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v3.23.3

LEASES (Tables) | 9 Months Ended
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Oct. 01, 2023
Leases [Abstract] |
Schedule of Components of Lease Expense | The components of lease expense for the three months ended October 1, 2023 and October 2, 2022 were as follows:
|  |  |  | Three Months Ended
Lease expense |  | Classification |  | October 1, 2023 |  | October 2, 2022
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 12,101 |  |  | $ | 11,812 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 1,849 |  |  | 1,539 |
Interest on lease liabilities |  | Interest expense, net |  | 1,095 |  |  | 1,030 |
Net lease cost (2) |  |  |  | $ | 15,045 |  |  | $ | 14,381 |
The components of lease expense for the nine months ended October 1, 2023 and October 2, 2022 were as follows:
|  |  |  | Nine Months Ended
Lease expense |  | Classification |  | October 1, 2023 |  | October 2, 2022
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 36,464 |  |  | $ | 37,309 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 5,545 |  |  | 4,989 |
Interest on lease liabilities |  | Interest expense, net |  | 3,287 |  |  | 3,083 |
Net lease cost (2) |  |  |  | $ | 45,296 |  |  | $ | 45,381 |
(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:
|  | October 1, 2023 |  | December 31, 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 14.5 |  | 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 |  | October 1, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |
Operating lease ROU assets |  | Other non-current assets |  | $ | 315,524 |  |  | $ | 326,472 |
Finance lease ROU assets, at cost |  | Property, plant and equipment, gross |  | 86,129 |  |  | 86,703 |
Accumulated amortization |  | Accumulated depreciation |  | (18,570) |  |  | (14,543) |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 67,559 |  |  | 72,160 |
Total leased assets |  |  |  | $ | 383,083 |  |  | $ | 398,632 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 34,320 |  |  | $ | 31,787 |
Finance |  | Current portion of long-term debt |  | 4,659 |  |  | 4,285 |
Non-current |  |  |  |  |  |
Operating |  | Other long-term liabilities |  | 283,967 |  |  | 294,849 |
Finance |  | Long-term debt |  | 68,037 |  |  | 69,194 |
Total lease liabilities |  |  |  | $ | 390,983 |  |  | $ | 400,115 |
The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:
|  | October 1, 2023 |  | December 31, 2022 |
Inventories: |  |  |  |  |
Raw materials |  | $ | 469,455 |  |  | $ | 372,612 |  |
Goods in process |  | 184,397 |  |  | 137,298 |  |
Finished goods |  | 969,620 |  |  | 855,217 |  |
Inventories at First In First Out |  | 1,623,472 |  |  | 1,365,127 |  |
Adjustment to Last In First Out |  | (275,652) |  |  | (192,008) |  |
Total inventories |  | $ | 1,347,820 |  |  | $ | 1,173,119 |  |
Prepaid expenses and other: |  |  |  |  |
Prepaid expenses |  | $ | 133,265 |  |  | $ | 143,888 |  |
Other current assets |  | 110,352 |  |  | 128,307 |  |
Total prepaid expenses and other |  | $ | 243,617 |  |  | $ | 272,195 |  |
Property, plant and equipment: |  |  |  |  |
Land |  | $ | 159,701 |  |  | $ | 155,963 |  |
Buildings |  | 1,618,136 |  |  | 1,545,053 |  |
Machinery and equipment |  | 3,836,925 |  |  | 3,592,251 |  |
Construction in progress |  | 618,631 |  |  | 416,220 |  |
Property, plant and equipment, gross |  | 6,233,393 |  |  | 5,709,487 |  |
Accumulated depreciation |  | (3,077,329) |  |  | (2,939,785) |  |
Property, plant and equipment, net |  | $ | 3,156,064 |  |  | $ | 2,769,702 |  |
Other non-current assets: |  |  |  |  |
Pension |  | $ | 42,754 |  |  | $ | 53,495 |  |
Capitalized software, net |  | 345,198 |  | 320,034 |  |
