v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 29, 2025
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 June 29, 2025 and December 31, 2024:
Assets / Liabilities
Level 1Level 2Level 3Total
June 29, 2025:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)$$4,656$$4,656
Commodities futures and options (3)$13,322$$$13,322
Liabilities:
Foreign exchange contracts (1)$$4,324$$4,324
Deferred compensation derivatives (2)— 2,877 — 2,877 
Commodities futures and options (3)$1,404$$$1,404
December 31, 2024:
Assets:
Foreign exchange contracts (1)$$8,761$$8,761
Deferred compensation derivatives (2)$$460$$460
Commodities futures and options (3)$514,623$$$514,623
Liabilities:
Foreign exchange contracts (1)$$8,080$$8,080
Commodities futures and options (3)$14,321$$$14,321
(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 ValueCarrying Value
June 29, 2025December 31, 2024June 29, 2025December 31, 2024
Current portion of long-term debt$302,485$597,547$303,021$604,965
Long-term debt4,802,226 2,734,322 5,176,436 3,190,210 
Total$5,104,711 $3,331,869 $5,479,457 $3,795,175