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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 29, 2024
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 September 29, 2024 and December 31, 2023:
|  | Assets / Liabilities
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 29, 2024: |  |  |  |  |  |  |  |
Derivative Instruments: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 3,304 |  | $ | — |  | $ | 3,304
Deferred compensation derivatives (2) |  | $ | — |  | $ | 1,265 |  | $ | — |  | $ | 1,265
Commodities futures and options (3) |  | $ | 2,759 |  | $ | — |  | $ | — |  | $ | 2,759
Liabilities: |  |  |  |  |  |  |  |
Commodities futures and options (3) |  | $ | 2,907 |  | $ | — |  | $ | — |  | $ | 2,907
December 31, 2023: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 2,342 |  | $ | — |  | $ | 2,342
Deferred compensation derivatives (2) |  | $ | — |  | $ | 2,343 |  | $ | — |  | $ | 2,343
Commodities futures and options (3) |  | $ | 66 |  | $ | — |  | $ | — |  | $ | 66
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange contracts (1) |  | $ | — |  | $ | 1,670 |  | $ | — |  | $ | 1,670
Commodities futures and options (3) |  | $ | 679 |  | $ | — |  | $ | — |  | $ | 679
(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
|  | September 29, 2024 |  | December 31, 2023 |  | September 29, 2024 |  | December 31, 2023
Current portion of long-term debt |  | $ | 893,986 |  | $ | 297,842 |  | $ | 904,819 |  | $ | 305,058
Long-term debt |  | 2,852,298 |  |  | 3,413,411 |  |  | 3,189,079 |  |  | 3,789,132 |
Total |  | $ | 3,746,284 |  |  | $ | 3,711,253 |  |  | $ | 4,093,898 |  |  | $ | 4,094,190 |

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- Definition FAIR VALUE MEASUREMENTS [Abstract] + References No definition available. + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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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