes	16,883			0
Long-term debt, excluding current installments	175,549			185,078
Defined benefit pension liability	0			0
Deferred compensation	0			0
Other noncurrent liabilities	5			6
Shareholders’ equity:
Common stock of $1 par value	457,950			457,950
Additional paid-in capital	162,906			159,414
Retained earnings	602,675			622,044
Accumulated other comprehensive loss	72,315			74,482
Treasury stock	0			0
Total Valmont Industries, Inc. shareholders’ equity	1,295,846			1,313,890
Noncontrolling interest in consolidated subsidiaries	0			0
Total shareholders’ equity	1,295,846			1,313,890
Total liabilities and shareholders’ equity	1,512,476			1,535,383
Non- Guarantors
Current assets:
Cash and cash equivalents	359,984	349,701		404,172	$ 339,220
Receivables, net	250,963			271,461
Inventories	205,410			217,551
Prepaid expenses and other assets	39,029			34,066
Refundable income taxes	0
Assets held for sale				0
Total current assets	855,386			927,250
Property, plant and equipment, at cost	398,422			447,549
Less accumulated depreciation and amortization	169,388			193,583
Net property, plant and equipment	229,034			253,966
Goodwill	190,692			207,050
Other intangible assets	95,282			107,514
Investment in subsidiaries and intercompany accounts	990,137			927,179
Other assets	75,324			83,665
Total assets	2,435,855			2,506,624
Current liabilities:
Current installments of long-term debt	863			966
Notes payable to banks	271			161
Accounts payable	125,405			139,952
Accrued employee compensation and benefits	28,441			31,591
Accrued expenses	41,597			43,210
Payments of Ordinary Dividends, Common Stock	0	$ 0
Liabilities held for sale	0			0
Total current liabilities	(196,577)			(215,880)
Deferred income taxes	19,261			14,021
Long-term debt, excluding current installments	9,012			9,836
Defined benefit pension liability	183,688			189,552
Deferred compensation	4,705			5,598
Other noncurrent liabilities	8,732			9,505
Shareholders’ equity:
Common stock of $1 par value	648,682			648,682
Additional paid-in capital	1,107,536			1,107,536
Retained earnings	552,173			619,622
Accumulated other comprehensive loss	(332,169)			(352,567)
Treasury stock	0			0
Total Valmont Industries, Inc. shareholders’ equity	1,976,222			2,023,273
Noncontrolling interest in consolidated subsidiaries	37,658			38,959
Total shareholders’ equity	2,013,880			2,062,232
Total liabilities and shareholders’ equity	$ 2,435,855			$ 2,506,624

GUARANTOR_NON-GUARANTOR FINAN56

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares	Jun. 30, 2018	Dec. 30, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

GUARANTOR_NON-GUARANTOR FINAN57

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Proceeds from exercises under stock plans			$ 5,711	$ 10,168
Cash flows from operating activities:
Net earnings	$ 34,680	$ 47,322	75,160	87,283
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			41,657	41,754
Noncash loss on trading securities			229	188
Stock-based compensation			5,374	4,590
Defined benefit pension plan expense			(1,159)	314
Contribution to defined benefit pension plan			(731)	(25,379)
(Gain)/loss on sale of property, plant and equipment			(287)	(64)
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes	(2,319)	(6,718)	2,500	7,347
Changes in assets and liabilities:
Receivables			(73,192)	(64,304)
Inventories			(20,592)	(24,963)
Prepaid expenses and other assets			(34,096)	(5,892)
Accounts payable			(18,645)	10,715
Accrued expenses			(10,523)	5,252
Other noncurrent liabilities			(480)	1,973
Income taxes payable (refundable)			(4,288)	2,028
Net cash flows from operating activities			53,658	55,730
Cash flows from investing activities:
Purchase of property, plant and equipment			(31,816)	(26,183)
Proceeds from sale of assets			64,393	890
Payments to Acquire Businesses, Net of Cash Acquired			(9,300)	0
Proceeds from settlement of net investment hedge			(1,621)	5,123
Other, net			2,404	(2,467)
Net cash flows from investing activities			24,060	(22,637)
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements			130	(369)
Proceeds from Issuance of Long-term Debt			237,641	0
Principal payments on long-term borrowings			(495)	(434)
Proceeds from Derivative Instrument, Financing Activities			(2,467)	0
Payments of Debt Issuance Costs			(2,322)	0
Dividends paid			(17,003)	(16,913)
Intercompany Interest On Long-term Note				(2,889)
Intercompany capital contribution			0	0
Dividends to noncontrolling interest			(4,852)	(2,889)
