Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 30, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 30, 2024 | |
Current Fiscal Year End Date | --12-28 | |
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, $1.00 par value | |
Trading Symbol | VMI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,191,600 | |
Entity Central Index Key | 0000102729 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Net sales | $ 977,828 | $ 1,062,481 |
Total cost of sales | 671,612 | 753,896 |
Gross profit | 306,216 | 308,585 |
Selling, general, and administrative expenses | 174,663 | 190,119 |
Operating income | 131,553 | 118,466 |
Other income (expenses): | ||
Interest expense | (16,221) | (13,105) |
Interest income | 1,779 | 830 |
Gain on deferred compensation investments | 1,431 | 1,194 |
Other | (105) | (2,376) |
Total other income (expenses) | (13,116) | (13,457) |
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | 118,437 | 105,009 |
Income tax expense: | ||
Current | 19,644 | 24,356 |
Deferred | 10,344 | 7,487 |
Total income tax expense | 29,988 | 31,843 |
Earnings before equity in loss of nonconsolidated subsidiaries | 88,449 | 73,166 |
Equity in loss of nonconsolidated subsidiaries | (20) | (821) |
Net earnings | 88,429 | 72,345 |
Loss (earnings) attributable to redeemable noncontrolling interests | (607) | 2,195 |
Net earnings attributable to Valmont Industries, Inc. | $ 87,822 | $ 74,540 |
Net earnings attributable to Valmont Industries, Inc. per share: | ||
Basic | $ 4.35 | $ 3.50 |
Diluted | $ 4.32 | $ 3.47 |
Product sales | ||
Net sales | $ 874,678 | $ 958,008 |
Total cost of sales | 605,215 | 681,790 |
Service sales | ||
Net sales | 103,150 | 104,473 |
Total cost of sales | $ 66,397 | $ 72,106 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net earnings | $ 88,429 | $ 72,345 |
Foreign currency translation adjustments: | ||
Unrealized translation gain (loss) | (21,418) | 8,189 |
Hedging activities: | ||
Unrealized loss on commodity hedges | (561) | (1,476) |
Realized loss (gain) on commodity hedges recorded in earnings | (717) | 2,872 |
Unrealized gain (loss) on cross currency swaps | 195 | (591) |
Amortization cost included in interest expense | (12) | (16) |
Total hedging activities | (1,095) | 789 |
Net gain on defined benefit pension plan | 381 | 91 |
Total other comprehensive income (loss), net of tax | (22,132) | 9,069 |
Comprehensive income | 66,297 | 81,414 |
Comprehensive income (loss) attributable to redeemable noncontrolling interests | (450) | 1,902 |
Comprehensive income attributable to Valmont Industries, Inc. | $ 65,847 | $ 83,316 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 169,195 | $ 203,041 |
Receivables, net | 659,036 | 657,960 |
Inventories | 668,743 | 658,428 |
Contract assets | 191,483 | 175,721 |
Prepaid expenses and other current assets | 91,114 | 92,479 |
Total current assets | 1,779,571 | 1,787,629 |
Property, plant, and equipment, at cost | 1,517,281 | 1,513,239 |
Less accumulated depreciation | (908,878) | (895,845) |
Property, plant, and equipment, net | 608,403 | 617,394 |
Goodwill | 629,888 | 632,964 |
Other intangible assets, net | 145,839 | 150,687 |
Defined pension benefit asset | 33,433 | 15,404 |
Other non-current assets | 268,247 | 273,370 |
Total assets | 3,465,381 | 3,477,448 |
Current liabilities: | ||
Current installments of long-term debt | 620 | 719 |
Notes payable to banks | 2,029 | 3,205 |
Accounts payable | 327,414 | 358,311 |
Accrued employee compensation and benefits | 89,100 | 130,861 |
Contract liabilities | 84,041 | 70,978 |
Other accrued expenses | 149,222 | 146,903 |
Income taxes payable | 10,295 | 0 |
Dividends payable | 12,113 | 12,125 |
Total current liabilities | 674,834 | 723,102 |
Deferred income taxes | 26,508 | 21,205 |
Long-term debt, excluding current installments | 1,107,644 | 1,107,885 |
Operating lease liabilities | 157,279 | 162,743 |
Deferred compensation | 33,148 | 32,623 |
Other non-current liabilities | 11,697 | 12,818 |
Total liabilities | 2,011,110 | 2,060,376 |
Redeemable noncontrolling interests | 44,980 | 62,792 |
Shareholders' equity: | ||
Common stock of $1 par value, authorized 75,000,000 shares; issued 27,900,000 | 27,900 | 27,900 |
Additional paid-in capital | 5,668 | 0 |
Retained earnings | 2,719,315 | 2,643,606 |
Accumulated other comprehensive loss | (295,211) | (273,236) |
Treasury stock | (1,048,381) | (1,043,990) |
Total shareholders' equity | 1,409,291 | 1,354,280 |
Total liabilities, redeemable noncontrolling interests, and shareholders' equity | $ 3,465,381 | $ 3,477,448 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 30, 2024 | Dec. 30, 2023 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 75,000,000 | 75,000,000 |
Common stock, issued shares (in shares) | 27,900,000 | 27,900,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 88,429 | $ 72,345 |
Adjustments to reconcile net earnings to net cash flows from operations: | ||
Depreciation and amortization | 23,536 | 24,558 |
Contribution to defined benefit pension plan | (16,714) | (15,259) |
Stock-based compensation | 7,183 | 8,689 |
Net periodic pension cost | 158 | 61 |
Loss on sale of property, plant, and equipment | 31 | 51 |
Equity in loss of nonconsolidated subsidiaries | 20 | 821 |
Deferred income taxes | 10,344 | 7,487 |
Changes in assets and liabilities: | ||
Receivables | (8,699) | (42,175) |
Inventories | (16,972) | 9,052 |
Contract assets | (15,836) | 14,695 |
Prepaid expenses and other assets (current and non-current) | (3,595) | (25,153) |
Accounts payable | (27,561) | 4,127 |
Contract liabilities | 13,773 | (22,559) |
Accrued expenses | (38,465) | (36,551) |
Income taxes payable / refundable | 8,431 | 15,358 |
Other non-current liabilities | (731) | 5,652 |
Net cash flows from operating activities | 23,332 | 21,199 |
Cash flows from investing activities: | ||
Purchase of property, plant, and equipment | (15,010) | (22,361) |
Proceeds from sale of assets | 140 | 1,021 |
Other, net | (3,769) | (449) |
Net cash flows from investing activities | (18,639) | (21,789) |
Cash flows from financing activities: | ||
Proceeds from short-term borrowings | 4,015 | 11,090 |
Payments on short-term borrowings | (5,151) | (5,788) |
Proceeds from long-term borrowings | 10 | 125,000 |
Principal payments on long-term borrowings | (175) | (10,796) |
Proceeds from settlement of financial derivatives | 2,711 | 0 |
Dividends paid | (12,126) | (11,742) |
Dividends to redeemable noncontrolling interests | (664) | (654) |
Purchase of redeemable noncontrolling interests | (17,745) | 0 |
Purchase of treasury shares | (111,115) | |
Proceeds from exercises under stock plans | 1,959 | 5,018 |
Tax withholdings on exercises under stock plans | (7,668) | (14,022) |
Net cash flows from financing activities | (34,834) | (13,009) |
Effect of exchange rate changes on cash and cash equivalents | (3,705) | 1,141 |
Net change in cash and cash equivalents | (33,846) | (12,458) |
Cash and cash equivalents-beginning of period | 203,041 | 185,406 |
Cash and cash equivalents-end of period | $ 169,195 | $ 172,948 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Redeemable noncontrolling interests | Total |
Increase (Decrease) in Shareholders' Equity | |||||||
Treasury stock balance | $ (765,183) | ||||||
Total shareholders' equity - Beginning balance at Dec. 31, 2022 | $ 27,900 | $ 2,593,039 | $ (274,909) | $ 1,580,847 | |||
Redeemable noncontrolling interests - Beginning balance at Dec. 31, 2022 | $ 60,865 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | 74,540 | (2,195) | 74,540 | ||||
Other comprehensive income | 8,776 | 293 | 8,776 | ||||
Cash dividends declared | (12,634) | (12,634) | |||||
Purchase of treasury shares | (111,115) | (111,115) | |||||
Dividends to redeemable noncontrolling interests | (662) | ||||||
Stock option and incentive plans | (19,317) | 19,002 | (315) | ||||
Total shareholders' equity - Ending balance at Apr. 01, 2023 | 27,900 | 2,635,628 | (266,133) | 1,540,099 | |||
Redeemable noncontrolling interests - Ending balance at Apr. 01, 2023 | 58,301 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Treasury stock balance | (857,296) | ||||||
Treasury stock balance | (1,043,990) | (1,043,990) | |||||
Total shareholders' equity - Beginning balance at Dec. 30, 2023 | 27,900 | 2,643,606 | (273,236) | 1,354,280 | |||
Redeemable noncontrolling interests - Beginning balance at Dec. 30, 2023 | 62,792 | 62,792 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | 87,822 | 607 | 87,822 | ||||
Other comprehensive income | (21,975) | (157) | (21,975) | ||||
Cash dividends declared | (12,113) | (12,113) | |||||
Purchase of treasury shares | $ 21,074 | (21,124) | (50) | ||||
Dividends to redeemable noncontrolling interests | (664) | ||||||
Purchase of redeemable noncontrolling interests | (147) | (17,598) | (147) | ||||
Stock option and incentive plans | (15,259) | 16,733 | 1,474 | ||||
Total shareholders' equity - Ending balance at Mar. 30, 2024 | $ 27,900 | $ 5,668 | $ 2,719,315 | $ (295,211) | 1,409,291 | ||
Redeemable noncontrolling interests - Ending balance at Mar. 30, 2024 | $ 44,980 | 44,980 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||
Treasury stock balance | $ (1,048,381) | $ (1,048,381) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS ' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | ||
