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v3.23.2

LEASES (Tables) | 6 Months Ended
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Jul. 02, 2023
Leases [Abstract] |
Schedule of Components of Lease Expense | The components of lease expense for the three months ended July 2, 2023 and July 3, 2022 were as follows:
|  |  |  | Three Months Ended
Lease expense |  | Classification |  | July 2, 2023 |  | July 3, 2022
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 12,320 |  |  | $ | 12,710 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 1,834 |  |  | 1,768 |
Interest on lease liabilities |  | Interest expense, net |  | 1,092 |  |  | 1,036 |
Net lease cost (2) |  |  |  | $ | 15,246 |  |  | $ | 15,514 |
The components of lease expense for the six months ended July 2, 2023 and July 3, 2022 were as follows:
|  |  |  | Six Months Ended
Lease expense |  | Classification |  | July 2, 2023 |  | July 3, 2022
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 24,363 |  |  | $ | 25,497 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 3,696 |  |  | 3,450 |
Interest on lease liabilities |  | Interest expense, net |  | 2,192 |  |  | 2,053 |
Net lease cost (2) |  |  |  | $ | 30,251 |  |  | $ | 31,000 |
(1)Supply chain-related amounts were included in cost of sales. (2)Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial. Information regarding our lease terms and discount rates were as follows:
|  | July 2, 2023 |  | December 31, 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 14.6 |  | 15.0
Finance leases |  | 27.3 |  | 27.7
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.5 | % |  | 3.2 | %
Finance leases |  | 6.2 | % |  | 6.1 | %
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows:
Leases |  | Classification |  | July 2, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |
Operating lease ROU assets |  | Other non-current assets |  | $ | 322,697 |  |  | $ | 326,472 |
Finance lease ROU assets, at cost |  | Property, plant and equipment, gross |  | 86,377 |  |  | 86,703 |
Accumulated amortization |  | Accumulated depreciation |  | (17,023) |  |  | (14,543) |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 69,354 |  |  | 72,160 |
Total leased assets |  |  |  | $ | 392,051 |  |  | $ | 398,632 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 33,867 |  |  | $ | 31,787 |
Finance |  | Current portion of long-term debt |  | 4,686 |  |  | 4,285 |
Non-current |  |  |  |  |  |
Operating |  | Other long-term liabilities |  | 290,655 |  |  | 294,849 |
Finance |  | Long-term debt |  | 68,545 |  |  | 69,194 |
Total lease liabilities |  |  |  | $ | 397,753 |  |  | $ | 400,115 |
The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:
|  | July 2, 2023 |  | December 31, 2022 |
Inventories: |  |  |  |  |
Raw materials |  | $ | 461,428 |  |  | $ | 372,612 |  |
Goods in process |  | 187,536 |  |  | 137,298 |  |
Finished goods |  | 1,012,112 |  |  | 855,217 |  |
Inventories at First In First Out |  | 1,661,076 |  |  | 1,365,127 |  |
Adjustment to Last In First Out |  | (275,652) |  |  | (192,008) |  |
Total inventories |  | $ | 1,385,424 |  |  | $ | 1,173,119 |  |
Prepaid expenses and other: |  |  |  |  |
Prepaid expenses |  | $ | 169,948 |  |  | $ | 143,888 |  |
Other current assets |  | 115,103 |  |  | 128,307 |  |
Total prepaid expenses and other |  | $ | 285,051 |  |  | $ | 272,195 |  |
Property, plant and equipment: |  |  |  |  |
Land |  | $ | 160,089 |  |  | $ | 155,963 |  |
Buildings |  | 1,565,474 |  |  | 1,545,053 |  |
Machinery and equipment |  | 3,767,778 |  |  | 3,592,251 |  |
Construction in progress |  | 538,265 |  |  | 416,220 |  |
Property, plant and equipment, gross |  | 6,031,606 |  |  | 5,709,487 |  |
Accumulated depreciation |  | (3,016,730) |  |  | (2,939,785) |  |
Property, plant and equipment, net |  | $ | 3,014,876 |  |  | $ | 2,769,702 |  |
