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LEASES (Tables) | 9 Months Ended
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Sep. 28, 2025
Leases [Abstract] |
Schedule of Components of Lease Expense | The components of lease expense for the three months ended September 28, 2025 and September 29, 2024 were as follows:
|  |  |  | Three Months Ended
Lease expense |  | Classification |  | September 28, 2025 |  | September 29, 2024
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 15,651 |  |  | $ | 13,678 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 1,896 |  |  | 2,133 |
Interest on lease liabilities |  | Interest expense, net |  | 1,096 |  |  | 1,140 |
Net lease cost (2) |  |  |  | $ | 18,643 |  |  | $ | 16,951 |
The components of lease expense for the nine months ended September 28, 2025 and September 29, 2024 were as follows:
|  |  |  | Nine Months Ended
Lease expense |  | Classification |  | September 28, 2025 |  | September 29, 2024
Operating lease cost |  | Cost of sales or SM&A (1) |  | $ | 45,677 |  |  | $ | 39,159 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization (1) |  | 6,248 |  |  | 6,504 |
Interest on lease liabilities |  | Interest expense, net |  | 3,345 |  |  | 3,489 |
Net lease cost (2) |  |  |  | $ | 55,270 |  |  | $ | 49,152 |
(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 28, 2025 |  | December 31, 2024
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 11.6 |  | 12.4
Finance leases |  | 26.6 |  | 25.9
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.8 | % |  | 3.7 | %
Finance leases |  | 6.3 | % |  | 6.3 | %
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows:
Leases |  | Classification |  | September 28, 2025 |  | December 31, 2024
Assets |  |  |  |  |  |
Operating lease ROU assets |  | Other non-current assets |  | $ | 336,808 |  |  | $ | 337,739 |
Finance lease ROU assets, at cost |  | Property, plant and equipment, gross |  | 81,791 |  |  | 87,999 |
Accumulated amortization |  | Accumulated depreciation |  | (26,721) |  |  | (25,515) |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 55,070 |  |  | 62,484 |
Total leased assets |  |  |  | $ | 391,878 |  |  | $ | 400,223 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 46,291 |  |  | $ | 40,636 |
Finance |  | Current portion of long-term debt |  | 3,548 |  |  | 5,666 |
Non-current |  |  |  |  |  |
Operating |  | Other long-term liabilities |  | 299,750 |  |  | 304,767 |
Finance |  | Long-term debt |  | 66,195 |  |  | 68,136 |
Total lease liabilities |  |  |  | $ | 415,784 |  |  | $ | 419,205 |
The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:
|  | September 28, 2025 |  | December 31, 2024 |
Inventories: |  |  |  |  |
Raw materials |  | $ | 836,307 |  |  | $ | 477,592 |  |
Goods in process |  | 308,999 |  |  | 204,674 |  |
Finished goods |  | 1,246,524 |  |  | 990,785 |  |
Inventories at First In First Out |  | 2,391,830 |  |  | 1,673,051 |  |
Adjustment to Last In First Out |  | (684,308) |  |  | (418,957) |  |
Total inventories |  | $ | 1,707,522 |  |  | $ | 1,254,094 |  |
Prepaid expenses and other: |  |  |  |  |
Prepaid expenses |  | $ | 133,955 |  |  | $ | 269,792 |  |
Other current assets |  | 427,200 |  |  | 704,423 |  |
Total prepaid expenses and other |  | $ | 561,155 |  |  | $ | 974,215 |  |
Property, plant and equipment: |  |  |  |  |
Land |  | $ | 195,803 |  |  | $ | 194,502 |  |
Buildings |  | 2,056,636 |  |  | 1,991,937 |  |
Machinery and equipment |  | 4,422,893 |  |  | 4,147,530 |  |
Construction in progress |  | 300,796 |  |  | 478,842 |  |
Property, plant and equipment, gross |  | 6,976,128 |  |  | 6,812,811 |  |
Accumulated depreciation |  | (3,549,450) |  |  | (3,353,958) |  |
Property, plant and equipment, net |  | $ | 3,426,678 |  |  | $ | 3,458,853 |  |
Other non-current assets: |  |  |  |  |
