Valmont Industries (VMI) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 28, 2019	Oct. 25, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2019
Document Transition Report	false
Entity File Number	1-31429
Entity Registrant Name	Valmont Industries, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0351813
Entity Address, Address Line One	One Valmont Plaza,
Entity Address, City or Town	Omaha,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68154-5215
City Area Code	402
Local Phone Number	963-1000
Title of 12(b) Security	Common Stock $1.00 par value
Trading Symbol	VMI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		21,525,585
Entity Central Index Key	0000102729
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Document Period End Date			Sep. 28, 2019
Net sales	$ 690,340	$ 678,692	$ 2,083,350	$ 2,059,781
Total cost of sales	514,254	514,352	1,561,721	1,551,202
Gross profit	176,086	164,340	521,629	508,579
Selling, general and administrative expenses	112,223	110,200	338,950	326,809
Impairment of goodwill and intangible assets	0	15,780	0	15,780
Operating income	63,863	38,360	182,679	165,990
Other income (expenses):
Interest expense	(9,976)	(10,954)	(29,971)	(33,819)
Interest income	969	1,000	2,815	3,713
Gain on investments (unrealized)	402	1,068	4,754	1,146
Costs associated with refinancing of debt	0	14,820	0	14,820
Loss from divestiture of grinding media business	0	0	0	(6,084)
Other	768	1,428	1,938	2,053
Total other income (expenses)	(7,837)	(22,278)	(20,464)	(47,811)
Earnings before income taxes	56,026	16,082	162,215	118,179
Income tax expense (benefit):
Current	12,375	10,777	33,053	35,214
Deferred	1,388	(1,686)	7,098	814
Total income tax expense (benefit)	13,763	9,091	40,151	36,028
Net earnings	42,263	6,991	122,064	82,151
Less: Earnings attributable to noncontrolling interests	(2,119)	(2,543)	(4,042)	(5,462)
Net earnings attributable to Valmont Industries, Inc.	$ 40,144	$ 4,448	$ 118,022	$ 76,689
Earnings per share:
Basic (in dollars per share)	$ 1.86	$ 0.20	$ 5.43	$ 3.42
Diluted (in dollars per share)	$ 1.85	$ 0.20	$ 5.41	$ 3.40
Product sales
Net sales	$ 605,439	$ 597,469	$ 1,829,919	$ 1,816,597
Total cost of sales	457,750	460,547	1,393,236	1,389,832
Services sales
Net sales	84,901	81,223	253,431	243,184
Total cost of sales	$ 56,504	$ 53,805	$ 168,485	$ 161,370

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 42,263	$ 6,991	$ 122,064	$ 82,151
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(23,781)	(10,632)	(20,466)	(50,781)
Realized loss on divestiture of grinding media business recorded in earnings	0	0	0	9,203
Gain (loss) on hedging activities:
Net investment hedges	2,580	1,223	3,360	2,830
Realized loss on net investment hedge for grinding media business recorded in earnings	0	0	0	1,215
Amortization cost included in interest expense	(16)	395	(48)	439
Deferred loss on interest rate hedges	0	0	0	(2,467)
Commodity hedges	(21)	226	(2,130)	1,571
Realized gain (loss) on commodity hedges recorded in earnings	1,329	(717)	1,329	(717)
Cross currency swaps	5,443	(2,037)	3,771	(2,037)
Other comprehensive income	(14,466)	(11,542)	(14,184)	(40,744)
Comprehensive income	27,797	(4,551)	107,880	41,407
Comprehensive income attributable to noncontrolling interests	(1,297)	(2,389)	(3,390)	(8,250)
Comprehensive income attributable to Valmont Industries, Inc.	$ 26,500	$ (6,940)	$ 104,490	$ 33,157

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 327,200	$ 313,210
Receivables, net	501,215	483,963
Inventories	377,300	383,566
Contract asset - costs and profits in excess of billings	120,376	112,525
Prepaid expenses and other assets	50,420	42,800
Refundable income taxes	11,893	4,576
Total current assets	1,388,404	1,340,640
Property, plant and equipment, at cost	1,233,762	1,160,865
Less accumulated depreciation and amortization	685,394	646,873
Net property, plant and equipment	548,368	513,992
Goodwill	421,679	385,207
Other intangible assets, net	177,734	175,956
Other assets	189,257	114,479
Total assets	2,725,442	2,530,274
Current liabilities:
Current installments of long-term debt	745	779
Notes payable to banks	19,324	10,678
Accounts payable	197,535	218,115
Accrued employee compensation and benefits	78,540	79,291
Accrued expenses	226,715	91,942
Dividends payable	8,088	8,230
Total current liabilities	530,947	409,035
Deferred income taxes	43,778	43,489
Long-term debt, excluding current installments	764,524	741,822
Defined benefit pension liability	121,282	143,904
Operating lease liabilities	78,790	0
Deferred compensation	43,837	46,107
Other noncurrent liabilities	11,113	10,394
Shareholders’ equity:
Authorized 75,000,000 shares; 27,900,000 issued	27,900	27,900
Retained earnings	2,119,843	2,027,596
Accumulated other comprehensive loss	(316,717)	(303,185)
Treasury stock	(744,335)	(692,549)
Total Valmont Industries, Inc. shareholders’ equity	1,086,691	1,059,762
Noncontrolling interest in consolidated subsidiaries	44,480	75,761
Total shareholders’ equity	1,131,171	1,135,523
Total liabilities and shareholders’ equity	$ 2,725,442	$ 2,530,274

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 28, 2019	Dec. 29, 2018
Statement of Financial Position [Abstract]
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 STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities:
Net earnings	$ 122,064	$ 82,151
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	60,424	62,018
Noncash loss on trading securities	(48)	(62)
Impairment of property, plant and equipment	0	4,197
Impairment of goodwill & intangible assets	0	15,780
Loss on divestiture of grinding media business	0	6,084
Stock-based compensation	8,889	8,076
Defined benefit pension plan benefit	(382)	(1,713)
Contribution to defined benefit pension plan	(17,426)	(1,555)
Gain on sale of property, plant and equipment	(465)	(353)
Deferred income taxes	7,098	814
Changes in assets and liabilities:
Receivables	(21,117)	(612)
Inventories	5,348	(33,004)
Prepaid expenses and other assets	(14,451)	(18,486)
Contract asset - costs and profits in excess of billings	(7,850)	(33,029)
Accounts payable	(19,256)	(19,069)
Accrued expenses	129,901	7,288
Other noncurrent liabilities	(4,563)	(1,249)
Income taxes refundable	(8,936)	(9,223)
Net cash flows from operating activities	239,230	68,053
Cash flows from investing activities:
Purchase of property, plant and equipment	(71,981)	(48,919)
Proceeds from sale of assets	1,325	64,786
Acquisitions, net of cash acquired	(81,841)	(125,309)
Settlement of net investment hedges	11,184	(1,621)
Other, net	2,117	(2,371)
Net cash flows from investing activities	(139,196)	(113,434)
Cash flows from financing activities:
Proceeds from short-term agreements	9,284	3,217
Proceeds from long-term borrowings	31,000	236,936
Principal payments on long-term borrowings	(10,578)	(252,952)
Settlement of financial derivatives	0	(2,467)
Debt issuance costs	0	(2,322)
Dividends paid	(24,554)	(25,415)
Dividends to noncontrolling interest	(6,549)	(5,737)
Purchase of noncontrolling interest	(27,845)	(5,510)
Purchase of treasury shares	(55,172)	(86,919)
Proceeds from exercises under stock plans	3,211	6,376
Purchase of common treasury shares—stock plan exercises	(1,456)	(1,914)
Net cash flows from financing activities	(82,659)	(136,707)
Effect of exchange rate changes on cash and cash equivalents	(3,385)	(15,095)
Net change in cash and cash equivalents	13,990	(197,183)
Cash, cash equivalents, and restricted cash—beginning of year	313,210	492,805
Cash, cash equivalents, and restricted cash—end of period	$ 327,200	$ 295,622

CONDENSED CONSOLIDATED STATEM_4

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. 30, 2017	$ 1,151,795	$ 27,900	$ 0	$ 1,954,344	$ (279,022)	$ (590,386)	$ 38,959
Increase (Decrease) in Shareholders' Equity
Net earnings	82,151			76,689			5,462
Other comprehensive income (loss)	(40,744)				(43,532)		2,788
Cash dividends declared	(25,204)			(25,204)
Dividends to noncontrolling interests	(5,737)						(5,737)
Addition of noncontrolling interest	40,569						40,569
Purchase of noncontrolling interest	(5,510)		0				(5,510)
Purchase of treasury shares, shares acquired	(86,919)					(86,919)
Stock plan exercises, shares acquired	(1,914)					(1,914)
Stock options exercised	6,376		(7,172)	5,900		7,648
Stock option expense	3,138		3,138
Stock awards	4,938		4,034			904
Ending balance at Sep. 29, 2018	1,133,748	27,900	0	2,022,538	(322,554)	(670,667)	76,531
Beginning balance at Jun. 30, 2018	1,149,824	27,900	0	2,023,919	(311,166)	(628,487)	37,658
Increase (Decrease) in Shareholders' Equity
Net earnings	6,991			4,448			2,543
Other comprehensive income (loss)	(11,542)				(11,388)		(154)
Cash dividends declared	(8,311)			(8,311)
Dividends to noncontrolling interests	(885)						(885)
Addition of noncontrolling interest	37,369						37,369
Purchase of treasury shares, shares acquired	(42,920)					(42,920)
Stock plan exercises, shares acquired	(145)					(145)
Stock options exercised	665		(2,713)	2,482		896
Stock option expense	987		987
Stock awards	1,715		1,726			(11)
Ending balance at Sep. 29, 2018	1,133,748	27,900	0	2,022,538	(322,554)	(670,667)	76,531
Beginning balance at Dec. 29, 2018	1,135,523	27,900	0	2,027,596	(303,185)	(692,549)	75,761
Increase (Decrease) in Shareholders' Equity
Net earnings	122,064			118,022			4,042
Other comprehensive income (loss)	(14,184)				(13,532)		(652)
Cash dividends declared	(24,424)			(24,424)
Dividends to noncontrolling interests	(6,549)						(6,549)
Purchase of noncontrolling interest	(27,845)		277				(28,122)
Purchase of treasury shares, shares acquired	(55,172)					(55,172)
Stock plan exercises, shares acquired	(1,456)					(1,456)
Stock options exercised	3,211		(7,756)	7,535		3,432
Stock option expense	2,056		2,056
Stock awards	6,833		5,423			1,410
Ending balance at Sep. 28, 2019	1,131,171	27,900	0	2,119,843	(316,717)	(744,335)	44,480
Beginning balance at Jun. 29, 2019	1,127,014	27,900	0	2,085,594	(303,072)	(728,680)	45,272
Increase (Decrease) in Shareholders' Equity
Net earnings	42,263			40,144			2,119
Other comprehensive income (loss)	(14,466)				(13,645)		(821)
Cash dividends declared	(8,085)			(8,085)
Dividends to noncontrolling interests	(2,090)						(2,090)
Purchase of treasury shares, shares acquired	(16,822)					(16,822)
Stock plan exercises, shares acquired	(629)					(629)
Stock options exercised	1,467		(2,514)	2,190		1,791
Stock option expense	600		600
Stock awards	1,919		1,914			5
Ending balance at Sep. 28, 2019	$ 1,131,171	$ 27,900	$ 0	$ 2,119,843	$ (316,717)	$ (744,335)	$ 44,480

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Stockholders' Equity [Abstract]
Purchase of treasury shares, shares acquired (in shares)	126,734	309,198	443,463	305,256
Stock plan exercises; shares acquired (in shares)	4,403	1,033	10,499	12,971
Stock options exercised; shares issued (in shares)	12,856	6,191	28,493	52,404
Stock awards; shares issued (in shares)	223	82	10,550	7,774
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.375	$ 1.125	$ 1.125

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 28, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of September 28, 2019 , the Condensed Consolidated Statements of Earnings, Comprehensive Income, and Shareholders' Equity for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , and the Condensed Consolidated Statements of Cash Flows for the thirty-nine 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 September 28, 2019 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 29, 2018 . 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 29, 2018 with the exception of the lease accounting policy which changed from adopting Accounting Standards Update ("ASU") 2016-02 and is discussed in footnote 9. The results of operations for the period ended September 28, 2019 are not necessarily indicative of the operating results for the full year. Inventories Approximately 38% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method or market as of September 28, 2019 and December 29, 2018 . 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 $48,080 and $53,619 at September 28, 2019 and December 29, 2018 , respectively. Inventories consisted of the following: September 28, December 29, Raw materials and purchased parts $ 172,064 $ 190,115 Work-in-process 34,696 35,566 Finished goods and manufactured goods 218,620 211,504 Subtotal 425,380 437,185 Less: LIFO reserve 48,080 53,619 $ 377,300 $ 383,566 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Earnings before income taxes for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , were as follows: Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 United States $ 44,897 $ 15,596 $ 134,417 $ 99,697 Foreign 11,129 486 27,798 18,482 $ 56,026 $ 16,082 $ 162,215 $ 118,179 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 thirty-nine weeks ended September 28, 2019 and September 29, 2018 were as follows: Thirteen weeks ended Thirty-nine weeks ended Net periodic (benefit) expense: 2019 2018 2019 2018 Interest cost $ 4,075 $ 4,400 $ 12,602 $ 13,602 Expected return on plan assets (4,815 ) (5,704 ) (14,893 ) (17,633 ) Amortization of actuarial loss 617 750 1,909 2,318 Net periodic expense (benefit) $ (123 ) $ (554 ) $ (382 ) $ (1,713 ) 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 September 28, 2019 , 1,403,051 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 years to six years or on the grant's fifth anniversary. Expiration of grants is seven 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 thirty-nine weeks ended September 28, 2019 and September 29, 2018 , respectively, were as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 Compensation expense $ 2,519 $ 2,702 $ 8,889 $ 8,076 Income tax benefits 630 676 2,222 2,019 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 $35,144 ( $37,516 at December 29, 2018 ) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification ("ASC") 320, Accounting for Certain 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 $80 and $2,508 as of September 28, 2019 and December 29, 2018 , 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. Derivative Financial Instruments: The fair value of foreign currency and commodity forward contracts, and cross currency contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurement Using: Carrying Value September 28, 2019 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 35,224 $ 35,224 $ — $ — Derivative financial instruments, net 9,408 — 9,408 — Fair Value Measurement Using: Carrying Value December 29, 2018 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 40,024 $ 40,024 $ — $ — Derivative financial instruments, net 9,147 — 9,147 — Long-Lived Assets The Company's other non-financial assets include goodwill and other intangible assets, which are classified as Level 3 items. These assets are measured at fair value on a non-recurring basis as part of annual impairment testing. Note 5 to these condensed consolidated financial statements contain additional information related to goodwill and intangible asset impairments. 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 September 28, 2019 and December 29, 2018 : Foreign Currency Translation Adjustments Gain/(Loss) on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 29, 2018 $ (230,261 ) $ 11,171 $ (84,095 ) $ (303,185 ) Current-period comprehensive income (loss) (19,814 ) 6,282 — (13,532 ) Balance at September 28, 2019 $ (250,075 ) $ 17,453 $ (84,095 ) $ (316,717 ) (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue Recognition 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. 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 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. Disaggregation of revenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 is as follows: Point in Time Over Time Point in Time Over Time Thirteen weeks ended September 28, 2019 Thirteen weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Utility Support Structures $ 3,418 $ 200,778 $ 43,642 $ 612,821 Engineered Support Structures 252,501 13,993 713,574 38,454 Coatings 76,922 — 228,242 — Irrigation 139,093 3,635 436,907 9,710 Total $ 471,934 $ 218,406 $ 1,422,365 $ 660,985 Point in Time Over Time Point in Time Over Time Thirteen weeks ended September 29, 2018 Thirteen weeks ended September 29, 2018 Thirty-nine weeks ended September 29, 2018 Thirty-nine weeks ended September 29, 2018 Utility Support Structures $ 6,090 $ 211,853 $ 6,090 $ 618,243 Engineered Support Structures 235,948 12,483 680,863 29,525 Coatings 74,547 — 217,544 — Irrigation 134,710 3,061 475,744 8,692 Other — — 23,080 — Total $ 451,295 $ 227,397 $ 1,403,321 $ 656,460 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. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) At September 28, 2019 and December 29, 2018 , the contract liability for revenue recognized over time was $123,878 and $4,906 , respectively. The contract liability is included in Accrued Expenses on the condensed consolidated balance sheets. During the thirteen and thirty-nine weeks ended September 28, 2019 , the Company recognized $314 and $2,242 of revenue that was included in the liability as of December 29, 2018 . In the thirteen and thirty-nine weeks ended September 29, 2018, the Company recognized $0 and $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. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which provides revised guidance on leases requiring lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease).

