FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jul. 03, 2022

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 July 3, 2022 and December 31, 2021:

	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
July 3, 2022:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	5,413	$	—	$	5,413
Commodities futures and options (3)	1,542		—		—		1,542
Liabilities:
Foreign exchange contracts (1)	—		2,293		—		2,293
Deferred compensation derivatives (2)	—		4,244		—		4,244
Commodities futures and options (3)	5,646		—		—		5,646
December 31, 2021:
Assets:
Foreign exchange contracts (1)	$	—	$	3,499	$	—	$	3,499
Deferred compensation derivatives (2)	—		2,412		—		2,412
Commodities futures and options (3)	2,423		—		—		2,423
Liabilities:
Foreign exchange contracts (1)	—		711		—		711
Commodities futures and options (3)	1,376		—		—		1,376

(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
	July 3, 2022		December 31, 2021		July 3, 2022		December 31, 2021
Current portion of long-term debt	$	754,596	$	2,844	$	752,573	$	2,844
Long-term debt	3,021,621		4,274,304		3,340,472		4,086,627
Total	$	3,776,217	$	4,277,148	$	4,093,045	$	4,089,471