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FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023:

						Assets / Liabilities
						Level 1						Level 2						Level 3						Total
December 31, 2024:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)						$	—					$	8,761					$	—					$	8,761
Deferred compensation derivatives (2)						—						460						—						460
Commodities futures and options (3)						514,623						—						—						514,623
Liabilities:
Foreign exchange contracts (1)						—						8,080						—						8,080
Commodities futures and options (3)						14,321						—						—						14,321
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
At December 31,						2024						2023						2024						2023
Current portion of long-term debt						$	597,547					$	297,842					$	604,965					$	305,058
Long-term debt						2,734,322						3,413,411						3,190,210						3,789,132
Total						$	3,331,869					$	3,711,253					$	3,795,175					$	4,094,190

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- Definition

FAIR VALUE MEASUREMENTS [Abstract]

+ References

No definition available.

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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

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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

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