Valmont Industries (VMI) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 25, 2022	Jul. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 25, 2022
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	15000 Valmont Plaza,
Entity Address, City or Town	Omaha,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68154
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)		21,350,725
Entity Central Index Key	0000102729
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Net sales	$ 1,135,532	$ 894,629	$ 2,116,352	$ 1,669,515
Total cost of sales	842,931	664,982	1,574,565	1,235,314
Gross profit	292,601	229,647	541,787	434,201
Selling, general and administrative expenses	173,882	147,022	328,226	274,365
Operating income	118,719	82,625	213,561	159,836
Other income (expenses):
Interest expense	(11,386)	(10,436)	(22,649)	(20,435)
Interest income	285	186	512	497
Gain (loss) on investments - unrealized	(2,342)	1,177	(3,405)	1,068
Other	2,073	4,204	5,715	7,653
Total other income (expenses)	(11,370)	(4,869)	(19,827)	(11,217)
Earnings before income taxes	107,349	77,756	193,734	148,619
Income tax expense:
Current	27,620	25,413	50,033	33,960
Deferred	1,967	(10,673)	2,675	(3,718)
Total income tax expense (benefit)	29,587	14,740	52,708	30,242
Earnings before equity in earnings of nonconsolidated subsidiaries	77,762	63,016	141,026	118,377
Equity in loss of nonconsolidated subsidiaries	(555)	(359)	(913)	(719)
Net earnings	77,207	62,657	140,113	117,658
Less: earnings attributable to noncontrolling interests	(1,099)	(547)	(1,694)	(534)
Net earnings attributable to Valmont Industries, Inc.	$ 76,108	$ 62,110	$ 138,419	$ 117,124
Earnings per share:
Basic (in dollars per share)	$ 3.57	$ 2.93	$ 6.50	$ 5.53
Diluted (in dollars per share)	$ 3.53	$ 2.89	$ 6.43	$ 5.46
Product sales
Net sales	$ 1,036,289	$ 805,801	$ 1,927,159	$ 1,500,766
Total cost of sales	781,323	608,101	1,454,493	1,126,735
Services sales
Net sales	99,243	88,828	189,193	168,749
Total cost of sales	$ 61,608	$ 56,881	$ 120,072	$ 108,579

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 77,207	$ 62,657	$ 140,113	$ 117,658
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(43,666)	10,690	(32,050)	(1,943)
Gain (loss) on hedging activities:
Cash flow hedges	0	(313)	0	(291)
Amortization cost included in interest expense	(16)	(16)	(32)	(32)
Commodity hedges	(19,512)	16,308	1,048	26,254
Realized (gain) loss on commodity hedges recorded in earnings	1,545	(270)	(498)	(270)
Cross currency swaps	3,470	(2,095)	5,281	1,511
Actuarial gain on defined benefit pension plan	124	843	256	1,675
Other comprehensive income (loss)	(58,055)	25,147	(25,995)	26,904
Comprehensive income	19,152	87,804	114,118	144,562
Comprehensive (income) loss attributable to noncontrolling interests	932	(1,573)	(756)	(1,087)
Comprehensive income attributable to Valmont Industries, Inc.	$ 20,084	$ 86,231	$ 113,362	$ 143,475

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 154,579	$ 177,232
Receivables, net	627,876	571,593
Inventories	786,600	728,834
Contract assets	200,522	142,643
Prepaid expenses and other assets	87,070	83,646
Refundable income taxes	0	8,815
Total current assets	1,856,647	1,712,763
Property, plant and equipment, at cost	1,452,413	1,422,101
Less accumulated depreciation and amortization	844,850	823,496
Net property, plant and equipment	607,563	598,605
Goodwill	741,743	708,566
Other intangible assets, net	192,333	175,364
Other assets	276,466	251,951
Total assets	3,674,752	3,447,249
Current liabilities:
Current installments of long-term debt	3,018	4,884
Notes payable to banks	4,428	13,439
Accounts payable	388,498	347,841
Accrued employee compensation and benefits	107,108	144,559
Contract liabilities	175,814	135,746
Other accrued expenses	130,114	108,771
Income taxes payable	10,036	0
Dividends payable	11,743	10,616
Total current liabilities	830,759	765,856
Deferred income taxes	55,641	47,849
Long-term debt, excluding current installments	995,647	947,072
Defined benefit pension liability	0	536
Operating lease liabilities	154,799	147,759
Deferred compensation	33,778	35,373
Other noncurrent liabilities	50,978	89,207
Shareholders’ equity:
Common stock of $1 par value - Authorized 75,000,000 shares; 27,900,000 issued	27,900	27,900
Additional paid in capital	4,321	1,479
Retained earnings	2,509,262	2,394,307
Accumulated other comprehensive loss	(288,184)	(263,127)
Treasury stock	(764,917)	(773,712)
Total Valmont Industries, Inc. shareholders’ equity	1,488,382	1,386,847
Noncontrolling interest in consolidated subsidiaries	64,768	26,750
Total shareholders’ equity	1,553,150	1,413,597
Total liabilities and shareholders’ equity	$ 3,674,752	$ 3,447,249

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 25, 2022	Dec. 25, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	75,000,000	75,000,000
Common stock, issued (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Cash flows from operating activities:
Net earnings	$ 140,113	$ 117,658
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	48,012	44,063
Stock-based compensation	19,583	8,948
Defined benefit pension plan benefit	(5,242)	(7,400)
Contribution to defined benefit pension plan	(17,155)	(970)
Loss (gain) on sale of property, plant and equipment	737	(1,330)
Equity in loss in nonconsolidated subsidiaries	913	719
Deferred income taxes	2,675	(3,718)
Changes in assets and liabilities:
Receivables	(53,809)	(45,398)
Inventories	(56,625)	(142,218)
Prepaid expenses and other assets (current and non-current)	5,369	(19,680)
Contract assets	(59,536)	(17,165)
Accounts payable	39,875	55,445
Accrued expenses	(16,034)	(18,119)
Contract liabilities	4,798	24,963
Other noncurrent liabilities	(6,447)	52,229
Income taxes payable/refundable	20,792	22,158
Net cash flows from operating activities	68,019	70,185
Acquisitions, net of cash acquired	(39,297)	(312,500)
Cash flows from investing activities:
Purchase of property, plant and equipment	(49,676)	(48,824)
Proceeds from sale of assets	45	1,595
Other, net	1,117	(1,669)
Net cash flows from investing activities	(87,811)	(361,398)
Cash flows from financing activities:
Proceeds from short-term borrowings	0	11,972
Payments on short-term borrowings	(9,155)	(17,021)
Proceeds from long-term borrowings	201,462	149,342
Principal payments on long-term borrowings	(156,973)	(15,421)
Dividends paid	(22,337)	(20,181)
Purchase of noncontrolling interest	(4,292)	0
Purchase of treasury shares	(9,776)	(21,600)
Proceeds from exercises under stock plans	5,846	19,891
Purchase of common treasury shares—stock plan exercises	(4,205)	(16,922)
Net cash flows from financing activities	570	90,060
Effect of exchange rate changes on cash and cash equivalents	(3,431)	(288)
Net change in cash and cash equivalents	(22,653)	(201,441)
Cash and cash equivalents—beginning of year	177,232	400,726
Cash and cash equivalents—end of period	$ 154,579	$ 199,285

