Valmont Industries (VMI) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-30
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
Smaller Reporting Company	false
Emerging Growth Company	false
Shell Company	false
Entity Common Stock, Shares Outstanding		20,890,609
Entity Central Index Key	0000102729
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Net sales	$ 1,050,295	$ 1,097,382	$ 3,159,072	$ 3,213,734
Total cost of sales	735,184	811,904	2,205,979	2,386,469
Gross profit	315,111	285,478	953,093	827,265
Selling, general, and administrative expenses	194,277	175,506	580,060	503,732
Impairment of long-lived assets	140,844		140,844	0
Realignment charges	4,180		4,180
Operating income (loss)	(24,190)	109,972	228,009	323,533
Other income (expenses):
Interest expense	(13,472)	(11,629)	(41,494)	(34,278)
Interest income	3,186	507	4,579	1,019
Gain (loss) on investments - unrealized	(344)	(901)	1,791	(4,306)
Other	165	2,822	(1,599)	8,537
Total other income (expenses)	(10,465)	(9,201)	(36,723)	(29,028)
Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries	(34,655)	100,771	191,286	294,505
Income tax expense (benefit):
Current	29,654	33,278	91,801	83,311
Deferred	(14,193)	(5,455)	(12,562)	(2,780)
Total income tax expense	15,461	27,823	79,239	80,531
Earnings (loss) before equity in loss of nonconsolidated subsidiaries	(50,116)	72,948	112,047	213,974
Equity in loss of nonconsolidated subsidiaries	(199)	(18)	(1,219)	(931)
Net earnings (loss)	(50,315)	72,930	110,828	213,043
Loss (earnings) attributable to noncontrolling interests	1,287	(818)	4,060	(2,512)
Net earnings (loss) attributable to Valmont Industries, Inc.	$ (49,028)	$ 72,112	$ 114,888	$ 210,531
Earnings (loss) per share:
Basic	$ (2.34)	$ 3.38	$ 5.45	$ 9.88
Diluted	$ (2.34)	$ 3.34	$ 5.40	$ 9.77
Product sales
Net sales	$ 949,217	$ 999,131	$ 2,853,098	$ 2,926,290
Total cost of sales	669,472	739,353	2,002,675	2,193,846
Services sales
Net sales	101,078	98,251	305,974	287,444
Total cost of sales	$ 65,712	$ 72,551	$ 203,304	$ 192,623

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (50,315)	$ 72,930	$ 110,828	$ 213,043
Foreign currency translation adjustments:
Unrealized translation loss	(28,342)	(46,000)	(8,186)	(78,050)
Hedging activities:
Unrealized loss on commodity hedges	(397)	(2,233)	(3,212)	(1,185)
Realized loss on commodity hedges recorded in earnings	743	1,546	4,540	1,048
Unrealized gain on cross currency swaps	2,072	5,592	721	10,873
Amortization cost included in interest expense	(12)	(16)	(40)	(48)
Total hedging activities	2,406	4,889	2,009	10,688
Net gain on defined benefit pension plan	95	115	281	371
Other comprehensive loss	(25,841)	(40,996)	(5,896)	(66,991)
Comprehensive income (loss)	(76,156)	31,934	104,932	146,052
Comprehensive loss (income) attributable to noncontrolling interests	1,098	242	3,233	(514)
Comprehensive income (loss) attributable to Valmont Industries, Inc.	$ (75,058)	$ 32,176	$ 108,165	$ 145,538

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 172,566	$ 185,406
Receivables, net	673,999	604,181
Inventories	693,629	728,762
Contract assets	169,931	174,539
Prepaid expenses and other current assets	97,302	87,697
Total current assets	1,807,427	1,780,585
Property, plant, and equipment, at cost	1,477,062	1,433,151
Less accumulated depreciation	(873,083)	(837,573)
Property, plant, and equipment, net	603,979	595,578
Goodwill	635,017	739,861
Other intangible assets, net	140,252	176,615
Defined pension benefit asset	42,683	24,216
Other non-current assets	256,821	240,141
Total assets	3,486,179	3,556,996
Current liabilities:
Current installments of long-term debt	941	1,194
Notes payable to banks	3,639	5,846
Accounts payable	355,934	360,312
Accrued employee compensation and benefits	115,201	124,355
Contract liabilities	88,600	172,915
Other accrued expenses	145,672	123,965
Income taxes payable	2,062	3,664
Dividends payable	12,533	11,742
Total current liabilities	724,582	803,993
Deferred income taxes	20,885	41,091
Long-term debt, excluding current installments	977,260	870,935
Operating lease liabilities	160,521	155,469
Deferred compensation	30,801	30,316
Other non-current liabilities	13,418	13,480
Total liabilities	1,927,467	1,915,284
Shareholders' equity:
Common stock of $1 par value, authorized 75,000,000 shares; 27,900,000 issued	27,900	27,900
Retained earnings	2,657,174	2,593,039
Accumulated other comprehensive loss	(281,632)	(274,909)
Treasury stock	(901,700)	(765,183)
Total Valmont Industries, Inc. shareholders' equity	1,501,742	1,580,847
Noncontrolling interest in consolidated subsidiaries	56,970	60,865
Total shareholders' equity	1,558,712	1,641,712
Total liabilities and shareholders' equity	$ 3,486,179	$ 3,556,996

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	27,900,000	27,900,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Cash flows from operating activities:
Net earnings	$ 110,828	$ 213,043
Adjustments to reconcile net earnings to net cash flows from operations:
Depreciation and amortization	73,638	72,803
Contribution to defined benefit pension plan	(15,259)	(17,155)
Impairment of long-lived assets	140,844	0
Gain on divestiture	(2,994)	0
Stock-based compensation	28,810	29,998
Defined benefit pension plan expense (benefit)	186	(7,597)
Loss on sale of property, plant, and equipment	822	790
Equity in loss of nonconsolidated subsidiaries	1,219	931
Deferred income taxes	(12,562)	(2,780)
Changes in assets and liabilities:
Receivables	(66,190)	(60,450)
Inventories	50,133	(31,143)
Prepaid expenses and other assets (current and non-current)	(20,986)	6,738
Contract assets	4,419	(76,887)
Accounts payable	(11,212)	37,787
Accrued expenses	11,022	10,904
Contract liabilities	(88,293)	(10,051)
Other non-current liabilities	(24,114)	(9,312)
Income taxes payable	10,557	26,107
Net cash flows provided by operating activities	190,868	183,726
Cash flows from investing activities:
Purchase of property, plant, and equipment	(71,233)	(67,122)
Proceeds from divestiture, net of cash divested	6,369	0
Proceeds from sale of assets	1,565	71
Proceeds from property damage insurance claims	6,770	0
Acquisitions, net of cash acquired	(31,839)	(39,287)
Other, net	(898)	(108)
Net cash flows used in investing activities	(89,266)	(106,446)
Cash flows from financing activities:
Proceeds from short-term borrowings	24,649	4,137
Payments on short-term borrowings	(27,290)	(12,366)
Proceeds from long-term borrowings	215,012	235,470
Principal payments on long-term borrowings	(109,335)	(251,155)
Proceeds from settlement of financial derivatives		2,243
Dividends paid	(36,983)	(34,080)
Dividends to noncontrolling interest	(662)	0
Purchase of noncontrolling interests		(7,338)
Purchase of treasury shares	(166,663)	(20,491)
Proceeds from exercises under stock plans	5,348	8,778
Tax withholdings on exercises under stock plans	(15,567)	(4,341)
Net cash flows used in financing activities	(111,491)	(79,143)
Effect of exchange rate changes on cash and cash equivalents	(2,951)	(9,148)
Net change in cash and cash equivalents	(12,840)	(11,011)
Cash and cash equivalents-beginning of period	185,406	177,232
Cash and cash equivalents-end of period	$ 172,566	$ 166,221

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest in consolidated subsidiaries	Total
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					$ (773,712)
Beginning balance at Dec. 25, 2021	$ 27,900	$ 1,479	$ 2,394,307	$ (263,127)		$ 26,750	$ 1,413,597
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			62,311			595	62,906
Other comprehensive income (loss)				30,967		1,093	32,060
Cash dividends declared			(11,721)				(11,721)
Stock options and incentive plans		3,772			3,877		7,649
Ending balance at Mar. 26, 2022	27,900	5,251	2,444,897	(232,160)		28,438	1,504,491
Beginning balance at Dec. 25, 2021	27,900	1,479	2,394,307	(263,127)		26,750	1,413,597
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)							213,043
Other comprehensive income (loss)							(66,991)
Ending balance at Sep. 24, 2022	27,900	13,251	2,569,641	(328,120)		60,020	1,572,751
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					(769,835)
Beginning balance at Mar. 26, 2022	27,900	5,251	2,444,897	(232,160)		28,438	1,504,491
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			76,108			1,099	77,207
Other comprehensive income (loss)				(56,024)		(2,031)	(58,055)
Cash dividends declared			(11,743)				(11,743)
Purchase of treasury shares					(9,776)		(9,776)
Purchase of noncontrolling interest		189				(4,481)	(4,292)
Addition of noncontrolling interest due to acquisition						41,743	41,743
Stock options and incentive plans		(1,119)			14,694		13,575
Ending balance at Jun. 25, 2022	27,900	4,321	2,509,262	(288,184)		64,768	1,553,150
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					(764,917)
Net earnings (loss)			72,112			818	72,930
Other comprehensive income (loss)				(39,936)		(1,060)	(40,996)
Cash dividends declared			(11,733)				(11,733)
Purchase of treasury shares					(10,715)		(10,715)
Purchase of noncontrolling interest		1,410				(4,456)	(3,046)
Reduction of noncontrolling interest						(50)	(50)
Stock options and incentive plans		7,520			5,691		13,211
Ending balance at Sep. 24, 2022	27,900	$ 13,251	2,569,641	(328,120)		60,020	1,572,751
Increase (Decrease) in Shareholders' Equity
Treasury stock balance					(769,941)
Treasury stock balance							(765,183)
Beginning balance at Dec. 31, 2022	27,900		2,593,039	(274,909)	(765,183)	60,865	1,641,712
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			74,540			(2,195)	72,345
Other comprehensive income (loss)				8,776		293	9,069
Cash dividends declared			(12,634)				(12,634)
Purchase of treasury shares					(111,115)		(111,115)
Dividends to noncontrolling interests						(662)	(662)
Stock options and incentive plans			(19,317)		19,002		(315)
Ending balance at Apr. 01, 2023	27,900		2,635,628	(266,133)	(857,296)	58,301	1,598,400
Beginning balance at Dec. 31, 2022	27,900		2,593,039	(274,909)	(765,183)	60,865	1,641,712
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)							110,828
Other comprehensive income (loss)							(5,896)
Ending balance at Sep. 30, 2023	27,900		2,657,174	(281,632)	(901,700)	56,970	1,558,712
Beginning balance at Apr. 01, 2023	27,900		2,635,628	(266,133)	(857,296)	58,301	1,598,400
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			89,376			(578)	88,798
Other comprehensive income (loss)				10,531		345	10,876
Cash dividends declared			(12,607)				(12,607)
Purchase of treasury shares					(25,132)		(25,132)
Stock options and incentive plans			(2,015)		11,972		9,957
Ending balance at Jul. 01, 2023	27,900		2,710,382	(255,602)	(870,456)	58,068	1,670,292
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)			(49,028)			(1,287)	(50,315)
Other comprehensive income (loss)				(26,030)		189	(25,841)
Cash dividends declared			(12,532)				(12,532)
Purchase of treasury shares					(31,841)		(31,841)
Stock options and incentive plans			8,352		597		8,949
Ending balance at Sep. 30, 2023	$ 27,900		$ 2,657,174	$ (281,632)	$ (901,700)	$ 56,970	1,558,712
Increase (Decrease) in Shareholders' Equity
Treasury stock balance							$ (901,700)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.60	$ 0.60	$ 0.60	$ 0.55	$ 0.55	$ 0.55
Purchase of treasury shares acquired (in shares)	126,482	85,300	356,887	38,606	38,804