Cash dividends per share (in dollars per share) | $ 0.60 | $ 0.60 |
Purchase of treasury shares acquired (in shares) | 96,224 | 356,887 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 30, 2024 | |
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 March 30, 2024 and December 30, 2023 and the Condensed Consolidated Statements of Earnings, Comprehensive Income, Cash Flows, and Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen weeks ended March 30, 2024 and April 1, 2023 have been prepared by Valmont Industries, Inc. (the “Company”) without audit. In the opinion of the Company’s management, all necessary adjustments, which include normal and recurring adjustments, have been made to present fairly the financial statements as of March 30, 2024 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. The results of operations for the period ended March 30, 2024 are not necessarily indicative of the operating results for the full fiscal year. Inventories Inventories are valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. Finished and manufactured goods inventories include the costs of acquired raw materials and the related factory labor and overhead charges required to convert raw materials to finished and manufactured goods. Inventories as of March 30, 2024 and December 30, 2023 consisted of the following: March 30, December 30, 2024 2023 Raw materials and purchased parts $ 236,434 $ 217,134 Work in process 41,214 37,826 Finished and manufactured goods 391,095 403,468 Total inventories $ 668,743 $ 658,428 Geographical Markets Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 United States $ 86,212 $ 31,858 Foreign 32,225 73,151 Earnings before income taxes and equity in loss of nonconsolidated subsidiaries $ 118,437 $ 105,009 Pension Costs The Company incurs costs 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 who are active employees. In order to measure the cost 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 the costs, 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 cost and liability associated with pension benefits. The components of the net periodic pension cost for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 Interest cost $ 5,242 $ 5,256 Expected return on plan assets (5,592) (5,317) Amortization of prior service costs 127 122 Amortization of net actuarial loss 381 — Net periodic pension cost $ 158 $ 61 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 March 30, 2024, 1,451,535 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. The expiration of grants is seven three The Company’s stock-based compensation (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Earnings) and associated income tax benefits related to stock options and restricted stock awards for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 Stock-based compensation $ 7,183 $ 8,689 Income tax benefits 1,796 2,172 Fair Value The Company applies the provisions of the Financial Accounting Standards Board (“FASB”) 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 on 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. Deferred Compensation Investments: Derivative Financial Instruments: Mutual Funds: Carrying Value Fair Value Measurement Using: March 30, 2024 Level 1 Level 2 Level 3 Deferred compensation investments $ 27,382 $ 27,382 $ — $ — Derivative financial instruments, net (1,507) — (1,507) — Cash and cash equivalents—mutual funds 508 508 — — Carrying Value Fair Value Measurement Using: December 30, 2023 Level 1 Level 2 Level 3 Deferred compensation investments $ 26,803 $ 26,803 $ — $ — Derivative financial instruments, net 2,860 — 2,860 — Cash and cash equivalents—mutual funds 6,258 6,258 — — 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 Note 5 for further information. 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, foreign currency translation adjustments, certain derivative-related activity, and changes in prior service costs and net actuarial losses from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of March 30, 2024 and December 30, 2023: March 30, December 30, 2024 2023 Foreign currency translation adjustments $ (257,951) $ (236,690) Hedging activities 19,894 20,989 Defined benefit pension plan (57,154) (57,535) Accumulated other comprehensive loss $ (295,211) $ (273,236) Revenue Recognition The Company determines the appropriate revenue recognition model for contracts by analyzing the type, terms, and conditions of each contract or arrangement with a customer. Contracts with customers for all businesses are fixed-price with sales tax excluded from revenue and do not include variable consideration. Discounts included in contracts with customers, typically early-pay discounts, are recorded as a reduction of net sales in the period in which the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation is related to the 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 our products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on the design of the product and does not recognize this service as a separate performance obligation, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties. Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation ("TD&S"), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected not to disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. In addition, the Company does not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within one year of transfer of control of goods or services. Most of the Company’s customers are invoiced upon shipment or delivery of the goods to the customer’s specified location. As revenue is recognized over time, contract assets are recorded, and such contract assets are relieved when the customer is invoiced. As of March 30, 2024 and December 30, 2023, the Company’s contract assets totaled $191,483 and $175,721, respectively. Certain customers are also invoiced by advanced billings or progress billings. When progress on performance obligations is less than the amount the customer has been billed, a contract liability is recognized. As of March 30, 2024 and December 30, 2023, total contract liabilities were $84,041 and $70,978, respectively, and were recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows: ● During the thirteen weeks ended March 30, 2024 and April 1, 2023, the Company recognized $34,279 and $58,939 of revenue that was included in the total contract liability as of December 30, 2023 and December 31, 2022, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● As of March 30, 2024, the Company had no material remaining performance obligations on contracts with an expected duration of one year or more. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete structures within the TD&S and Telecommunications product lines are engineered to customer specifications resulting in limited ability to sell the structures to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by rights to payment for work performed to date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferred over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The selection of the method to measure progress toward completion requires judgment. For the structures manufactured within the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an inputs basis, using total production hours incurred to date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of sales, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S product line sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. Some large regional customers have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the service has been performed and the goods are ready to be picked up or delivered to the customer, which is the same time that the customer is billed. Agriculture Segment Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of the Technology Products and Services product line are primarily billed annually and revenue is recognized on a straight-line basis over the contract period. The disaggregation of revenue by product line is disclosed in Note 9. Supplier Finance Program During fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program that allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution and the Company’s rights and obligations to suppliers are not impacted. The Company has no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. The invoice amounts and scheduled payment terms are not impacted by the suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in “Net cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 were $37,227 and $41,916 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program. Confirmed obligations outstanding as of December 30, 2023 $ 41,916 Invoices confirmed during the period 55,255 Confirmed invoices paid during the period (59,944) Confirmed obligations outstanding as of March 30, 2024 $ 37,227 Redeemable Noncontrolling Interests Subsequent to the issuance of the Company’s Consolidated Financial Statements as of and for the period ended April 1, 2023, the Company identified an error in the presentation of “Noncontrolling interests in consolidated subsidiaries” of $60,865 as of December 31, 2022 April 1, 2023 Noncontrolling interests with redemption features that are not solely within the Company’s control are considered redeemable