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 28, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On May 13, 2019, the Company acquired the assets of Connect-It Wireless, Inc. ("Connect-It") for $6,034 in cash. Connect-It operates in Florida and is a manufacturer and distributor of wireless site components and safety products. In the preliminary purchase price allocation, goodwill of $3,299 and customer relationships of $828 were recorded and the remainder is net working capital. A portion of the goodwill is deductible for tax purposes. Connect-It is included in the ESS segment and was acquired to expand the Company's wireless component distribution network. The Company expects the purchase price allocation to be finalized in the fourth quarter of 2019, after all management reviews have been completed. On February 11, 2019, the Company acquired the outstanding shares of United Galvanizing ("United"), a provider of coatings services for $26,000 in cash. The agreed upon purchase price was $28,000 , with $2,000 being contingent on seller representations and warranties that will be settled within 12 months of the acquisition date. The acquisition of United, located in Houston, Texas further expands the Company's galvanizing footprint in North America and will be reported in the Coatings segment. The preliminary fair values assigned were $11,715 for goodwill, $4,034 for customer relationships, trade name of $894 , $11,016 for property, plant, and equipment, and the remainder is net working capital. Goodwill is not deductible for tax purposes and the customer relationship will be amortized over 10 years. The trade name has an indefinite life. The Company expects the purchase price allocation to be finalized in the fourth quarter of 2019, once the contingent payment is settled and management reviews are complete. (2) ACQUISITIONS (Continued) On December 31, 2018, the Company acquired the assets of Larson Camouflage ("Larson"), an industry leading provider of architectural and camouflage concealment solutions for the wireless telecommunication market for $31,106 in cash. The agreed upon purchase price was $34,562 , with 10% being held back for seller representations and warranties and will be settled within 12 months of the acquisition date. Larson was acquired to grow our product offerings in the wireless communication market and will be reported in the ESS segment. The preliminary fair values assigned were $17,050 for customer relationships, $14,519 for goodwill, $1,151 for property, plant, and equipment and the remainder is net working capital. Goodwill is deductible for tax purposes and the customer relationships will be amortized over 12 years. The Company expects the purchase price allocation to be finalized in the fourth quarter of 2019, once the hold back payment is settled and management reviews are complete. On October 18, 2018, the Company acquired CSP Coatings Systems of Auckland, New Zealand, a provider of a wide range of coatings services for $17,711 in cash. The acquisition further strengthens the Company's Asia-Pacific market position and is reported in the Coatings segment. The fair values assigned were $7,373 to property, plant, and equipment, $3,113 for customer relationships, $5,120 for goodwill, with the remainder net working capital. Goodwill is not deductible for tax purposes and the customer relationships will be amortized over 10 years. The purchase price allocation was finalized in the second quarter of 2019. On August 3, 2018, the Company purchased approximately 72% of the outstanding shares of Walpar, LLC ("Walpar") for $57,805 in cash. Walpar is an industry leader in the design, engineering and manufacturing of overhead sign structures for the North America transportation market. Walpar is located in Birmingham, Alabama and its operations are reported in the ESS segment. The transaction was funded with cash on hand. The acquisition of Walpar was completed to expand the Company's product offering in the sign structure market. Customer relationships are amortized over 12 years and the trade name has an indefinite life. Goodwill is not deductible for tax purposes. In January 2019, the 28% non-controlling interest shares of Walpar, LLC were acquired for $23,082 . During the third quarter, the Company finalized its purchase price allocation including its assessment of the value of intangibles on the opening balance sheet. As a result of updated cash flow projections it was determined that a $3,500 reduction in customer relationships, along with an offsetting increase in goodwill less deferred tax, was necessary to adjust the preliminary allocation of fair value to assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of Walpar as of the date of acquisition: At August 3, 2018 Current assets $ 13,210 Customer relationships 28,500 Trade name 3,500 Goodwill 45,453 Total fair value of assets acquired $ 90,663 Current liabilities 2,197 Deferred taxes 7,579 Total fair value of liabilities assumed $ 9,776 Non-controlling interest 23,082 Net assets acquired $ 57,805 On August 3, 2018, the Company acquired 75% of the outstanding shares of Convert Italia SpA ("Convert") for $43,504 in cash. In the second quarter of 2019, the Company paid the former owners approximately $18,700 additional purchase price which was reflected in the contingent consideration liability on the fair value of assets and liabilities assumed on acquisition. Convert is a designer and provider of engineered solar tracker solutions that is headquartered in Italy, with offices in Brazil and Argentina. The Company acquired Convert to grow market adjacencies in the Utility Support Structures segment. (2) ACQUISITIONS (Continued) Patents and proprietary technology will be amortized over 15 years and the trade name has an indefinite life. Goodwill is not deductible for tax purposes. The fair value measurement process and purchase price allocation was finalized in the third quarter of 2019. The following table summarizes the fair values of the assets acquired and liabilities assumed of Convert as of the date of acquisition: At August 3, 2018 Current assets $ 18,349 Other assets 3,166 Patent and Proprietary Technology 16,554 Trade name 8,701 Goodwill 42,169 Total fair value of assets acquired $ 88,939 Current liabilities 5,376 Contingent consideration liability 19,497 Deferred taxes 6,061 Total fair value of liabilities assumed $ 30,934 Non-controlling interest 14,501 Net assets acquired $ 43,504 The Company's condensed consolidated statements of earnings for the thirteen and thirty-nine weeks ended September 28, 2019 included net sales of $26,999 and $94,975 resulting from these acquisitions. In aggregate, these acquisitions did not contribute net earnings to the Company's consolidated 2019 results. The proforma effect of these acquisitions on the thirteen and thirty-nine weeks of 2019 and 2018 is as follows: Thirteen weeks ended September 28, 2019 Thirteen weeks ended September 29, 2018 Thirty-nine weeks ended September 28, 2019 Thirty-nine weeks ended September 29, 2018 Net sales $ 690,340 $ 698,306 $ 2,088,524 $ 2,129,968 Net earnings 40,144 5,002 118,555 80,842 Earnings per share-diluted 1.85 0.22 5.43 3.58 Acquisitions of Noncontrolling Interests In April 2019, the Company acquired the remaining 4.8% of Valmont SM that it did not own for $4,763 . In March 2018, the Company acquired the remaining 10% of Valmont Industria e Commercio Ltda. that it did not own for $5,510 . As these transactions were for the acquisition of all of the remaining shares of a consolidated subsidiary with no change in control, they were recorded within shareholders' equity and as a financing activity in the Consolidated Statements of Cash Flows.

DIVESTITURE

DIVESTITURE	9 Months Ended
	Sep. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE	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 an operating loss of $0 and $913 for the thirteen and thirty-nine weeks ended September 29, 2018 . The Company received Australian $82,500 (U.S. $62,518 ) in proceeds from the sale. The pre-tax loss recorded during the second quarter of 2018 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 )

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	9 Months Ended
	Sep. 28, 2019
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES During 2018, the Company executed certain regional restructuring activities (the "2018 Plan") primarily in the ESS and Utility segments to transform its operational business model including exiting certain local markets. During the full year of 2018, the Company incurred $18,380 of cost of sales and $15,651 of selling, general, and administrative expense for the 2018 Plan. In connection with exiting certain local markets as a result of the 2018 Plan, the Company also recorded $7,944 of impairments of current and other assets during fiscal 2018, primarily inventory. The following pre-tax expense were recognized during the third quarter of 2018: ESS Utility Corporate Total Severance $ 1,706 $ — $ — $ 1,706 Other cash restructuring expenses 326 497 — 823 Asset impairments/net loss on disposals 1,406 — — 1,406 Total cost of sales 3,438 497 — 3,935 Severance 1,757 — — 1,757 Other cash restructuring expenses 551 — — 551 Asset impairments/net loss on disposals — — — — Total selling, general and administrative expenses 2,308 — — 2,308 Consolidated total $ 5,746 $ 497 $ — $ 6,243 In the first three quarters of 2018, the Company recognized the following pre-tax restructuring expenses: ESS Utility Corporate Total Severance $ 3,732 $ 515 $ — $ 4,247 Other cash restructuring expenses 478 2,228 — 2,706 Asset impairments/net loss on disposals 3,812 — — $ 3,812 Total cost of sales 8,022 2,743 — 10,765 Severance 5,268 — — $ 5,268 Other cash restructuring expenses 1,118 — 126 1,244 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 6,771 — 126 6,897 Consolidated total $ 14,793 $ 2,743 $ 126 $ 17,662 Liabilities recorded for the restructuring plans and changes therein for the first three quarters of 2019 were as follows: Balance at December 29, 2018 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at September 28, 2019 Severance $ 6,594 $ — $ (6,237 ) $ 357 Other cash restructuring expenses 3,462 — (2,982 ) 480 Total $ 10,056 $ — $ (9,219 ) $ 837

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at September 28, 2019 and December 29, 2018 were as follows: September 28, 2019 Gross Accumulated Weighted Customer Relationships $ 236,029 $ 143,306 13 years Patents & Proprietary Technology 22,936 5,945 14 years Other 7,494 6,886 5 years $ 266,459 $ 156,137 December 29, 2018 Gross Accumulated Weighted Customer Relationships $ 219,508 $ 132,180 13 years Patents & Proprietary Technology 23,662 4,837 14 years Other 7,971 6,891 5 years $ 251,141 $ 143,908 Amortization expense for intangible assets for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , respectively was as follows: Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 $ 4,484 $ 3,721 $ 13,506 $ 11,176 Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2019 $ 17,687 2020 17,821 2021 15,523 2022 13,286 2023 11,594 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 and consist solely of trade names. The carrying value of trade names at September 28, 2019 and December 29, 2018 are as follows: September 28, December 29, Year Acquired Newmark $ 11,111 $ 11,111 2004 Webforge 8,587 8,872 2010 Convert Italia S.p.A 8,203 8,580 2018 Valmont SM 7,799 8,155 2014 Ingal EPS/Ingal Civil Products 7,001 7,233 2010 Walpar 3,500 4,300 2018 Shakespeare 4,000 4,000 2014 Other 17,211 16,472 $ 67,412 $ 68,723 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 2019. 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. The Company recorded a charge of $1,425 in the third quarter of 2018 for the offshore and other complex steel structures (Valmont SM) trade name. Goodwill The carrying amount of goodwill by segment as of September 28, 2019 and December 29, 2018 was as follows: Engineered Utility Coatings Irrigation Total Gross Balance December 29, 2018 $ 204,735 $ 123,618 $ 80,937 $ 25,164 $ 434,454 Accumulated impairment losses (18,670 ) (14,355 ) (16,222 ) — (49,247 ) Balance at December 29, 2018 186,065 109,263 64,715 25,164 385,207 Acquisitions 21,043 7,889 11,715 — 40,647 Foreign currency translation (2,652 ) (1,758 ) (133 ) 368 (4,175 ) Balance at September 28, 2019 $ 204,456 $ 115,394 $ 76,297 $ 25,532 $ 421,679 (5) GOODWILL AND INTANGIBLE ASSETS (Continued) The Company’s annual impairment test of goodwill was performed during the third quarter of 2019, using the discounted cash flow method. The estimated fair value of all of our reporting units exceeded their respective carrying value, so no goodwill was impaired. The access systems reporting unit with $43,400 of goodwill, is the reporting unit that did not have a substantial excess of estimated fair value over its carrying value. The model assumes geographic expansion of its architectural product lines which realized recent organic growth in its existing market. If architectural systems sales do not increase, the Company will be required to perform an interim test of goodwill. A hypothetical 1.0% change in the discount rate would increase/decrease the fair value of this reporting unit by approximately $15,000 , which approximates the cushion between the estimated fair value and carrying value of this reporting unit. In the third quarter of 2018, the Company recognized a goodwill impairment totaling $14,355

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	9 Months Ended
	Sep. 28, 2019
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 thirty-nine weeks ended September 28, 2019 and September 29, 2018 were as follows: 2019 2018 Interest $ 19,440 $ 23,624 Income taxes 39,850 36,855

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 28, 2019
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 September 28, 2019: Net earnings attributable to Valmont Industries, Inc. $ 40,144 $ — $ 40,144 Weighted average shares outstanding (000's) 21,556 128 21,684 Per share amount $ 1.86 $ 0.01 $ 1.85 Thirteen weeks ended September 29, 2018: Net earnings attributable to Valmont Industries, Inc. $ 4,448 $ — $ 4,448 Weighted average shares outstanding (000's) 22,215 137 22,352 Per share amount $ 0.20 $ — $ 0.20 Thirty-nine weeks ended September 28, 2019 Net earnings attributable to Valmont Industries, Inc. $ 118,022 $ — $ 118,022 Weighted average shares outstanding (000's) 21,725 101 21,826 Per share amount $ 5.43 $ (0.02 ) $ 5.41 Thirty-nine weeks ended September 29, 2018: Net earnings attributable to Valmont Industries, Inc. $ 76,689 $ — $ 76,689 Weighted average shares outstanding (000's) 22,421 153 22,574 Per share amount $ 3.42 $ (0.02 ) $ 3.40 At September 28, 2019 and September 29, 2018 , there were 177,153 and 190,021 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.

HEDGING ACTIVITIES

HEDGING ACTIVITIES	9 Months Ended
	Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING ACTIVITIES	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 September 28, 2019 and December 29, 2018 are as follows: Derivatives designated as hedging instruments: Balance sheet location September 28, 2019 December 29, 2018 Commodity forward contracts Prepaid expenses and other assets $ — $ (285 ) Foreign currency forward contracts Prepaid expenses and other assets 4,936 8,357 Cross currency swap contracts Prepaid expenses and other assets 4,472 1,075 $ 9,408 $ 9,147 Gains (losses) on derivatives recognized in the condensed consolidated statements of earnings for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 are as follows: Thirteen weeks ended Thirty-nine weeks ended Statements of earnings location September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Commodity forward contracts Product cost of sales $ (1,329 ) $ 717 $ (1,425 ) $ 717 Foreign currency forward contracts Other income (expenses) 123 230 827 230 Foreign currency forward contracts Loss from divestiture of grinding media business $ — — — (1,215 ) Interest rate hedges Interest expense (16 ) (395 ) (48 ) (439 ) Cross currency swap contracts Interest expense 769 206 2,096 206 $ (453 ) $ 758 $ 1,450 $ (501 ) Cash Flow Hedges In 2019 and 2018, the Company entered into steel hot rolled coil (HRC) forward contracts that qualified as a cash flow hedge of the variability in cash flows attributable to future steel purchases. In 2019, the forward contracts had a notional amount of $12,128 for the purchase of 3,500 short tons for each month from May 2019 to September 2019. In 2018, the forward contracts entered into had a notional amount of $8,469 for the purchase of 3,500 short tons for each month from July 2018 to September 2018 and a notional amount of $15,563 for the purchase of 6,500 short tons for each month from October 2018 to December 2018. The gain/(loss) realized upon settlement is recorded in product cost of sales in the condensed consolidated statements of earnings over average inventory turns. The forward contracts were closed out in the third quarter of 2019. (8) HEDGING ACTIVITIES (Continued) 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 contracts to hedge the risk of potential fluctuations in the treasury rates on the 2044 Notes and 2054 Notes which would change the amount of net proceeds received from the debt offering. These contracts had a combined notional amount of $175,000 . On June 8, 2018, these contracts were settled with the Company paying $2,467 to the counterparties which was recorded in Other Comprehensive Income ("OCI") and will be amortized as an increase to interest expense over the term of the debt. Due to the retirement of the 2020 bonds in July 2018, the Company wrote off the remaining $411 unamortized loss on the related cash flow hedge. Net Investment Hedges In the second quarter of 2019, all net investment hedges incepted in 2018 were early settled and the Company received proceeds of $11,184 , which will remain in OCI until either the sale or substantially complete liquidation of the related subsidiaries. In the second quarter of 2019, the Company entered into a new foreign currency forward contract to mitigate foreign currency risk of the Company's investment in its Australian dollar denominated businesses. The forward contract, which qualifies as a net investment hedge, has a maturity date of April 2021 and a notional amount to sell Australian dollars to receive $100,000 . The Australian dollar forward contract effectiveness was assessed under the spot method with forward points excluded totaling $881 , which the Company has elected to amortize in other income (expense) in the condensed consolidated statements of earnings using the straight-line method over the remaining term of the contract. In the second quarter of 2019, the Company entered into two new fixed-for-fixed cross currency swaps (“CCS”), swapping U.S. dollar principal and interest payments on a portion of its 5.00% senior unsecured notes due 2044 for Danish krone (DKK) and Euro denominated payments. The CCS were entered into in order to mitigate foreign currency risk on the Company's Euro and DKK investments and to reduce interest expense. Interest is exchanged twice per year on April 1 and October 1. Key terms of the two CCS are as follows: Currency Notional Amount Termination Date Swapped Interest Rate Set Settlement Amount Danish Krone, DKK $ 50,000 April 1, 2024 2.68% DKK 333,625 Euro $ 80,000 April 1, 2024 2.825% €71,550 The Company designated the full notional amount of the two CCS ( $130,000

LEASES

LEASES	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
LEASES	LEASES The Company has operating leases for plant locations, corporate offices, sales offices, and certain equipment. Outstanding leases at September 28, 2019 have remaining lease terms of one year to fifteen years , some of which include options to extend leases for up to five years . The Company does not have any financing leases. The Company elected practical expedients not to reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, to use hindsight in determining the lease term and in assessing impairment of the right-of-use asset, and to not separate lease and non-lease components for all classes of underlying assets. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses, and operating lease liabilities in our condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company used its incremental borrowing rate based on information available at the date of adoption in determining the present value of future lease payments. The operating lease ROU asset also includes any lease payments made and excludes any lease incentives and impairments. Some of the Company's facility leases include options to extend the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. Lease cost and other information related to the Company's operating leases are as follows: Thirteen weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Operating lease cost $ 5,002 $ 15,471 Short-term lease cost $ 650 $ 1,919 Total lease cost $ 5,652 $ 17,390 Operating cash outflows from operating leases $ 5,499 $ 16,966 ROU assets obtained in exchange for lease obligations $ 626 $ 3,057 Weighted average remaining lease term 10 years 10 years Weighted average discount rate 3.9 % 3.9 % As part of the adoption of ASC 842, the Company evaluated at the historical and projected cash flow generation of the operations at each of its long-term leased facilities. One of those facilities, a galvanizing operation in Melbourne, Australia, will not generate sufficient cash flows on an undiscounted cash flow basis to recover the carrying value of the right of use asset. The Company then estimated a value for this operation using a discounted cash flow model. The result was an impairment of the right-of-use lease asset of approximately $12,063 . The after-tax balance of $8,444 was recorded as a reduction to retained earnings for the transition adjustment of adoption. (9) LEASES (Continued) Supplemental balance sheet information related to operating leases for the third quarter of 2019 is as follows: Classification September 28, 2019 Operating lease assets Other assets $ 80,715 Operating lease short-term liabilities Accrued expenses 14,634 Operating lease long-term liabilities Operating lease liabilities 78,790 Total lease liabilities $ 93,424 Minimum lease payments under operating leases expiring subsequent to September 28, 2019 are as follows: Fiscal year ending: 2019 (excluding the nine months ended September 28, 2019) $ 4,738 2020 17,397 2021 14,154 2022 11,508 2023 8,684 Subsequent 57,574 Total minimum lease payments $ 114,055 Less: Interest $ 20,631 Present value of minimum lease payments $ 93,424 The below table as of December 29, 2018 is carried forward, including certain amounts that were historically included in the table as a result of the historical lease term conclusions but were not included in the initial ROU asset and lease liability measurement as of December 30, 2018 due to the Company's election of the hindsight practical expedient. The Company also determined one of its leases with escalating rent payments should be expensed using the straight-line method over a longer term and the result was an additional reduction to retained earnings of $442 for a transition adjustment. Minimum lease payments for operating leases under ASC 840 expiring subsequent to December 29, 2018 are as follows: Fiscal year ending: 2019 $ 18,757 2020 16,830 2021 13,992 2022 11,932 2023 8,866 Subsequent 76,438 Total minimum lease payments $ 146,815

