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LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense were as follows:
Lease expenseClassification20242023
Operating lease costCost of sales or SM&A (1)$53,141 $48,577 
Finance lease cost:
Amortization of ROU assetsDepreciation and amortization (1)9,017 8,140 
Interest on lease liabilitiesInterest expense, net4,702 4,593 
Net lease cost (2)$66,860 $61,310 
(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:
20242023
Weighted-average remaining lease term (years)
Operating leases12.414.4
Finance leases25.925.9
Weighted-average discount rate
Operating leases3.7 %3.5 %
Finance leases6.3 %6.2 %
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases were as follows:
LeasesClassification20242023
Assets
Operating lease ROU assetsOther non-current assets$337,739 $307,976 
Finance lease ROU assets, at costProperty, plant and equipment, gross87,999 89,335 
Accumulated amortizationAccumulated depreciation(25,515)(19,472)
Finance lease ROU assets, netProperty, plant and equipment, net62,484 69,863 
Total leased assets$400,223 $377,839 
Liabilities
Current
OperatingAccrued liabilities$40,636 $34,494 
FinanceCurrent portion of long-term debt5,666 5,900 
Non-current
OperatingOther long-term liabilities304,767 277,089 
FinanceLong-term debt68,136 70,485 
Total lease liabilities$419,205 $387,968 
December 31,20242023
Inventories:
Raw materials$477,592 $481,111 
Goods in process204,674 192,232 
Finished goods990,785 948,974 
Inventories at FIFO1,673,051 1,622,317 
Adjustment to LIFO(418,957)(281,321)
Total inventories$1,254,094 $1,340,996 
Prepaid expenses and other:
Prepaid expenses$269,792 $227,567 
Other current assets704,423 118,021 
Total prepaid expenses and other$974,215 $345,588 
Property, plant and equipment:
Land$194,502 $180,751 
Buildings1,991,937 1,763,070 
Machinery and equipment4,147,530 3,861,006 
Construction in progress478,842 644,244 
Property, plant and equipment, gross6,812,811 6,449,071 
Accumulated depreciation(3,353,958)(3,139,393)
Property, plant and equipment, net$3,458,853 $3,309,678 
Other non-current assets:
Pension$41,298 $48,506 
Capitalized software, net367,087360,205 
Operating lease ROU assets337,739 307,976 
Investments in unconsolidated affiliates212,928 207,177 
Other non-current assets152,815 137,563 
Total other non-current assets$1,111,867 $1,061,427 
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheet accounts are as follows:
December 31,20242023
Accounts Payable:
Accounts Payable—trade$807,918 $630,536 
Supplier finance program obligations215,122149,261
Other136,137306,386
Total accounts payable$1,159,177 $1,086,183 
Accrued liabilities:
Payroll, compensation and benefits$226,774 $261,961 
Advertising, promotion and product allowances359,986 343,444 
Operating lease liabilities40,636 34,494 
Other179,945 227,916 
Total accrued liabilities$807,341 $867,815 
Other long-term liabilities:
Post-retirement benefits liabilities$87,006 $90,718 
Pension benefits liabilities33,837 28,949 
Operating lease liabilities304,767 277,089 
Other262,649 263,917 
Total other long-term liabilities$688,259 $660,673 
Accumulated other comprehensive loss:
Foreign currency translation adjustments$(177,741)$(87,706)
Pension and post-retirement benefit plans, net of tax(122,098)(126,800)
Cash flow hedges, net of tax(4,051)(15,572)
Total accumulated other comprehensive loss$(303,890)$(230,078)
Schedule of Maturity of Operating Lease Liabilities
The maturity of our lease liabilities as of December 31, 2024 were as follows:
Operating leasesFinance leasesTotal
2025$52,557 $9,951 $62,508 
202648,923 6,824 55,747 
202746,511 4,796 51,307 
202828,973 4,366 33,339 
202925,375 4,231 29,606 
Thereafter225,278 133,638 358,916 
Total lease payments427,617 163,806 591,423 
Less: Imputed interest82,214 90,004 172,218 
Total lease liabilities$345,403 $73,802 $419,205 
Schedule of Maturity of Finance Lease Liabilities
The maturity of our lease liabilities as of December 31, 2024 were as follows:
Operating leasesFinance leasesTotal
2025$52,557 $9,951 $62,508 
202648,923 6,824 55,747 
202746,511 4,796 51,307 
202828,973 4,366 33,339 
202925,375 4,231 29,606 
Thereafter225,278 133,638 358,916 
Total lease payments427,617 163,806 591,423 
Less: Imputed interest82,214 90,004 172,218 
Total lease liabilities$345,403 $73,802 $419,205 
Schedule of Supplemental Cash Flow Information Related To Leases
Supplemental cash flow and other information related to leases were as follows:
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$48,757 $45,176 
Operating cash flows from finance leases$4,702 $4,593 
Financing cash flows from finance leases$6,507 $5,381 
ROU assets obtained in exchange for lease liabilities:
Operating leases$71,804 $18,469 
Finance leases$3,875 $7,448