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022, and the Condensed Consolidated Statements of Cash Flows and Shareholders’ Equity for the thirty-nine 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 September 30, 2023 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 31, 2022. The results of operations for the period ended September 30, 2023 are not necessarily indicative of the operating results for the full fiscal year. Inventories Inventory is valued at the lower of cost, determined on the first-in, first-out method, or net realizable value. 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 as of September 30, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Raw materials and purchased parts ​ $ 255,279 ​ $ 258,814 Work-in-process ​ 45,652 ​ 44,453 Finished goods and manufactured goods ​ 392,698 ​ 425,495 Total inventories ​ $ 693,629 ​ $ 728,762 ​ Geographical Markets Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 United States ​ $ 31,915 ​ $ 41,146 ​ $ 140,839 ​ $ 164,177 Foreign ​ (66,570) ​ 59,625 ​ 50,447 ​ 130,328 Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries ​ $ (34,655) ​ $ 100,771 ​ $ 191,286 ​ $ 294,505 ​ 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 the expense and the related benefit obligation, various assumptions are made including the discount rates used to value the obligation, the expected return on plan assets used to fund these expenses, and the 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 cost (benefit) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Interest cost ​ $ 5,472 ​ $ 2,930 ​ $ 16,142 ​ $ 9,452 Expected return on plan assets ​ (5,536) ​ (5,400) ​ (16,330) ​ (17,420) Amortization of prior service cost ​ 128 ​ 115 ​ 374 ​ 371 Net periodic pension cost (benefit) ​ $ 64 ​ $ (2,355) ​ $ 186 ​ $ (7,597) ​ Stock Plans The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human Resources 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. As of September 30, 2023, 1,616,717 shares of common stock remained available for issuance under the plans. Stock options granted under the plans call for the exercise price of each option to equal the closing market price as of the date of the grant. Options vest beginning on the first anniversary of the grant date in equal amounts over three years or on the grant’s fifth anniversary date. Expiration of grants is seven three The Company’s compensation expense (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations) and associated income tax benefits related to stock options and restricted stock awards for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Compensation expense ​ $ 8,954 ​ $ 10,415 ​ $ 28,810 ​ $ 29,998 Income tax benefits ​ 2,239 ​ 2,604 ​ 7,203 ​ 7,500 ​ Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurement 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 prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3: Unobservable inputs for the asset or liability. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following are descriptions of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The Company’s trading securities represent the investments held in the Valmont Deferred Compensation Plan (the “DCP”). The assets of the DCP were $25,334 and $25,008 as of September 30, 2023 and December 31, 2022, respectively. These assets represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with ASC 320, Investments – Debt Securities Derivative Financial Instruments: The fair value of foreign currency forward contracts, commodity forward contracts, and cross currency swap 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. Mutual Funds: The Company has short-term investments in various mutual funds. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ September 30, 2023 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,334 ​ $ 25,334 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 4,684 ​ ​ — ​ ​ 4,684 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 831 ​ ​ 831 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ December 31, 2022 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,008 ​ $ 25,008 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 7,205 ​ ​ 7,205 ​ ​ — ​ ​ — ​ Long-Lived Assets The Company’s other non-financial assets include goodwill and other intangible assets, which are measured at fair value on a non-recurring basis using Level 3 inputs. See “Goodwill and Intangible Assets” footnote. Leases The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets. Comprehensive Income (Loss) Comprehensive income (loss) includes net earnings (loss), foreign currency translation adjustments, certain derivative-related activity, and changes in prior service cost from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Foreign currency translation adjustments ​ $ (269,812) ​ $ (260,799) Hedging activities ​ ​ 22,108 ​ ​ 20,099 Defined benefit pension plan ​ ​ (33,928) ​ ​ (34,209) Accumulated other comprehensive loss ​ $ (281,632) ​ $ (274,909) ​ Revenue Recognition The Company determines the appropriate revenue recognition model for contracts by analyzing the type, terms, and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue and do not include variable consideration. Discounts included in contracts with customers, typically early pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation is related to the manufacturing and sale of goods. Contract revenues are classified as “Service sales” when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings product line and Technology Products and Services product line. Customer acceptance provisions exist only in the design stage of the products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on design of the product and does not recognize this service as a separate performance obligation and, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties. Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation ("TD&S"), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected 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 one year of transfer of control of goods or services. The Company’s contract assets as of September 30, 2023 and December 31, 2022 totaled $169,931 and $174,539, 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. As of September 30, 2023 and December 31, 2022, total contract liabilities were $88,600 and $178,531, respectively. The balance as of September 30, 2023 was recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows: ● During the thirteen and thirty-nine weeks ended September 30, 2023, the Company recognized $ 49,644 and $ 149,801 of revenue that was included in the total contract liability as of December 31, 2022, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● During the thirteen and thirty-nine weeks ended September 24, 2022, the Company recognized $16,826 and $75,998 of revenue that was included in the total contract liability as of December 25, 2021, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● As of September 30, 2023, the Company had no material remaining performance obligations on contracts with an expected duration of one year or more. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete 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 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 the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an input basis, using total production hours incurred to-date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of goods sold, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to-date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. 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 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 Products and 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 & Related Revenue Information” footnote. Supplier Finance Program In the first quarter of fiscal 2023, the Company adopted Accounting Standards Update No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ​ ​ ​ ​ ​ Confirmed obligations outstanding as of December 31, 2022 ​ $ 48,880 Invoices confirmed during the period ​ ​ 204,922 Confirmed invoices paid during the period ​ (205,239) Confirmed obligations outstanding as of September 30, 2023 ​ $ 48,563 ​ ​

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
ACQUISITIONS	(2) ACQUISITIONS Acquisitions of Businesses On August 31, 2023, the Company acquired HR Products for $56,744 Australian dollars ($36,465 United States (“U.S.”) dollars) in cash, net of cash acquired and subject to customary working capital adjustments. Of this amount, $7,200 Australian dollars ($4,626 U.S. dollars) was withheld by the Company at closing as a retention fund, to be settled in two equal payments at 12 and 24 months from the acquisition date for contingencies and disagreements. HR Products provides a broad range of irrigation products to serve the agriculture and landscaping industries, and its operations are reported in the Agriculture segment. The acquisition strengthens the Company’s value proposition to customers in the key agriculture market of Australia by expanding its geographic footprint and accelerating its aftermarket parts presence. The amount allocated to goodwill is attributable to anticipated synergies and other intangibles that do not qualify for separate recognition and is not deductible for tax purposes. The Company is currently completing its fair value assessment and expects to finalize the purchase price allocation by the third quarter of fiscal 2024. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of HR Products as of the date of acquisition: ​ ​ ​ ​ ​ ​ August 31, ​ ​ 2023 Current assets ​ $ 24,816 Property, plant, and equipment ​ 222 Goodwill ​ 17,645 Other non-current assets ​ 4,819 Total fair value of assets acquired ​ $ 47,502 Current liabilities ​ 4,216 Operating lease liabilities ​ 3,581 Total fair value of liabilities assumed ​ $ 7,797 Net assets acquired ​ $ 39,705 ​ On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,287 in cash (net of cash acquired). 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 its 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 finalized the purchase price allocation in the first quarter of fiscal 2023. The following table summarizes the fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition: ​ ​ ​ ​ ​ ​ June 1, ​ ​ 2022 Current assets ​ $ 21,133 Property, plant, and equipment ​ 3,813 Goodwill ​ 42,465 Customer relationships ​ 26,200 Trade name ​ 5,000 Other non-current assets ​ 9,108 Total fair value of assets acquired ​ $ 107,719 Current liabilities ​ 6,658 Long-term debt ​ 2,038 Operating lease liabilities ​ 7,812 Deferred income taxes ​ 5,464 Other non-current liabilities ​ 12 Total fair value of liabilities assumed ​ $ 21,984 Noncontrolling interest in consolidated subsidiaries ​ 41,693 Net assets acquired ​ $ 44,042 ​ Proforma disclosures were omitted for these acquisitions as they do not have a significant impact on the Company’s financial results. Acquisition-related costs incurred for the above acquisitions were insignificant for all fiscal years presented. Acquisitions of Noncontrolling Interests On August 10, 2022, the Company acquired the remaining 9% of Convert Italy S.p.A. for $3,046. As this transaction was for the acquisition of all of the remaining shares of a consolidated subsidiary with no change in control, it was recorded within “Shareholders’ equity” in the Condensed Consolidated Balance Sheets and as “Cash flows from financing activities” in the Condensed Consolidated Statements of Cash Flows. 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 a consolidated subsidiary with no change in control, it was recorded within “Shareholders’ equity” in the Condensed Consolidated Balance Sheets and as “Cash flows from financing activities” in the Condensed Consolidated Statements of Cash Flows.