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Sep. 28, 2019
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS 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 poles, towers, and components for global lighting, traffic, and wireless communication markets, engineered access systems, integrated structure 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, renewable energy generation equipment, and substations; 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 until its divestiture in 2018. 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. (10) BUSINESS SEGMENTS (Continued) Summary by Business Thirteen weeks ended Thirty-nine weeks ended September 28, September 29, September 28, September 29, SALES: Engineered Support Structures segment: Lighting, Traffic, and Highway Safety Products $ 191,262 $ 183,184 $ 530,021 $ 522,558 Communication Products 48,391 35,985 138,710 109,690 Access Systems 28,405 32,355 88,363 94,941 Engineered Support Structures segment 268,058 251,524 757,094 727,189 Utility Support Structures segment: Steel 153,433 161,847 460,309 471,947 Concrete 28,011 27,715 88,415 81,562 Engineered Solar Tracker Solutions 3,418 6,090 43,642 6,090 Offshore and Other Complex Steel Structures 20,096 22,617 66,343 66,251 Utility Support Structures segment 204,958 218,269 658,709 625,850 Coatings segment 92,957 90,433 278,142 266,952 Irrigation segment: North America 82,840 78,168 294,127 301,887 International 61,340 62,007 158,054 189,177 Irrigation segment 144,180 140,175 452,181 491,064 Other — — — 23,080 Total 710,153 700,401 2,146,126 2,134,135 INTERSEGMENT SALES: Engineered Support Structures segment 1,564 3,093 5,066 16,801 Utility Support Structures segment 762 326 2,246 1,517 Coatings segment 16,035 15,886 49,900 49,408 Irrigation segment 1,452 2,404 5,564 6,628 Total 19,813 21,709 62,776 74,354 NET SALES: Engineered Support Structures segment 266,494 248,431 752,028 710,388 Utility Support Structures segment 204,196 217,943 656,463 624,333 Coatings segment 76,922 74,547 228,242 217,544 Irrigation segment 142,728 137,771 446,617 484,436 Other — — — 23,080 Total $ 690,340 $ 678,692 $ 2,083,350 $ 2,059,781 OPERATING INCOME: Engineered Support Structures segment $ 21,825 $ 16,499 $ 55,152 $ 36,411 Utility Support Structures segment 20,362 2,090 61,443 46,298 Coatings segment 13,865 14,373 39,037 41,108 Irrigation segment 18,204 21,302 59,868 82,917 Other — — — (913 ) Adjustment to LIFO inventory valuation method 2,799 (2,780 ) 5,539 (5,512 ) Corporate (13,192 ) (13,124 ) (38,360 ) (34,319 ) Total $ 63,863 $ 38,360 $ 182,679 $ 165,990

GUARANTOR_NON-GUARANTOR FINANCI

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	9 Months Ended
	Sep. 28, 2019
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION	GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION The Company has two tranches of senior unsecured notes. 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 September 28, 2019 Parent Guarantors Non- Eliminations Total Net sales $ 302,461 $ 135,392 $ 310,676 $ (58,189 ) $ 690,340 Cost of sales 223,949 96,566 251,561 (57,822 ) 514,254 Gross profit 78,512 38,826 59,115 (367 ) 176,086 Selling, general and administrative expenses 67,366 2,325 42,532 — 112,223 Operating income 11,146 36,501 16,583 (367 ) 63,863 Other income (expense): Interest expense (9,471 ) (2,544 ) (504 ) 2,543 (9,976 ) Interest income 607 2 2,903 (2,543 ) 969 Other 849 12 309 — 1,170 (8,015 ) (2,530 ) 2,708 — (7,837 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 3,131 33,971 19,291 (367 ) 56,026 Income tax expense (benefit) 2,084 8,834 2,930 (85 ) 13,763 Earnings before equity in earnings of nonconsolidated subsidiaries 1,047 25,137 16,361 (282 ) 42,263 Equity in earnings of nonconsolidated subsidiaries 39,097 2,017 — (41,114 ) — Net earnings 40,144 27,154 16,361 (41,396 ) 42,263 Less: Earnings attributable to noncontrolling interests — — (2,119 ) — (2,119 ) Net earnings attributable to Valmont Industries, Inc. $ 40,144 $ 27,154 $ 14,242 $ (41,396 ) $ 40,144 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net sales $ 915,436 $ 413,050 $ 939,484 $ (184,620 ) $ 2,083,350 Cost of sales 675,093 307,209 763,499 (184,080 ) 1,561,721 Gross profit 240,343 105,841 175,985 (540 ) 521,629 Selling, general and administrative expenses 175,000 28,301 135,649 — 338,950 Operating income 65,343 77,540 40,336 (540 ) 182,679 Other income (expense): Interest expense (28,638 ) (8,583 ) (1,333 ) 8,583 (29,971 ) Interest income 1,060 32 10,306 (8,583 ) 2,815 Other 6,264 33 395 — 6,692 (21,314 ) (8,518 ) 9,368 — (20,464 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 44,029 69,022 49,704 (540 ) 162,215 Income tax expense (benefit) 9,856 16,691 13,680 (76 ) 40,151 Earnings before equity in earnings of nonconsolidated subsidiaries 34,173 52,331 36,024 (464 ) 122,064 Equity in earnings of nonconsolidated subsidiaries 83,849 8,843 — (92,692 ) — Net earnings 118,022 61,174 36,024 (93,156 ) 122,064 Less: Earnings attributable to noncontrolling interests — — (4,042 ) — (4,042 ) Net earnings attributable to Valmont Industries, Inc. $ 118,022 $ 61,174 $ 31,982 $ (93,156 ) $ 118,022 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 293,070 $ 132,059 $ 319,129 $ (65,566 ) $ 678,692 Cost of sales 227,467 100,130 252,353 (65,598 ) 514,352 Gross profit 65,603 31,929 66,776 32 164,340 Selling, general and administrative expenses 51,159 12,908 61,913 — 125,980 Operating income 14,444 19,021 4,863 32 38,360 Other income (expense): Interest expense (10,511 ) (3,600 ) (443 ) 3,600 (10,954 ) Interest income 174 47 4,379 (3,600 ) 1,000 Other (13,765 ) 15 1,426 — (12,324 ) (24,102 ) (3,538 ) 5,362 — (22,278 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries (9,658 ) 15,483 10,225 32 16,082 Income tax expense (benefit) (4,497 ) 4,732 8,882 (26 ) 9,091 Earnings before equity in earnings of nonconsolidated subsidiaries (5,161 ) 10,751 1,343 58 6,991 Equity in earnings of nonconsolidated subsidiaries 9,609 4,041 — (13,650 ) — Net earnings 4,448 14,792 1,343 (13,592 ) 6,991 Less: Earnings attributable to noncontrolling interests — — (2,543 ) — (2,543 ) Net earnings attributable to Valmont Industries, Inc. $ 4,448 $ 14,792 $ (1,200 ) $ (13,592 ) $ 4,448 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 906,978 $ 386,793 $ 966,764 $ (200,754 ) $ 2,059,781 Cost of sales 683,740 293,238 776,254 (202,030 ) 1,551,202 Gross profit 223,238 93,555 190,510 1,276 508,579 Selling, general and administrative expenses 147,949 37,360 157,280 — 342,589 Operating income 75,289 56,195 33,230 1,276 165,990 Other income (expense): Interest expense (32,788 ) (11,229 ) (1,031 ) 11,229 (33,819 ) Interest income 655 62 14,225 (11,229 ) 3,713 Other (15,773 ) 41 (1,973 ) — (17,705 ) (47,906 ) (11,126 ) 11,221 — (47,811 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 27,383 45,069 44,451 1,276 118,179 Income tax expense (benefit) 6,181 12,260 17,525 62 36,028 Earnings before equity in earnings of nonconsolidated subsidiaries 21,202 32,809 26,926 1,214 82,151 Equity in earnings of nonconsolidated subsidiaries 55,487 37,939 — (93,426 ) — Net earnings 76,689 70,748 26,926 (92,212 ) 82,151 Less: Earnings attributable to noncontrolling interests — — (5,462 ) — (5,462 ) Net earnings attributable to Valmont Industries, Inc. $ 76,689 $ 70,748 $ 21,464 $ (92,212 ) $ 76,689 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net earnings $ 40,144 $ 27,154 $ 16,361 $ (41,396 ) $ 42,263 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 4,512 (28,293 ) — (23,781 ) Gain (loss) on hedging activities 9,315 — — — 9,315 Equity in other comprehensive income (22,959 ) — — 22,959 — Other comprehensive income (loss) (13,644 ) 4,512 (28,293 ) 22,959 (14,466 ) Comprehensive income (loss) 26,500 31,666 (11,932 ) (18,437 ) 27,797 Comprehensive income attributable to noncontrolling interests — — (1,297 ) — (1,297 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 26,500 $ 31,666 $ (13,229 ) $ (18,437 ) $ 26,500 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net earnings $ 118,022 $ 61,174 $ 36,024 $ (93,156 ) $ 122,064 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 291 (20,757 ) — (20,466 ) Gain (loss) on hedging activities 6,282 — — — 6,282 Equity in other comprehensive income (19,814 ) — — 19,814 — Other comprehensive income (loss) (13,532 ) 291 (20,757 ) 19,814 (14,184 ) Comprehensive income (loss) 104,490 61,465 15,267 (73,342 ) 107,880 Comprehensive income attributable to noncontrolling interests — — (3,390 ) — (3,390 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 104,490 $ 61,465 $ 11,877 $ (73,342 ) $ 104,490 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 4,448 $ 14,792 $ 1,343 $ (13,592 ) $ 6,991 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 4,289 (14,921 ) — (10,632 ) Realized loss on divestiture of grinding media business recorded in earnings — — — — — Gain (loss) on hedging activities (910 ) — — — (910 ) Equity in other comprehensive income (10,478 ) — — 10,478 — Other comprehensive income (loss) (11,388 ) 4,289 (14,921 ) 10,478 (11,542 ) Comprehensive income (loss) (6,940 ) 19,081 (13,578 ) (3,114 ) (4,551 ) Comprehensive income attributable to noncontrolling interests — — (2,389 ) — (2,389 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (6,940 ) $ 19,081 $ (15,967 ) $ (3,114 ) $ (6,940 ) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 76,689 $ 70,748 $ 26,926 $ (92,212 ) $ 82,151 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 2,122 (52,903 ) — (50,781 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities 834 — — — 834 Equity in other comprehensive income (44,366 ) — — 44,366 — Other comprehensive income (loss) (43,532 ) 2,122 (43,700 ) 44,366 (40,744 ) Comprehensive income (loss) 33,157 72,870 (16,774 ) (47,846 ) 41,407 Comprehensive income attributable to noncontrolling interests — — (8,250 ) — (8,250 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 33,157 $ 72,870 $ (25,024 ) $ (47,846 ) $ 33,157 CONDENSED CONSOLIDATED BALANCE SHEETS September 28, 2019 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 179,765 $ 1,963 $ 145,472 $ — $ 327,200 Receivables, net 161,260 79,077 260,878 — 501,215 Inventories 125,240 46,133 208,869 (2,942 ) 377,300 Contract asset - costs and profits in excess of billings 58,713 35,195 26,468 — 120,376 Prepaid expenses and other assets 15,569 4,866 29,985 — 50,420 Refundable income taxes 11,893 — — — 11,893 Total current assets 552,440 167,234 671,672 (2,942 ) 1,388,404 Property, plant and equipment, at cost 614,979 199,176 419,607 — 1,233,762 Less accumulated depreciation and amortization 411,808 100,692 172,894 — 685,394 Net property, plant and equipment 203,171 98,484 246,713 — 548,368 Goodwill 20,108 140,095 261,476 — 421,679 Other intangible assets 36 46,758 130,940 — 177,734 Investment in subsidiaries and intercompany accounts 1,333,420 1,138,854 840,925 (3,313,199 ) — Other assets 78,721 4,859 105,677 — 189,257 Total assets $ 2,187,896 $ 1,596,284 $ 2,257,403 $ (3,316,141 ) $ 2,725,442 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 745 $ — $ 745 Notes payable to banks — — 19,324 — 19,324 Accounts payable 64,256 18,681 114,598 — 197,535 Accrued employee compensation and benefits 41,371 5,994 31,175 — 78,540 Accrued expenses 162,640 13,024 51,051 — 226,715 Dividends payable 8,088 — — — 8,088 Total current liabilities 276,355 37,699 216,893 — 530,947 Deferred income taxes 16,645 — 27,133 — 43,778 Long-term debt, excluding current installments 734,417 119,716 30,107 (119,716 ) 764,524 Defined benefit pension liability — — 121,282 — 121,282 Other noncurrent liabilities 73,788 3,622 56,330 — 133,740 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,957 (1,106,907 ) 27,900 Additional paid-in capital — 162,906 1,107,536 (1,270,442 ) — Retained earnings 2,119,843 733,109 416,932 (1,150,041 ) 2,119,843 Accumulated other comprehensive income (loss) (316,717 ) 81,282 (412,247 ) 330,965 (316,717 ) Treasury stock (744,335 ) — — — (744,335 ) Total Valmont Industries, Inc. shareholders’ equity 1,086,691 1,435,247 1,761,178 (3,196,425 ) 1,086,691 Noncontrolling interest in consolidated subsidiaries — — 44,480 — 44,480 Total shareholders’ equity 1,086,691 1,435,247 1,805,658 (3,196,425 ) 1,131,171 Total liabilities and shareholders’ equity $ 2,187,896 $ 1,596,284 $ 2,257,403 $ (3,316,141 ) $ 2,725,442 (11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 29, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 Receivables, net 134,943 75,204 273,816 — 483,963 Inventories 138,158 37,019 210,791 (2,402 ) 383,566 Contract asset - costs and profits in excess of billings 50,271 35,200 27,054 — 112,525 Prepaid expenses and other assets 21,858 746 20,196 — 42,800 Refundable income taxes 4,576 — — — 4,576 Total current assets 454,062 153,687 735,293 (2,402 ) 1,340,640 Property, plant and equipment, at cost 579,046 172,050 409,769 — 1,160,865 Less accumulated depreciation and amortization 390,438 93,374 163,061 — 646,873 Net property, plant and equipment 188,608 78,676 246,708 — 513,992 Goodwill 20,108 110,562 254,537 — 385,207 Other intangible assets 76 27,452 148,428 — 175,956 Investment in subsidiaries and intercompany accounts 1,286,545 1,161,612 932,982 (3,381,139 ) — Other assets 47,674 — 66,805 — 114,479 Total assets $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 779 $ — $ 779 Notes payable to banks — — 10,678 — 10,678 Accounts payable 68,304 21,081 128,730 — 218,115 Accrued employee compensation and benefits 41,418 7,186 30,687 — 79,291 Accrued expenses 25,936 10,132 55,874 — 91,942 Dividends payable 8,230 — — — 8,230 Total current liabilities 143,888 38,399 226,748 — 409,035 Deferred income taxes 14,376 — 29,113 — 43,489 Long-term debt, excluding current installments 733,964 166,729 7,858 (166,729 ) 741,822 Defined benefit pension liability — — 143,904 — 143,904 Other noncurrent liabilities 45,083 620 10,798 — 56,501 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 2,027,596 624,394 467,699 (1,092,093 ) 2,027,596 Accumulated other comprehensive income (303,185 ) 80,991 (333,346 ) 252,355 (303,185 ) Treasury stock (692,549 ) — — — (692,549 ) Total Valmont Industries, Inc. shareholders’ equity 1,059,762 1,326,241 1,890,571 (3,216,812 ) 1,059,762 Noncontrolling interest in consolidated subsidiaries — — 75,761 — 75,761 Total shareholders’ equity 1,059,762 1,326,241 1,966,332 (3,216,812 ) 1,135,523 Total liabilities and shareholders’ equity $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 (11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 118,022 $ 61,174 $ 36,024 $ (93,156 ) $ 122,064 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 19,891 10,201 30,332 — 60,424 Noncash gain on trading securities — — (48 ) — (48 ) Stock-based compensation 8,889 — — — 8,889 Defined benefit pension plan benefit — — (382 ) — (382 ) Contribution to defined benefit pension plan — — (17,426 ) — (17,426 ) Loss (gain) on sale of property, plant and equipment 103 81 (649 ) — (465 ) Equity in earnings in nonconsolidated subsidiaries (83,849 ) (8,843 ) — 92,692 — Deferred income taxes 3,869 — 3,229 — 7,098 Changes in assets and liabilities: Net working capital 94,054 (15,715 ) (6,305 ) 541 72,575 Other noncurrent liabilities 1,005 (5,461 ) (107 ) — (4,563 ) Income taxes payable (refundable) (4,488 ) (2,229 ) (2,219 ) — (8,936 ) Net cash flows from operating activities 157,496 39,208 42,449 77 239,230 Cash flows from investing activities: Purchase of property, plant and equipment (33,321 ) (12,462 ) (26,198 ) — (71,981 ) Proceeds from sale of assets 35 26 1,264 — 1,325 Acquisitions, net of cash acquired — (63,141 ) (18,700 ) — (81,841 ) Settlement of net investment hedge 11,184 — — — 11,184 Other, net (30,475 ) 27,878 4,791 (77 ) 2,117 Net cash flows from investing activities (52,577 ) (47,699 ) (38,843 ) (77 ) (139,196 ) Cash flows from financing activities: Proceeds from short-term agreements — — 9,284 — 9,284 Proceeds from long-term borrowings 31,000 — — — 31,000 Principal payments on long-term borrowings (10,000 ) — (578 ) — (10,578 ) Principal payments on long-term intercompany note — (42,574 ) 42,574 — — Dividends paid (24,554 ) — — — (24,554 ) Dividends to noncontrolling interest — — (6,549 ) — (6,549 ) Intercompany dividends 63,650 47,541 (111,191 ) — — Purchase of noncontrolling interest (22,805 ) — (5,040 ) — (27,845 ) Intercompany capital contribution (13,284 ) — 13,284 — — Purchase of treasury shares (55,172 ) — — — (55,172 ) Proceeds from exercises under stock plans 3,211 — — — 3,211 Purchase of common treasury shares - stock plan exercises (1,456 ) — — — (1,456 ) Net cash flows from financing activities (29,410 ) 4,967 (58,216 ) — (82,659 ) Effect of exchange rate changes on cash and cash equivalents — (31 ) (3,354 ) — (3,385 ) Net change in cash and cash equivalents 75,509 (3,555 ) (57,964 ) — 13,990 Cash and cash equivalents—beginning of year 104,256 5,518 203,436 — 313,210 Cash and cash equivalents—end of period $ 179,765 $ 1,963 $ 145,472 $ — $ 327,200 (11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 76,689 $ 70,748 $ 26,926 $ (92,212 ) $ 82,151 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 19,498 10,564 31,956 — 62,018 Noncash loss on trading securities — — (62 ) — (62 ) Impairment of property, plant and equipment — — 4,197 — 4,197 Impairment of Goodwill & Intangibles — — 15,780 — 15,780 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 8,076 — — — 8,076 Defined benefit pension plan expense — — (1,713 ) — (1,713 ) Contribution to defined benefit pension plan — — (1,555 ) — (1,555 ) Loss (gain) on sale of property, plant and equipment 7 (27 ) (333 ) — (353 ) Equity in earnings in nonconsolidated subsidiaries (55,487 ) (37,939 ) — 93,426 — Deferred income taxes 729 1,791 (1,706 ) — 814 Changes in assets and liabilities: Net working capital (28,948 ) (40,255 ) (26,432 ) (1,277 ) (96,912 ) Other noncurrent liabilities (762 ) 387 (874 ) — (1,249 ) Income taxes payable (refundable) (23,256 ) (1,066 ) 15,099 — (9,223 ) Net cash flows from operating activities (936 ) 4,203 64,849 (63 ) 68,053 Cash flows from investing activities: Purchase of property, plant and equipment (16,940 ) (9,546 ) (22,433 ) — (48,919 ) Proceeds from sale of assets 39 232 64,515 — 64,786 Acquisitions, net of cash acquired (57,805 ) — (67,504 ) — (125,309 ) Settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 28,299 (3,683 ) (27,050 ) 63 (2,371 ) Net cash flows from investing activities (48,028 ) (12,997 ) (52,472 ) 63 (113,434 ) Cash flows from financing activities: Payments under short-term agreements — — 3,217 — 3,217 Proceeds from long-term borrowings 236,936 — — — 236,936 Principal payments on long-term borrowings (252,219 ) — (733 ) — (252,952 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (25,415 ) — — — (25,415 ) Dividends to noncontrolling interest — — (5,737 ) — (5,737 ) Intercompany dividends 123,363 11,296 (134,659 ) — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Purchase of treasury shares (86,919 ) — — — (86,919 ) Intercompany capital contribution (3,492 ) 3,492 — — — Proceeds from exercises under stock plans 6,376 — — — 6,376 Purchase of common treasury shares - stock plan exercises (1,914 ) — — — (1,914 ) Net cash flows from financing activities (8,073 ) 14,788 (143,422 ) — (136,707 ) Effect of exchange rate changes on cash and cash equivalents — (670 ) (14,425 ) — (15,095 ) Net change in cash and cash equivalents (57,037 ) 5,324 (145,470 ) — (197,183 ) Cash and cash equivalents—beginning of year 83,329 5,304 404,172 — 492,805 Cash and cash equivalents—end of period $ 26,292 $ 10,628 $ 258,702 $ — $ 295,622