noncontrolling interests. The Company has redeemable noncontrolling interests in certain entities. The seller can require the Company to purchase their remaining ownership, known as a put right, for an amount and on a date specified in the applicable operating agreement. Likewise, the Company can require the seller to sell the Company their remaining ownership based on the same amount and timing, known as a call option. As a result of these redemption features, the Company records the noncontrolling interests as redeemable and classifies the balances in temporary equity in the Condensed Consolidated Balance Sheets initially at its acquisition-date fair value. The Company adjusts the redeemable noncontrolling interests each reporting period for the net income (loss) attributable to the noncontrolling interests and any redemption value adjustments. The redeemable noncontrolling interest is accreted to the future redemption value using the effective interest method up to the date on which the put right becomes effective. Any accretion adjustment in the current reporting period of the redeemable noncontrolling interest is offset against retained earnings and impacts earnings used in the calculation of earnings per share in the reporting period. As of March 30, 2024 and December 30, 2023, the redeemable noncontrolling interests were $44,980 and $62,792, respectively. The ultimate amount paid for the redeemable noncontrolling interests could be significantly different because the redemption amounts depend on the future results of the operations of the businesses. Treasury Stock Repurchased shares are recorded as “Treasury stock” and result in a reduction of “Shareholders’ equity” in the Condensed Consolidated Balance Sheets. When treasury shares are re-issued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional paid-in capital”. In May 2014, the Company announced a capital allocation philosophy that covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company’s outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company’s outstanding common stock with no stated expiration date. In February 2023, the Board of Directors increased the amount remaining under the program by an additional $400,000, with no stated expiration date, bringing the total authorization to $1,400,000. As of March 30, 2024, the Company has acquired 7,991,948 shares for $1,263,892 under this share repurchase program. In November 2023, the Company entered into an accelerated purchase agreement to repurchase $120,000 of the Company’s outstanding common stock (“November 2023 ASR”) with CitiBank, N.A. as counterparty. The November 2023 ASR was entered into under the Company’s previously announced share repurchase program described above. The Company pre-paid $120,000 in the fourth quarter of fiscal 2023 and received an initial delivery of 438,917 shares of common stock. The agreement was settled with the delivery of an additional 96,224 shares of common stock in the first quarter of fiscal 2024. The total number of shares ultimately delivered under the November 2023 ASR, and therefore the average purchase price paid per share of $224.24, was determined based on the volume-weighted average market price of the Company’s common stock during the term of the agreement, less a discount. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 30, 2024 | |
Business Combinations [Abstract] | |
ACQUISITIONS | (2) ACQUISITIONS Acquisition of Business On August 31, 2023, the Company acquired HR Products for $58,044 Australian dollars ($37,302 United States (“U.S.”) dollars) in cash (net of cash acquired) and subject to 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 customer relationships will be amortized over 13 years. 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 $ 24,153 Property, plant, and equipment 1,397 Goodwill 9,912 Customer relationships 11,503 Other non-current assets 3,997 Total fair value of assets acquired 50,962 Current liabilities 4,183 Operating lease liabilities 2,792 Deferred income taxes 3,450 Total fair value of liabilities assumed 10,425 Net assets acquired $ 40,537 Proforma disclosures were omitted for this acquisition as it does not have a significant impact on the Company’s financial results. Acquisition-related costs incurred for the above acquisition were insignificant for all periods presented. Acquisitions of Redeemable Noncontrolling Interests In the first quarter of fiscal 2024, the Company acquired approximately 9% of ConcealFab for $7,227 and acquired the remaining portion of Valmont Substations, LLC for $10,518. These transactions were for the acquisitions of portions of the remaining shares of consolidated subsidiaries with no changes in control. |
DIVESTITURES
DIVESTITURES | 3 Months Ended |
Mar. 30, 2024 | |
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) |
REALIGNMENT ACTIVITIES
REALIGNMENT ACTIVITIES | 3 Months Ended |
Mar. 30, 2024 | |
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 provided for a reduction in force through a voluntary early retirement program and other headcount reduction actions, which were completed as of December 30, 2023. The Board of Directors authorized the incurrence of cash charges up to $36,000 in connection with the Realignment Program. During the fiscal year ended December 30, 2023, the Company recorded the following cumulative pre-tax expenses for the Realignment Program: Infrastructure Agriculture Corporate Total Severance and other employee benefit costs $ 17,260 $ 9,101 $ 8,849 $ 35,210 Changes in liabilities recorded for the Realignment Program were as follows: Balance as of Recognized Costs Paid or Balance as of December 30, Realignment Otherwise March 30, 2023 Expense Settled 2024 Severance and other employee benefit costs $ 12,514 $ — $ (9,835) $ 2,679 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 30, 2024 | |
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 March 30, 2024 and December 30, 2023 was as follows: Infrastructure Agriculture Total Gross balance as of December 30, 2023 $ 478,663 $ 323,683 $ 802,346 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of December 30, 2023 429,281 203,683 632,964 Acquisition measurement period adjustment — 735 735 Foreign currency translation (2,588) (1,223) (3,811) Balance as of March 30, 2024 $ 426,693 $ 203,195 $ 629,888 Infrastructure Agriculture Total Gross balance as of March 30, 2024 $ 476,075 $ 323,195 $ 799,270 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of March 30, 2024 $ 426,693 $ 203,195 $ 629,888 Intangible Assets The components of intangible assets as of March 30, 2024 and December 30, 2023 were as follows: March 30, 2024 December 30, 2023 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizing intangible assets: Customer relationships $ 232,253 $ 160,181 $ 233,852 $ 157,873 Patents & proprietary technology 59,243 45,710 59,311 45,416 Trade names 2,870 1,160 2,870 1,056 Other 4,732 4,520 4,787 4,538 Non-amortizing intangible assets: Trade names 58,312 — 58,750 — $ 357,410 $ 211,571 $ 359,570 $ 208,883 Amortizing intangible assets carry a remaining weighted-average life of approximately four years. Amortization expenses were $3,715 and $5,190 for the thirteen weeks ended March 30, 2024 and April 1, 2023, respectively. Based on amortizing intangible assets recognized in the Condensed Consolidated Balance Sheets as of March 30, 2024, amortization expense is estimated to average $10,169 for each of the next five |
CASH FLOW SUPPLEMENTARY INFORMA
CASH FLOW SUPPLEMENTARY INFORMATION | 3 Months Ended |
Mar. 30, 2024 | |
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 thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 Interest $ 6,239 $ 3,331 Income taxes 9,575 7,838 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 30, 2024 | |
Earnings per share: | |
EARNINGS PER SHARE | (7) EARNINGS PER SHARE The following table provides a reconciliation between the earnings and average share amounts used to compute both basic and diluted earnings per share: Thirteen weeks ended March 30, April 1, 2024 2023 Net earnings attributable to Valmont Industries, Inc. $ 87,822 $ 74,540 Weighted average shares outstanding (000s): Basic 20,188 21,269 Dilutive effect of various stock awards 133 243 Diluted 20,321 21,512 Net earnings attributable to Valmont Industries, Inc. per share: Basic $ 4.35 $ 3.50 Dilutive effect of various stock awards (0.03) (0.03) Diluted $ 4.32 $ 3.47 As of March 30, 2024 and April 1, 2023, there were 73,003 and 40,564 outstanding stock options with exercise prices exceeding the average market price of common stock during the applicable period that were excluded from the computation of diluted earnings per share, respectively. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 30, 2024 | |