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. 26, 2020	$ 1,207,836	$ 27,900	$ 335	$ 2,245,035	$ (309,786)	$ (781,422)	$ 25,774
Increase (Decrease) in Shareholders' Equity
Net earnings	117,658			117,124			534
Other comprehensive income (loss)	26,904				26,351		553
Cash dividends declared	(21,231)			(21,231)
Purchase of treasury shares, shares acquired	(21,600)					(21,600)
Stock plan exercises, shares acquired	(16,922)					(16,922)
Stock options exercised	19,891		(8,100)	(3,913)		31,904
Stock option expense	1,267		1,267
Stock awards	7,681		6,498			1,183
Ending balance at Jun. 26, 2021	1,321,484	27,900	0	2,337,015	(283,435)	(786,857)	26,861
Beginning balance at Mar. 27, 2021	1,250,102	27,900	0	2,282,355	(307,556)	(777,885)	25,288
Increase (Decrease) in Shareholders' Equity
Net earnings	62,657			62,110			547
Other comprehensive income (loss)	25,147				24,121		1,026
Cash dividends declared	(10,606)			(10,606)
Purchase of treasury shares, shares acquired	(10,469)					(10,469)
Stock plan exercises, shares acquired	(197)					(197)
Stock options exercised	573		(3,500)	3,156		917
Stock option expense	619		619
Stock awards	3,658		2,881			777
Ending balance at Jun. 26, 2021	1,321,484	27,900	0	2,337,015	(283,435)	(786,857)	26,861
Beginning balance at Dec. 25, 2021	1,413,597	27,900	1,479	2,394,307	(263,127)	(773,712)	26,750
Increase (Decrease) in Shareholders' Equity
Net earnings	140,113			138,419			1,694
Other comprehensive income (loss)	(25,995)				(25,057)		(938)
Cash dividends declared	(23,464)			(23,464)
Purchase of noncontrolling interest	(4,292)			0			(4,481)
Addition of noncontrolling interest	41,743						41,743
Purchase of treasury shares, shares acquired	(9,776)					(9,776)
Stock plan exercises, shares acquired	(4,205)					(4,205)
Stock options exercised	5,846		(2,087)			7,933
Stock option expense	1,552		1,552
Stock awards	18,031		3,188			14,843
Ending balance at Jun. 25, 2022	1,553,150	27,900	4,321	2,509,262	(288,184)	(764,917)	64,768
Beginning balance at Mar. 26, 2022	1,504,491	27,900	5,251	2,444,897	(232,160)	(769,835)	28,438
Increase (Decrease) in Shareholders' Equity
Net earnings	77,207			76,108			1,099
Other comprehensive income (loss)	(58,055)				(56,024)		(2,031)
Cash dividends declared	(11,743)			(11,743)
Purchase of noncontrolling interest	(4,292)			0			(4,481)
Addition of noncontrolling interest	41,743						41,743
Purchase of treasury shares, shares acquired	(9,776)					(9,776)
Stock plan exercises, shares acquired	(1,678)					(1,678)
Stock options exercised	5,133		(1,551)	0		6,684
Stock option expense	836		836
Stock awards	9,284		(404)			9,688
Ending balance at Jun. 25, 2022	$ 1,553,150	$ 27,900	$ 4,321	$ 2,509,262	$ (288,184)	$ (764,917)	$ 64,768

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.55	$ 0.5	$ 1.10	$ 1
Purchase of treasury shares, shares acquired (in shares)	38,804	42,150	38,804	92,297
Stock plan exercises; shares acquired (in shares)	7,080	63,783	18,775	71,268
Stock options exercised; shares issued (in shares)	42,961	1,245	48,577	144,123
Stock awards; shares issued (in shares)	42,145	6,351	79,893	9,060

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 25, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 25, 2022, the Condensed Consolidated Statements of Earnings, Comprehensive Income, and Shareholders' Equity for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, and the Condensed Consolidated Statement of Cash Flows for the twenty-six weeks then ended have been prepared by Valmont Industries Inc. (the Company), without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 25, 2022 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 25, 2021. The results of operations for the period ended June 25, 2022 are not necessarily indicative of the operating results for the full year. Change in Reportable Segments During the first quarter of 2022, the Company's Chief Executive Officer, as the chief operating decision maker ("CODM"), made changes to the Company’s management structure and began to manage the business, allocate resources, and evaluate performance under the new structure. As a result, the Company has realigned its reportable segment structure. All prior period segment information has been recast to reflect this change in reportable segments. Refer to Note 7 for additional information. Inventories 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. Inventories consisted of the following: June 25, December 25, Raw materials and purchased parts $ 309,372 $ 278,107 Work-in-process 72,632 63,628 Finished goods and manufactured goods 404,596 387,099 Total Inventory $ 786,600 $ 728,834 Income Taxes Earnings bef ore income taxes for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, were as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 United States $ 62,214 $ 57,090 $ 123,031 $ 108,245 Foreign 45,135 20,666 70,703 40,374 $ 107,349 $ 77,756 $ 193,734 $ 148,619 Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021 were as follows: Thirteen weeks ended Twenty-six weeks ended Net periodic (benefit) expense: 2022 2021 2022 2021 Interest cost $ 3,157 $ 2,530 $ 6,522 $ 5,027 Expected return on plan assets (5,818) (7,097) (12,020) (14,102) Amortization of actuarial loss 124 843 256 1,675 Net periodic benefit $ (2,537) $ (3,724) $ (5,242) $ (7,400) Stock Plans The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At June 25, 2022, 1,892,141 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 or on the grant's fifth anniversary. Expiration of grants is seven years to ten years from the date of grant. Restricted stock units and awards generally vest in equal installments over three or four years beginning on the first anniversary of the grant. The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options and restricted stock for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, respectively, were as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 Compensation expense $ 10,120 $ 4,277 $ 19,583 $ 8,948 Income tax benefits 2,530 1,069 4,896 2,237 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 at June 25, 2022 of $28,383 ($29,982 at December 25, 2021) 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 $93 and $94 as of June 25, 2022 and December 25, 2021, 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. Fair Value Measurement Using: Carrying Value June 25, 2022 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 28,476 $ 28,476 $ — $ — Derivative financial instruments, net 3,432 — 3,432 — Fair Value Measurement Using: Carrying Value December 25, 2021 Quoted Prices in Significant Other Significant Assets (Liabilities): Trading Securities $ 30,076 $ 30,076 $ — $ — Derivative financial instruments, net (4,007) — (4,007) — 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. Leases The Company's operating leases are included in other assets and operating lease liabilities. Comprehensive Income (Loss) Comprehensive income (loss) includes net earnings, currency translation adjustments, certain derivative-related activity and changes in net actuarial gains/losses from a pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) consisted of the following at June 25, 2022 and December 25, 2021: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 25, 2021 $ (243,350) $ 15,777 $ (35,554) $ (263,127) Current-period comprehensive income (loss) (31,112) 5,799 256 (25,057) Balance at June 25, 2022 $ (274,462) $ 21,576 $ (35,298) $ (288,184) 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 and Technology Products and Services product lines. 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 this service as a separate performance obligation and, therefore, no revenue is recognized with the design stage. 