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 28, 2019
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of September 28, 2019 , the Condensed Consolidated Statements of Earnings, Comprehensive Income, and Shareholders' Equity for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , and the Condensed Consolidated Statements of Cash Flows for the thirty-nine 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 September 28, 2019 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 29, 2018 . 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 29, 2018 with the exception of the lease accounting policy which changed from adopting Accounting Standards Update ("ASU") 2016-02 and is discussed in footnote 9. The results of operations for the period ended September 28, 2019 are not necessarily indicative of the operating results for the full year.
Inventories	Inventories Approximately 38% and 37% of inventory is valued at the lower of cost, determined on the last-in, first-out (LIFO) method or market as of September 28, 2019 and December 29, 2018
Income Taxes	Income Taxes Earnings before income taxes for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , were as follows: Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 United States $ 44,897 $ 15,596 $ 134,417 $ 99,697 Foreign 11,129 486 27,798 18,482 $ 56,026 $ 16,082 $ 162,215 $ 118,179
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 September 28, 2019 , 1,403,051 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 years to six years or on the grant's fifth anniversary. Expiration of grants is seven 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. 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 $35,144 ( $37,516 at December 29, 2018 ) represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with Accounting Standards Codification ("ASC") 320, Accounting for Certain 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 $80 and $2,508 as of September 28, 2019 and December 29, 2018 , 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. Derivative Financial Instruments: The fair value of foreign currency and commodity forward contracts, and cross currency contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurement Using: Carrying Value September 28, 2019 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 35,224 $ 35,224 $ — $ — Derivative financial instruments, net 9,408 — 9,408 — Fair Value Measurement Using: Carrying Value December 29, 2018 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 40,024 $ 40,024 $ — $ — Derivative financial instruments, net 9,147 — 9,147 — Long-Lived Assets The Company's other non-financial assets include goodwill and other intangible assets, which are classified as Level 3 items. These assets are measured at fair value on a non-recurring basis as part of annual impairment testing. Note 5 to these condensed consolidated financial statements contain additional information related to goodwill and intangible asset impairments.
Comprehensive Income	Comprehensive Income
Revenue Recognition	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. (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) At September 28, 2019 and December 29, 2018 , the contract liability for revenue recognized over time was $123,878 and $4,906 Revenue Recognition 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. 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 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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.
Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which provides revised guidance on leases requiring lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The Company implemented a lease management tool to support the new reporting requirements and adopted the ASU on the first day of fiscal 2019. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. The Company elected to not recast its comparative periods in transition (the "Comparatives Under 840 Option") as allowed under ASU 2018-11. The new standard did not have an impact in the condensed consolidated statements of earnings; footnote 9 provides the impact on the condensed consolidated balance sheet including the transition adoption adjustment recorded to retained earnings.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 28, 2019
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: September 28, December 29, Raw materials and purchased parts $ 172,064 $ 190,115 Work-in-process 34,696 35,566 Finished goods and manufactured goods 218,620 211,504 Subtotal 425,380 437,185 Less: LIFO reserve 48,080 53,619 $ 377,300 $ 383,566
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries	Earnings before income taxes for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , were as follows: Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 United States $ 44,897 $ 15,596 $ 134,417 $ 99,697 Foreign 11,129 486 27,798 18,482 $ 56,026 $ 16,082 $ 162,215 $ 118,179
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 were as follows: Thirteen weeks ended Thirty-nine weeks ended Net periodic (benefit) expense: 2019 2018 2019 2018 Interest cost $ 4,075 $ 4,400 $ 12,602 $ 13,602 Expected return on plan assets (4,815 ) (5,704 ) (14,893 ) (17,633 ) Amortization of actuarial loss 617 750 1,909 2,318 Net periodic expense (benefit) $ (123 ) $ (554 ) $ (382 ) $ (1,713 )
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 thirty-nine weeks ended September 28, 2019 and September 29, 2018 , respectively, were as follows: (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 Compensation expense $ 2,519 $ 2,702 $ 8,889 $ 8,076 Income tax benefits 630 676 2,222 2,019
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value September 28, 2019 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 35,224 $ 35,224 $ — $ — Derivative financial instruments, net 9,408 — 9,408 — Fair Value Measurement Using: Carrying Value December 29, 2018 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 40,024 $ 40,024 $ — $ — Derivative financial instruments, net 9,147 — 9,147 —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at September 28, 2019 and December 29, 2018 : Foreign Currency Translation Adjustments Gain/(Loss) on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 29, 2018 $ (230,261 ) $ 11,171 $ (84,095 ) $ (303,185 ) Current-period comprehensive income (loss) (19,814 ) 6,282 — (13,532 ) Balance at September 28, 2019 $ (250,075 ) $ 17,453 $ (84,095 ) $ (316,717 )
Disaggregation of revenue	A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 is as follows: Point in Time Over Time Point in Time Over Time Thirteen weeks ended September 28, 2019 Thirteen weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Utility Support Structures $ 3,418 $ 200,778 $ 43,642 $ 612,821 Engineered Support Structures 252,501 13,993 713,574 38,454 Coatings 76,922 — 228,242 — Irrigation 139,093 3,635 436,907 9,710 Total $ 471,934 $ 218,406 $ 1,422,365 $ 660,985 Point in Time Over Time Point in Time Over Time Thirteen weeks ended September 29, 2018 Thirteen weeks ended September 29, 2018 Thirty-nine weeks ended September 29, 2018 Thirty-nine weeks ended September 29, 2018 Utility Support Structures $ 6,090 $ 211,853 $ 6,090 $ 618,243 Engineered Support Structures 235,948 12,483 680,863 29,525 Coatings 74,547 — 217,544 — Irrigation 134,710 3,061 475,744 8,692 Other — — 23,080 — Total $ 451,295 $ 227,397 $ 1,403,321 $ 656,460

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 28, 2019
Business Acquisition [Line Items]
Schedule of pro forma	The proforma effect of these acquisitions on the thirteen and thirty-nine weeks of 2019 and 2018 is as follows: Thirteen weeks ended September 28, 2019 Thirteen weeks ended September 29, 2018 Thirty-nine weeks ended September 28, 2019 Thirty-nine weeks ended September 29, 2018 Net sales $ 690,340 $ 698,306 $ 2,088,524 $ 2,129,968 Net earnings 40,144 5,002 118,555 80,842 Earnings per share-diluted 1.85 0.22 5.43 3.58
Walpar
Business Acquisition [Line Items]
Schedule preliminary fair values of assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed of Walpar as of the date of acquisition: At August 3, 2018 Current assets $ 13,210 Customer relationships 28,500 Trade name 3,500 Goodwill 45,453 Total fair value of assets acquired $ 90,663 Current liabilities 2,197 Deferred taxes 7,579 Total fair value of liabilities assumed $ 9,776 Non-controlling interest 23,082 Net assets acquired $ 57,805
Convert Italia S.p.A
Business Acquisition [Line Items]
Schedule preliminary fair values of assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed of Convert as of the date of acquisition: At August 3, 2018 Current assets $ 18,349 Other assets 3,166 Patent and Proprietary Technology 16,554 Trade name 8,701 Goodwill 42,169 Total fair value of assets acquired $ 88,939 Current liabilities 5,376 Contingent consideration liability 19,497 Deferred taxes 6,061 Total fair value of liabilities assumed $ 30,934 Non-controlling interest 14,501 Net assets acquired $ 43,504

DIVESTITURE (Tables)

DIVESTITURE (Tables)	9 Months Ended
	Sep. 28, 2019
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 )

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	9 Months Ended
	Sep. 28, 2019
Restructuring and Related Activities [Abstract]
Restructuring and related costs	The following pre-tax expense were recognized during the third quarter of 2018: ESS Utility Corporate Total Severance $ 1,706 $ — $ — $ 1,706 Other cash restructuring expenses 326 497 — 823 Asset impairments/net loss on disposals 1,406 — — 1,406 Total cost of sales 3,438 497 — 3,935 Severance 1,757 — — 1,757 Other cash restructuring expenses 551 — — 551 Asset impairments/net loss on disposals — — — — Total selling, general and administrative expenses 2,308 — — 2,308 Consolidated total $ 5,746 $ 497 $ — $ 6,243 In the first three quarters of 2018, the Company recognized the following pre-tax restructuring expenses: ESS Utility Corporate Total Severance $ 3,732 $ 515 $ — $ 4,247 Other cash restructuring expenses 478 2,228 — 2,706 Asset impairments/net loss on disposals 3,812 — — $ 3,812 Total cost of sales 8,022 2,743 — 10,765 Severance 5,268 — — $ 5,268 Other cash restructuring expenses 1,118 — 126 1,244 Asset impairments/net loss on disposals 385 — — 385 Total selling, general and administrative expenses 6,771 — 126 6,897 Consolidated total $ 14,793 $ 2,743 $ 126 $ 17,662
Schedule of liabilities recorded for the restructuring plan and changes	Liabilities recorded for the restructuring plans and changes therein for the first three quarters of 2019 were as follows: Balance at December 29, 2018 Recognized Restructuring Expense Costs Paid or Otherwise Settled Balance at September 28, 2019 Severance $ 6,594 $ — $ (6,237 ) $ 357 Other cash restructuring expenses 3,462 — (2,982 ) 480 Total $ 10,056 $ — $ (9,219 ) $ 837

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	The components of amortized intangible assets at September 28, 2019 and December 29, 2018 were as follows: September 28, 2019 Gross Accumulated Weighted Customer Relationships $ 236,029 $ 143,306 13 years Patents & Proprietary Technology 22,936 5,945 14 years Other 7,494 6,886 5 years $ 266,459 $ 156,137 December 29, 2018 Gross Accumulated Weighted Customer Relationships $ 219,508 $ 132,180 13 years Patents & Proprietary Technology 23,662 4,837 14 years Other 7,971 6,891 5 years $ 251,141 $ 143,908
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 , respectively was as follows: Thirteen weeks ended Thirty-nine weeks ended 2019 2018 2019 2018 $ 4,484 $ 3,721 $ 13,506 $ 11,176
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite‑lived intangible assets is as follows: Estimated 2019 $ 17,687 2020 17,821 2021 15,523 2022 13,286 2023 11,594
Schedule of non-amortized intangible assets	at September 28, 2019 and December 29, 2018 are as follows: September 28, December 29, Year Acquired Newmark $ 11,111 $ 11,111 2004 Webforge 8,587 8,872 2010 Convert Italia S.p.A 8,203 8,580 2018 Valmont SM 7,799 8,155 2014 Ingal EPS/Ingal Civil Products 7,001 7,233 2010 Walpar 3,500 4,300 2018 Shakespeare 4,000 4,000 2014 Other 17,211 16,472 $ 67,412 $ 68,723
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of September 28, 2019 and December 29, 2018 was as follows: Engineered Utility Coatings Irrigation Total Gross Balance December 29, 2018 $ 204,735 $ 123,618 $ 80,937 $ 25,164 $ 434,454 Accumulated impairment losses (18,670 ) (14,355 ) (16,222 ) — (49,247 ) Balance at December 29, 2018 186,065 109,263 64,715 25,164 385,207 Acquisitions 21,043 7,889 11,715 — 40,647 Foreign currency translation (2,652 ) (1,758 ) (133 ) 368 (4,175 ) Balance at September 28, 2019 $ 204,456 $ 115,394 $ 76,297 $ 25,532 $ 421,679

CASH FLOW SUPPLEMENTARY INFOR_2

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	9 Months Ended
	Sep. 28, 2019
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 thirty-nine weeks ended September 28, 2019 and September 29, 2018 were as follows: 2019 2018 Interest $ 19,440 $ 23,624 Income taxes 39,850 36,855

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 28, 2019
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 September 28, 2019: Net earnings attributable to Valmont Industries, Inc. $ 40,144 $ — $ 40,144 Weighted average shares outstanding (000's) 21,556 128 21,684 Per share amount $ 1.86 $ 0.01 $ 1.85 Thirteen weeks ended September 29, 2018: Net earnings attributable to Valmont Industries, Inc. $ 4,448 $ — $ 4,448 Weighted average shares outstanding (000's) 22,215 137 22,352 Per share amount $ 0.20 $ — $ 0.20 Thirty-nine weeks ended September 28, 2019 Net earnings attributable to Valmont Industries, Inc. $ 118,022 $ — $ 118,022 Weighted average shares outstanding (000's) 21,725 101 21,826 Per share amount $ 5.43 $ (0.02 ) $ 5.41 Thirty-nine weeks ended September 29, 2018: Net earnings attributable to Valmont Industries, Inc. $ 76,689 $ — $ 76,689 Weighted average shares outstanding (000's) 22,421 153 22,574 Per share amount $ 3.42 $ (0.02 ) $ 3.40

HEDGING ACTIVITIES (Tables)

HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments	Fair value of derivative instruments at September 28, 2019 and December 29, 2018 are as follows: Derivatives designated as hedging instruments: Balance sheet location September 28, 2019 December 29, 2018 Commodity forward contracts Prepaid expenses and other assets $ — $ (285 ) Foreign currency forward contracts Prepaid expenses and other assets 4,936 8,357 Cross currency swap contracts Prepaid expenses and other assets 4,472 1,075 $ 9,408 $ 9,147
Gains (losses) on derivatives recognized on statements of earnings	Gains (losses) on derivatives recognized in the condensed consolidated statements of earnings for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018 are as follows: Thirteen weeks ended Thirty-nine weeks ended Statements of earnings location September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Commodity forward contracts Product cost of sales $ (1,329 ) $ 717 $ (1,425 ) $ 717 Foreign currency forward contracts Other income (expenses) 123 230 827 230 Foreign currency forward contracts Loss from divestiture of grinding media business $ — — — (1,215 ) Interest rate hedges Interest expense (16 ) (395 ) (48 ) (439 ) Cross currency swap contracts Interest expense 769 206 2,096 206 $ (453 ) $ 758 $ 1,450 $ (501 )
Schedule of notional amounts of outstanding derivative	Key terms of the two CCS are as follows: Currency Notional Amount Termination Date Swapped Interest Rate Set Settlement Amount Danish Krone, DKK $ 50,000 April 1, 2024 2.68% DKK 333,625 Euro $ 80,000 April 1, 2024 2.825% €71,550

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
Lease cost	Lease cost and other information related to the Company's operating leases are as follows: Thirteen weeks ended September 28, 2019 Thirty-nine weeks ended September 28, 2019 Operating lease cost $ 5,002 $ 15,471 Short-term lease cost $ 650 $ 1,919 Total lease cost $ 5,652 $ 17,390 Operating cash outflows from operating leases $ 5,499 $ 16,966 ROU assets obtained in exchange for lease obligations $ 626 $ 3,057 Weighted average remaining lease term 10 years 10 years Weighted average discount rate 3.9 % 3.9 % As part of the adoption of ASC 842, the Company evaluated at the historical and projected cash flow generation of the operations at each of its long-term leased facilities. One of those facilities, a galvanizing operation in Melbourne, Australia, will not generate sufficient cash flows on an undiscounted cash flow basis to recover the carrying value of the right of use asset. The Company then estimated a value for this operation using a discounted cash flow model. The result was an impairment of the right-of-use lease asset of approximately $12,063 . The after-tax balance of $8,444 was recorded as a reduction to retained earnings for the transition adjustment of adoption. (9) LEASES (Continued) Supplemental balance sheet information related to operating leases for the third quarter of 2019 is as follows: Classification September 28, 2019 Operating lease assets Other assets $ 80,715 Operating lease short-term liabilities Accrued expenses 14,634 Operating lease long-term liabilities Operating lease liabilities 78,790 Total lease liabilities $ 93,424
Future minimum lease payments	Minimum lease payments under operating leases expiring subsequent to September 28, 2019 are as follows: Fiscal year ending: 2019 (excluding the nine months ended September 28, 2019) $ 4,738 2020 17,397 2021 14,154 2022 11,508 2023 8,684 Subsequent 57,574 Total minimum lease payments $ 114,055 Less: Interest $ 20,631 Present value of minimum lease payments $ 93,424
Future minimum operating lease payments under ASC 840	Minimum lease payments for operating leases under ASC 840 expiring subsequent to December 29, 2018 are as follows: Fiscal year ending: 2019 $ 18,757 2020 16,830 2021 13,992 2022 11,932 2023 8,866 Subsequent 76,438 Total minimum lease payments $ 146,815

