FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Oct. 03, 2021

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 October 3, 2021 and December 31, 2020:


	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
October 3, 2021:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	1,649	$	—	$	1,649

Deferred compensation derivatives (2)	—		82		—		82
Commodities futures and options (3)	1,924		—		—		1,924
Liabilities:
Foreign exchange contracts (1)	—		1,292		—		1,292


Commodities futures and options (3)	1,743		—		—		1,743
December 31, 2020:
Assets:
Foreign exchange contracts (1)	$	—	$	2,564	$	—	$	2,564

Deferred compensation derivatives (2)	—		3,630		—		3,630
Commodities futures and options (3)	3,299		—		—		3,299
Liabilities:
Foreign exchange contracts (1)	—		5,615		—		5,615


Commodities futures and options (3)	1,648		—		—		1,648

(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
	October 3, 2021		December 31, 2020		October 3, 2021		December 31, 2020
Current portion of long-term debt	$	2,812	$	443,215	$	2,812	$	438,829
Long-term debt	4,310,889		4,479,499		4,095,159		4,089,755
Total	$	4,313,701	$	4,922,714	$	4,097,971	$	4,528,584

Schedule of Impairment Charges

During the nine months ended September 27, 2020, we recorded the following impairment charges, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy:


	2020
Adjustment to disposal group (1)	$	6,200
Other asset write-down (2)	2,943
Long-lived asset impairment charges	$	9,143

(1)In connection with the sale of the LSFC joint venture (disposal group previously classified as held for sale), we recorded impairment charges to adjust long-lived asset values. The fair value of the disposal group was supported by potential sales prices with third-party buyers. The sale of the LSFC joint venture was completed in January 2021.

(2)In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.