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 transmission, distribution, and substation structures ("TD&S") product line, the renewable energy product lines, and the telecommunication structures product line, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected 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 does 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's contract asset as of June 25, 2022 and December 25, 2021 was $200,522 and $142,643, respectively. While most of the Infrastructure segment customers are generally invoiced upon shipment or delivery of the goods to the customer's specified location, certain customers are also invoiced by advanced billings or progress billings. At June 25, 2022 and December 25, 2021, total contract liabilities were $217,698 and $213,203, respectively. At June 25, 2022, $175,814 was recorded as contract liabilities and $41,884 was recorded as other noncurrent liabilities on the condensed consolidated balance sheets. Additional details are as follows: • During the thirteen and twenty-six weeks ended June 25, 2022, the Company recognized $31,149 and $59,171 of revenue that was included in the total contract liability as of December 25, 2021. The revenue recognized was due to applying advance payments received for performance obligations completed during the period; • In the thirteen and twenty-six weeks ended June 26, 2021 , the Company recognized $31,267 and $69,369 of revenue that was included in the total contract liability as of December 26, 2020. The revenue recognized was due to applying advance payments received for performance obligations completed during the period; and • At June 25, 2022, the Company had $83,681 of remaining performance obligations on contracts with an original expected duration of one year or more and expects to complete the remaining performance obligations on these contracts within the next 12 to 24 months. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete utility structures within the TD&S product line 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 TD&S and telecommunication 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. Depending on the product sold, revenue from renewable energy is recognized both upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to-date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for lighting and transportation and for the majority of telecommunication products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. There are also large regional customers who have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the 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. Agriculture Segment Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of technology services product line 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 Business Segments and Related Revenue Information footnote (see note 7). Recently Issued Accounting Pronouncements (not yet adopted) In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (ASU 2020-04), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. The Company has not used any of the accommodations to date, but may use them up until December 31, 2022.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 25, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisitions of Businesses On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,297 in cash (net of cash acquired) and subject to working capital adjustments. Approximately $1,850 of the purchase price is contingent on seller representations and warranties that will be settled within 18 months of the acquisition date. ConcealFab is located in Colorado Springs, Colorado and its operations are reported in the Infrastructure segment. The acquisition was made to allow the Company to incorporate innovative 5G infrastructure and passive intermodulation mitigation solutions into our advanced infrastructure portfolio. Goodwill is not deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company expects to finalize the purchase price allocation in the second quarter of 2023. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition: As of June 1, 2022 Current assets $ 21,133 Customer relationships 26,200 Trade name 5,000 Property, plant & equipment 3,813 Other assets 8,804 Goodwill 42,640 Total fair value of assets acquired $ 107,590 Current liabilities 6,426 Long-term debt 2,038 Operating lease liabilities 7,812 Deferred taxes 5,464 Other noncurrent liabilities 12 Total fair value of liabilities assumed $ 21,752 Non-controlling interest in consolidated subsidiaries 41,743 Net assets acquired $ 44,095 On May 12, 2021, the Company acquired the outstanding shares of Prospera, an artificial intelligence company focused on machine learning and computer vision in agriculture, for $300,000 in cash (net of cash acquired). The acquisition of Prospera, located in Tel Aviv, Israel, was made to allow the Company to accelerate innovation with machine learning for agronomy and is reported in the Agriculture segment. Goodwill is not deductible for tax purposes, the trade name will be amortized over 7 years, and the developed technology asset will be amortized over 5 years. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company finalized the purchase price allocation in the fourth quarter of 2021. The following table summarizes the fair values of the assets acquired and liabilities assumed of Prospera as of the date of acquisition: As of May 12, 2021 Current assets $ 647 Developed technology 32,900 Trade name 2,850 Property, plant & equipment 1,063 Goodwill 273,453 Total fair value of assets acquired $ 310,913 Current liabilities 2,690 Deferred taxes 8,223 Total fair value of liabilities assumed $ 10,913 Net assets acquired $ 300,000 On April 20, 2021 the Company acquired the assets of PivoTrac for $12,500 in cash. The agreed upon purchase price was $14,000, with $1,500 being held back for seller representations and warranties. The acquisition of PivoTrac, located in Texas, was made to allow the Company to advance its technology strategy and increase its number of connected agricultural devices and will be reported in the Agriculture segment. The fair values assigned were $10,800 for goodwill, $2,627 for customer relationships, and the remainder is net working capital. Goodwill is not deductible for tax purposes and the customer relationship will be amortized over 8 years. The Company finalized the purchase price allocation in the second quarter of 2022. Proforma disclosures were omitted for these acquisitions as the they do not have a significant impact on the Company's financial results. Acquisition of Noncontrolling Interests On May 10, 2022, the Company acquired the remaining 20% of Valmont West Coast Engineering Ltd. for $4,292. As this transaction was for the acquisition of all of the remaining shares of consolidated subsidiary with no change in control, it was recorded within shareholders' equity and as a financing cash flow in the Consolidated Statements of Cash Flows.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at June 25, 2022 and December 25, 2021 were as follows: June 25, 2022 Gross Accumulated Weighted Customer Relationships $ 246,965 $ 163,494 13 years Patents & Proprietary Technology 58,188 17,861 9 years Trade Name 2,850 441 7 years Other 4,476 4,113 6 years $ 312,479 $ 185,909 December 25, 2021 Gross Accumulated Weighted Customer Relationships $ 224,597 $ 160,626 13 years Patents & Proprietary Technology 58,699 13,955 9 years Trade Name 2,850 183 7 years Other 4,534 3,959 6 years $ 290,680 $ 178,723 Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, respectively was as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 Amortization expense $ 5,531 $ 5,182 $ 11,380 $ 9,414 Estimated annual amortization expense related to finite-lived intangible assets is as follows: Estimated 2022 $ 21,425 2023 19,588 2024 17,675 2025 16,241 2026 15,823 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. 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 June 25, 2022 and December 25, 2021 are as follows: June 25, December 25, Year Acquired Newmark $ 11,111 $ 11,111 2004 Convert Italia S.p.A 7,916 8,479 2018 Webforge 7,215 7,877 2010 Ingal EPS/Ingal Civil Products 6,996 7,637 2010 Valmont SM 5,673 6,082 2014 ConcealFab 5,000 — 2022 Shakespeare 4,000 4,000 2014 Walpar 3,500 3,500 2018 Other 14,352 14,721 Various $ 65,763 $ 63,407 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 as of August 28, 2021. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired. Goodwill The carrying amount of goodwill by segment as of June 25, 2022 and December 25, 2021 was as follows: Infrastructure Segment Agriculture Total Gross Balance December 25, 2021 $ 456,876 $ 313,512 $ 770,388 Accumulated impairment losses (61,822) — (61,822) Balance at December 25, 2021 395,054 313,512 708,566 Acquisitions 42,640 — 42,640 Foreign currency translation (9,759) 296 (9,463) Balance at June 25, 2022 $ 427,935 $ 313,808 $ 741,743 Infrastructure Segment Agriculture Segment Total Gross Balance June 25, 2022 $ 489,757 $ 313,808 $ 803,565 Accumulated impairment losses $ (61,822) $ — $ (61,822) Balance at June 25, 2022 $ 427,935 $ 313,808 $ 741,743

