FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 29, 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 September 29, 2024 and December 31, 2023:

	Assets / Liabilities
	Level 1		Level 2		Level 3		Total
September 29, 2024:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	3,304	$	—	$	3,304
Deferred compensation derivatives (2)	$	—	$	1,265	$	—	$	1,265
Commodities futures and options (3)	$	2,759	$	—	$	—	$	2,759
Liabilities:
Commodities futures and options (3)	$	2,907	$	—	$	—	$	2,907
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
	September 29, 2024		December 31, 2023		September 29, 2024		December 31, 2023
Current portion of long-term debt	$	893,986	$	297,842	$	904,819	$	305,058
Long-term debt	2,852,298		3,413,411		3,189,079		3,789,132
Total	$	3,746,284	$	3,711,253	$	4,093,898	$	4,094,190