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LEASES (Tables) | 9 Months Ended
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Sep. 29, 2024
Leases [Abstract] |
Schedule of Components of Lease Expense | The components of lease expense for the three months ended September 29, 2024 and October 1, 2023 were as follows:
|  |  |  | Three Months Ended
Lease expense |  | Classification |  | September 29, 2024 |  | October 1, 2023
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 13,678 |  |  | $ | 12,101 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 2,133 |  |  | 1,849 |
Interest on lease liabilities |  | Interest expense, net |  | 1,140 |  |  | 1,095 |
Net lease cost (2) |  |  |  | $ | 16,951 |  |  | $ | 15,045 |
The components of lease expense for the nine months ended September 29, 2024 and October 1, 2023 were as follows:
|  |  |  | Nine Months Ended
Lease expense |  | Classification |  | September 29, 2024 |  | October 1, 2023
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 39,159 |  |  | $ | 36,464 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 6,504 |  |  | 5,545 |
Interest on lease liabilities |  | Interest expense, net |  | 3,489 |  |  | 3,287 |
Net lease cost (2) |  |  |  | $ | 49,152 |  |  | $ | 45,296 |
(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:
|  | September 29, 2024 |  | December 31, 2023
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 12.5 |  | 14.4
Finance leases |  | 26.2 |  | 25.9
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.8 | % |  | 3.5 | %
Finance leases |  | 6.3 | % |  | 6.2 | %
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows:
Leases |  | Classification |  | September 29, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |
Operating lease ROU assets |  | Other non-current assets |  | $ | 347,576 |  |  | $ | 307,976 |
Finance lease ROU assets, at cost |  | Property, plant and equipment, gross |  | 87,182 |  |  | 89,335 |
Accumulated amortization |  | Accumulated depreciation |  | (24,027) |  |  | (19,472) |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 63,155 |  |  | 69,863 |
Total leased assets |  |  |  | $ | 410,731 |  |  | $ | 377,839 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 39,523 |  |  | $ | 34,494 |
Finance |  | Current portion of long-term debt |  | 5,576 |  |  | 5,900 |
Non-current |  |  |  |  |  |
Operating |  | Other long-term liabilities |  | 314,400 |  |  | 277,089 |
Finance |  | Long-term debt |  | 67,814 |  |  | 70,485 |
Total lease liabilities |  |  |  | $ | 427,313 |  |  | $ | 387,968 |
The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:
|  | September 29, 2024 |  | December 31, 2023 |
Inventories: |  |  |  |  |
Raw materials |  | $ | 500,387 |  |  | $ | 481,111 |  |
Goods in process |  | 221,807 |  |  | 192,232 |  |
Finished goods |  | 1,014,737 |  |  | 948,974 |  |
Inventories at First In First Out |  | 1,736,931 |  |  | 1,622,317 |  |
Adjustment to Last In First Out |  | (434,975) |  |  | (281,321) |  |
Total inventories |  | $ | 1,301,956 |  |  | $ | 1,340,996 |  |
Prepaid expenses and other: |  |  |  |  |
Prepaid expenses |  | $ | 114,971 |  |  | $ | 227,567 |  |
Other current assets |  | 377,412 |  |  | 118,021 |  |
Total prepaid expenses and other |  | $ | 492,383 |  |  | $ | 345,588 |  |
Property, plant and equipment: |  |  |  |  |
Land |  | $ | 182,678 |  |  | $ | 180,751 |  |
Buildings |  | 1,950,979 |  |  | 1,763,070 |  |
Machinery and equipment |  | 3,989,788 |  |  | 3,861,006 |  |
Construction in progress |  | 567,111 |  |  | 644,244 |  |
Property, plant and equipment, gross |  | 6,690,556 |  |  | 6,449,071 |  |
Accumulated depreciation |  | (3,301,522) |  |  | (3,139,393) |  |
Property, plant and equipment, net |  | $ | 3,389,034 |  |  | $ | 3,309,678 |  |
Other non-current assets: |  |  |  |  |