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	6 Months Ended
	Jun. 25, 2022
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 thirteen weeks ended June 25, 2022 and June 26, 2021 were as follows: 2022 2021 Interest $ 22,221 $ 19,657 Income taxes 29,921 11,317

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 25, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 25, 2022: Net earnings attributable to Valmont Industries, Inc. $ 76,108 $ — $ 76,108 Weighted average shares outstanding (000's) 21,313 228 21,541 Per share amount $ 3.57 $ (0.04) $ 3.53 Thirteen weeks ended June 26, 2021: Net earnings attributable to Valmont Industries, Inc. $ 62,110 $ — $ 62,110 Weighted average shares outstanding (000's) 21,193 276 21,469 Per share amount $ 2.93 $ (0.04) $ 2.89 Twenty-six weeks ended June 25, 2022 Net earnings attributable to Valmont Industries, Inc. $ 138,419 $ — $ 138,419 Weighted average shares outstanding (000's) 21,296 220 21,516 Per share amount $ 6.50 $ (0.07) $ 6.43 Twenty-six weeks ended June 26, 2021: Net earnings attributable to Valmont Industries, Inc. $ 117,124 $ — $ 117,124 Weighted average shares outstanding (000's) 21,186 263 21,449 Per share amount $ 5.53 $ (0.07) $ 5.46 At June 25, 2022 and June 26, 2021, there were 47,223 and 0 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.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 25, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS 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. Any gains or losses from net investment hedge activities remain in other comprehensive income ("OCI") until either the sale or substantially complete liquidation of the related subsidiaries. Fair value of derivative instruments at June 25, 2022 and December 25, 2021 are as follows: Derivatives designated as hedging instruments: Balance sheet location June 25, 2022 December 25, 2021 Commodity forward contracts Accrued expenses $ (5,252) $ (5,802) Foreign currency forward contracts Prepaid expenses and other assets 64 149 Foreign currency forward contracts Accrued expenses — (118) Cross currency swap contracts Prepaid expenses and other assets 8,724 1,764 Cross currency swap contracts Accrued expenses (104) — $ 3,432 $ (4,007) Gains (losses) on derivatives recognized in the condensed consolidated statements of earnings for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021 are as follows: Thirteen weeks ended Twenty-six weeks ended Statements of earnings location June 25, 2022 June 26, 2021 June 25, 2022 June 26, 2021 Commodity forward contracts Product cost of sales $ (1,545) $ 270 $ 498 $ 270 Foreign currency forward contracts Other income (234) 154 (85) (64) Interest rate hedge amortization Interest expense (16) (16) (32) (32) Cross currency swap contracts Interest expense 733 658 1,507 1,368 $ (1,062) $ 1,066 $ 1,888 $ 1,542 Cash Flow Hedges During 2021, the Company entered into steel hot rolled coil (HRC) forward contracts that qualify as a cash flow hedge of the variability in cash flows attributable to future steel purchases. The forward contracts had a notional amount of $93,498 for the total purchase of 86,100 short tons. During the second quarter of 2022, the Company entered into additional steel HRC forward contracts that qualify as a cash flow hedge of the variability in cash flows attributable to future steel purchases. The forward contracts had a notional amount of $14,010 for the total purchase of 15,000 short tons. As of June 25, 2022, the forward contracts had a notional amount of $43,589 for the total purchase of 42,400 short tons from July 2022 to March 2023. The gain/(loss) realized upon settlement will be recorded in product cost of sales in the condensed consolidated statements of earnings over average inventory turns. During the first quarter of 2022, a subsidiary with a Euro functional currency entered into a foreign currency forward contract to mitigate foreign currency risk related to a large customer order denominated in U.S. dollars. The forward contract, which qualifies as a fair value hedge, matures in August 2022 and has a notional amount to sell $1,800 in exchange for a stated amount of Euros. Net Investment Hedges In 2019, the Company entered into two 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) as a hedge of the net investment in certain Danish and European subsidiaries under the spot method, with all changes in the fair value of the CCS that are included in the assessment of effectiveness (changes due to spot foreign exchange rates) are recorded as cumulative foreign currency translation within OCI. Net interest receipts will be recorded as a reduction of interest expense over the life of the CCS.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 25, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS & RELATED REVENUE INFORMATION During the first quarter of 2022, the Company's CODM changed the Company's management structure and began to manage the business, allocate resources and evaluate performance based on the new structure. As a result, the Company has realigned to a two reportable segment structure organized by market dynamics (Infrastructure and Agriculture). Three operating segments resulted from the new management structure and two are aggregated into the Agriculture reportable segment. The Company considers gross profit margins, nature of products sold, nature of the production processes, type and class of customer, and methods used to distribute products when assessing aggregation of operating segments. The Infrastructure segment includes the previous reportable segments of Utility Structures, Engineered Support Structures, and Coatings. All prior period segment information has been recast to reflect this change in reportable segments. Both reportable segments are 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: INFRASTRUCTURE: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, renewable energy, lighting, transportation, and telecommunications, and coatings services to preserve and protect metal products. AGRICULTURE: This segment consists of the manufacture of center pivot and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture. The Company evaluates the performance of its reportable segments based upon operating income and invested capital. The Company does not allocate interest expense, non-operating income (expense), or income taxes to its reportable segments. Summary by Business Thirteen weeks ended Twenty-six weeks ended June 25, June 26, June 25, June 26, SALES: Infrastructure $ 764,950 $ 617,604 $ 1,445,676 $ 1,167,250 Agriculture 377,765 281,965 684,345 511,629 Total 1,142,715 899,569 2,130,021 1,678,879 INTERSEGMENT SALES: Infrastructure (4,200) (2,796) (7,301) (5,997) Agriculture (2,983) (2,144) (6,368) (3,367) Total (7,183) (4,940) (13,669) (9,364) NET SALES: Infrastructure 760,750 614,808 1,438,375 1,161,253 Agriculture 374,782 279,821 677,977 508,262 Total $ 1,135,532 $ 894,629 $ 2,116,352 $ 1,669,515 OPERATING INCOME: Infrastructure $ 84,643 $ 61,550 $ 162,150 $ 115,999 Agriculture 58,046 41,984 95,521 80,732 Corporate (23,970) (20,909) (44,110) (36,895) Total $ 118,719 $ 82,625 $ 213,561 $ 159,836 Thirteen weeks ended June 25, 2022 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 559,864 $ 203,488 $ (6,716) $ 756,636 International 205,086 174,277 (467) 378,896 Total $ 764,950 $ 377,765 $ (7,183) $ 1,135,532 Product line: Transmission, Distribution and Substation $ 295,835 $ — $ — $ 295,835 Lighting and Transportation 246,652 — — 246,652 Coatings 90,321 — (4,200) 86,121 Telecommunications 78,539 — — 78,539 Renewable Energy 53,603 — — 53,603 Irrigation Equipment and Parts, excluding Technology — 347,585 (2,983) 344,602 Technology Products and Services — 30,180 — 30,180 Total $ 764,950 $ 377,765 $ (7,183) $ 1,135,532 Twenty-six weeks ended June 25, 2022 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 1,065,844 $ 385,743 $ (13,202) $ 1,438,385 International 379,832 298,602 (467) 677,967 Total $ 1,445,676 $ 684,345 $ (13,669) $ 2,116,352 Product line: Transmission, Distribution and Substation $ 577,435 $ — $ — $ 577,435 Lighting and Transportation 459,419 — — 459,419 Coatings 172,297 — (7,301) 164,996 Telecommunications 139,935 — — 139,935 Renewable Energy 96,590 — — 96,590 Irrigation Equipment and Parts, excluding Technology — 625,619 (6,368) 619,251 Technology Products and Services — 58,726 — 58,726 Total $ 1,445,676 $ 684,345 $ (13,669) $ 2,116,352 Thirteen weeks ended June 26, 2021 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 421,168 $ 156,037 $ (4,940) $ 572,265 International 196,436 125,928 — 322,364 Total $ 617,604 $ 281,965 $ (4,940) $ 894,629 Product line: Transmission, Distribution and Substation $ 220,458 $ — $ — $ 220,458 Lighting and Transportation 215,247 — — 215,247 Coatings 80,346 — (2,796) 77,550 Telecommunications 54,102 — — 54,102 Renewable Energy 47,451 — — 47,451 Irrigation Equipment and Parts, excluding Technology — 253,450 (2,144) 251,306 Technology Products and Services — 28,515 — 28,515 Total $ 617,604 $ 281,965 $ (4,940) $ 894,629 Twenty-six weeks ended June 26, 2021 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 806,902 $ 278,788 $ (9,364) $ 1,076,326 International 360,348 232,841 — 593,189 Total $ 1,167,250 $ 511,629 $ (9,364) $ 1,669,515 Product line: Transmission, Distribution and Substation $ 428,902 $ — $ — $ 428,902 Lighting and Transportation 391,763 — — 391,763 Coatings 155,139 — (5,997) 149,142 Telecommunications 99,742 — — 99,742 Renewable Energy 91,704 — — 91,704 Irrigation Equipment and Parts, excluding Technology — 460,708 (3,367) 457,341 Technology Products and Services — 50,921 — 50,921 Total $ 1,167,250 $ 511,629 $ (9,364) $ 1,669,515 A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021 is as follows: Point in Time Over Time Total Thirteen weeks ended June 25, 2022 Thirteen weeks ended June 25, 2022 Thirteen weeks ended June 25, 2022 Infrastructure $ 429,291 $ 331,459 $ 760,750 Agriculture 368,175 6,607 374,782 Total $ 797,466 $ 338,066 $ 1,135,532 Point in Time Over Time Total Twenty-six weeks ended June 25, 2022 Twenty-six weeks ended June 25, 2022 Twenty-six weeks ended June 25, 2022 Infrastructure $ 798,481 $ 639,894 $ 1,438,375 Agriculture 665,781 12,196 677,977 Total $ 1,464,262 $ 652,090 $ 2,116,352 Point in Time Over Time Total Thirteen weeks ended June 26, 2021 Thirteen weeks ended June 26, 2021 Thirteen weeks ended June 26, 2021 Infrastructure $ 346,733 $ 268,075 $ 614,808 Agriculture 274,903 4,918 279,821 Total $ 621,636 $ 272,993 $ 894,629 Point in Time Over Time Total Twenty-six weeks ended June 26, 2021 Twenty-six weeks ended June 26, 2021 Twenty-six weeks ended June 26, 2021 Infrastructure $ 638,464 $ 522,789 $ 1,161,253 Agriculture 499,540 8,722 508,262 Total $ 1,138,004 $ 531,511 $ 1,669,515