DIVESTITURES

DIVESTITURES	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	(3) DIVESTITURES On April 30, 2023, the Company completed the sale of Torrent Engineering and Equipment, an integrator of prepackaged pump stations in Indiana, reported in the Agriculture segment, for net proceeds of $6,369. In the second quarter of fiscal 2023, a pre-tax gain of $2,994 was reported in “ Other income (expenses) On November 30, 2022, the Company completed the sale of Valmont SM, an offshore wind energy structures business in Denmark, reported in the Other segment. The business was sold because it did not align with the long-term strategic plans for the Company. The offshore wind energy structures business’ historical annual sales, operating income, and net assets were not significant for discontinued operations presentation. The offshore wind energy structures business had an operating income of $1,107 and $814 for the thirteen and thirty-nine weeks ended September 24, 2022, respectively. At closing, in the fourth quarter of fiscal 2022, the Company received 90,000 Danish kroner ($12,570 U.S. dollars) with an additional 28,000 Danish kroner ($4,027 U.S. dollars) held in an escrow account subject to normal closing conditions before it will be released to the Company.

REALIGNMENT ACTIVITIES

REALIGNMENT ACTIVITIES	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
REALIGNMENT ACTIVITIES	(4) REALIGNMENT ACTIVITIES During the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment Program provides for a reduction in force through a voluntary early retirement program and other headcount reduction actions, which are expected to be completed by the end of fiscal 2023. The Board of Directors has authorized the incurrence of cash charges up to $36,000 in connection with the Realignment Program. Severance and other employee benefit costs are expected to total up to approximately $16,000 within the Infrastructure segment, $10,000 within the Agriculture segment, and $10,000 within Corporate expense, including charges recognized during the third quarter of fiscal 2023. During the third quarter of fiscal 2023, the Company recorded the following pre-tax expenses for the Realignment Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ Agriculture ​ Corporate ​ Total Severance and other employee benefit costs ​ $ 1,069 ​ $ 907 ​ $ 2,204 ​ $ 4,180 ​ Changes in current liabilities recorded for the Realignment Program were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of Recognized Costs Paid or Balance as of ​ ​ December 31, ​ Realignment ​ Otherwise ​ September 30, ​ ​ 2022 ​ Expense ​ Settled ​ 2023 Severance and other employee benefit costs ​ $ — $ 4,180 ​ $ (132) ​ $ 4,048 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	(5) GOODWILL AND INTANGIBLE ASSETS Goodwill The carrying amount of goodwill by segment as of September 30, 2023 and December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure Agriculture Total Gross balance as of December 31, 2022 ​ $ 473,551 ​ $ 313,777 ​ $ 787,328 Accumulated impairment losses ​ (47,467) ​ — ​ (47,467) Balance as of December 31, 2022 ​ 426,084 ​ 313,777 ​ ​ 739,861 Acquisition ​ — ​ 17,645 ​ 17,645 Divestiture ​ ​ — ​ ​ (160) ​ ​ (160) Impairments ​ ​ (1,915) ​ ​ (120,000) ​ ​ (121,915) Foreign currency translation ​ (610) ​ 196 ​ (414) Balance as of September 30, 2023 ​ $ 423,559 ​ $ 211,458 ​ $ 635,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure Agriculture Total Gross balance as of September 30, 2023 ​ $ 472,941 ​ $ 331,458 ​ $ 804,399 Accumulated impairment losses ​ ​ (49,382) ​ ​ (120,000) ​ ​ (169,382) Balance as of September 30, 2023 ​ $ 423,559 ​ $ 211,458 ​ $ 635,017 ​ In the third quarter of fiscal 2023, the Company performed its annual goodwill impairment assessment utilizing a quantitative test on all of its reporting units using a measurement date of September 2, 2023. The fair values of the reporting units were estimated using a discounted cash flow analysis which requires the Company to estimate the future cash flows as well as select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. The carrying value for two of the reporting units, Agriculture Technology and India Structures, exceeded their respective estimated fair value. As a result, impairments of $120,000 and $1,915 were recognized in the Agriculture and Infrastructure segments, respectively. For the Agriculture Technology reporting unit, the recent less favorable outlook for the agriculture market in North America and the slower than expected adoption rate of the agronomy software solution led to a reduction in forecasted sales. These reduced forecasted cash flows resulted in a lower fair value of the Agriculture Technology reporting unit when discounted back to the present value. For the India Structures reporting unit, assumptions around future cash flows including working capital requirements resulted in the impairment of its goodwill. Intangible Assets The components of intangible assets as of September 30, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ ​ Carrying ​ Accumulated Carrying ​ Accumulated ​ Amount Amortization Amount Amortization Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 219,467 ​ $ 152,718 ​ $ 222,716 ​ $ 145,502 Patents & proprietary technology ​ 58,439 ​ 44,673 ​ 58,404 ​ 21,291 Trade names ​ 2,870 ​ 952 ​ 2,850 ​ 645 Other ​ 4,676 ​ 4,393 ​ 2,462 ​ 2,164 Non-amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ 57,536 ​ ​ — ​ ​ 59,785 ​ ​ — ​ ​ $ 342,988 ​ $ 202,736 ​ $ 346,217 ​ $ 169,602 ​ Amortizing intangible assets carry a remaining weighted average life of approximately four years. Amortization expense was $5,191 and $15,606 for the thirteen and thirty-nine weeks ended September 30, 2023, respectively, and $5,386 and $16,766 for the thirteen and thirty-nine weeks ended September 24, 2022, respectively. Based on amortizing intangible assets recognized in the Condensed Consolidated Balance Sheets as of September 30, 2023, amortization expense is estimated to average $10,122 for each next five fiscal The Company’s indefinite-lived trade names were tested for impairment as of September 2, 2023. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, the carrying value of one trade name exceeded its estimated fair value. An impairment charge of $1,656 was recognized within the Infrastructure segment. In the third quarter of fiscal 2023, the Company tested the recoverability of a certain amortizing proprietary technology intangible asset related to Prospera included within the Agriculture Technology reporting unit due to identified impairment indicators. The Company determined the carrying value of the asset exceeded the total undiscounted estimated future cash flows and reduced the asset to its fair value. An impairment charge of $17,273 was recognized within the Agriculture segment.

CASH FLOW SUPPLEMENTARY INFORMA

CASH FLOW SUPPLEMENTARY INFORMATION	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
CASH FLOW SUPPLEMENTARY INFORMATION	(6) CASH FLOW SUPPLEMENTARY INFORMATION The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ ​ 2023 2022 Interest ​ $ 30,932 ​ $ 23,678 Income taxes ​ 88,930 ​ 61,551 ​ ​

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	(7) EARNINGS (LOSS) PER SHARE The following table provides a reconciliation of the earnings (loss) and average share amounts used to compute both basic and diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Net earnings (loss) attributable to Valmont Industries, Inc. ​ $ (49,028) ​ $ 72,112 ​ $ 114,888 ​ $ 210,531 Weighted average shares outstanding (000's): ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 20,951 ​ ​ 21,332 ​ ​ 21,083 ​ ​ 21,308 Dilutive effect of various stock awards ​ ​ — ​ ​ 273 ​ ​ 207 ​ ​ 238 Diluted ​ ​ 20,951 ​ ​ 21,605 ​ ​ 21,290 ​ ​ 21,546 Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (2.34) ​ $ 3.38 ​ $ 5.45 ​ $ 9.88 Dilutive effect of various stock awards ​ ​ — ​ ​ (0.04) ​ ​ (0.05) ​ ​ (0.11) Diluted ​ $ (2.34) ​ $ 3.34 ​ $ 5.40 ​ $ 9.77 ​ In the third quarter of fiscal 2023, the Company reported a net loss. In periods in which the Company recognizes a net loss, the Company excludes the impact of outstanding stock awards from the diluted loss per share calculation, as its inclusion would have an anti-dilutive effect. As of September 30, 2023, there were 42,774 outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share. As of September 24, 2022, there were no outstanding stock options with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	(8) 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 Condensed Consolidated Statements of Operations, 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 AOCI until either the sale or substantially complete liquidation of the related subsidiaries. Fair value of derivative instruments as of September 30, 2023 and December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Derivatives designated as hedging instruments: Balance Sheet location ​ 2023 ​ 2022 Commodity forward contracts ​ Prepaid expenses and other current assets ​ $ 655 ​ $ — Commodity forward contracts ​ Other accrued expenses ​ ​ (2,208) ​ ​ (3,854) Foreign currency forward contracts Prepaid expenses and other current assets ​ ​ — ​ 83 Cross currency swap contracts Prepaid expenses and other current assets ​ ​ 6,237 ​ 5,385 Cross currency swap contracts Other accrued expenses ​ ​ — ​ (210) ​ ​ ​ ​ $ 4,684 ​ $ 1,404 ​ Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended Derivatives designated as ​ Statements of ​ September 30, ​ September 24, ​ September 30, ​ September 24, hedging instruments: ​ Operations location ​ 2023 2022 2023 2022 Commodity forward contracts ​ Product cost of sales ​ $ (997) ​ $ (1,545) ​ $ (6,060) ​ $ (1,047) Foreign currency forward contracts ​ Other income (expenses) ​ ​ — ​ (94) ​ ​ 177 ​ (177) Interest rate hedge amortization ​ Interest expense ​ ​ (16) ​ (16) ​ ​ (48) ​ (48) Cross currency swap contracts ​ Interest expense ​ ​ 476 ​ 793 ​ ​ 1,371 ​ 2,300 ​ ​ ​ ​ $ (537) ​ $ (862) ​ $ (4,560) ​ $ 1,028 ​ Cash Flow Hedges The Company enters into commodity forward contracts that qualify as cash flow hedges of the variability in cash flows attributable to future purchases. The gain (loss) realized upon settlement for each will be recorded in “Product cost of sales” in the Condensed Consolidated Statements of Operations in the period consumed. Notional amounts, purchase quantities, and maturity dates of these forward contracts as of September 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Total ​ Maturity Commodity Type ​ Amount ​ Purchase Quantity ​ Dates Steel hot rolled coil ​ $ 20,906 ​ 25,000 short tons October 2023 to April 2024 Natural gas ​ ​ 5,364 ​ 1,170,475 MMBtu ​ October 2023 to October 2025 Diesel fuel ​ ​ 658 ​ 1,512,000 gallons ​ October 2023 to June 2024 ​ During the first quarter of fiscal 2023, 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 qualified as a fair value hedge, had a notional amount to sell $1,800 in exchange for a stated amount of Euros and matured in April 2023. Net Investment Hedges In fiscal 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 in 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. The Company designated the initial 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) recorded as cumulative foreign currency translation within AOCI. Net interest receipts will be recorded as a reduction of interest expense over the life of the CCS. In the third and fourth quarters of fiscal 2022, the Company settled the DKK CCS and received proceeds of $3,532. Due to the sale of the offshore wind energy structures business in the fourth quarter of fiscal 2022, the Company reclassified the cumulative net investment hedge gain of $4,827 ($3,620 after-tax) from AOCI to “Other income (expenses)” in the Consolidated Statements of Earnings as of December 31, 2022 on Form 10-K. Key terms of the Euro CCS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Swapped ​ Set Settlement Currency ​ Amount ​ Termination Date ​ Interest Rate ​ Amount Euro ​ $ 80,000 ​ April 1, 2024 2.825% ​ € 71,550 ​ ​