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 Earnings, while others may be accounted for as fair value, cash flow, or net investment hedges. Derivative financial instruments have credit and market risk. The Company manages these risks of derivative instruments by monitoring limits as to the types and degree of risk that can be taken and by entering into transactions with counterparties who are recognized, stable multinational banks. Any gains or losses from net investment hedge activities remain in AOCI until either the sale or substantially complete liquidation of the related subsidiaries. The fair value of derivative instruments as of March 30, 2024 and December 30, 2023 was as follows: Condensed Consolidated March 30, December 30, Derivatives designated as hedging instruments: Balance Sheets location 2024 2023 Commodity contracts Prepaid expenses and other current assets $ 432 $ 2,520 Commodity contracts Other accrued expenses (1,123) (1,586) Cross currency swap contracts Prepaid expenses and other current assets 129 1,938 Cross currency swap contracts Other accrued expenses (945) (12) $ (1,507) $ 2,860 Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended Condensed Consolidated March 30, April 1, Derivatives designated as hedging instruments: Statements of Earnings location 2024 2023 Commodity contracts Product cost of sales $ 956 $ (3,985) Foreign currency forward contracts Other income (expenses) — 97 Interest rate hedge amortization Interest expense (16) (16) Cross currency swap contracts Interest expense 380 446 $ 1,320 $ (3,458) Cash Flow Hedges The Company enters into commodity forward, swap, and option 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 Earnings in the period consumed. Notional amounts, purchase quantities, and maturity dates of these contracts as of March 30, 2024 were as follows: Notional Total Commodity Type Amount Purchase Quantity Maturity Dates Hot rolled steel coil $ 10,183 12,000 short tons April 2024 to August 2024 Natural gas 3,196 738,475 MMBtu April 2024 to March 2026 Diesel fuel 453 1,890,000 gallons April 2024 to December 2024 Net Investment Hedges In order to mitigate foreign currency risk on the Company’s Euro investments and to reduce interest expense, the Company enters into 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 foreign-currency‑denominated payments. Interest is exchanged twice per year on April 1 and October 1. The Company designated the initial full notional amounts as hedges of the net investment in certain 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. Key terms of the CCS net investment hedges as of March 30, 2024 were as follows: Notional Swapped Set Settlement Currency Amount Termination Date Interest Rate Amount Euro $ 80,000 April 1, 2029 3.461% € 74,509 In the first quarter of fiscal 2024, a Euro net investment hedge entered into in fiscal 2019 was early settled and the Company received proceeds of $2,711, which will remain in AOCI until either the sale or substantially complete liquidation of the related subsidiaries. |
BUSINESS SEGMENTS & RELATED REV
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION | 3 Months Ended |
Mar. 30, 2024 | |
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 operational performance and the allocation of capital. Corporate expense is net of certain service-related expenses that are allocated to business units generally based on employee headcounts and sales dollars. Reportable segments are as follows: Infrastructure Agriculture The Company evaluates the performance of its reportable segments based on operating income and return on invested capital. The Company’s operating income for segment purposes excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes. Summary by Business Segment Thirteen weeks ended March 30, April 1, 2024 2023 SALES: Infrastructure $ 723,614 $ 736,106 Agriculture 258,735 332,163 Total sales 982,349 1,068,269 INTERSEGMENT SALES: Infrastructure (2,881) (3,966) Agriculture (1,640) (1,822) Total intersegment sales (4,521) (5,788) NET SALES: Infrastructure 720,733 732,140 Agriculture 257,095 330,341 Total net sales $ 977,828 $ 1,062,481 OPERATING INCOME (LOSS): Infrastructure $ 117,864 $ 94,352 Agriculture 40,973 53,323 Corporate (27,284) (29,209) Total operating income $ 131,553 $ 118,466 Thirteen weeks ended March 30, 2024 Infrastructure Agriculture Intersegment Consolidated Geographical market: North America $ 568,572 $ 159,915 $ (4,466) $ 724,021 International 155,042 98,820 (55) 253,807 Total sales $ 723,614 $ 258,735 $ (4,521) $ 977,828 Product line: Transmission, Distribution, and Substation $ 325,256 $ — $ — $ 325,256 Lighting and Transportation 222,096 — — 222,096 Coatings 87,090 — (2,826) 84,264 Telecommunications 53,961 — — 53,961 Solar 35,211 — (55) 35,156 Irrigation Equipment and Parts — 233,120 (1,640) 231,480 Technology Products and Services — 25,615 — 25,615 Total sales $ 723,614 $ 258,735 $ (4,521) $ 977,828 Thirteen weeks ended April 1, 2023 Infrastructure Agriculture Intersegment Consolidated Geographical market: North America $ 584,083 $ 182,869 $ (5,374) $ 761,578 International 152,023 149,294 (414) 300,903 Total sales $ 736,106 $ 332,163 $ (5,788) $ 1,062,481 Product line: Transmission, Distribution, and Substation $ 314,820 $ — $ — $ 314,820 Lighting and Transportation 229,136 — — 229,136 Coatings 90,114 — (3,552) 86,562 Telecommunications 68,137 — — 68,137 Solar 33,899 — (414) 33,485 Irrigation Equipment and Parts — 299,181 (1,822) 297,359 Technology Products and Services — 32,982 — 32,982 Total sales $ 736,106 $ 332,163 $ (5,788) $ 1,062,481 A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen weeks ended March 30, 2024 and April 1, 2023 was as follows: Thirteen weeks ended March 30, 2024 Point in Time Over Time Total Infrastructure $ 389,935 $ 330,798 $ 720,733 Agriculture 250,760 6,335 257,095 Total net sales $ 640,695 $ 337,133 $ 977,828 Thirteen weeks ended April 1, 2023 Point in Time Over Time Total Infrastructure $ 411,217 $ 320,923 $ 732,140 Agriculture 324,206 6,135 330,341 Total net sales $ 735,423 $ 327,058 $ 1,062,481 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements The Condensed Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 and the Condensed Consolidated Statements of Earnings, Comprehensive Income, Cash Flows, and Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen weeks ended March 30, 2024 and April 1, 2023 have been prepared by Valmont Industries, Inc. (the “Company”) without audit. In the opinion of the Company’s management, all necessary adjustments, which include normal and recurring adjustments, have been made to present fairly the financial statements as of March 30, 2024 and for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. The results of operations for the period ended March 30, 2024 are not necessarily indicative of the operating results for the full fiscal year. |
Inventories | Inventories Inventories are valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. Finished and manufactured goods inventories include the costs of acquired raw materials and the related factory labor and overhead charges required to convert raw materials to finished and manufactured goods. |
Geographical Markets | Geographical Markets Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 United States $ 86,212 $ 31,858 Foreign 32,225 73,151 Earnings before income taxes and equity in loss of nonconsolidated subsidiaries $ 118,437 $ 105,009 |
Pension Costs | Pension Costs The Company incurs costs 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 who are active employees. In order to measure the cost 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 the costs, 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 cost and liability associated with pension benefits. |
Stock Plans | Stock Plans The Company maintains stock-based compensation plans approved by the shareholders, which provide that the Human 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 March 30, 2024, 1,451,535 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. The expiration of grants is seven three |
Fair Value | Fair Value The Company applies the provisions of the Financial Accounting Standards Board (“FASB”) 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 on 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. Deferred Compensation Investments: Derivative Financial Instruments: Mutual Funds: |
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 Note 5 for further information. |
Leases | Leases The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes net earnings, foreign currency translation adjustments, certain derivative-related activity, and changes in prior service costs and net actuarial losses from the pension plan. Results of operations for foreign subsidiaries are translated using the average exchange rates during the period. Assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. Accumulated other comprehensive income (loss) (“AOCI”) consisted of the following as of March 30, 2024 and December 30, 2023: |
