FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jul. 01, 2018

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 Sheet on a recurring basis as of July 1, 2018 and December 31, 2017:

	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
July 1, 2018:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	6,946	$	—	$	6,946
Deferred compensation derivatives (3)	—		806		—		806
Commodities futures and options (4)	8,630		—		—		8,630
Liabilities:
Foreign exchange contracts (1)	—		266		—		266
Interest rate swap agreements (2)	—		7,276		—		7,276
Commodities futures and options (4)	397		—		—		397
December 31, 2017:
Assets:
Foreign exchange contracts (1)	$	—	$	454	$	—	$	454
Deferred compensation derivatives (3)	—		1,581		—		1,581
Commodities futures and options (4)	390		—		—		390
Liabilities:
Foreign exchange contracts (1)	—		1,427		—		1,427
Interest rate swap agreements (2)	—		1,897		—		1,897
Commodities futures and options (4)	3,054		—		—		3,054

(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 interest rate swap agreements represents the difference in the present value of cash flows calculated at the contracted interest rates and at current market interest rates at the end of the period. We calculate the fair value of interest rate swap agreements quarterly based on the quoted market price for the same or similar financial instruments.

(3) The fair value of deferred compensation derivatives is based on quoted prices for market interest rates and a broad market equity index.

(4) 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 1, 2018		December 31, 2017		July 1, 2018		December 31, 2017
Current portion of long-term debt	$	304,087	$	299,430	$	304,401	$	300,098
Long-term debt	3,228,667		2,113,296		3,249,689		2,061,023
Total	$	3,532,754	$	2,412,726	$	3,554,090	$	2,361,121