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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets | The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of December 31, 2024 and 2023:
December 31, |  | 2024 |  | 2023
|  | Assets (1) |  | Liabilities (1) |  | Assets (1) |  | Liabilities (1)
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 8,598 |  |  | $ | 3,280 |  |  | $ | 1,219 |  |  | $ | 1,670 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodities futures and options (2) |  | 514,623 |  |  | 14,321 |  |  | 66 |  |  | 679 |
Deferred compensation derivatives |  | 460 |  |  | — |  |  | 2,343 |  |  | — |
Foreign exchange contracts |  | 164 |  |  | 4,800 |  |  | 1,123 |  |  | — |
|  | 515,247 |  |  | 19,121 |  |  | 3,532 |  |  | 679 |
Total |  | $ | 523,845 |  |  | $ | 22,401 |  |  | $ | 4,751 |  |  | $ | 2,349 |
(1)Derivatives assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities. (2)As of December 31, 2024, amounts reflected on a net basis in assets were assets of $533,115 and liabilities of $32,998, which are associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period and the fair value of options contracts based on quoted market prices. The comparable amounts reflected on a net basis in liabilities at December 31, 2023 were assets of $29,881 and liabilities of $30,493. At December 31, 2024 and 2023, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income | The effect of derivative instruments on the Consolidated Statements of Income for the years ended December 31, 2024 and 2023 was as follows:
|  | Non-designated Hedges |  | Cash Flow Hedges
|  | Gains (losses) recognized in income (a) |  | Gains (losses) recognized in other comprehensive income (“OCI”) |  | Gains (losses) reclassified from AOCI into income (b) |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Commodities futures and options |  | $ | 509,870 |  |  | $ | (53,085) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Foreign exchange contracts |  | (4,781) |  |  | 1,111 |  |  | 11,036 |  |  | (4,860) |  |  | 5,268 |  |  | (1,150) |  |  |  |  |
Interest rate swap agreements |  | — |  |  | — |  |  | — |  |  | 5,814 |  |  | (9,199) |  |  | (9,716) |  |  |  |  |
Deferred compensation derivatives |  | 4,772 |  |  | 4,119 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total |  | $ | 509,861 |  |  | $ | (47,855) |  |  | $ | 11,036 |  |  | $ | 954 |  |  | $ | (3,931) |  |  | $ | (10,866) |  |  |  |  |
(a)Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses. (b)Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

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