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 25, 2022
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheet as of June 25, 2022, the Condensed Consolidated Statements of Earnings, Comprehensive Income, and Shareholders' Equity for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, and the Condensed Consolidated Statement of Cash Flows for the twenty-six weeks then ended have been prepared by Valmont Industries Inc. (the Company), without audit. In the opinion of management, all necessary adjustments (which include normal recurring adjustments) have been made to present fairly the financial statements as of June 25, 2022 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 25, 2021. The results of operations for the period ended June 25, 2022 are not necessarily indicative of the operating results for the full year.
Inventories	InventoriesInventory 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.
Pension Benefits	Pension Benefits The Company incurs expenses in connection with the Delta Pension Plan ("DPP"). The DPP was acquired as part of the Delta plc acquisition in fiscal 2010 and has no members that are active employees. In order to measure expense and the related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as current facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.
Stock Plans	Stock Plans The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At June 25, 2022, 1,892,141 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 or on the grant's fifth anniversary. Expiration of grants is seven years to ten years from the date of grant. Restricted stock units and awards generally vest in equal installments over three or four 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 at June 25, 2022 of $28,383 ($29,982 at December 25, 2021) 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 $93 and $94 as of June 25, 2022 and December 25, 2021, 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. Fair Value Measurement Using: Carrying Value June 25, 2022 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 28,476 $ 28,476 $ — $ — Derivative financial instruments, net 3,432 — 3,432 — Fair Value Measurement Using: Carrying Value December 25, 2021 Quoted Prices in Significant Other Significant Assets (Liabilities): Trading Securities $ 30,076 $ 30,076 $ — $ — Derivative financial instruments, net (4,007) — (4,007) — Long-Lived Assets
Leases	Leases    The Company's operating leases are included in other assets and operating lease liabilities.
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) 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.
Revenue Recognition	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 and Technology Products and Services product lines. 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 this service as a separate performance obligation and, therefore, no revenue is recognized with the design stage. 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 transmission, distribution, and substation structures ("TD&S") product line, the renewable energy product lines, and the telecommunication structures product line, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected 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 does 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's contract asset as of June 25, 2022 and December 25, 2021 was $200,522 and $142,643, respectively. While most of the Infrastructure segment customers are generally invoiced upon shipment or delivery of the goods to the customer's specified location, certain customers are also invoiced by advanced billings or progress billings. At June 25, 2022 and December 25, 2021, total contract liabilities were $217,698 and $213,203, respectively. At June 25, 2022, $175,814 was recorded as contract liabilities and $41,884 was recorded as other noncurrent liabilities on the condensed consolidated balance sheets. Additional details are as follows: • During the thirteen and twenty-six weeks ended June 25, 2022, the Company recognized $31,149 and $59,171 of revenue that was included in the total contract liability as of December 25, 2021. The revenue recognized was due to applying advance payments received for performance obligations completed during the period; • In the thirteen and twenty-six weeks ended June 26, 2021 , the Company recognized $31,267 and $69,369 of revenue that was included in the total contract liability as of December 26, 2020. The revenue recognized was due to applying advance payments received for performance obligations completed during the period; and • At June 25, 2022, the Company had $83,681 of remaining performance obligations on contracts with an original expected duration of one year or more and expects to complete the remaining performance obligations on these contracts within the next 12 to 24 months. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete utility structures within the TD&S product line 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 TD&S and telecommunication 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. Depending on the product sold, revenue from renewable energy is recognized both upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to-date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for lighting and transportation and for the majority of telecommunication products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. There are also large regional customers who have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the 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. Agriculture Segment Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of technology services product line are primarily billed annually and revenue is recognized on a straight-line basis over the subsequent twelve months.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements (not yet adopted) In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (ASU 2020-04), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. The Company has not used any of the accommodations to date, but may use them up until December 31, 2022.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 25, 2022
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: June 25, December 25, Raw materials and purchased parts $ 309,372 $ 278,107 Work-in-process 72,632 63,628 Finished goods and manufactured goods 404,596 387,099 Total Inventory $ 786,600 $ 728,834
Earnings before income taxes	Earnings bef ore income taxes for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, were as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 United States $ 62,214 $ 57,090 $ 123,031 $ 108,245 Foreign 45,135 20,666 70,703 40,374 $ 107,349 $ 77,756 $ 193,734 $ 148,619
Schedule of components of the net periodic pension (benefit) expense	The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021 were as follows: Thirteen weeks ended Twenty-six weeks ended Net periodic (benefit) expense: 2022 2021 2022 2021 Interest cost $ 3,157 $ 2,530 $ 6,522 $ 5,027 Expected return on plan assets (5,818) (7,097) (12,020) (14,102) Amortization of actuarial loss 124 843 256 1,675 Net periodic benefit $ (2,537) $ (3,724) $ (5,242) $ (7,400)
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options	The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options and restricted stock for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, respectively, were as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 Compensation expense $ 10,120 $ 4,277 $ 19,583 $ 8,948 Income tax benefits 2,530 1,069 4,896 2,237
Valuation methodologies used for assets and liabilities measured at fair value	Fair Value Measurement Using: Carrying Value June 25, 2022 Quoted Prices in Significant Other Significant Assets: Trading Securities $ 28,476 $ 28,476 $ — $ — Derivative financial instruments, net 3,432 — 3,432 — Fair Value Measurement Using: Carrying Value December 25, 2021 Quoted Prices in Significant Other Significant Assets (Liabilities): Trading Securities $ 30,076 $ 30,076 $ — $ — Derivative financial instruments, net (4,007) — (4,007) —
Components of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) consisted of the following at June 25, 2022 and December 25, 2021: Foreign Currency Translation Adjustments Gain on Hedging Activities Defined Benefit Pension Plan Accumulated Other Comprehensive Loss Balance at December 25, 2021 $ (243,350) $ 15,777 $ (35,554) $ (263,127) Current-period comprehensive income (loss) (31,112) 5,799 256 (25,057) Balance at June 25, 2022 $ (274,462) $ 21,576 $ (35,298) $ (288,184)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 25, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule preliminary fair values of assets acquired and liabilities assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition: As of June 1, 2022 Current assets $ 21,133 Customer relationships 26,200 Trade name 5,000 Property, plant & equipment 3,813 Other assets 8,804 Goodwill 42,640 Total fair value of assets acquired $ 107,590 Current liabilities 6,426 Long-term debt 2,038 Operating lease liabilities 7,812 Deferred taxes 5,464 Other noncurrent liabilities 12 Total fair value of liabilities assumed $ 21,752 Non-controlling interest in consolidated subsidiaries 41,743 Net assets acquired $ 44,095 The following table summarizes the fair values of the assets acquired and liabilities assumed of Prospera as of the date of acquisition: As of May 12, 2021 Current assets $ 647 Developed technology 32,900 Trade name 2,850 Property, plant & equipment 1,063 Goodwill 273,453 Total fair value of assets acquired $ 310,913 Current liabilities 2,690 Deferred taxes 8,223 Total fair value of liabilities assumed $ 10,913 Net assets acquired $ 300,000

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of amortized intangible assets	The components of amortized intangible assets at June 25, 2022 and December 25, 2021 were as follows: June 25, 2022 Gross Accumulated Weighted Customer Relationships $ 246,965 $ 163,494 13 years Patents & Proprietary Technology 58,188 17,861 9 years Trade Name 2,850 441 7 years Other 4,476 4,113 6 years $ 312,479 $ 185,909 December 25, 2021 Gross Accumulated Weighted Customer Relationships $ 224,597 $ 160,626 13 years Patents & Proprietary Technology 58,699 13,955 9 years Trade Name 2,850 183 7 years Other 4,534 3,959 6 years $ 290,680 $ 178,723
Schedule of amortization expense for intangible assets	Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, respectively was as follows: Thirteen weeks ended Twenty-six weeks ended 2022 2021 2022 2021 Amortization expense $ 5,531 $ 5,182 $ 11,380 $ 9,414
Schedule of future estimated amortization expense	Estimated annual amortization expense related to finite-lived intangible assets is as follows: Estimated 2022 $ 21,425 2023 19,588 2024 17,675 2025 16,241 2026 15,823
Schedule of non-amortized intangible assets	The carrying value of trade names at June 25, 2022 and December 25, 2021 are as follows: June 25, December 25, Year Acquired Newmark $ 11,111 $ 11,111 2004 Convert Italia S.p.A 7,916 8,479 2018 Webforge 7,215 7,877 2010 Ingal EPS/Ingal Civil Products 6,996 7,637 2010 Valmont SM 5,673 6,082 2014 ConcealFab 5,000 — 2022 Shakespeare 4,000 4,000 2014 Walpar 3,500 3,500 2018 Other 14,352 14,721 Various $ 65,763 $ 63,407
Schedule of carrying amount of goodwill	The carrying amount of goodwill by segment as of June 25, 2022 and December 25, 2021 was as follows: Infrastructure Segment Agriculture Total Gross Balance December 25, 2021 $ 456,876 $ 313,512 $ 770,388 Accumulated impairment losses (61,822) — (61,822) Balance at December 25, 2021 395,054 313,512 708,566 Acquisitions 42,640 — 42,640 Foreign currency translation (9,759) 296 (9,463) Balance at June 25, 2022 $ 427,935 $ 313,808 $ 741,743 Infrastructure Segment Agriculture Segment Total Gross Balance June 25, 2022 $ 489,757 $ 313,808 $ 803,565 Accumulated impairment losses $ (61,822) $ — $ (61,822) Balance at June 25, 2022 $ 427,935 $ 313,808 $ 741,743

CASH FLOW SUPPLEMENTARY INFOR_2

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	6 Months Ended
	Jun. 25, 2022
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 thirteen weeks ended June 25, 2022 and June 26, 2021 were as follows: 2022 2021 Interest $ 22,221 $ 19,657 Income taxes 29,921 11,317

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 25, 2022
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per share (EPS)	The following table provides a reconciliation between Basic and Diluted earnings per share (EPS): Basic EPS Dilutive Diluted EPS Thirteen weeks ended June 25, 2022: Net earnings attributable to Valmont Industries, Inc. $ 76,108 $ — $ 76,108 Weighted average shares outstanding (000's) 21,313 228 21,541 Per share amount $ 3.57 $ (0.04) $ 3.53 Thirteen weeks ended June 26, 2021: Net earnings attributable to Valmont Industries, Inc. $ 62,110 $ — $ 62,110 Weighted average shares outstanding (000's) 21,193 276 21,469 Per share amount $ 2.93 $ (0.04) $ 2.89 Twenty-six weeks ended June 25, 2022 Net earnings attributable to Valmont Industries, Inc. $ 138,419 $ — $ 138,419 Weighted average shares outstanding (000's) 21,296 220 21,516 Per share amount $ 6.50 $ (0.07) $ 6.43 Twenty-six weeks ended June 26, 2021: Net earnings attributable to Valmont Industries, Inc. $ 117,124 $ — $ 117,124 Weighted average shares outstanding (000's) 21,186 263 21,449 Per share amount $ 5.53 $ (0.07) $ 5.46