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Sep. 28, 2019
Segment Reporting [Abstract]
Segment reporting information of sales and operating income	Summary by Business Thirteen weeks ended Thirty-nine weeks ended September 28, September 29, September 28, September 29, SALES: Engineered Support Structures segment: Lighting, Traffic, and Highway Safety Products $ 191,262 $ 183,184 $ 530,021 $ 522,558 Communication Products 48,391 35,985 138,710 109,690 Access Systems 28,405 32,355 88,363 94,941 Engineered Support Structures segment 268,058 251,524 757,094 727,189 Utility Support Structures segment: Steel 153,433 161,847 460,309 471,947 Concrete 28,011 27,715 88,415 81,562 Engineered Solar Tracker Solutions 3,418 6,090 43,642 6,090 Offshore and Other Complex Steel Structures 20,096 22,617 66,343 66,251 Utility Support Structures segment 204,958 218,269 658,709 625,850 Coatings segment 92,957 90,433 278,142 266,952 Irrigation segment: North America 82,840 78,168 294,127 301,887 International 61,340 62,007 158,054 189,177 Irrigation segment 144,180 140,175 452,181 491,064 Other — — — 23,080 Total 710,153 700,401 2,146,126 2,134,135 INTERSEGMENT SALES: Engineered Support Structures segment 1,564 3,093 5,066 16,801 Utility Support Structures segment 762 326 2,246 1,517 Coatings segment 16,035 15,886 49,900 49,408 Irrigation segment 1,452 2,404 5,564 6,628 Total 19,813 21,709 62,776 74,354 NET SALES: Engineered Support Structures segment 266,494 248,431 752,028 710,388 Utility Support Structures segment 204,196 217,943 656,463 624,333 Coatings segment 76,922 74,547 228,242 217,544 Irrigation segment 142,728 137,771 446,617 484,436 Other — — — 23,080 Total $ 690,340 $ 678,692 $ 2,083,350 $ 2,059,781 OPERATING INCOME: Engineered Support Structures segment $ 21,825 $ 16,499 $ 55,152 $ 36,411 Utility Support Structures segment 20,362 2,090 61,443 46,298 Coatings segment 13,865 14,373 39,037 41,108 Irrigation segment 18,204 21,302 59,868 82,917 Other — — — (913 ) Adjustment to LIFO inventory valuation method 2,799 (2,780 ) 5,539 (5,512 ) Corporate (13,192 ) (13,124 ) (38,360 ) (34,319 ) Total $ 63,863 $ 38,360 $ 182,679 $ 165,990

GUARANTOR_NON-GUARANTOR FINAN_2

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 28, 2019
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Condensed consolidated statements of earnings	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net sales $ 302,461 $ 135,392 $ 310,676 $ (58,189 ) $ 690,340 Cost of sales 223,949 96,566 251,561 (57,822 ) 514,254 Gross profit 78,512 38,826 59,115 (367 ) 176,086 Selling, general and administrative expenses 67,366 2,325 42,532 — 112,223 Operating income 11,146 36,501 16,583 (367 ) 63,863 Other income (expense): Interest expense (9,471 ) (2,544 ) (504 ) 2,543 (9,976 ) Interest income 607 2 2,903 (2,543 ) 969 Other 849 12 309 — 1,170 (8,015 ) (2,530 ) 2,708 — (7,837 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 3,131 33,971 19,291 (367 ) 56,026 Income tax expense (benefit) 2,084 8,834 2,930 (85 ) 13,763 Earnings before equity in earnings of nonconsolidated subsidiaries 1,047 25,137 16,361 (282 ) 42,263 Equity in earnings of nonconsolidated subsidiaries 39,097 2,017 — (41,114 ) — Net earnings 40,144 27,154 16,361 (41,396 ) 42,263 Less: Earnings attributable to noncontrolling interests — — (2,119 ) — (2,119 ) Net earnings attributable to Valmont Industries, Inc. $ 40,144 $ 27,154 $ 14,242 $ (41,396 ) $ 40,144 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net sales $ 915,436 $ 413,050 $ 939,484 $ (184,620 ) $ 2,083,350 Cost of sales 675,093 307,209 763,499 (184,080 ) 1,561,721 Gross profit 240,343 105,841 175,985 (540 ) 521,629 Selling, general and administrative expenses 175,000 28,301 135,649 — 338,950 Operating income 65,343 77,540 40,336 (540 ) 182,679 Other income (expense): Interest expense (28,638 ) (8,583 ) (1,333 ) 8,583 (29,971 ) Interest income 1,060 32 10,306 (8,583 ) 2,815 Other 6,264 33 395 — 6,692 (21,314 ) (8,518 ) 9,368 — (20,464 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 44,029 69,022 49,704 (540 ) 162,215 Income tax expense (benefit) 9,856 16,691 13,680 (76 ) 40,151 Earnings before equity in earnings of nonconsolidated subsidiaries 34,173 52,331 36,024 (464 ) 122,064 Equity in earnings of nonconsolidated subsidiaries 83,849 8,843 — (92,692 ) — Net earnings 118,022 61,174 36,024 (93,156 ) 122,064 Less: Earnings attributable to noncontrolling interests — — (4,042 ) — (4,042 ) Net earnings attributable to Valmont Industries, Inc. $ 118,022 $ 61,174 $ 31,982 $ (93,156 ) $ 118,022 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 293,070 $ 132,059 $ 319,129 $ (65,566 ) $ 678,692 Cost of sales 227,467 100,130 252,353 (65,598 ) 514,352 Gross profit 65,603 31,929 66,776 32 164,340 Selling, general and administrative expenses 51,159 12,908 61,913 — 125,980 Operating income 14,444 19,021 4,863 32 38,360 Other income (expense): Interest expense (10,511 ) (3,600 ) (443 ) 3,600 (10,954 ) Interest income 174 47 4,379 (3,600 ) 1,000 Other (13,765 ) 15 1,426 — (12,324 ) (24,102 ) (3,538 ) 5,362 — (22,278 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries (9,658 ) 15,483 10,225 32 16,082 Income tax expense (benefit) (4,497 ) 4,732 8,882 (26 ) 9,091 Earnings before equity in earnings of nonconsolidated subsidiaries (5,161 ) 10,751 1,343 58 6,991 Equity in earnings of nonconsolidated subsidiaries 9,609 4,041 — (13,650 ) — Net earnings 4,448 14,792 1,343 (13,592 ) 6,991 Less: Earnings attributable to noncontrolling interests — — (2,543 ) — (2,543 ) Net earnings attributable to Valmont Industries, Inc. $ 4,448 $ 14,792 $ (1,200 ) $ (13,592 ) $ 4,448 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net sales $ 906,978 $ 386,793 $ 966,764 $ (200,754 ) $ 2,059,781 Cost of sales 683,740 293,238 776,254 (202,030 ) 1,551,202 Gross profit 223,238 93,555 190,510 1,276 508,579 Selling, general and administrative expenses 147,949 37,360 157,280 — 342,589 Operating income 75,289 56,195 33,230 1,276 165,990 Other income (expense): Interest expense (32,788 ) (11,229 ) (1,031 ) 11,229 (33,819 ) Interest income 655 62 14,225 (11,229 ) 3,713 Other (15,773 ) 41 (1,973 ) — (17,705 ) (47,906 ) (11,126 ) 11,221 — (47,811 ) Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries 27,383 45,069 44,451 1,276 118,179 Income tax expense (benefit) 6,181 12,260 17,525 62 36,028 Earnings before equity in earnings of nonconsolidated subsidiaries 21,202 32,809 26,926 1,214 82,151 Equity in earnings of nonconsolidated subsidiaries 55,487 37,939 — (93,426 ) — Net earnings 76,689 70,748 26,926 (92,212 ) 82,151 Less: Earnings attributable to noncontrolling interests — — (5,462 ) — (5,462 ) Net earnings attributable to Valmont Industries, Inc. $ 76,689 $ 70,748 $ 21,464 $ (92,212 ) $ 76,689
Condensed consolidated statements of comprehensive income	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net earnings $ 40,144 $ 27,154 $ 16,361 $ (41,396 ) $ 42,263 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 4,512 (28,293 ) — (23,781 ) Gain (loss) on hedging activities 9,315 — — — 9,315 Equity in other comprehensive income (22,959 ) — — 22,959 — Other comprehensive income (loss) (13,644 ) 4,512 (28,293 ) 22,959 (14,466 ) Comprehensive income (loss) 26,500 31,666 (11,932 ) (18,437 ) 27,797 Comprehensive income attributable to noncontrolling interests — — (1,297 ) — (1,297 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 26,500 $ 31,666 $ (13,229 ) $ (18,437 ) $ 26,500 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Net earnings $ 118,022 $ 61,174 $ 36,024 $ (93,156 ) $ 122,064 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 291 (20,757 ) — (20,466 ) Gain (loss) on hedging activities 6,282 — — — 6,282 Equity in other comprehensive income (19,814 ) — — 19,814 — Other comprehensive income (loss) (13,532 ) 291 (20,757 ) 19,814 (14,184 ) Comprehensive income (loss) 104,490 61,465 15,267 (73,342 ) 107,880 Comprehensive income attributable to noncontrolling interests — — (3,390 ) — (3,390 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 104,490 $ 61,465 $ 11,877 $ (73,342 ) $ 104,490 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 4,448 $ 14,792 $ 1,343 $ (13,592 ) $ 6,991 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 4,289 (14,921 ) — (10,632 ) Realized loss on divestiture of grinding media business recorded in earnings — — — — — Gain (loss) on hedging activities (910 ) — — — (910 ) Equity in other comprehensive income (10,478 ) — — 10,478 — Other comprehensive income (loss) (11,388 ) 4,289 (14,921 ) 10,478 (11,542 ) Comprehensive income (loss) (6,940 ) 19,081 (13,578 ) (3,114 ) (4,551 ) Comprehensive income attributable to noncontrolling interests — — (2,389 ) — (2,389 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ (6,940 ) $ 19,081 $ (15,967 ) $ (3,114 ) $ (6,940 ) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Net earnings $ 76,689 $ 70,748 $ 26,926 $ (92,212 ) $ 82,151 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments: Unrealized translation gain (loss) — 2,122 (52,903 ) — (50,781 ) Realized loss on divestiture of grinding media business recorded in earnings — — 9,203 — 9,203 Gain (loss) on hedging activities 834 — — — 834 Equity in other comprehensive income (44,366 ) — — 44,366 — Other comprehensive income (loss) (43,532 ) 2,122 (43,700 ) 44,366 (40,744 ) Comprehensive income (loss) 33,157 72,870 (16,774 ) (47,846 ) 41,407 Comprehensive income attributable to noncontrolling interests — — (8,250 ) — (8,250 ) Comprehensive income (loss) attributable to Valmont Industries, Inc. $ 33,157 $ 72,870 $ (25,024 ) $ (47,846 ) $ 33,157
Condensed consolidated balance sheets	CONDENSED CONSOLIDATED BALANCE SHEETS September 28, 2019 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 179,765 $ 1,963 $ 145,472 $ — $ 327,200 Receivables, net 161,260 79,077 260,878 — 501,215 Inventories 125,240 46,133 208,869 (2,942 ) 377,300 Contract asset - costs and profits in excess of billings 58,713 35,195 26,468 — 120,376 Prepaid expenses and other assets 15,569 4,866 29,985 — 50,420 Refundable income taxes 11,893 — — — 11,893 Total current assets 552,440 167,234 671,672 (2,942 ) 1,388,404 Property, plant and equipment, at cost 614,979 199,176 419,607 — 1,233,762 Less accumulated depreciation and amortization 411,808 100,692 172,894 — 685,394 Net property, plant and equipment 203,171 98,484 246,713 — 548,368 Goodwill 20,108 140,095 261,476 — 421,679 Other intangible assets 36 46,758 130,940 — 177,734 Investment in subsidiaries and intercompany accounts 1,333,420 1,138,854 840,925 (3,313,199 ) — Other assets 78,721 4,859 105,677 — 189,257 Total assets $ 2,187,896 $ 1,596,284 $ 2,257,403 $ (3,316,141 ) $ 2,725,442 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 745 $ — $ 745 Notes payable to banks — — 19,324 — 19,324 Accounts payable 64,256 18,681 114,598 — 197,535 Accrued employee compensation and benefits 41,371 5,994 31,175 — 78,540 Accrued expenses 162,640 13,024 51,051 — 226,715 Dividends payable 8,088 — — — 8,088 Total current liabilities 276,355 37,699 216,893 — 530,947 Deferred income taxes 16,645 — 27,133 — 43,778 Long-term debt, excluding current installments 734,417 119,716 30,107 (119,716 ) 764,524 Defined benefit pension liability — — 121,282 — 121,282 Other noncurrent liabilities 73,788 3,622 56,330 — 133,740 Shareholders’ equity: Common stock of $1 par value 27,900 457,950 648,957 (1,106,907 ) 27,900 Additional paid-in capital — 162,906 1,107,536 (1,270,442 ) — Retained earnings 2,119,843 733,109 416,932 (1,150,041 ) 2,119,843 Accumulated other comprehensive income (loss) (316,717 ) 81,282 (412,247 ) 330,965 (316,717 ) Treasury stock (744,335 ) — — — (744,335 ) Total Valmont Industries, Inc. shareholders’ equity 1,086,691 1,435,247 1,761,178 (3,196,425 ) 1,086,691 Noncontrolling interest in consolidated subsidiaries — — 44,480 — 44,480 Total shareholders’ equity 1,086,691 1,435,247 1,805,658 (3,196,425 ) 1,131,171 Total liabilities and shareholders’ equity $ 2,187,896 $ 1,596,284 $ 2,257,403 $ (3,316,141 ) $ 2,725,442 (11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 29, 2018 Parent Guarantors Non- Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 104,256 $ 5,518 $ 203,436 $ — $ 313,210 Receivables, net 134,943 75,204 273,816 — 483,963 Inventories 138,158 37,019 210,791 (2,402 ) 383,566 Contract asset - costs and profits in excess of billings 50,271 35,200 27,054 — 112,525 Prepaid expenses and other assets 21,858 746 20,196 — 42,800 Refundable income taxes 4,576 — — — 4,576 Total current assets 454,062 153,687 735,293 (2,402 ) 1,340,640 Property, plant and equipment, at cost 579,046 172,050 409,769 — 1,160,865 Less accumulated depreciation and amortization 390,438 93,374 163,061 — 646,873 Net property, plant and equipment 188,608 78,676 246,708 — 513,992 Goodwill 20,108 110,562 254,537 — 385,207 Other intangible assets 76 27,452 148,428 — 175,956 Investment in subsidiaries and intercompany accounts 1,286,545 1,161,612 932,982 (3,381,139 ) — Other assets 47,674 — 66,805 — 114,479 Total assets $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current installments of long-term debt $ — $ — $ 779 $ — $ 779 Notes payable to banks — — 10,678 — 10,678 Accounts payable 68,304 21,081 128,730 — 218,115 Accrued employee compensation and benefits 41,418 7,186 30,687 — 79,291 Accrued expenses 25,936 10,132 55,874 — 91,942 Dividends payable 8,230 — — — 8,230 Total current liabilities 143,888 38,399 226,748 — 409,035 Deferred income taxes 14,376 — 29,113 — 43,489 Long-term debt, excluding current installments 733,964 166,729 7,858 (166,729 ) 741,822 Defined benefit pension liability — — 143,904 — 143,904 Other noncurrent liabilities 45,083 620 10,798 — 56,501 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 2,027,596 624,394 467,699 (1,092,093 ) 2,027,596 Accumulated other comprehensive income (303,185 ) 80,991 (333,346 ) 252,355 (303,185 ) Treasury stock (692,549 ) — — — (692,549 ) Total Valmont Industries, Inc. shareholders’ equity 1,059,762 1,326,241 1,890,571 (3,216,812 ) 1,059,762 Noncontrolling interest in consolidated subsidiaries — — 75,761 — 75,761 Total shareholders’ equity 1,059,762 1,326,241 1,966,332 (3,216,812 ) 1,135,523 Total liabilities and shareholders’ equity $ 1,997,073 $ 1,531,989 $ 2,384,753 $ (3,383,541 ) $ 2,530,274
Condensed consolidated statements of cash flows	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine weeks ended September 28, 2019 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 118,022 $ 61,174 $ 36,024 $ (93,156 ) $ 122,064 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 19,891 10,201 30,332 — 60,424 Noncash gain on trading securities — — (48 ) — (48 ) Stock-based compensation 8,889 — — — 8,889 Defined benefit pension plan benefit — — (382 ) — (382 ) Contribution to defined benefit pension plan — — (17,426 ) — (17,426 ) Loss (gain) on sale of property, plant and equipment 103 81 (649 ) — (465 ) Equity in earnings in nonconsolidated subsidiaries (83,849 ) (8,843 ) — 92,692 — Deferred income taxes 3,869 — 3,229 — 7,098 Changes in assets and liabilities: Net working capital 94,054 (15,715 ) (6,305 ) 541 72,575 Other noncurrent liabilities 1,005 (5,461 ) (107 ) — (4,563 ) Income taxes payable (refundable) (4,488 ) (2,229 ) (2,219 ) — (8,936 ) Net cash flows from operating activities 157,496 39,208 42,449 77 239,230 Cash flows from investing activities: Purchase of property, plant and equipment (33,321 ) (12,462 ) (26,198 ) — (71,981 ) Proceeds from sale of assets 35 26 1,264 — 1,325 Acquisitions, net of cash acquired — (63,141 ) (18,700 ) — (81,841 ) Settlement of net investment hedge 11,184 — — — 11,184 Other, net (30,475 ) 27,878 4,791 (77 ) 2,117 Net cash flows from investing activities (52,577 ) (47,699 ) (38,843 ) (77 ) (139,196 ) Cash flows from financing activities: Proceeds from short-term agreements — — 9,284 — 9,284 Proceeds from long-term borrowings 31,000 — — — 31,000 Principal payments on long-term borrowings (10,000 ) — (578 ) — (10,578 ) Principal payments on long-term intercompany note — (42,574 ) 42,574 — — Dividends paid (24,554 ) — — — (24,554 ) Dividends to noncontrolling interest — — (6,549 ) — (6,549 ) Intercompany dividends 63,650 47,541 (111,191 ) — — Purchase of noncontrolling interest (22,805 ) — (5,040 ) — (27,845 ) Intercompany capital contribution (13,284 ) — 13,284 — — Purchase of treasury shares (55,172 ) — — — (55,172 ) Proceeds from exercises under stock plans 3,211 — — — 3,211 Purchase of common treasury shares - stock plan exercises (1,456 ) — — — (1,456 ) Net cash flows from financing activities (29,410 ) 4,967 (58,216 ) — (82,659 ) Effect of exchange rate changes on cash and cash equivalents — (31 ) (3,354 ) — (3,385 ) Net change in cash and cash equivalents 75,509 (3,555 ) (57,964 ) — 13,990 Cash and cash equivalents—beginning of year 104,256 5,518 203,436 — 313,210 Cash and cash equivalents—end of period $ 179,765 $ 1,963 $ 145,472 $ — $ 327,200 (11) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Thirty-nine weeks ended September 29, 2018 Parent Guarantors Non- Eliminations Total Cash flows from operating activities: Net earnings $ 76,689 $ 70,748 $ 26,926 $ (92,212 ) $ 82,151 Adjustments to reconcile net earnings to net cash flows from operations: Depreciation and amortization 19,498 10,564 31,956 — 62,018 Noncash loss on trading securities — — (62 ) — (62 ) Impairment of property, plant and equipment — — 4,197 — 4,197 Impairment of Goodwill & Intangibles — — 15,780 — 15,780 Loss on divestiture of grinding media business 2,518 — 3,566 — 6,084 Stock-based compensation 8,076 — — — 8,076 Defined benefit pension plan expense — — (1,713 ) — (1,713 ) Contribution to defined benefit pension plan — — (1,555 ) — (1,555 ) Loss (gain) on sale of property, plant and equipment 7 (27 ) (333 ) — (353 ) Equity in earnings in nonconsolidated subsidiaries (55,487 ) (37,939 ) — 93,426 — Deferred income taxes 729 1,791 (1,706 ) — 814 Changes in assets and liabilities: Net working capital (28,948 ) (40,255 ) (26,432 ) (1,277 ) (96,912 ) Other noncurrent liabilities (762 ) 387 (874 ) — (1,249 ) Income taxes payable (refundable) (23,256 ) (1,066 ) 15,099 — (9,223 ) Net cash flows from operating activities (936 ) 4,203 64,849 (63 ) 68,053 Cash flows from investing activities: Purchase of property, plant and equipment (16,940 ) (9,546 ) (22,433 ) — (48,919 ) Proceeds from sale of assets 39 232 64,515 — 64,786 Acquisitions, net of cash acquired (57,805 ) — (67,504 ) — (125,309 ) Settlement of net investment hedge (1,621 ) — — — (1,621 ) Other, net 28,299 (3,683 ) (27,050 ) 63 (2,371 ) Net cash flows from investing activities (48,028 ) (12,997 ) (52,472 ) 63 (113,434 ) Cash flows from financing activities: Payments under short-term agreements — — 3,217 — 3,217 Proceeds from long-term borrowings 236,936 — — — 236,936 Principal payments on long-term borrowings (252,219 ) — (733 ) — (252,952 ) Settlement of financial derivative (2,467 ) — — — (2,467 ) Debt issuance costs (2,322 ) — — — (2,322 ) Dividends paid (25,415 ) — — — (25,415 ) Dividends to noncontrolling interest — — (5,737 ) — (5,737 ) Intercompany dividends 123,363 11,296 (134,659 ) — — Purchase of noncontrolling interest — — (5,510 ) — (5,510 ) Purchase of treasury shares (86,919 ) — — — (86,919 ) Intercompany capital contribution (3,492 ) 3,492 — — — Proceeds from exercises under stock plans 6,376 — — — 6,376 Purchase of common treasury shares - stock plan exercises (1,914 ) — — — (1,914 ) Net cash flows from financing activities (8,073 ) 14,788 (143,422 ) — (136,707 ) Effect of exchange rate changes on cash and cash equivalents — (670 ) (14,425 ) — (15,095 ) Net change in cash and cash equivalents (57,037 ) 5,324 (145,470 ) — (197,183 ) Cash and cash equivalents—beginning of year 83,329 5,304 404,172 — 492,805 Cash and cash equivalents—end of period $ 26,292 $ 10,628 $ 258,702 $ — $ 295,622