Purchase of noncontrolling interest			(5,510)	0
Intercompany dividends			0	0
Payments to Acquire Additional Interest in Subsidiaries			(5,510)
Purchase of common treasury shares - stock plan exercises			(1,769)	(3,056)
Net cash flows from financing activities			165,065	(13,493)
Effect of exchange rate changes on cash and cash equivalents			(13,000)	16,106
Net change in cash and cash equivalents			229,783	35,706
Cash, cash equivalents, and restricted cash—beginning of year			492,805	412,516
Cash, cash equivalents, and restricted cash—end of period	722,588	448,222	722,588	448,222
Restructuring Costs			2,791	0
Asset Impairment Charges			6,084	0
Purchase of treasury shares			(43,999)	0
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Proceeds from exercises under stock plans			0	0
Cash flows from operating activities:
Net earnings	(52,879)	(34,569)	(78,620)	(62,555)
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			0	0
Noncash loss on trading securities			0	0
Stock-based compensation			0	0
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
(Gain)/loss on sale of property, plant and equipment			0	0
Equity in earnings in nonconsolidated subsidiaries	52,460	35,123	79,776	62,637
Deferred income taxes	0	0	0	0
Changes in assets and liabilities:
Receivables			(1,244)	69
Other noncurrent liabilities			0	0
Income taxes payable (refundable)			0	0
Net cash flows from operating activities			(88)	151
Cash flows from investing activities:
Purchase of property, plant and equipment			0	0
Proceeds from sale of assets			0	0
Payments to Acquire Businesses, Net of Cash Acquired			0
Proceeds from settlement of net investment hedge			0	0
Other, net			88	(151)
Net cash flows from investing activities			88	(151)
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt			0
Principal payments on long-term borrowings			0	0
Proceeds from Derivative Instrument, Financing Activities			0
Payments of Debt Issuance Costs			0
Dividends paid			0	0
Intercompany Interest On Long-term Note				0
Intercompany capital contribution			0	0
Dividends to noncontrolling interest			0
Purchase of noncontrolling interest				0
Intercompany dividends			0	0
Payments to Acquire Additional Interest in Subsidiaries			0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			0	0
Effect of exchange rate changes on cash and cash equivalents			0	0
Net change in cash and cash equivalents			0	0
Cash, cash equivalents, and restricted cash—beginning of year			0	0
Cash, cash equivalents, and restricted cash—end of period	0	0	0	0
Restructuring Costs			0
Asset Impairment Charges			0
Purchase of treasury shares			0
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Proceeds from exercises under stock plans			5,711	10,168
Cash flows from operating activities:
Net earnings	32,960	45,664	72,241	84,643
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			12,871	13,048
Noncash loss on trading securities			0	0
Stock-based compensation			5,374	4,590
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
(Gain)/loss on sale of property, plant and equipment			10	(20)
Equity in earnings in nonconsolidated subsidiaries	(21,291)	(28,827)	(45,878)	(57,321)
Deferred income taxes	(2,248)	(5,788)	3,343	5,539
Changes in assets and liabilities:
Receivables			(15,781)	(14,523)
Other noncurrent liabilities			640	874
Income taxes payable (refundable)			(11,054)	(7,737)
Net cash flows from operating activities			24,284	29,093
Cash flows from investing activities:
Purchase of property, plant and equipment			(10,051)	(8,126)
Proceeds from sale of assets			5	21
Payments to Acquire Businesses, Net of Cash Acquired			0
Proceeds from settlement of net investment hedge			(1,621)	5,123
Other, net			6,335	(8,313)
Net cash flows from investing activities			(5,332)	(11,295)
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt			237,641
Principal payments on long-term borrowings			0	0
Proceeds from Derivative Instrument, Financing Activities			(2,467)
Payments of Debt Issuance Costs			(2,322)
Dividends paid			(17,003)	(16,913)
Intercompany Interest On Long-term Note				0
Intercompany capital contribution			(3,492)	(3,785)
Dividends to noncontrolling interest			0
Purchase of noncontrolling interest				0
Intercompany dividends			(75,325)	(22,662)
Payments to Acquire Additional Interest in Subsidiaries			0
Purchase of common treasury shares - stock plan exercises			(1,769)	(3,056)