BUSINESS SEGMENTS & RELATED REV

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION	(9) BUSINESS SEGMENTS & RELATED REVENUE INFORMATION The Company has two reportable segments based on its management structure. Each segment is global in nature with a manager responsible for segment operational performance and the allocation of capital within the segment. Corporate expense is net of certain service-related expenses that are allocated to business units generally on the basis of employee headcounts and sales dollars. Reportable segments are as follows: INFRASTRUCTURE: AGRICULTURE: In addition to these two reportable segments, the Company had a business and related activities in fiscal 2022 that were not more than 10% of consolidated sales, operating income, or assets. This comprised the offshore wind energy structures business which was reported in the Other segment until its divestiture in the fourth quarter of fiscal 2022. The Company evaluates the performance of its reportable segments based upon operating income (loss) and return on invested capital. The Company’s operating income (loss) for segment purposes excludes unallocated Corporate general and administrative expenses, interest expense, non-operating income and deductions, and income taxes. Summary by Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, September 24, September 30, September 24, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 SALES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ $ 755,076 ​ $ 755,492 ​ $ 2,261,777 ​ $ 2,157,082 Agriculture ​ 298,483 ​ 327,261 ​ 910,579 ​ 1,011,606 Other ​ ​ — ​ ​ 22,861 ​ ​ — ​ ​ 66,947 Total ​ 1,053,559 ​ 1,105,614 ​ 3,172,356 ​ 3,235,635 INTERSEGMENT SALES: ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ (1,450) ​ (5,112) ​ (7,853) ​ (12,413) Agriculture ​ (1,814) ​ (3,120) ​ (5,431) ​ (9,488) Total ​ (3,264) ​ (8,232) ​ (13,284) ​ (21,901) NET SALES: ​ ​ ​ ​ Infrastructure ​ 753,626 ​ 750,380 ​ 2,253,924 ​ 2,144,669 Agriculture ​ 296,669 ​ 324,141 ​ 905,148 ​ 1,002,118 Other ​ ​ — ​ 22,861 ​ — ​ 66,947 Total ​ $ 1,050,295 ​ $ 1,097,382 ​ $ 3,159,072 ​ $ 3,213,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING INCOME (LOSS): ​ ​ ​ ​ Infrastructure ​ $ 103,401 ​ $ 92,465 ​ $ 313,703 ​ $ 254,908 Agriculture ​ (99,670) ​ 43,258 ​ 2,904 ​ 138,779 Other ​ ​ — ​ 1,107 ​ — ​ 814 Corporate ​ (27,921) ​ (26,858) ​ (88,598) ​ (70,968) Total ​ $ (24,190) ​ $ 109,972 ​ $ 228,009 ​ $ 323,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 30, 2023 Sales ​ Infrastructure Agriculture ​ Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ North America ​ $ 572,239 ​ $ 126,828 ​ $ (3,055) ​ $ 696,012 International ​ 182,837 ​ 171,655 ​ (209) ​ 354,283 Total ​ $ 755,076 ​ $ 298,483 ​ $ (3,264) ​ $ 1,050,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 297,967 ​ $ — ​ $ — ​ $ 297,967 Lighting and Transportation ​ 252,603 ​ — ​ — ​ 252,603 Coatings ​ 88,967 ​ — ​ (1,241) ​ 87,726 Telecommunications ​ 59,630 ​ — ​ — ​ 59,630 Solar ​ 55,909 ​ — ​ (209) ​ 55,700 Irrigation Equipment and Parts ​ — ​ 273,639 ​ (1,814) ​ 271,825 Technology Products and Services ​ — ​ 24,844 ​ — ​ 24,844 Total ​ $ 755,076 ​ $ 298,483 ​ $ (3,264) ​ $ 1,050,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 24, 2022 Sales ​ Infrastructure Agriculture Other ​ Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ North America ​ $ 579,628 ​ $ 178,626 ​ $ — ​ $ (7,114) ​ $ 751,140 International ​ 175,864 ​ 148,635 ​ 22,861 ​ (1,118) ​ 346,242 Total ​ $ 755,492 ​ $ 327,261 ​ $ 22,861 ​ $ (8,232) ​ $ 1,097,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 304,781 ​ $ — ​ $ — ​ $ — ​ $ 304,781 Lighting and Transportation ​ 241,590 ​ — ​ — ​ — ​ 241,590 Coatings ​ 91,969 ​ — ​ — ​ (3,994) ​ 87,975 Telecommunications ​ 92,830 ​ — ​ — ​ — ​ 92,830 Solar ​ 24,322 ​ — ​ — ​ (1,118) ​ 23,204 Irrigation Equipment and Parts ​ — ​ 303,003 ​ — ​ (3,120) ​ 299,883 Technology Products and Services ​ — ​ 24,258 ​ — ​ — ​ 24,258 Other ​ ​ — ​ — ​ 22,861 ​ — ​ 22,861 Total ​ $ 755,492 ​ $ 327,261 ​ $ 22,861 ​ $ (8,232) ​ $ 1,097,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended September 30, 2023 Sales ​ Infrastructure Agriculture Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ North America ​ $ 1,743,635 ​ $ 450,678 ​ $ (12,042) ​ $ 2,182,271 International ​ 518,142 ​ 459,901 ​ (1,242) ​ 976,801 Total ​ $ 2,261,777 ​ $ 910,579 ​ $ (13,284) ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 927,094 ​ $ — ​ $ — ​ $ 927,094 Lighting and Transportation ​ 727,862 ​ — ​ — ​ 727,862 Coatings ​ 270,201 ​ — ​ (6,611) ​ 263,590 Telecommunications ​ 195,505 ​ — ​ — ​ 195,505 Solar ​ 141,115 ​ — ​ (1,242) ​ 139,873 Irrigation Equipment and Parts ​ — ​ 825,277 ​ (5,431) ​ 819,846 Technology Products and Services ​ — ​ 85,302 ​ — ​ 85,302 Total ​ $ 2,261,777 ​ $ 910,579 ​ $ (13,284) ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended September 24, 2022 Sales ​ Infrastructure Agriculture ​ Other Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ North America ​ $ 1,645,472 ​ $ 564,369 ​ $ — ​ $ (20,316) ​ $ 2,189,525 International ​ 511,610 ​ 447,237 ​ 66,947 ​ (1,585) ​ 1,024,209 Total ​ $ 2,157,082 ​ $ 1,011,606 ​ $ 66,947 ​ $ (21,901) ​ $ 3,213,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 882,216 ​ $ — ​ $ — ​ $ — ​ $ 882,216 Lighting and Transportation ​ 701,009 ​ — ​ — ​ — ​ 701,009 Coatings ​ 264,266 ​ — ​ — ​ (11,295) ​ 252,971 Telecommunications ​ 232,765 ​ — ​ — ​ — ​ 232,765 Solar ​ 76,826 ​ — ​ — ​ (1,118) ​ 75,708 Irrigation Equipment and Parts ​ — ​ 928,622 ​ — ​ (9,488) ​ 919,134 Technology Products and Services ​ — ​ 82,984 ​ — ​ — ​ 82,984 Other ​ ​ — ​ — ​ 66,947 ​ — ​ 66,947 Total ​ $ 2,157,082 ​ $ 1,011,606 ​ $ 66,947 ​ $ (21,901) ​ $ 3,213,734 ​ A breakdown by segment of revenue recognized over time and at a point in time for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 30, 2023 Thirty-nine weeks ended September 30, 2023 Net Sales Point in Time ​ Over Time ​ Total Point in Time ​ Over Time ​ Total Infrastructure ​ $ 453,829 ​ $ 299,797 ​ $ 753,626 ​ $ 1,316,931 ​ $ 936,993 ​ $ 2,253,924 Agriculture ​ 288,780 ​ ​ 7,889 ​ 296,669 ​ 883,797 ​ ​ 21,351 ​ 905,148 Total ​ $ 742,609 ​ $ 307,686 ​ $ 1,050,295 ​ $ 2,200,728 ​ $ 958,344 ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 24, 2022 ​ Thirty-nine weeks ended September 24, 2022 Net Sales ​ Point in Time Over Time Total ​ Point in Time Over Time Total Infrastructure ​ $ 434,839 ​ $ 315,541 ​ $ 750,380 ​ $ 1,233,320 ​ $ 911,349 ​ $ 2,144,669 Agriculture ​ 317,669 ​ ​ 6,472 ​ 324,141 ​ 983,450 ​ ​ 18,668 ​ 1,002,118 Other ​ ​ — ​ ​ 22,861 ​ 22,861 ​ ​ — ​ ​ 66,947 ​ 66,947 Total ​ $ 752,508 ​ $ 344,874 ​ $ 1,097,382 ​ $ 2,216,770 ​ $ 996,964 ​ $ 3,213,734 ​