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 25, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments	Fair value of derivative instruments at June 25, 2022 and December 25, 2021 are as follows: Derivatives designated as hedging instruments: Balance sheet location June 25, 2022 December 25, 2021 Commodity forward contracts Accrued expenses $ (5,252) $ (5,802) Foreign currency forward contracts Prepaid expenses and other assets 64 149 Foreign currency forward contracts Accrued expenses — (118) Cross currency swap contracts Prepaid expenses and other assets 8,724 1,764 Cross currency swap contracts Accrued expenses (104) — $ 3,432 $ (4,007)
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 twenty-six weeks ended June 25, 2022 and June 26, 2021 are as follows: Thirteen weeks ended Twenty-six weeks ended Statements of earnings location June 25, 2022 June 26, 2021 June 25, 2022 June 26, 2021 Commodity forward contracts Product cost of sales $ (1,545) $ 270 $ 498 $ 270 Foreign currency forward contracts Other income (234) 154 (85) (64) Interest rate hedge amortization Interest expense (16) (16) (32) (32) Cross currency swap contracts Interest expense 733 658 1,507 1,368 $ (1,062) $ 1,066 $ 1,888 $ 1,542
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

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 25, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Summary by Business Thirteen weeks ended Twenty-six weeks ended June 25, June 26, June 25, June 26, SALES: Infrastructure $ 764,950 $ 617,604 $ 1,445,676 $ 1,167,250 Agriculture 377,765 281,965 684,345 511,629 Total 1,142,715 899,569 2,130,021 1,678,879 INTERSEGMENT SALES: Infrastructure (4,200) (2,796) (7,301) (5,997) Agriculture (2,983) (2,144) (6,368) (3,367) Total (7,183) (4,940) (13,669) (9,364) NET SALES: Infrastructure 760,750 614,808 1,438,375 1,161,253 Agriculture 374,782 279,821 677,977 508,262 Total $ 1,135,532 $ 894,629 $ 2,116,352 $ 1,669,515 OPERATING INCOME: Infrastructure $ 84,643 $ 61,550 $ 162,150 $ 115,999 Agriculture 58,046 41,984 95,521 80,732 Corporate (23,970) (20,909) (44,110) (36,895) Total $ 118,719 $ 82,625 $ 213,561 $ 159,836 Thirteen weeks ended June 25, 2022 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 559,864 $ 203,488 $ (6,716) $ 756,636 International 205,086 174,277 (467) 378,896 Total $ 764,950 $ 377,765 $ (7,183) $ 1,135,532 Product line: Transmission, Distribution and Substation $ 295,835 $ — $ — $ 295,835 Lighting and Transportation 246,652 — — 246,652 Coatings 90,321 — (4,200) 86,121 Telecommunications 78,539 — — 78,539 Renewable Energy 53,603 — — 53,603 Irrigation Equipment and Parts, excluding Technology — 347,585 (2,983) 344,602 Technology Products and Services — 30,180 — 30,180 Total $ 764,950 $ 377,765 $ (7,183) $ 1,135,532 Twenty-six weeks ended June 25, 2022 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 1,065,844 $ 385,743 $ (13,202) $ 1,438,385 International 379,832 298,602 (467) 677,967 Total $ 1,445,676 $ 684,345 $ (13,669) $ 2,116,352 Product line: Transmission, Distribution and Substation $ 577,435 $ — $ — $ 577,435 Lighting and Transportation 459,419 — — 459,419 Coatings 172,297 — (7,301) 164,996 Telecommunications 139,935 — — 139,935 Renewable Energy 96,590 — — 96,590 Irrigation Equipment and Parts, excluding Technology — 625,619 (6,368) 619,251 Technology Products and Services — 58,726 — 58,726 Total $ 1,445,676 $ 684,345 $ (13,669) $ 2,116,352 Thirteen weeks ended June 26, 2021 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 421,168 $ 156,037 $ (4,940) $ 572,265 International 196,436 125,928 — 322,364 Total $ 617,604 $ 281,965 $ (4,940) $ 894,629 Product line: Transmission, Distribution and Substation $ 220,458 $ — $ — $ 220,458 Lighting and Transportation 215,247 — — 215,247 Coatings 80,346 — (2,796) 77,550 Telecommunications 54,102 — — 54,102 Renewable Energy 47,451 — — 47,451 Irrigation Equipment and Parts, excluding Technology — 253,450 (2,144) 251,306 Technology Products and Services — 28,515 — 28,515 Total $ 617,604 $ 281,965 $ (4,940) $ 894,629 Twenty-six weeks ended June 26, 2021 Infrastructure Agriculture Intersegment Sales Consolidated Geographical market: North America $ 806,902 $ 278,788 $ (9,364) $ 1,076,326 International 360,348 232,841 — 593,189 Total $ 1,167,250 $ 511,629 $ (9,364) $ 1,669,515 Product line: Transmission, Distribution and Substation $ 428,902 $ — $ — $ 428,902 Lighting and Transportation 391,763 — — 391,763 Coatings 155,139 — (5,997) 149,142 Telecommunications 99,742 — — 99,742 Renewable Energy 91,704 — — 91,704 Irrigation Equipment and Parts, excluding Technology — 460,708 (3,367) 457,341 Technology Products and Services — 50,921 — 50,921 Total $ 1,167,250 $ 511,629 $ (9,364) $ 1,669,515 A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021 is as follows: Point in Time Over Time Total Thirteen weeks ended June 25, 2022 Thirteen weeks ended June 25, 2022 Thirteen weeks ended June 25, 2022 Infrastructure $ 429,291 $ 331,459 $ 760,750 Agriculture 368,175 6,607 374,782 Total $ 797,466 $ 338,066 $ 1,135,532 Point in Time Over Time Total Twenty-six weeks ended June 25, 2022 Twenty-six weeks ended June 25, 2022 Twenty-six weeks ended June 25, 2022 Infrastructure $ 798,481 $ 639,894 $ 1,438,375 Agriculture 665,781 12,196 677,977 Total $ 1,464,262 $ 652,090 $ 2,116,352 Point in Time Over Time Total Thirteen weeks ended June 26, 2021 Thirteen weeks ended June 26, 2021 Thirteen weeks ended June 26, 2021 Infrastructure $ 346,733 $ 268,075 $ 614,808 Agriculture 274,903 4,918 279,821 Total $ 621,636 $ 272,993 $ 894,629 Point in Time Over Time Total Twenty-six weeks ended June 26, 2021 Twenty-six weeks ended June 26, 2021 Twenty-six weeks ended June 26, 2021 Infrastructure $ 638,464 $ 522,789 $ 1,161,253 Agriculture 499,540 8,722 508,262 Total $ 1,138,004 $ 531,511 $ 1,669,515

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Inventory, Net [Abstract]
Raw materials and purchased parts	$ 309,372	$ 278,107
Work-in-process	72,632	63,628
Finished goods and manufactured goods	404,596	387,099
Total Inventory	$ 786,600	$ 728,834

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Accounting Policies [Abstract]
United States	$ 62,214	$ 57,090	$ 123,031	$ 108,245
Foreign	45,135	20,666	70,703	40,374
Earnings before income taxes	$ 107,349	$ 77,756	$ 193,734	$ 148,619

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Net periodic (benefit) expense:
Interest cost	$ 3,157	$ 2,530	$ 6,522	$ 5,027
Expected return on plan assets	(5,818)	(7,097)	(12,020)	(14,102)
Amortization of actuarial loss	124	843	256	1,675
Net periodic benefit	$ (2,537)	$ (3,724)	$ (5,242)	$ (7,400)

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans (Details) - Stock Option Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	1,892,141		1,892,141
Award vesting period			3 years
Compensation expense	$ 10,120	$ 4,277	$ 19,583	$ 8,948
Income tax benefits	$ 2,530	$ 1,069	$ 4,896	$ 2,237
Minimum
Defined Benefit Plan Disclosure [Line Items]
Expiration period for grant			7 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Expiration period for grant			10 years

BASIS OF PRESENTATION AND SUM_8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets recorded for the investments held	$ 28,383	$ 29,982
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	28,476	30,076
Derivative financial instruments, net	0
Derivative financial instruments, net		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	3,432
Derivative financial instruments, net		(4,007)
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
Derivative financial instruments, net		0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities	28,476	30,076
Derivative financial instruments, net	3,432
Derivative financial instruments, net		(4,007)
Delta E M D Pty Ltd
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining ownership	$ 93	$ 94

BASIS OF PRESENTATION AND SUM_9

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning	$ 1,386,847
Balance, ending	1,488,382
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning	(243,350)
Current-period comprehensive income (loss)	(31,112)
Balance, ending	(274,462)
Gain on Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning	15,777
Current-period comprehensive income (loss)	5,799
Balance, ending	21,576
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning	(35,554)
Current-period comprehensive income (loss)	256
Balance, ending	(35,298)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning	(263,127)
Current-period comprehensive income (loss)	(25,057)
Balance, ending	$ (288,184)