Net cash flows from financing activities			247,625	9,076
Effect of exchange rate changes on cash and cash equivalents			0	0
Net change in cash and cash equivalents			266,577	26,874
Cash, cash equivalents, and restricted cash—beginning of year			83,329	67,225
Cash, cash equivalents, and restricted cash—end of period	349,906	94,099	349,906	94,099
Restructuring Costs			0
Asset Impairment Charges			2,518
Purchase of treasury shares			(43,999)
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Proceeds from exercises under stock plans			0	0
Cash flows from operating activities:
Net earnings	44,967	16,890	55,956	22,430
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			7,063	7,113
Noncash loss on trading securities			0	0
Stock-based compensation			0	0
Defined benefit pension plan expense			0	0
Contribution to defined benefit pension plan			0	0
(Gain)/loss on sale of property, plant and equipment			(7)	0
Equity in earnings in nonconsolidated subsidiaries	(31,169)	(6,296)	(33,898)	(5,316)
Deferred income taxes	0	0	1,791	0
Changes in assets and liabilities:
Receivables			(43,990)	(28,010)
Other noncurrent liabilities			0	0
Income taxes payable (refundable)			(843)	542
Net cash flows from operating activities			(13,928)	(3,241)
Cash flows from investing activities:
Purchase of property, plant and equipment			(6,770)	(3,351)
Proceeds from sale of assets			209	11
Payments to Acquire Businesses, Net of Cash Acquired			0
Proceeds from settlement of net investment hedge			0	0
Other, net			13,752	6,604
Net cash flows from investing activities			7,191	3,264
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements			0	0
Proceeds from Issuance of Long-term Debt			0
Principal payments on long-term borrowings			0	0
Proceeds from Derivative Instrument, Financing Activities			0
Payments of Debt Issuance Costs			0
Dividends paid			0	0
Intercompany Interest On Long-term Note				0
Intercompany capital contribution			3,492	3,785
Dividends to noncontrolling interest			0
Purchase of noncontrolling interest				(5,669)
Intercompany dividends			(11,296)	0
Payments to Acquire Additional Interest in Subsidiaries			0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			14,788	(1,884)
Effect of exchange rate changes on cash and cash equivalents			(657)	212
Net change in cash and cash equivalents			7,394	(1,649)
Cash, cash equivalents, and restricted cash—beginning of year			5,304	6,071
Cash, cash equivalents, and restricted cash—end of period	12,698	4,422	12,698	4,422
Restructuring Costs			0
Asset Impairment Charges			0
Purchase of treasury shares			0
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Proceeds from exercises under stock plans			0	0
Cash flows from operating activities:
Net earnings	9,632	19,337	25,583	42,765
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			21,723	21,593
Noncash loss on trading securities			229	188
Stock-based compensation			0	0
Defined benefit pension plan expense			(1,159)	314
Contribution to defined benefit pension plan			(731)	(25,379)
(Gain)/loss on sale of property, plant and equipment			(290)	(44)
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes	(71)	(930)	(2,634)	1,808
Changes in assets and liabilities:
Receivables			(12,177)	(21,840)
Other noncurrent liabilities			(1,120)	1,099
Income taxes payable (refundable)			7,609	9,223
Net cash flows from operating activities			43,390	29,727
Cash flows from investing activities:
Purchase of property, plant and equipment			(14,995)	(14,706)
Proceeds from sale of assets			64,179	858
Payments to Acquire Businesses, Net of Cash Acquired			(9,300)
Proceeds from settlement of net investment hedge			0	0
Other, net			(17,771)	(607)
Net cash flows from investing activities			22,113	(14,455)
Cash flows from financing activities:
Proceeds/(payments) under short-term agreements			130	(369)
Proceeds from Issuance of Long-term Debt			0
Principal payments on long-term borrowings			(495)	(434)
Proceeds from Derivative Instrument, Financing Activities			0
Payments of Debt Issuance Costs			0
Dividends paid			0	0
Intercompany Interest On Long-term Note				(2,889)
Intercompany capital contribution			0	0
Dividends to noncontrolling interest			(4,852)
Purchase of noncontrolling interest				5,669
Intercompany dividends			86,621	22,662
Payments to Acquire Additional Interest in Subsidiaries			(5,510)
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			(97,348)	(20,685)
Effect of exchange rate changes on cash and cash equivalents			(12,343)	15,894