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 our products (on a limited basis, the Company may agree to other acceptance terms), and acceptance of the design by the customer is required before manufacturing commences and the product is manufactured and delivered to the customer. The Company is generally not entitled to any compensation solely based on the design of the product and does not recognize this service as a separate performance obligation, therefore, no revenue is recognized for design services. No general rights of return exist for customers once the product has been delivered, and the Company establishes provisions for estimated warranties. Shipping and handling costs associated with sales are recorded within cost of sales. The Company elected to use the practical expedient of treating freight as a fulfillment obligation instead of a separate performance obligation and ratably recognize freight expense as the structure is being manufactured when the revenue from the associated customer contract is being recognized over time. With the exception of the Transmission, Distribution, and Substation ("TD&S"), Solar, and Telecommunications product lines, the Company’s inventory is interchangeable for a variety of each segment’s customers. The Company has elected not to disclose the partially satisfied performance obligation at the end of the period when the contract has an original expected duration of one year or less. In addition, the Company does not adjust the amount of consideration to be received in a contract for any significant financing component if payment is expected within one year of transfer of control of goods or services. Most of the Company’s customers are invoiced upon shipment or delivery of the goods to the customer’s specified location. As revenue is recognized over time, contract assets are recorded, and such contract assets are relieved when the customer is invoiced. As of March 30, 2024 and December 30, 2023, the Company’s contract assets totaled $191,483 and $175,721, respectively. Certain customers are also invoiced by advanced billings or progress billings. When progress on performance obligations is less than the amount the customer has been billed, a contract liability is recognized. As of March 30, 2024 and December 30, 2023, total contract liabilities were $84,041 and $70,978, respectively, and were recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows: ● During the thirteen weeks ended March 30, 2024 and April 1, 2023, the Company recognized $34,279 and $58,939 of revenue that was included in the total contract liability as of December 30, 2023 and December 31, 2022, respectively. The revenue recognized was due to applying advance payments received for performance obligations completed during the period. ● As of March 30, 2024, the Company had no material remaining performance obligations on contracts with an expected duration of one year or more. Segment and Product Line Revenue Recognition Infrastructure Segment Steel and concrete structures within the TD&S and Telecommunications product lines are engineered to customer specifications resulting in limited ability to sell the structures to a different customer if an order is canceled after production commences. The continuous transfer of control to the customer is evidenced either by contractual termination clauses or by rights to payment for work performed to date plus a reasonable profit as the products do not have an alternative use to the Company. Since control is transferred over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The selection of the method to measure progress toward completion requires judgment. For the structures manufactured within the TD&S and Telecommunications product lines, the Company generally recognizes revenue on an inputs basis, using total production hours incurred to date for each order as a percentage of total hours estimated to complete the order. The completion percentage is applied to the order’s total revenue and total estimated costs to determine reported revenue, cost of sales, and gross profit. Production of an order, once started, is typically completed within three months. Depending on the product sold, revenue from the Solar product line is recognized upon shipment or delivery of goods to the customer depending on contract terms, or by using an inputs method, based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. External sales agents are used in certain TD&S product line sales and the Company has chosen to expense estimated commissions owed to third parties by recognizing them proportionately as the goods are manufactured. For the structures sold for the Lighting and Transportation product line and for the majority of Telecommunications products, revenue is recognized upon shipment or delivery of goods to the customer depending on contract terms, which is the same point in time that the customer is billed. Some large regional customers have unique product specifications for telecommunication structures. When the customer contract includes a cancellation clause that would require them to pay for work completed plus a reasonable margin if an order was canceled, revenue is recognized over time based on hours worked as a percent of total estimated hours to complete production. The Coatings product line revenues are derived by providing coating services to customers’ products, which include galvanizing, anodizing, and powder coating. Revenue is recognized once the service has been performed and the goods are ready to be picked up or delivered to the customer, which is the same time that the customer is billed. Agriculture Segment Revenue recognition from the manufacture of irrigation equipment and related parts and services (including tubular products for industrial customers) is generally upon shipment of the goods to the customer which is the same point in time that the customer is billed. The remote monitoring subscription services recognized as part of the Technology Products and Services product line are primarily billed annually and revenue is recognized on a straight-line basis over the contract period. The disaggregation of revenue by product line is disclosed in Note 9. |
Supplier Finance Program | Supplier Finance Program During fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program that allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution and the Company’s rights and obligations to suppliers are not impacted. The Company has no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. The invoice amounts and scheduled payment terms are not impacted by the suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in “Net cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 were $37,227 and $41,916 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program. Confirmed obligations outstanding as of December 30, 2023 $ 41,916 Invoices confirmed during the period 55,255 Confirmed invoices paid during the period (59,944) Confirmed obligations outstanding as of March 30, 2024 $ 37,227 |
Redeemable Noncontrolling Interests | Confirmed obligations outstanding as of December 30, 2023 $ 41,916 Invoices confirmed during the period 55,255 Confirmed invoices paid during the period (59,944) Confirmed obligations outstanding as of March 30, 2024 $ 37,227 |
Treasury Stock | Treasury Stock Repurchased shares are recorded as “Treasury stock” and result in a reduction of “Shareholders’ equity” in the Condensed Consolidated Balance Sheets. When treasury shares are re-issued, the Company uses the last-in, first-out method, and the difference between the repurchase cost and re-issuance price is charged or credited to “Additional paid-in capital”. In May 2014, the Company announced a capital allocation philosophy that covered a share repurchase program. Specifically, the Board of Directors at that time authorized the purchase of up to $500,000 of the Company’s outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately negotiated transactions. In February 2015 and again in October 2018, the Board of Directors authorized an additional purchase of up to $250,000 of the Company’s outstanding common stock with no stated expiration date. In February 2023, the Board of Directors increased the amount remaining under the program by an additional $400,000, with no stated expiration date, bringing the total authorization to $1,400,000. As of March 30, 2024, the Company has acquired 7,991,948 shares for $1,263,892 under this share repurchase program. In November 2023, the Company entered into an accelerated purchase agreement to repurchase $120,000 of the Company’s outstanding common stock (“November 2023 ASR”) with CitiBank, N.A. as counterparty. The November 2023 ASR was entered into under the Company’s previously announced share repurchase program described above. The Company pre-paid $120,000 in the fourth quarter of fiscal 2023 and received an initial delivery of 438,917 shares of common stock. The agreement was settled with the delivery of an additional 96,224 shares of common stock in the first quarter of fiscal 2024. The total number of shares ultimately delivered under the November 2023 ASR, and therefore the average purchase price paid per share of $224.24, was determined based on the volume-weighted average market price of the Company’s common stock during the term of the agreement, less a discount. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of inventories | Inventories as of March 30, 2024 and December 30, 2023 consisted of the following: March 30, December 30, 2024 2023 Raw materials and purchased parts $ 236,434 $ 217,134 Work in process 41,214 37,826 Finished and manufactured goods 391,095 403,468 Total inventories $ 668,743 $ 658,428 |
Schedule of Income Before Income Tax, Domestic and Foreign | Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 United States $ 86,212 $ 31,858 Foreign 32,225 73,151 Earnings before income taxes and equity in loss of nonconsolidated subsidiaries $ 118,437 $ 105,009 |