BASIS OF PRESENTATION AND SU_10

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021	Dec. 25, 2021
Disaggregation of Revenue [Line Items]
Contract assets	$ 200,522		$ 200,522		$ 142,643
Contract liabilities	217,698		217,698		213,203
Contract liabilities	175,814		175,814		$ 135,746
Revenue recognized from contract liability	31,149	$ 31,267	59,171	$ 69,369
Remaining performance obligations	$ 83,681		$ 83,681
Minimum
Disaggregation of Revenue [Line Items]
Remaining performance obligations, expected timing of satisfaction period	12 months		12 months
Maximum
Disaggregation of Revenue [Line Items]
Remaining performance obligations, expected timing of satisfaction period	24 months		24 months
Contract Liabilities
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 175,814		$ 175,814
Other Noncurrent Liabilities
Disaggregation of Revenue [Line Items]
Contract liabilities, noncurrent	$ 41,884		$ 41,884

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)	Jun. 01, 2022	May 10, 2022	May 12, 2021	Apr. 20, 2021	Jun. 25, 2022	Dec. 25, 2021
Business Acquisition [Line Items]
Goodwill					$ 741,743,000	$ 708,566,000
ConcealFab
Business Acquisition [Line Items]
Percentage acquired	51%
Cash paid in acquisition	$ 39,297,000
Contingent consideration liability, current	1,850,000
ConcealFab | Developed Technology
Business Acquisition [Line Items]
Goodwill	42,640,000
ConcealFab | Customer Relationships
Business Acquisition [Line Items]
Intangible assets acquired	26,200,000
ConcealFab | Trade Names
Business Acquisition [Line Items]
Intangible assets acquired	$ 5,000,000
Prospera
Business Acquisition [Line Items]
Cash paid in acquisition			$ 300,000,000
Goodwill expected to be tax deductible			$ 0
Prospera | Developed Technology
Business Acquisition [Line Items]
Useful life			5 years
Goodwill			$ 273,453,000
Intangible assets acquired			$ 32,900,000
Prospera | Trade Names
Business Acquisition [Line Items]
Useful life			7 years
Intangible assets acquired			$ 2,850,000
PivoTrac
Business Acquisition [Line Items]
Cash paid in acquisition				$ 12,500,000
Contingent consideration liability, current				1,500,000
Goodwill expected to be tax deductible				0
Consideration transferred				14,000,000
Goodwill				$ 10,800,000
PivoTrac | Customer Relationships
Business Acquisition [Line Items]
Useful life				8 years
Intangible assets acquired				$ 2,627,000
Valmont West Coast Engineering
Business Acquisition [Line Items]
Percentage acquired		20%
Consideration transferred		$ 4,292,000

ACQUISITIONS - Preliminary Fair

ACQUISITIONS - Preliminary Fair Values Of The Assets Acquired And Liabilities Assumed At Date Of Acquisition (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Jun. 01, 2022	Dec. 25, 2021	May 12, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 741,743		$ 708,566
Noncontrolling interest in consolidated subsidiaries	$ 64,768		$ 26,750
Prospera
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Current assets				$ 647
Property, plant & equipment				1,063
Total fair value of assets acquired				310,913
Current liabilities				2,690
Deferred taxes				8,223
Total fair value of liabilities assumed				10,913
Net assets acquired				300,000
Prospera | Developed Technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets acquired				32,900
Goodwill				273,453
Prospera | Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets acquired				$ 2,850
ConcealFab
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Current assets		$ 21,133
Property, plant & equipment		3,813
Total fair value of assets acquired		107,590
Current liabilities		6,426
Long-term debt		2,038
Operating lease liabilities		7,812
Deferred taxes		5,464
Other noncurrent liabilities		12
Total fair value of liabilities assumed		21,752
Noncontrolling interest in consolidated subsidiaries		41,743
Net assets acquired		44,095
ConcealFab | Developed Technology
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Other assets		8,804
Goodwill		42,640
ConcealFab | Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets acquired		5,000
ConcealFab | Customer Relationships
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets acquired		$ 26,200

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Amortized Intangible Assets - (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 25, 2022	Mar. 26, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021	Dec. 25, 2021
Components of amortized intangible assets
Gross Carrying Amount	$ 312,479			$ 312,479		$ 290,680
Accumulated Amortization	185,909			185,909		178,723
Amortization expense for intangible assets	5,531		$ 5,182	11,380	$ 9,414
Estimated amortization expense
2022	21,425			21,425
2023	19,588			19,588
2024	17,675			17,675
2025	16,241			16,241
2026	15,823			15,823
Customer Relationships
Components of amortized intangible assets
Gross Carrying Amount	246,965			246,965		224,597
Accumulated Amortization	163,494			$ 163,494		160,626
Weighted Average Life		13 years		13 years
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	58,188			$ 58,188		58,699
Accumulated Amortization	17,861			$ 17,861		13,955
Weighted Average Life		9 years		9 years
Other
Components of amortized intangible assets
Gross Carrying Amount	4,476			$ 4,476		4,534
Accumulated Amortization	4,113			$ 4,113		3,959
Weighted Average Life		6 years		6 years
Trade Names
Components of amortized intangible assets
Gross Carrying Amount	2,850			$ 2,850		2,850
Accumulated Amortization	$ 441			$ 441		$ 183
Weighted Average Life		7 years		7 years

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Carrying Values of Trade Names - (Details) - USD ($)	3 Months Ended
	Jun. 25, 2022	Dec. 25, 2021
Newmark
Non-amortized intangible assets
Carrying value of trade names	$ 11,111,000	$ 11,111,000
Convert Italia S.p.A
Non-amortized intangible assets
Carrying value of trade names	7,916,000	8,479,000
Webforge
Non-amortized intangible assets
Carrying value of trade names	7,215,000	7,877,000
Ingal EPS/Ingal Civil Products
Non-amortized intangible assets
Carrying value of trade names	6,996,000	7,637,000
Valmont SM
Non-amortized intangible assets
Carrying value of trade names	5,673,000	6,082,000
ConcealFab
Non-amortized intangible assets
Carrying value of trade names	5,000,000	0
Shakespeare
Non-amortized intangible assets
Carrying value of trade names	4,000,000	4,000,000
Walpar
Non-amortized intangible assets
Carrying value of trade names	3,500,000	3,500,000
Other
Non-amortized intangible assets
Carrying value of trade names	14,352,000	14,721,000
Trade Names
Non-amortized intangible assets
Carrying value of trade names	65,763,000	$ 63,407,000
Impairment indefinite-lived intangible assets	$ 0

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Dec. 25, 2021
Goodwill
Gross balance, beginning	$ 803,565	$ 770,388
Accumulated impairment losses	(61,822)	(61,822)
Balance, ending	741,743	708,566
Carrying amount of goodwill
Balance at the beginning of the period	708,566
Acquisitions	42,640
Foreign currency translation	(9,463)
Balance at the end of the period	741,743
Infrastructure
Goodwill
Gross balance, beginning	489,757	456,876
Accumulated impairment losses	(61,822)	(61,822)
Balance, ending	427,935	395,054
Carrying amount of goodwill
Balance at the beginning of the period	395,054
Acquisitions	42,640
Foreign currency translation	(9,759)
Balance at the end of the period	427,935
Agriculture
Goodwill
Gross balance, beginning	313,808	313,512
Accumulated impairment losses	0	0
Balance, ending	313,808	$ 313,512
Carrying amount of goodwill
Balance at the beginning of the period	313,512
Acquisitions	0
Foreign currency translation	296
Balance at the end of the period	$ 313,808

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Goodwill Impairment (Details)	6 Months Ended
	Jun. 25, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0

CASH FLOW SUPPLEMENTARY INFOR_3

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Supplemental Cash Flow Information [Abstract]
Interest	$ 22,221	$ 19,657
Income taxes	$ 29,921	$ 11,317

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Basic EPS
Net earnings attributable to Valmont Industries, Inc.	$ 76,108	$ 62,110	$ 138,419	$ 117,124
Weighted average shares outstanding (in shares)	21,313,000	21,193,000	21,296,000	21,186,000
Per share amount basic (in dollars per share)	$ 3.57	$ 2.93	$ 6.50	$ 5.53
Dilutive Effect of Stock Options
Dilutive Effect of Stock Options	$ 0	$ 0	$ 0	$ 0
Dilutive effect of stock options number of shares (in shares)	228,000	276,000	220,000	263,000
Dilutive effect of stock options (in dollars per share)	$ (0.04)	$ (0.04)	$ (0.07)	$ (0.07)
Diluted EPS
Diluted EPS	$ 76,108	$ 62,110	$ 138,419	$ 117,124
Shares outstanding dilutive (in shares)	21,541,000	21,469,000	21,516,000	21,449,000
Per share amount diluted (in dollars per share)	$ 3.53	$ 2.89	$ 6.43	$ 5.46
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)			47,223	0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	$ 3,432	$ (4,007)
Commodity forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	(5,252)	(5,802)
Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	64	149
Foreign currency forward contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	0	(118)
Cross currency swap contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	8,724	1,764
Cross currency swap contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instruments	$ (104)	$ 0