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022, and the Condensed Consolidated Statements of Cash Flows and Shareholders’ Equity for the thirty-nine 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 September 30, 2023 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 31, 2022. The results of operations for the period ended September 30, 2023 are not necessarily indicative of the operating results for the full fiscal year.
Inventories	Inventories Inventory is valued at the lower of cost, determined on the first-in, first-out method, or net realizable value. 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 as of September 30, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Raw materials and purchased parts ​ $ 255,279 ​ $ 258,814 Work-in-process ​ 45,652 ​ 44,453 Finished goods and manufactured goods ​ 392,698 ​ 425,495 Total inventories ​ $ 693,629 ​ $ 728,762
Geographical Markets	Geographical Markets Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 United States ​ $ 31,915 ​ $ 41,146 ​ $ 140,839 ​ $ 164,177 Foreign ​ (66,570) ​ 59,625 ​ 50,447 ​ 130,328 Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries ​ $ (34,655) ​ $ 100,771 ​ $ 191,286 ​ $ 294,505
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 the expense and the related benefit obligation, various assumptions are made including the discount rates used to value the obligation, the expected return on plan assets used to fund these expenses, and the 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 cost (benefit) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Interest cost ​ $ 5,472 ​ $ 2,930 ​ $ 16,142 ​ $ 9,452 Expected return on plan assets ​ (5,536) ​ (5,400) ​ (16,330) ​ (17,420) Amortization of prior service cost ​ 128 ​ 115 ​ 374 ​ 371 Net periodic pension cost (benefit) ​ $ 64 ​ $ (2,355) ​ $ 186 ​ $ (7,597)
Stock Plans	Stock Plans The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human Resources 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. As of September 30, 2023, 1,616,717 shares of common stock remained available for issuance under the plans. Stock options granted under the plans call for the exercise price of each option to equal the closing market price as of the date of the grant. Options vest beginning on the first anniversary of the grant date in equal amounts over three years or on the grant’s fifth anniversary date. Expiration of grants is seven three The Company’s compensation expense (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations) and associated income tax benefits related to stock options and restricted stock awards for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Compensation expense ​ $ 8,954 ​ $ 10,415 ​ $ 28,810 ​ $ 29,998 Income tax benefits ​ 2,239 ​ 2,604 ​ 7,203 ​ 7,500
Fair Value	Fair Value The Company applies the provisions of Accounting Standards Codification 820, Fair Value Measurement 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 prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3: Unobservable inputs for the asset or liability. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following are descriptions of the valuation methodologies used for assets and liabilities measured at fair value. Trading Securities: The Company’s trading securities represent the investments held in the Valmont Deferred Compensation Plan (the “DCP”). The assets of the DCP were $25,334 and $25,008 as of September 30, 2023 and December 31, 2022, respectively. These assets represent mutual funds, invested in debt and equity securities, classified as trading securities in accordance with ASC 320, Investments – Debt Securities Derivative Financial Instruments: The fair value of foreign currency forward contracts, commodity forward contracts, and cross currency swap 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. Mutual Funds: The Company has short-term investments in various mutual funds. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ September 30, 2023 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,334 ​ $ 25,334 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 4,684 ​ ​ — ​ ​ 4,684 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 831 ​ ​ 831 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ December 31, 2022 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,008 ​ $ 25,008 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 7,205 ​ ​ 7,205 ​ ​ — ​ ​ —
Long-Lived Assets	Long-Lived Assets The Company’s other non-financial assets include goodwill and other intangible assets, which are measured at fair value on a non-recurring basis using Level 3 inputs. See “Goodwill and Intangible Assets” footnote.
Leases	Leases The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets.
Comprehensive Income	Comprehensive Income (Loss) Comprehensive income (loss) includes net earnings (loss), foreign currency translation adjustments, certain derivative-related activity, and changes in prior service cost from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Foreign currency translation adjustments ​ $ (269,812) ​ $ (260,799) Hedging activities ​ ​ 22,108 ​ ​ 20,099 Defined benefit pension plan ​ ​ (33,928) ​ ​ (34,209) Accumulated other comprehensive loss ​ $ (281,632) ​ $ (274,909)
Revenue Recognition	Revenue Recognition The Company determines the appropriate revenue recognition model for contracts by analyzing the type, terms, and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue and do not include variable consideration. Discounts included in contracts with customers, typically early pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation is related to the manufacturing and sale of goods. Contract revenues are classified as “Service sales” when the performance obligation is the performance of a service. Service revenue is primarily related to the Coatings product line and Technology Products and Services product line. Customer acceptance provisions exist only in the design stage of the products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on design of the product and does not recognize this service as a separate performance obligation and, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties. Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation ("TD&S"), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected 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 one year of transfer of control of goods or services. The Company’s contract assets as of September 30, 2023 and December 31, 2022 totaled $169,931 and $174,539, 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. As of September 30, 2023 and December 31, 2022, total contract liabilities were $88,600 and $178,531, respectively. The balance as of September 30, 2023 was recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows: ● During the thirteen and thirty-nine weeks ended September 30, 2023, the Company recognized $ 49,644 and $ 149,801 of revenue that was included in the total contract liability as of December 31, 2022, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● During the thirteen and thirty-nine weeks ended September 24, 2022, the Company recognized $16,826 and $75,998 of revenue that was included in the total contract liability as of December 25, 2021, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● As of September 30, 2023, the Company had no material remaining performance obligations on contracts with an expected duration of one year or more. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete 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 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 the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an input basis, using total production hours incurred to-date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of goods sold, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to-date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. 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 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 Products and 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 & Related Revenue Information” footnote.
Supplier Finance Program	Supplier Finance Program In the first quarter of fiscal 2023, the Company adopted Accounting Standards Update No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ​ ​ ​ ​ ​ Confirmed obligations outstanding as of December 31, 2022 ​ $ 48,880 Invoices confirmed during the period ​ ​ 204,922 Confirmed invoices paid during the period ​ (205,239) Confirmed obligations outstanding as of September 30, 2023 ​ $ 48,563

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of inventories	Inventories as of September 30, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Raw materials and purchased parts ​ $ 255,279 ​ $ 258,814 Work-in-process ​ 45,652 ​ 44,453 Finished goods and manufactured goods ​ 392,698 ​ 425,495 Total inventories ​ $ 693,629 ​ $ 728,762
Schedule of Income Before Income Tax, Domestic and Foreign	Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 United States ​ $ 31,915 ​ $ 41,146 ​ $ 140,839 ​ $ 164,177 Foreign ​ (66,570) ​ 59,625 ​ 50,447 ​ 130,328 Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries ​ $ (34,655) ​ $ 100,771 ​ $ 191,286 ​ $ 294,505
Schedule of Components of the Net Periodic Pension (Benefit) Expense	The components of the net periodic pension cost (benefit) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Interest cost ​ $ 5,472 ​ $ 2,930 ​ $ 16,142 ​ $ 9,452 Expected return on plan assets ​ (5,536) ​ (5,400) ​ (16,330) ​ (17,420) Amortization of prior service cost ​ 128 ​ 115 ​ 374 ​ 371 Net periodic pension cost (benefit) ​ $ 64 ​ $ (2,355) ​ $ 186 ​ $ (7,597)
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” in the Condensed Consolidated Statements of Operations) and associated income tax benefits related to stock options and restricted stock awards for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Compensation expense ​ $ 8,954 ​ $ 10,415 ​ $ 28,810 ​ $ 29,998 Income tax benefits ​ 2,239 ​ 2,604 ​ 7,203 ​ 7,500
Valuation methodologies used for assets and liabilities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ September 30, 2023 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,334 ​ $ 25,334 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 4,684 ​ ​ — ​ ​ 4,684 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 831 ​ ​ 831 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ December 31, 2022 ​ Level 1 ​ Level 2 ​ Level 3 Trading securities ​ $ 25,008 ​ $ 25,008 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ ​ — Cash and cash equivalents - mutual funds ​ ​ 7,205 ​ ​ 7,205 ​ ​ — ​ ​ —
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 2022 Foreign currency translation adjustments ​ $ (269,812) ​ $ (260,799) Hedging activities ​ ​ 22,108 ​ ​ 20,099 Defined benefit pension plan ​ ​ (33,928) ​ ​ (34,209) Accumulated other comprehensive loss ​ $ (281,632) ​ $ (274,909)
Schedule of supplier finance program confirmed obligations	​ ​ ​ ​ ​ Confirmed obligations outstanding as of December 31, 2022 ​ $ 48,880 Invoices confirmed during the period ​ ​ 204,922 Confirmed invoices paid during the period ​ (205,239) Confirmed obligations outstanding as of September 30, 2023 ​ $ 48,563

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Conceal Fab
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition: ​ ​ ​ ​ ​ ​ June 1, ​ ​ 2022 Current assets ​ $ 21,133 Property, plant, and equipment ​ 3,813 Goodwill ​ 42,465 Customer relationships ​ 26,200 Trade name ​ 5,000 Other non-current assets ​ 9,108 Total fair value of assets acquired ​ $ 107,719 Current liabilities ​ 6,658 Long-term debt ​ 2,038 Operating lease liabilities ​ 7,812 Deferred income taxes ​ 5,464 Other non-current liabilities ​ 12 Total fair value of liabilities assumed ​ $ 21,984 Noncontrolling interest in consolidated subsidiaries ​ 41,693 Net assets acquired ​ $ 44,042
HR Products
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of HR Products as of the date of acquisition: ​ ​ ​ ​ ​ ​ August 31, ​ ​ 2023 Current assets ​ $ 24,816 Property, plant, and equipment ​ 222 Goodwill ​ 17,645 Other non-current assets ​ 4,819 Total fair value of assets acquired ​ $ 47,502 Current liabilities ​ 4,216 Operating lease liabilities ​ 3,581 Total fair value of liabilities assumed ​ $ 7,797 Net assets acquired ​ $ 39,705

REALIGNMENT ACTIVITIES (Tables)

REALIGNMENT ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ Agriculture ​ Corporate ​ Total Severance and other employee benefit costs ​ $ 1,069 ​ $ 907 ​ $ 2,204 ​ $ 4,180
Schedule of Liabilities Recorded For The Restructuring Plan And Changes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of Recognized Costs Paid or Balance as of ​ ​ December 31, ​ Realignment ​ Otherwise ​ September 30, ​ ​ 2022 ​ Expense ​ Settled ​ 2023 Severance and other employee benefit costs ​ $ — $ 4,180 ​ $ (132) ​ $ 4,048 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ ​ Carrying ​ Accumulated Carrying ​ Accumulated ​ Amount Amortization Amount Amortization Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 219,467 ​ $ 152,718 ​ $ 222,716 ​ $ 145,502 Patents & proprietary technology ​ 58,439 ​ 44,673 ​ 58,404 ​ 21,291 Trade names ​ 2,870 ​ 952 ​ 2,850 ​ 645 Other ​ 4,676 ​ 4,393 ​ 2,462 ​ 2,164 Non-amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ 57,536 ​ ​ — ​ ​ 59,785 ​ ​ — ​ ​ $ 342,988 ​ $ 202,736 ​ $ 346,217 ​ $ 169,602
Schedule of Carrying Amount of Goodwill	The carrying amount of goodwill by segment as of September 30, 2023 and December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure Agriculture Total Gross balance as of December 31, 2022 ​ $ 473,551 ​ $ 313,777 ​ $ 787,328 Accumulated impairment losses ​ (47,467) ​ — ​ (47,467) Balance as of December 31, 2022 ​ 426,084 ​ 313,777 ​ ​ 739,861 Acquisition ​ — ​ 17,645 ​ 17,645 Divestiture ​ ​ — ​ ​ (160) ​ ​ (160) Impairments ​ ​ (1,915) ​ ​ (120,000) ​ ​ (121,915) Foreign currency translation ​ (610) ​ 196 ​ (414) Balance as of September 30, 2023 ​ $ 423,559 ​ $ 211,458 ​ $ 635,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure Agriculture Total Gross balance as of September 30, 2023 ​ $ 472,941 ​ $ 331,458 ​ $ 804,399 Accumulated impairment losses ​ ​ (49,382) ​ ​ (120,000) ​ ​ (169,382) Balance as of September 30, 2023 ​ $ 423,559 ​ $ 211,458 ​ $ 635,017