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension cost for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 Interest cost $ 5,242 $ 5,256 Expected return on plan assets (5,592) (5,317) Amortization of prior service costs 127 122 Amortization of net actuarial loss 381 — Net periodic pension cost $ 158 $ 61 |
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company’s stock-based compensation (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Earnings) and associated income tax benefits related to stock options and restricted stock awards for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended March 30, April 1, 2024 2023 Stock-based compensation $ 7,183 $ 8,689 Income tax benefits 1,796 2,172 |
Valuation methodologies used for assets and liabilities measured at fair value | Carrying Value Fair Value Measurement Using: March 30, 2024 Level 1 Level 2 Level 3 Deferred compensation investments $ 27,382 $ 27,382 $ — $ — Derivative financial instruments, net (1,507) — (1,507) — Cash and cash equivalents—mutual funds 508 508 — — Carrying Value Fair Value Measurement Using: December 30, 2023 Level 1 Level 2 Level 3 Deferred compensation investments $ 26,803 $ 26,803 $ — $ — Derivative financial instruments, net 2,860 — 2,860 — Cash and cash equivalents—mutual funds 6,258 6,258 — — |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | March 30, December 30, 2024 2023 Foreign currency translation adjustments $ (257,951) $ (236,690) Hedging activities 19,894 20,989 Defined benefit pension plan (57,154) (57,535) Accumulated other comprehensive loss $ (295,211) $ (273,236) |
Schedule of supplier finance program confirmed obligations | Confirmed obligations outstanding as of December 30, 2023 $ 41,916 Invoices confirmed during the period 55,255 Confirmed invoices paid during the period (59,944) Confirmed obligations outstanding as of March 30, 2024 $ 37,227 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
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 $ 24,153 Property, plant, and equipment 1,397 Goodwill 9,912 Customer relationships 11,503 Other non-current assets 3,997 Total fair value of assets acquired 50,962 Current liabilities 4,183 Operating lease liabilities 2,792 Deferred income taxes 3,450 Total fair value of liabilities assumed 10,425 Net assets acquired $ 40,537 |
REALIGNMENT ACTIVITIES (Tables)
REALIGNMENT ACTIVITIES (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activities | Infrastructure Agriculture Corporate Total Severance and other employee benefit costs $ 17,260 $ 9,101 $ 8,849 $ 35,210 |
Schedule of Liabilities Recorded For The Restructuring Plan And Changes | Balance as of Recognized Costs Paid or Balance as of December 30, Realignment Otherwise March 30, 2023 Expense Settled 2024 Severance and other employee benefit costs $ 12,514 $ — $ (9,835) $ 2,679 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | The carrying amount of goodwill by segment as of March 30, 2024 and December 30, 2023 was as follows: Infrastructure Agriculture Total Gross balance as of December 30, 2023 $ 478,663 $ 323,683 $ 802,346 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of December 30, 2023 429,281 203,683 632,964 Acquisition measurement period adjustment — 735 735 Foreign currency translation (2,588) (1,223) (3,811) Balance as of March 30, 2024 $ 426,693 $ 203,195 $ 629,888 Infrastructure Agriculture Total Gross balance as of March 30, 2024 $ 476,075 $ 323,195 $ 799,270 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of March 30, 2024 $ 426,693 $ 203,195 $ 629,888 |
Schedule of Components of Intangible Assets | March 30, 2024 December 30, 2023 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizing intangible assets: Customer relationships $ 232,253 $ 160,181 $ 233,852 $ 157,873 Patents & proprietary technology 59,243 45,710 59,311 45,416 Trade names 2,870 1,160 2,870 1,056 Other 4,732 4,520 4,787 4,538 Non-amortizing intangible assets: Trade names 58,312 — 58,750 — $ 357,410 $ 211,571 $ 359,570 $ 208,883 |
CASH FLOW SUPPLEMENTARY INFOR_2
CASH FLOW SUPPLEMENTARY INFORMATION (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Payments For Interest And Income Taxes (Net of Refunds) | Thirteen weeks ended March 30, April 1, 2024 2023 Interest $ 6,239 $ 3,331 Income taxes 9,575 7,838 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Earnings per share: | |
Schedule of Reconciliation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation between the earnings and average share amounts used to compute both basic and diluted earnings per share: Thirteen weeks ended March 30, April 1, 2024 2023 Net earnings attributable to Valmont Industries, Inc. $ 87,822 $ 74,540 Weighted average shares outstanding (000s): Basic 20,188 21,269 Dilutive effect of various stock awards 133 243 Diluted 20,321 21,512 Net earnings attributable to Valmont Industries, Inc. per share: Basic $ 4.35 $ 3.50 Dilutive effect of various stock awards (0.03) (0.03) Diluted $ 4.32 $ 3.47 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Schedule of Fair Value of Derivative Instruments | The fair value of derivative instruments as of March 30, 2024 and December 30, 2023 was as follows: Condensed Consolidated March 30, December 30, Derivatives designated as hedging instruments: Balance Sheets location 2024 2023 Commodity contracts Prepaid expenses and other current assets $ 432 $ 2,520 Commodity contracts Other accrued expenses (1,123) (1,586) Cross currency swap contracts Prepaid expenses and other current assets 129 1,938 Cross currency swap contracts Other accrued expenses (945) (12) $ (1,507) $ 2,860 |
Schedule of Gains (Losses) on Derivatives Recognized on Statements of Earnings | Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows: Thirteen weeks ended Condensed Consolidated March 30, April 1, Derivatives designated as hedging instruments: Statements of Earnings location 2024 2023 Commodity contracts Product cost of sales $ 956 $ (3,985) Foreign currency forward contracts Other income (expenses) — 97 Interest rate hedge amortization Interest expense (16) (16) Cross currency swap contracts Interest expense 380 446 $ 1,320 $ (3,458) |
Cash Flow Hedging | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Schedule of notional amounts of outstanding derivative | Notional Total Commodity Type Amount Purchase Quantity Maturity Dates Hot rolled steel coil $ 10,183 12,000 short tons April 2024 to August 2024 Natural gas 3,196 738,475 MMBtu April 2024 to March 2026 Diesel fuel 453 1,890,000 gallons April 2024 to December 2024 |
Net Investment Hedging | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Schedule of notional amounts of outstanding derivative | Key terms of the CCS net investment hedges as of March 30, 2024 were as follows: Notional Swapped Set Settlement Currency Amount Termination Date Interest Rate Amount Euro $ 80,000 April 1, 2029 3.461% € 74,509 |
BUSINESS SEGMENTS & RELATED R_2
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information of Sales and Operating Income | Thirteen weeks ended March 30, April 1, 2024 2023 SALES: Infrastructure $ 723,614 $ 736,106 Agriculture 258,735 332,163 Total sales 982,349 1,068,269 INTERSEGMENT SALES: Infrastructure (2,881) (3,966) Agriculture (1,640) (1,822) Total intersegment sales (4,521) (5,788) NET SALES: Infrastructure 720,733 732,140 Agriculture 257,095 330,341 Total net sales $ 977,828 $ 1,062,481 OPERATING INCOME (LOSS): Infrastructure $ 117,864 $ 94,352 Agriculture 40,973 53,323 Corporate (27,284) (29,209) Total operating income $ 131,553 $ 118,466 |
Schedule of breakdown by segment of revenue recognized | Thirteen weeks ended March 30, 2024 Infrastructure Agriculture Intersegment Consolidated Geographical market: North America $ 568,572 $ 159,915 $ (4,466) $ 724,021 International 155,042 98,820 (55) 253,807 Total sales $ 723,614 $ 258,735 $ (4,521) $ 977,828 Product line: Transmission, Distribution, and Substation $ 325,256 $ — $ — $ 325,256 Lighting and Transportation 222,096 — — 222,096 Coatings 87,090 — (2,826) 84,264 Telecommunications 53,961 — — 53,961 Solar 35,211 — (55) 35,156 Irrigation Equipment and Parts — 233,120 (1,640) 231,480 Technology Products and Services — 25,615 — 25,615 Total sales $ 723,614 $ 258,735 $ (4,521) $ 977,828 Thirteen weeks ended April 1, 2023 Infrastructure Agriculture Intersegment Consolidated Geographical market: North America $ 584,083 $ 182,869 $ (5,374) $ 761,578 International 152,023 149,294 (414) 300,903 Total sales $ 736,106 $ 332,163 $ (5,788) $ 1,062,481 Product line: Transmission, Distribution, and Substation $ 314,820 $ — $ — $ 314,820 Lighting and Transportation 229,136 — — 229,136 Coatings 90,114 — (3,552) 86,562 Telecommunications 68,137 — — 68,137 Solar 33,899 — (414) 33,485 Irrigation Equipment and Parts — 299,181 (1,822) 297,359 Technology Products and Services — 32,982 — 32,982 Total sales $ 736,106 $ 332,163 $ (5,788) $ 1,062,481 |
Breakdown by segment of revenue recognized over time and at a point in time | Thirteen weeks ended March 30, 2024 Point in Time Over Time Total Infrastructure $ 389,935 $ 330,798 $ 720,733 Agriculture 250,760 6,335 257,095 Total net sales $ 640,695 $ 337,133 $ 977,828 Thirteen weeks ended April 1, 2023 Point in Time Over Time Total Infrastructure $ 411,217 $ 320,923 $ 732,140 Agriculture 324,206 6,135 330,341 Total net sales $ 735,423 $ 327,058 $ 1,062,481 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Inventory, Net [Abstract] | ||