Pension |  | $ | 50,711 |  |  | $ | 48,506 |  |
Capitalized software, net |  | 369,079 |  | 360,205 |  |
Operating lease ROU assets |  | 347,576 |  |  | 307,976 |  |
Investments in unconsolidated affiliates |  | 207,855 |  |  | 207,177 |  |
Other non-current assets |  | 153,808 |  |  | 137,563 |  |
Total other non-current assets |  | $ | 1,129,029 |  |  | $ | 1,061,427 |  |
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows: |
|  | September 29, 2024 |  | December 31, 2023 |
Accounts payable: |  |  |  |  |
Accounts payable—trade |  | $ | 774,135 |  |  | $ | 630,536 |  |
Supplier finance program obligations |  | 219,352 |  |  | 149,261 |  |
Other |  | 221,077 |  |  | 306,386 |  |
Total accounts payable |  | $ | 1,214,564 |  |  | $ | 1,086,183 |  |
Accrued liabilities: |  |  |  |  |
Payroll, compensation and benefits |  | $ | 213,317 |  |  | $ | 261,961 |  |
Advertising, promotion and product allowances |  | 332,331 |  |  | 343,444 |  |
Operating lease liabilities |  | 39,523 |  |  | 34,494 |  |
Other |  | 222,221 |  |  | 227,916 |  |
Total accrued liabilities |  | $ | 807,392 |  |  | $ | 867,815 |  |
Other long-term liabilities: |  |  |  |  |
Post-retirement benefits liabilities |  | $ | 89,307 |  |  | $ | 90,718 |  |
Pension benefits liabilities |  | 27,066 |  |  | 28,949 |  |
Operating lease liabilities |  | 314,400 |  |  | 277,089 |  |
Other |  | 278,586 |  |  | 263,917 |  |
Total other long-term liabilities |  | $ | 709,359 |  |  | $ | 660,673 |  |
Accumulated other comprehensive loss: |  |  |  |  |
Foreign currency translation adjustments |  | $ | (123,779) |  |  | $ | (87,706) |  |
Pension and post-retirement benefit plans, net of tax |  | (120,769) |  |  | (126,800) |  |
Cash flow hedges, net of tax |  | (7,572) |  |  | (15,572) |  |
Total accumulated other comprehensive loss |  | $ | (252,120) |  |  | $ | (230,078) |  |
Schedule of Maturity of Operating Lease Liabilities | The maturities of our lease liabilities as of September 29, 2024 were as follows:
| Operating leases |  | Finance leases |  | Total
2024 (rest of year) | $ | 12,328 |  |  | $ | 2,603 |  |  | $ | 14,931 |
2025 | 52,482 |  |  | 9,164 |  |  | 61,646 |
2026 | 48,593 |  |  | 6,090 |  |  | 54,683 |
2027 | 46,471 |  |  | 4,403 |  |  | 50,874 |
2028 | 28,955 |  |  | 4,215 |  |  | 33,170 |
Thereafter | 250,628 |  |  | 137,875 |  |  | 388,503 |
Total lease payments | 439,457 |  |  | 164,350 |  |  | 603,807 |
Less: Imputed interest | 85,534 |  |  | 90,960 |  |  | 176,494 |
Total lease liabilities | $ | 353,923 |  |  | $ | 73,390 |  |  | $ | 427,313 |
Schedule of Maturity of Finance Lease Liabilities | The maturities of our lease liabilities as of September 29, 2024 were as follows:
| Operating leases |  | Finance leases |  | Total
2024 (rest of year) | $ | 12,328 |  |  | $ | 2,603 |  |  | $ | 14,931 |
2025 | 52,482 |  |  | 9,164 |  |  | 61,646 |
2026 | 48,593 |  |  | 6,090 |  |  | 54,683 |
2027 | 46,471 |  |  | 4,403 |  |  | 50,874 |
2028 | 28,955 |  |  | 4,215 |  |  | 33,170 |
Thereafter | 250,628 |  |  | 137,875 |  |  | 388,503 |
Total lease payments | 439,457 |  |  | 164,350 |  |  | 603,807 |
Less: Imputed interest | 85,534 |  |  | 90,960 |  |  | 176,494 |
Total lease liabilities | $ | 353,923 |  |  | $ | 73,390 |  |  | $ | 427,313 |
Schedule of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow and other information related to leases were as follows:
|  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 36,293 |  |  | $ | 33,872 |
Operating cash flows from finance leases |  | 3,489 |  |  | 3,287 |
Financing cash flows from finance leases |  | 4,543 |  |  | 3,540 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases |  | $ | 70,383 |  |  | $ | 16,857 |
Finance leases |  | 983 |  |  | 993 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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