Pension |  | $ | 54,774 |  |  | $ | 41,298 |  |
Capitalized software, net |  | 347,570 |  | 367,087 |  |
Operating lease ROU assets |  | 336,808 |  |  | 337,739 |  |
Investments in unconsolidated affiliates |  | 199,575 |  |  | 212,928 |  |
Other non-current assets |  | 171,436 |  |  | 152,815 |  |
Total other non-current assets |  | $ | 1,110,163 |  |  | $ | 1,111,867 |  |
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows: |
|  | September 28, 2025 |  | December 31, 2024 |
Accounts payable: |  |  |  |  |
Accounts payable—trade |  | $ | 803,839 |  |  | $ | 807,918 |  |
Supplier finance program obligations |  | 457,302 |  |  | 215,122 |  |
Other |  | 198,539 |  |  | 136,137 |  |
Total accounts payable |  | $ | 1,459,680 |  |  | $ | 1,159,177 |  |
Accrued liabilities: |  |  |  |  |
Payroll, compensation and benefits |  | $ | 265,045 |  |  | $ | 226,774 |  |
Advertising, promotion and product allowances |  | 429,208 |  |  | 359,986 |  |
Operating lease liabilities |  | 46,291 |  |  | 40,636 |  |
Other |  | 211,786 |  |  | 179,945 |  |
Total accrued liabilities |  | $ | 952,330 |  |  | $ | 807,341 |  |
Other long-term liabilities: |  |  |  |  |
Post-retirement benefits liabilities |  | $ | 82,109 |  |  | $ | 87,006 |  |
Pension benefits liabilities |  | 31,664 |  |  | 33,837 |  |
Operating lease liabilities |  | 299,750 |  |  | 304,767 |  |
Other |  | 225,637 |  |  | 262,649 |  |
Total other long-term liabilities |  | $ | 639,160 |  |  | $ | 688,259 |  |
Accumulated other comprehensive loss: |  |  |  |  |
Foreign currency translation adjustments |  | $ | (148,386) |  |  | $ | (177,741) |  |
Pension and post-retirement benefit plans, net of tax |  | (96,725) |  |  | (122,098) |  |
Cash flow hedges, net of tax |  | (4,913) |  |  | (4,051) |  |
Total accumulated other comprehensive loss |  | $ | (250,024) |  |  | $ | (303,890) |  |
Schedule of Maturity of Operating Lease Liabilities | The maturities of our lease liabilities as of September 28, 2025 were as follows:
| Operating leases |  | Finance leases |  | Total
2025 (rest of year) | $ | 14,962 |  |  | $ | 2,184 |  |  | $ | 17,146 |
2026 | 57,301 |  |  | 7,014 |  |  | 64,315 |
2027 | 54,206 |  |  | 4,944 |  |  | 59,150 |
2028 | 36,166 |  |  | 4,407 |  |  | 40,573 |
2029 | 32,621 |  |  | 4,245 |  |  | 36,866 |
Thereafter | 227,184 |  |  | 133,646 |  |  | 360,830 |
Total lease payments | 422,440 |  |  | 156,440 |  |  | 578,880 |
Less: Imputed interest | 76,399 |  |  | 86,697 |  |  | 163,096 |
Total lease liabilities | $ | 346,041 |  |  | $ | 69,743 |  |  | $ | 415,784 |
Schedule of Maturity of Finance Lease Liabilities | The maturities of our lease liabilities as of September 28, 2025 were as follows:
| Operating leases |  | Finance leases |  | Total
2025 (rest of year) | $ | 14,962 |  |  | $ | 2,184 |  |  | $ | 17,146 |
2026 | 57,301 |  |  | 7,014 |  |  | 64,315 |
2027 | 54,206 |  |  | 4,944 |  |  | 59,150 |
2028 | 36,166 |  |  | 4,407 |  |  | 40,573 |
2029 | 32,621 |  |  | 4,245 |  |  | 36,866 |
Thereafter | 227,184 |  |  | 133,646 |  |  | 360,830 |
Total lease payments | 422,440 |  |  | 156,440 |  |  | 578,880 |
Less: Imputed interest | 76,399 |  |  | 86,697 |  |  | 163,096 |
Total lease liabilities | $ | 346,041 |  |  | $ | 69,743 |  |  | $ | 415,784 |
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 28, 2025 |  | September 29, 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 43,965 |  |  | $ | 36,293 |
Operating cash flows from finance leases |  | 3,345 |  |  | 3,489 |
Financing cash flows from finance leases |  | 4,595 |  |  | 4,543 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases |  | $ | 33,158 |  |  | $ | 70,383 |
Finance leases |  | 62 |  |  | 983 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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