CASH FLOW SUPPLEMENTARY INFOR_2

CASH FLOW SUPPLEMENTARY INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Payments For Interest And Income Taxes (Net of Refunds)	​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ ​ 2023 2022 Interest ​ $ 30,932 ​ $ 23,678 Income taxes ​ 88,930 ​ 61,551

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table provides a reconciliation of the earnings (loss) and average share amounts used to compute both basic and diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, ​ September 24, ​ September 30, ​ September 24, ​ ​ 2023 2022 2023 2022 Net earnings (loss) attributable to Valmont Industries, Inc. ​ $ (49,028) ​ $ 72,112 ​ $ 114,888 ​ $ 210,531 Weighted average shares outstanding (000's): ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 20,951 ​ ​ 21,332 ​ ​ 21,083 ​ ​ 21,308 Dilutive effect of various stock awards ​ ​ — ​ ​ 273 ​ ​ 207 ​ ​ 238 Diluted ​ ​ 20,951 ​ ​ 21,605 ​ ​ 21,290 ​ ​ 21,546 Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (2.34) ​ $ 3.38 ​ $ 5.45 ​ $ 9.88 Dilutive effect of various stock awards ​ ​ — ​ ​ (0.04) ​ ​ (0.05) ​ ​ (0.11) Diluted ​ $ (2.34) ​ $ 3.34 ​ $ 5.40 ​ $ 9.77 ​ In the third quarter of fiscal 2023, the Company reported a net loss. In periods in which the Company recognizes a net loss, the Company excludes the impact of outstanding stock awards from the diluted loss per share calculation, as its inclusion would have an anti-dilutive effect.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of Fair Value of Derivative Instruments	Fair value of derivative instruments as of September 30, 2023 and December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Derivatives designated as hedging instruments: Balance Sheet location ​ 2023 ​ 2022 Commodity forward contracts ​ Prepaid expenses and other current assets ​ $ 655 ​ $ — Commodity forward contracts ​ Other accrued expenses ​ ​ (2,208) ​ ​ (3,854) Foreign currency forward contracts Prepaid expenses and other current assets ​ ​ — ​ 83 Cross currency swap contracts Prepaid expenses and other current assets ​ ​ 6,237 ​ 5,385 Cross currency swap contracts Other accrued expenses ​ ​ — ​ (210) ​ ​ ​ ​ $ 4,684 ​ $ 1,404
Schedule of Gains (Losses) on Derivatives Recognized on Statements of Earnings	Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended Derivatives designated as ​ Statements of ​ September 30, ​ September 24, ​ September 30, ​ September 24, hedging instruments: ​ Operations location ​ 2023 2022 2023 2022 Commodity forward contracts ​ Product cost of sales ​ $ (997) ​ $ (1,545) ​ $ (6,060) ​ $ (1,047) Foreign currency forward contracts ​ Other income (expenses) ​ ​ — ​ (94) ​ ​ 177 ​ (177) Interest rate hedge amortization ​ Interest expense ​ ​ (16) ​ (16) ​ ​ (48) ​ (48) Cross currency swap contracts ​ Interest expense ​ ​ 476 ​ 793 ​ ​ 1,371 ​ 2,300 ​ ​ ​ ​ $ (537) ​ $ (862) ​ $ (4,560) ​ $ 1,028
Cash Flow Hedging
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of notional amounts of outstanding derivative	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Total ​ Maturity Commodity Type ​ Amount ​ Purchase Quantity ​ Dates Steel hot rolled coil ​ $ 20,906 ​ 25,000 short tons October 2023 to April 2024 Natural gas ​ ​ 5,364 ​ 1,170,475 MMBtu ​ October 2023 to October 2025 Diesel fuel ​ ​ 658 ​ 1,512,000 gallons ​ October 2023 to June 2024
Net Investment Hedging
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of notional amounts of outstanding derivative	Key terms of the Euro CCS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Swapped ​ Set Settlement Currency ​ Amount ​ Termination Date ​ Interest Rate ​ Amount Euro ​ $ 80,000 ​ April 1, 2024 2.825% ​ € 71,550

BUSINESS SEGMENTS & RELATED R_2

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information of Sales and Operating Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ Thirty-nine weeks ended ​ ​ September 30, September 24, September 30, September 24, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 SALES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ $ 755,076 ​ $ 755,492 ​ $ 2,261,777 ​ $ 2,157,082 Agriculture ​ 298,483 ​ 327,261 ​ 910,579 ​ 1,011,606 Other ​ ​ — ​ ​ 22,861 ​ ​ — ​ ​ 66,947 Total ​ 1,053,559 ​ 1,105,614 ​ 3,172,356 ​ 3,235,635 INTERSEGMENT SALES: ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ (1,450) ​ (5,112) ​ (7,853) ​ (12,413) Agriculture ​ (1,814) ​ (3,120) ​ (5,431) ​ (9,488) Total ​ (3,264) ​ (8,232) ​ (13,284) ​ (21,901) NET SALES: ​ ​ ​ ​ Infrastructure ​ 753,626 ​ 750,380 ​ 2,253,924 ​ 2,144,669 Agriculture ​ 296,669 ​ 324,141 ​ 905,148 ​ 1,002,118 Other ​ ​ — ​ 22,861 ​ — ​ 66,947 Total ​ $ 1,050,295 ​ $ 1,097,382 ​ $ 3,159,072 ​ $ 3,213,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING INCOME (LOSS): ​ ​ ​ ​ Infrastructure ​ $ 103,401 ​ $ 92,465 ​ $ 313,703 ​ $ 254,908 Agriculture ​ (99,670) ​ 43,258 ​ 2,904 ​ 138,779 Other ​ ​ — ​ 1,107 ​ — ​ 814 Corporate ​ (27,921) ​ (26,858) ​ (88,598) ​ (70,968) Total ​ $ (24,190) ​ $ 109,972 ​ $ 228,009 ​ $ 323,533
Schedule of breakdown by segment of revenue recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 30, 2023 Sales ​ Infrastructure Agriculture ​ Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ North America ​ $ 572,239 ​ $ 126,828 ​ $ (3,055) ​ $ 696,012 International ​ 182,837 ​ 171,655 ​ (209) ​ 354,283 Total ​ $ 755,076 ​ $ 298,483 ​ $ (3,264) ​ $ 1,050,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 297,967 ​ $ — ​ $ — ​ $ 297,967 Lighting and Transportation ​ 252,603 ​ — ​ — ​ 252,603 Coatings ​ 88,967 ​ — ​ (1,241) ​ 87,726 Telecommunications ​ 59,630 ​ — ​ — ​ 59,630 Solar ​ 55,909 ​ — ​ (209) ​ 55,700 Irrigation Equipment and Parts ​ — ​ 273,639 ​ (1,814) ​ 271,825 Technology Products and Services ​ — ​ 24,844 ​ — ​ 24,844 Total ​ $ 755,076 ​ $ 298,483 ​ $ (3,264) ​ $ 1,050,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 24, 2022 Sales ​ Infrastructure Agriculture Other ​ Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ North America ​ $ 579,628 ​ $ 178,626 ​ $ — ​ $ (7,114) ​ $ 751,140 International ​ 175,864 ​ 148,635 ​ 22,861 ​ (1,118) ​ 346,242 Total ​ $ 755,492 ​ $ 327,261 ​ $ 22,861 ​ $ (8,232) ​ $ 1,097,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 304,781 ​ $ — ​ $ — ​ $ — ​ $ 304,781 Lighting and Transportation ​ 241,590 ​ — ​ — ​ — ​ 241,590 Coatings ​ 91,969 ​ — ​ — ​ (3,994) ​ 87,975 Telecommunications ​ 92,830 ​ — ​ — ​ — ​ 92,830 Solar ​ 24,322 ​ — ​ — ​ (1,118) ​ 23,204 Irrigation Equipment and Parts ​ — ​ 303,003 ​ — ​ (3,120) ​ 299,883 Technology Products and Services ​ — ​ 24,258 ​ — ​ — ​ 24,258 Other ​ ​ — ​ — ​ 22,861 ​ — ​ 22,861 Total ​ $ 755,492 ​ $ 327,261 ​ $ 22,861 ​ $ (8,232) ​ $ 1,097,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended September 30, 2023 Sales ​ Infrastructure Agriculture Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ North America ​ $ 1,743,635 ​ $ 450,678 ​ $ (12,042) ​ $ 2,182,271 International ​ 518,142 ​ 459,901 ​ (1,242) ​ 976,801 Total ​ $ 2,261,777 ​ $ 910,579 ​ $ (13,284) ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 927,094 ​ $ — ​ $ — ​ $ 927,094 Lighting and Transportation ​ 727,862 ​ — ​ — ​ 727,862 Coatings ​ 270,201 ​ — ​ (6,611) ​ 263,590 Telecommunications ​ 195,505 ​ — ​ — ​ 195,505 Solar ​ 141,115 ​ — ​ (1,242) ​ 139,873 Irrigation Equipment and Parts ​ — ​ 825,277 ​ (5,431) ​ 819,846 Technology Products and Services ​ — ​ 85,302 ​ — ​ 85,302 Total ​ $ 2,261,777 ​ $ 910,579 ​ $ (13,284) ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-nine weeks ended September 24, 2022 Sales ​ Infrastructure Agriculture ​ Other Intersegment Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ North America ​ $ 1,645,472 ​ $ 564,369 ​ $ — ​ $ (20,316) ​ $ 2,189,525 International ​ 511,610 ​ 447,237 ​ 66,947 ​ (1,585) ​ 1,024,209 Total ​ $ 2,157,082 ​ $ 1,011,606 ​ $ 66,947 ​ $ (21,901) ​ $ 3,213,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ Transmission, Distribution, and Substation ​ $ 882,216 ​ $ — ​ $ — ​ $ — ​ $ 882,216 Lighting and Transportation ​ 701,009 ​ — ​ — ​ — ​ 701,009 Coatings ​ 264,266 ​ — ​ — ​ (11,295) ​ 252,971 Telecommunications ​ 232,765 ​ — ​ — ​ — ​ 232,765 Solar ​ 76,826 ​ — ​ — ​ (1,118) ​ 75,708 Irrigation Equipment and Parts ​ — ​ 928,622 ​ — ​ (9,488) ​ 919,134 Technology Products and Services ​ — ​ 82,984 ​ — ​ — ​ 82,984 Other ​ ​ — ​ — ​ 66,947 ​ — ​ 66,947 Total ​ $ 2,157,082 ​ $ 1,011,606 ​ $ 66,947 ​ $ (21,901) ​ $ 3,213,734
Breakdown by segment of revenue recognized over time and at a point in time	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 30, 2023 Thirty-nine weeks ended September 30, 2023 Net Sales Point in Time ​ Over Time ​ Total Point in Time ​ Over Time ​ Total Infrastructure ​ $ 453,829 ​ $ 299,797 ​ $ 753,626 ​ $ 1,316,931 ​ $ 936,993 ​ $ 2,253,924 Agriculture ​ 288,780 ​ ​ 7,889 ​ 296,669 ​ 883,797 ​ ​ 21,351 ​ 905,148 Total ​ $ 742,609 ​ $ 307,686 ​ $ 1,050,295 ​ $ 2,200,728 ​ $ 958,344 ​ $ 3,159,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended September 24, 2022 ​ Thirty-nine weeks ended September 24, 2022 Net Sales ​ Point in Time Over Time Total ​ Point in Time Over Time Total Infrastructure ​ $ 434,839 ​ $ 315,541 ​ $ 750,380 ​ $ 1,233,320 ​ $ 911,349 ​ $ 2,144,669 Agriculture ​ 317,669 ​ ​ 6,472 ​ 324,141 ​ 983,450 ​ ​ 18,668 ​ 1,002,118 Other ​ ​ — ​ ​ 22,861 ​ 22,861 ​ ​ — ​ ​ 66,947 ​ 66,947 Total ​ $ 752,508 ​ $ 344,874 ​ $ 1,097,382 ​ $ 2,216,770 ​ $ 996,964 ​ $ 3,213,734 ​

