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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Oct. 01, 2023
FAIR VALUE MEASUREMENTS [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Accounting guidance on fair value measurements requires that financial assets and liabilities be classified and disclosed in one of the following categories of the fair value hierarchy:
Level 1 – Based on unadjusted quoted prices for identical assets or liabilities in an active market.
Level 2 – Based on observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3 – Based on unobservable inputs that reflect the entity’s own assumptions about the assumptions that a market participant would use in pricing the asset or liability.
We did not have any Level 3 financial assets or liabilities, nor were there any transfers between levels during the periods presented. 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. Other Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair values as of October 1, 2023 and December 31, 2022 because of the relatively short maturity of these instruments. The estimated fair value of our long-term debt is based on quoted market prices for similar debt issues and is, therefore, classified as Level 2 within the valuation hierarchy. 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 |
Other Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, GAAP requires that, under certain circumstances, we also record assets and liabilities at fair value on a nonrecurring basis. In connection with the acquisition of Weaver in May 2023, as discussed in Note 2, we used valuation techniques to determine fair value, with the primary technique being the cost approach to value personal property, which uses significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Additionally, in connection with the acquisitions of Pretzels and Dot’s in December 2021 and subsequent measurement period adjustments through the third quarter of 2022, as discussed in Note 2, we used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis and the relief-from-royalty, a form of the multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy.

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- Definition FAIR VALUE MEASUREMENTS [Abstract] + References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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