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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Oct. 01, 2023
FAIR VALUE MEASUREMENTS [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis as of October 1, 2023 and December 31, 2022:
|  | Assets / Liabilities
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
October 1, 2023: |  |  |  |  |  |  |  |
Derivative Instruments: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 1,390 |  | $ | — |  | $ | 1,390
Deferred compensation derivatives (2) |  | $ | — |  | $ | 1,103 |  | $ | — |  | $ | 1,103
Commodities futures and options (3) |  | $ | 874 |  | $ | — |  | $ | — |  | $ | 874
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 5,561 |  | $ | — |  | $ | 5,561
Commodities futures and options (3) |  | $ | 3,861 |  | $ | — |  | $ | — |  | $ | 3,861
December 31, 2022: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 4,167 |  | $ | — |  | $ | 4,167
Deferred compensation derivatives (2) |  | $ | — |  | $ | 1,222 |  | $ | — |  | $ | 1,222
Commodities futures and options (3) |  | $ | 685 |  | $ | — |  | $ | — |  | $ | 685
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 261 |  | $ | — |  | $ | 261
Commodities futures and options (3) |  | $ | 662 |  | $ | — |  | $ | — |  | $ | 662
(1)The fair value of foreign currency forward exchange contracts is the difference between the contract and current market foreign currency exchange rates at the end of the period. We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences. (2)The fair value of deferred compensation derivatives is based on quoted prices for market interest rates and a broad market equity index. (3)The fair value of commodities futures and options contracts is based on quoted market prices.
Schedule of Fair Values and Carrying Values of Long-Term Debt | The fair values and carrying values of long-term debt, including the current portion, were as follows:
|  | Fair Value |  | Carrying Value
|  | October 1, 2023 |  | December 31, 2022 |  | October 1, 2023 |  | December 31, 2022
Current portion of long-term debt |  | $ | 7,791 |  | $ | 749,345 |  | $ | 7,791 |  | $ | 753,578
Long-term debt |  | 3,499,711 |  |  | 2,854,165 |  |  | 4,086,087 |  |  | 3,343,977 |
Total |  | $ | 3,507,502 |  |  | $ | 3,603,510 |  |  | $ | 4,093,878 |  |  | $ | 4,097,555 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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