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials and purchased parts	$ 255,279	$ 258,814
Work-in-process	45,652	44,453
Finished goods and manufactured goods	392,698	425,495
Total inventories	$ 693,629	$ 728,762

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Geographical Markets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Accounting Policies [Abstract]
United States	$ 31,915	$ 41,146	$ 140,839	$ 164,177
Foreign	(66,570)	59,625	50,447	130,328
Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries	$ (34,655)	$ 100,771	$ 191,286	$ 294,505

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Periodic Pension Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 5,472	$ 2,930	$ 16,142	$ 9,452
Expected return on plan assets	(5,536)	(5,400)	(16,330)	(17,420)
Amortization of prior service cost	128	115	374	371
Net periodic pension cost (benefit)	$ 64	$ (2,355)	$ 186	$ (7,597)

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Plans and Restricted Stock Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Share-based Payment Arrangement, Option
Defined Benefit Plan Disclosure [Line Items]
Shares of common stock available for issuance (in shares)	1,616,717		1,616,717
Vesting period of options			3 years
Share-based Payment Arrangement, Option | Minimum
Defined Benefit Plan Disclosure [Line Items]
Expiration period of grant			7 years
Vesting period of options			3 years
Share-based Payment Arrangement, Option | Maximum
Defined Benefit Plan Disclosure [Line Items]
Expiration period of grant			10 years
Share-based Payment Arrangement [Member]
Defined Benefit Plan Disclosure [Line Items]
Compensation expense	$ 8,954	$ 10,415	$ 28,810	$ 29,998
Income tax benefits	$ 2,239	$ 2,604	$ 7,203	$ 7,500
Restricted stock units | Minimum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			3 years
Restricted stock units | Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period of options			4 years

BASIS OF PRESENTATION AND SUM_8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 25,334	$ 25,008
Derivative financial instruments, net	4,684	1,404
Cash and cash equivalents - mutual funds	831	7,205
Carrying Value | 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	25,334	25,008
Estimated Fair value | 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	25,334	25,008
Derivative financial instruments, net		0
Cash and cash equivalents - mutual funds	831	7,205
Estimated Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		0
Derivative financial instruments, net	$ 4,684	1,404
Cash and cash equivalents - mutual funds		0
Estimated Fair value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		0
Derivative financial instruments, net		0
Cash and cash equivalents - mutual funds		$ 0

BASIS OF PRESENTATION AND SUM_9

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency translation adjustments	$ (269,812)	$ (260,799)
Hedging activities	22,108	20,099
Defined benefit pension plan	(33,928)	(34,209)
Accumulated other comprehensive loss	$ (281,632)	$ (274,909)

BASIS OF PRESENTATION AND SU_10

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract assets	$ 169,931,000		$ 169,931,000		$ 174,539,000
Contract liabilities	88,600,000		88,600,000		178,531,000
Contract liabilities	88,600,000		88,600,000		$ 172,915,000
Revenue recognized from contract liability	49,644,000	$ 16,826,000	149,801,000	$ 75,998,000
Remaining performance obligation	$ 0		$ 0
Minimum
Disaggregation of Revenue [Line Items]
Expected timing of performance obligation satisfaction	1 year		1 year

BASIS OF PRESENTATION AND SU_11

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplier Finance Program (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Confirmed obligations outstanding	$ 48,880
Invoices confirmed during the period	204,922
Confirmed invoices paid during the period	(205,239)
Confirmed obligations outstanding as of September 30, 2023	$ 48,563

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands, $ in Thousands						9 Months Ended
	Aug. 31, 2023 USD ($) payment	Aug. 31, 2023 AUD ($)	Aug. 10, 2022 USD ($)	Jun. 01, 2022 USD ($)	May 10, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Aug. 31, 2023 AUD ($) payment	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisitions, net of cash acquired						$ 31,839	$ 39,287
Goodwill						635,017			$ 739,861
Non-controlling interest in consolidated subsidiaries						$ 56,970			$ 60,865
Conceal Fab
Business Acquisition [Line Items]
Current assets				$ 21,133
Property, plant, and equipment				3,813
Goodwill				42,465
Other non-current assets				9,108
Total fair value of assets acquired				107,719
Current Liabilities				6,658
Long-term debt				2,038
Operating lease liabilities				7,812
Deferred income taxes				5,464
Other non-current liabilities				12
Total fair value of liabilities assumed				21,984
Non-controlling interest in consolidated subsidiaries				41,693
Net assets acquired				$ 44,042
Percentage acquired				51%
Cash paid to acquire business				$ 39,287
Contingent consideration liability, current				1,850
Convert Italia S.p.A.
Business Acquisition [Line Items]
Percentage acquired			9%
Consideration transferred			$ 3,046
Valmont West Coast Engineering
Business Acquisition [Line Items]
Percentage acquired					20%
Consideration transferred					$ 4,292
HR Products
Business Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 36,465	$ 56,744
Retention fund, withheld	$ 4,626							$ 7,200
Number of equal payments | payment	2							2
Current assets										$ 24,816
Property, plant, and equipment										222
Goodwill										17,645
Other non-current assets										4,819
Total fair value of assets acquired										47,502
Current Liabilities										4,216
Operating lease liabilities										3,581
Total fair value of liabilities assumed										7,797
Net assets acquired										$ 39,705
Customer relationships | Conceal Fab
Business Acquisition [Line Items]
Intangible assets				26,200
Trade names | Conceal Fab
Business Acquisition [Line Items]
Intangible assets				$ 5,000

DIVESTITURES (Details)

DIVESTITURES (Details) kr in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 DKK (kr)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale of engineering and equipment				$ 2,994	$ 0
Valmont SM, Offshore Wind Business [Member] | Disposed by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income			$ 1,107		$ 814
Cash consideration						$ 12,570	kr 90,000
Consideration escrowed						$ 4,027	kr 28,000
Torrent Engineering and Equipment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 6,369
Pre-tax gain on sale of engineering and equipment		$ 2,994
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)

REALIGNMENT ACTIVITIES - Narrat

REALIGNMENT ACTIVITIES - Narrative (Details) - Maximum - Voluntary early retirement program and other headcount reduction actions - Realignment Program $ in Thousands	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 36,000
Infrastructure
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	16,000
Agriculture
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	10,000
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 10,000

REALIGNMENT ACTIVITIES - Pre-ta

REALIGNMENT ACTIVITIES - Pre-tax Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	$ 4,180	$ 4,180
Realignment charges	4,180	$ 4,180
Infrastructure | Voluntary early retirement program and other headcount reduction actions | Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	1,069
Realignment charges	1,069
Agriculture | Voluntary early retirement program and other headcount reduction actions | Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	907
Realignment charges	907
Corporate | Voluntary early retirement program and other headcount reduction actions | Realignment Program
Restructuring Cost and Reserve [Line Items]
Severance and other employee benefit costs	2,204
Realignment charges	$ 2,204

REALIGNMENT ACTIVITIES - Change

REALIGNMENT ACTIVITIES - Changes in Current Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Roll Forward]
Restructuring Charges	$ 4,180	$ 4,180
Voluntary early retirement program and other headcount reduction actions | Realignment Program
Restructuring Cost and Reserve [Roll Forward]
Costs Paid or Otherwise Settled		(132)
Severance and other employee benefit costs, ending balance	$ 4,048	$ 4,048

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, Gross	$ 804,399	$ 804,399	$ 787,328
Accumulated impairment losses	(169,382)	(169,382)	(47,467)
Carrying amount of goodwill
Balance at the beginning of the period		739,861
Acquisitions		17,645
Divestiture		(160)
Impairment		(121,915)
Foreign currency translation		(414)
Balance at the end of the period	635,017	635,017
Infrastructure [Member]
Goodwill [Line Items]
Goodwill, Gross	472,941	472,941	473,551
Accumulated impairment losses	(49,382)	(49,382)	(47,467)
Carrying amount of goodwill
Balance at the beginning of the period		426,084
Impairment	(1,915)	(1,915)
Foreign currency translation		(610)
Balance at the end of the period	423,559	423,559
Agriculture [Member]
Goodwill [Line Items]
Goodwill, Gross	331,458	331,458	$ 313,777
Accumulated impairment losses	(120,000)	(120,000)
Carrying amount of goodwill
Balance at the beginning of the period		313,777
Acquisitions		17,645
Divestiture		(160)
Impairment	(120,000)	(120,000)
Foreign currency translation		196
Balance at the end of the period	$ 211,458	$ 211,458