Raw materials and purchased parts | $ 236,434 | $ 217,134 |
Work in process | 41,214 | 37,826 |
Finished and manufactured goods | 391,095 | 403,468 |
Total inventories | $ 668,743 | $ 658,428 |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Geographical Markets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Accounting Policies [Abstract] | ||
United States | $ 86,212 | $ 31,858 |
Foreign | 32,225 | 73,151 |
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | $ 118,437 | $ 105,009 |
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 | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | $ 5,242 | $ 5,256 |
Expected return on plan assets | (5,592) | (5,317) |
Amortization of prior service cost | 127 | 122 |
Amortization of actuarial loss | 381 | |
Net periodic pension cost | $ 158 | $ 61 |
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 | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Stock-based compensation | $ 7,183 | $ 8,689 |
Income tax benefits | $ 1,796 | $ 2,172 |
Share-based Payment Arrangement, Option | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares of common stock available for issuance (in shares) | 1,451,535 | |
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 | |
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 | Mar. 30, 2024 | Dec. 30, 2023 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | $ 27,382 | $ 26,803 |
Derivative financial instruments, net | 2,860 | |
Derivative financial instruments, net | (1,507) | |
Cash and cash equivalents - mutual funds | 508 | 6,258 |
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] | ||
Deferred compensation investments | 27,382 | 26,803 |
Derivative financial instruments, net | 0 | |
Cash and cash equivalents - mutual funds | 508 | 6,258 |
Estimated Fair value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation investments | 0 | |
Derivative financial instruments, net | 2,860 | |
Derivative financial instruments, net | $ (1,507) | |
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] | ||
Deferred compensation investments | 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 | Mar. 30, 2024 | Dec. 30, 2023 |
Accounting Policies [Abstract] | ||
Foreign currency translation adjustments | $ (257,951) | $ (236,690) |
Hedging activities | 19,894 | 20,989 |
Defined benefit pension plan | (57,154) | (57,535) |
Accumulated other comprehensive loss | $ (295,211) | $ (273,236) |
BASIS OF PRESENTATION AND SU_10
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) | 3 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 191,483,000 | $ 175,721,000 | |
Contract liabilities | 84,041,000 | $ 70,978,000 | |
Revenue recognized from contract liability | 34,279,000 | $ 58,939,000 | |
Remaining performance obligation | $ 0 | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Expected timing of performance obligation satisfaction | 1 year |
BASIS OF PRESENTATION AND SU_11
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplier Finance Program (Details) $ in Thousands | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
Accounting Policies [Abstract] | |
Confirmed obligations outstanding as of December 30, 2023 | $ 41,916 |
Invoices confirmed during the period | 55,255 |
Confirmed invoices paid during the period | (59,944) |
Confirmed obligations outstanding as of March 30, 2024 | $ 37,227 |
BASIS OF PRESENTATION AND SU_12
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 | Apr. 01, 2023 | Dec. 31, 2022 |
Accounting Policies [Line Items] | ||||
Stockholders' Equity Attributable to Parent | $ 1,409,291 | $ 1,354,280 | $ 1,540,099 | $ 1,580,847 |
Redeemable noncontrolling interests | $ 44,980 | $ 62,792 | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Accounting Policies [Line Items] | ||||
Stockholders' Equity Attributable to Parent | (58,301) | (60,865) | ||
Redeemable noncontrolling interests | $ 58,301 | $ 60,865 |
BASIS OF PRESENTATION AND SU_13
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Nov. 30, 2023 | May 31, 2014 | Mar. 30, 2024 | Dec. 30, 2023 | Apr. 01, 2023 | Feb. 28, 2023 | Oct. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Additional authorized amount | $ 400,000 | $ 250,000 | |||||
Authorized amount | $ 500,000 | $ 1,400,000 | |||||
Length of authorization period | 12 months | ||||||
Shares acquired under share repurchase program | 7,991,948 | 96,224 | 356,887 | ||||
Amount paid for share repurchase | $ 1,263,892 | ||||||
Accelerated Purchase Agreement - November 2023 ASR | CitiBank, N.A. | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized amount | $ 120,000 | ||||||
Pre-paid amount of share repurchase program | $ 120,000 | ||||||
Shares received at an initial delivery | 96,224 | 438,917 | |||||
Average purchase price | $ 224.24 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Thousands, $ in Thousands | 3 Months Ended | ||||
Aug. 31, 2023 USD ($) payment | Aug. 31, 2023 AUD ($) | Mar. 30, 2024 USD ($) | Dec. 30, 2023 USD ($) | Aug. 31, 2023 AUD ($) payment | |
Fair Values of Assets Acquired and Liabilities Assumed [Abstract] | |||||
Goodwill | $ 629,888 | $ 632,964 | |||
Redeemable noncontrolling interests | $ 44,980 | $ 62,792 | |||
HR Products | |||||
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | $ 37,302 | $ 58,044 | |||
Retention fund, withheld | $ 4,626 | $ 7,200 | |||
Number of equal payments of retention fund | payment | 2 | 2 | |||
Payment due of first installment of retention fund, from the date of acquisition | 12 months | 12 months | |||
Payment due of second installment of retention fund, from the date of acquisition | 24 months | 24 months | |||
Fair Values of Assets Acquired and Liabilities Assumed [Abstract] | |||||
Current assets | $ 24,153 | ||||
Property, plant, and equipment | 1,397 | ||||
Goodwill | 9,912 | ||||
Customer relationships | 11,503 | ||||
Other non-current assets | 3,997 | ||||
Total fair value of assets acquired | 50,962 | ||||
Current liabilities | 4,183 | ||||
Operating lease liabilities | 2,792 | ||||
Deferred income taxes | 3,450 | ||||
Total fair value of liabilities assumed | 10,425 | ||||
Net assets acquired | 40,537 | ||||
Other non-current assets | $ 3,997 | ||||
ConcealFab | |||||
Fair Values of Assets Acquired and Liabilities Assumed [Abstract] | |||||
Percentage acquired | 9% | ||||
Consideration transferred | $ 7,227 | ||||
Valmont Substations, LLC | |||||
Fair Values of Assets Acquired and Liabilities Assumed [Abstract] | |||||
Consideration transferred | $ 10,518 | ||||
Customer relationships | |||||
Fair Values of Assets Acquired and Liabilities Assumed [Abstract] | |||||
Useful life | 13 years | 13 years |
DIVESTITURES (Details)
DIVESTITURES (Details) - Torrent Engineering and Equipment [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Jul. 01, 2023 | |
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) $ in Thousands | Sep. 30, 2023 USD ($) |
Maximum | Voluntary early retirement program and other headcount reduction actions | Realignment Program | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 36,000 |
REALIGNMENT ACTIVITIES - Pre-ta
REALIGNMENT ACTIVITIES - Pre-tax Expenses (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Severance and other employee benefit costs | $ 35,210 |
Infrastructure | Voluntary early retirement program and other headcount reduction actions | Realignment Program | |
Restructuring Cost and Reserve [Line Items] | |
Severance and other employee benefit costs | 17,260 |
Agriculture | Voluntary early retirement program and other headcount reduction actions | Realignment Program | |
Restructuring Cost and Reserve [Line Items] | |
Severance and other employee benefit costs | 9,101 |
Corporate | Voluntary early retirement program and other headcount reduction actions | Realignment Program | |
Restructuring Cost and Reserve [Line Items] | |
Severance and other employee benefit costs | $ 8,849 |
REALIGNMENT ACTIVITIES - Change
REALIGNMENT ACTIVITIES - Changes in Current Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 30, 2024 | Dec. 30, 2023 | |
Restructuring Cost and Reserve [Roll Forward] | ||
Restructuring Charges | $ 35,210 | |
Voluntary early retirement program and other headcount reduction actions | Realignment Program | ||
Restructuring Cost and Reserve [Roll Forward] | ||
Severance and other employee benefit costs, beginning balance | $ 12,514 | |
Costs Paid or Otherwise Settled | (9,835) | |
Severance and other employee benefit costs, ending balance | $ 2,679 | $ 12,514 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Dec. 30, 2023 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 799,270 | $ 802,346 |
Accumulated impairment losses | (169,382) | (169,382) |
Carrying amount of goodwill | ||
Balance at the beginning of the period | 632,964 | |
Acquisition measurement period adjustment | 735 | |
Foreign currency translation | (3,811) | |
Balance at the end of the period | 629,888 | |
Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 476,075 | 478,663 |
Accumulated impairment losses | (49,382) | (49,382) |
Carrying amount of goodwill | ||
Balance at the beginning of the period | 429,281 | |
Foreign currency translation | (2,588) | |
Balance at the end of the period | 426,693 | |
Agriculture [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 323,195 | 323,683 |