Operating lease ROU assets |  | 315,524 |  |  | 326,472 |  |
Investments in unconsolidated affiliates |  | 126,325 |  |  | 133,029 |  |
Other non-current assets |  | 120,594 |  |  | 111,959 |  |
Total other non-current assets |  | $ | 950,395 |  |  | $ | 944,989 |  |
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows: |
|  | October 1, 2023 |  | December 31, 2022 |
Accounts payable: |  |  |  |  |
Accounts payable—trade |  | $ | 675,389 |  |  | $ | 636,472 |  |
Supplier finance program obligations |  | 149,533 |  |  | 105,293 |  |
Other |  | 260,094 |  |  | 228,793 |  |
Total accounts payable |  | $ | 1,085,016 |  |  | $ | 970,558 |  |
Accrued liabilities: |  |  |  |  |
Payroll, compensation and benefits |  | $ | 245,975 |  |  | $ | 293,865 |  |
Advertising, promotion and product allowances |  | 384,872 |  |  | 337,024 |  |
Operating lease liabilities |  | 34,320 |  |  | 31,787 |  |
Other |  | 303,759 |  |  | 169,842 |  |
Total accrued liabilities |  | $ | 968,926 |  |  | $ | 832,518 |  |
Other long-term liabilities: |  |  |  |  |
Post-retirement benefits liabilities |  | $ | 77,995 |  |  | $ | 147,174 |  |
Pension benefits liabilities |  | 27,515 |  |  | 27,696 |  |
Operating lease liabilities |  | 283,967 |  |  | 294,849 |  |
Other |  | 252,324 |  |  | 250,023 |  |
Total other long-term liabilities |  | $ | 641,801 |  |  | $ | 719,742 |  |
Accumulated other comprehensive loss: |  |  |  |  |
Foreign currency translation adjustments |  | $ | (101,489) |  |  | $ | (110,364) |  |
Pension and post-retirement benefit plans, net of tax |  | (131,993) |  |  | (118,254) |  |
Cash flow hedges, net of tax |  | (17,165) |  |  | (23,715) |  |
Total accumulated other comprehensive loss |  | $ | (250,647) |  |  | $ | (252,333) |  |
Schedule of Maturity of Operating Lease Liabilities | The maturity of our lease liabilities as of October 1, 2023 were as follows:
| Operating leases |  | Finance leases |  | Total
2023 (rest of year) | $ | 11,317 |  |  | $ | 2,300 |  |  | $ | 13,617 |
2024 | 44,184 |  |  | 8,515 |  |  | 52,699 |
2025 | 30,800 |  |  | 6,471 |  |  | 37,271 |
2026 | 26,212 |  |  | 4,257 |  |  | 30,469 |
2027 | 25,653 |  |  | 4,065 |  |  | 29,718 |
Thereafter | 267,948 |  |  | 142,022 |  |  | 409,970 |
Total lease payments | 406,114 |  |  | 167,630 |  |  | 573,744 |
Less: Imputed interest | 87,827 |  |  | 94,934 |  |  | 182,761 |
Total lease liabilities | $ | 318,287 |  |  | $ | 72,696 |  |  | $ | 390,983 |
Schedule of Maturity of Finance Lease Liabilities | The maturity of our lease liabilities as of October 1, 2023 were as follows:
| Operating leases |  | Finance leases |  | Total
2023 (rest of year) | $ | 11,317 |  |  | $ | 2,300 |  |  | $ | 13,617 |
2024 | 44,184 |  |  | 8,515 |  |  | 52,699 |
2025 | 30,800 |  |  | 6,471 |  |  | 37,271 |
2026 | 26,212 |  |  | 4,257 |  |  | 30,469 |
2027 | 25,653 |  |  | 4,065 |  |  | 29,718 |
Thereafter | 267,948 |  |  | 142,022 |  |  | 409,970 |
Total lease payments | 406,114 |  |  | 167,630 |  |  | 573,744 |
Less: Imputed interest | 87,827 |  |  | 94,934 |  |  | 182,761 |
Total lease liabilities | $ | 318,287 |  |  | $ | 72,696 |  |  | $ | 390,983 |
Schedule of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow and other information related to leases were as follows:
|  | Nine Months Ended
|  | October 1, 2023 |  | October 2, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 33,872 |  |  | $ | 34,528 |
Operating cash flows from finance leases |  | 3,287 |  |  | 3,083 |
Financing cash flows from finance leases |  | 3,540 |  |  | 3,336 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases |  | $ | 16,857 |  |  | $ | 6,629 |
Finance leases |  | 993 |  |  | 4,192 |

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