Net change in cash and cash equivalents			(44,188)	10,481
Cash, cash equivalents, and restricted cash—beginning of year			404,172	339,220
Cash, cash equivalents, and restricted cash—end of period	$ 359,984	$ 349,701	359,984	$ 349,701
Restructuring Costs			2,791
Asset Impairment Charges			3,566
Purchase of treasury shares			$ 0

LONG-TERM DEBT - Summary of Lon

LONG-TERM DEBT - Summary of Long-term Debt (Details) - USD ($)	Jun. 11, 2018	Sep. 29, 2018	Jun. 30, 2018	Dec. 30, 2017	Oct. 18, 2017	Oct. 17, 2017
Debt Instrument [Line Items]
Debt issuance costs			$ (8,167,000)	$ (6,112,000)
Long-term debt			989,383,000	754,854,000
Less current installments of long-term debt			253,081,000	966,000
Long-term debt, excluding current installments			$ 736,302,000	753,888,000
Debt Disclosure, Footnotes [Abstract]
Redemption price, percent			100.00%
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized discount			$ (21,624,000)	(4,312,000)
Unamortized premium			2,018,000	2,545,000
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044
Debt Instrument [Line Items]
Long-term debt, gross			450,000,000	250,000,000
Unamortized discount			$ (14,053,000)
Debt Disclosure, Footnotes [Abstract]
Stated rate			5.00%
Redemption price, percent			100.00%
Aggregate amount			$ 450,000,000
Senior Unsecured Notes | Senior Unsecured Notes 5.25% Due 2054
Debt Instrument [Line Items]
Long-term debt, gross			305,000,000	250,000,000
Unamortized discount			$ (7,571,000)
Debt Disclosure, Footnotes [Abstract]
Stated rate			5.25%
Redemption price, percent			100.00%
Aggregate amount			$ 305,000,000
Senior Unsecured Notes | Senior Unsecured Notes 6.625% Due 2020
Debt Instrument [Line Items]
Long-term debt, gross			250,200,000	250,200,000
Unamortized premium			$ 2,018,000
Debt Disclosure, Footnotes [Abstract]
Stated rate			6.625%
Redemption of debt, amount	$ 250,200,000
Repayments of debt	266,000,000
Repayments of debt, unpaid and accrued interest	$ 3,600,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	0
Debt Disclosure, Footnotes [Abstract]
Maximum borrowing capacity			600,000,000
Maximum borrowing capacity, additional			$ 200,000,000
Revolving Credit Agreement | LIBOR | Minimum
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			1.00%
Revolving Credit Agreement | LIBOR | Maximum
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			1.625%
IDR Bonds
Debt Instrument [Line Items]
Long-term debt, gross			$ 8,500,000	$ 8,500,000
Debt Disclosure, Footnotes [Abstract]
Effective rate			2.96%	2.00%
Other Notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 3,456,000	$ 4,033,000
Subsequent Event | Senior Unsecured Notes | Senior Unsecured Notes 6.625% Due 2020
Debt Disclosure, Footnotes [Abstract]
Redemption related expenses		$ 14,800,000
Foreign Line of Credit | Revolving Credit Agreement
Debt Disclosure, Footnotes [Abstract]
Maximum borrowing capacity					$ 400,000,000	$ 200,000,000
Letter of Credit | Revolving Credit Agreement
Debt Disclosure, Footnotes [Abstract]
Remaining capacity			585,350,000
Outstanding balance			14,650,000
Line of Credit | Revolving Credit Agreement
Debt Disclosure, Footnotes [Abstract]
Remaining capacity			110,670,000
Outstanding balance			$ 110,940,000
Scenario One | Revolving Credit Agreement | Federal Funds Rate
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			0.50%
Scenario Two | Revolving Credit Agreement | 1-Month LIBOR Rate
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			1.00%
Scenario Three | Revolving Credit Agreement | Minimum
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			0.00%
Scenario Three | Revolving Credit Agreement | Maximum
Debt Disclosure, Footnotes [Abstract]
Basis spread on variable rate			0.625%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Thousands	Jun. 19, 2018	Jun. 30, 2018
Debt Instrument [Line Items]
Debt maturity, remainder of 2018		$ 820
Debt maturity, 2019		824
Debt maturity, 2020		829
Debt maturity, 2021		499
Debt maturity, 2022		$ 0
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044
Debt Instrument [Line Items]
Issuance of senior unsecured notes	$ 200,000
Stated rate		5.00%
Senior Unsecured Notes | Senior Unsecured Notes 5.25% Due 2054
Debt Instrument [Line Items]
Issuance of senior unsecured notes	$ 55,000
Stated rate		5.25%
Senior Unsecured Notes | Senior Unsecured Notes 6.625% Due 2020
Debt Instrument [Line Items]
Stated rate		6.625%