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	$ (1,062)	$ 1,066	$ 1,888	$ 1,542
Commodity forward contracts | Product cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	(1,545)	270	498	270
Foreign currency forward contracts | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	(234)	154	(85)	(64)
Interest rate hedge amortization | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	(16)	(16)	(32)	(32)
Cross currency swap contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in earnings	$ 733	$ 658	$ 1,507	$ 1,368

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 25, 2022 USD ($) T	Jun. 25, 2022 USD ($) T	Dec. 25, 2021 USD ($) T	Dec. 28, 2019 derivative
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044
Derivative [Line Items]
Stated rate				5%
Senior Unsecured Notes | Senior Unsecured Notes 5.00% Due 2044 | Cross currency swap contracts
Derivative [Line Items]
Number of fixed-for-fixed cross currency swaps | derivative				2
Cash Flow Hedging | Designated as Hedging Instrument | Commodity forward contracts | Long
Derivative [Line Items]
Notional amount	$ 43,589	$ 43,589
Derivative, nonmonetary notional amount, mass | T		42,400
Cash Flow Hedging | Designated as Hedging Instrument | 2021 Commodity Contract | Long
Derivative [Line Items]
Notional amount			$ 93,498
Derivative, nonmonetary notional amount, mass | T			86,100
Cash Flow Hedging | Designated as Hedging Instrument | 2022 Commodity Contract | Long
Derivative [Line Items]
Notional amount	$ 14,010	$ 14,010
Derivative, nonmonetary notional amount, mass | T	15,000
Fair Value Hedging | Euro Member Countries, Euro | Designated as Hedging Instrument | Foreign currency forward contracts
Derivative [Line Items]
Notional amount	$ 1,800	1,800
Net Investment Hedging | Designated as Hedging Instrument | Cross currency swap contracts
Derivative [Line Items]
Notional amount	$ 130,000	$ 130,000

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Notional Amounts Outstanding (Details) - Designated as Hedging Instrument - Net Investment Hedging $ in Thousands	Jun. 25, 2022 USD ($)	Jun. 25, 2022 DKK (kr)	Jun. 25, 2022 EUR (€)
Denmark, Kroner | Cross Currency, Danish Kroner, Terminating April 2024
Derivative [Line Items]
Notional amount	$ 50,000	kr 333,625,000
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		€ 71,550,000
Swapped Interest Rate	2.825%	2.825%	2.825%

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	6 Months Ended
	Jun. 25, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

BUSINESS SEGMENTS - Summary By

BUSINESS SEGMENTS - Summary By Business (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Business Segments
Net sales	$ 1,135,532	$ 894,629	$ 2,116,352	$ 1,669,515
Operating income	118,719	82,625	213,561	159,836
Transmission, Distribution and Substation
Business Segments
Net sales	295,835	220,458	577,435	428,902
Lighting and Transportation
Business Segments
Net sales	246,652	215,247	459,419	391,763
Coatings
Business Segments
Net sales	86,121	77,550	164,996	149,142
Telecommunications
Business Segments
Net sales	78,539	54,102	139,935	99,742
Renewable Energy
Business Segments
Net sales	53,603	47,451	96,590	91,704
Irrigation Equipment and Parts, excluding Technology
Business Segments
Net sales	344,602	251,306	619,251	457,341
Technology Products and Services
Business Segments
Net sales	30,180	28,515	58,726	50,921
North America
Business Segments
Net sales	756,636	572,265	1,438,385	1,076,326
International
Business Segments
Net sales	378,896	322,364	677,967	593,189
Infrastructure
Business Segments
Net sales	760,750	614,808	1,438,375	1,161,253
Operating income	84,643	61,550	162,150	115,999
Agriculture
Business Segments
Net sales	374,782	279,821	677,977	508,262
Operating income	58,046	41,984	95,521	80,732
Corporate
Business Segments
Operating income	(23,970)	(20,909)	(44,110)	(36,895)
Operating Segment
Business Segments
Net sales	1,142,715	899,569	2,130,021	1,678,879
Operating Segment | Infrastructure
Business Segments
Net sales	764,950	617,604	1,445,676	1,167,250
Operating Segment | Infrastructure | Transmission, Distribution and Substation
Business Segments
Net sales	295,835	220,458	577,435	428,902
Operating Segment | Infrastructure | Lighting and Transportation
Business Segments
Net sales	246,652	215,247	459,419	391,763
Operating Segment | Infrastructure | Coatings
Business Segments
Net sales	90,321	80,346	172,297	155,139
Operating Segment | Infrastructure | Telecommunications
Business Segments
Net sales	78,539	54,102	139,935	99,742
Operating Segment | Infrastructure | Renewable Energy
Business Segments
Net sales	53,603	47,451	96,590	91,704
Operating Segment | Infrastructure | Irrigation Equipment and Parts, excluding Technology
Business Segments
Net sales	0	0	0	0
Operating Segment | Infrastructure | Technology Products and Services
Business Segments
Net sales	0	0	0	0
Operating Segment | Infrastructure | North America
Business Segments
Net sales	559,864	421,168	1,065,844	806,902
Operating Segment | Infrastructure | International
Business Segments
Net sales	205,086	196,436	379,832	360,348
Operating Segment | Agriculture
Business Segments
Net sales	377,765	281,965	684,345	511,629
Operating Segment | Agriculture | Transmission, Distribution and Substation
Business Segments
Net sales	0	0	0	0
Operating Segment | Agriculture | Lighting and Transportation
Business Segments
Net sales	0	0	0	0
Operating Segment | Agriculture | Coatings
Business Segments
Net sales	0	0	0	0
Operating Segment | Agriculture | Telecommunications
Business Segments
Net sales	0	0	0	0
Operating Segment | Agriculture | Renewable Energy
Business Segments
Net sales	0	0	0	0
Operating Segment | Agriculture | Irrigation Equipment and Parts, excluding Technology
Business Segments
Net sales	347,585	253,450	625,619	460,708
Operating Segment | Agriculture | Technology Products and Services
Business Segments
Net sales	30,180	28,515	58,726	50,921
Operating Segment | Agriculture | North America
Business Segments
Net sales	203,488	156,037	385,743	278,788
Operating Segment | Agriculture | International
Business Segments
Net sales	174,277	125,928	298,602	232,841
Intersegment Sales
Business Segments
Net sales	(7,183)	(4,940)	(13,669)	(9,364)
Intersegment Sales | Transmission, Distribution and Substation
Business Segments
Net sales	0	0	0	0
Intersegment Sales | Lighting and Transportation
Business Segments
Net sales	0	0	0	0
Intersegment Sales | Coatings
Business Segments
Net sales	(4,200)	(2,796)	(7,301)	(5,997)
Intersegment Sales | Telecommunications
Business Segments
Net sales	0	0	0	0
Intersegment Sales | Renewable Energy
Business Segments
Net sales	0	0	0	0
Intersegment Sales | Irrigation Equipment and Parts, excluding Technology
Business Segments
Net sales	(2,983)	(2,144)	(6,368)	(3,367)
Intersegment Sales | Technology Products and Services
Business Segments
Net sales	0	0	0	0
Intersegment Sales | North America
Business Segments
Net sales	(6,716)	(4,940)	(13,202)	(9,364)
Intersegment Sales | International
Business Segments
Net sales	(467)	0	(467)	0
Intersegment Sales | Infrastructure
Business Segments
Net sales	(4,200)	(2,796)	(7,301)	(5,997)
Intersegment Sales | Agriculture
Business Segments
Net sales	$ (2,983)	$ (2,144)	$ (6,368)	$ (3,367)

BUSINESS SEGMENTS - Breakdown b

BUSINESS SEGMENTS - Breakdown by Segment of Revenue Recognized Over Time and At a Point In Time (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Business Segments
Net sales	$ 1,135,532	$ 894,629	$ 2,116,352	$ 1,669,515
Point in Time
Business Segments
Net sales	797,466	621,636	1,464,262	1,138,004
Over Time
Business Segments
Net sales	338,066	272,993	652,090	531,511
Infrastructure
Business Segments
Net sales	760,750	614,808	1,438,375	1,161,253
Infrastructure | Point in Time
Business Segments
Net sales	429,291	346,733	798,481	638,464
Infrastructure | Over Time
Business Segments
Net sales	331,459	268,075	639,894	522,789
Agriculture
Business Segments
Net sales	374,782	279,821	677,977	508,262
Agriculture | Point in Time
Business Segments
Net sales	368,175	274,903	665,781	499,540
Agriculture | Over Time
Business Segments
Net sales	$ 6,607	$ 4,918	$ 12,196	$ 8,722