Accumulated impairment losses | (120,000) | $ (120,000) |
Carrying amount of goodwill | ||
Balance at the beginning of the period | 203,683 | |
Acquisition measurement period adjustment | 735 | |
Foreign currency translation | (1,223) | |
Balance at the end of the period | $ 203,195 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Components of amortized intangible assets | |||
Weighted Average Life | 4 years | 4 years | |
Amortization expense for intangible assets | $ 3,715 | $ 5,190 | |
Estimated Amortization Expense | |||
Remainder of 2024 | 10,169 | ||
2028 | 0 | ||
Customer relationships | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 232,253 | $ 233,852 | |
Accumulated Amortization | 160,181 | 157,873 | |
Patents & Proprietary Technology | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 59,243 | 59,311 | |
Accumulated Amortization | 45,710 | 45,416 | |
Trade names | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 2,870 | 2,870 | |
Accumulated Amortization | 1,160 | 1,056 | |
Other | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 4,732 | 4,787 | |
Accumulated Amortization | $ 4,520 | $ 4,538 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Non-Amortized Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Trade names | ||
Non-amortized intangible assets | ||
Non-amortizing intangible assets | $ 58,312 | $ 58,750 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Total Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Amortizing and non-amortizing intangible assets, Gross Carrying Amount | $ 357,410 | $ 359,570 |
Intangible Assets, Accumulated Amortization | $ 211,571 | $ 208,883 |
CASH FLOW SUPPLEMENTARY INFOR_3
CASH FLOW SUPPLEMENTARY INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 6,239 | $ 3,331 |
Income taxes | $ 9,575 | $ 7,838 |
EARNINGS PER SHARE - Reconcilia
EARNINGS PER SHARE - Reconciliation of earnings and share amounts to compute basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Earnings per share: | ||
Net earnings attributable to Valmont Industries, Inc. | $ 87,822 | $ 74,540 |
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interest | $ 87,822 | $ 74,540 |
Weighted average shares outstanding (000s): | ||
Basic (in shares) | 20,188 | 21,269 |
Dilutive effect of various stock awards (in shares) | 133 | 243 |
Diluted (in shares) | 20,321 | 21,512 |
Net earnings per share attributable to common shareholders: | ||
Basic (in dollars per share) | $ 4.35 | $ 3.50 |
Dilutive effect of various stock awards (in dollars per share) | (0.03) | (0.03) |
Diluted (in dollars per share) | $ 4.32 | $ 3.47 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Earnings per share: | ||
Outstanding stock options with exercise prices exceeding the market price of common stock, excluded from the computation of diluted earnings per share (in shares) | 73,003 | 40,564 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ (1,507) | $ 2,860 |
Commodity contracts | Other accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (1,123) | (1,586) |
Commodity contracts | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 432 | 2,520 |
Cross currency swap contracts | Other accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (945) | (12) |
Cross currency swap contracts | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 129 | $ 1,938 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, gain (loss) on derivative, net | $ 1,320 | $ (3,458) |
Commodity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, gain (loss) on derivative, net | $ 956 | $ (3,985) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 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 | $ 97 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 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) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Cross currency swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, gain (loss) on derivative, net | $ 380 | $ 446 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Proceeds from Hedge, Investing Activities | $ 2,711 |
Senior Unsecured Notes 5.00% Due 2044 | Senior Notes [Member] | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Stated rate | 5% |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Cash flow hedges (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Long $ in Thousands | 3 Months Ended |
Mar. 30, 2024 USD ($) MMBTU T gal | |
Steel hot rolled coil ("HRC") forward contracts | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Derivative, notional amount | $ 10,183 |
Derivative, nonmonetary notional amount, mass | T | 12,000 |
Natural Gas Forward Contract | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Derivative, notional amount | $ 3,196 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 738,475 |
Diesel Fuel Forward Contract | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Derivative, notional amount | $ 453 |
Derivative, nonmonetary notional amount, volume measure | gal | 1,890,000 |
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 | Mar. 30, 2024 USD ($) | Mar. 30, 2024 EUR (€) |
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Derivative, notional amount | $ 80,000 | € 74,509 |
Swapped Interest Rate | 3.461% | 3.461% |
BUSINESS SEGMENTS & RELATED R_3
BUSINESS SEGMENTS & RELATED REVENUE INFORMATION (Details) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 USD ($) segment | Apr. 01, 2023 USD ($) | |
Business Segments | ||
Number of reportable segments | segment | 2 | |
Net sales | $ 977,828 | $ 1,062,481 |
Operating income (loss) | 131,553 | 118,466 |
Point in Time | ||
Business Segments | ||
Net sales | 640,695 | 735,423 |
Over Time | ||
Business Segments | ||
Net sales | 337,133 | 327,058 |
Transmission, Distribution and Substation | ||
Business Segments | ||
Net sales | 325,256 | 314,820 |
Lighting and Transportation | ||
Business Segments | ||
Net sales | 222,096 | 229,136 |
Coatings | ||
Business Segments | ||
Net sales | 84,264 | 86,562 |
Telecommunications | ||
Business Segments | ||
Net sales | 53,961 | 68,137 |
Solar | ||
Business Segments | ||
Net sales | 35,156 | 33,485 |
Irrigation Equipment and Parts | ||
Business Segments | ||
Net sales | 231,480 | 297,359 |
Technology Products and Services | ||
Business Segments | ||
Net sales | 25,615 | 32,982 |
North America | ||
Business Segments | ||
Net sales | 724,021 | 761,578 |
International | ||
Business Segments | ||
Net sales | 253,807 | 300,903 |
Infrastructure | ||
Business Segments | ||
Net sales | 720,733 | 732,140 |
Operating income (loss) | 117,864 | 94,352 |
Infrastructure | Point in Time | ||
Business Segments | ||
Net sales | 389,935 | 411,217 |
Infrastructure | Over Time | ||
Business Segments | ||
Net sales | 330,798 | 320,923 |
Agriculture | ||
Business Segments | ||
Net sales | 257,095 | 330,341 |
Operating income (loss) | 40,973 | 53,323 |
Agriculture | Point in Time | ||
Business Segments | ||
Net sales | 250,760 | 324,206 |
Agriculture | Over Time | ||
Business Segments | ||
Net sales | 6,335 | 6,135 |
Corporate | ||
Business Segments | ||
Operating income (loss) | (27,284) | (29,209) |
Operating segment | ||
Business Segments | ||
Net sales | 982,349 | 1,068,269 |
Operating segment | Infrastructure | ||
Business Segments | ||
Net sales | 723,614 | 736,106 |
Operating segment | Infrastructure | Transmission, Distribution and Substation | ||
Business Segments | ||
Net sales | 325,256 | 314,820 |
Operating segment | Infrastructure | Lighting and Transportation | ||
Business Segments | ||
Net sales | 222,096 | 229,136 |
Operating segment | Infrastructure | Coatings | ||
Business Segments | ||
Net sales | 87,090 | 90,114 |
Operating segment | Infrastructure | Telecommunications | ||
Business Segments | ||
Net sales | 53,961 | 68,137 |
Operating segment | Infrastructure | Solar | ||
Business Segments | ||
Net sales | 35,211 | 33,899 |
Operating segment | Infrastructure | North America | ||
Business Segments | ||
Net sales | 568,572 | 584,083 |
Operating segment | Infrastructure | International | ||
Business Segments | ||
Net sales | 155,042 | 152,023 |
Operating segment | Agriculture | ||
Business Segments | ||
Net sales | 258,735 | 332,163 |
Operating segment | Agriculture | Irrigation Equipment and Parts | ||
Business Segments | ||
Net sales | 233,120 | 299,181 |
Operating segment | Agriculture | Technology Products and Services | ||
Business Segments | ||
Net sales | 25,615 | 32,982 |
Operating segment | Agriculture | North America | ||
Business Segments | ||
Net sales | 159,915 | 182,869 |
Operating segment | Agriculture | International | ||
Business Segments | ||
Net sales | 98,820 | 149,294 |
Intersegment | ||
Business Segments | ||
Net sales | (4,521) | (5,788) |
Intersegment | Coatings | ||
Business Segments | ||
Net sales | (2,826) | (3,552) |
Intersegment | Solar | ||
Business Segments | ||
Net sales | (55) | (414) |
Intersegment | Irrigation Equipment and Parts | ||
Business Segments | ||
Net sales | (1,640) | (1,822) |
Intersegment | North America | ||
Business Segments | ||
Net sales | (4,466) | (5,374) |
Intersegment | International | ||
Business Segments | ||
Net sales | (55) | (414) |
Intersegment | Infrastructure | ||
Business Segments | ||
Net sales | (2,881) | (3,966) |
Intersegment | Agriculture | ||
Business Segments | ||
Net sales | $ (1,640) | $ (1,822) |