Other non-current assets: |  |  |  |  |
Pension |  | $ | 54,737 |  |  | $ | 53,495 |  |
Capitalized software, net |  | 338,499 |  | 320,034 |  |
Operating lease ROU assets |  | 322,697 |  |  | 326,472 |  |
Investments in unconsolidated affiliates |  | 126,114 |  |  | 133,029 |  |
Other non-current assets |  | 119,694 |  |  | 111,959 |  |
Total other non-current assets |  | $ | 961,741 |  |  | $ | 944,989 |  |
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows: |
|  | July 2, 2023 |  | December 31, 2022 |
Accounts payable: |  |  |  |  |
Accounts payable—trade |  | $ | 663,853 |  |  | $ | 636,472 |  |
Supplier finance program obligations |  | 147,125 |  |  | 105,293 |  |
Other |  | 203,080 |  |  | 228,793 |  |
Total accounts payable |  | $ | 1,014,058 |  |  | $ | 970,558 |  |
Accrued liabilities: |  |  |  |  |
Payroll, compensation and benefits |  | $ | 203,337 |  |  | $ | 293,865 |  |
Advertising, promotion and product allowances |  | 346,580 |  |  | 337,024 |  |
Operating lease liabilities |  | 33,867 |  |  | 31,787 |  |
Other |  | 244,423 |  |  | 169,842 |  |
Total accrued liabilities |  | $ | 828,207 |  |  | $ | 832,518 |  |
Other long-term liabilities: |  |  |  |  |
Post-retirement benefits liabilities |  | $ | 140,327 |  |  | $ | 147,174 |  |
Pension benefits liabilities |  | 27,283 |  |  | 27,696 |  |
Operating lease liabilities |  | 290,655 |  |  | 294,849 |  |
Other |  | 256,267 |  |  | 250,023 |  |
Total other long-term liabilities |  | $ | 714,532 |  |  | $ | 719,742 |  |
Accumulated other comprehensive loss: |  |  |  |  |
Foreign currency translation adjustments |  | $ | (89,029) |  |  | $ | (110,364) |  |
Pension and post-retirement benefit plans, net of tax |  | (109,233) |  |  | (118,254) |  |
Cash flow hedges, net of tax |  | (22,779) |  |  | (23,715) |  |
Total accumulated other comprehensive loss |  | $ | (221,041) |  |  | $ | (252,333) |  |
Schedule of Maturity of Operating Lease Liabilities | The maturity of our lease liabilities as of July 2, 2023 were as follows:
| Operating leases |  | Finance leases |  | Total
2023 (rest of year) | $ | 22,492 |  |  | $ | 4,487 |  |  | $ | 26,979 |
2024 | 43,240 |  |  | 8,286 |  |  | 51,526 |
2025 | 29,878 |  |  | 6,237 |  |  | 36,115 |
2026 | 25,627 |  |  | 4,056 |  |  | 29,683 |
2027 | 25,661 |  |  | 4,065 |  |  | 29,726 |
Thereafter | 268,001 |  |  | 142,020 |  |  | 410,021 |
Total lease payments | 414,899 |  |  | 169,151 |  |  | 584,050 |
Less: Imputed interest | 90,377 |  |  | 95,920 |  |  | 186,297 |
Total lease liabilities | $ | 324,522 |  |  | $ | 73,231 |  |  | $ | 397,753 |
Schedule of Maturity of Finance Lease Liabilities | The maturity of our lease liabilities as of July 2, 2023 were as follows:
| Operating leases |  | Finance leases |  | Total
2023 (rest of year) | $ | 22,492 |  |  | $ | 4,487 |  |  | $ | 26,979 |
2024 | 43,240 |  |  | 8,286 |  |  | 51,526 |
2025 | 29,878 |  |  | 6,237 |  |  | 36,115 |
2026 | 25,627 |  |  | 4,056 |  |  | 29,683 |
2027 | 25,661 |  |  | 4,065 |  |  | 29,726 |
Thereafter | 268,001 |  |  | 142,020 |  |  | 410,021 |
Total lease payments | 414,899 |  |  | 169,151 |  |  | 584,050 |
Less: Imputed interest | 90,377 |  |  | 95,920 |  |  | 186,297 |
Total lease liabilities | $ | 324,522 |  |  | $ | 73,231 |  |  | $ | 397,753 |
Schedule of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow and other information related to leases were as follows:
|  | Six Months Ended
|  | July 2, 2023 |  | July 3, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 22,702 |  |  | $ | 23,783 |
Operating cash flows from finance leases |  | 2,192 |  |  | 2,053 |
Financing cash flows from finance leases |  | 2,349 |  |  | 2,473 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases |  | $ | 14,500 |  |  | $ | 6,317 |
Finance leases |  | 292 |  |  | 4,192 |

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