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022	Dec. 31, 2022
Components of amortized intangible assets
Weighted Average Life	4 years		4 years		4 years
Amortization expense for intangible assets	$ 5,191	$ 5,386	$ 15,606	$ 16,766
Estimated Amortization Expense
Remainder of 2023	10,122		10,122
2024	10,122		10,122
2025	10,122		10,122
2026	10,122		10,122
2027	10,122		10,122
2028	10,122		10,122
Customer relationships
Components of amortized intangible assets
Gross Carrying Amount	219,467		219,467		$ 222,716
Accumulated Amortization	152,718		152,718		145,502
Patents & Proprietary Technology
Components of amortized intangible assets
Gross Carrying Amount	58,439		58,439		58,404
Accumulated Amortization	44,673		44,673		21,291
Trade names
Components of amortized intangible assets
Gross Carrying Amount	2,870		2,870		2,850
Accumulated Amortization	952		952		645
Other
Components of amortized intangible assets
Gross Carrying Amount	4,676		4,676		2,462
Accumulated Amortization	$ 4,393		$ 4,393		$ 2,164

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Non-Amortized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trade names
Non-amortized intangible assets
Non-amortizing intangible assets	$ 57,536	$ 59,785

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Total Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Amortizing and non-amortizing intangible assets, Gross Carrying Amount	$ 342,988	$ 346,217
Intangible Assets, Accumulated Amortization	$ 202,736	$ 169,602

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 02, 2023 item	Dec. 31, 2022 USD ($)
Indefinite-lived Intangible Assets
Goodwill impairments	$ 169,382	$ 169,382		$ 47,467
Number Of Reporting Units Impaired for Goodwill | item			2
Goodwill impairment		121,915
Agriculture
Indefinite-lived Intangible Assets
Goodwill impairments	120,000	120,000
Goodwill impairment	120,000	120,000
Agriculture | Proprietary technology intangible asset related to Prospera
Indefinite-lived Intangible Assets
Impairment charge for intangible assets	17,273
Infrastructure
Indefinite-lived Intangible Assets
Goodwill impairments	49,382	49,382		$ 47,467
Goodwill impairment	$ 1,915	1,915
Infrastructure | Trade names
Indefinite-lived Intangible Assets
Impairment of intangible assets		$ 1,656

CASH FLOW SUPPLEMENTARY INFOR_3

CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Supplemental Cash Flow Elements [Abstract]
Interest	$ 30,932	$ 23,678
Income taxes	$ 88,930	$ 61,551

EARNINGS (LOSS) PER SHARE - Rec

EARNINGS (LOSS) PER SHARE - Reconciliation of earnings (loss) and share amounts to compute basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Earnings Per Share [Abstract]
Net earnings (loss) attributable to Valmont Industries, Inc.	$ (49,028)	$ 72,112	$ 114,888	$ 210,531
Weighted average shares outstanding:
Basic (in shares)	20,951	21,332	21,083	21,308
Dilutive effect of various stock awards (in shares)		273	207	238
Diluted (in shares)	20,951	21,605	21,290	21,546
Earnings (loss) per share:
Basic (in dollars per share)	$ (2.34)	$ 3.38	$ 5.45	$ 9.88
Dilutive effect of various stock awards (in dollars per share)		(0.04)	(0.05)	(0.11)
Diluted (in dollars per share)	$ (2.34)	$ 3.34	$ 5.40	$ 9.77

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Earnings Per Share [Abstract]
Loss from divestiture of offshore wind energy structures business			$ 2,994	$ 0
Severance and other employee benefit costs	$ 4,180		$ 4,180
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares)	42,774	0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 4,684	$ 1,404
Commodity forward contracts | Other accrued expenses
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	(2,208)	(3,854)
Commodity forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	655	0
Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	0	83
Cross currency swap contracts | Other accrued expenses
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	0	(210)
Cross currency swap contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 6,237	$ 5,385

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (537)	$ (862)	$ (4,560)	$ 1,028
Commodity forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (997)	$ (1,545)	$ (6,060)	$ (1,047)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net		$ (94)	$ 177	$ (177)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (16)	$ (16)	$ (48)	$ (48)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Cross currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ 476	$ 793	$ 1,371	$ 2,300
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - Senior Unsecured Notes 5.00% Due 2044 - Senior Notes [Member] $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 28, 2019 USD ($) derivative
DERIVATIVE FINANCIAL INSTRUMENTS
Stated rate			5%
Cross currency swap contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Number of foreign currency derivatives held | derivative			2
Net Investment Hedging | Cross currency swap contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Other Comprehensive Income (Loss) before Tax	$ 4,827
Other comprehensive income (loss), foreign currency transaction upon sale or liquidation, net of tax	$ (3,620)
Net Investment Hedging | Designated as Hedging Instrument | Cross currency swap contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount			$ 130,000
Received proceeds		$ 3,532

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Cash flow hedges (Details) - Designated as Hedging Instrument $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) MMBTU T gal	Apr. 01, 2023 USD ($)
Cash Flow Hedging | Steel hot rolled coil ("HRC") forward contracts | Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 20,906
Derivative, nonmonetary notional amount, mass | T	25,000
Cash Flow Hedging | Natural Gas Forward Contract | Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 5,364
Derivative, nonmonetary notional amount, energy measure | MMBTU	1,170,475
Cash Flow Hedging | Diesel Fuel Forward Contract | Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 658
Derivative, nonmonetary notional amount, volume measure | gal	1,512,000
Fair value hedging | Foreign currency forward contracts | Euro Member Countries, Euro
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount		$ 1,800

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Notional Amounts Outstanding (Details) - Designated as Hedging Instrument - Net Investment Hedging - Euro Member Countries, Euro - Cross Currency Interest Rate Contract, Two € in Thousands, $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, notional amount	$ 80,000	€ 71,550
Swapped Interest Rate	2.825%	2.825%

BUSINESS SEGMENTS & RELATED R_3

BUSINESS SEGMENTS & RELATED REVENUE INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 24, 2022 USD ($)
Business Segments
Number of reportable segments | segment			2
Net sales	$ 1,050,295	$ 1,097,382	$ 3,159,072	$ 3,213,734
Operating income (loss)	(24,190)	109,972	228,009	323,533
Pre-tax gain on sale of engineering and equipment			2,994	0
Point in Time
Business Segments
Net sales	742,609	752,508	2,200,728	2,216,770
Over Time
Business Segments
Net sales	307,686	344,874	958,344	996,964
Transmission, Distribution and Substation
Business Segments
Net sales	297,967	304,781	927,094	882,216
Lighting and Transportation
Business Segments
Net sales	252,603	241,590	727,862	701,009
Coatings
Business Segments
Net sales	87,726	87,975	263,590	252,971
Telecommunications
Business Segments
Net sales	59,630	92,830	195,505	232,765
Solar
Business Segments
Net sales	55,700	23,204	139,873	75,708
Irrigation Equipment and Parts
Business Segments
Net sales	271,825	299,883	819,846	919,134
Technology Products and Services
Business Segments
Net sales	24,844	24,258	85,302	82,984
Other
Business Segments
Net sales		22,861		66,947
North America
Business Segments
Net sales	696,012	751,140	2,182,271	2,189,525
International
Business Segments
Net sales	354,283	346,242	976,801	1,024,209
Infrastructure
Business Segments
Net sales	753,626	750,380	2,253,924	2,144,669
Operating income (loss)	103,401	92,465	313,703	254,908
Infrastructure | Point in Time
Business Segments
Net sales	453,829	434,839	1,316,931	1,233,320
Infrastructure | Over Time
Business Segments
Net sales	299,797	315,541	936,993	911,349
Agriculture
Business Segments
Net sales	296,669	324,141	905,148	1,002,118
Operating income (loss)	(99,670)	43,258	2,904	138,779
Agriculture | Point in Time
Business Segments
Net sales	288,780	317,669	883,797	983,450
Agriculture | Over Time
Business Segments
Net sales	7,889	6,472	21,351	18,668
Other Segments
Business Segments
Net sales		22,861		66,947
Operating income (loss)		1,107		814
Other Segments | Over Time
Business Segments
Net sales		22,861		66,947
Corporate
Business Segments
Operating income (loss)	(27,921)	(26,858)	(88,598)	(70,968)
Operating segment
Business Segments
Net sales	1,053,559	1,105,614	3,172,356	3,235,635
Operating segment | Infrastructure
Business Segments
Net sales	755,076	755,492	2,261,777	2,157,082
Operating segment | Infrastructure | Transmission, Distribution and Substation
Business Segments
Net sales	297,967	304,781	927,094	882,216
Operating segment | Infrastructure | Lighting and Transportation
Business Segments
Net sales	252,603	241,590	727,862	701,009
Operating segment | Infrastructure | Coatings
Business Segments
Net sales	88,967	91,969	270,201	264,266
Operating segment | Infrastructure | Telecommunications
Business Segments
Net sales	59,630	92,830	195,505	232,765
Operating segment | Infrastructure | Solar
Business Segments
Net sales	55,909	24,322	141,115	76,826
Operating segment | Infrastructure | North America
Business Segments
Net sales	572,239	579,628	1,743,635	1,645,472
Operating segment | Infrastructure | International
Business Segments
Net sales	182,837	175,864	518,142	511,610
Operating segment | Agriculture
Business Segments
Net sales	298,483	327,261	910,579	1,011,606
Operating segment | Agriculture | Irrigation Equipment and Parts
Business Segments
Net sales	273,639	303,003	825,277	928,622
Operating segment | Agriculture | Technology Products and Services
Business Segments
Net sales	24,844	24,258	85,302	82,984
Operating segment | Agriculture | North America
Business Segments
Net sales	126,828	178,626	450,678	564,369
Operating segment | Agriculture | International
Business Segments
Net sales	171,655	148,635	459,901	447,237
Operating segment | Other Segments
Business Segments
Net sales		22,861		66,947
Operating segment | Other Segments | Other
Business Segments
Net sales		22,861		66,947
Operating segment | Other Segments | International
Business Segments
Net sales		22,861		66,947
Intersegment
Business Segments
Net sales	(3,264)	(8,232)	(13,284)	(21,901)
Intersegment | Coatings
Business Segments
Net sales	(1,241)	(3,994)	(6,611)	(11,295)
Intersegment | Solar
Business Segments
Net sales	(209)	(1,118)	(1,242)	(1,118)
Intersegment | Irrigation Equipment and Parts
Business Segments
Net sales	(1,814)	(3,120)	(5,431)	(9,488)
Intersegment | North America
Business Segments
Net sales	(3,055)	(7,114)	(12,042)	(20,316)
Intersegment | International
Business Segments
Net sales	(209)	(1,118)	(1,242)	(1,585)
Intersegment | Infrastructure
Business Segments
Net sales	(1,450)	(5,112)	(7,853)	(12,413)
Intersegment | Agriculture
Business Segments
Net sales	$ (1,814)	$ (3,120)	$ (5,431)	$ (9,488)