LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

	December 30,		December 31,
	2023		2022
5.00% senior unsecured notes due in fiscal 2044 (a)	$	450,000	$	450,000
5.25% senior unsecured notes due in fiscal 2054 (b)		305,000		305,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b)		(19,665)		(20,053)
Revolving credit agreement (c)		377,899		140,513
Other notes		2,015		3,587
Debt issuance costs		(6,645)		(6,918)
Long-term debt		1,108,604		872,129
Less: Current installments of long-term debt		719		1,194
Long-term debt, excluding current installments	$	1,107,885	$	870,935

(a) The 5.00% senior unsecured notes due in fiscal 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $12,503 as of December 30, 2023. The notes bear interest at 5.00% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(b) The 5.25% senior unsecured notes due in fiscal 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,162 as of December 30, 2023. The notes bear interest at 5.25% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(c) On October 18, 2021, the Company along with its wholly-owned subsidiaries, Valmont Industries Holland B.V. and Valmont Group Pty. Ltd., as borrowers, entered into an amendment and restatement of the revolving credit agreement with the Company’s lenders. The maturity date of the revolving credit facility was extended to October 18, 2026. The credit facility provides for $800,000 of committed unsecured revolving credit loans with available borrowings thereunder to $400,000 in foreign currencies. The Company may increase the credit facility by up to an additional $300,000 at any time, subject to lenders increasing the amount of their commitments. The interest rate on the borrowings will be, at the Company’s option, either:

(i) term Secured Overnight Financing Rate (“SOFR”) (based on a 1-, 3-, or 6-month interest period, as selected by the Company) plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.;

(ii) the higher of

● the prime lending rate,

● the overnight bank rate plus 50 basis points, and

● term SOFR (based on a one-month interest period) plus 100 basis points,

plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.; or

(iii) daily simple SOFR plus a 10 basis point adjustment plus a spread of 100 to 162.5 basis points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.