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Accounting Policies [Abstract]
Inventory valued at the lower of cost, determined on the last-in, first-out (LIFO) method, or market (as a percent)	38.00%	37.00%
Excess of replacement cost of inventories over the LIFO value	$ 48,080	$ 53,619
Inventory, Net [Abstract]
Raw materials and purchased parts	172,064	190,115
Work-in-process	34,696	35,566
Finished goods and manufactured goods	218,620	211,504
Subtotal	425,380	437,185
Less: LIFO reserve	48,080	53,619
Net inventory	$ 377,300	$ 383,566

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Accounting Policies [Abstract]
United States	$ 44,897	$ 15,596	$ 134,417	$ 99,697
Foreign	11,129	486	27,798	18,482
Earnings before income taxes	$ 56,026	$ 16,082	$ 162,215	$ 118,179

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Net periodic (benefit) expense:
Interest cost	$ 4,075	$ 4,400	$ 12,602	$ 13,602
Expected return on plan assets	(4,815)	(5,704)	(14,893)	(17,633)
Amortization of actuarial loss	617	750	1,909	2,318
Net periodic expense (benefit)	$ (123)	$ (554)	$ (382)	$ (1,713)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Stock Option Plans
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	1,403,051		1,403,051
Vesting period of options			7 years
Compensation expense	$ 2,519	$ 2,702	$ 8,889	$ 8,076
Income tax benefits	$ 630	$ 676	$ 2,222	$ 2,019
Stock Option Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years
Stock Option Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			6 years
Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($)	Sep. 28, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 35,144,000	$ 37,516,000
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	35,224,000	40,024,000
Derivative financial instruments, net	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Derivative financial instruments, net	9,408,000	9,147,000
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	0	0
Derivative financial instruments, net	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	35,224,000	40,024,000
Derivative financial instruments, net	9,408,000	9,147,000
Delta E M D Pty Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining ownership	$ 80,000	$ 2,508,000

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2019USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (303,185)
Balance at the end of the period	(316,717)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(230,261)
Current-period comprehensive income (loss)	(19,814)
Balance at the end of the period	(250,075)
Gain/(Loss) on Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	11,171
Current-period comprehensive income (loss)	6,282
Balance at the end of the period	17,453
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(84,095)
Current-period comprehensive income (loss)	0
Balance at the end of the period	(84,095)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(303,185)
Current-period comprehensive income (loss)	(13,532)
Balance at the end of the period	$ (316,717)

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 690,340	$ 678,692	$ 2,083,350	$ 2,059,781
Contract with customer, liability, current	123,878		123,878		$ 4,906
Revenue recognized from contract liability	314	0	2,242	4,456
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	471,934	451,295	1,422,365	1,403,321
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	218,406	227,397	660,985	656,460
Utility Support Structures Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	204,196	217,943	656,463	624,333
Utility Support Structures Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3,418	6,090	43,642	6,090
Utility Support Structures Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	200,778	211,853	612,821	618,243
Engineered Support Structures Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	266,494	248,431	752,028	710,388
Engineered Support Structures Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	252,501	235,948	713,574	680,863
Engineered Support Structures Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	13,993	12,483	38,454	29,525
Coatings Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	76,922	74,547	228,242	217,544
Coatings Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	76,922	74,547	228,242	217,544
Coatings Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0	0	0	0
Irrigation Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	142,728	137,771	446,617	484,436
Irrigation Segment | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	139,093	134,710	436,907	475,744
Irrigation Segment | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 3,635	3,061	$ 9,710	8,692
Other Segments | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		0		23,080
Other Segments | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		$ 0		$ 0

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands

May 13, 2019

Feb. 11, 2019

Dec. 31, 2018

Oct. 18, 2018

Aug. 03, 2018

Apr. 30, 2019

Jan. 31, 2019

Mar. 30, 2018

Sep. 28, 2019

Sep. 29, 2018

Jun. 29, 2019

Dec. 29, 2018

Mar. 31, 2018

Business Acquisition [Line Items]

Goodwill

$ 421,679

$ 385,207

Connect-It Wireless, Inc.

Business Acquisition [Line Items]

Cash paid in acquisition

$ 6,034

Goodwill

3,299

United Galvanizing

Business Acquisition [Line Items]

Cash paid in acquisition

$ 26,000

Goodwill

11,715

Consideration transfered

28,000

Contingent consideration liability, current

2,000

Property, plant, and equipment acquired

11,016

Larson Camouflage

Business Acquisition [Line Items]

Cash paid in acquisition

$ 31,106

Goodwill

14,519

Consideration transfered

34,562

Property, plant, and equipment acquired

$ 1,151

Contingent consideration liability, as percent of purchase price (percent)

10.00%

CSP Coatings Systems Of Auckland

Business Acquisition [Line Items]

Cash paid in acquisition

$ 17,711

Goodwill

5,120

Property, plant, and equipment acquired

7,373

Walpar

Business Acquisition [Line Items]

Goodwill

$ 45,453

Consideration transfered

$ 57,805

$ 23,082

Percentage acquired

72.00%

28.00%

Convert Italia S.p.A

Business Acquisition [Line Items]

Goodwill

$ 42,169

Goodwill expected to be tax deductible

0

Consideration transfered

$ 43,504

$ 18,700

Percentage acquired

75.00%

Walpart, Convert, and Torrent

Business Acquisition [Line Items]

Revenue of acquiree since acquisition

$ 26,999

$ 94,975

Valmont SM

Business Acquisition [Line Items]

Consideration transfered

$ 4,763

Percentage acquired

4.80%

Valmont Industria e Commercio Ltda.

Business Acquisition [Line Items]

Consideration transfered

$ 5,510

Percentage acquired

10.00%

Customer Relationships | Connect-It Wireless, Inc.

Business Acquisition [Line Items]

Customer relationships and other intangible assets

$ 828

Customer Relationships | United Galvanizing

Business Acquisition [Line Items]

Customer relationships and other intangible assets

$ 4,034

Useful life

10 years

Customer Relationships | Larson Camouflage

Business Acquisition [Line Items]

Customer relationships and other intangible assets

$ 17,050

Useful life

12 years

Customer Relationships | CSP Coatings Systems Of Auckland

Business Acquisition [Line Items]

Customer relationships and other intangible assets

$ 3,113

Useful life

10 years

Customer Relationships | Walpar

Business Acquisition [Line Items]

Useful life

12 years

Reduction in customer relationships

$ 3,500

Patents & Proprietary Technology | Convert Italia S.p.A

Business Acquisition [Line Items]

Useful life

15 years

Trade Names | United Galvanizing

Business Acquisition [Line Items]

Customer relationships and other intangible assets

$ 894

ACQUISITIONS - Schedule of Reco

ACQUISITIONS - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018	Aug. 03, 2018
Business Acquisition [Line Items]
Goodwill	$ 421,679	$ 385,207
Walpar
Business Acquisition [Line Items]
Current assets			$ 13,210
Trade name			3,500
Goodwill			45,453
Total fair value of assets acquired			90,663
Current liabilities			2,197
Deferred taxes			7,579
Total fair value of liabilities assumed			9,776
Non-controlling interest			23,082
Net assets acquired			57,805
Convert Italia S.p.A
Business Acquisition [Line Items]
Current assets			18,349
Other assets			3,166
Trade name			8,701
Goodwill			42,169
Total fair value of assets acquired			88,939
Current liabilities			5,376
Deferred taxes			6,061
Contingent consideration liability			19,497
Total fair value of liabilities assumed			30,934
Non-controlling interest			14,501
Net assets acquired			43,504
Customer Relationships | Walpar
Business Acquisition [Line Items]
Customer relationships			28,500
Patent and Proprietary Technology			28,500
Patent and Proprietary Technology | Convert Italia S.p.A
Business Acquisition [Line Items]
Customer relationships			16,554
Patent and Proprietary Technology			$ 16,554

ACQUISITIONS - Schedule of Busi

ACQUISITIONS - Schedule of Business Acquisitions Pro Forma (Details) - Walpart, Convert, and Torrent - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Business Acquisition [Line Items]
Net sales	$ 690,340	$ 698,306	$ 2,088,524	$ 2,129,968
Net earnings	$ 40,144	$ 5,002	$ 118,555	$ 80,842
Earnings per share-diluted (in dollars per share)	$ 1.85	$ 0.22	$ 5.43	$ 3.58

DIVESTITURE - Narrative (Detail

DIVESTITURE - Narrative (Details) - Donhad $ in Thousands, $ in Thousands	Apr. 30, 2018USD ($)	Apr. 30, 2018AUD ($)	Sep. 29, 2018USD ($)	Sep. 29, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss			$ 0	$ 913
Disposed by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture	$ 62,518	$ 82,500
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 Gain (

DIVESTITURE - Summary of Gain (Loss) on Divestiture (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net pre-tax loss from divestiture of the grinding media business		$ 0	$ 0	$ 0	$ (6,084)
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 pre-tax loss from divestiture of the grinding media business	$ (6,084)

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 29, 2018	Sep. 29, 2018	Dec. 29, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,243,000	$ 17,662,000
Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,935,000	10,765,000
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,308,000	6,897,000
ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,746,000	14,793,000
Impairments of current and other assets			$ 7,944
ESS | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,438,000	8,022,000	18,380,000
ESS | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,308,000	$ 6,771,000	$ 15,651,000

RESTRUCTURING ACTIVITIES - Rest

RESTRUCTURING ACTIVITIES - Restructuring Activities - Restructuring Expenses and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 29, 2018	Sep. 29, 2018	Dec. 29, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,243	$ 17,662
ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,746	14,793
Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	497	2,743
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	126
Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,935	10,765
Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,438	8,022	$ 18,380
Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	497	2,743
Total cost of sales | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,308	6,897
Total selling, general and administrative expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,308	6,771	$ 15,651
Total selling, general and administrative expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Total selling, general and administrative expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	126
Severance | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,706	4,247
Severance | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,706	3,732
Severance | Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	515
Severance | Total cost of sales | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Severance | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,757	5,268
Severance | Total selling, general and administrative expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,757	5,268
Severance | Total selling, general and administrative expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Severance | Total selling, general and administrative expenses | Corporate
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	823	2,706
Other cash restructuring expenses | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	326	478
Other cash restructuring expenses | Total cost of sales | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	497	2,228
Other cash restructuring expenses | Total cost of sales | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Other cash restructuring expenses | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	551	1,244
Other cash restructuring expenses | Total selling, general and administrative expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	551	1,118
Other cash restructuring expenses | Total selling, general and administrative expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Other cash restructuring expenses | Total selling, general and administrative expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	126
Asset impairments/net loss on disposals | Total cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,406	3,812
Asset impairments/net loss on disposals | Total cost of sales | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,406	3,812
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
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Asset impairments/net loss on disposals | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	385
Asset impairments/net loss on disposals | Total selling, general and administrative expenses | ESS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	385
Asset impairments/net loss on disposals | Total selling, general and administrative expenses | Utility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Asset impairments/net loss on disposals | Total selling, general and administrative expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0

RESTRUCTURING ACTIVITIES - Liab

RESTRUCTURING ACTIVITIES - Liabilities Recorded For The Restructuring Plan (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2019USD ($)
Restructuring Cost and Reserve [Roll Forward]
Balance at December 29, 2018	$ 10,056
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(9,219)
Balance at September 28, 2019	837
Severance
Restructuring Cost and Reserve [Roll Forward]
Balance at December 29, 2018	6,594
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(6,237)
Balance at September 28, 2019	357
Other cash restructuring expenses
Restructuring Cost and Reserve [Roll Forward]
Balance at December 29, 2018	3,462
Recognized Restructuring Expense	0
Costs Paid or Otherwise Settled	(2,982)
Balance at September 28, 2019	$ 480

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 29, 2018
Components of amortized intangible assets
Gross Carrying Amount	$ 266,459		$ 266,459		$ 251,141
Accumulated Amortization	156,137		156,137		143,908
Amortization expense for intangible assets	4,484	$ 3,721	13,506	$ 11,176
Estimated amortization expense
2019	17,687		17,687
2020	17,821		17,821
2021	15,523		15,523
2022	13,286		13,286
2023	11,594		11,594
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	236,029		236,029		219,508
Accumulated Amortization	143,306		$ 143,306		$ 132,180
Weighted Average Life			13 years		13 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	22,936		$ 22,936		$ 23,662
Accumulated Amortization	5,945		$ 5,945		$ 4,837
Weighted Average Life			14 years		14 years
Other
Components of amortized intangible assets
Gross Carrying Amount	7,494		$ 7,494		$ 7,971
Accumulated Amortization	$ 6,886		$ 6,886		$ 6,891
Weighted Average Life			5 years		5 years

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Newmark
Non-amortized intangible assets
Carrying value of trade names	$ 11,111	$ 11,111
Webforge
Non-amortized intangible assets
Carrying value of trade names	8,587	8,872
Convert Italia S.p.A
Non-amortized intangible assets
Carrying value of trade names	8,203	8,580
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	7,799	8,155
Ingal EPS/Ingal Civil Products
Non-amortized intangible assets
Carrying value of trade names	7,001	7,233
Walpar
Non-amortized intangible assets
Carrying value of trade names	3,500	4,300
Shakespeare
Non-amortized intangible assets
Carrying value of trade names	4,000	4,000
Other
Non-amortized intangible assets
Carrying value of trade names	17,211	16,472
Trade Names
Non-amortized intangible assets
Carrying value of trade names	$ 67,412	$ 68,723

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Dec. 29, 2018
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 421,679		$ 385,207
Hypothetical change in discount rate (percent)	1.00%
Goodwill impairment loss		$ 14,355
Valmont SM
Indefinite-lived Intangible Assets [Line Items]
Impairment indefinite-lived intangible assets		$ 1,425
Access Systems
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 43,400
Effect of change in discount rate on fair value of reporting unit	$ 15,000

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Dec. 29, 2018
Goodwill
Gross balance, beginning		$ 434,454
Accumulated impairment losses		(49,247)
Balance, ending	$ 421,679	385,207
Carrying amount of goodwill
Balance at the beginning of the period	385,207
Acquisitions	40,647
Foreign currency translation	(4,175)
Balance at the end of the period	421,679
Engineered Support Structures Segment
Goodwill
Gross balance, beginning		204,735
Accumulated impairment losses		(18,670)
Balance, ending	186,065	186,065
Carrying amount of goodwill
Balance at the beginning of the period	186,065
Acquisitions	21,043
Foreign currency translation	(2,652)
Balance at the end of the period	204,456
Utility Support Structures Segment
Goodwill
Gross balance, beginning		123,618
Accumulated impairment losses		(14,355)
Balance, ending	109,263	109,263
Carrying amount of goodwill
Balance at the beginning of the period	109,263
Acquisitions	7,889
Foreign currency translation	(1,758)
Balance at the end of the period	115,394
Coatings Segment
Goodwill
Gross balance, beginning		80,937
Accumulated impairment losses		(16,222)
Balance, ending	64,715	64,715
Carrying amount of goodwill
Balance at the beginning of the period	64,715
Acquisitions	11,715
Foreign currency translation	(133)
Balance at the end of the period	76,297
Irrigation Segment
Goodwill
Gross balance, beginning		25,164
Accumulated impairment losses		0
Balance, ending	25,164	$ 25,164
Carrying amount of goodwill
Balance at the beginning of the period	25,164
Acquisitions	0
Foreign currency translation	368
Balance at the end of the period	$ 25,532

CASH FLOW SUPPLEMENTARY INFOR_3

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Supplemental Cash Flow Information [Abstract]
Interest	$ 19,440	$ 23,624
Income taxes	$ 39,850	$ 36,855

