SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	June 30, 2018		December 30, 2017
Raw materials and purchased parts	$	191,918	$	183,029
Work-in-process	19,500		30,671
Finished goods and manufactured goods	217,012		250,975
Subtotal	428,430		464,675
Less: LIFO reserve	46,459		43,727
	$	381,971	$	420,948

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017, were as follows:

	Thirteen Weeks Ended				Twenty-six Weeks Ended
	2018		2017		2018		2017
United States	$	42,336	$	50,773	$	84,101	$	86,197
Foreign	6,749		17,634		17,996		37,534
	$	49,085	$	68,407	$	102,097	$	123,731

Schedule of components of the net periodic pension (benefit) expense

The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017 were as follows:

	Thirteen Weeks Ended						Twenty-six Weeks Ended
Net periodic (benefit) expense:	2018			2017			2018			2017
Interest cost	$	4,486		$	4,478		$	9,202		$	8,799
Expected return on plan assets	(5,815		)	(5,054		)	(11,929		)	(9,931		)
Amortization of actuarial loss	764			736			1,568			1,446
Net periodic expense (benefit)	$	(565	)	$	160		$	(1,159	)	$	314

Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options

The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options and restricted stock for the thirteen and twenty-six weeks ended June 30, 2018 and July 1, 2017, respectively, were as follows:

	Thirteen Weeks Ended				Twenty-six Weeks Ended
	2018		2017		2018		2017
Compensation expense	$	2,599	$	2,096	$	5,374	$	4,590
Income tax benefits	650		807		1,344		1,767

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value June 30, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	41,194	$	41,194	$	—	$	—

			Fair Value Measurement Using:
	Carrying Value December 30, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	41,042	$	41,042	$	—	$	—

Components of accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) consisted of the following at June 30, 2018 and December 30, 2017:

	Foreign Currency Translation Adjustments			Gain/(Loss) on Hedging Activities		Defined Benefit Pension Plan			Accumulated Other Comprehensive Loss
Balance at December 30, 2017	$	(171,399	)	$	6,357	$	(113,980	)	$	(279,022	)
Current-period comprehensive income (loss)	(43,091		)	529		—			(42,562		)
Divestiture of grinding media business	9,203			1,215		—			10,418
Balance at June 30, 2018	$	(205,287	)	$	8,101	$	(113,980	)	$	(311,166	)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The cumulative effect of initially applying the new revenue standard was recorded as an adjustment to the opening balance of retained earnings, which impacted the Condensed Consolidated Balance Sheet as follows:

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Balance Sheet	December 30, 2017		ASC 606 Adjustments			December 31, 2017
Assets
Inventories	$	420,948	$	(36,243	)	$	384,705
Prepaid expenses and other current assets	43,643		51,507			95,150
Liabilities and shareholders' equity
Accrued expenses	81,029		2,043			83,072
Deferred income taxes	34,906		3,450			38,356
Retained earnings	1,954,344		9,771			1,964,115

Balance Sheet	As Reported		Balance Excluding ASC 606 Effects		Change
Assets
Inventories	$	381,971	$	436,414	$	(54,443	)
Prepaid expenses and other assets	127,843		53,829		74,014
Liabilities and shareholders' equity
Accrued expenses	79,363		75,060		4,303
Deferred income taxes	34,492		30,535		3,957
Retained earnings	2,023,919		2,012,608		11,311

The adoption of ASC 606 had the following impact on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Earnings for the thirteen weeks and twenty-six weeks ended June 30, 2018:

Balance Sheet	As Reported		Balance Excluding ASC 606 Effects		Change
Assets
Inventories	$	381,971	$	436,414	$	(54,443	)
Prepaid expenses and other assets	127,843		53,829		74,014
Liabilities and shareholders' equity
Accrued expenses	79,363		75,060		4,303
Deferred income taxes	34,492		30,535		3,957
Retained earnings	2,023,919		2,012,608		11,311

	Thirteen Weeks Ended June 30, 2018							Twenty-six Weeks Ended June 30, 2018
Statement of Earnings	As Reported		Balance Excluding ASC 606 Effects		Change			As Reported		Balance Excluding ASC 606 Effects		Change
Net Sales	$	682,405	$	687,953	$	(5,548	)	$	1,381,089	$	1,358,827	$	22,262
Operating Income	$	63,670	$	66,707	$	(3,037	)	$	127,630	$	125,592	$	2,038

Disaggregation of Revenue

evenue by product line is disclosed in the Segment footnote. A breakdown by segment of revenue recognized over time and revenue recognized at a point in time for the thirteen and twenty-six weeks ended June 30, 2018 is as follows:

	Point in Time		Over Time		Point in Time		Over Time
	Thirteen weeks ended June 30, 2018		Thirteen weeks ended June 30, 2018		Twenty-six weeks ended June 30, 2018		Twenty-six weeks ended June 30, 2018
Utility Support Structures	$	—	$	196,531	$	—	$	406,390
Engineered Support Structures	237,720		8,321		444,914		17,043
Coatings	74,539		—		142,997		—
Irrigation	157,800		2,813		341,034		5,631
Other	4,681		—		23,080		—
Total	$	474,740	$	207,665	$	952,025	$	429,064

Schedule of fair value of derivative instruments

Fair value of derivative instruments at June 30, 2018 and December 30, 2017 are as follows:

Derivatives designated as hedging instruments:	Balance sheet location	June 30, 2018		December 30, 2017
Commodity forward contracts	Prepaid expenses and other assets	$	1,345	$	—
Foreign currency forward contracts	Prepaid expenses and other assets	2,005		—
Foreign currency forward contracts	Accrued expenses	—		(826		)
		$	3,350	$	(826	)