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 40,144	$ 4,448	$ 118,022	$ 76,689
Weighted average shares outstanding (in shares)	21,556,000	22,215,000	21,725,000	22,421,000
Per share amount basic (in dollars per share)	$ 1.86	$ 0.20	$ 5.43	$ 3.42
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	128,000	137,000	101,000	153,000
Dilutive effect of stock options (in dollars per share)	$ 0.01	$ 0	$ (0.02)	$ (0.02)
Diluted EPS
Diluted EPS	$ 40,144	$ 4,448	$ 118,022	$ 76,689
Shares outstanding dilutive (in shares)	21,684,000	22,352,000	21,826,000	22,574,000
Per share amount diluted (in dollars per share)	$ 1.85	$ 0.20	$ 5.41	$ 3.40
Impact on net income (loss) available for common stockholders	$ (40,144)	$ (4,448)	$ (118,022)	$ (76,689)
Impact effect on earnings per share basic (in dollars per share)	$ (1.86)	$ (0.20)	$ (5.43)	$ (3.42)
Impact effect on net income (loss) available to common stockholders, diluted (in dollars per share)	$ (40,144)	$ (4,448)	$ (118,022)	$ (76,689)
Impact effect on earnings per share diluted (in dollars per share)	$ (1.85)	$ (0.20)	$ (5.41)	$ (3.40)
Antidilutive Securities
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares)			177,153	190,021

HEDGING ACTIVITIES - Fair Value

HEDGING ACTIVITIES - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	$ 9,408	$ 9,147
Commodity forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	0	(285)
Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	4,936	8,357
Cross currency swap contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	$ 4,472	$ 1,075

HEDGING ACTIVITIES - Gain (Loss

HEDGING ACTIVITIES - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	$ (453)	$ 758	$ 1,450	$ (501)
Commodity forward contracts | Product cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	(1,329)	717	(1,425)	717
Foreign currency forward contracts | Other income (expenses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	123	230	827	230
Foreign currency forward contracts | Loss from divestiture of grinding media business
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	0	0	0	(1,215)
Interest rate hedges | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	(16)	(395)	(48)	(439)
Cross currency swap contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	$ 769	$ 206	$ 2,096	$ 206

HEDGING ACTIVITIES - Schedule o

HEDGING ACTIVITIES - Schedule of Notional Amounts Outstanding (Details) - Designated as Hedging Instrument - Net Investment Hedging € in Thousands, kr in Thousands, $ in Thousands	Sep. 28, 2019USD ($)	Sep. 28, 2019EUR (€)	Sep. 28, 2019DKK (kr)
Denmark, Kroner | Cross Currency, Danish Kroner, Terminating April 2024
Derivative [Line Items]
Notional Amount	$ 50,000		kr 333,625
Swapped Interest Rate	2.68%	2.68%	2.68%
Euro Member Countries, Euro | Cross Currency, Euro, Terminating April 2024
Derivative [Line Items]
Notional Amount	$ 80,000	€ 71,550
Swapped Interest Rate	2.825%	2.825%	2.825%

HEDGING ACTIVITIES - Narrative

HEDGING ACTIVITIES - Narrative (Details)	Jun. 08, 2018USD ($)	Sep. 28, 2019USD ($)	Dec. 29, 2018USD ($)T	Sep. 29, 2018USD ($)T	Sep. 28, 2019USD ($)T	Sep. 29, 2018USD ($)	Jun. 19, 2018USD ($)
Derivative [Line Items]
Deferred loss on interest rate hedges	$ (2,467,000)	$ 0		$ 0	$ 0	$ (2,467,000)
Other comprehensive income (loss), cash flow hedge, reclassification for discontinuance, before tax	411,000
Interest rate swap
Derivative [Line Items]
Notional amount	$ 175,000,000
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044
Derivative [Line Items]
Aggregate amount							$ 200,000,000
Stated rate		5.00%			5.00%		5.00%
Senior Unsecured Notes | Senior Unsecured Notes 5.25% Due 2054
Derivative [Line Items]
Aggregate amount							$ 55,000,000
Stated rate							5.25%
Cash Flow Hedging | Designated as Hedging Instrument | Commodity forward contracts | Long
Derivative [Line Items]
Notional amount		$ 12,128,000	$ 15,563,000	$ 8,469,000	$ 12,128,000	$ 8,469,000
Derivative, nonmonetary notional amount, mass | T			6,500	3,500	3,500
Net Investment Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Net investment hedges settled early		11,184,000
Net Investment Hedging | Designated as Hedging Instrument | Cross currency swap contracts
Derivative [Line Items]
Notional amount		130,000,000			$ 130,000,000
Net Investment Hedging | Australia, Dollars | Designated as Hedging Instrument | Foreign currency forward contracts
Derivative [Line Items]
Notional amount		100,000			$ 100,000
Other comprehensive income (loss), derivative, excluded component, increase (decrease), before adjustments and tax		$ 881,000

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 28, 2019
Lessee, Lease, Description [Line Items]
Lease renewal term		5 years
Impairment of right-of-use lease asset		$ 12,063
After-tax adjustment to retained earnings	$ 442	$ 8,444
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		15 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019USD ($)	Sep. 28, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 5,002	$ 15,471
Short-term lease cost	650	1,919
Total lease cost	5,652	17,390
Operating cash outflows from operating leases	5,499	16,966
ROU assets obtained in exchange for lease obligations	$ 626	$ 3,057
Weighted average remaining lease term	10 years	10 years
Weighted average discount rate	3.90%	3.90%

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Lessee, Lease, Description [Line Items]
Operating lease long-term liabilities	$ 78,790	$ 0
Total lease liabilities	93,424
Other assets
Lessee, Lease, Description [Line Items]
Operating lease assets	80,715
Accrued expenses
Lessee, Lease, Description [Line Items]
Operating lease short-term liabilities	14,634
Operating lease liabilities
Lessee, Lease, Description [Line Items]
Operating lease long-term liabilities	$ 78,790

LEASES - Minimum Lease Payments

LEASES - Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Leases [Abstract]
2019 (excluding the nine months ended September 28, 2019)	$ 4,738
2020	17,397
2021	14,154
2022	11,508
2023	8,684
Subsequent	57,574
Total minimum lease payments	114,055
Less: Interest	20,631
Present value of minimum lease payments	$ 93,424
Minimum Lease Payments under ASC 840 [Abstract]
2019		$ 18,757
2020		16,830
2021		13,992
2022		11,932
2023		8,866
Subsequent		76,438
Total minimum lease payments		$ 146,815

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2019USD ($)	Sep. 29, 2018USD ($)	Sep. 28, 2019USD ($)	Sep. 29, 2018USD ($)	Dec. 29, 2018segment
Business Segments
Number of reportable segments | segment					4
Percentage of sales to total consolidated sales of other business activities, aggregated as other, maximum (percent)					10.00%
Net sales	$ 690,340	$ 678,692	$ 2,083,350	$ 2,059,781
Operating income	63,863	38,360	182,679	165,990
Adjustment to LIFO inventory valuation method
Business Segments
Operating income	2,799	(2,780)	5,539	(5,512)
Engineered Support Structures Segment
Business Segments
Net sales	266,494	248,431	752,028	710,388
Operating income	21,825	16,499	55,152	36,411
Utility Support Structures Segment
Business Segments
Net sales	204,196	217,943	656,463	624,333
Operating income	20,362	2,090	61,443	46,298
Coatings Segment
Business Segments
Net sales	76,922	74,547	228,242	217,544
Operating income	13,865	14,373	39,037	41,108
Irrigation Segment
Business Segments
Net sales	142,728	137,771	446,617	484,436
Operating income	18,204	21,302	59,868	82,917
Other Segments
Business Segments
Operating income	0	0	0	(913)
Sales
Business Segments
Sales	710,153	700,401	2,146,126	2,134,135
Sales | Engineered Support Structures Segment
Business Segments
Sales	268,058	251,524	757,094	727,189
Sales | Engineered Support Structures Segment | Lighting, Traffic, and Highway Safety Products
Business Segments
Sales	191,262	183,184	530,021	522,558
Sales | Engineered Support Structures Segment | Communication Products
Business Segments
Sales	48,391	35,985	138,710	109,690
Sales | Engineered Support Structures Segment | Access Systems
Business Segments
Sales	28,405	32,355	88,363	94,941
Sales | Utility Support Structures Segment
Business Segments
Sales	204,958	218,269	658,709	625,850
Sales | Utility Support Structures Segment | Steel
Business Segments
Sales	153,433	161,847	460,309	471,947
Sales | Utility Support Structures Segment | Concrete
Business Segments
Sales	28,011	27,715	88,415	81,562
Sales | Utility Support Structures Segment | Engineered Solar Tracker Solutions
Business Segments
Sales	3,418	6,090	43,642	6,090
Sales | Utility Support Structures Segment | Offshore and Other Complex Steel Structures
Business Segments
Sales	20,096	22,617	66,343	66,251
Sales | Coatings Segment
Business Segments
Sales	92,957	90,433	278,142	266,952
Sales | Irrigation Segment
Business Segments
Sales	144,180	140,175	452,181	491,064
Other
Business Segments
Operating income	(13,192)	(13,124)	(38,360)	(34,319)
Other | Other Segments
Business Segments
Sales	0	0	0	23,080
Net sales	0	0	0	23,080
Intersegment sales
Business Segments
Sales	19,813	21,709	62,776	74,354
Intersegment sales | Engineered Support Structures Segment
Business Segments
Sales	1,564	3,093	5,066	16,801
Intersegment sales | Utility Support Structures Segment
Business Segments
Sales	762	326	2,246	1,517
Intersegment sales | Coatings Segment
Business Segments
Sales	16,035	15,886	49,900	49,408
Intersegment sales | Irrigation Segment
Business Segments
Sales	1,452	2,404	5,564	6,628
North America | Sales | Irrigation Segment
Business Segments
Sales	82,840	78,168	294,127	301,887
International | Sales | Irrigation Segment
Business Segments
Sales	$ 61,340	$ 62,007	$ 158,054	$ 189,177

GUARANTOR_NON-GUARANTOR FINAN_3

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Earnings (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019USD ($)tranche	Sep. 29, 2018USD ($)	Sep. 28, 2019USD ($)tranche	Sep. 29, 2018USD ($)
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION
Number of tranches of senior unsecured notes | tranche	2		2
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	$ 690,340	$ 678,692	$ 2,083,350	$ 2,059,781
Cost of sales	514,254	514,352	1,561,721	1,551,202
Gross profit	176,086	164,340	521,629	508,579
Selling, general and administrative expenses	112,223	125,980	338,950	342,589
Operating income	63,863	38,360	182,679	165,990
Other income (expense):
Interest expense	(9,976)	(10,954)	(29,971)	(33,819)
Interest income	969	1,000	2,815	3,713
Other	1,170	(12,324)	6,692	(17,705)
Total other income (expenses)	(7,837)	(22,278)	(20,464)	(47,811)
Earnings before income taxes	56,026	16,082	162,215	118,179
Income tax expense (benefit):
Deferred income taxes	1,388	(1,686)	7,098	814
Total income tax expense (benefit)	13,763	9,091	40,151	36,028
Earnings before equity in earnings of nonconsolidated subsidiaries	42,263	6,991	122,064	82,151
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Net earnings	42,263	6,991	122,064	82,151
Less: Earnings attributable to noncontrolling interests	(2,119)	(2,543)	(4,042)	(5,462)
Net earnings attributable to Valmont Industries, Inc.	40,144	4,448	118,022	76,689
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	(58,189)	(65,566)	(184,620)	(200,754)
Cost of sales	(57,822)	(65,598)	(184,080)	(202,030)
Gross profit	(367)	32	(540)	1,276
Selling, general and administrative expenses	0	0	0	0
Operating income	(367)	32	(540)	1,276
Other income (expense):
Interest expense	2,543	3,600	8,583	11,229
Interest income	(2,543)	(3,600)	(8,583)	(11,229)
Other	0	0	0	0
Total other income (expenses)	0	0	0	0
Earnings before income taxes	(367)	32	(540)	1,276
Income tax expense (benefit):
Deferred income taxes			0	0
Total income tax expense (benefit)	(85)	(26)	(76)	62
Earnings before equity in earnings of nonconsolidated subsidiaries	(282)	58	(464)	1,214
Equity in earnings in nonconsolidated subsidiaries	(41,114)	(13,650)	(92,692)	(93,426)
Net earnings	(41,396)	(13,592)	(93,156)	(92,212)
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	(41,396)	(13,592)	(93,156)	(92,212)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	302,461	293,070	915,436	906,978
Cost of sales	223,949	227,467	675,093	683,740
Gross profit	78,512	65,603	240,343	223,238
Selling, general and administrative expenses	67,366	51,159	175,000	147,949
Operating income	11,146	14,444	65,343	75,289
Other income (expense):
Interest expense	(9,471)	(10,511)	(28,638)	(32,788)
Interest income	607	174	1,060	655
Other	849	(13,765)	6,264	(15,773)
Total other income (expenses)	(8,015)	(24,102)	(21,314)	(47,906)
Earnings before income taxes	3,131	(9,658)	44,029	27,383
Income tax expense (benefit):
Deferred income taxes			3,869	729
Total income tax expense (benefit)	2,084	(4,497)	9,856	6,181
Earnings before equity in earnings of nonconsolidated subsidiaries	1,047	(5,161)	34,173	21,202
Equity in earnings in nonconsolidated subsidiaries	39,097	9,609	83,849	55,487
Net earnings	40,144	4,448	118,022	76,689
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	40,144	4,448	118,022	76,689
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	135,392	132,059	413,050	386,793
Cost of sales	96,566	100,130	307,209	293,238
Gross profit	38,826	31,929	105,841	93,555
Selling, general and administrative expenses	2,325	12,908	28,301	37,360
Operating income	36,501	19,021	77,540	56,195
Other income (expense):
Interest expense	(2,544)	(3,600)	(8,583)	(11,229)
Interest income	2	47	32	62
Other	12	15	33	41
Total other income (expenses)	(2,530)	(3,538)	(8,518)	(11,126)
Earnings before income taxes	33,971	15,483	69,022	45,069
Income tax expense (benefit):
Deferred income taxes			0	1,791
Total income tax expense (benefit)	8,834	4,732	16,691	12,260
Earnings before equity in earnings of nonconsolidated subsidiaries	25,137	10,751	52,331	32,809
Equity in earnings in nonconsolidated subsidiaries	2,017	4,041	8,843	37,939
Net earnings	27,154	14,792	61,174	70,748
Less: Earnings attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Valmont Industries, Inc.	27,154	14,792	61,174	70,748
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net sales	310,676	319,129	939,484	966,764
Cost of sales	251,561	252,353	763,499	776,254
Gross profit	59,115	66,776	175,985	190,510
Selling, general and administrative expenses	42,532	61,913	135,649	157,280
Operating income	16,583	4,863	40,336	33,230
Other income (expense):
Interest expense	(504)	(443)	(1,333)	(1,031)
Interest income	2,903	4,379	10,306	14,225
Other	309	1,426	395	(1,973)
Total other income (expenses)	2,708	5,362	9,368	11,221
Earnings before income taxes	19,291	10,225	49,704	44,451
Income tax expense (benefit):
Deferred income taxes			3,229	(1,706)
Total income tax expense (benefit)	2,930	8,882	13,680	17,525
Earnings before equity in earnings of nonconsolidated subsidiaries	16,361	1,343	36,024	26,926
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Net earnings	16,361	1,343	36,024	26,926
Less: Earnings attributable to noncontrolling interests	(2,119)	(2,543)	(4,042)	(5,462)
Net earnings attributable to Valmont Industries, Inc.	$ 14,242	$ (1,200)	$ 31,982	$ 21,464

GUARANTOR_NON-GUARANTOR FINAN_4

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	$ 42,263	$ 6,991	$ 122,064	$ 82,151
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(23,781)	(10,632)	(20,466)	(50,781)
Realized loss on divestiture of grinding media business recorded in earnings	0	0	0	9,203
Gain (loss) on hedging activities	9,315	(910)	6,282	834
Equity in other comprehensive income	0	0	0	0
Other comprehensive income	(14,466)	(11,542)	(14,184)	(40,744)
Comprehensive income	27,797	(4,551)	107,880	41,407
Comprehensive income attributable to noncontrolling interests	(1,297)	(2,389)	(3,390)	(8,250)
Comprehensive income attributable to Valmont Industries, Inc.	26,500	(6,940)	104,490	33,157
Eliminations
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	(41,396)	(13,592)	(93,156)	(92,212)
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	0	0	0	0
Equity in other comprehensive income	22,959	10,478	19,814	44,366
Other comprehensive income	22,959	10,478	19,814	44,366
Comprehensive income	(18,437)	(3,114)	(73,342)	(47,846)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	(18,437)	(3,114)	(73,342)	(47,846)
Parent
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	40,144	4,448	118,022	76,689
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	9,315	(910)	6,282	834
Equity in other comprehensive income	(22,959)	(10,478)	(19,814)	(44,366)
Other comprehensive income	(13,644)	(11,388)	(13,532)	(43,532)
Comprehensive income	26,500	(6,940)	104,490	33,157
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	26,500	(6,940)	104,490	33,157
Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	27,154	14,792	61,174	70,748
Foreign currency translation adjustments:
Unrealized translation gain (loss)	4,512	4,289	291	2,122
Realized loss on divestiture of grinding media business recorded in earnings		0		0
Gain (loss) on hedging activities	0	0	0	0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income	4,512	4,289	291	2,122
Comprehensive income	31,666	19,081	61,465	72,870
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valmont Industries, Inc.	31,666	19,081	61,465	72,870
Non- Guarantors
Condensed consolidated financial information for the Company (Parent), the guarantor subsidiaries and the non-guarantor subsidiaries
Net earnings	16,361	1,343	36,024	26,926
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(28,293)	(14,921)	(20,757)	(52,903)
Realized loss on divestiture of grinding media business recorded in earnings		0		9,203
Gain (loss) on hedging activities	0	0	0	0
Equity in other comprehensive income	0	0	0	0
Other comprehensive income	(28,293)	(14,921)	(20,757)	(43,700)
Comprehensive income	(11,932)	(13,578)	15,267	(16,774)
Comprehensive income attributable to noncontrolling interests	(1,297)	(2,389)	(3,390)	(8,250)
Comprehensive income attributable to Valmont Industries, Inc.	$ (13,229)	$ (15,967)	$ 11,877	$ (25,024)

GUARANTOR_NON-GUARANTOR FINAN_5

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Dec. 30, 2017
Current assets:
Cash and cash equivalents	$ 327,200		$ 313,210
Receivables, net	501,215		483,963
Inventories	377,300		383,566
Contract asset - costs and profits in excess of billings	120,376		112,525
Prepaid expenses and other assets	50,420		42,800
Refundable income taxes	11,893		4,576
Total current assets	1,388,404		1,340,640
Property, plant and equipment, at cost	1,233,762		1,160,865
Less accumulated depreciation and amortization	685,394		646,873
Net property, plant and equipment	548,368		513,992
Goodwill	421,679		385,207
Other intangible assets	177,734		175,956
Investment in subsidiaries and intercompany accounts	0		0
Other assets	189,257		114,479
Total assets	2,725,442		2,530,274
Current liabilities:
Current installments of long-term debt	745		779
Notes payable to banks	19,324		10,678
Accounts payable	197,535		218,115
Accrued employee compensation and benefits	78,540		79,291
Accrued expenses	226,715		91,942
Dividends payable	8,088		8,230
Total current liabilities	530,947		409,035
Deferred income taxes	43,778		43,489
Long-term debt, excluding current installments	764,524		741,822
Defined benefit pension liability	121,282		143,904
Deferred compensation	43,837		46,107
Other noncurrent liabilities	133,740		56,501
Shareholders’ equity:
Common stock of $1 par value	27,900		27,900
Additional paid-in capital	0		0
Retained earnings	2,119,843		2,027,596
Accumulated other comprehensive loss	(316,717)		(303,185)
Treasury stock	(744,335)		(692,549)
Total Valmont Industries, Inc. shareholders’ equity	1,086,691		1,059,762
Noncontrolling interest in consolidated subsidiaries	44,480		75,761
Total shareholders’ equity	1,131,171	$ 1,127,014	1,135,523	$ 1,133,748	$ 1,149,824	$ 1,151,795
Total liabilities and shareholders’ equity	2,725,442		2,530,274
Eliminations
Current assets:
Cash and cash equivalents	0		0
Receivables, net	0		0
Inventories	(2,942)		(2,402)
Contract asset - costs and profits in excess of billings	0		0
Prepaid expenses and other assets	0		0
Refundable income taxes	0		0
Total current assets	(2,942)		(2,402)
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	(3,313,199)		(3,381,139)
Other assets	0		0
Total assets	(3,316,141)		(3,383,541)
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
Dividends payable	0		0
Total current liabilities	0		0
Deferred income taxes	0		0
Long-term debt, excluding current installments	(119,716)		(166,729)
Defined benefit pension liability	0		0
Other noncurrent liabilities	0		0
Shareholders’ equity:
Common stock of $1 par value	(1,106,907)		(1,106,632)
Additional paid-in capital	(1,270,442)		(1,270,442)
Retained earnings	(1,150,041)		(1,092,093)
Accumulated other comprehensive loss	330,965		252,355
Treasury stock	0		0
Total Valmont Industries, Inc. shareholders’ equity	(3,196,425)		(3,216,812)
Noncontrolling interest in consolidated subsidiaries	0		0
Total shareholders’ equity	(3,196,425)		(3,216,812)
Total liabilities and shareholders’ equity	(3,316,141)		(3,383,541)
Parent
Current assets:
Cash and cash equivalents	179,765		104,256
Receivables, net	161,260		134,943
Inventories	125,240		138,158
Contract asset - costs and profits in excess of billings	58,713		50,271
Prepaid expenses and other assets	15,569		21,858
Refundable income taxes	11,893		4,576
Total current assets	552,440		454,062
Property, plant and equipment, at cost	614,979		579,046
Less accumulated depreciation and amortization	411,808		390,438
Net property, plant and equipment	203,171		188,608
Goodwill	20,108		20,108
Other intangible assets	36		76
Investment in subsidiaries and intercompany accounts	1,333,420		1,286,545
Other assets	78,721		47,674
Total assets	2,187,896		1,997,073
Current liabilities:
Current installments of long-term debt	0		0
Notes payable to banks	0		0
Accounts payable	64,256		68,304
Accrued employee compensation and benefits	41,371		41,418
Accrued expenses	162,640		25,936
Dividends payable	8,088		8,230
Total current liabilities	276,355		143,888
Deferred income taxes	16,645		14,376
Long-term debt, excluding current installments	734,417		733,964
Defined benefit pension liability	0		0
Other noncurrent liabilities	73,788		45,083
Shareholders’ equity:
Common stock of $1 par value	27,900		27,900
Additional paid-in capital	0		0
Retained earnings	2,119,843		2,027,596
Accumulated other comprehensive loss	(316,717)		(303,185)
Treasury stock	(744,335)		(692,549)
Total Valmont Industries, Inc. shareholders’ equity	1,086,691		1,059,762
Noncontrolling interest in consolidated subsidiaries	0		0
Total shareholders’ equity	1,086,691		1,059,762
Total liabilities and shareholders’ equity	2,187,896		1,997,073
Guarantors
Current assets:
Cash and cash equivalents	1,963		5,518
Receivables, net	79,077		75,204
Inventories	46,133		37,019
Contract asset - costs and profits in excess of billings	35,195		35,200
Prepaid expenses and other assets	4,866		746
Refundable income taxes	0		0
Total current assets	167,234		153,687
Property, plant and equipment, at cost	199,176		172,050
Less accumulated depreciation and amortization	100,692		93,374
Net property, plant and equipment	98,484		78,676
Goodwill	140,095		110,562
Other intangible assets	46,758		27,452
Investment in subsidiaries and intercompany accounts	1,138,854		1,161,612
Other assets	4,859		0
Total assets	1,596,284		1,531,989
Current liabilities:
Current installments of long-term debt	0		0
Notes payable to banks	0		0
Accounts payable	18,681		21,081
Accrued employee compensation and benefits	5,994		7,186
Accrued expenses	13,024		10,132
Dividends payable	0		0
Total current liabilities	37,699		38,399
Deferred income taxes	0		0
Long-term debt, excluding current installments	119,716		166,729
Defined benefit pension liability	0		0
Other noncurrent liabilities	3,622		620
Shareholders’ equity:
Common stock of $1 par value	457,950		457,950
Additional paid-in capital	162,906		162,906
Retained earnings	733,109		624,394
Accumulated other comprehensive loss	81,282		80,991
Treasury stock	0		0
Total Valmont Industries, Inc. shareholders’ equity	1,435,247		1,326,241
Noncontrolling interest in consolidated subsidiaries	0		0
Total shareholders’ equity	1,435,247		1,326,241
Total liabilities and shareholders’ equity	1,596,284		1,531,989
Non- Guarantors
Current assets:
Cash and cash equivalents	145,472		203,436
Receivables, net	260,878		273,816
Inventories	208,869		210,791
Contract asset - costs and profits in excess of billings	26,468		27,054
Prepaid expenses and other assets	29,985		20,196
Refundable income taxes	0		0
Total current assets	671,672		735,293
Property, plant and equipment, at cost	419,607		409,769
Less accumulated depreciation and amortization	172,894		163,061
Net property, plant and equipment	246,713		246,708
Goodwill	261,476		254,537
Other intangible assets	130,940		148,428
Investment in subsidiaries and intercompany accounts	840,925		932,982
Other assets	105,677		66,805
Total assets	2,257,403		2,384,753
Current liabilities:
Current installments of long-term debt	745		779
Notes payable to banks	19,324		10,678
Accounts payable	114,598		128,730
Accrued employee compensation and benefits	31,175		30,687
Accrued expenses	51,051		55,874
Dividends payable	0		0
Total current liabilities	216,893		226,748
Deferred income taxes	27,133		29,113
Long-term debt, excluding current installments	30,107		7,858
Defined benefit pension liability	121,282		143,904
Other noncurrent liabilities	56,330		10,798
Shareholders’ equity:
Common stock of $1 par value	648,957		648,682
Additional paid-in capital	1,107,536		1,107,536
Retained earnings	416,932		467,699
Accumulated other comprehensive loss	(412,247)		(333,346)
Treasury stock	0		0
Total Valmont Industries, Inc. shareholders’ equity	1,761,178		1,890,571
Noncontrolling interest in consolidated subsidiaries	44,480		75,761
Total shareholders’ equity	1,805,658		1,966,332
Total liabilities and shareholders’ equity	$ 2,257,403		$ 2,384,753

GUARANTOR_NON-GUARANTOR FINAN_6

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Balance Sheets - Additional Information (Details) - $ / shares	Sep. 28, 2019	Dec. 29, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

GUARANTOR_NON-GUARANTOR FINAN_7

GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities:
Net earnings	$ 42,263	$ 6,991	$ 122,064	$ 82,151
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			60,424	62,018
Noncash loss on trading securities			(48)	(62)
Impairment of property, plant and equipment			0	4,197
Impairment of goodwill & intangible assets			0	15,780
Loss on divestiture of grinding media business	0	0	0	6,084
Stock-based compensation			8,889	8,076
Defined benefit pension plan benefit			(382)	(1,713)
Contribution to defined benefit pension plan			(17,426)	(1,555)
Gain on sale of property, plant and equipment			(465)	(353)
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes	1,388	(1,686)	7,098	814
Changes in assets and liabilities:
Net working capital			72,575	(96,912)
Other noncurrent liabilities			(4,563)	(1,249)
Income taxes refundable			(8,936)	(9,223)
Net cash flows from operating activities			239,230	68,053
Cash flows from investing activities:
Purchase of property, plant and equipment			(71,981)	(48,919)
Proceeds from sale of assets			1,325	64,786
Acquisitions, net of cash acquired			(81,841)	(125,309)
Settlement of net investment hedge			11,184	(1,621)
Other, net			2,117	(2,371)
Net cash flows from investing activities			(139,196)	(113,434)
Cash flows from financing activities:
Proceeds from short-term agreements			9,284	3,217
Proceeds from long-term borrowings			31,000	236,936
Principal payments on long-term borrowings			(10,578)	(252,952)
Settlement of financial derivatives			0	(2,467)
Debt issuance costs			0	(2,322)
Principal payments on long-term intercompany note			0
Dividends paid			(24,554)	(25,415)
Dividends to noncontrolling interest			(6,549)	(5,737)
Intercompany dividends			0	0
Purchase of noncontrolling interest			(27,845)	(5,510)
Intercompany capital contribution			0	0
Purchase of treasury shares			(55,172)	(86,919)
Proceeds from exercises under stock plans			3,211	6,376
Purchase of common treasury shares - stock plan exercises			(1,456)	(1,914)
Net cash flows from financing activities			(82,659)	(136,707)
Effect of exchange rate changes on cash and cash equivalents			(3,385)	(15,095)
Net change in cash and cash equivalents			13,990	(197,183)
Cash, cash equivalents, and restricted cash—beginning of year			313,210	492,805
Cash, cash equivalents, and restricted cash—end of period	327,200	295,622	327,200	295,622
Eliminations
Cash flows from operating activities:
Net earnings	(41,396)	(13,592)	(93,156)	(92,212)
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			0	0
Noncash loss on trading securities			0	0
Impairment of property, plant and equipment				0
Impairment of goodwill & intangible assets				0
Loss on divestiture of grinding media business				0
Stock-based compensation			0	0
Defined benefit pension plan benefit			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			0	0
Equity in earnings in nonconsolidated subsidiaries	41,114	13,650	92,692	93,426
Deferred income taxes			0	0
Changes in assets and liabilities:
Net working capital			541	(1,277)
Other noncurrent liabilities			0	0
Income taxes refundable			0	0
Net cash flows from operating activities			77	(63)
Cash flows from investing activities:
Purchase of property, plant and equipment			0	0
Proceeds from sale of assets			0	0
Acquisitions, net of cash acquired			0	0
Settlement of net investment hedge			0	0
Other, net			(77)	63
Net cash flows from investing activities			(77)	63
Cash flows from financing activities:
Proceeds from short-term agreements			0	0
Proceeds from long-term borrowings			0	0
Principal payments on long-term borrowings			0	0
Settlement of financial derivatives				0
Debt issuance costs				0
Principal payments on long-term intercompany note			0
Dividends paid			0	0
Dividends to noncontrolling interest			0	0
Intercompany dividends			0	0
Purchase of noncontrolling interest			0	0
Intercompany capital contribution			0	0
Purchase of treasury shares			0	0
Proceeds from exercises under stock plans			0	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
Parent
Cash flows from operating activities:
Net earnings	40,144	4,448	118,022	76,689
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			19,891	19,498
Noncash loss on trading securities			0	0
Impairment of property, plant and equipment				0
Impairment of goodwill & intangible assets				0
Loss on divestiture of grinding media business				2,518
Stock-based compensation			8,889	8,076
Defined benefit pension plan benefit			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			103	7
Equity in earnings in nonconsolidated subsidiaries	(39,097)	(9,609)	(83,849)	(55,487)
Deferred income taxes			3,869	729
Changes in assets and liabilities:
Net working capital			94,054	(28,948)
Other noncurrent liabilities			1,005	(762)
Income taxes refundable			(4,488)	(23,256)
Net cash flows from operating activities			157,496	(936)
Cash flows from investing activities:
Purchase of property, plant and equipment			(33,321)	(16,940)
Proceeds from sale of assets			35	39
Acquisitions, net of cash acquired			0	(57,805)
Settlement of net investment hedge			11,184	(1,621)
Other, net			(30,475)	28,299
Net cash flows from investing activities			(52,577)	(48,028)
Cash flows from financing activities:
Proceeds from short-term agreements			0	0
Proceeds from long-term borrowings			31,000	236,936
Principal payments on long-term borrowings			(10,000)	(252,219)
Settlement of financial derivatives				(2,467)
Debt issuance costs				(2,322)
Principal payments on long-term intercompany note			0
Dividends paid			(24,554)	(25,415)
Dividends to noncontrolling interest			0	0
Intercompany dividends			63,650	123,363
Purchase of noncontrolling interest			(22,805)	0
Intercompany capital contribution			(13,284)	(3,492)
Purchase of treasury shares			(55,172)	(86,919)
Proceeds from exercises under stock plans			3,211	6,376
Purchase of common treasury shares - stock plan exercises			(1,456)	(1,914)
Net cash flows from financing activities			(29,410)	(8,073)
Effect of exchange rate changes on cash and cash equivalents			0	0
Net change in cash and cash equivalents			75,509	(57,037)
Cash, cash equivalents, and restricted cash—beginning of year			104,256	83,329
Cash, cash equivalents, and restricted cash—end of period	179,765	26,292	179,765	26,292
Guarantors
Cash flows from operating activities:
Net earnings	27,154	14,792	61,174	70,748
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			10,201	10,564
Noncash loss on trading securities			0	0
Impairment of property, plant and equipment				0
Impairment of goodwill & intangible assets				0
Loss on divestiture of grinding media business				0
Stock-based compensation			0	0
Defined benefit pension plan benefit			0	0
Contribution to defined benefit pension plan			0	0
Gain on sale of property, plant and equipment			81	(27)
Equity in earnings in nonconsolidated subsidiaries	(2,017)	(4,041)	(8,843)	(37,939)
Deferred income taxes			0	1,791
Changes in assets and liabilities:
Net working capital			(15,715)	(40,255)
Other noncurrent liabilities			(5,461)	387
Income taxes refundable			(2,229)	(1,066)
Net cash flows from operating activities			39,208	4,203
Cash flows from investing activities:
Purchase of property, plant and equipment			(12,462)	(9,546)
Proceeds from sale of assets			26	232
Acquisitions, net of cash acquired			(63,141)	0
Settlement of net investment hedge			0	0
Other, net			27,878	(3,683)
Net cash flows from investing activities			(47,699)	(12,997)
Cash flows from financing activities:
Proceeds from short-term agreements			0	0
Proceeds from long-term borrowings			0	0
Principal payments on long-term borrowings			0	0
Settlement of financial derivatives				0
Debt issuance costs				0
Principal payments on long-term intercompany note			(42,574)
Dividends paid			0	0
Dividends to noncontrolling interest			0	0
Intercompany dividends			47,541	11,296
Purchase of noncontrolling interest			0	0
Intercompany capital contribution			0	3,492
Purchase of treasury shares			0	0
Proceeds from exercises under stock plans			0	0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			4,967	14,788
Effect of exchange rate changes on cash and cash equivalents			(31)	(670)
Net change in cash and cash equivalents			(3,555)	5,324
Cash, cash equivalents, and restricted cash—beginning of year			5,518	5,304
Cash, cash equivalents, and restricted cash—end of period	1,963	10,628	1,963	10,628
Non- Guarantors
Cash flows from operating activities:
Net earnings	16,361	1,343	36,024	26,926
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization			30,332	31,956
Noncash loss on trading securities			(48)	(62)
Impairment of property, plant and equipment				4,197
Impairment of goodwill & intangible assets				15,780
Loss on divestiture of grinding media business				3,566
Stock-based compensation			0	0
Defined benefit pension plan benefit			(382)	(1,713)
Contribution to defined benefit pension plan			(17,426)	(1,555)
Gain on sale of property, plant and equipment			(649)	(333)
Equity in earnings in nonconsolidated subsidiaries	0	0	0	0
Deferred income taxes			3,229	(1,706)
Changes in assets and liabilities:
Net working capital			(6,305)	(26,432)
Other noncurrent liabilities			(107)	(874)
Income taxes refundable			(2,219)	15,099
Net cash flows from operating activities			42,449	64,849
Cash flows from investing activities:
Purchase of property, plant and equipment			(26,198)	(22,433)
Proceeds from sale of assets			1,264	64,515
Acquisitions, net of cash acquired			(18,700)	(67,504)
Settlement of net investment hedge			0	0
Other, net			4,791	(27,050)
Net cash flows from investing activities			(38,843)	(52,472)
Cash flows from financing activities:
Proceeds from short-term agreements			9,284	3,217
Proceeds from long-term borrowings			0	0
Principal payments on long-term borrowings			(578)	(733)
Settlement of financial derivatives				0
Debt issuance costs				0
Principal payments on long-term intercompany note			42,574
Dividends paid			0	0
Dividends to noncontrolling interest			(6,549)	(5,737)
Intercompany dividends			(111,191)	(134,659)
Purchase of noncontrolling interest			(5,040)	(5,510)
Intercompany capital contribution			13,284	0
Purchase of treasury shares			0	0
Proceeds from exercises under stock plans			0	0
Purchase of common treasury shares - stock plan exercises			0	0
Net cash flows from financing activities			(58,216)	(143,422)
Effect of exchange rate changes on cash and cash equivalents			(3,354)	(14,425)
Net change in cash and cash equivalents			(57,964)	(145,470)
Cash, cash equivalents, and restricted cash—beginning of year			203,436	404,172
Cash, cash equivalents, and restricted cash—end of period	$ 145,472	$ 258,702	$ 145,472	$ 258,702

Uncategorized Items - vmi-20190

Label	Element	Value
Accounting Standards Update 2016-16 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,038,000
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,038,000
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(8,886,000)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(8,886,000)
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	9,771,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 9,771,000